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****** FRIDAY,APRIL 3, 2020 ~VOL. CCLXXV NO.78 WSJ.com HHHH $4.00

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What’s U.S. Jobless Claims Hit 6.6Million

News 6% Over the lasttwo weeks, newapplications for Weekly applications AK 4 unemploymentbenefitsindicatethat6%ofU.S. strain benefit systems Business&Finance 2 workershavelosttheir jobs. as coronavirus cases 0 ME top a million globally record 6.6 million A Americans applied for March weekly newjoblessclaims BY SARAH CHANEY unemployment benefitslast as shareoflabor force, by state In NewYork, AND ERIC MORATH VT NH week as the coronavirus Michigan sawclaims 4.7% filedthe struck the U.S. economy jump from 2.6% to lasttwo Arecord6.6 million Ameri- and sent arecently booming 6.3% of workers. weeks. cans applied forunemploy- labor market intofreefall. A1 ment benefitslast week as the WA ID MT ND MN MI NY MA newcoronavirus struck the  U.S. oil prices jumped RI U.S. economyand sent are- 25% in their biggest one- cently booming labor market day rally on record, lifted intofreefall, as confirmed by investors’ hopes that cases topped a million world- initial steps to end a global OR UT WY SD IA WI IN OH PA NJ CT wide on Thursday. pricewar will offer are- Theworld-wide count of prievetothe industry. A1 deaths from the Covid-19 re-  Stocks in the U.S. rose, spiratorydisease caused by led by the energy sector. CA NV CO NE MO IL KY WV VA MD DE thevirus exceeded 53,000 on The Dow industrials and Thursday, according to Johns S&P 500 gained 2.2% and Hopkins,marking another grim 2.3%, respectively. B9 milestone forthe pandemic  The U.S. trade deficit AZ NM KS AR TN NC SC that has thrust the global narrowed sharply in Feb- TotalU.S.jobless economyintoadeep freeze. ruary as the spread of the claims,weekly Thelarge number of U.S. coronavirus disrupted jobless claims was double the global commerce. A2 OK LA MS AL GA Last week 3.3 million who sought bene- fits two weeks ago as the U.S.  Amazon has filled 80,000 6.6million shut partsofthe economy in of the 100,000 jobs it aims to an effort to contain the virus. add amid the pandemic.The Previous week ,heavily Joblessclaims,aproxyfor lay- company unveiled a raft of HI TX FL 3.3million reliantonservice offs,provide temporaryfinan- worker protections. B1 jobs,saw the biggest Florida saw2.9%ofworkersfile the single week of previous twoweeks and only directed cial assistancefor workers  Thecoronavirus outbreak applications. residents to stay home this week. who lose their jobs. is costing Trump Organi- About 6% of the U.S. labor zation properties more PleaseturntopageA8 than a million dollars in lost revenue daily. B5  Trade deficit shrinks as 2019 2020 economy slows...... A2  SoftBank terminated an  Heard on the Street: Gauging offer to payupto$3billion Note:Civilian labor force sizes arefromFebruary,the latest period forwhich data is avilable. March 22-28dataispreliminary Source:DepartmentofLabor Randy Yeip and DannyDougherty/ the impact of claims...... B10 forshares in office-space provider WeWork. B4  Disney is furloughing employees across all divi- Oil Prices Leap 25% CDC to Recommend Cloth sions in the company’s do- mestic operations. B3 As President Expects World-Wide Face Masks for Hot Spots

 TheTrump administration ASaudi-Russia Deal is expected to recommend BY BETSY MCKAY has yettobeannounced by the that Americans in partsof AND STEPHANIE ARMOUR WhiteHouse. THE the U.S. wherethe corona- BY DAVID HODARI day. Prices then soared as “A recommendation is com- virus is rapidly spreading AND SARAH TOY much as 35% beforeturning TheTrump administration ing out. We’ll see what that CORONAVIRUS wear cloth facemasks or lowerafter the Kremlin denied is expected to recommend that recommendation is,” President coveringswhen in public to U.S. oil prices jumped 25% talking to the Saudis.The people in partsofthe U.S. Trump said at his news brief- PANDEMIC reducetransmission. A1 Thursdayintheir biggest climbthen stabilized after wherethe coronavirus is rap- ing Thursday, noting that any  Trump invoked the De- one-dayrally on record,lifted Saudi officials said the king- idly spreading wear cloth face such guidanceonwearing fense Production Act to help by investors’ hopes that ini- dom would consider substan- masks or coveringswhen in masks would be voluntary. Confirmed cases exceed manufacturerssecuresup- tial steps to end aglobal tial output cutsaslong as oth- public to reducetransmission. TheWhiteHouse has been one million world-wide, A4 plies needed to makeventi- pricewar will offer areprieve ersinthe Group of 20 nations Thenew recommendation urging people without symp- U.S. hospitals see shortage latorsand to force3Mto to an industry batteredby were willing to join the effort. from thefederal Centersfor toms not to buy masks,hoping of thousands of beds, A6 produceasmanyN95 face coronavirus. While investorsstill expect Disease Control and Prevention to ease heavy purchases of the masks formedical workersas Thegains capped awild day the coronavirus crisis to de- would aim to reducethe risk productsthat have created Questions of test accuracy FEMA deems necessary. A1 of trading,inwhich an early liver aheavy blowtoglobal oil that people who areinfected shortages.OnFeb.29, Vice sowworry,A7  Confirmed cases of coro- climb accelerated after Presi- demand, Thursday’s news of- butasymptomatic will spread President MikePencesaid, “Let Crisis makes EMTs rethink navirus topped one million dent Trumptweeted that he PleaseturntopageA10 the virus,according to adraft me be very clear—and I’m sure hospital trips, A8 world-wide,asgovernments expected Russia and Saudi document reviewedbyThe thephysicians who areuphere deployincreasingly strin- Arabia to agree to cut produc-  Energy sector kick-starts Wall Street Journal and people will reflect this as well: Theav- gent measures to battle tion by millions of barrels a stocks ...... B9 familiar with the planning.It PleaseturntopageA4 the pathogen’sspread. A4  TheNavyhas relieved the captain of aU.S.aircraftcar- Patriots rier afteramemo in which he Trump OrdersOutput pleaded forhelp with acor- Score on onavirus outbreak at sea was leaked to anewspaper. A4 Medical Of Masks, Ventilators  A Pakistani court over- Mission turned the murder conviction BY RACHAEL LEVY ventilatorsneeded to defeat of a British national in the The NFL team AND ALEX LEARY the virus.” killing of Wall Street Journal sent its plane on Unknown is whether enough reporter Daniel Pearl. A18 a flight to acquire President Trump invokeda ventilatorswill be made avail-  Investigatorsexamining 1.2 million N95 Korean War-eralaw to help able and in time foranexpected the origins of the probe of masks from China manufacturerssecuresupplies surge in the next two weeks. possible between the for medical needed to makeventilatorsand Mr.Trump has said he wants Trump campaign and Russian workers in to force3MInc.toproduceas manufacturerstosend supplies election interferenceare push- Massachusetts manyN95 protective face to states and hospitals directly, ing to finish their inquiry. A3 treating masks formedical workersas bypassing the stockpile. coronavirus the Federal EmergencyMan- TheFederal Emergency  TheDemocratic National patients. A4 agement Agency deems neces- Management Agencyisin Convention is being pushed sarytoaddressthe coronavirus charge of coordinating the fed- back to mid-August be- pandemic. eral response,including trans- cause of the pandemic. A3 Mr.Trump used the Defense porting supplies to wherethey Production Act in an effort to areneeded. Aspokeswoman addressthe surging levels of PleaseturntopageA6 NOTICE TO READERS We’ve All Hedge Fund That Realized patientsinparticularly hard-hit The World Health Organiza- metroareas such as NewYork, tion has said it is safe to Decided to NewOrleans and Detroit. handle newspapersduring Global Risk Early Is Up 36% Thefederal government has WSJ EXTRA the coronavirus pandemic. distributed roughly half of its The Wall Street Journal’s Bake Bread BY JULIET CHUNG market plummeted, Valiant ventilators, according to an printing plants anddelivery posted gains on those bets, in- analysisbyThe Wall Street services,though, aretaking iii ChrisHansen sawitcom- cluding some on cruise lines, Journal, and has fewerthan precautions,frequently But a lot of us are ing. international airlines and 10,000 still in hand. Thenation cleaning equipmentand fa- Mr.Hansen, who runs San travel companies.Byearly is projected to need tens of cilities while reducing human ending up with Franciscohedgefund Valiant March, the fund had begun thousands moreinthe next contact with the newspaper. Capital Management,had an shorting lessobvious candi- weeks ahead. Adigital version of the print hockey pucks early conviction the novel cor- dates,believing those with NewYork Gov.Andrew edition also canbeviewedat onavirus would wreak havoc weak balancesheetsand com- Cuomo, aDemocrat, said ://www.wsj.com/itp. BY ANNIE GASPARRO on the global economy. panies it viewedasfraudulent Thursdaythe statehad only AND JAMES R. HAGERTY Mr.Hansen and his team would be caught out in a pro- enough ventilatorsinits stock- CONTENTS Markets...... B9 homed in early on the risks longed slump. pile forthe next six days at the Business News.. B3,5 Opinion...... A15-17 Crossword...... A13 Sports...... A14 They’recalling it carb ther- thevirus posed and placed By the end of March, Valiant currentrateofuse.Hesaid the Equities...... B6 Technology...... B4 apy. wagers accordingly, said peo- wasup36% forthe year before statewould provide financing Heard on Street.B10 U.S. News...... A2-3 People aredusting off old plefamiliar with the firm. In fees,said the people familiar to companies who need to Life & Arts...... A12-13 Weather...... A13 bread makersand desperately late January, Valiant boosted with the firm. Thereturn makechanges to begin manu- Mansion...... M1-12 World News A10,11,18 NAVIGATING trying to find dryyeast. The itsbet against stock indexesas stands in contrast to a19.6% facturing ventilatorsand other coronavirus pandemic is turn- it became moreconcerned drop in the S&P 500 and a medical supplies. THE CORONAVIRUS > ing everyone intoabaker. about the virus. 21.3% decline in the MSCI All Mr.Trump said his order It’s not as easy as it looks In February, Valiant started World Index, abroad global in- would help manufacturerssuch Whattoput in an on Instagram. placing betsagainst, or short- dexmeasuring the performance as General Electric Co., Hill- emergency care kit to Stuck at home with her kids ing,levered companies it of stocks around the world. RomHoldingsInc., Medtronic makesureyour family is in Longview, Wash., on day viewedaslikely to be hurt “Protecting capital from PLC, ResMedInc., Philips NV s 2020 Dow Jones & Company, Inc. ready at home. R1-8 All Rights Reserved nine of , from an economic slowdown downturns has always been a and VyaireMedical “securethe PleaseturntopageA2 caused by the virus.Asthe PleaseturntopageA8 supplies they need to build P2JW094000-4-A00200-1------XA

A2 | Friday, April 3, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Trade GapSmallest in YearsasCommerce Ebbs

BY HARRIET TORRY day showed that a record 6.6 As the coronavirus pan- The deficit in goods with China have fallen to its lowest levels had reported only seven coro- million Americans applied for demic spreads acrossthe since2009 while the total trade deficit has also narrowed. navirus cases,and started to —TheU.S. unemployment benefits last globe, its economic impact is impose entryrestrictions on trade deficit narrowedsharply week.That wasdouble the shifting from adisruption of Monthly goods deficit U.S. trade deficit foreign nationals and quaran- in Februaryasthe spread of number of claims two weeks supply chains—manyofwhich with China change from ayearago tines on Americans returning the novel coronavirus dis- ago. runthrough China—toasharp Notseasonally adjustedSeasonally adjusted from the Chinese province at rupted global commerce. Economistswarned that the drop in demand as consumers the of the virus out- $50 billion 30% Thedeficit shrank 12.2% Februarydataare just the hunker down. break.Bythe end of February, from January to a seasonally start of an expected massive At RH, formerly known as 12-month rolling average therewere64confirmed cases adjusted $39.93billion, the contraction in trade flowsin Restoration Hardware, the 40 20 in the U.S.,and airlines were smallest sinceSeptember the coming months. of supplies from Asia “is suspending flights. 2016,the Commerce Depart- Measures takentocurb the pretty much back to normal” Thenumber of confirmed ment said Thursday. spread of the newcoronavirus sincefactories thereare 30 10 U.S. cases has nowrisen above Thenarrowing trade gap could lowereconomic activity largely back up andrunning, 230,000,with morethan 5,700 was driven in part by a steep in the U.S. and other devel- said itschief executive, Gary deaths,according to datacom- decline in the goods deficit oped countries by aquarter, Friedman. 20 0 piled by Johns Hopkins Uni- with China, wherethe virus the Organization forEconomic On the other hand, “de- versity. originated and caused facto- Cooperation and Development mand is down,” he said this Theeconomic disruption ries to shut thereinFebruary. said last week. week on an earningscall. “It 10 –10 caused by the pandemic U.S. demand forgoods and Thedeficit in goods trade maystaydownthroughout the threatens to undermine the services from overseas is with ChinainFebruarywas year.And most likely,atthis “phase one” trade agreement likely to slide further as steps the smallest sinceMarch , we believe it will.” 0 –20 that the Trump administration to curb the coronavirus pan- 2009.The goods deficit with Otherfactorswereweigh- signed with its Chinese coun- demic force businesses to lay Germanywas the lowest since ing on U.S. exportsevenbe- 2008 ’10 ’20 2017 ’18 ’19 ’20 terparts in January. off workers. January2013,the Commerce fore the coronavirus spread Source:Census Bureau As part of the deal, China “The recession we’re look- Department said. widely there, such as the halt agreed to increase purchases ing at here is unprecedented, Overall, U.S. exports in production of Boeing Co.’s sonally adjusted $4.47 billion of travel, transport and finan- of U.S. goods and services by it’sturning the spigot off,” dropped 0.4%inFebruary, the troubled 737MAX jetliner compared with the period of cial services also decreased. $77billion in 2020 and $123 said Joshua Shapiro, chief U.S. Commerce Department report since January. 2019. American importsofindustrial billion in 2021, foratotal of economist at MFR Inc. showed, while importsfell Forthe firsttwo months of U.S. exportsofconsumer supplies and capital goods also $200 billion over two years. A separate report from the 2.5%,the biggest decline in 2020,U.S.exportsofcivilian goods such as pharmaceuticals dropped to multiyear lows. —David Harrison Labor Department on Thurs- nearly four years. aircraftweredownbyasea- fell in February, while exports As Februarybegan, the U.S. contributed to this article. We All U.S. WATCH CALIFORNIA the coronavirus pandemic. Want to PG&E Fire Victims The Federal Bureau of Inves- tigation conducted an estimated Seek Pact Changes 2.375 million background checks Bake Bread for gun sales, the record for a Lawyers for victims of Cali- single month since the modern fornia wildfires sparked by PG&E background-check system was ContinuedfromPageOne Corp. are demanding modifica- instituted in 1998, according to a Schona Kessler found some tions to their $13.5 billion settle- new analysis. In March 2019, the flour in her pantryand her ment with the company due to FBI performed 1.3 million. bread machine,and decided to concerns that it may no longer The analysis was done by the giveitatry. pay them the expected amount. National Shooting Sports Foun- “I looked intothe window Attorneys for the fire victims dation, a firearms industry trade throughout the processand said in a court filing Thursday group, and excludes background figured‘Hmmm, this is not that the value of the settlement, checks for concealed weapons looking quiteright, but hey,we which is supposed to pay vic- and others unrelated to gun pur- followedthe recipe,soit tims in equal parts cash and chases. The numbers from the should be fine,’ ” she said. company shares, was no longer group offer the best proxy for Threehourslater,when she guaranteed because the shares gun sales, but are still an esti- took it out, it wasnot fine.“It could be worth less than antici- mate. wasugly,” she said. “Turns pated after the decline in the Before the coronavirus pan- out, my flour waspast due by stock market as a result of coro- demic, the high for background almost three years! Ididn’t re- navirus concerns. checks in a single month was alizeflour could expire.” They also criticized the Cali- 2.237 million in December 2012, Ms.Kessler is among the fornia utility for making last- when President Obama called manyamateur bread bakers minute changes to its bank- for tighter restrictions on guns who have emergedamid the ruptcy restructuring plan that after the Sandy Hook Elemen- coronavirus lockdown,only to could further affect the value of tary School massacre. find howeasily it cango the equity. —Zusha Elinson wrong. As a result, they argued, Sales of baking yeast surged PG&E was in breach of the set- WYOMING 647%, morethan anyother tlement terms and needed to

food, beverageorconsumer JR. adjust some of them to ensure Body of Skier Caught product in the week that that fire victims received $13.5 In Avalanche Found ended March 21, according to ENNIS billion. ST

market research firm Nielsen, D. The demands pose another A skier has been found dead and eventually both yeast and challenge for PG&E as victims a day after an avalanche in flour became hardtofind in and other creditors to northwestern Wyoming. grocerystores. (Although so- MICHAEL vote in its plan to restructure The victim was identified by

cial media is full of tips on SLER; and exit from chapter 11. the Teton County coroner as 28-

howtocultivatewild yeast.) KES Some victims are campaign- year-old Trace Jordan Carrillo, of Andrew Bush,acivil de- ing for rejection of the exit plan Dubois. Searchers with a rescue fense attorney in Chicago, said HONA on concerns that the equity dog found Mr. Carrillo under 2 SC

he had seen alot of people P: component of their settlement feet of snow Thursday. postingabout pandemic-in- TO exposes them to greater risks Almost 30 volunteers from OM

spired homemade bread on so- FR than other creditors. Teton County Search and Rescue cial media. Baker and therapist Amanda Greiwe with her 6-month-old son and her loaf of sourdough. Below, PG&E didn’t respond to a re- searched for Mr. Carrillo until “It’saweirdphenomenon,” Alexi Bardha, a lab technician in Los Angeles, who encouraged friends around the country to bake quest for comment. dark on Wednesday. he said. “I thought, ‘whyisev- bread. Every few days, he spins an arrow to choose which type they should bake next. —Katherine Blunt About 40 people continued to eryone making bread? Idon’t search for him Thursday with know, but I’m going to do it less of agame and moreofa FIREARMS INDUSTRY the help of dogs, the rescue too.’ ” He started with a coping mechanism. team said. French baguette,mixing and Maya Lewis and John Sand- Estimated Gun Sales Three other avalanches were kneading the dough while bergwere supposed to get Set Record in March also triggered in the southern wearing his baby in acarrier. married on April 4inChicago, Teton Range on Wednesday by “The electric mixer kind of put followedbyahoneymoon in It- The number of gun back- skiers and a snowmobile, the him in atrance,” the 30-year- aly.They had to postpone the ground checks hit a record high Bridger-Teton Avalanche Center old said of his 10-month-old wedding until afterthe pan- in March as some Americans said. son. demic. rushed to buy firearms during —Associated Press Amanda Greiwe of Orange “We’rebaking through our County hasbeen baking for sadness,” Ms.Lewis said. yearswhile training to become She had never made bread CORRECTIONS  AMPLIFICATIONS atherapist. Thefirst time she before, but aftersucceeding at attempted to makebread, she homemade naan, aleavened accidentally killed the yeast in- flatbread, during the first Frederick LawOlmsted about Julia Schössler,who stead of activating it. The week of social distancing,she wrotethe “The CottonKing- lives in Berlin. bread “came out looking likea decidedtoattempt abraided dom.” ALife&Artsarticle hockey puck,” she said. challah loaf.She wastalking Thursdayabout Supreme Johnston City,Ill., was But nowthat she’sgotten on the phone to afriend while Court JusticeStephen Breyer’s misspelled as Johnson City in the hang of it, baking has be- making the dough, and she quarantine experienceincor- photocaptions with aMarch come aform of .“You didn’t add enough flour.Or rectly gave the author’s name 11 Business&Financearticle feel resourcefuland accom- few months past itsuse-by FaceTime “breadcast” with his maybe it wasbecause she as Thomas LawOlmsted. Also, about Foresight Energy LP and plished,” she said. “The reward date. Her challah failed to rise friends and spins the wheel. swapped sugar forhoney.In public-relations agencySchoe- aMarch 27 Banking &Finance of having a successful loaf to the occasion. She didn’t Challahwas the firstchal- anycase,“it wasextremely sslerswas misspelled as article about azero-coupon gives youatype of high.” bother to even tasteit. lenge. Then came kulaç,anAl- sticky.Itgot everywhere—on Schösslers in a nearby article bond index. With social media, posting “Wethrew it in the garden” banian soda bread. Sydney my watch, my shirt. Ithought photos of your bread, com- as compost, Ms.Mobley said. Grana, who works at awilder- Iwas going to have to throw it Readers can alert The Wall Street Journal to any errors in news articles by menting on others’ and swap- Ms.Mobley’s adventurein ness-camp school in Southern out,” she said. emailing [email protected] or by calling 888-410-2667. ping recipes gives people a baking came through aconnec- California, wasmissing avital Sinceitwas difficult to find connection that they’vebeen tion with Alexi Bardha, alab ingredient—baking soda. In- flour and yeast at the store, missing while stuck at home, technician in LosAngeles. stead, she doubled the dose of she didn’t want to wasteit. THE WALL STREET JOURNAL sheadded. Mr.Bardha, 22,had limited baking powder.She wasalso Sheslowly added moreflour (USPS 664-880) (Eastern Edition ISSN 0099-9660) Still, manybread-baking ef- bread-making experience, and missing cow’s-milk yogurt, so untilitwas manageable. (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) forts are doomed. In some decided that the lockdown was she made do with goat’s-milk “Itdidn’t look good, but it Editorial and publication headquarters: 1211 Avenue of the Americas, , N.Y. 10036 cases,it’sthe lack of the right agood time to refine his bak- yogurt. And she went with glu- wasstill really tasty,” she said. Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. ingredients. In others, it may ingskills.Heset up an iMes- ten-free flour instead of all- Another common beginner’s Postmaster: Send address changes to The Wall Street Journal, be alack of basic knowledge. sage group chat with 20 or so purpose. bread is pizza dough. Thomas 200 Burnett Rd., Chicopee, MA 01020. Ken Forkish, author of the friends acrossthe U.S. and “The outside looked beauti- Muellner,amarketing copy- All Advertising published in The Wall Street Journal is subject to the applicable rate card, bread-baking guide “Flour Wa- urgedthem to synchronize ful,” Ms.Grana said, but the writer in Chicago, has been copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., terSalt Yeast” and founder of their trials. inside was“alittle sad.” She baking it quiteabit during the 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final Ken’sArtisan BakeryinPort- To decide which type of turned thebread intocrou- city’s shelter-in-placeorder. acceptance of the advertiser’s order. land,Ore., said some aspiring breadtomake, Mr.Bardha tons. Nowhewantstostepuphis Letters to the Editor: Fax: 212-416-2891; email: [email protected] bakersbuy books likehis but painted asquareofcardboard EveHauser,anAmerican game and trytomakehis own Need assistance with your subscription? don’t read them. “I actually and affixed aspinning arrow University psych major stuck sourdough starter—which By web: customercenter.wsj.com; By email: [email protected] wroteabook that wasmeant to the center.The arrow can at home with herparentsin makes use of wild yeast—and By phone: 1-800-JOURNAL (1-800-568-7625) to be read,” he said. land on anyofadozenbread Brooklyn, also tried making chapati, even though the Reprints &licensing: Stores were already out of types whose names he wrote kulaç.Itwas rock hardand so homemade pizzashaven’t all By email: [email protected] By phone: 1-800-843-0008 yeast when McKenna Mobley, in segmentsradiating from the bad “I ended up not even pho- gone smoothly. WSJback issues and framed pages: wsjshop.com a22-year-old music publicist center. tographing it,” she said. An- “I have set off the fire alarm in Murrieta, Calif., went shop- “I wasthinking Wheel of otherlesson: sour cream isn’t moretimes than Iamproud Our newspapers are100% sourcedfromsustainably certified mills. ping,soshe resorted to a Fortune,” he explained. agood substitutefor yogurt. of,” he said.“Iended up just GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS packet at her home that wasa Everyfew days,heholds a Forothers, bread baking is disconnectingit.” P2JW094000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** Friday, April 3, 2020 | A3 U.S. NEWS Inquiry Into S PRES TED CIA

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who in 2016 alerted the lateRe- intelligenceoverhaul that FR publican Sen. John McCain added newprocedures to “tease Hand sanitizer is given out in Racine, Wis., during early voting. Brenda Jones, below, checks over her absentee ballot in Milwaukee. about related allegations,said out and highlight” analysts’ dif- he had been contacted in con- ferences—meant to address nection with the probe.“My an- failures that occurred in assess- Wisconsin Vote on Tap Next Week swertoanenquirybyemail ing Iraq’sweapons-of-mass-de- from amember of the team struction programs in the early about 2016 some weeks ago 2000s—“worked perfectly,” the wasthat Ihad nothing to add said. AU.S.official fa- As Absentee-Ballot RequestsSurge to what wasalready on the miliar with the Durham review public record,” Mr.Wood said and with the compilation of the in an email on Thursday, declin- report, made public in January ing further comment. 2017, agreed, stressing that its BY ALEXA CORSE enough polling placeworkers. school board,” said Joe Friday, to request absentee Theinvestigators, led by conclusions have held up under AND JOHN MCCORMICK Gov.TonyEvers said in a Wineke, aformer Wisconsin ballots. Connecticut U.S. Attorney John scrutinyfromlawmakersand court filing this week he was DemocraticParty chairman. He also said that absentee Durham, were refused by Brit- intelligenceagencies. Thereisabiggerquestion turning to the National Guard He said he expectsElection voters could avoid the require- ish authorities earlier this year Interviews of National Intel- surroundingTuesday’sWis- to help staff polling sites. Dayturnout will be extremely ment to have awitnesssigna- when they requested an inter- ligenceCouncil personnel and consin primaryballoting than Both Mr.Evers,aDemocrat, low. turebyproviding astatement view—outside formal, more others have been aboveboard the Democratic presidential and leadersinthe Republican- Court challenges have saying they couldn’t safely ob- time-consuming channels—with and “not adversarial,” focusing nomination race between Joe majority statelegislaturehave added uncertainty.Inresponse tain one despitereasonable ef- former British spy Christopher on howthe assessment wasput Biden and Bernie Sanders: Can defended keeping the April 7 to filingsbythe Democratic forts to do so. Steele, according to people fa- together and the differing view- an election be successfully date, pointing out that general Party of Wisconsin, the Demo- TheRepublican National miliar with the matter. Mr. points, according to the official held in the midst of a full- elections arebeing held for cratic National Committeeand Committeeand Republican Steele had compiled the related who spokeabout them. scale pandemic? many local offices across the other liberal-leaning groups,a Party of Wisconsin filed an allegations,some of which were Theadditional outreach for Wisconsin’sdecision to pro- state. Officials are concerned federal judgeonThursdayde- emergency appeal to stay the salacious and have sincebeen interviews on various fronts ceed, aftermorethan adozen that delays could result in clined to postpone the elec- judge’s ruling. dismissed,inadossier. representsanacceleration in other states have delayedtheir terms expiring forlocal offices tion.But the judgeextended Mr.Evers previouslyasked Mr.Durham wastapped last Mr.Durham’snearly yearlong primaries due to the coronavi- if the voting waspushed back. thedeadline forclerks to re- thestate legislaturetorelax year by Attorney General Wil- inquiry.Mr. Barrhas said he rusoutbreak,has caused re- “You could have abunch of ceive mailed absentee ballots the witnessrequirement and to liam Barr to conduct the re- would liketoreach conclusions quests for absentee ballots to places whereyou don’t have a by six days to April 13 and extend the time formailing and view. Theprobe,according to by the summer.Mr. Durham soar and ascramble to find mayororapresident of the gavevotersanextraday,until counting ballots. He also drovetoWashingtonlast month wanted lawmakerstoapprove from hishome in Connecticut to automatically mailing ballotsto Connecticut keep the probe going full-bore all 3.3million registered voters U.S. Attorney when flightsbecame scarce be- in the state. Republicanlaw- John Durham cause of the coronavirus. makerssaid mailing so many has been Intelligenceagencies agreed ballotswould be unrealistic on investigating in 2016 that Russia’sinterfer- such atimeline and rejected the matter for enceinthe presidential election easing anyofthe voting rules. nearly a year. wasaimed at hurting Demo- Mr.SandersonWednesday cratic candidateHillaryClinton called forthe primarytobe and boosting President Trump’s delayed. “People should not be people familiar with it, is pro- election chances.The CIA and forced to put their lives on the ceeding on multiple fronts, ex- Federal Bureau of Investigation line to vote,” he said. amining the initial surfacing of expressed high confidencein Asked if he thought the pri- the allegations in 2016 as well that assessment, while the Na- mary should proceed, Mr. Bi- as aseparate2017U.S.intelli- tional Security Agencyhad den said Thursdaythat the de- gencereport that concluded moderateconfidence. Those cision is up to Wisconsin Moscow interferedinthe presi- disagreements have long been officials.“Ithink youcan hold dential election in part to help publicly known, and the Repub- the election as well, dealing then-candidateDonald Trump. lican-led SenateIntelligence with mail-in ballotsand same- Mr.Durham’steam began in- Committeesaid in 2018 that dayregistration,” Mr.Biden terviews earlier this year at the the conflict “appropriately rep- said.“There’salot of things Central IntelligenceAgency, ac- resentsanalytic differences” that can be done.” cording to people familiar with between the agencies.The com- the process. It has focused on mittee’sreport also concluded people whoare or were work- the Russian effortsweremeant ing at the National Intelligence to help Mr.Trump. Democratic Convention Delayed aMonth Council, aunit of the Director Part of the disagreement of National Intelligence’soffice wasoverwhether asource the that coordinated the U.S. intelli- CIA relied on in the intelligence BY JOHN MCCORMICK canstart using general election best position our party fora home of the Milwaukee gencecommunity’s assessment assessment, who wasclose to AND KEN THOMAS dollarstodirectly confront safeand successfulconvention,” Bucks,isavailable that week,as of Russia’s2016 election inter- the Kremlin, had specific President Trump. said JoeSolmonese,the Demo- arehotels in southern Wiscon- ference, as well as on individu- knowledgethat Mr.Putin This summer’s Democratic Officials said they haven’t cratic National Convention sin and northern Illinois to ac- als at other agencies whose wanted to help Mr.Trump,one National Convention in Milwau- made anydetermination yeton Committee’schief executive. commodatewhat could be as work fedintothat assessment, person said. Mr.Durham’steam keeisbeing pushed back to the length of the convention or Thenew schedule means the manyas50,000 visitors. oneofficial said. appearstobepressing people mid-August because of the cor- the format, given the unpredict- two party conventions will be “The convention planning Increasingly,investigators involved in that report on onavirus pandemic,the biggest ability of the outbreak. scheduled on back-to-back team will nowuse the coming arefocused on former CIA Di- whether Mr.Brennan sought to disruption yettothe presiden- One person familiar with weeks,with the Democratsgo- weeks to further exploreall op- rector John Brennan,examining steer the intelligencecommu- tial campaign as aresult of the planning said theduration is ing first. Former Vice President tions to ensurenominating the whether he pushed fora nity agencies to sign on to a crisis. stillexpected to be four days, JoeBiden, the front-runner for next president of the United blunter assessment about Rus- “high confidence” assessment, Thegatheringwill nowtake but that could changelater. the Democratic nomination, had Statesisdone without unneces- sia’smotivations than othersin people familiar with the matter placeduring the week of Aug. “In our current climateof expressed doubt that his party saryrisk to public health,” the the intelligencecommunity felt said. It couldn’t be determined 17,the Democratic National uncertainty,webelievethe would be able to hold the con- DNC said. “These options in- waswarranted, people familiar whether Mr.Durham has ob- Committeesaid. That delays by smartest approach is to take ad- vention as planned in July. clude everything from adjusting with the mattersaid. tained evidencebeyondthat ac- about amonth the datewhen ditional time to monitor how TheDNC said it has con- the convention’sformat to Aspokesman forMr. Bren- cessed by Senateinvestigators. the party’s eventual nominee this situation unfolds so we can firmed that Fiserv Forum, the crowd sizeand schedule.” Critical Legislation Goes Untouched as Lawmakers Confront Crisis

BY ANDREW DUEHREN Congress,” he wrote. No.3Republican in the Senate. diciaryCommitteepostponed TheHouse leftWashington Both the House and Senate aMarch 31 hearing with Attor- WASHINGTON—The coro- without renewing expired sur- hadbeen set to consider en- ney General William Barr,who navirus crisis has brought veillancepowers,alarming cur- ergy and climateissues, wasset to facequestions much of American lifetoahalt rent and former law-enforce- though those effortshavebeen about the JusticeDepartment’s in recent weeks.Typical busi- ment officials.The Senateand overtaken by the virus’s sentencing of Roger Stone, a nessonCapitol Hill has been House Armed Services Commit- spread. An energy package confidant of President Trump. no exception, leaving some S tees have suspended traditional aimedatmodernizing the TheGOP-led SenateHome-

critical legislation unfinished. PRES hearingsand markups on the electrical grid and supporting land Security and Governmental

LawmakersleftWashington TED annual defense authorization carbon-free energy sourcesin AffairsCommittee, which is

last week afterpassing ahis- CIA bill,which establishes funding the Senate, which failed to conducting aprobe of Hunter SO

toric $2 trillion relief package, AS levels and setspolicies forthe clear procedural hurdles last Biden’s serviceonthe boardofa taking with them the policy Defense Department and Energy month, is nowonhold, accord- Ukrainian natural-gas company, agendas Congresshad been set LSH/ Department’snational security ing to people familiar with the is primarily focused on the cor- WA to tackle this spring.Hearings programs.The House Appropri- bill. A House panel dedicated onavirus crisis but will continue AN

on national security have been SUS ationsCommitteewill only be- to studying climatechangehas work on the probe long term, postponed, negotiations on en- Members of the House of Representatives walked from the ginformal hearingsonannual delayed the release of its pol- according to acommitteeaide. ergy policyand surveillance Capitol last Friday after passing the coronavirus relief package. spending legislation when the icyrecommendations because But the prospect of another powers slowed, and oversight Houseisback in session. of the spread of Covid-19. round of major coronavirus investigations put on hold as sues beforethe November House Democratsinaletter Afterthe end of the third- “It’sabout taking care of legislation has also created op- lawmakershaveturned their election could begin to close. Tuesdaythat April 20 is the ever presidential impeachment your neighborsand saving portunities forprogresson full attention to the public- “The likelihood of anymajor earliest the House would re- trial,House membersand sen- lives right now, therewill be a some policyitems.Rep.Dan health andeconomic crisis legislation passing between turn to Washington, writing atorshad both been eager to time when we come back to Kildee (D., Mich.), amember of consuming the nation. nowand the election is basi- that the House mayextend turn to fresh legislativetopics. our climate action plan,” said the Ways and Means Commit- As discussions begin on an- cally nil. It wasn’t great before- workweeks later in the year Theoutbreak of Covid-19 has Rep.KathyCastor (D., Fla.), tee, said Congresscould take other round of coronavirus leg- hand,” said Mark Harkins,afor- and cancel planned breaks to quickly pitched Congressagain chairwoman of the House Se- action on surprise medical bill- islation,lawmakers, aides and mer congressional staffer and make up for lost time. intocrisis mode. lect Committeeonthe Climate ing as part of the next bill. outside expertsare acknowl- senior fellowatGeorgetown’s “Inaddition to continuing “All focus right nowisonthe Crisis. “In a period of uncertainty edging that the already narrow Government AffairsInstitute. to respond to the coronavirus double-barreled natureofthe Politically chargedinvesti- sometimes it shakes loose windowfor making progress House Majority Leader pandemic, we need to handle coronavirus crisis,” said Sen. gativeeffortshavealso come some of the reticence to act,” on avariety of other policyis- StenyHoyer (D., Md.) told the normal annual businessof John Barrasso (R., Wyo.), the to astandstill. TheHouse Ju- he said. P2JW094000-6-A00400-17FFFF5178F

A4 | Friday, April 3, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Confirmed Cases Top One Million Globally

Confirmed cases of the novel sis of datafromJohns Hopkins tional convention in Milwaukee, coronavirus world-wide sur- University,bringing the nation’s delaying the pivotal event for passed one million Thursday, a totaltojust under 6,000. the primaryseason until mid- grim milestone forthe pan- Theworld-wide count of August. demic as governmentsdeploy deaths from Covid-19 exceeded President Trump moved to increasingly stringent measures 53,000,according to Johns use the Defense Production Act, to battle itsspread and are- Hopkins.Spain on Wednesday aKorean War-eranational se- cord 6.6 million U.S. workers reported 950 deaths,the coun- curity mobilization law, to se-

applied forunemployment ben- try’sbiggest one-daytoll, push- curesupplies companies need GES

efits last week. ing itstotal past 10,000,the to makeventilators, as hospi- IMA most in the world afterItaly. tals nationwide preparefor an ETTY

By Jennifer Calfas, As reported cases of the vi- influx of patients. /G Phred Dvorak rusgrewrapidly acrossthe Statesscrambling to acquire and Amira El-Fekki U.S.,projections this week medical equipment have had to showedhigher death tolls and a getcreative to fill the gaps, as- ANGERER

TheU.S., Italy and Spain re- longer duration of this crisis sembling makeshifthospitals in DREW main at the forefront of the than previouslyanticipated. convention centersand sports The U.S. had about one-quarter of the world’s new coronavirus cases as its death toll neared 6,000. pandemic,accounting for Statesincluding Tennessee arenas.New York,the center of nearly half of all reported infec- moved to initiatelockdowns, theU.S.crisis with morethan Coronavirus Daily Update tions of the coronavirus,which while othersprolonged previ- 92,300 cases, will financecom- has spread with ferocious ousorders. panies to makemoreventilators, As of 11:02 p.m. EDTApril 2 speed acrossthe world. LeadersinOhio and Puerto Gov.Andrew Cuomo said. Mas- TheU.S.has 245,213 reported Rico, among other local offi- sachusetts Gov.Charlie Baker cases of the virus,representing cials,announced extensions to launched aresupply mission for 245,213 5,983 9,090 just under aquarter of the existing precautionarymea- N95 masks using the NewEng- world-wide figures. That is more sures.“This extension is neces- land Patriots’ team plane. U.S. cases U.S. deaths U.S. recoveries than twicethe number of re- sary,” Ohio Gov.MikeDeWine Louisiana reported a42% ported cases in Italy,the next- said as he announcedanorder one-dayjump in the number of highest country, although the that will requireresidentsto Covid-19 cases,bringing the 1,015,709 53,069 211,409 ratesofillnessand death might stay at home untilMay 1. state’stotal to 9,150 cases as be underreported thereand in EarlierThursday, Michigan officials rushed to combat the World-wide cases World-wide deaths World-wide recoveries othercountries.Health experts Gov. Gretchen Whitmer said virus’sspread in the emerging in the U.S. have voiced concerns schools wouldn’t reopen and hot spot. Thenumber of deaths Source: Johns Hopkins University Center for Systems Science and Engineering about the accuracyofcoronavi- K-12 studentswould learn re- rose to 310 from 273aday ear- rustesting,believing nearly one motely forthe rest of the aca- lier,according to the state denceofnew exponential number of major economies the pandemic,has been loosen- in three infected with the illness demic year. health department. growth in the number of resi- that still allows travelersfrom ing constraintsontraveland is testing negative. Thevirus has upended the Gov.John Bel Edwards dentsinfected with the virus. most partsofthe world besides businessasthe prevalenceof Between 8p.m. Wednesday 2020 presidential election, called the sharp increase in Meanwhile,two cruise ships Europe to enter,will from Fri- infection therecontinues to and 8p.m. Thursday, 850 peo- prompting governorstopush Covid-19 cases “extremely up- stricken with dozens of cases dayban foreignerswho have dwindle.The National Health ple in the U.S. died from the back stateprimaries and halt- setting.” But he said on Twitter andatleast four deaths will recently been in the U.S.,Can- Commission said the country Covid-19 respiratorydisease ingcandidates’ cross-country it appeared to be moreasign dock in Fort Lauderdale,Fla., ada and much of Asia and Latin recorded 90 newcases caused by the virus,according campaigning.OnThursday, of alogjam from commercial MayorDean Trantalis said. America. Wednesday, mostly people who to aWall Street Journal analy- Democratspostponed their na- testing labs,rather than evi- Japan, one of the dwindling China, theinitial center of had caught the virus abroad.

tional measure, on topofsocial CDC Shift distancing,toreducespread of Covid-19,the illnesscaused by the novel coronavirus,when Seen on people aresharing space, ac- cording to the draftdocument. Cloth masks arebeing rec- Masks ommended because medical masks,including N95 respira- tors,are in short supply for ContinuedfromPageOne health-careworkerscaring for erageAmerican does not need people with Covid-19.“These to go out and buy amask.” cloth facecoveringscan be Currently,the CDC and the made at home at alow cost,” World Health Organization say thedraft document said. that people who aren’t sick Cloth masks don’t fully pro- don’t need to wear afacemask tect wearersfrombecoming in- unlessthey arecaring fora fected because they aren’t

S sick person. completely sealed on the face,

PRES Several recent studies,how- according to experts. But they ever,haveprompted arethink canhelp prevent people who TED

CIA of that policy. Those studies areinfected from spreading

SO have suggested that the new the virus by catching droplets AS coronavirus,known as SARS- emittedwhile exhaling,cough- CoV-2,can be spread by people ing or sneezing.They should

ENDOLA/ who areinfected but don’t notbeused on children under AM know it because they don’t 2yearsold, or anyone who has

ELISE have symptoms. trouble breathing,according to The cargo of N95 masks was unloaded from the team plane at Boston Logan airport on Thursday after a weekslong effort to acquire them. “Although we don’t know the draftdocument. howoften pre-symptomatic or Dr.,the White asymptomatic transmission oc- House response coordinator, Patriots’ Jet Goes Long to Get Masks curs, it appearsthat people said at Thursday’sbriefing that whoare infected but not sick anymask recommendation playanimportant role in the would be “additive” and not a BY ANDREW BEATON ting health-care workers and Therewas also the fact that getthe rush jobs done,includ- spread of Covid-19,” the draft substitutefor guidelines. patients at even greater risk. the team’sBoeing 767isapas- ing by opening the consulate document said. Social distancing and hand At 3:38 a.m. Wednesday, the Massachusetts’quest to ac- senger plane built to carryBill over the weekend to getthe GovernmentsinAsian coun- washing arecrucial, she said, NewEngland Patriots’ team quirethese masks wasatense, Belichick and Tom Brady, not visas processed in time, peo- tries wheremasks were com- adding that maskscould pro- plane departed from an unusual weekslong sagathat began massive stores of cargo. ple familiar with the matter monly used to avoid contagion vide afalse sense of security. locale: Shenzhen, China. On with the state’s governor and Then, most critically,they said. Next, the plane headed to even before the pandemic have “This worries us and that’s boardthe Boeing 767, in the winded through embassies, hadtosecurepermission to Alaska. said even low-grade cotton whythe debateiscontinuing cargohold that used to be home privatepartnersand the U.S.’s land in China—a delicatefeat In addition to handling the masks canprove helpful. Much about the mask,” Dr.Birx said. to TomBrady’s duffel bags, most successful football fran- during this global pandemic. logistics and the plane,the of Central Europe is nowfol- Mr.Trump wasasked about were 1.2 million N95 masks chise.After alayover in Alaska Even if they received the Kraftfamily had agreed to pay lowing the example set by widespread public use of bound forthe U.S. and an anxious processtowin proper permits, they were $2 million, or approximately China, Taiwan and South Korea. masks twicethis week.While Video and pictures of the approval from Chinese offi- worried the pilotswould be re- half the cost of the goods.The On Monday, Austria mandated he didn’t commit, he suggested eventshowworkersinmasks cials,the plane wasgiven per- quired by China to quarantine order of 1.7million N95 masks itscitizens wear masks when people use common scarfs. and full-body suitsatShenzhen mission to land in China to for14days beforereturning. wasproduced by various manu- outside the home,after the “Somepeople don’t likeit Bao’anInternational Airport collect the masks. The primary issue was the facturersacrossthe country. Czech, Slovak and Bosnian gov- because you’retaking it away loading boxafter boxofthe “I’venever seen so much simplest: getting the right to “What we needed,” said Jim ernmentsissued similar orders. from the medical professional,” scarce and valuable personal redtape in so manyways and land the 767. Gov.Baker,the Nolan, who spearheaded the lo- And in the U.S.,some local Mr.Trump said on Wednesday. protective equipment ontoa obstacles that we had to over- U.S. State Department, Robert gistics as the chief operating of- officials aren’t waiting for “I don’t see whereithurts. And red, whiteand blue plane em- come,” said Robert Kraft, the Kraftand otherssent letters ficerofKraft Sportsand Enter- guidancefromthe federal gov- it doesn’t have to be amask; it blazoned with the Patriotslogo Patriots’ owner.“In today’s tainment, “werebootsonthe ernment. LosAngeles Mayor canbeascarf,” he said. and “6X CHAMPIONS.” world, those of us who arefor- ground to gather the goods and Eric GarcettionWednesday He added, “And Ithink,ina Theplane waspermittedto tunatetomakeadifference The plane was getthem to the right place.” called on the four million peo- certain way,depending on the be on the ground in China for have asignificant responsibil- They needed even more ple in the country’ssecond- fabric—I think,inacertain amaximum of three hours, ity to do so with all the assets permitted to be on than that: Theproducts largest city to wear masks. way,ascarf is better.” people familiar with the mat- we have available to us.” the ground in China needed to be counted, in- Thecloth masks or facecov- —Catherine Lucey tersaid, and the crew wasre- Theeffort began with Mas- spected and then quickly ush- eringsare meant to be an addi- contributed to this article. quired to stay on the plane sachusetts Gov.Charlie Baker, for only three hours. ered through customs. whileaground crew loaded who wasconcerned about the Through intermediaries,peo- the cargo. It took 2hoursand state’smask supply and, two ple familiar with the matter 57 minutes.OnThursday, that weeks ago, believed he had said, they were connected to Roosevelt Captain plane landed somewheremore struck a deal to acquire more to China’sconsul general in executives at Chinese tech gi- familiar: Boston Logan Inter- than amillion of them from New York requesting the spe- ant HoldingsLtd., who national Airport. Chinese manufacturers. But cial permits. Theletters,dated pledged acrewofmorethan a Is Relieved of Duty Thestory of this remark- officials had to figure out how March 24 to 30, ask for waiv- dozenpeople.Overthe course able delivery, based on docu- to getthem shipped out of erstoallowthe humanitarian of several days,the Tencent BY NANCY A. YOUSSEF four-pagememorandum re- mentsand interviews with Chinawhen unusual cargo mission and statethat no team mobilized to inspect and AND GORDON LUBOLD cently demanding superiors people involved in the - shipments out of the country member of the crew would aggregatethe masks.Some fa- allowhim to take the carrier tion, is awindowintothe canbeespecially tricky. “I just leave the aircraft. cilities had lessthan promised WASHINGTON—Navyleaders to the port in to offload frenzied scramble by states to have to getthem here,” he told By last Fridaynight, the and were still waiting on the have relieved the captain of a sailorsstricken with Covid-19. acquirelifesaving equipment a longtime friend. crew had moved to Wilming- production to be complete. U.S. aircraftcarrier afteramemo At least 114ofthe vessel’s needed to battle the coronavi- That longtime friend was ton, Ohio,because the plane Thecrewstayedwith the to militaryofficials in which he crew have tested positive. ruspandemic.The processin- Jonathan Kraft, Robert Kraft’s needed an upgrade forthe in- goods overnight to makesure pleaded forhelp with acoronavi- “Weare not at war. Sailorsdo volves not just tracking down son, who holds two jobs that be- ternational trip.The mission nothing happened to them be- rusoutbreak at sea wasleaked not need to die,” Capt. Crozier goods but also tapping inter- came highly relevant to the pro- received waiversfromChina fore taking them to the Shen- to anewspaper. wroteinhis Mondaymemo, mediaries and calling in favors ceedings. Jonathan Kraftisthe to land and do so without zhen airport and shuttling Capt. BrettCrozier,the which wasreported by the San to navigateadense global bu- chairman of the boardatMassa- quarantining,but they were them through customs. commanding officer of the FranciscoChronicle.“If we do reaucracythat the pandemic chusetts General Hospital.He’s told the crew still needed vi- By early Wednesdayonthe USS TheodoreRoosevelt, now notact now, we arefailing to has virtually paralyzed. also the Patriots’ president, and sas.Sothe entiregroup East Coast, the 767had landed at port in Guam, was relieved properly take care of our most As the countryand the the team had something it scrambled to alocal pharmacy in Shenzhen from Alaska. It Thursday after superiors said trustedasset—our sailors.” medical system have grappled thought might be of help: agi- and took pictures forthe ap- stayed grounded just within they lost confidenceinhis ActingNavySecretary with responding to the virus, ant airplane. plication. Thepictures were the three-hour window given. ability to lead. Thedecision to said he made oneofthe greatest pressure Thereweretough questions flowntoNew York to be taken Because cargowasn’t allowed removehim drew outrage the decision to relieveCapt. points has been the shortage to resolve. Robertand Jona- to the Chinese consulate, and on partsofthe passenger from lawmakersand some rel- Crozier because the com- of N95 masks,critical equip- than Kraftfirst had to check if then flownback to Ohio. plane,only 1.2 million of the ativesofcrewmemberswho mander’s memo leftthe im- ment to protect against its the plane was ready and able Huang Ping,China’sconsul masks fit. Therest will be backed the commander’s call pression that the Navy was spread. Demand has signifi- to makesuch alengthyjour- general in NewYork,provedto transportedshortly on an- for attention to the crisis. only responding to the out- cantly outpaced supply,put- ney on such short notice. be amajor ally in the effort to other shipment. Capt. Crozier had writtena break due to the plea. P2JW094000-0-A00500-1------XA

THE WALL STREET JOURNAL. Friday, April 3, 2020 | A5

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A6 | Friday, April 3, 2020 **** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Hospitals Bracefor SurgeinCases Infection Is Killing BY LINDSAY HUTH In Louisiana, wheredaily AND JESSICA WANG growth in cases has been among the highest in the coun- More Men, U.S. hospitals areprojected try, patientsrequiring hospital- to fall thousands of beds short ization areexpected to exceed of the expected number of available beds,with the need Data Show cases, as a projected surge in peakingApril 10,according to coronavirus patientscould theInstitutefor Health Metrics BY KATIE CAMERO peak in April. and Evaluation. Thestate has Nationwide hospitalizations repeatedly warned that the Moreinfected men than areprojected to peak April 16, NewOrleans area could runout women seem to be dying from when patientsmight need of ventilatorslater this week. the newcoronavirus,according 84,000 morebeds than arecur- Gov. John Bel Edwards said to datafromcountries hit by rently available,projections the stateplans to put 1,120 beds the pandemic,but an incom- from theUniversity of Wash- in the NewOrleans convention pletedataset is clouding scien- ingtonshow. While states are center and house quarantined tists’ abilitytounderstand why.

making effortstoslowthe GES patientsintrailersinstate Thepattern underscores

spread of the virus through IMA parks,and the federal govern- the role that sex—and the as- lockdowns and encouraging so- ment agreed to createtwo 250- sociated social normsand be- cial distancing,surgesinhospi- ETTY bed field hospitals staffed by 60 haviors—plays as an indicator /G

talizations areexpected to rip- TT doctorsand nurses. of risk and response to infec-

ple through individual states PLA Florida,whose significant tion and disease. over the next two months. retired population is particu- “Thereare profound sexdif-

However, projections have been SPENCER larly vulnerable,has requested ferences in immune systems, subject to changeday-to-day. Extramedical beds aredelivered to Maimonides Medical Center in Borough Park section of Brooklyn. supplies from the federal gov- and this pandemic is revealing With shortages already evi- ernment including 5,000 hospi- them onceagain,” said Marcia dent in NewYork,statesare tegic National Stockpile,un- were intensive-careunit beds. In news conferences,New talbeds,5,000 ventilators, five Stefanick,aprofessor of medi- scrambling forbeds,ventila- able to meet demand, states Thestate estimates it mayneed York Gov.Andrew Cuomo out- mobile intensivecareunitsand cine at the StanfordPreven- tors,masks and moreinprep- aretaking their ownmeasures almost three times the number lined the plans to expand capac- two million N95 masks.InCon- tion Research Center,part of aration. to build their supply. of beds when the peak hits, and ity.Hospitals were asked to in- necticut, reported hospitaliza- StanfordUniversity School of Manystatesare just begin- As of Tuesday, morethan 40,000 ICU beds. crease capacity by at least 50%. tions nearly doubled over the Medicine. “What is biology ning to report daily hospital- half of the country’s reported Many of those 53,000 beds Some were also asked and are weekend. Thestate has set up versus what areour social ization figures, but initial re- coronavirus hospitalizations were in use for non-coronavi- expected to expand by 100%. medicaltentsoutside several norms and gender behaviors portsshowupticks acrossthe were in NewYork,and the ruspatients,soeffortsare be- In other states wherethe veterans’ hospitals and estab- confounds our ability to un- past week,including in emerg- statehas been racing to ex- ing made to expand capacity hospitalization need is ex- lished mobile field hospitals in derstand what’sgoing on.” ing epicenterslikeLouisiana pand its hospital capacity. within hospitals and use non- pected to approach or exceed Hartford and Danbury. In Italy,men comprised andMichigan. And with the Beforethe outbreak,the medical facilities to make available beds,preparations —Taylor Umlauf about 70% of the deaths from nation’ssafety net of medical- statehad approximately 53,000 room forthe growing number areunder way forthe surge in and Vivien Ngo Covid-19—the illnesscaused equipment supplies, the Stra- hospital beds,3,000 of which of cases. patients. contributed to this article. by the newcoronavirus—as of March 26, according to the country’s National Health In- 80,000 Covid-19 hospitalizations and projections Hospital bed Initial capacity 53,000 If hospitals The stateanticipates some Capacity goal stitute, or ISS. capacityin expandby50% hospitals can expandby100% 140,000 Men arealso morelikely to 27,000 5,000 MEAN PROJECTED Bedcapacityavailable NewYork be infected by the virus,espe- BEDSNEEDED forCovid-19 treatment cially if they areolder with AT PEAK OF beforeexpansions 8,000 1,000 600 29,164 underlying health conditions, OUTBREAK With U.S. government assistanceeight sites U.S. Navy Nursing If dormitoriesin scientists say. In China, sev- Hospitalizations were selectedfor temporaryhospital ship home in downstateNY 60,000 as of March 31 eral studiesshow men com- expansion,intwo phases Comfort Brooklyn were converted prised more than half the in- fected patients since the first cases appeared in December. LOWER LIMIT Ventilator Supply goal Initial supply From U.S. gov’t PurchasedasofMarch 25 Past transnational out- OF PROJECTION supply in 4,000 4,000 7,000 37,000 breaks of illnesses such as se- New York vere acuterespiratorysyn- 40,000 drome, or SARS, in 2003 and PROJECTED PEAK: Middle East respiratorysyn- 2nd week 3rdweekofApril 4th and 5th week of April May drome, or MERS, in 2012 also of April posed double the risk of death formen compared with women, studies showed. Men acrossthe globe are 20,000 nowconsidered three times moreatrisk of dying in ahos- pital from Covid-19,according to ameta-analysis done by re- searchers at the University of Miami Miller School of Medi- 0 cine. The study, published by

* . .* . . medRxiv—a sitefor non-peer- * * . . * . . .* . * . . * . . .* I. s .* e. o. ii l. s. a C. s. n. C. v. t. D. Y. J. Ill. lo nn. wa R. Fla. Va Ky Va reviewedpapers—breaks down La Vt Pa sh. nn. Ind. Ga Ala. S. Md. N.D xa Mo Or S. wa N. N. De D.C N.H. Ohio N. Ariz Wis Ark Ka Io Neb Utah Ne N.M. W. Wy Co Co Calif Te Mis Okla. Minn. Idaho Mon Te Mich. Wa Mas Maine Alask Ha datapublished between Jan. 1 *Hospitalization data notavailable Note:Projections as of March 31 Sources: Institutefor Health Metrics and Evaluation (projections, capacity);The COVID Tracking Project (hospitalizations); NewYork state(bed capacity, ventilatorsupply) and March 3on4,789 patients. One reason maybethat so- cial behaviorslikely to in- 32,000 ventilatorsthat will be came this week from the na- warehouses acrossthe country manufacturing plant is already crease chancesofinfection Trump required by mid-April, the ex- tional stockpile.Hepreviously that hold emergencymedical under way,said Howard Kar- anddeath from the virus— pected peak of the crisis,ac- said he had requested 5,000 supplies.The locations of the esh, acompanyspokesman, such as smoking and alcohol cording to the University of from the stockpile. warehouses arekept secret. and the companyhadn’t seen consumption—are associated Orders Washington’sInstitutefor Thestate has been trying to On Wednesday, Mr.Trump material disruption to itssup- morewith men. This could ex- Health Metrics and Evaluation. procurethousands of ventila- said nearly all of the protective ply chain. Medtronic said it ap- plain why they tend to suffer Theinstitutesaid it didn’t tors from all over the world, he gear,which doesn’t include preciated the order,and morethan women from condi- Production knowhow manyventilatorsare said. “The pricehas at least ventilatorsbut is also needed ResMedsaid it waspleased already available. doubled on everyventilator by hospitals to treat coronavi- with the moveand encouraged Thegovernment’scurrent that we’relooking at from just ruspatients,had been depleted automakers, aerospace-equip- Menare seen as three ContinuedfromPageOne cache wouldn’t coverwhat New wherethey were three to four from the national stockpile. ment producersand other said it wasn’t known howmany York statealone has projected weeks ago,” Mr.Edwards,a Craig Fugate,FEMA’s former manufacturerstohelp source times more at risk of ventilatorsFEMA expected it could require. Mr.Cuomo has Democrat, said at anewsbrief- head, said in an interviewthis or createmoresuch compo- dying in a hospital from companies.“When we said 37,000 ventilatorsmay be ing Thursday. week that the stockpiles “were nents. Philips said the act en- have the numbers, we will needed there. Thestockpile has On Wednesday, aFEMA never built, funded forapan- ablessuppliersinalockdown from Covid­19. sharethem,” she said. provided the state4,000. spokeswoman said the stock- demic.” Thegovernment’splan- region to reopen, which is As of Monday, 7, 140ventila- In NewJersey,Democratic pile had distributed 8,100 ven- ning assumedcompanies would needed to help the company tors had been sent out of the Gov.Phil Murphysigned an ex- tilatorsasofMarch 28—a fig- fill in gaps by completing large meet itsgoal of quadrupling Strategic National Stockpile, ecutiveorder giving statepo- urethat is roughly 1,000 units ordersfromthe public sector, ventilator production. tions such as lung cancer and according to adocument re- licethe authority to comman- more than the Mondayfigure he said. Mr.Trump recently invoked heartattacks,according to a viewedbyThe Wall Street deer supplies such as seen by the Journal. The “Therewas so much empha- the act to order General Mo- 2016 study published in the Journal. AFEMA spokeswoman ventilatorsfromcompanies or spokeswoman’sfigures were sis on early indications to start tors Co.tomakeventilators. journal JAMA. said Wednesdayinresponse to other facilities to supply to also dated two days earlier. that processofordering sup- PeterNavarro, aWhite In Italy,morethan seven questions about the stockpile hospitals.The stateestimates Thespokeswoman said the plies, and if necessaryturning House adviser appointed to million smokersare men, that the government has 9,404 it needs 1,650 moreventilators datashe provided wasaccurate on the DPA,” he said. oversee DPApolicy, said the while 4.5 million are women, ventilators. An additional 1,065 in coming weeks. and that the discrepancycould GE said it has doubled its president on Fridaywould sign according to ISS. In China, the ventilatorsare available from Louisiana Gov.John Bel Ed- be the result of human error in capacity of ventilator produc- another order aimed at pre- prevalenceofsmoking among the Defense Department, bring- wardssaid the NewOrleans re- afast-moving crisis.“There’sa tion and plans to double it venting some medical equip- men is 10 times higher than ing the government’stotal gion could runout of ventila- lot of stuff flying,” she said. again this quarter,and that it ment from being exported. “We among women, experts say. number of ventilatorstotors by next Tuesday. So far, TheStrategic National welcomes effortsbythe admin- aregoing to crack down un- What’smore, scientistssay 10,469,the spokeswoman said. thestate has distributed 450 Stockpile,run by the Depart- istration to help boost output. mercifully,” Mr.Navarrosaid. the prevalenceofthe receptor That number represents ventilatorssincethe crisis be- ment of Health and Human Hillrom’seffort to boost venti- —Scott Calvert that helps the newcoronavirus about one-thirdofthe roughly gan, he said, including 150 that Services,isacollection of lator production at aCalifornia contributed to this article. enter human cells is higher in smokers, which might explain whymoremen aretaking a blowfromadisease that largely Chef Aims to Deliver Tasty Relief as Chicago ShutsDown affectsthe respiratorysystem. “The thing is,morestudies need to be done around the world,” said Sara Haddadi, co- As the new those dining rooms.Instead, ting down in-person serviceat And he cut prices.Afamily- author of the preprint in me- coronavirus he has sketched out delivery barsand restaurants. Mr.Pritz- style takeout meal at etta dRxiv andaclinical-research forces big menus, serving grilled lamb kersaid scenes of revelersat costsaround $40,about as coordinator in the division of changes in chops, short-rib pastaand St.Patrick’sDay festivities the much as ameal forone at the pulmonaryand critical care at how we spicyshrimp in to-gocontain- night beforeconvinced him to restaurant usually costs. At the University of Miami. work, The Wall Street Jour- ers. moveahead with the ban. Maple &Ash, wheredinner av- Countries differ widely in nal is looking at how differ- Nearly all states have or- “I’m glad I didn’t go out. If eraged $110 per person, Mr. their health-carecapacities and ent people are coping with dered restaurantsand barsto Iwas hung over,Iwould have Grant set the price of takeout responses,which affectsthe the stresses and risks. For stop serving patrons on-siteto thrown up,” Mr. Grant said. meals at about $80 each or a number of people tested as earlier articles in the series, slowthe spread of the new Mr. Grant said he wants to family meal for $60. well as cases and deaths de- visit wsj.com/makingitwork. coronavirus.Fine dining has keep as manyofhis staff of He hoped to generateabout tected and reported. TheU.S. been hit particularly hard be- about 500 people working as 100 orders at each restaurant hasthe most confirmed cases BY HEATHER HADDON cause those restaurants don’t possible.To-gomenus focused when he startedtakeout ser- world-wide,yet isn’t releasing

typically offer takeout or de- APHY first on the perishables in his viceonMarch 17.Hesaid he databrokendownbysex.This,

Chef DannyGrant didn’t livery. GR refrigerators: shrimp,scallops, sold out in 30 minutes. A line expertssay,ishurting the med- need takeout to generatemore “Weneeded to pivot and TO branzino imported from Eu- of customersstaggered six ical community’s chances of than $50 million in sales last pivotquickly,” Mr.Grant, 38 PHO rope, vegetables, cooked pas- feet apart snaked down the protecting those most vulnera- LE

year at his fine-dining restau- years old, said. He started his CO tas and Bolognese sauce. in front of etta. ble to the disease.The Centers

rants in Chicago. restaurant group afterreceiv- JON He shiftedserversfromhis “It wasaveryspread-out, forDisease Control and Pre- Nowhis businesses’ sur- ing two Michelin starsin2011 Chicago chef Danny Grant two restaurants, Maple & Ash awkward-looking line,” Mr. vention didn’t comment. vival depends on it. and 2012 as head chef of RIA and etta,topackaging and Grant said. Now, the restau- Women also have more ro- Thepartner behind two restaurant at the Waldorf As- from his What If Syndicateres- handingoff takeout orders. rantsget asteady stream of bust immune systems,Dr. Ste- restaurants, abar and abak- toria in Chicago. taurant group on March 15.A Uncertain whether anyone order-ahead requests, he said. fanick said, adding that they eryinthe city has packed Theneed foraquick pivot colleague started streaming Il- would showup, he offered a “Everyone seems to be react bettertovaccinations away the thin-stemmed wine became clear when Mr.Grant linois Gov.J.B.Pritzker’s an- futuredine-in credit to people nicer,” he said. “It’snicetosee and can clear infections more glasses and cloth napkins in wasmeeting with partners nouncement that he wasshut- who bought takeout meals. people coming together.” easily than men. P2JW094000-0-A00700-17FFFF5178F

THE WALL STREET JOURNAL. Friday, April 3, 2020 | A7 THE CORONAVIRUS PANDEMIC Questions of Test Accuracy Sow Worry

Experts believe nearly Theunknown ratesoffalse- AFebruarystudy of about one in three infected negativeresultscould leave 1,000 patientsinWuhan, patientswith unjustified confi- China, who were hospitalized patients are getting dence that they can return to with suspected coronavirus negative test results businessasusual and could there, wherethe pandemic be- showthat the nation’sview gan, found that about 60% into the spread of the disease tested positiveusing lab tests BY CHRISTOPHER WEAVER has ablind spot, Dr.Miller similar to those available in said. the U.S. But, almost 90% Last week,a16-month-old All lab testshavesome showedtelltale signs of the vi- boyinFlorida tested positive margin of error,measured in rusinCTscans of their chests, forthe newcoronavirus,alab terms of sensitivity—the per- the article,published in the report shows.Afew days later, cent of positivecases atest journal Radiology, found, sug- he tested negativeatasecond accurately detects—and speci- gesting manypatients in the lab. ficity, the percent of negative group were testing negative Thechief medical officer at cases it accurately detects. despite active coronavirus in- the practicewherethe tests Thesensitivity of the cur- fections. were ordered is betting that the rently available coronavirus Thetechnologythat under- positiveresult is the right one. testsseems to be lowerthan pins the newcoronavirus tests “A false negativeisprob- other similar tests, said Mike so far available, a genetic lematic because it tells the pa- Lozano,aTampa, Fla.-based method called polymerase tient they don’t have the vi- executive at Envision Health- chain reaction, typically de- rus,” said the doctor,Craig care Corp., amedical group tects over 90% of positive Deligdish, an oncologist at that contractstoprovide care cases accurately,said Tom Omni Healthcare, aMelbourne, at hospitals. Dr.Lozano said Taylor,aprofessor and former Fla., medicalgroup.Mean- he estimates that the sensitiv- CDC statistician. In lessdire while,that patient canunwit- ity of the testsisinthe neigh- circumstances,hesaid, the tingly spread it, he said. CDC would typically do astudy Health expertssay they to verifythe accuracyofsuch nowbelievenearly one in Patients with false tests, which might take ayear. three patientswho arein- TheU.S.Food and Drug Ad- fected areneverthelessgetting negatives can ministration initially required anegativetest result. They testing companies to submit unwittingly spread ANDER caution that only limited data applications fornew tests, a is available,and their esti- the coronavirus. move the agency said was re- ALEX

mates are based on their own quired by law. Critics said that SEAN experienceinthe absenceof deterred privatecompanies Michele Hickle, of Lubbock, Texas, initially testednegativefor coronavirus, but alater test waspositive. hard science. from moving quickly to de- That pictureistroubling, borhood of 70%, meaning velop badly needed tests. tientsreturn to the emergency ativesand false positives,such Acontinuing scarcity of many doctorssay,asitcasts nearly one in three positive As demand surgedinlate department whereheworks resultscan occur,” said Wendy testing materials is probably doubtonthe reliability of a patientswalks away with are- February, the agency relaxed the with worsened symptoms, in- Bost, aQuest spokeswoman. obscuring the true rate of in- wave of newtestsdeveloped assuring negative result. requirements,saying labs could cluding fevers and coughs.Af- A Labcorp spokesman said correct results, doctorssay. by manufacturers, lab compa- Chris Smalley,aprimary- start testing without approval terbeing admittedtoahospi- that while apositiveresult is a Fewsay they arewilling to nies and the U.S. Centersfor care doctor at Louisville,Ky.,- andsubmit their internal stud- tal, they tested positive. definitive sign of coronavirus wastespecimen-collection kits Disease Control and Preven- basedNorton Healthcare, said ies later.Published details of “You kind of figure,yeah, infection, “a negativeresult double-checking apatientwho tion. Most of these areoperat- the70% estimatewas gaining those studies areoften limited. that’safalse negative,” Dr. does not definitively rule out already tested negative. ing with minimal regulatory traction with doctorsfinding In astatement Monday, the Brokish said. infection.” He said test accu- They sayincorrect results oversight and little time to do out howwell the testswork in FDAsaid it is balancing the Linda Girgis, a New Jersey racy can be affected by how a could be caused by differences robust studies amid adesper- the real world, absent better need formoretesting with its primary-care doctor, saw the specimen is collected, and how in howsamples arecollected ate call for wider testing. data. He said several of his pa- prerogativetoensuretestsare same pattern with atest run long an individual has been in- and transported, as well as un- “The whole testing field is tientswith negativetestswent accurate. Right now, the FDA’s forahealth-careworker by fected before testing. derlying problems with testing in flux,” said Bill Miller,aphy- on to develop highly suspicious priority remains getting more Quest Diagnostics Inc., afind- In , “a nega- platforms. sician and epidemiologist at coronavirus symptoms and re- tests into the field, an agency ing that made her fear that tiveisnot clearing anybody Swabs takenfromthe front the Ohio State University.“The quirelong hospital stays. spokeswoman said. front-line workersmight re- whoissymptomatic,” said of patients’ noses,for in- thing that is different this time Dr. Smalley said a negative ADallas-area emergency- port forduty thinking they DaraKass, an emergency-room stance,tend to have fewer is most of these testsare go- result is more likely to be ac- room doctor,Peter Brokish, weren’t contagious. doctor at NewYork-Presbyte- copies of the virus mixed into ing through areally rapid vali- curateinplaces likeLouisville said several lab resultshehad “Our materials forproviders, rian, ahospital system. Dr. the mucus than those taken dation process. As aresult we wherethe prevalenceislow, sent to LaboratoryCorp.of including our test reports, make Kass said all patientswith from the nasopharynx,the in- can’t be completely confident but could be virtually useless AmericaHoldings came back clear that while these testsare symptoms arebeing treated as tersection of the nasal cavity in howthey will perform.” in New York, where it is high. negative, only to have the pa- designed to minimizefalse neg- coronavirus-positive. and throat. TOP12ESSENTIALS Timeslikethese callfor wineslikethese—plusbonus bottlesand glasses

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A8 | Friday, April 3, 2020 **** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Crisis MakesEMTsRethink Hospital Trips

BY SARAH KROUSE implementation of some of quarantine while awaiting the they expect someone to come, these strategies by necessity,” resultsofaCovid-19 test after and if we can’t put an N95 Overcrowded hospitals and said Seth Hawkins,adoctor at coming intocontact with a mask on we’renot going to supply shortages caused by the Catawba Valley Health System high-risk patient. That wasbe- come. That’s a kamikaze mis- coronavirus crisis arecreating in Hickory, N.C.Still, he said fore his agencyput in place sion,” he said. financial and ethical quandaries making judgment calls about morestringent patient-- TheCentersfor Medicare foremergencymedical workers which patientstotransport is ing procedures forthe personal and Medicaid Services,or who respond to 911 calls. a balancing act. protectiveequipment workers CMS,issued awaiver Monday As the respiratoryillness “Fromasocial justice must wear on such calls.The saying emergencymedical ser- spreads,ambulanceservices standpoint, Ifeel likeIhaveto test came back negativeand he vices would still be paid for are increasingly weighing pa- be very carefuleversaying no wasable to return to work. transporting patientssus- tient needs against the risk of to people who have turned to Some emergencymedical pected of having Covid-19 to contaminating morepeople, multiple other health-careser- services are funded solely by urgent care centers, doctor’s further packing already vices who have also said no,” transport paymentsfrom offices and other emergency strained facilities and using he added. Medicare and many insurers, medical facilities precious facemasks and Some hospitals in NewYork while others receive taxpayer That waiver,however, gloves in transporting noncrit- and LosAngeles have asked funding and areembedded stopped short of allowing

ical patientstohospitals.They ambulanceservices not to GES with other public-safety agen- emergencymedical-service

are trying to treat more peo- bring noncritical patientsbe- IMA cies like fire departments. agencies to be paid for treat- ple with common ailments or cause they aresoconstrained, MedStarMobile Healthcare ing at home patientswho mild symptoms of Covid-19— said MattZavadsky, president ETTY in Fort Worth now transports aren’t suspected of having the /G

the disease caused by the of the National Association of TT only 68% of the patientsit infection, as manyproviders

novel virus—in their homes. EmergencyMedical Techni- PLA treats, down from 82% before trying to do forthose needing At the same time,emer- cians.The pandemic is already thepandemic.The changeis treatment fordiabetes or

gencytransport services get weighing on hospitals’ finances. SPENCER chipping away at itsrevenue heart conditions. paid only when they bring pa- Manyemergencymedical- Paramedics clean a gurney outside a New York City hospital. because it is funded solely by “There’s enormous cost in tients to hospitals, leaders of services organizations areper- the trips it makes,said Mr.Za- that,” said Asbel Montes,se- those agencies say. Raising the forming moretreatments in transport patientsisamong been overlooked in thecoro- vadsky, itschief strategic inte- nior vicepresident of strategic threshold forahospital trip place, such as providing insu- several challenges facing navirus aid packages approved gration officer.That lossof initiatives and innovation at means sacrificing revenue. lin and to people with di- EMTs, who are often the first so far by Congress. funding comes as MedStaris AcadianCompanies in Lafa- Some effortstoloosen guide- abetes.Some groups areissu- medical professionals to make “We’reworrying about the paying morefor personal pro- yette, La., who is pressing the lines forMedicarereimburse- ing explicit newguidanceto direct contact with sick pa- patientsgetting what they tectiveequipment forstaff—in federal government to further ment mightoffer some relief. emergencymedical techni- tients. Officials who lead those need,and we’reworrying some cases $7 or moreper adapt its rules. “What manyofushope in cians about whom to drive to agencies saythey arealso about ourselves,” said Robert mask,versus their typical ACMS spokesman didn’t this experienceisthat it the hospital. grapplingwith N95 mask Barbosa,anEMT in Fort price of 67 cents apiece. respond to a request to com- pushes the envelope on the Deciding whether or not to shortages and have largely Worth, Texas,who went into “When someone calls 911 ment. U.S. Jobless Claims Skyrocket

ContinuedfromPageOne forcehas filed forjoblessben- efitsinthe past two weeks,up from 0.3% at the end of Febru- ary, showing the toll from the coronavirus is gripping an ever-largershareofthe U.S. economy. Statesindicated peo- ple from industries including restaurants, retail, trade and construction sought unem- ployment benefits last week. “The speed and magnitude of the labor market’sdecline is unprecedented,” said Constance Hunter,chief economist at

KPMG LLP.Ms. Hunter said she S

expected millions moreclaims PRES will be filed in the coming TED weeks and projects20million OCIA

jobs will be lost. SS “Wedidn’t see this in the /A

global financial crisis.We CHER didn’t see this in the Great De- LO

pression. There’sbeen atotal JOHN decimation of consumption,” People waited for help with unemployment benefits at the One-Stop Career Center in Las Vegas on March 17. A record 6.6 million Americans applied last week. Ms.Hunter said. TheCongressional Budget rate events ground to ahalt. She unemployment insurance,” she Office updated economic pro- Labor Data Won’t claims for the prior week every Similarly,asurvey of em- received her firsttwo unem- said. “We’vepaid intoitfor 45 jections Thursdaybased on the Thursday, giving a fairly quick ployers, which determines pay- ployment checks,which totaled years, now’sthe time to use jobless-claims dataand recently Reflect NewReality read on fast-moving changes to roll figures, asksfor the head about $1,200,onMarch 24. it.” She plans to seek federal enacted stimulus measures.It the U.S. labor market. countduring the payperiod in- Themoney is helping,she loans so she canpay workers’ expectsU.S.unemployment to The monthly unemployment cluding March 12. If aworker said, enabling her to makemin- health insurance and said she exceed 10% in the second quar- Record-setting unemploy- report, aseparateundertaking, waspaid forany portion of that imum paymentsoncredit is confident they will return terand grossdomestic product ment-insurance claims that offers amorecomprehensive period, theywereonapayroll. cards, buy food and makerent. when her business reopens. to fall by morethan 7%. were filed in the past two viewofthe labor market, but the Economists surveyed by The Still, she said she is keeping her Theroughly $2 trillion stim- “Those declines could be weeks are unlikely to material- timing of the surveysfor that Wall Street Journal through heat turned down to trim costs. ulus packagepassed by Con- much larger,however,” the ize in Friday’s March unemploy- data preceded the coronavirus’s Mondayforecastemployers cut “Depending on howlong gressand signed intolaw by CBO said, adding that itsesti- ment report. impact on the economy. 10,000 workers from payrolls this goes,itcould eventually President Trump last week is mates are“highly uncertain at That is because the govern- A survey of households that and the unemploymentratefor start to be crippling,” she said. intended to help ease some of this time.” ment uses different time determines the unemployment March ticked up to 3.7% from Layoffs have been particu- the financial pain manylaid-off Thereare several reasons frames and methods for gath- rate asked Americans if they 3.5%. Those benign numbers larlywidespread among small Americans areexperiencing. whyunemployment claims are ering data for the separate re- reported to work during the missmasslayoffsbecause they businesses.Such firms operate Labor SecretaryEugene likely to stay high in coming ports. The Labor Department week of March 8-14. Many cor- occurred in the second half of on lowercash reserves and Scalia said this week that weeks.For one,the federal res- releases a national compilation onavirus-related shutdowns oc- March, after the survey period. quickly resorted to layoffs,re- funds to increase unemploy- cue package signed intolaw last of unemployment-insurance curred the following week. —Eric Morath searchersatthe University of ment paymentsby$600 a week raises the pool of workers North Carolina’sKenan-Flagler week will be distributed to who cantap benefitsbymaking BusinessSchool said. They es- states this week,but he didn’t independent contractorsand of claims is overwhelming ended March 28,upfrom unemployment report offersa timated that up to 6.6 million knowwhen states would pay self-employedindividuals eligi- statelabor department web- around 190,000 in the prior morecomprehensiveviewof small-businessemployees were individuals. ble.Further,stateshavetight- sites and jamming phone lines. week and the greatest number the U.S. labor market, but the immediately laid off when state “The level of need forun- ened lockdown measures,driv- Still, initial claims were filed among all states last week. timing of the surveysfor that governmentsinMarch began employment benefitsright ing moreconsumerstostay dramatically higher in many Pennsylvania and NewYork saw datapreceded the virus’swide- mandating businesses close. nowisfar beyond anything home and morebusinesses to states last week than two the second- and third-highest spread impact on the economy. Carol Schroeder,co-owner we’veeverseen in such ashort close or limit operations. weeks ago, asign that some number of claims,respectively. Renee Munholand, atheater of Orange Tree Imports, a time,” said Gail Krumenauer, Some people have been un- states are making progress in Therecord-setting claims worker who helps hang lights housewaresshop in Madison, communications director at able to successfully apply for processing applications. filed the past two weeks areun- and audio equipment forevents Wis.,laid off 20 employees last Oregon’slabor department. unemployment insurancebe- In California, about 880,000 likely to materializeinFriday’s in Seattle,filed forunemploy- week when the storeclosed. —Rachel Feintzeig cause an unprecedented level claims were filed in the week March jobs report. Themonthly ment afterconcertsand corpo- “I told them to go apply for contributed to this article.

Thereturns forValiant private-equity firm Conver- S&P wasdown, according to the market tumult this year. iant’s portfolio. This Hedge mark some of the best returns gence Investments, which or- investor documents. But, its When stock marketsstarted China’s mass quarantining in the hedge-fund industry ganized the charitable con- investor base had shrunk as their roller-coaster ride in late of Wuhan starting on Jan. 23 through the market tumult to ference. itsfocus on shorting compa- February, the $1.4billion stock and later that month of the Fund Saw date. Mr.Lusins said Mr.Hansen nies it believed were fraudu- hedge fund also began profit- Hubei province, wherethe cor- A low-profile investor who asked foralist of interna- lent,ordeceived regulators ing on betsithad made onavirus first emerged, was a is known on Wall Street for tional attendees beforeagree- andshareholders, hurt re- against companies it viewedas signal that the virus wasa Risk Early short selling and investing in ing to speak at the conference turns. fraudulent or fragile months serious threat, one person fa- privatecompanies,Mr. Han- and didn’t mingle afterward. Valiant also holds the stock or, in some cases, years ago. miliar with the fund said. sen is betterknown in some Shorting companies and of about two dozencompanies Thefirm also has cashed in Thefund also wasinflu- ContinuedfromPageOne quarters for his yearslong ef- hedgingportfolios became put options,contractsthat enced by Harvardepidemiolo- core part of our strategy, and fort to bring aprofessional unfashionableoverthe last give the owner the right to gist MarcLipsitch and other once again it is nicetosee it basketball team to his home- decade as lowinterest rates Va liant bet against sell shares by acertain dateat health-careexperts, who were payoff when it matters the town of Seattle. propelled stock marketsto aspecific price, it had bought sounding the alarm as early as most,” Mr. Hansen wrote in a He wasablunt messen- historic highs. companies it viewed on the cheap against stock in- January. March12investor letter. That gerwhen it came to the cor- While hedgefunds betting as likelytobehurtby dexesinthe U.S. and India, ac- Thestock market’sblithe letter told investors the fund onavirus.AtaJackson Hole, on and against stocks aren’t cording to people familiar climbupwardevenasChina wasup25% beforefees and Wyo.,investment conference expected to keep up with a economic slowdown. with the firm. shut down and the virus didn’t elaborateonhow Val- on March 5, he told an audi- roaring market, sus- Valiant bought additional spread to South Korea and It- iant had scored those gains. enceofwealthyfamilies and tained periods of underper- putsonstock indexesstarting aly recalled other momentsof In addition to itsstock bets, privateinvestorstogotocash, formancecan lead to investor in lateJanuaryasitbecame extreme dissonancetothe Valiant also notched gains on stock up on medication and frustration and defections. at anygiven time and holds its more concerned about the vi- team at Valiant, such as the credit protection on global in- preparefor the pandemic to Valiant, founded by Mr. biggest positions for an aver- rus, said aperson familiar housing-market crisis or the vestment-grade and high-yield fundamentally alter life. Hansen in mid-2008 afterhe ageofmorethan five years. In with the firm. internet bubble,the people fa- bond indexesithad bought in “He wasspeaking to an au- lefthedge-fund firm Blue separatestructures,itinvests That move pushed the size miliar with the firm said. mid-Februarythat became dience of 80 or 90 people and Ridge Capital,wasn’t immune in privatecompanies,mainly of itsindexhedges to ahis- Mr.Hansen in recent weeks more valuable as the likeli- said that 10 to 20 of us will to the pressure to keep pace. in the U.S. and India. toric high. At their peak,the has told investors Valiant has hood of corporatedefaults likely contract the virus and Thefund had notched gains Butthe fund continued to notional value of the options little edgeonthe virus now rose,one of the people said. several of us will, statistically of 8.2% and 13.1% in 2008 and short individual stocks and contractswerebetween $1 bil- that it has reshaped daily life Thefund had closed half of speaking,die,” said Matthew 2011, respectively,and made payfor hedges—moves that lion and $2 billion—a hedge and the economy so dramati- that hedge a month later. Lusins,apartner at real-estate money 73%ofthe months the turned out to be profitable in equivalent to the sizeofVal- cally. P2JW094000-0-A00900-2------NS

THE WALL STREET JOURNAL. NY Friday, April 3, 2020 | A9 THE CORONAVIRUS PANDEMIC As CasesRise In Africa, So DoesBrutality

Authorities take hard cused political risk consul- tancy. “But the social-distanc- lines in bid to enforce ing enforcement needs lockdowns, leaving community buy-in, and heavy- poor people vulnerable handed policing will make GES

people moreantagonistic to- IMA ward the security forces.It

BY JOE PARKINSON could undermine the effort.” GETTY

AND NICHOLAS BARIYO Thetotal number of con- SE/ firmed coronavirus cases in JOHANNESBURG—In South Africaisstill lowerthan in the Africa, three people have been rest of the world, but is grow- ANCE-PRES FR killed as police have attacked ing quickly.The official tally

crowdswith whips and rubber of infections rose above6,200 ENCE bulletsfor defying alockdown as of Thursday, spreading to AG to prevent the spread of the 49 countries in Africa, accord- coronavirus.Fivemorewere ing to the World Health Or- KUTUMBA/

killed in Kenya, including a13- ganization. Testing,though, U

year-old boyhit by astray bul- lagsfar behind that in Asia or BADR let firedbypoliceenforcing a the West, suggesting the epi- Apoliceofficer in Kampala beatavendor on March 26, after Ugandan PresidentYoweri Museveni ordered limits on movement. stay-at-home order in Nairobi. demic has spread farther than In Uganda, soldiersshot and in- the official figures suggest. commonplace. TheAfrican In- number have been reported in “This is not amoment for little room to adheretocur- jured two people forriding on Dataprovided by the African stitutefor Security Studies shantytowns so far.Inaddi- ‘skop, skiet and donner,’ ” he fewsand other social restric- amotorbikeduring acurfew. Union mapping the first40 said in a new report released tion to banning alcohol and said, using an Afrikaans phrase tions to slowthe spread of the AcrossAfrica, the violent ap- days of the infection in Africa Wednesdaythat the threat cigarette sales,the govern- meaning “kick,shoot and beat” disease.The rightsgroup said proach of security forces has suggested the continent is on from stateabuses enforcing ment also has banned anyout- that wasused by apartheid-era 85% of the population works in marked the firstdays of aseries the same trajectory as Euro- the lockdown could match the side exercise,adding to the policewho used extreme force the informal economy, meaning of lockdowns that could deter- pean nations such as Italy or threat of coronavirus itself. growing pressure. in these same communities. they have lessofacushion to mine whether the pandemic will Spain, whereconfirmed cases South Africa’s government In the sprawling Johannes- Sincethen, long lines of withstand the abrupt shutdown. continue itsmarch acrossthe rose exponentially at their peak. haslaunched an investigation burgtownship of Alexandra, people have been waiting at In neighboring Uganda, continent. Morethan adozen Some 30 African nations are afterpeople were killed violat- whereabout 350,000 people supermarketstobuy food. President Yoweri Museveni in sub-Saharan Africagovern- nowexperiencing community ing curfewsinthe outskirtsof liveinashantytown adjacent to Musa Goinca, a26-year-old ad- lateMarch unveiled newcurbs mentshavedeployedtheir mili- transmission of the virus,the Johannesburgand Cape Town, the financial district of Sand- ministrator who has lived in that requirepeople to seek taries in recent days to enforce phase when the disease spreads threatening to undermine thetownship his whole life permitstomovearound, even some of the world’stoughest re- rapidly unlessthereare mas- President Cyril Ramaphosa’s said many residentsare an- forthe elderly,infirm or preg- strictions—including bans on al- siveeffortstoslowits advance response to the crisis. Some 30 African geredbythe military-enforced nant women. cohol and tobacco sales—to through lockdowns and other Most residentsinsuch com- restrictions. Mr.Museveni said the re- chokeoff the virus beforeitcan forms of social distancing.The munities arecrowded into nations are suffering “People in Alexdon’t always strictions areneeded to pre- overwhelm the region’sunder- WHO and the U.N. both have small homes with no savingsto through community likebeing told what to do,” she vent people in the cities leav- funded health-caresystems. warned that although Africais cushion them from economic said. “Each daypeople will be ing forthe countryside and But caught in the dragnet behind the curveinfections,it shocks.Basic methods to pre- transmission. on the streets…then the military bringing the virus with them. are some of the world’s poor- could quickly leapfrog the rest vent the spread of the virus, will come and patrol, and that’s In thequiet streetsofthe est people who arestruggling of the world in deaths and pile such as regular hand-washing, when these people will run.” capital Kampala, however, to maintain social distancing additional pressureonheavily canbenearly impossible given South Africa’shealth minis- some Ugandans sayhunger in crowded slums and informal indebted African governments the scarcity of clean water. ton, known as the wealthiest tersaid on Tuesdaythat the will kill them beforethe virus settlementswheregovern- dependent on foreign aid. Some 587 million Africans,al- square mile in Africa, soldiers curveofinfection rate is start- or the security forces can. mentsfear disease—and un- One of the main challenges most 60% of the continent’sur- in armored vehicles have been ing to flattenasaresult of the “I would rather risk being rest over the severity of the in stopping the spread of the ban residents, liveinthese con- enforcing the lockdown by lockdown and that authorities beaten by policemen; Ican’t curbs—could spread rapidly. virusishow to enforce lock- ditions,according to the U.N. chasing people off the streets. will soon roll out alarge na- stay home and just watch my “Manypeople who livein downsfor hundreds of mil- South Africa, home to some Video footageofsoldiersand tionwide testing program. hungry children crying,” said these areas feel the social con- lions of citizens,often living in of the largest informal settle- policeinflicting beatingshas In Kenya, wherethe lock- James Kakoza,ataxi driver. tract is weaker forthem and impoverished slums with poor ments, has the highest number angeredmanyresidents. Mr. down is similarly stringent and “Wewould not want to defy the stateisnot on their side,” sanitation and no running wa- of coronavirus cases recorded Ramaphosa had instructed thereare 59 confirmed corona- theadvice to stay home but said Ryan Cummings, director ter, and wherelawlessnessand on the continent so far at troops that their mission was virus cases,Amnesty Interna- formost of us,this is our only of Signal Risk,anAfrica-fo- defianceofauthorities are 1,353,though only asmall to save lives,not violaterights. tional warned that people had source of income.” P2JW094000-0-A01000-1------XA

A10 | Friday, April 3, 2020 THE WALL STREET JOURNAL. WORLD NEWS Crude Posts EU Jobs ARecord Proposals PriceLeap Get Some

ContinuedfromPageOne Traction fered a glimmer of hope that majorproducerscan avoid a BY LAURENCE NORMAN protracted conflict, lifting AND NOEMIE BISSERBE shares of beleaguered energy companies. Afterbitterclashes last Energy shares have been week over acollectiveeco- the best-performing group in nomic response to the corona- the S&P 500 so far this week. virus crisis,European authori- On Thursday, shares of Exxon ties have rolled out proposals Mobil Corp.rose 7.6% and aimed at convincing Spain and Chevron Corp.advanced11%. Italy the bloc is serious about “This is a positive surprise standing together. for the market, but we’re still TheEuropean Union’sexec-

along way off from seeing ac- utivebody proposed a€100 tual material cuts,” said Gary O/ billion ($110 billion) plan VK

Ross, chief executive of Black GA Thursdaytohelp governments

Gold Investors LLC. “Demand MAL fund programs to keep people is still being devastated.” in work. French Finance Min-

U.S. crude oil closed up ALEXEY ister Bruno Le Mairedetailed $5.01, or 25%, at $25.32abar- Despite traders’ enthusiasm on Thursday, oil inventory is filling up and demand shows no signs of coming back. A refinery in Russia. aproposed long-term corona- rel, logging itslargest percent- virus impact fund. age gain on record, according manyanalystssaid, and might U.S. crude oil, daily change cuts,” said Spencer Welch,di- Even in the Netherlands, to aDow Jones Market Data even cause greater problems. April 2 rector of oil marketsatIHS wheretop officials were the analysis of figures going back “It’sphysically impossible 30% Saudi Arabia signals Markit. “It’s not just [requir- target of fury last week from to 1983.Brent crude,the forSaudi Arabia and Russia to output cuts possible ing] the Russians coming back hard-hit southern European global gaugeofprices,rose get10million barrels aday off and offering significantly more countries,the government has $5.20, or 21%, to $29.94, also the market—they’d burst their 20 cutsthan at the last OPEC+ proposed amultibillion-euro recording its best day ever in onshorestorage and fill every meeting, but you’vealso got coronavirus fund with no con- data going back to 1988. ship in sight,” said Edward hundreds moreproducers ditions attached. Thegains marked arare Marshall,acommodities 10 acrossthe U.S. needing to pass Theproposals represent a bright spot foroil prices in re- trader at Global Risk Manage- the legislation to enforce significant shiftand some have cent weeks.Both Brent and ment. “Even with OPEC on those cuts.” the potential to provide real 0 U.S. crude arestill down more board, that’saphenomenal Thetwo periods of the relief forthe economies worst than 50% so far this year, amount of oil, and it’ll be very sharpest oil inventorybuilds impacted by the pandemic.But leaving manytradersskeptical difficult to geteveryone on March 6 in recent yearswereinearly rifts remain deep regarding the –10 that production cutsalone can side.” OPECand Russia can’t 2005 and early 2015,when scale of the response needed liftprices back near recent Theslide has hit energy reach adeal to cut output stocks rose by around 400 and whether,sooner or later, highs. companies hard, pushing many March 9 million barrels,according to European governmentswill –20 Cappingtraders’ enthusi- to the brink and dashing oth- Decline afterSaudi Arabia says it IHS Markit data. But currently, need to jointly issue common asm: Oil storageisrapidly fill- ers’ planstorestructuretheir will cut prices and raise production March 18 IHS expectsglobal oil invento- debt to meet mounting costs. ing up while demand for fuel operations.Shares of Exxon ries to rise by three times that TheEuropean Commission’s –30 Pricehits 18-year low hasplummeted, with swaths and ConocoPhillips have both amount in the firsthalf of this proposal to raise €100 billion of the globe shutting down all shed more than 40% of their January FebruaryMarch April year. directly from the marketsis but essential services in an ef- value so far in 2020.Earlier Source:Dow Jones Market Data Fearsthat stockpiles will itsmost ambitious yet. The fort to combat the spread of this week,U.S.shale driller reach their limit in the coming body also suggested making the coronavirus. Whiting Petroleum Corp.filed ander Novak about coordi- began in early March, afterthe months areanother factor available tens of billions of eu- Factories and restaurants forbankruptcy protection, be- nated cuts globally of 10 mil- Saudi-led Organization of the keeping some analystscau- ros in EU funds this year and have closed. Airlines are scal- coming the firstsizable frack- lion barrels a day. Petroleum Exporting Countries tious. next that previouslywereear- ing back on flightsand people ing companytosuccumb to Mr.Trump is set to meet and agroup of other oil-pro- “Thereissome part of cau- marked forspecific programs. aren’t driving. Many expect a the crash in oil prices. Friday with the heads of some ducing countries dominated by tious optimism in me but it’s Thecommission is asking deep recession world-wide.In- Some other shale producers of the largest U.S. oil compa- Russiafailed to deepen pro- deeply entangled with apo- member states to provide vestment banks and commodi- have asked Texas regulatorsto nies to discussmeasures to duction cutsby1.5 million tential economic recovery and guarantees valued at €25 bil- ties trading houses have consider limiting the state’s help the industryasitfights barrels. the uncertainties around that,” lion forthe jobs fund, which slashed their forecastsfor output forthe firsttime in de- for survival. The chief execu- But some analystsdoubt said Marwan Younes, chief in- would lend directly to national daily global oil demand by cades.Texas Railroad Commis- tives of Exxon and Chevron that coordinated cutsofthe vestment officer at Massar governmentstopay forshort- tens of millions of barrels. sioner Ryan Sittonsaid on are expected to attend. sizehedescribed Thursdayare CapitalManagement, aNew term job programs. Atruce between the Rus- TwitterlateinThursday’sses- Investorswerehopeful that even possible. York-based hedge fund. Therewould be no capon sians and Saudis would do lit- sion that he had spoken with Mr.Trump’stweetssignaled a “It’shighly unlikely these —Amrith Ramkumar the amount each country tle to shiftthose dynamics, Russian energy minister Alex- thawinthe pricewar,which parties would agree to these contributed to this article. could receive.

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A11A | Friday, April 3, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK State Gets Creative in Ventilator Search

Cuomo says New York “We’re not asking for a fa- nialikedisease and 2,373 NewYork City MayorBill pital supplies,including N95 field hospitals in Edison and vorfromthese businesses,” deaths as of Thursdaymorn- de Blasio on Thursdayrecom- masks and ventilators. Atlantic City that will add a will finance companies the governor said at anews ing,the governor said. More mended all residentswear face Thegovernor said he hopes further 750 beds. willing to manufacture conference. Companies and than 13,300 people are hospi- coveringslikebandannas or facilities with such supplies Theregion is straining from manufacturerswho need fi- talized across New York, with scarfs whenever out in public. will voluntarily donatethe ma- the economic fallout of the medical supplies nancial help to convert facto- 2,373 in intensive-care units. Thevirus has spread to ev- terials to hospitals.But “if pandemic.Joblessclaims have ries forsuch work canget help Mr.Cuomo said he wascon- erycounty in NewYork,which need be,wewill use this au- continued to skyrocket, with BY KATIE HONAN from the state’seconomic-de- cerned about rising numbers Mr.Cuomo said is aprecursor thority,” Mr. Murphy said. morethan 600,000 people fil- AND JOSEPH DE AVILA velopment agency, he said. in Westchester,Nassau and to what will happen acrossthe Thenumber of NewJer- ing forfirst-time unemploy- “We’ll financewhat you Suffolk counties—all adjacent country. sey’s confirmed Covid-19 cases ment benefitsacrossthe tri- NewYork statewill finance need in terms of transition- to NewYork City—stressing YatesCounty,one of the increased by 3,489 on Thurs- stateareainthe week ended companies willing to manufac- ing,” Mr. Cuomo said. that the problem wasn’t just in state’sleast-populous coun- day, bringing the statewide to- March 28. tureventilatorsand other Themachines are the most dense New York City. ties, didn’t have any recorded talto25,590.Therehavebeen NewYork processed more needed medical supplies,Gov. in-demand item to fight the In suburban Nassau County, cases until Thursday, data 537 coronavirus-related deaths than 369,000 initial joblessap- Andrew Cuomo said, as re- crisis,although only asmall thereare 10,587 positive show. in the state. plications,representing a ported cases of the coronavi- percentageofpatients—about cases,up1,033 from aday ear- “It is false comfort to say, With that number expected 2,674% increase compared rus continued to grow. 15%—surviveafter being put lier; and in Suffolk County, we arearural community,we to increase in coming days, with the same week last year. Thestate has enough venti- on aventilator,according to there are 8,746 cases, includ- don’t have the density of New NewJersey is set to open a In NewJersey,morethan latorsinits stockpile forthe Mitchell Katz,the head of New ing 1,141 newcases,health de- York City,” Mr. Cuomo said. temporaryfield hospital Mon- 206,000 people filed forun- next six days at hospitals’ cur- York City’s public hospital sys- partment data show. In NewJersey,which has dayatthe Meadowlands Expo- employment forthe firsttime rent rate of use,Mr. Cuomo tem. Westchester County,which the second-highest confirmed sition Center in Secaucus,with last week,while Connecticut said Thursday. At least 400 NewYork continues to be had the firstcluster of con- case totalinthe U.S.,Gov.Phil 250 beds.The sitewill care for processed morethan 33,000 ventilatorsweresent Wednes- the U.S. epicenter of the firmed cases in the state, has Murphysigned an executive non-Covid-19 patientstore- initial claims. daynight to NewYork City Covid-19 crisis,with 92,381 11,567 positivecases,up884 order giving statepolicethe lieve pressure on hospitals. —Kate King public hospitals. positivecases of the pneumo- from Wednesday. authority to commandeer hos- Thestate is also building contributed to this article. N.Y. to Shield HealthWorkers From Lawsuits Real Estate

BY JACOB GERSHMAN never our goal,” Ms.Alfredo Labeled AND MELANIE GRAYCE WEST said. Such protections from law- NewYork lawmakersare suitsaren’t unprecedented. Essential expected to approveabill that Virginia has alaw that extends would grant sweeping civil- similar safeguards to health- and criminal-liability protec- care providers responding to Business tions to hospitals and health- declared disasters. care workerstreating the TheNew York bill doesn’t BY KEIKO MORRIS surge of patientsinfected with just protectphysicians and the newcoronavirus. nurses but the boards and ad- NewYork statehas reclassi- Themeasurelargely lifts ministratorsrunning the insti- fied the real-estateindustryas the threat of malpracticelaw- tutions.Italso covers nursing an essential business, allowing suitsatatime when NewYork homes and a number of other brokers to resume certain as- hospitals arereeling from health-careworkers. It pro- pects of their jobs and gener- ventilator and protective-gear tectsthem not only from tort ating both relief and anxiety shortages and overcrowding claims but the lesslikely pos- within the NewYork City bro-

that could forcethem to make GES sibility of criminal prosecu- kerage community.

wrenching choices about allo- IMA tions stemming from lossof Under this newinterpreta- cating lifesaving care. life. tion clarifiedbystate officials Titled “the EmergencyDi- ETTY Theimmunity would expire on Thursday, participantsin /G

saster Treatment Protection TT when the stateofemergency the real-estatebusiness, in-

Act,” thelegislation is tucked PLA Mr. Cuomo declared in March cluding inspectorsand apprais- inside the budget bill passed is lifted. ers, cannow go to properties.

by the stateSenateand await- SPENCER Arthur Caplan, aprofessor Brokerscan oversee transac- ing approval of the Assembly. Ameasurewould largely lift the threatofmalpracticesuits as hospitals arereeling from the virus crisis. of bioethics at NewYork Uni- tion signingsinperson while Democratic Gov.Andrew versity Grossman School of practicing social distancing by Cuomo is expected to sign the through alternativefacilities stands behind physicians and sources, said LauraAlfredo, Medicine in , said standing at least 6feet apart. measure. including nursing homes,dor- systems,the official said. the hospital association’sgen- health-careworkers, including Apartment showingscan re- TheGreater NewYork Hos- mitoryrooms,ambulatory “Thereisnoapplicable stan- eral counsel. Theextreme students, areconcerned about sume,but they must be virtual. pital Association, atrade centersorevenatent in Cen- dardofcarewhen youare measures and patient deaths the legal risks of providing Previously, New York state group,sent alettertoits tral Park. dealing with apandemic cri- have made the hospitals and treatment on the front lines of hadn’t included real estate as membersThursday, saying it Moreover,the statehas sis,” the person said. their staffs morevulnerable to the pandemic. an essential business. But Em- had draftedthe legislation asked retired physicians and Thestate’s hospital indus- costly litigation, she said. This is averyimportant pireState Development, the andsecured itsinclusion in otherhealth-careworkersto trydescribed it as afair ac- Thelegislation’sprotec- grant of immunity,” Dr.Caplan state’seconomic-development the state’sannual budget return to work to help with commodation to extraordinary tions aren’t unlimited. Thebill said. “It shows thoughtfulun- arm, reversed itsclassification package. the crisis.Current statemal- circumstances. doesn’t excuse intentional derstanding of the fact that afterbeing lobbied by some An official forMr. Cuomo’s practice laws aren’t flexible Oftenatthe direction of criminal misconduct, reckless we areinveryterrible times, membersofthe real-estatein- officesaid the stateasked enough forthe situation pre- stateauthorities,hospitals misconduct or intentional in- and we have to adjust our ex- dustry, people familiar with hospitals to increase capacity sented by coronavirus,the of- have had to rapidly expand fliction of harm to patients. pectation of what’stobepro- the matter said. by at least 50%, giving flexi- ficial said. their medical ranks,construct “You don’t want to protect vided to patientsand what in- “Brokers can only transact bility to meet that goal Thestate needs alaw that newspaceand redeployre- egregious conduct. That was stitutions cando.” businessintheir offices or showproperties virtually,and anything else is off limits,” said aspokesman with Empire With Gyms Shut, Workouts Bend in New Ways State Development. Forsome,the idea that real- estateagentswould have cli- BY CHARLES PASSY ents cycle through properties, even whileobserving social Likemanyhealth-conscious distancing and cleanlinessstan- NewYorkers, Emily Kohhas dards,raised safety concerns an exercise routine that in- and questions about whether cludes regular trips to the that would be possible. gym. But when the pandemic “I think that anyagent who prompted the shutdown of the goes out and shows now is at two facilities she uses,she risk,every contact is arisk, worried about finding afit- everysurfaceisarisk,” said ness alternative. Donna Olshan,head of Olshan Until she remembered that RealtyInc., aNew York bro- she lives in a20-storybuilding. keragefirm. “And anytrade “My boyfriend and Iwere organization and brokerage like,‘We should just runup firm head that encourages the stairs,’” said Ms.Koh, a agents to go out and show in 32-year-oldresident of Man- this environment is irresponsi- hattan’sGramercy Park neigh- ble beyond belief.” borhood. She added that she Forothers, the inclusion of has nowmade the stair climb- certain real-estateactivities as ing almost a daily ritual: “It’s essential made sense because a great quad workout.” the state’sstay-home order Ms.Koh is hardly alone could jeopardize parties with among residentsofthe metro- dealsinprogressclosing on politan area in coming up with sales of homes or commercial a new coronavirus-era fitness properties and wasn’t guid- regimen. And these former anceencouraging in-person gym rats are getting increas- home showings. Critical tasks ingly creative in their efforts. likeinspection and appraisals Art Sutley,aresident of are needed, they said. Hoboken, N.J.,realized that Contracts often have time-

hardly anycarswerecoming BIN lines as do certain types of RU

in and out of the local garage IE transactions called 1031 ex-

whereheparks his vehicle.So JAM changes.These transactions he decided to turn it intohis Art Sutley, a Hoboken resident, decided to turn a garage that has little traffic now into his own private gym. enable sellersofreal estate ownprivategym, going up and and other assetstodefer capi- down the ramps in avariation assortment of machines, her 35-pound French bulldog. in Harlem, is still doing in-per- their workouts, some fitness tal-gains taxes by reinvesting of a stair-climbing routine. dumbbells and the like. So far,the pooch hasn’t son training,but with atweak: professionals sound notes of the proceeds in “like-kind” Mr.Sutley,40, said the best Still, manyhavefound a protested. “Drizzy lets me do Co-owner EdwardRush has caution. properties. part is that he doesn’t have to workaround with other objects whatever Iwant,” said Ms. taken the workouts to nearby SteveHoliner,aveteran Derailing one deal could af- touch anything along the way they can lift. Cerrato, 39. open spaces—in particular, professional who teaches fect other transactions,said and risk picking up the virus. Carlyn Topkin, a31-year-old Some NewYorkersstill Morningside Park—and has trainersand runs the Brooklyn Adelaide Polsinelli, vicechair By contrast, with stairs, there Jersey City resident, has taken cravethe opportunity to work brought much of his equip- studio Speakeasy of Strength, at Compass, areal-estateser- aretypically doorstoopen be- to using soup cans as her with their favorite trainer. In ment along,including aporta- said that certain routines that vices firm. “I think this is about tween floors, he said. dumbbells. “I like hearing the that regard,manyfitnessstu- ble rowing machine. fitnessfanatics aredoing may critical situations that have to His only concern? That oth- clam chowder swishing around dios and independent profes- Mr. Rush said he is able to not be as effectiveasthey close because of monetarycon- ers might pick up on his idea in there,” she said. sionals throughout the region maintain the proper social dis- think.“Some of it is circus sequences and deals that will and start crowding the space. Wine bottles areanother al- aregoing online with their tances with his clients. He also tricks,” he said. be in jeopardy,” shesaid. “I’m telling the garage atten- ternative, Ms.Topkin said, classes and even providing makes surethey wear gloves Mr. Holiner also said those Thepowerful Real Estate dant, ‘Don’t tell anybody,’ ” he adding that herwine con- one-on-one sessions through when using the equipment. who aren’t used to working BoardofNew York,which rep- said. sumption has increased during various web platforms. Maria Hoffmann, a40-year- outmay want to be careful resentsthe industryinNew Stairsand ramps canpro- the stress-inducing pandemic, Punch Pedal House,astudio old Harlem resident who is about starting an ambitious York City,said it hadn’t vide agood cardio routine— so the bottles arealways avail- with two locations in Brook- one of the regularsatthe out- newroutine,noting thereis pushed forthe change. In a and, yes, stairscan work those able. lyn,isoffering morethan a door classes,said she is begin- always the risk of injury. And statement, REBNY said that quadriceps as well, fitness Cessie Cerrato, aresident of dozenweekly online classes ning to appreciatethe benefit nowisespecially not the time “these guidelines arenot yet professionals say. But when it Manhattan’s Upper East Side, via the Instagram Liveplat- of working in the fresh air as to getinjured with hospitals final and have not been pub- comes to strength-training waslooking forsomething form, forexample.The studio opposed to agym. “I liketo already in overdrive, he said. lished by the[EmpireState workoutsthat requireweights, heftier to lift, particularly also rented out its bicycles to smell the flowers,” she said. “Fitnessshouldn’t be about Development]. All previous ex- locals mayfind themselves when doing squat exercises. members for spin classes. Forall the creativity that hugeexertion right now,” he ecutive orders and guidelines adriftwithout their usual gym She found asolution in Drizzy, Superior FitnessLab,agym NewYorkersare showing with said. remain in effect.” P2JW094000-2-A011B0-1------NS

THE WALL STREET JOURNAL. ** NY Friday, April 3, 2020 | A11B

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Paid for by New York City Department of Health and Mental Hygiene nyc.gov/health P2JW094000-4-A01100-1------XA

THE WALL STREET JOURNAL. **** Friday, April 3, 2020 | A11 WORLD NEWS NotreDame’sRepairsStall aYearAfterFire

Almostayearafter lastApril's devastatingngfifirree,,NNoottrreeDDaameme isis still in afragile state. Workershad been raracingcing to stabilizethe 800-year-old structurebeforethe effortwwaassssuspendeuspendedindefinitely lastmonth due to the coronavirus pandemicemic,putting the projecctt in even greaterjeopardy. SpSpirire ThThee firedestroyed asection of the catheth dral thatacted as the linchpin of its One issue remains undecided: Should NootreDame’s roof and spire mediedi valdesign: its roof and centralspire. be rebuilt as theyoncestood or getamakakeeoovever? The French LiLikkeeaballast, the spireand roof pushed governmenthas fieldedproposals from architects around the world, downward and outward on NotreDame’s fueling debate.The goal wastohavethee restoration done by 2024, lilimesme tone walls,countering the inward pressuregenerated by the cathedral’s when Paris will be hosting the Summer Olympics, but work is flyflyingin buttresses and massivefacade. already behind schedule.

Main features Lead-coveredroof The cathedral is coveredinlead North South Spire thatmelted from the roof and tower tower spire, which were made of several hundred tons of the toxic metal. Workersdoing cleanup wear hazmatsuits to preventlead contamination and showereach time theyleave the site.

Charred scaffolding looms at the cathedral’smostvulnerable point, wherethe spireoncerose.Ithad been erectedfor restoration efforts before the fire. Nowdistorted and highly unstable,ithas been swaying in the South rose window wind and rain. Its collapse would be catastrophic. Flying buttresses Apse

Workershad started Vaulted ceiling building a new scaffolding to remove Waterusedtodouse the flamesflames created transeepptt the old one beforethe fissures in the massivestones thatarc project wassuspended above NotreDame’s nave,and seepedinto in March. Eventually, the joints and mortar,leading to crumbling. workersknown as Some of thatwater mayhave frozenover squirrels will rappel by the winter, potentially weakening the rope overthe old North tower structurefurther. scaffolding, removing it piece by piece overthe course of afew months.

South tower

Nave

Limestone walls Without the spireand roof in place, the limestone walls of NotreDame’s nave are at risk of tilting inward and its vaulted MAIN ENTRANCE ceiling canbuckle.Already,about 15% of the ceiling collapsedduring the fire and overthe summer.

Exposedceiling Flying buttressesGables Agianttarpaulin has been stretchedover NotreDame’s famous flying buttresses are The gables arealso at risk because theyare no the exposedceiling, covering crater-like still pushing againstthe walls,but without longer supported by the roof.The north gable holes.The upper windows of the nave the counterweightofthe roof and spire, they nearly collapsedduring the fire. and the apse have been removedfor areatrisk of collapsing if the vaults giveway. protection. Temporarycovers shield the Giantwooden supports have been installedto cathedral’sfamedtrio of rose windows Wedgedbetween the flying buttresses and reinforce the north, west and south gables. from the elements. the main wall, these 8-toncrutches (below) aredesignedtoprevent walls from collapsing Arow of 60-footwooden beams if the vaulted ceiling gives way. (below) hangs above the vaulted ceiling of the apse,creating a platform forworkerstoassess damage and makerepairs.

Inside, twopillars,damagedbythe Beams spirewhen it came down in flames, have been reinforced. The main altar, with its baroque sculptures depicting the vow of King Louis XIII, has been coveredwith awooden box.

Sources: French Ministry of Culture, NotreDame Cathedral Conservation and Restoration Authority, PierreNoel, Google Earth WrittenbyNoemie Bisserbe and Stacy Meichtry,illustrations by Merrill Sherman, production by Roque Ruiz and Todd Lindeman/THE WALL STREET JOURNAL P2JW094000-0-A01200-1------XA

A12 | Friday, April 3, 2020 THE WALL STREET JOURNAL. LIFE&ARTS

FILM REVIEW |JOE MORGENSTERN Past Visions Of an Empty Present

Vacant cityscapes are now the real-life norm, though they’ve long been a cinema trope

ntil a few weeks ago it was the mov- ies we looked to for haunting spectacles Uof great cities sud- denly stilled by events, their streets and squares devoid of visible life. Now we needn’t look farther than our (4) own doorsteps. We’re living inside CTION

a frightening drama with an inde- LLE

terminate running time, beset by CO barely imaginable special effects.

What films we choose to watch EVERETT when we’re able to pry ourselves away from the news are likely to Clockwise from above:IvanJandl in be uppers, reliably entertaining ‘The Search’; Cillian Murphyin‘28 and life-affirming. Yet another cat- Days Later’;Orson Welles in ‘The egory might be worth checking out ThirdMan’; TomCruise in ‘Vanilla Sky’ every now and then—movies cele- brated for their scenes of eerie emptiness or stylized solitude, of emptiness—on streets, in fields, their evocation of negative spaces. in an upscale residential area on the By heightening and clarifying our edgeofRome.The few people drift- perceptions, they can do what art ing by seem lost to the world, and has always done, help us under- to themselves. stand what we’re feeling in our all- Spain—and discovers the total de- Even movies that saynothing too-real lives. population of Madrid’s Gran Vía. about spiritual isolation cancon- One of the most startling such No shrink is employed to tell us veyitstrongly.Alexander Macken- scenes—and all the more remark- what the dream means. drick’s“Sweet Smell of Success” able since no CGI was involved—is Los Angeles is as empty as Tom (1957) is aclassic study of ambi- the dream sequence near the be- Cruise’s New York in the early tion and venality,with Burt Lan- ginning of “Vanilla Sky” (2001), stretches of “The Omega Man” caster as J.J. Hunsecker,the despi- with Tom Cruise as an overprivi- (1971), and it’s not a dream; that is cable gossip columnist modeled on leged egomaniac named David to say, within the narrative struc- most survivors of a cross-species scene,cinematographybeing a Walter Winchell, and Tony Curtis Aames. Pulling out of an under- ture Charlton Heston’s Dr. Robert pandemic are classic zombies. But powerful emotional tool. as the craven pressagent Sidney ground garage in his black Ferrari Neville, a survivor of a global pan- it’s also an elegant end-of-civiliza- In Fred Zinnemann’sstirring Falco. Yetthere’saclimactic mo- coupe, David gradually realizes demic that wiped out most of our tion fantasy with breathtaking though all but forgotten“The ment of exquisitealonenesswhen that there’s no one in sight. It’s species, is actually driving through shots of bathed in soft Search,” a1948drama about alost Sidney,set up and cast out by J.J., 9:05 a.m. by the chronograph on a city from which all humanity has pink sunlight, and not a living soul Czech boyreunited with his mother makes his way in the dead of his wrist, yet the traffic lanes and vanished, leaving only zombies. to be seen on its silent, breeze- in postwarBerlin, alone woman night to , wherehe’s sidewalks of West are The film hasn’t aged well, unlike swept streets. walks,inlong shot, alongside an au- the only person visible—it’sa empty. Then he reaches Times “WALL-E” (2008), the peerless An apocalyptic warhas left tobahn on which no traffic flows. In foreshadowing of “Vanilla Sky”— Square, which is empty too, a be- Pixar masterpiece that opens with Paris shatteredand uninhabitable Carol Reed’sdarkly resplendent until acouple of cops come along, wildering vista that leaves him a vision of the entire planet as an in “LaJetée,” the immeasurably “The ThirdMan” (1949), set in the beat him up and haul him off. screaming in terror. (Next we hear abandoned garbage dump. influential sci-fishort, set forth in wreckageofpostwarVienna, the And, in acounterpoint that could his therapist telling him, and us, An argument could be made still photos,that Chris Marker cameratiltsand azither plays as an serveasahopeful symbol for “Well, I suppose the empty streets against including another zombie made in 1962. (Among the many ancient balloon-seller crosses the these times,J.J.’syounger sister, meant loneliness.”) It’s worth not- movie; slouch-shouldered slobber- featuresitinspired was“12 Mon- wetcobblestones of alittle plazaat Susie (Susan Harrison), frees her- ing that the script was adapted, ers resemble one another so keys.”)Yet films don’t need to de- night; the scene bespeaks,quiteun- self from his suffocating clutches, mostly shot for shot, from a much closely that they allow us humans pict devastation of that magni- accountably,deep solitude.“L’Ec- leaveshis apartment and walks superior Spanish film, “Open Your to detach from the full impact of tude in order to resonatewith the lisse” (1962), ameditation on loneli- out ontoaBroadway that’salmost Eyes” (1997), in which the hero the horror. That said, Danny anxiety and isolation we’reexpe- nessincontemporarylifeby empty but starting to fill up in the leaves his apartment in a Volks- Boyle’s “28 Days Later” (2002) is a riencing now. Open spaces with Michelangelo Antonioni, the cin- rising light of dawn. Back in the wagen convertible at 10:04 a.m.— triumph of cross-genre craftiness. people in them will do the trick, ema’spoet laureateofsocial dis- world at last, she’sready fora everything happens later in It’s a horror film, yes, in which depending on the tone of the tancing,ends with avisual survey newlife.

THEATER REVIEW |TERRYTEACHOUT ‘1984’: AStunning Dystopia on Our Telescreens

‘NINETEEN EIGHTY-FOUR,” members of the Alley’s resident add immeasurably to the totalef- ’s parable of the Jay Sullivan and acting company, play multiple fect, especially in the torture coming of Stalinist totalitarianism Shawn Hamilton roles save for Shawn Hamilton, scenes,which areall the more to England, is the most significant who is appropriately fearful and frightening fortheir restraint. political novel of the 20th cen- desperate as Winston Smith (you Even though the HubbardThe- tury—but one with which many can all but smell the sweat on his atre, the Alley’s mainstagevenue,is readers are by now so familiar brow). Everyone else provides ex- a774-seat house,this “1984” is a that they can no longer come to it citing support, with Chris Hutchi- small-scale showwhose strength is fresh. Adapting it for the stage is son, who plays O’Brien, Winston’s rooted in itsintimacy. It wouldn’t one way to restore the immediacy grand inquisitor, giving an excep- surprise me if it works at least as of Orwell’s nightmare vision, but tionally memorable performance. well when viewedathome as would the 2014 West End production of His grotesque parody of kindliness have been the case had the show the Robert Icke-Duncan Macmillan as he tortures Winston in order to gone on. It’samust-see webcast, in- stage version, which played on convert him to the gospel of good- contestably superior to the 2017 three years ago, was a think is striking. Broadway production. Comfort food bells-and-whistles multimedia ex- Thedécorofthis “1984,” it isn’t, but if you’reupfor stronger travaganza that strayed too far staged with clean, spareeconomy fare, makehastetocheck it out. from the original novel for its own by Rob Melrose,the Alley’s artis-

good. Not so Michael Gene Sulli- LANE tic director,isasfine as the act- NN 1984 van’s no-frills, six-actor 2006 ver- LY ing.Michael Locher’s stark unit sion, intended for performance on set consistsofacircular platform AlleyTheatre, Houston(viewable on- a near-bare stage. The script Houston premiere of “1984,” as the graphed and as hard-hitting as a ringed with swivel chairsat line only,$20). Forelectronic “tick- tracks the book closely, spelling stage version is known, should by right to the kidney, it comes whose center is asunken pit lined ets,” go to alleytheatre.org. The show out the once-unprintable obsceni- all rights have been a box-office across with bright clarity on the with searchlights. Raquel Barreto, canbeviewedthrough April 12. ties at which Orwell could only smash. Alas, the coronavirus small screen, and even if you know the costume designer,has dressed hint in the late 1940s, though most closed the theater before the show the novel by heart, I expect that everyone in shades of black,gray everything else, even the tele- could open, but the company was you’ll find it—to paraphrase some- and taupe,creating an impression Mr. Teachout, the Journal’s drama screens, is left to the imagination. able to tape a performance and it thing one of Orwell’s characters of monochromatic hopelessness. critic, is the author of “Satchmo at This strikes me as the right way is now available as a pay-per-view said—tripleplusgood. Cliff Caruthers’sspace-ageelec- the Waldorf.” Write to him at to go, and the Alley Theatre’s webcast. Crisp, unflashily photo- The six actors, all of whom are tronic music and sound design [email protected] P2JW094000-0-A01300-1------XA

THE WALL STREET JOURNAL. Friday, April 3, 2020 | A13 LIFE & ARTS

TELEVISION REVIEW |DOROTHY RABINOWITZ ‘World on Fire’: AWar on ManyFronts

Families across Europe caught up in the struggles of World War II in this new seven-part PBS drama

VERYEARLY in “World on Fire” of one of this drama’sdarkest (begins Sunday, 9 p.m., PBS), a themes,asrevealedinthe fateof seven-part series set at the begin- the Rosslers, citizens of Germany ning of World War II, there’s a who want as little to do with the cheery dinner scene in the home Nazis as possible,but who arein of a Warsaw family. Also notice- no way dissidents. Their son able, amid all the merriment, is a serves in the Wehrmacht. Uwe distinct atmosphere of menace. Rossler (JohannesZeiler) owns a Hitler’s troops will soon be there; factory; his wife, Claudia (Victoria the men in the family of fighting Mayer), rearstheir adored young age will serve in the resistance. daughter,Hilda (DoraZygouri), Not long after that convivial eve- who is subject to attacks of epi- ning come the bombardment of lepsy.Exactly the kind of child the city and the brutality of the in- destined forspecial attention vaders. Instances of the latter from the state, whose obsessive shown in the film speak for its ex- concern with the purity of the ceptional grasp of the history of Aryangene pool led to the actual this moment. It’s hard to recall annihilation of hundreds of thou- any dramatic work that captured sands of handicapped children the terror of this invasion with and adults. such immediacy: not the only indi- This blood-chilling story begins cator of the aspirations that re- with the Rosslers’ growing aware- sulted in this smashing series, cre- ness that they are being watched. ated and written by Peter Bowker. By whom? Their aged neighbor in True, its opening episode stag- the next apartment looks omi- gers under the weight of introduc- nously at them as she stands out- tions to the central characters. side her apartment. Day after day

They’re in Britain, Germany, (3) the couple’s confidence ebbs. Uwe, France and Poland, living out the an authoritative sort—seemingly REEN

war years 1939 and 1940, and their SC secure, a successful businessman—

complicated lives. Of these, no life TH comes home one night wearing a

would seem more complex than MMO Nazi party pin. For protection in that of Harry Chase (a jewel of a case of trouble over their child, he

performance by Jonah Hauer- BBC/MA tells his shocked wife. They’ve al- King), product of an upper-class ready broken the law—the one background. Which hasn’t pre- Zofia Wichlaz as Kasia Tomaszeski and Jonah Hauer-King as Harry Chase, above; Sean Bean as Douglas Bennett, below that requires all German parents vented him from left; and Ms. Wichlacz and Eryk Biedunkiewicz as Jan Tomaszeski, below right to notify authorities of any child falling in love with with a disability. two women of dis- One crime will tinctly unaristocratic lead to another. families and marry- Uwelooks to ing one of them. afriend of the And, along the way, family forhelp. impregnating the She’sNancy other. Campbell (Helen All of which is ap- Hunt), an Ameri- palling to Harry’s canradio re- distant mother, Ro- porter operating bina (Lesley Man- in Berlin and ville), who can’t elsewhereinoc- imagine why her cupied Europe. highly educated son, In the series, fluent in languages she plays the and employed as a role of anarra- government transla- torofsorts, de- , would want to livering the lat- marry a Polish wait- est warbulletins ress. Or why, just be- —all monitored fore that, he’d be in- by aNazi news volved in a serious editor—from romance with a cab- scriptsinwhich aret singer—daugh- she’sallowed, ter of a bus driver. improbably,to Or, for that matter, include grim why she found her conjectures on son beaten bloody, and in the com- hasn’t a maternal bone in her He’s the brother of Kasia (Zofia the cabaret singer and factory the aims of Nazism. pany of that bus driver’s daughter, body—a contention her son sees Wichlacz), the woman Harry mar- worker whose involvement with Thereare partsof“World on after the two had taken part in a no reason to dispute. But when ried, now a soldier in the Polish her son Robina found unpleasant Fire,” a2019 work writtenfor the protest that ended in a battle with that son talks himself out of his underground. So it is that Robina to contemplate. But Douglas, a 80th anniversaryofthe start of British Union of Fascists thugs. embassy job as translator—in Po- ends up having to be a parent of still-suffering shell-shocked vet- World WarII, that aren’t equal to Ms. Manville turns the cliché- land, he bangs on the door of his some kind to the young boy en- eran of —and an ar- the whole,and some charactersthat drenched role of a class-obsessed superior in the middle of the night sconced at her estate, silent and dent pacifist, though one having a don’t ring true,but their number is British mother into a sublime cre- demanding to know when the Brit- longing for news of his family. hard time finding takers for his negligible.Asistheir impact on this ation—a woman of sparkling wit ish are going to send help to the What kind isn’t certain, but the peace leaflets as the Nazis overrun extraordinarily affecting series,so whose eyes and facial expressions besieged Poles—and finds a differ- question is among the most seduc- Europe—clearly impresses her. clearly poweredbyits passion for hint, ever so subtly, that she may ent role in life, so too does Robina. tive of the golden threads woven He’s an immense source of comfort the historyitrepresents, and by a not be, entirely, the wretched let’s- Harry hasn’t left Poland alone: into this series. for the silent child in her house remarkable cast. get-along-with-the-Nazis blueblood He’s brought Jan, a child of per- The same can be said of her re- whose eyes light up whenever she seems to be. haps 10 (an ever-compelling and lationship with Douglas Bennett (a Douglas arrives. As, it’s noticeable, She’s proudly at peace with her mostly haunting presence as majestic Sean Bean), the bus- do hers. World on Fire often-proclaimed view that she played by Eryk Biedunkiewicz). driver father of Lois (Julia Brown), Another child is at the center Begins Sunday, 9 p.m., PBS

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A14 | Friday, April 3, 2020 THE WALL STREET JOURNAL. SPORTS

he’snot supposed to miss. “The feeling of being sore, and those days youdon’t want to getup,” Currysaid. “I’vemissed those.” NBAplayers arecommunicating by even as they have no clue when they’ll see each other next, when they’ll playagain and when they need to be peaking in their conditioning.They arekeeping in shape while sheltering in place, which is abit liketraining fora marathon that could be in three weeks or three months.They’re stuck between tapering and the basketball equivalent of running 20 miles. And one team that perfected the art of playing together is staying in touch while apart. Currynolonger has access to an NBAgym, weight room or even something as basic as ahoop.But he does have aPeloton bikeat home.Asitturns out, he’snot the only one: TheWarriorshavebeen going foragroup ride in the morn- ing. Theinvitation goes out on a Slack group—Curryadmitstoskip- ping one classbecause he didn’t see the message—and then amani- is still working acally competitivebicyclist named out the kinks Draymond Green attemptstode- of working stroy everyone around him, accord- from home. ing to aperson familiar with the rides. “In the Tour de Warriors,” Curry said, “I’m aboveaverage,but I’m not on the podium yet. Ihaveto Steph CurryNeeded aPlace to Shoot figure out howtoget there. There’s always something to shoot for.” He also has something to shoot The world’s greatest shooter went 16 days without shooting before his wife bought him a hoop at. Currysays he’sbeen trying to maintain his sanity by doing what bringshim comfort. Forothersin BY BEN COHEN down pretty quick.” in shape,are the least of anyone’s utiveNBA Finals,hereturned from the BayArea, it’sbaking sourdough Thesimple act of shooting a worries in terms of what’sgoing afour-month absenceonMarch 5. bread. But forhim, it’splaying bas- he best shooter in the basketball in these very strange on in the world,” Currysaid. He wasnot expecting to go an- ketball. historyofbasketball days turned out to be trickier than Sixteen days is the longest he’s other few months without playing When he brokehis lefthand, he didn’t have aplaceto Curryanticipated. Even afterhe ever gone without playing basket- again. used his right hand. When there Tshoot. So he built one wasdone with the basket, there ball while healthy, and Currysaid But on the morning of March 7, wasalockout in the NBA, he be- forhimself. wassomething else to do: find a in an interviewonTuesdaythat he came down with the flu. On the came aslightly overqualified Da- Stephen Curryhad been stuck at ball. “I sacrificed one of the indoor he’strying to makethe most of his night of March 11, Rudy Gobert vidson Collegescout team player. home formorethan two weeks, ones,and it lasted aday and a time off.“Ihavedefinitely worked tested positivefor another virus, Nowthat he can’t getinside the unable to do the one thing he does half,” Currysaid. “It wasworth it.” on my golf game alot morethan and the NBAseason wasimmedi- Warriors’ locker room, he simply better than anybody,when his wife This proud newowner of an my basketball game,” he said. ately suspended. Curry’smost goes outside. ordered him aSpalding hoop for outdoor basketball is still working In addition to practicing his prominent appearancesincethen He doesn’t have rebounders—his their driveway.For the firsttime in out the kinks of working from swing and social distancing,he’s was interviewing Dr.AnthonyFauci children aremorefascinated by the 16 days,hecould shoot abasket- home.And that happens to be a also grading homework and guid- on Instagram. Theonly sign of bas- trampoline next to the hoop—but ball. Or at least that wasthe plan. pretty good way to describe the ing his oldest daughter through ketball wasthe miniaturehoop in he doesn’t mind shooting by him- But this solution only caused an- lifeofprofessional athletes at a second grade.The coronavirus has the National Institutes of Health self. other problem. Nowheactually time when American sportsare on turned Curryintoasubstitute offices. “I feel likealittle 12-year-old had to put the hoop together. pause. teacher. It wasdeeply peculiar forCurry kid out thererunning around, sim- “I gotoverwhelmed looking at They went from thinking about “She’supstairsfinishing lan- to be alone in March. This wasthe ulating game shotsinmydrive- the manual,” Currysaid. the playoffs to thinking about pan- guagearts,” he said, “and then month when he became an NCAA way,” he said. Thereisonly one Afterwhat he could only de- demics.Their offices areclosed. we’ll gettomath in 30 minutes.” tournament folk heroand he’susu- thing missing from the home court scribe as “a pretty serious effort,” Their colleagues appear on It had been adifficult season for ally preparing foradeep runinthe of his ownmaking,and it happens Curryfinally succeeded at his un- screens.The most athletic people Curryevenbeforethe entireworld NBAplayoffs.When asked what he to be the very thing that made him expected assembly job.Itonly took on the planet aregetting used to shut down. Afterbreaking his left misses,his response wasconcise. such abasketball revolutionary: a him five hours. lockdown just likethe rest of us. hand in October,aninjurythat all “Everything,” he said. He misses 3-point line. “I wasveryconfident in myself “Our problems,when it comes but guaranteed the Warriorswould leaving the house.Hemisses his “That’smynextstep,” Curry going in,” he said. “That wasshot to trying to find workoutsorstay not be going to their sixth consec- co-workers.Heevenmisses things said. “That’sthis week’sproject.”

JASONGAY TemporaryMakeover ForU.S.Open Home

This week,officials in end is the biggest, snazziest tennis embattled NewYork showcase in North America. (A few City announced, yearsago, King let me tagalong to somewhat startlingly, see if she could getintothe Billie that they would begin Jean King Tennis Center without construction on a showing an I.D.She did.) 350-bed temporary TheBJK Tennis Center,which is hospital inside the Billie Jean King runbythe U.S. Tennis Association, National Tennis Center—the will nowbeutilized in two ways. sprawling siteofthe annual U.S. Thefirst purpose is to serveasa Open. medical overflow building—the It wasone of those announce- plan is to set up beds inside the mentsthat could stop youinyour tennis center’s 100,000-squarefoot tracks.Thereare alot of announce- indoor court facility; one idea is mentslikethat these days.Itdem- that it will take in non-Covid-19 onstrates howrapidly the pan- cases so area hospitals canfocus demic situation in this city is on infected patients. Thetennis evolving,that abeloved sports center is not far from campus—a placewhereRoger and Elmhurst, aQueens The plan is to set up beds inside the Billie Jean King National Tennis Center’s Serena, Novak and Naomi have tri- hospital hit very indoor facility, above. No one is more on board than Billie Jean King, left. umphed, whereanaging Jimmy hardbythe outbreak. Connorsonceyelled, “Isn’t this Thetennis center “Keep your head still,” she in- eryone of the tennis majors(the what they paid for? This is what will also join the ef- structed. “Watch the ball.” Australian Open, the French, Wim- they want!”—could be asked to fort to feed firstre- Ordinarily,King would be on the bledon and the U.S. Open) is a

transform intoatriagecenter to spondersand fami- road—she remains an indefatigable bucket-list experiencethat draws GES

relievepressureonoverburdened lies and children in presenceonthe world-wide tennis an audiencefromaround the IMA local hospitals. need, using the food circuit. Iasked her the last time planet.

Ineeded to talk to the woman prep facilities in the she’dspent two weeks straight in “It’ssoglobal,” King said. “A lot GETTY whose name is on the front door. recently rebuilt Louis her NewYork apartment. of our tournamentsare vacation A/ “I think it’s great,” Billie Jean Armstrong Stadium “Probably never,” she said. destinations.” ELS

King told me.“Anything we cando to makeupto25,000 On Wednesday, the All England Fornow,the tennis world is GES;

to help this cause right now. When meals aday. Lawn Tennis Club announced the pressing pause.Roger Federer,who IMA Isaw that, Iwent, ‘Yes! Good!’ This Similar transfor- cancellation of Wimbledon 2020. is recovering from knee surgery, re- is another way to giveback.” mations arehappen- Thegrass-court tournament, where cently posted avideo of himself GETTY King is totally on boardwith the ing elsewhereinthe King wonthe women’ssingles title practicing against awall in the KEITH/ emergencyplan. Which isn’t so sur- city,wherethe mood six times,won’t be back until sum- snow, and with his wife, Mirka, do- prising,really,when youthink of has shiftedquickly mer 2021. It wasadecision that nated one million Swissfrancs howthe 76-year-old tennis icon has from what is happen- leftthe tennis world hollow. But ($1.03 million) to help families in EPHANIE ST

led alifedistinguished as much by ing to all hands on King understood. his home country. World No.1No- S; serving greater goals as it is her deck.Not only is the “Oh, they had to,” she said. vakDjokovic made asimilarly sized PRES on-court accomplishments(which, USTA/BJK tennis “They didn’t have achoice. Who donation (€1 million or $1.09 mil- TED

if anyone’scounting,include an as- center sizable and does?” lion) forventilatorsand medical CIA

tonishing 39 major tournament ti- well-located, it sits “It’sjust so sad because so many equipment. SO AS

tles in singles,doubles and mixed on publicly owned property.(Fun shelter-in-placeinstructions.She people arelosing jobs,” she said. Everything helps.Perspectiveis S/ doubles). fact: Aregular weekend hacker can estimated she’dbarely been outside She knewfromher experienceor- essential, said King. “I’m so happy to hear that we book acourt at the tennis center morethan 20 minutes over the ganizing tournaments; players rep- “Players need to take abeat, re- PRES canbeofuse and help others,” during the tournament off-season. past couple of weeks,stepping out- resent only the tiniest fraction of flect and realizewhat aprivilegeit King said. I’vedone it plenty.) side only occasionally with her the people it takestoput on is to playand makealiving,” she CANADIAN It’shardtooverstate the pres- “A lot of people don’t realizeit’s partner,Ilana Kloss, forabit of events. “It’sstadium employees, said. “Howluckyare we to have a enceKing continues to have in ten- apublic park,” said King.It’sone of fresh air,ortorestock on supplies. the guards,the catering,the trans- job? Not just in tennis—anybody.” nis.She remains apied piper for her favoritethingsabout the tennis Likemany, she wasfinding creative portation.” Acrossthe river in Queens,work

her sport and an advocatefor pay center.“Igrewupinpublic parks. methods of passing the time. On It’sbeen speculated that tennis wasunder way to transform a DENETTE/THE equality acrossall sports—last Alot of us did—Chris Evert, Jimmy Instagram,King posted avideo of might be among the hardest-hit jeweloftennis intoacrisis hospi- year,both the men’sand women’s Connors, all of us old farts.” herself inside her apartment, sportsduring the pandemic,be- tal. It wasascenario no one could THAN NA

champion at the U.S. Open took King wasonthe phone from her whacking her still-impressivefore- cause of itsglobal reach. Not only have imagined not long ago. P: home acheck for$3.85million. The apartment in Manhattan, whereshe hand with her “eye coach” training do players come from multiple con- But Billie Jean King is all in. Of TO OM

two-week tournament at summer’s wasadhering strictly to the local device. tinents, but so do the crowds. Ev- course she is. FR P2JW094000-0-A01500-1------XA

THE WALL STREET JOURNAL. Friday, April 3, 2020 | A15 OPINION Pols Face a Coronavirus Test BOOKSHELF | By Dominic Green

Crises have a He addresses the virus in “Not now,” he said. “The vi- the use of the Defense Pro- The Birder wayofsepa- stark terms but also insistson rusdoesn’t attack and kill duction Act. He’saccused the rating the optimism—something that’s red Americans or blue Amer- president of “failing to pre- leaderlike important from leadersinicans—it attacks and kills all pare our nation” forapan- wheat from tough times. While punching Americans.” demic (never mind the And the Spy the opportu- back at some critics,he’salso Contrast this with Mrs. Obama-Biden role in any POTOMAC nistic chaff. reached acrossthe aisle.He Pelosi, who seems to viewthe such failure). He even blames WATCH Coronavirus embraced Democratic calls for pandemic as one big political Mr.Trump forsoaring unem- The Real James Bond is the crisis more-stringent corporate opportunity.She held up last ployment numbers. By Kimberley of our time, rules in Congress’s relief bill. week’srelief bill fordays,at- Or contrast the governors By Jim Wright A. Strassel and the polit- Asked aboutthe $25 million tempting to cram intoitun- who areleading with the one (Schiffer, 144 pages, $24.99) ical winnow- Democrats slipped in for the related election and climate who is using today’scrisis as ing is something to behold. Kennedy Center, he defended an audition to be Mr.Biden’s ames Bond found the man who stole his identity at his Example: TheTrump ad- it: “I really believethat we’ve running mate. Forevery Mr. J island lair.OnFebruary5,1964 he went in forthe kill. ministration spent this week had averygood back and Who’s leading and Cuomo thereisaGretchen “I don’t read your books,” Bond told Ian Fleming.“My wife distributing ventilators, forth.” He’s rushed to the aid Whitmer.The Michigan Dem- reads them all, but Inever do.” Fleming hadbeen expecting standing up small-business of blue-state governors, and who’s seeking ocrat has spent weeks accus- Mr.Bond—for 12 years, sincethe daywhen, searching fora loans, dispatching hospital has praised Democratic state political advantage? ing the administration of fail- blunt and masculine name forhis newly invented fictional ships,erecting alternatecare leaders, including NewYork ing to have a“national secret agent, the author had plucked Bond’sname from the facilities,explaining virus Gov.Andrew Cuomo and Cali- Here are the answers. strategy,” and of “cutstothe spine of avolume called “Birds of the West Indies.” modeling,revamping regula- fornia Gov.Gavin Newsom, for CDC” that put us “behind the As in the Bond novels,the villain (“short-sleeved black tions to keep truckersonthe their efforts. eight ball.” She’sinsisted guayaberashirt, matching slacks,and open-toed sandals”) road, and plastering the air- And at least some of those provisions.She used aSun- “we’restill not getting what wasconfronted by Bond (in “a loud patterned shirt that waveswith information about Democratic stateleadersare dayCNN appearancetoac- we need from the federal shouted ‘tourist’”). Fleming showedBond around his secluded hygiene and social distancing. reciprocating,proving nei- cuse Mr.Trump of killing government,” and even insin- lair,Goldeneye, then confessed everything.After aswim, Bond, Speaker NancyPelosi spent ther partyhas amonopoly Americans.This week she an- uated the administration was accompanied on this mission by his wife, Mary, sat down to this week setting up anew on character.CNN’sJake nounced anew special House directing supplierstowith- lunch with Fleming and his wife, Ann. Beforethe Bonds left, House committeetoinvesti- Tapper this week practically committeethat will “examine hold equipment to her state— Fleming inscribed acopy of his newnovel, “You Only Live gate . beggedMr. Newsom to re- all aspectsofthe federal re- aludicrous suggestion. Twice”:“To the real James Bond from the thief of his identity.” Nothing separates the cant his recent praise for the sponse to the coronavirus” Democraticpartisans are “They couldn’t have been nicer about my theftofthe family shallowfromthe serious president, suggesting the and will have subpoena playing ariskygame here. name,” Fleming reported. “They said it helped them get faster than high-stakes mo- Democrat had given it only power. This is yetthe latest Mr.Trump is currently clock- through customs.” It is not ments. At the federal level, out of fear that Mr.Trump Democratic machineryfor in- ing the best approval ratings known whether Fleming said Americans areseeing the se- would “punish” his state’s vestigating Trump and gin- of his presidency, and alate “Goodbye, Mr.Bond,” but he rious in the WhiteHouse task citizens.Mr. Newsom was ning up scandals. March Gallup poll found 60% never sawBond again. Six forcebriefingsthat provide having none of it. “The fact Or contrast the governors of respondentsapproveofhis months later,Fleming died daily updates on the govern- is,every time I’vecalled the with the guycarping from virus response.Americans from aheart attack.His last ment’s actions.When this is president he’squickly gotten his Delaware basement. Joe have traditionally looked wordsinthe ambulance: “I am all over,wewill find that the on the line,” he said. Biden might have used this dimly on those who undercut sorrytotrouble youchaps.” federal response wasfar from “There’sjust toomany moment to buttresshis presidentsand other elected In the slim and elegant perfect. But we’ll also see Americans—40 million that claims to be the moredigni- leadersintime of crisis. biography“TheReal James that oncethe executive liveinthis state—that de- fied candidatebythrowing Some on the leftare making Bond,” Jim Wright spills the branch grasped the enormity serveustoget together and his support behind the fed- it easy to separatethe politi- secretsofJim Bond (1900-89), of the problem, it moved with getalong.” Mr.Cuomo has eral effort and making clear cians who arefighting for the ornithologist from soberness, speed and aspirit takenthe same approach, he’dsavehis policydisputes their people from the politi- Philadelphia who had morethan of cooperation. saying of president: “His forlater.Heinstead spread cians who arefighting for aname in common with his Mr.Trump is at the head of team is on it. They’vebeen the false claim that the pres- their self-interest. That may fictional double.Both Bonds were this operation, and while his responsive.” He added: “I ident had called the virus a come back to haunt them in sons of privilegewhose early lives were leadership styleisn’t forev- want to saythank you.” This “hoax.” Mr.Biden has bashed November. ruined by tragedy.Jim grew up on the Main Line, eryone,he’scertainly leading. week he chided partisans: Mr.Trump on testing and on Write to [email protected]. the child of stockbroker Francis Bond and his wife, Margaret Tyson, who wascousin to John Singer Sargent and granddaughter of John A. Roebling, designer of theBrooklyn Bridge. James Bond lost his parentsinamountain-climbing The Mormons Convene Online accident; Jim Bond’ssister died in childhood, his mother died young and his father turned to drink.James wasexpelled HOUSES OF In the spring He narrated it in different study Smith’sreligious experi- caretakerprophet. from Eton; Jim, likeWinston Churchill, wassent to Eton’s WORSHIP of 1820,aways, and one of those ac- ence directly. Thechurch still regards rival, Harrow,in1913.AtTrinity College, Cambridge, Jim By John G. teenageboy countsbecame scripture. Mormon leadersare com- same-sex relationships as sin- “honed his marksmanship” in the Pitt Club,an“exclusive Turner went into Over the past two centuries, memorating this foundational ful. Yetgay and lesbian cou- dining club and hunting group” whose future members the upstate Smith’sFirst Vision has steadily moment at atime of challenge ples arenolonger considered would include the spies AnthonyBlunt and Guy Burgess. NewYork growninimportancefor church and uncertainty.Liketheir apostates,and the church Mr.Wright, long the birding columnist forNew Jersey’s woods to ask God which members. It is central to mis- Protestant and Catholic coun- made it easier forthe children BergenRecord, makes clear that birds were always Jim’s church he should join. Joseph sionarylessons,artwork and terparts, they have been of such couples to be bap- passion. But the creatures tended to die violently aftertoo Smith,inhis telling,was the sermons of church leaders. roiled by conflictsoversexual tized. Latter-daySaintsnow long in his company. He firstshouldered his double-barreled shocked by the response.A It became the Mormon equiva- orientation and the role of spend two hoursinchurch on shotgun with aviewtoakill in 1925,onamission to the lower brilliant pillar of light re- lent of Moses and the burning women. Thecoronavirus pan- Sundays rather than three, Amazon forthe AcademyofNaturalSciences of Philadelphia. vealed “two personages.” One bush, or Muhammad in the demic threatens the church’s and the church recently ended In 1926 he launched the first of more than 100 expeditions pointed to the other and iden- cave of Hira, marking exactly global proselytizing mission, its longstanding relationship to theWest Indies,roughing it in the Massif de la Hotte tified him as “My Beloved when God intervened in human with the Boy Scouts. Perhaps mountains of Haiti, the ZapataSwamp of Cuba and elsewhere. Son.” Jesus Christ then told history. Aftercenturies of apos- most noteworthy: Mr.Nelson’s “I find it difficult to keep up with him,” his superior noted in Smith that he should not join tasy,God called together apeo- But the church’s guidancethat church mem- 1931, “ashenever tells me anything of his plans.” anychurch, “forthey were all ple out of churches that had bers should refertothem- In 1936 Bond published “Birds of the West Indies,” the wrong.” lost truth, godlinessand spiri- president, 95, is a selves as “membersofthe first book to “cover nearly all the nonmigratory birds” of TheChurch of Jesus Christ tual power. throwback to its Church of Jesus Christ,” or the region. (It was still the standard guide in 2002, when of Latter-day Saintsholds its As the church set aside “Latter-daySaints,” instead of Pierce Brosnan picked up a copy at a Havana hotel in the semiannual conferencethis some of Smith’steachings— 19th-century roots. “Mormons.” film “Die Another Day”: “I’m just here for the birds,” he told weekend, though it will be an including polygamy—it in- Mr. Nelson is a throwback Halle Berry—“ornithologist.”) Jim and Mary Bond married all-digital affair.The crowds steadtethered itself to the to 19th centuryMormon lead- in 1953; they had met in the 1930s, when Mary was and even the Tabernacle Choir founding prophet’sfirst reve- not to mention basic commu- ers, who wroteordictated researching an article for Audubon magazine. Jim made the will be absent thanks to the lation. TheFirst Vision but- nal worship.After rapid revelations from God. His martinis—“I just let fly with the gin and in the end I just pandemic.But the church still tresses manyofthe church’s growth in the second half of wife, Wendy, explained in an give it a touch of vermouth.” will celebratethe 200th anni- claims, namely that God still the 20th century, conversions interviewlast year she some- versary of Smith’s vision. For speaks to human beingsand areslowing.Mormon parents times finds her husband “at Mormons,that vision marks calls men as prophets. fret aboutwhether their chil- the side of the bed, writing” TheornithologistJamesBond—likethe secret the restoration of Christ’strue Through the figure of Jesus dren will remain with the in the middle of the night. He agent whoshares his name—washandywith church. Each year, thousands Christ, the vision connectsthe church. says he’staking down mes- of church membersmakea Latter-daySaintstoChristian- Mormons todayare led by sages from the Lord. firearms and able to work around officialdom. pilgrimagetothe “sacred ity while insisting that theirs aformer heart surgeon, Rus- Thechurch president has grove” on the old Smith fam- is the one true church. sell M. Nelson.When the told membersthat this week- ily farmstead. On sunnydays, “Our entire case as mem- church’spresident dies,heis end’sgathering“will be differ- In Britain, “bird-watcher” is slang for“spy.” Jim Wright light streams through the thin bersofThe Church of Jesus succeeded by the longest- ent from anyprevious confer- identifies further overlaps between the “twitcher” and the woods and reminds visitorsof Christ of Latter-daySaints serving member of the ence.” Whoknows what a spook.Both areprofessional observers, handy with foreign the brilliance Smith saw. restsonthe validity of this church’s Quorum of the prophetmight see or hear languages and firearms,and able to work around officialdom But Mormonism didn’t re- glorious FirstVision,” Gordon TwelveApostles.The ar- when he steps into the light? (likeJim Bond wangling afirearms permit in Jamaica). ally begin this way.Smith B. Hinckley,then the church’s rangement means that anew Notable spook-twitchershaveincluded Kim Philby’sfather, burst ontothe American reli- president, asserted in 1998. presidentisalready very old. Mr. Turner, a professor of Harry, who worked to bring the oil-rich house of Saud under gious scene not as avision- On another occasion he ob- But even in asystemthat val- religious studies at George firstBritish and later American influence; Maxwell Knight, aryteenager but as the served, “Ifit’sfalse,we’reen- ues seniority,Mr. Nelson Mason University,isauthor of the spymaster suspected of inspiring Fleming’s“M”;onetime young man who published gaged in a great fraud. If it’s stands out: He took the helm “They Knew They Were Pil- CIA director James Schlesinger; and RichardMeinertzhagen, the Book of Mormon in 1830. true, it’s the most important at 93.Most church watchers grims: Plymouth Colony and the ex-Harrow pupil who devised the “haversack ruse,” As time passed Smith began thing in the world.” Yet expected apair of steady the Contest for American Lib- planting false information forthe enemytodiscover. speaking of an initial vision. there’s no way for anyone to hands,but Mr.Nelson is no erty” (Yale, 2020). In 1943,while working forBritish Navalintelligence, Ian Fleming adapted the haversack ruse forOperation Mincemeat, in which asubmarine deposited acorpse on the Spanish coast, with documentssuggesting the Allies were about to invade Berkeley Schools Leave Every Child Behind Greece, rather than Sicily.Espionagealso brought Fleming to Jamaica: awartime mission to investigaterumorsofasecret By Steven Davidoff school system, is going online. planstopost limited lesson supposedly lack access—will German U-boat base in the Bahamas.MaryBond suspected Solomon Whynot Berkeley? One plansonline and offer stu- fall further behind. That’s that Fleming had been trailing her husband and “picking up teacher wroteaparent Iknow dentstwo 90-minuteoffice- true elsewhereaswell: Afflu- some of his adventures.” According to her,Jim Bond agreed. Berkeley, Calif. that Berkeley isn’tmoving on- hour sessions a week. ent suburban school districts “After reading your Dr.No,” she wrotetoFleming in 1961, “my yfamily has been line “because of equity is- Berkeley isn’t alone.Dis- near Philadelphia already of- JB thought youhad been to Dirty Dick’sinNassau and talked M forced intoasocial ex- sues.” AnnMarie Callegari, trictsinKentuckyand Wash- feronline access. with Old Farringtonand gotfromhim the storyabout the periment. One of our thedistrict’ssupervisor of ington statehavealso chosen Thefederal government can ‘Priscilla’ and awild trip of Jim’scollecting parrotsonAbaco.” daughtersisinsecond grade at family engagement and equity, not to go online because of help. It should push districts WasJim Bond morethan a“birdman”?Hehad four aprivatereligious school. Her confirmed that in an email to equity issues.The Philadel- to go fully online.Teachers decades of Caribbean experience, and he appeared in twin sister,who has special phia school system,with en- union contractsshould be “peculiar places at peculiar times,” Jim Wright notes.Bond needs,attends apublic school. rollment over 200,000,or- modified to permit true online wasinthe Dominican Republic in 1930 when Trujillo took Can youguesswhich one went My daughter is being dered itsteachersnot to offer learning.Charter schools, power. In Haiti just before Pearl Harbor, Bond searched out online immediately? denied an education “instruction to some students manyofwhich have already a German who had “built an airstrip high on the ridgeand Younodoubt guessed right. unlessall studentscan access gone online,should be ex- would not allowanyone to go up there.” During World Almost all BayAreaprivate in the name of ‘equity.’ it.” panded. And parentsshould WarII, Mr.Wright notes,“at leastsix of his contemporaries schools went online within TheBerkeley district al- demand that their schools live affiliated with natural-history museums worked for OSS, two days of the March 17 lock- ready had equity issues.Itis up to state constitutions that and aseventh worked forU.S.ArmyCounterintelligence.” down. One daughter has afull me: “The answertoyour ques- one of the worst-performing guarantee an appropriatepub- In 1961, Bond wasinCuba just beforethe BayofPigsinvasion. dayofschool, 8:30 a.m. to 3 tion of course is Yes! There in Americaineducating mi- lic education. TheCIA says it has no material that acknowledges an p.m., including physical educa- are existing inequities in our nority students.AStanford We’veloved our experience “openly acknowledged CIA affiliation.” Though Mr.Wright is tion and art. Theother daugh- educational system and right study found it had the nation’s at Berkeley schools, where unconvinced that the twitcher wasaspook,heassembles the ter’spublic school initially hereinBerkeley that will only widest black-whiteachieve- teachersare caring and de- “circumstantial evidence” to suggest it might have been so. gaveusalist of thingstodo— be exacerbated by going fully ment gap. But leaving all chil- voted. But the district Agent “Goldfincher”? mostly alist of websites,in- online.” dren behind will only make shouldn’t let everyone drown cludingGoNoodle (which is Let me rephrase that: Dis- matters worse. to satisfyabstract notions of Mr. Green is life &arts editor of the Spectator (U.S.). excellent forgetting kids to trictofficials feel that some Most of my law-school col- equality.Mydaughter shouldn’t jump up and down). studentsmay not have com- leagues send their kids to pri- be denied afull opportunity to It’snot mainly aproblem of puters to access online ser- vate schools.They’ll continue learn. Nor should anyother Coming in BOOKSthis weekend resources. The private school vices, so they’d rather let ev- to pull ahead. Public-school child. TheAmerican conservativetradition •One family’s battle went online in two days with eryone drownthan save as parentswho have the means with schizophrenia • Malcolm Xand Martin Luther King Jr. Zoom. I’m teaching all my many as possible and fulfill and resourcestoeducate Mr. Solomon is alaw pro- •The film scores of Max Steiner •Anne Tyler’s newnovel • law-school classes online.New theireducational mission. their kids will do so.The kids fessor at the University of Cal- SamSacks on European fiction in translation • &more York,the country’sbiggest Starting next week Berkeley who need it most—those who ifornia, Berkeley. P2JW094000-0-A01600-1------XA

A16 | Friday, April 3, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Trump’s Oil Summit Keynes on Pandemics and Coverage by Media

.S.crude oil prices jumped 25% Thurs- ancesheetstoride out the crisis.Inany case Allison Schrager’s “Risk, Uncer- If I go further in the use of figures dayto$25.32abarrel afterPresident Saudi Arabia and Russia mayagree to cutsout tainty and Coronavirus” (op-ed, for illustration, I am involved more U Trump suggested that Saudi Arabia of mutual self-interest. “I expect [and] hope March 24) provides one of the clear- and more in guesswork; and I run the est explanations to date regarding risk of getting the reader bogged in andRussia could soon settle that they will be cutting back Tariffs and quotas won’t what is needed to handle the details which may be inaccurate and their destructivepricewar. approximately 10 Million Bar- Covid-19 outbreak. Without greater could certainly be amended without This is all the morereason to solve a pandemic and rels, and maybe substantially quantitative insights into the medical injury to the main fabric. Yet if I re- resist calls from the U.S. more,” Mr.Trump tweeted risks associated with the virus, and strict myself to generalities, I don’t shale patch fordomestic pro- political price shock. Thursday. with the economic risks associated give the reader enough to bite on; duction quotas or import du- Russian privateoil execu- with the various remedial policies be- and am in fact shirking the issue, ties when he meetswith oil tiveshavebeggedthe Kremlin ing advocated and introduced, it will since the size, the order of magni- executives on Friday. to settle itsSaudi stand-off,which Lukoil Vice take much longer to contain and sub- tude, of the factors involved isn’t an Aone-two punch to demand and supply President forStrategic Development Leonid Fe- sequently eliminate the pandemic and irrelevant detail.” threatenstobankrupt manyAmerican shale dun predicted the U.S. would win. Expertspredict will also cost more. The medical community has major producers. Some expertsnow predict that oil asevererecession in Russia if oil prices remain But there is also a related issue. challenges on its hands, but so have How should the media communicate the media with responsibilities for demand could fall by aquarter this year at the below$30 per barrel. Lowprices arealso raising and comment on the continuing situ- keeping the public informed and the same time as Russia and Saudi Arabia are the economic and political pricefor the Kremlin ation and any intended policy ac- limitations of what we actually know opening their spigotsinagame of chicken. But of propping up the Maduroregime in Venezuela. tions? Here an economist, John May- and can do. Both groups have in gen- tariffs or quotas would do moreharm than Saudi Arabia canpump oil at alowercost than nard Keynes, offers some sage advice: eral responded remarkably well so good. almost anywhere, but CrownPrinceMohammed “If I set forth a concrete proposal in far. Start with quotas,which aren’t likely to be bin Salman needs apriceofabout $80 abarrel all its particulars, I expose myself to PROF. KENNETH BUTTON followed. Statesduring the Great Depression to balancethe Kingdom’sbudget. a hundred criticisms on points not George Mason University created an InterstateOil Compact to limit pro- TheCrown Princeisfurther eroding support essential to the principle of the plan. Arlington, Va. duction and raise prices.But some states in- forhis countryinthe U.S. Congress, which has cluding Illinois and Louisiana produced beyond already suffered sinceWashingtonPost colum- their quota, which caused Texas to limit itspro- nist Jamal Khashoggi’skilling in Turkey two WhereAre Clinical Labs in the Virus Plan? duction to support higher prices.Eventhe Or- yearsago. President Trump lent militarysup- While the U.S. has made progress from reaching the patientswho ganization of the Petroleum Exporting Coun- port afterIran’sdrone attacks on Saudi oil to counter the spread of Covid-19, need them. We must immediately tries has struggled to enforce quotas. fields last year as well as to the Kingdom’s thereisbroad awarenessthat we provide labs with the resources And howwould quotas be allocated? Would proxywar against -backed Houthi rebels still have alot of work ahead of us they need and help hospitals and all producershavetoreducetheir production in Yemen. To be blunt about it, Saudi Arabia (“NewBacklog HitsSome Places as physicians prioritizewho gets by acertain percentageoraspecific number would be aprovinceofIranwithout U.S. sup- Demand forTesting Surges,” The tested. of barrels? Any quota system would invite po- port, and itsproduction surge is no way to re- Coronavirus Pandemic,March 26). Thecontinued lack of funding litical arbitrage, invariably propping up high- paythe favor. ManyAmericans aretrying to ac- and paymentstolabs doesn’t help cost producerswhile hamstringing the more Some of our friends arecheering lowoil cess tests, and commercial labs are this cause and could ultimately efficient. AfutureDemocratic President might prices,and they areashort-term gifttocon- doing everything we cantoscale up lead to significant reductions in capacity as quickly as possible.In testing.Labs areseeing asubstan- double down on quotas to advancethe left’s sumers. But oil at $20 forany extended period just over three weeks,membersof tial decline in non-Covid-19 testing, campaign against fossil fuels. has no hope of meeting normal global demand. the American Clinical Laboratory as patient visitstophysicians As foranti-dumping duties on foreign oil, Oil at $20 does not represent free-market sup- Association performed morethan plummet and electivesurgeries, Saudi Arabia accountsfor amere6%ofU.S. ply-demand pricediscovery. It is the result of 480,000 testsand continue to build screeningsand routine care ser- crudeimports. Most comes from Canada, and aonce-a-centurypandemic-caused demand capacity.But what we have seen vices arepostponed. theU.S.doesn’t need to start another trade shock and the Saudis picking the worstmoment from the front lines of this pan- Congresshas failed to designate brawlwith atop ally.Inany case,U.S.refineries to flood the market forpolitical reasons. demic demands the administration emergencyfunding forlaboratories need to import heavier crude to mix with lighter, Media reportsThursdaysaid Saudi Arabia and Congress’sattention and imme- responding to the Covid-19 pan- sweet shale oil. Tariffs would raise refiner costs has called an emergencymeeting of OPEC diateresponse. demic.It’stime forpolicymakers without boosting shale oil prices. members. U.S. diplomacyisabetterresponse America’sclinical laboratories to step up and do their part to LargeAmerican producershaveopposed to the double-barreled oil shock than aretariffs arerunning lowonswabs,reagents meet this need. and personal protectiveequipment, JULIE KHANI theseideas,and no doubt have stronger bal- or quotas. and we also need morehigh- President throughput machines to increase American Clinical capacity.These persistent supply Laboratory Association Faster Internet Is on the Way challenges arepreventing tests Burke, Va.

roadband demand is surging as more wirelessprovider.Mr. Paiearlier this year also Americansuse the internet during the moved to repurpose vast chunks of C-Band B pandemic to shop,stream video,work spectrum from satelliteoperatorsfor wireless Public Order, the Coronavirus and Jail Policy remotely and consult tela- providers. This mid-band docs.The good news is that Americans working at spectrum provides coverage Regarding your editorial “Corona- Youfail to recognizethat the true the internet is holding up similar to the 6GHz band. virus and Public Order” (March 21): I public disorder will come when the home should thank Ajit am president of the Georgia Associa- guards getsick and nobody can well, and nowFederal Com- In other non-coronavirus tion of Criminal Defense Lawyers watchthe inmates.Reducing the jail munications Commission Pai and Trump’s FCC. news,the T-Mobile-Sprint (1,700members). We aren’t apres- population, which is typically those Chairman Ajit Paiistaking mergerclosed on Wednesday suregroup.Weare heretoadvocate awaiting trial, is key so when the vi- stepstoboost Wi-Fiacross following two yearsofpoliti- forthe rightsofour citizens and russtrikes the jail it will be manage- thecountry. calinterferencefromstate AttorneysGeneral their constitutional rights. We have able.Additionally,not arresting non- Mr.Pai on Wednesdayproposed to make and the JusticeDepartment. Thedeal will in- acted quickly to identifythose stuck violent offenderssuch as those 1,200megahertz of the 6GHz mid-band spec- crease wirelesscompetition and accelerate in jail unable to paybond or those accused of shoplifting and simple trum available forunlicensed use.This will ef- 5G,enabling moreartificial intelligence, dis- who should be out of jail quickly. drug possession, while giving them a fectively increase Wi-Fispectrum capacity by tanceeducation, telemedicine and even re- Most judges and prosecutorshave court notice, isn’t athreat to the afactor of five,enabling moreinter-operable motesurgery. been quick to help,eventhe most public.Most offenderswill receivea conservativeones; Georgia isn’t a bond upon initial appearance. It 5G devices such as smartappliances not to One point of ironyisthat the JusticeDepart- progressivestate although we have doesn’t makesense to keep them in mention faster speeds so Americans cando ment required T-Mobile to giveDish Network been on the forefront of criminal-jus- the jail solely because they cannot af- morethingsonline. access to itsnetwork in order to jerry-rig a ticereform. To facilitatethis,weare ford it. Ciscohas projected that nearly 60% of global fourth competitor.Yet during the pandemic the also making surethose released have LAWRENCE ZIMMERMAN mobile datatraffic will be off-loaded to Wi-Fi FCCisletting T-Mobile temporarily use Dish’s aplacetoliveontheir release. Atlanta by 2022.AT&TCEO Randall Stephenson re- hoarded spectrum licenses to ensureuninter- cently noted that mobile voicecalls had in- rupted servicetoits customers. creased 40% during the coronavirus shutdown Americans perhaps take forgranted that Wisdom About Venezuela Beats Feeling Good while Wi-Ficalls had doubled. their internet hasn’t slowedduring the corona- Thanks to technological advances,the FCC virus pandemic,unlikeinEurope wherespeeds Nicolás Maduroisadictator and and diplomatic impact. has nowfound away to repurpose 6GHz spec- and streaming quality have been reduced so akleptocrat who has runhis coun- In the businessofforeign policy, tryintothe ground (“Indicting the Washingtonshould always take the trum that waslicensed to government agencies networks don’t collapse.Credit America’s Caracas Mob,” Review&Outlook, big pictureintoaccount and weigh and utilities forsafety purposes without inter- largerprivatebusinessinvestment and lighter March 27). Yetindicting Madurois the costsand benefitswith sober fering with or limiting their services.Wireless regulation. Europe regulates broadband provid- still an unwise course of action and eyes and aclear head. companies wanted the FCCtoauction off li- erslikepublic utilities similar to the Obama-era could have aseverehumanitarian Thereare American citizens lan- censes to 6GHz spectrum so they could expand net neutrality rule that Mr.Pai rescinded. guishing in Venezuela’sdetention 5G service. Americans working at home would be in amuch system as we speak.Now that Ma- This idea has some merit, but Mr.Pai’splan worseposition in this pandemic if the Obama Pro-Life Democrats Must duroisawanted man, Caracas is will boost 5G forAmericans regardlessoftheir rules were still in place. Look Outside Their Party highly likely to leveragethem in itsretaliation and prevent their re- I’m a constituent of Rep. Dan Lip- lease.The Venezuelan migration inski and it’s long been clear that his problem will worsen as desperate Coronavirus Recriminations Come First own party would work to unseat him people continue to stream into because of consistent pro-life posi- neighboring Colombia, aU.S.part- hile most Americans under corona- law passed last week already included mecha- tions as expressed in “No Compro- ner already struggling to manage viruslockdown areworrying about nisms foraccountability.Itset up aCongres- mise on Life” (op-ed, March 26). Sen. the tide.Getting Maduroand the W their jobs,their groceries,and their sional Oversight Commission,with five mem- Bernie Sandersrecently and correctly Venezuelan opposition to the nego- local doctorsand nurses,con- bers, to keep an eyeona$500 pointed out that “there is no room” in tiating table will become even gressional Democratshave House Democrats tee up billion fund that wasallo- today’s Democratic Party for anyone morecomplicated as the opposing other priorities.Towit, pin new investigations catedtohelp stabilizethe who adheres to a pro-life position. To sides choose confrontation over blame on the Trump Adminis- economy. That money will assure that Bernie’s message was re- compromise. tration beforethe November before the election. also be watched by an inde- ceived, the Democratic governor of Il- U.S. national security interests election. pendent inspector general. linois insisted on holding a primary arebest served by adiplomatic res- election in the midst of a contagion olution to Venezuela’scrisis.Wash- Speaker NancyPelosi said Theoverall $2 trillion pack- that otherwise kept citizens sheltered ingtoncan best accomplish this goal Thursdaythat she will appoint aHouse Select agewill be scrutinized and audited by anew in place. Deprived of the support of by allowing itspartnersinLatin Committeeonthe Coronavirus Crisis.Its task Pandemic Response Accountability Committee, the vulnerable seniors who supported Americatoresolveproblems in will be to oversee—meaning investigate—the made up of other inspectorsgeneral. him most strongly, Mr. Lipinski lost their ownneighborhood. government’said efforts, which so far runto But those bodies might not deliver political narrowly. He is now being replaced by DANIEL R. DEPETRIS morethan $2 trillion. “Wherethere’smoney targetsintime forthe presidential campaign, an acolyte of Alexandria Ocasio-Cor- New York there’salso frequently mischief,” Mrs. Pelosi and they had to be negotiated with Republi- tez who has accomplished little in said. “Wewant to makesurethereare not ex- cans,who resisted giving the commission sub- life, but who gained Democratic Party ploitersout there.” poena power. Thespecial Pelosi committeewill support because she opposes any re- Pepper ... Some MembersofMrs.Pelosi’scaucus think have that power, and youcan be surethat wit- strictions on abortion. And Salt that everycorporation is an “exploiter” of one nesses will be summoned beforethe TV cam- I regret that Mr. Lipinski didn’t see the inevitable outcome sooner; he THE WALL STREET JOURNAL kind or another.Their goal will not be to pro- eras between Labor Dayand Election Day. would have fared better by running as tect federal dollarsbut to highlight unpopular Congressman Adam Schiff,separately,said an independent or a Republican. He companies that getagrant or loan and then he is working on abill to createapandemic remained loyal to a party that has ex- claim it’sthe result of political favoritism. The reviewmodeled afterthe 9/11 Commission. iled faithful Catholics, even those who only question is which ones will become the “After Pearl Harbor and 9/11,” he wroteina are incumbent legislators with distin- next Halliburton (Dick Cheney during Iraq)or Wednesdaytweet, “welooked at what went guished records of service. Koch brothers(all-purpose villains). wrong to learn from our mistakes.” Mr.Schiff’s MARK ROTERT Firstthe government denies businesses conceit seems to be that the U.S. wasuniquely La Grange, Ill. theircustomersand revenues by locking blindsided by anovel virus that has hit hard down most of the country. Then Congresspats in manycountries,including Italy,Spain and Lettersintended forpublication should itself on the back forthrowing companies a the United Kingdom. be addressed to:The Editor,1211 Avenue of the Americas, NewYork, NY 10036, lifeline that it calls a“bailout.” And then it It’sanelection year,sopolitics wasalways or emailed to [email protected]. Please will investigaterecipientstosee if they really going to fill up that spaceincongressional includeyour cityand state. All letters needed it or happened to knowsomeone in brains wherethe frontal lobe is supposed to aresubject to editing,and unpublished government. be.But couldn’t Democratsatleast wait forthe letters canbeneither acknowledged nor “Who’s a good boy? returned. Thecommitteeisn’t necessarybecause the intensive-careunitstoempty? You’re a good boy.” P2JW094000-0-A01700-1------XA

THE WALL STREET JOURNAL. Friday, April 3, 2020 | A17 OPINION Testing Is Our Way Out

By Paul Romer technologyknown as the polymerase they could also return to work. And Rajiv Shah chain reaction, or PCR, candetect Putting this system in placewill the virus even beforeaperson has take resources, creativity and hard or now, social distancing is symptoms.Itisthe best way to iden- work.Test developerswill have to in- the best Americacan do to tifywho is infected. Thesecond test crease the production rate of kitsby contain the Covid-19 pan- looks not forthe virus but forthe an- an order of magnitude.Inhis work F demic.But if the U.S. truly tibodies that the immune system fighting Ebola in West Africa, Dr. mobilizes,itcan soon de- produces to fight it. This test isn’t so Shah sawhow avirus cancause a ploybetterweapons—advanced effectiveduring the early stages of 30%reduction in economic output. tests—that will allowthe countryto an infection, but sinceantibodies re- Mr.Romer’s back-of-the-envelope cal- shiftgradually to aprotocollessdis- main even afterthe virus is gone,it culation is that the recession caused

ruptive and more effective than a reveals who has been infected in the GES by the coronavirus pandemic has al-

lockdown. past. IMA ready caused a20% reduction in U.S. Instead of ricocheting between an Together,these two testswill give output, which means the countryis ETTY

unsustainable shutdown and adanger- policymakersthe datatomake /G losing about $350 billion in produc- ous,uncertain return to normalcy, the smarter decisions about who needs tion each month. If a$100 billion in- U.S. could mount asustainable strat- to be isolated and whereresources vestment in acrash program to make need to be deployed. Instead of firing ANGERER antibody and PCRtestsubiquitous

blindly,this datawill let the country DREW brought arecoveryone month sooner, Returning to normal is too target itsefforts. A health-care worker administers a coronavirus test Thursday. it would morethan payfor itself. Here’sasimple illustration of how Building this testing system would dangerous. Lockdowns are test datacan save lives.Every day result within minutes.Developers essential workers, such as policeof- be complicated and requirethe best unsustainable. Let’s save millions of health-careprofessionals aremaking progressonspeeding up ficers and emergencytechnicians, of American science, businessand go to work without knowing whether these PCRtests—so much so that and then to other overlooked but philanthropy working together.But it lives without a depression. they areinfectious and might spread the aforementioned physician re- critical workers—pharmacists, gro- is the type of challengethat the U.S. the virus to their colleagues.Weboth ceived the resultsfromher second cery clerks,sanitation staff.The has overcome before. It isn’t viable have close relatives on the front test, conducted five days afterthe next step would be to test people to wait ayear or two foravaccine egywith bettertestsand maintain a lines.Assoon as one of them devel- first, beforethose from the first throughout the countryatrandom beforegetting people back to work stable course foraslong as it takesto oped acough, she pulled herself out test. Abbottand Roche,two phar- to getup-to-dateinformation about safely.Tosavelives and prevent a develop avaccine or cure. Thecountry of service. But at that point she may maceutical companies,are moving who is infected nowand who has depression, testing on amassive will oncemorebeable to plan forthe have been infectious forseveral criti- forwardwith teststhat cande- ever been infected. scale is essential. future, getback to work safely and caldays.Ifshe and her colleagues crease reporting times from days or Forthose who arecurrently in- avoid an economic depression. This had all been tested everyday,her in- hourstominutes.Now that the doc- fected, governmentscan provide im- Mr. Romer is aprofessor at New will requiremassiveinvestment to fection would have been caught ear- torhas recovered, an antibody test mediateassistancetomakesurethey York University and a 2018 Nobel ramp up production and coordinate lier and she would have isolated her- could help determine when she can don’t infect anyone else,especially laureate in Economics. Dr.Shah is theconstruction of test centers. But self sooner. return to the frontlines of patient family members. Those infected be- president of the Rockefeller Founda- the alternatives areevenmorecostly. To be used as ascreening mecha- care. fore who nowhaveantibodies may tion and served as administrator of Twotypes of testing will be essen- nism at the beginning of ashift, the As testing capacity expands,the be less susceptible to reinfection. If the U.S. Agency for International De- tial. Thefirst test, which relies on a test would need to be able to givea same testscould be offered to all that is proved in theweeks to come, velopment, 2010-15. Delhi Isn’t Buying Beijing’s Coronavirus Hero Act

It’snot oftenthat ResearchFoundation, in aphone in- on earth has learned about their fail- cultural stereotypes.InaWhatsApp meant to convey bilateral coopera- iconic Bollywood ac- terview. “They’renot very good at ure.” video in Hindi, abearded young man tion in thefight against the virus torAmitabh Bach- manufacturingconsent.” On WhatsApp andsocial media, says,“We can’t even wish the Chi- showsaflag-draped Chinese arm chan tweetsabout a Friction between India and China manyIndians areevenblunter. nese ill by saying,‘Letyour mouth reaching down to clasp an Indian contentious geopo- isn’t new. Threeyearsago, their Twitterhas sprouted hashtagslike be infested with bugs.’For them one. litical issue to his troops engaged in atense 10-week #ChinaLiedAndPeopleDied, #Make- that’sdinner.” According to media What do Indian angerand Chi- EAST IS nearly 41 million standoff in the Himalayasafter ChinaPay and #BoycottChina. You reports, some Indians in big cities nese condescension mean forbilat- EAST followers.Last week China attempted to build aroad on don’t have to search hardtofind In- have attacked or insulted fellowciti- eral relations? Mr.Saran believes he shared ameme territoryalso claimed by Bhutan. dians who refertothe coronavirus zens from the northeastern part of that, notwithstanding popular rage, By Sadanand doing the rounds in Butsinceauthorities reported In- as the Chinese virus.Awidespread India fortheir allegedly Chinese fea- NewDelhi will continue to maintain Dhume India—an illustra- dia’sfirst case of coronavirus on meme borrowedfromthe Danish tures. arelationship with Beijing marked tion that showed Jan. 30—a student who returned China’sbaldfaced attempt to by both competition and coopera- World Health Organization chief from Wuhan to the southern Indian scorepropaganda pointsfromthe tion.Unlikethe Trump administra- Tedros Ghebreyesus blindfolded stateofKerala—anti-Chinese senti- Anti-Chinese sentiment crisis hasnot helped. By highlight- tion, the Indian government is un- with aChinese flag. ment in India has spiked. So far In- ing itsown apparently successfulef- likely to call China out bluntly for Thepicture, which Mr.Bachchan dia has only 2,032 coronavirus in- is sweeping the country fort to slowthe virus’sspread, and its calamitous handling of the early later deleted, alludes to widespread fections and 58 deaths,but many amid fears that Covid-19 showcasing medical assistanceto stages of the outbreak.“Prime Min- allegations that the WHO,waryof expertsexpect those numbersto badly hit countries likeItaly and ister Modi is not going to call it the upsetting Beijing,was slowtosound soar in the coming weeks. will soon do the same. Spain, Beijing comes acrossasthe Chinese virus no matterwhat the the alarm about the coronavirus Television news anchors, political geopolitical equivalent of the arson- street demands,” says Mr.Saran. that originated latelast year in Wu- cartoonistsand policywonks have ist who lives in aneighborhood with TanviMadan, an expert on India- han. Theactor’s tweet also high- all pointed out Beijing’srole in newspaperJyllands-Posten shows awell-run fire station. China relations at the BrookingsIn- lightssomething else: China’sef- sparking the global health crisis. the five starsonthe Chinese flag re- China’sstate-owned media has stitution,says manyofthe sharpest fortstouse the coronavirus crisis to “Can we forgiveChina?” asked the placed by the spherical virus.Apop- mocked India’schaotic attempt to Indian attacks on Beijing have come boost itsimageare falling flat in In- headline of an essaybyprominent ular jokeonWhatsApp: “China cre- enforce anational lockdown.“#India from expertswho arewidely seen as dia. In the midst of an unprece- strategic affairsexpert Brahma Chel- ated group ‘Covid-19.’ China added policewereseen busy waving rattan China skeptics.“This has reinforced dented 21-daynational lockdown an- laney.(Short answer: No.) Vijay you. China added rest of the world. to alert those who slinkingly come existing beliefs,” she says. nounced by Prime Minister Gokhale,who earlier this year retired Chinaleft.” Manyofthe morethan outside during the prevailing lock- Ultimately,though, the impact of NarendraModi,Indians areinno as foreign secretary, argued in an op- 690,000 people who as of publica- down,” tweeted the English-lan- their criticism will depend largely mood to forgivetheir neighbor, ed that the coronavirus “has dispelled tion Thursdayhad signed a guageGlobal Times from itsofficial on howIndia handles the coronavi- which manypeople see as the the myths around the Beijing consen- Change.org petition calling on Mr. account along with an accompany- ruscrisis at home.“If two weeks source of their troubles. sus.Try as the Chinese authorities Tedros to resign as head of WHO ingvideo.“Under similar circum- from nowthe government can’t slow “The Chinese areverygood at might to showcase their system as have Indian names. stances,#China using drones to help the virus’sgrowth, Indians won’t be manufacturing,” says Samir Saran, having efficiently tackled anational In some places,Indian anger to- spread awarenessisseen as abetter focused on China’smistakes,” says Delhi-based president of the Observer emergency, even theremotest nation ward China has shaded intocrude way.” AGlobal Times illustration Ms.Madan. From Iraq to New Yo rk: Thank Those Who Keep on Truckin’

By James Williams two routes in our area—one to Bagh- have quickly eroded morale or trucking companies.This cash infu- forlong periods.They work grueling dad to the north, another to spooked afragile economy. sion will help carriersmeet payroll, hoursand risk exposuretoCovid-19. ’m in the trucking business, and Mahmudiyatothe west. But our out- If the enemyhad learned that we whichmeans they’ll be able to keep But they’rewilling to put their I the coronavirus pandemic has post relied on supply runs from Bagh- had been cut off from supplies or moving goods.The government’sfi- health at risk so that millions of me thinking back to my days in dad, 46 miles away,for food, fuel, that the supply chain had been dis- nancial commitment to the supply people canhaveasemblanceofnor- Iraq as atank platoon commander. waterand ammunition. An enemy rupted, we could have been in alife- malcyintheir lives. In 2008 Iwas stationed with Bravo disruption of theroutetoBaghdad or-death situation. That isn’tanex- Thanks to these sacrifices,gro- Company2-6 Infantryatanair base would have substantially weakened aggeration. As forthe economy, a I learned in the Army why cery and pharmacyshelves will be oncecontrolled by Saddam Hussein ourability to defend ourselves. damaged supply arterycould have stocked even amid apandemic.That that we repurposed as an outpost Being atrucker in Iraq during the produced hyperinflation and arun supply chains are so vital. consistencyand reliability will give forabout 120 soldiers. Well-func- warwas adangerous vocation. KBR, on remaining supplies.This experi- There are lessons for the confidencetoAmerican consumers tioning supply chains helped keep us formerly adivision of Halliburton, enceformed howIviewtrucking as theeconomystartstorebound. safeand the local economyhum- had aprogram to supplement the lo- and running asupply chain. current crisis. As Ilearned in Iraq,the supply ming.The same is true hereat calworkforce with Americans will- As the novel coronavirus has in- chain and the truckerswho hold it home. ing to take on the risk of supplying vaded America, the countryhas had together arevital to the health of a One goal of Operation Iraqi Free- the besieged nation with basic to makespecial arrangementstoen- chain is similar to the one U.S. nation. IsaluteAmerica’struck dom wastopreservefreedom of goods.Werelied on these truckers surethat goods canmove, much like forces made during Operation Iraqi driversand thank them fortheir movement and trade,essential for in moreways than one. in awar zone.Hours-of-servicereg- Freedom. service. rebuilding the Iraqi economy. That First, when atruck arrived, locals ulations,which limit driversto11 No one knows howlong this will meant routine clearanceofroads gained supplies to feed their live- hoursbehind the wheel every24, last, but freight will continue to Mr. Williams is director of opera- and pathways. TheU.S.and Iraqi stock, watertheir crops,and put have been relaxed. TheCoronavirus move. Ihavebeen thinking about tions at Transfix, adigital market- forces worked together on coordi- food on the table fortheir families. Aid, Relief and Economic Security the driversonthe road acrossAmer- place that connects freight shippers nated security patrols,day and Theresupply runs also provided re- Act will provide assistance to small icawho aregiving up so much to and carriers. He served as atank night. Thepoint wastomakesure inforcementsfor our company, from and midsizemotor carriers, which support the nation. These truckers platoonleader and battalion battle locals could movefreely and supply provisions to ammunition. makeupmorethan 90% of all andworkersare away from family captain in the U.S. Army. chains could keep delivering goods But lessappreciated is the confi- to the public. dencethis instilled in soldiersand Part of our mission wasensuring the community.Perception can that the 77,000 people in the district quickly become reality.Fear that Give Hospital Workers Hazard Pay of Al-Suwairacould trade along the shipmentswouldn’t arrivecould By Sally Satel aBrooklyn, N.Y.,hospital singled in the paper seeking atemporary out respiratorytherapists: “They’re apartment—amajor expense for octors, nurses and other putting people on ventilators... him and an unimaginable one for PUBLISHED SINCE 1889 BY DOWJONES&COMPANY medical workershavebeen wherethey might getsome aero- workerslowerdownthe payscale. Rupert Murdoch Robert Thomson D justly praised fortheir hero- solized particles.They areuniquely Some hospitals are already mak- Executive Chairman, News Corp Chief Executive Officer, News Corp ism and courage. We owe them our skilled employees,and they’re ingsuch payments. NewYork-Pres- Matt Murray William Lewis Editor in Chief Chief Executive Officer and Publisher lives,weare told. What arewedo- dropping likeflies.” And skilled byterian announced Wednesdaythat Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: ing forthem? staffersaren’t easy to replace. allclinical employees,including sup- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Areporter asked President port staff,will receivea$1,250 bo- Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; Trump the other dayabout “hazard nus.But this is anational problem. News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; pay” forfrontline health workers. Extra money would be a Congress should authorizethe U.S. Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer “I likeit,” he said. “They’relike Treasury to payafixed bonus to all Features &Special Projects; Andrew Dowell, OPERATING EXECUTIVES: warriors.” He’sright. Some of them tangible show of gratitude ER and ICU workerswho work 30 Asia; AnthonyGalloway, Video &Audio; Kenneth Breen, Commercial; AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; areworking in emergencyrooms and would enable them to hoursaweek or more, at leastuntil Features &Weekend; Emma Moody, Standards; TracyCorrigan, Chief Strategy Officer; andintensive-careunitswithout the risk of infection from inade- Shazna Nessa, Visuals; MatthewRose, Enterprise; Frank Filippo, Print Products &Services; adequateprotection, and they de- care better for everyone. quateprotectivesupplies is under Michael Siconolfi, Investigations; Nikki Waller, Live Kristin Heitmann, Chief Commercial Officer; Journalism; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; serveextrapay.Wesuggest $1,000 control. Thomas SanFilippo, Customer Service; aweek forthese doctors, nurses, Health-careprofessionals de- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; phlebotomists, paramedics and Theprospect of sickening others serveareward fortheir heroic Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International other support staff. is aheavy burden, too. Physicians work,and alittle lessstressin Barron’s Group: Almar Latour, Publisher No quibblingoverwhether the and their colleagues leave work their lives would help them deliver WALL STREETJOURNAL MANAGEMENT: Professional Information Business: doctor or the person who hauls the each daydreading that they’ll ex- bettercaretoeveryone. Joseph B. Vincent, Operations; Christopher Lloyd, Head; LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head gurneysshould getmoreorless. pose their children, partnersor

EDITORIAL AND CORPORATEHEADQUARTERS: Whatthey have in common is ajob parents. That canmean extraex- Dr. Satel, apsychiatrist, is ares- 1211 Avenue of the Americas, New York, N.Y., 10036 that demands constant exposureto pense: An ER doctor in Washington ident scholar at the American En- Telephone 1-800-DOWJONES danger.The chief medical officer at who lives with his family put an ad terprise Institute. P2JW094000-4-A01800-1------XA

A18 | Friday, April 3, 2020 **** THE WALL STREET JOURNAL. WORLD NEWS WORLD WATCH

HUMAN RIGHTS RUSSIA Conviction in PearlMurder Tossed Release Sought for Workers Ordered Religious Minorities To Stay Home Longer Pakistan appeals court The Trump administration is President Vladimir Putin on overturns twoverdicts calling on governments around Thursday ordered most Russians againstBritish national the world to immediately release to stay off work until the end of hundreds of thousands of pris- the month as part of a partial in killing of journalist oners who have been jailed for economic shutdown to curb the peacefully practicing their reli- spread of the coronavirus. BY SAEED SHAH gion. In atelevised addresstothe The U.S. special envoy for re- nation, Mr.Putin said he wasex- APakistani court over- ligious freedom, Sam Brownback, tending the non-working policy turned the 18-year-old murder said on Thursday that the coro- he ordered earlier forthis week conviction of aBritish national navirus pandemic had made the until the end of April. He empha- forkilling Wall Street Journal situation more urgent, particu- sized thatall employees should reporter Daniel Pearl and re- larly in authoritarian countries continue earning their regular sal- duced his death sentenceto known for repression of religious aries during the period. seven years for kidnapping. GES minorities. He cited China, Indo- The presidentsaid some es- Mr.Pearl wasmurdered in IMA nesia, Iran, Eritrea, North Korea, sential industries would keep op- thesouthern city of Karachi in Russia and Vietnam as having erating, and grocery storesand GETTY

January2002 while working on SE/ significant numbers of prisoners pharmacies would remain open. astory about religious extrem- of religious conscience in jails. He notedthatitwould be up to istsinPakistan in the aftermath “These are people who should regional authorities to decide

of the Sept. 11, 2001, attacks. ANCE-PRES not be in jail on the first place,” which companies and organiza- Themurder created inter- FR Mr. Brownback said. “In this time tions could keep working.

national headlines and placed ENCE of pandemic, religious prisoners “The threat remains, and ex-

enormous pressureonPaki- AG should be released. It’s good perts believe that the epidemic stan to find the killersand health practice and the right has yet to reach its peak in the bringthem to justice. Omar thing to do.” world, including our country,” Mr. QURESHI/ Saeed Sheikh, aBritish na- Mr. Brownback also called for Putin said. MIR

tional with ahistoryofex- AA governments to push back on al- —Associated Press tremism, wasconvicted on Omar Saeed Sheikh, seen outside a Karachi court in 2002, had been given three death sentences. legations that religious minori- three separatechargesrelated ties are to blame for the spread MIDEAST to orchestrating the kidnap- turned on Thursday. Central Asian Affairs, sharply vast jihadist underground in of the Covid-19 virus. ping and murder.Hewas sen- Faiz Shah, the stateprose- criticized the court’sdecision Pakistan—international violent —Associated Press Iranian, Israeli Senior tenced to death for each. cutor based in Karachi, told and applauded the govern- extremistsfromalQaeda mix- Leaders Get Virus TheKarachi court, which theJournal that an appeal ment’sdecision to appeal. ing with amenacing brew of AUSTRALIA heardMr. Sheikh’sappeal last would be filed to the Supreme “The overturning of the local militant groups.That Iran’s parliament speaker has month, overturned convictions Court. Theauthorities also will convictions for Daniel Pearl’s nexus of jihadistscame into High Court to Rule contracted the new coronavirus, formurder and terrorism, the request astayorder from the murder is an affront to victims action in Mr.Pearl’sabduction On Cardinal’s Case the country’s highest-ranking 40-pageruling said Thursday. Supreme Court that would of terrorism everywhere. We and murder. government figure yet to catch The third conviction, kidnap- prevent Mr.Sheikh being freed welcome Pakistan’sdecision to Mr.Sheikh wasconvicted Australia’s highest court will the disease, while in Israel, sev- ping forransom, wasdown- from jail until that appeal is appeal the verdict. Those re- within six months of the kill- deliver its ruling Tuesday on eral top officials entered quaran- graded to simple kidnapping, heard, according to Mr.Shah. sponsible forDaniel’sheinous ing.Hewas alongtime ex- whether to overturn the convic- tine when the health minister and Mr.Sheikh’ssentencewas On Twitter, Judea Pearl, fa- kidnapping and murder must tremist who apparently had tions of Cardinal George Pell, the tested positive on Thursday. reduced to seven years. He has ther of the slain journalist, de- launched his activities while a most senior Catholic convicted Iran’sparliamentannounced been imprisoned since 2002. cried the ruling as a“mockery student at the London School of child sex abuse. AliLarijani’sillnessonits website, Thecourt found discrepan- of justice” and urgedprosecu- The Karachi court of Economics. The 78-year-old is one year saying he wasreceiving treat- cies in much of theevidence tors to pursue the appeal. Thecourt upheld part of the into a six-year sentence for mo- mentinquarantine. Iran’sHealth used to convict Mr.Sheikh and Asenior official in the capi- found discrepancies 2002 trial, which found that he lesting two 13-year-old choirboys Ministry said Thursdaythatthe others, including questions tal, Islamabad, confirmed an in much of the met Mr.Pearl in the northern in Melbourne’s St. Patrick’s Ca- country’sdeath toll is 3,160. about who owned acomputer application to immediately city of Rawalpindi afterlearn- thedral while he was the city’s As Israel’scase countroseto from which ransom emails stay the implementation of the evidence presented. ing about areligious leader the archbishop in the late 1990s. morethan 6,800, including 34 were supposed to have been court’sruling,aswell as an reporter wanted to interview The High Court’s decision deaths, the country wasrattled sent and the circumstances of appeal, wasexpected from the foranarticle.Mr. Sheikh could be the last chance for by the diagnosis of its health min- Mr.Sheikh’sarrest. Thecourt provincial authorities. promised to arrangeanintro- Pope Francis’ former finance ister, Yaakov Litzman, who has also said it didn’t find anyevi- Mr.Sheikh’slawyer,Mah- face the full measureofjus- duction, andlater suggested minister to clear his name. had frequentcontact with Prime dencelinking Mr.Sheikh or the mood Sheikh, said that “natu- tice,” she said on Twitter. thejournalist visit Karachi to A Victoria state County Court MinisterBenjamin Netanyahu. otherstothe actual murder. raljustice” required that his DowJones,the Journal’s see the cleric there. jury found the cardinal guilty on Shortly after the announce- “Thereare manymissing client at least be heardbythe publisher, said: “We continue Outside arestaurant where all charges in 2018. He was ment, Mr. Netanyahu’s office links in the chain of evidence Supreme Court beforeany de- to seek justicefor the murder Mr.Pearl wastold to meet, he largely convicted on the testi- said he returned to self-quaran- from the abduction of Pearl to cision is taken on suspending of Daniel Pearl. Dannywas a gotintoacar in which Mr. mony of one of the choirboys, tine because of contact with Mr. his ultimatemurder,” the the judgment from being car- cherishedcolleague and we Sheikh wasseated, the appeal now in his 30s with a young Litzman. court ruled. ried out. He described the evi- will always honor his memory ruling said. That was the last family. The man first went to Mr. Netanyahu, who has Threeaccomplices who were denceagainst his client as and service.” time Mr.Pearl wasseen, the police in 2015 after the second tested negative, previously had sentenced to lifeinprison at “not only poor but pathetic.” Mr.Pearl’smurder,avideo- court said Thursday. victim died of a heroin overdose been in isolation after a top aide thesame 2002 trial had their AliceWells,the U.S. assistant tape of which wasreleased on Days later,Mr. Pearl was at the age of 31. contracted the virus. convictions completely over- secretaryofstate forSouth and the internet, cast light on a beheaded. —Associated Press —Associated Press

Thecan-doers Themake-it-greaters Theabove and beyonders

These areBrookdale’sEverydayHeroes.

Beforethe world wasthreatened by the COVID-19 outbreak, we createdthe Everyday Heroes program forassociateswho excelled in serving our residents and patients. They embody our selflessspirit.

And now, morethan ever,our associatescontinue to raise the bar.Theyare on the front lines helping to maintain the health and safety of our residents and patients. And we’resoproud of youall. To Our Frontline Associates

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S&P 2526.90 À 2.28% S&P FIN À 2.47% S&P IT À 2.28% DJ TRANS À 1.27% WSJ $ IDX À 0.35% LIBOR 3M 1.373 NIKKEI (Midday) 17873.35 À 0.31% See more at WSJ.com/Markets Car Makers’ Halt Hurts Suppliers Amazon Adds Closed assembly lines already showing signs of dis- furloughed morethan 3,000 liver on time or risk fines of up sidestep the temporarycar fac- tress. workersinMichigan, according to $50,000 forevery minute tory closures in Michigan that during pandemic leave Unlikethe bigger, well-capi- to government notices.Some delay, industryattorneyssay. began in March by filling parts 80,000 parts producers to talized carcompanies,the suppliersare delaying pay- “It doesn’t take as much to orderscoming from China, thousands of partsfirms that mentstovendorsand asking send them under because which has begun restarting weigh survival options feed the industry’sglobal sup- lenderstoadjust terms.Others they’realready stretched,” said manufacturing lines. Workers ply chain operatecloser to the aretrying to preservebusiness Jeremy Rice, who works with Then, Michigan ordered a BY BEN FOLDY edgewith lessofacash cush- by keeping some manufactur- autosuppliersataccounting three-week lockdown of all ionand with contract orders ing lines running,knowing firm MazarsUSA.“This is just nonessential businesses,lead- BY SEBASTIAN HERRERA With U.S. carfactories idled that stillneed to be filled, say they need to be ready when another giant weight on avery ing him to close one facility because of the newcoronavi- executives,consultantsand in- the carcompanies resume pro- thin sheet of ice.” completely and send workers Amazon.com Inc.has filled rus, the disruptions arefalling dustrylawyers. duction. ClarenceMartin, president home.Another one is operat- 80,000 jobs in the span of a hardonthe nation’sauto-parts Within the past three weeks, Many supply contractsre- of Detroit-area auto supplier ing with minimal production. few weeks,part of ahiring suppliers, some of which are autosuppliershavelaid off or quireauto-partsfirms to de- Eypex Corp., thought he could PleaseturntopageB5 spree to add 100,000 workers to meet soaring demand amid the coronavirus pandemic. Thetechnologygiant also Confusion unveiled araftofworker pro- tections,including plans to check employees’ tempera- Ve ils Loan tures at itsfacilities in the U.S. and Europe and at Whole Foods Market locations by Plan for early next week.The company is checking the temperatures of 100,000 employees daily Businesses and plans to provide masks to all facilities by next week, ac- cording to Dave Clark,Ama- Hoursbeforesmall busi- zon’s senior vice president of nesses canapply forforgivable world-wide operations.Any loans from the $2 trillion fi- employeefound to have atem- nancial relief package, some of perature above 100.4 degrees the biggest U.S. banks aren’t Fahrenheit will be asked to go home and not return until af- By Ruth Simon, terhaving gone three days Peter Rudegeair without afever,Mr. Clark said.

and Amara Omeokwe JOURNAL Amazon warehouse workers and other hourly employees REET

ready to handle an expected ST have called on the companyto

flood of applications from po- LL do moretoprotect them as tential borrowers. WA the coronavirus has spread.

JPMorganChase &Co. told THE Employees in at least 15 ware- R

itssmall-businesscustomers FO houses in the U.S. have tested Thursdaythat it doesn’t expect positivefor Covid-19 or en- to start accepting loan applica- teredquarantine because of ANSELM

tions on Friday. Bank of Amer- N symptoms,Amazon said this YA

ica Corp.plans to limit the BR week. That list has grown al- loans to customerswith exist- Bonds for amusement park and mall American Dream in New Jersey plunged in March amid coronavirus concerns. most daily in recent weeks. ing deposit accountsand loans Amazon employs morethan at thebank as of mid-February, 500,000 people in the U.S., according to people familiar Municipal Bonds’ Vulnerability making it the country’ssec- with the matter. ond-largest private employer. Under the Small Business Walmart Inc.—the nation’s Administration’s Paycheck Pro- largest privateemployer, with tection Program, part of the Is Exposed in Market Breakdown about 1.5million workers—re- stimulus packagesigned into cently announced similar lawlast week in response to plans to provide masks to em- the Covid-19 pandemic,lenders ployees and take temperatures would makeavailable as much B Y HEATHER GILLERS High-yield muni mutual fund flows*Assetsofmuni-bond funds and at the start of each shift. The as $350 billion in government- AND GUNJAN BANERJI separately managedaccounts companyhas hired 65,000 guaranteed loans to covereight $4 billion $1.5 trillion workerssinceMarch 19 and weeks of payroll and other ex- The coronavirus triggereda said it would add 150,000 to penses. Businessownerscan liquidity crisis in municipal NuveenHigh managethe shopping surge InvescoHighYield Goldman Sachs High Yield Municipal Exchange-tradedfunds begin applying on Friday for bonds,but the volatility that MunicipalFund Yield Municipal Fund sparked by the pandemic. the loans,which areforgivable resulted has been brewing fora Bond Fund About 15 employees at a if businesses keep their work- decade. warehouse in StatenIsland, forcelargely intact and use the Desperatesellersacross N.Y., walked out of work Mon- loans foreligible expenses such most marketssold assetsat day, according to Amazon. The as rent and utilities. deep discounts last month as 2 1.0 walkout wasfollowedbysimi- Manydetails of the program the spreading coronavirus left lar actions at facilities in Chi- remain unclear,which is com- investorsfearfuland hungryfor cago and the Detroit area, as Separately-managedaccounts plicating effortsbylendersto cash. Perhaps no investment well as a“sick out” on Tues- gear up forwhat is expected to flipped from covetedhaven to daybyworkersatWhole be an onslaught of prospective spurned hot potatoasquickly Foods,which is owned by Am- borrowers at theend of this as municipalbonds. azon. week.Among what lenderssay Prices have started to re- As the virus spread across arethe unansweredquestions coverasU.S.lawmakersautho- 0 0.5 Mutual funds the U.S.,Amazon has faced arehow much due diligenceof rized the Federal Reserve to overwhelming demand and borrowers is required and prop up awide swath of state massemployeeabsences at its whether they will be able to and local government debt. But warehouses, TheWall Street sell these loans to createli- the marketwide breakdown ex- Journal reported this week. quidity. posed anew vulnerability in Some workershavesaid Ama- JPMorgansaid in astate- the nearly $4 trillion municipal zonhasn’t provided enough ment that it is still awaiting market: aconcentration of cleaning supplies at facilities guidancefromthe SBAand powerand risk resulting from a –2 0 Annual data or properly enforcedsocial- TreasuryDepartment before fundamental shiftinhow muni 2010 ’10 ’20 ’10 ’20 2013 ’19 distancing measures.Orga- making loans.ABank of Amer- bonds arebought and sold on *2020 data as of March 25.Funds representedare the largesthigh-yield muni mutual funds of the three biggestmuni high-yield managers. nizedemployees have called icaspokeswoman said the bank Wall Street and on Main Street. Sources: Refinitiv (flows); Citigroup (separately-managed accounts); Federal Reserve(ETFsand mutual funds) on Amazon to shut down any could movefastest with its Moremoney than ever is warehouse whereatleast one nearly one million small-busi- managed by afew financial be- susceptible to extreme volatil- palBond Indexgaveupmore Powerful participantsinmu- confirmed case of Covid-19 is nessborrowing clients. hemoths that canswallowlarge ity when worried investorsfled than ayear’s worth of gains. nicipal funds such as Nuveen identified. “Weknowfor these busi- chunks of debt at premium bond funds,triggering wavesof State and local governments LLC, BlackRock Inc., Goldman Amazon hastaken several nesses speed is of the essence,” prices and don’t shyaway from forced selling with few other were locked out of the debt Sachs Group Inc.and Invesco steps to keep employees safe the spokeswoman said in a risk.Meanwhile,the banks and buyerswilling to paytop dollar. market fordays and investors helped the sector’s record run at warehouses,including sepa- statement, adding that existing brokersthat trade munis have Yields on 10-year bonds dou- who cashed out likely suffered last year.Now,outflowsfrom rating tables and chairsin customersare BankofAmer- become lessinclined to ware- bled in three days,apricedrop tens of millions of dollarsin those same funds helped fuel a break rooms and eliminating ica’s“near-term priority.” house debt. never seen before, according to losses.Yields rise as bond record selloff in the historically meetingsbetween workers PleaseturntopageB2 That shiftleftthe market Refinitiv,and the S&P Munici- prices fall. PleaseturntopageB2 PleaseturntopageB2 SEC’s Trade-Analysis Tools Still Lag INSIDE

SEC's monthly cost for BY CEZARY PODKUL that wasoriginally supposed to that Midas has broken down at accessing granular market be completed in November 2019 times when trading volumes data via Midas Thestock market is gyrating has been delayeduntil 2022. surgedorunusual trading roiled wildly but the Securities and Ex- Theinterim system, known markets. $1.0 million changeCommission might not as Midas,short for Market In- On Aug.24, 2015,anomalous have acompletepictureofwhat formation DataAnalytics Sys- trading caused hugeprice is going on. tem,was designed to givethe swings in markets. As SEC staff 0.8 February 2019 Adecade ago, a“flash crash” agency“the same speed, ease, tried to understand what had spikereflects purchase of new in the stock market shocked in- and reliability of datacollection happened,Midas’sdatacollec- 0.6 services and vestorsand drovethe SEC to and analysis that is available to tion slowedtoatrickle.Two capabilities. trytoimproveits ability to sophisticated market partici- days later,the SEC’sMidas ad- monitor unexpected swingsin pants,” the SEC stated in a2012 ministrator said of the system’s 0.4 trading. contract procuring Midas from vendors: “They have yettopro- That effort has produced an outside vendor.The service vide confirmation the datais some disappointingresults. gives regulatorsaccesstoabout 100% accurate. Icontinue to 0.2 Regulatorsspent millions of dol- abillion recordsMidas collects pressthem on this important is- larsonaninterim database that each dayvia proprietarydata sue.” BUSINESSNEWS has failed to provide accurate feeds from each of the 13 na- On Feb. 27,2018,Midas be- Disneyisfurloughing employees 0 and timely dataduring some pe- tional stock exchanges,aswell ganto“intermittently drop” acrossall divisions in itsdomestic operations 2014 ’15 ’16 ’17 ’18 ’19 riods of turmoil, according to as consolidated feeds of best trading datafromone of the SEC documentsobtained under bids and offersacrossmarkets. major stock exchanges because as it struggles with fallout from Notes: Invoices consolidatedbymonth; Data as of August2019 apublic-records request. A Internal SEC emails from the of an issue “somewherewithin the coronavirus pandemic. B3 Source:Monthly Midas invoices from SEC larger, more-detailed database system’sadministrator show PleaseturntopageB5 P2JW094000-4-B00200-1------XA

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

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

A H R Walgreens SalesDropOff Airbus...... B5 Hill-Rom Holdings...... A1 ResMed...... A1 Alphabet...... R8 I Restaurant Brands Amazon.com...... B1 International...... B9 Invesco...... B1 American Century S AfterEarly Coronavirus Surge Investments...... B9 J SoftBank Group...... B4 American Express...... R8 JPMorgan Chase ...... B1,B3,B9 T B BY SHARON TERLEP nancial resultsfor the quarter come fell 19% to $1.2 billion, in verting funds intended to en- Tenet Healthcare...... B9 Bank of America...... B1 K AND MICAH MAIDENBERG ended Feb. 29,aperiod that part because of reimburse- able cost cutting to instead Tesla...... B3 BlackRock...... B1 Koninklijke Philips...... A1 preceded thestart of wide- ment pressureonprescription managethe coronavirus crisis. Thesys Technologies...B5 Pharmacychain Walgreens spread consumer stockpiling drugs. Thecompanyispaying bo- Blue Tractor Group.....B9 L 3M...... A1 BootsAlliance Inc.said U.S. of food and other goods. Earningsdropped to $946 nuses to workers, increasing Boeing...... A2,B5 Laboratory of America TIAA...... B2 store sales fell sharply in the “The full impact of Covid-19 million, or $1.07 ashare, from home deliveryand shortening C Holdings...... A7 final week of March, offsetting won’t be known for months,” $1.16 billion, or $1.24 a share, storehours. In the U.K.,where TransDigm Group...... B9 Chevron...... B9 Legg Mason...... B9 gains from an initial surge in Walgreens financechief James ayear earlier.The company Walgreens operates the drug- Luckin Coffee...... B3 T. Rowe Price Group...B9 D demand as Americans rushed Kehoe said in a call with ana- said it earned an adjusted storechain Boots, the com- M V to stock up amid the spread of lysts, referring to the disease profit of $1.52 a share for the pany has shut down most of Deutsche Bank...... B5 coronavirus. caused by the virus.“Thesitu- latest period, 6centsmore its 600 optician centers. MayStreet...... B5 Valiant Capital E Management...... A1 Thedrop-off could have ation is quitefluid and we ex- than analysts forecast. Executives said the com- Medtronic...... A1 Exxon Mobil...... B9 Vyaire Medical...... A1 broader implications forU.S. pect volatility.” In March, executives said, panyiswell-positioned to ride N retailersgiven that drugstores Walgreens’sshares fell the end-of-month drop-off was out the pandemic, though un- Eypex...... B1 W Natixis Investment areamong the few businesses 6.3%, to $40.32onThursday, most pronounced in communi- certainty grows if mass lock- F Managers...... B9 Walgreens Boots permittedtooperateevenin their lowest close sinceMarch ties whereresidentshavebeen downs continue beyond May. A Fidelity Investments..B9 Nuveen...... B1 Alliance...... B2,B10 places with the tightest re- 2013. directed to stay home.Sales of planned share-buyback pro- G P - Q Walmart...... B1 strictions, and the chain sells TheDeerfield, Ill.-based beauty productsand so-called gram will proceed as planned. Walt Disney...... B3 staples and medications in chaingenerated stronger- seasonal items such as holiday “We are confident this is a General Electric.....A1,B5 PG&E...... A2 WeWork...... B4 great demand amid the pan- than-expected sales during its decorations fell sharply,while temporary situation,” Mr. Ke- General Motors...... A6 Precidian Investments demic. latest quarter.Itreported sales rose forhealth-related hoe said. Goldman Sachs Group ...... B9 Y Walgreens provided an up- $35.82 billion in sales for the products and staples...... B1 Quest Diagnostics...... A7 Yum! Brands...... B9 dateonthe pandemic’simpact quarter,upfrom$34.53 billion Walgreens,inthe midst of a  Heardonthe Street: Diagnosis on business as it disclosed fi- ayear earlier.Operating in- restructuring program, is di- is murky forWalgreens...... B10 INDEX TO PEOPLE

B Hulit, Jeanne...... B2 Pinto, Daniel...... B3 Beller, Mike...... B5 J R Brackeen, Dennis...... M3 Jing, Liu...... B3 Rice, Jeremy...... B1 Brett, Patrick...... B2 Jones, Kathy...... B9 Rosenberg, Ed...... B9 Brigati, Chris...... B2 K S C Kehoe, James...... B2 Smith, Gordon...... B3 Callahan, Bill...... B9 Kelly, Justin...... B9 Stringfellow, Tom...... B9 Clark, Dave...... B1 M T D Mahaffy, Edward...... B2 Terwilliger, Mike...... B9 Marshall, Edward.....A10 Dimon, James...... B3 Townsend, Rob...... B4 McAlinden, Barry...... B9 G W Miller, John...... B2 Gellasch, Tyler...... B5 Morrison, Laura...... B9 Welch, Spencer...... A10 Grant, Danny...... A6 Musk, Elon...... B3 Williams, Branden.....M5 H N - P Y Hansen, Chris...... A1 Neumann, Adam...... B4 Younes, Marwan...... A10

at cost, he said. Amazon Amazon has rolled out sev- S eral newpolicies in recent PRES weeks.The companysaid em- ployees who show symptoms ZUMA Hires S2/ or arediagnosed with Covid-19,orare in quarantine,

80,000 areeligible foruptotwo E/THENEW

weeks of paid sick leave. The FOT

companyhas also raised NIYI ContinuedfrompageB1 hourly payfor employees in Walgreens said it is well-positioned to ride out the pandemic, though uncertainty growsiflockdowns continue. Astore in Brooklyn, N.Y.,lastweek. and managersthat typically the U.S. and Canada by $2 begin beforeeach shift, ac- through the end of April and cording to workers. The com- allowed employees to take an high-yield assetsunder man- Orlando,Fla., to Miami—known the past decade,according to panysaid warehouses with unlimited amount of unpaid Munis’ agement by muni mutual and as Virgin Trains USA, or Bright- Municipal Securities Rulemak- confirmed cases canbeclosed time off through the end of exchange-traded funds more line—about athirdthe total ingBoarddata. Sincethe last temporarily fordeep cleaning the month. Mr.Clark said Am- than doubled over the past de- deal.The firm has accumulated financial crisis,major brokers and reopen once that process azon expectsto“go well be- Weakness cade to $136 billion, Nuveen’s about $1.8billion of city and have also significantly reduced is over. yond our initial $350 million holdingsgrewsixfold, Morning- school bonds issued by Chicago, the maximum amount of mu- Amazon has secured an ad- investment in additional pay, star datashow, making it the which Moody’s InvestorsSer- nicipal debt they arewilling to ditional 450,000 canistersof and we will do so happily.” Exposed biggest high-yield muni money vicerates as speculative grade. hold in inventoryuntil new disinfectant wipes and more Thecompanyisplanning to manager. When investorsrattled by buyersmaterialize. than 50,000 hand sanitizers conduct daily auditsofthe Nuveen, asubsidiaryofasset the spread of the coronavirus “There’snothing anydealer forits warehouse staff,ac- newhealth-and-safety mea- ContinuedfrompageB1 manager TIAA,controls about began pulling their money from balancesheet candowhen the cording to amemo reviewed sures,using cameras in itsfa- safe corner of the market. 1-in-4dollarsinhigh-yield muni muni mutual and exchange- mutual funds aregetting $12 by the Journal. cilities and machine learning Municipal-bond funds hem- mutual and exchange-traded traded funds in mid-March, billion of redemptions aweek,” Mr.Clark of Amazon said in to monitor social distancing. orrhaged $28 billion last month funds as of February, Morning- high-yield funds lost 8% of said Patrick Brett, head of mu- a blog post that the company “With over 1,000 sites through March 25,with more star datashow. In 2018,Nuveen their holdingstoredemptions nicipal debt capital marketsat is in the process of distribut- around theworld, and so than half of that money flowing named John Miller,who ran in two weeks. Citigroup. ingmasks to workers, which manymeasures and precau- out of funds managed by those one of the firm’sfirst high-yield Nuveen had net outflowsof Theplummeting prices had will be available as soon as tionsrapidly rolled out over four asset managers, according muni portfolios 20 yearsago, $5.4 billion in March through ripple effectsinthe thinly Thursdayinsome locations, the past several weeks, there to Refinitiv.Nuveen attempted as itsnew head of municipals. the25th, morethan anyother traded muni market,where with all facilities having masks maybeinstances wherewe to unload roughly $700 million When backersofaplanned fund. Thelevel of redemptions managers revise the value of by early next week. The com- don’t get it perfect, but I can in munis in asingle day, shock- NewJersey amusement park their portfolios based on trades panywill donateany N95 assureyou that’sjust what ing amarket wherethe major- andmall, American Dream, of similar securities.Chris masks it receives to health- they’ll be—exceptions,” he ity of trades are$50,000 or wanted to raise money about The number of Brigati,head of municipal trad- care workersorwill sell them said in the post. less, according to Municipal Se- three yearsago, Nuveen pur- ing at AdvisorsAsset Manage- curities Rulemaking Boarddata. chased $105 million of the banks and brokerage ment, said his firm marked Those muni holdings had amusement-park bonds within firms trading munis down the value of itsholdings built up over the past decade as days.Prices on the unrated formorethan aweek during it goteasier forinvestorsto bonds rose by about 10% over fell 37% in 10 years. the recent tumult. buy and sell munis.Money thenextthree months as Nu- Calmed by Congress,muni managersnow control nearly veen, flush with investors’ cash, sellinghas slowedfor now, ac- $1.6trillion in munis through bought up morethan half of cording to MSRB data. But with mutual funds, separately man- the entire$500 million of surprised even Nuveen’sMr. avast chunk of the market sit- aged accountsand exchange- bonds.Afar cryfromthe high- Miller.Heacknowledged that ting in mutual andexchange- traded funds,according to data wayand high-school construc- the accumulation of money in traded funds that investorscan from the Federal Reserveand tion bonds that makeupthe mutual funds contributed to the easily exit, another shock could Citigroup. typicalmuni portfolio,the at- selloff but said the shiftinsen- provokefurther outflows, caus- To help satisfyinvestors’ traction includes one of the timent wasthe paramount rea- ing prices to plummet again, hunger foryield, some funds largest indoor ski hills in the son forthe selloff.Hesaid he analystsand money managers piled intoriskydebt,financing Western Hemisphere. It opened still has confidenceinhis high- said. projectssuch as charter schools last October,but itsbonds yield investments. “Ifthey’regobbling up the and nursing homes.AsofFeb- plummeted in mid-March amid “The way people viewedthe bonds on the way up,it’satwo- ruary, five money managers coronavirus concerns.The pan- securities switched…in the edged sword,” said Little Rock, YNE/REUTERS

CO control morethan half of the demic has led to the indefinite of an eye,” he said. Ark., investment adviser Ed- KIL assetsinhigh-yield funds,ac- closureofthe amusement park These outflowshit amarket ward Mahaffy, who has been H

AG cording to Morningstar data. and mall. that has already condensed in managing municipal-bond port- OD

CL But no manager dominated Nuveen also reportsholding recent years, as the number of folios for35years. “When peo- The company plans to conduct daily audits of safety measures, the competition forjunk bonds at leasta$1billion stakeinan banks and brokeragefirms that ple want to exit, the reverseis using cameras and machine learning to monitor social distancing. likeChicago-based Nuveen. As unrated train line connecting trade munis fell by 37% over going to happen.”

“Asacommunity bank,we sions of manyforms needed to their averagemonthly payroll, ADVERTISEMENT SBA Loan want to support all of the small participateinthe program number of employees and businesses in our communi- weren’t immediately available. other basic information. TheMarketplace ties,” said Ms.Hulit. “But we Megan Flynn,co-owner of M In addition to the borrower To advertise: 800-366-3975orWSJ.com/classifieds Program need to wait forthe lender ap- FlynnJewelryinBoston, said application, the SBArequires plication forms so we know she had inquired about the lenderstofill out an applica- what we have to provide in Paycheck Protection Program tion when making atraditional BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES Confuses terms of documentation and with two SBA-approved lend- SBA-backed loan. As of Thurs- procedures,” she added. “Until ers, and wasgatheringdocu- dayafternoon, the Trump ad- $I>0)I36I I) (I1=6.; we getthat guidancefromthe mentation she might need to ministration hadn’t issued afi- 61//05.2 "1*04 !3*2/+,23+ (-:073+- 8)&$ &- 3/<&%4 3-.!74/!-4 :0-# '6?<3C (+;6>=73+ @#%; ContinuedfrompageB1 SBA, we areonhold.” apply,such as payroll state- nal version of the additional 3-.!743-6 3- 5!&145%&9!$ 37 0-#!96+3-6 & )I> 0<+ -BA *6336I.5C> Smaller banks also areun- TheTreasuryDepartment ments. lender application form forthe "2=' %&<34&1 9&37! 4+ 70<<+94 69+,45 +: 45!39 %099!-4 <+94:+13+ ,531! &17+ %+-73#!93-6 '+=30<4=>+ "0=))6.? &./J;0>C sure howtonavigatethe pro- and Small BusinessAdminis- “We’reprepared to really newprogram. An SBAspokes- &- 3-.!74/!-4 3- *+.3# 4!743-6; (: >+0&9! ,AG9E8K98GEA cess.Maine Community Bank tration, which areboth work- fight forit,” said Ms.Flynnre- woman said the agencyisre- #!!-561056 #/6 1/05-54056 1/ 1/.5401/37 %1;$:; '/$51! 3;99#5-9,:5+-7)$="+/ H6;602 FFFD%I4J1!+.+.D4I1 in Biddeford, Maine,has ing on the newprogram, didn’t garding the loan-application vising the form. &< ($11 *2!0).=.67=68>> 0I.C:3I4J10+.+.D4I1 fielded inquiries about the loan immediately respond to re- process. She hopes to use the Adraft copy of the lender program from morethan 300 quests for comment on funds to rehirethree full-time application asks fora“credit #()&*+%&)(!.+% &!!$-+.&$! small businesses.Chief Execu- whether lenderswould be re- workersand one part-time em- memo” that will support infor- *%+&!(&')+$%+&,) (%%2( !+$%(&,)( $,) $%+&( tiveJeanne Hulit said the quired to collect credit memos ployee. “I don’t think anyone is mation about payroll, health- &, ,(%+'" &%$!'% ""!'" +)%$%+&( +(!+$%, THE MARKETPLACE bank,which has about $950 or other kinds of credit infor- going to make[the process] insurancecostsand other key !+#%'&!,+(* 4*/.3))& *11,.4*!,2$ ADVERTISE TODAY million in assets, doesn’t have mationfromborrowers.Late easy forus,” she added. expenses.Italso asks lenders (800)366-3975 the information it needs from Thursday, the TreasuryDepart- Thenew program includes a to certifythat “loan proceeds 0+ #+ """$'+%-('$+4 the government to ramp up ment provided moreinstruc- two-pageborrowerapplication will be used foraneligible pur- ©2020Dow Jones &Company,Inc. *+%% )"( '"((! %)#,'##,-#-$ All Rights Reserved. lending. tionstolenders, but final ver- that asks businesses to provide pose.” P2JW094000-0-B00300-1------XA

THE WALL STREET JOURNAL. Friday, April 3, 2020 | B3 BUSINESS NEWS Tesla PostsDelivery Surgebut Is Silent On Virus’sImpact

BY TIM HIGGINS number forthe firstquarter. “Webelievethat these con- Tesla Inc.said first-quarter sensus numbersare artificially deliveries of itselectric vehi- high/stale given the Covid-19 cles rose 40% compared with a outbreak mid-quarter,and thus year ago, while not addressing manyofour peershavenot re- how the coronavirus pandemic duced numbersyet to reflect JOURNAL

might hurt futuresales. theensuing demand dynamics REET ST

Investorsare eager to better and the Fremont shutdown,” LL

understand howthe Silicon Val- Daniel Ives,ananalyst forWed- WA ley electric-car maker expects bush Securities,warned inves- THE

theglobal slowdown to affect tors on Monday. He expected R ChiefExecutiveElon Musk’s Tesla to deliver 82,000 vehicles FO NG

growth plans,which have called during the period. CO N

fordeliveries to increase more As with most major auto YA than 36% this year compared makers, the firstthree months Disclosure of the inflated numbers erased $5 billion, or 75%, of Luckin Coffee Inc.’s value on Thursday. One of its 4,500 stores. with last. of the year arehistorically Those ambitions to deliver Tesla’sworst. Last year’s first morethan 500,000 cars look to quarterwas especially trouble- be in jeopardy as Tesla’slone some,asthe companystruggled Rival to Starbucks in China U.S. factoryinFremont, Calif., to begin delivering the Model 3 sitstemporarily idled because overseas forthe firsttime. thelocal government has de- Oncethose hiccups were manded nonessential busi- overcome,the newsedan Says Staff Fabricated Sales nesses remain closed intonext helped fuel arecord367,500 month. sales globally in 2019,and the companyseemed headed fora banner year,with analystspre- BY JING YANG Luckin’sfounding,the company tics,who questioned the sus- quarter of last year that in- Investorswant to dicting it could turn itsfirst an- wasminted as aunicorn with a tainability of itsbusinessmodel. cluded “fabricating certain nual profit in 2020. Luckin Coffee Inc., an up- $1 billion privatevaluation af- Luckin went public in May transactions” and substantially learn howElon Musk Beforethe global pandemic, start rival to Starbucks Corp.in terraising funds from venture- 2019,raising atotal of $645 inflating certain costsand ex- plans to deal with Mr.Musk promised the sharp China that touted itself as the capital investors. Itsmarket millioninaU.S.initial public penses. rise in deliveries,betting the country’slargest coffee chain capitalization topped $12 bil- offering arranged by Credit Thecompanysaid it has theglobal slowdown. arrival of the newModel Y by stores,said several employ- lion in Januarythis year,even Suisse,MorganStanley,CICC formed aspecial committeeto compact sport-utility vehicle ees fabricated much of itsre- though the companyhad yetto andother investment banks. look intothe matter. and opening of an assembly ported sales in 2019,the year turn aprofit. Earlierthis year the company Luckin previouslyreported plant in China would continue thecompanywent public on Using mostly cash from ven- raised another $865 million by that net revenue forthe nine ThecompanyonThursday to stokegrowth. Deliveries the Nasdaq Stock Market. ture-capital firms and other in- selling convertible bonds and months ended September 2019 said it delivered 88,400 vehi- from the China plant began late TheXiamen-based company vestors, Luckin expanded rap- additional stock.Some of totaled 2.93 billion yuan ($413 cles compared with 63,000 dur- last year and firstModel Ycus- on Thursdaysaid an internal idly,opening morethan 4,500 Luckin’searly investorssold million),upsharply from 375 ing the year-agoquarter when tomer deliveries took placelast investigation found that its stores across China in ashort out of their stakes when the million yuan forthe same pe- Model 3compact-car deliveries month in the U.S. chief operating officer and sev- span of time andovertaking companywent public last year. riod in 2018.Ithad also previ- were ramping up overseas. On Thursday, Tesla said it eral othersfabricated transac- Starbucks,which had 4,292 Thecompany’sAmerican de- ously forecast fourth-quarter Analystssurveyed by FactSet had delivered acombined tions amounting to 2.2 billion stores in the countryasofDe- positaryshares climbed above sales of between 2.1 billion on averagehad predicted 89,000 76,200 Model 3s and Model Ys yuan ($310 million) from the cember.Luckin used lowprices $50 apieceinJanuary, not long yuan and 2.2 billion yuan. vehicle deliveries during the pe- compared with 50,900 Model second quarter to the fourth and cheap deliverytosell cof- afterLuckin said it planned to Thecompanysaid Thursday riod, afigurethat wasscaled 3s ayear ago. Thecombined quarter of last year. feetomillions of Chinese con- roll out scores of branded cof- that the 2019 figurescould no back in recent weeks from sales of the largerModel Sse- Thedisclosuremarks astun- sumers,situating manyofits fee-vending machines at office longer be relied upon, and it is 106,000 projected in January. danand Model XSUV rose to ning comedown forLuckin, stores close to Starbucks out- buildings, airports, bus termi- also reviewing other prior fi- Tesla shares rose around 13% 12,200 from 12,100. which wasstarted by aChinese letsinafierce battle formarket nals and other locations. nancial disclosures. afteritposted deliveryfigures. While targeting dramatic entrepreneur in 2017and went dominance. On Thursday, those same Earlierthis year,U.S.short Some analystshad been low- growth, Tesla in Januarycau- from startup to publicly listed Thecompany’searly backers shares finished at $6.40, down seller Muddy Waters said it ering their expectations forthe tioned that theeffectsofcom- companyinlessthan two included Singapore’ssovereign- $19.80onthe day. wasbetting against Luckin’s firstand second quarter.Still, bating the coronavirus in China years, arareaccomplishment wealth fund GIC,BlackRock Inc. Luckin said it has suspended shares and circulated an anony- several have questioned if overall might hinder the first-quarter globally.The news erased more and state-backed investment Chief Operating Officer Jing Liu mous report that alleged the expectations by Wall Street had results. That wasbeforethe vi- than $5 billion, or 75%, from bank China International Capital and several employees who re- companywas inflating sales. remained toolofty,saying that rusbegan rocking financial the company’smarket value on Corp., or CICC. However, ported to him, afterfinding Luckin’sauditors, Ernst & some investorswereprivately marketsglobally and countries Thursday. Luckin’sbreakneck growth and they hadengaged in miscon- Young,didn’t reply to arequest whispering aboutamuch lower beganshutting down daily life. Barelyone year after mounting losses also drew skep- duct beginninginthe second forcomment. TAKE YOUR CONNECTION

ON/REUTERS HANDS-FREE NEWT

GG Tackle everything on GRE The company said last week that its domestic parks, including in Orlando, Fla., are closed indefinitely. your to-do list with Disney to Furlough Employees DeskFone™ Across All of Its U.S. Divisions

BY ERICH SCHWARTZEL insurancethrough Disney will Last week,Disney said it retain it. would keep itsdomestic parks LOSANGELES—Walt Dis- Nearly everycorner of Dis- closed indefinitely. ney Co.isfurloughing employ- ney has been rocked by the Outside itstheme parks, ees acrossall divisions in its pandemic’s impact, but its Disney’s other businesses have domestic operations, as the profitable parks division has taken a severe hit. world’slargest entertainment effectively shut down amid With movie theatersaround companystruggles with con- calls to socially distancefrom the world closed, would-be tinued fallout from the spread other people. blockbusterslikethe com- of the coronavirus. In astatement on Thursday, pany’s“Mulan” and “Black Thecompanysaid only U.S. aDisney spokesman said the Widow” have been postponed, employees would be fur- companyhad “no clear indica- and production of current loughedatthis point but tion of when we canrestart movies has been shut down. didn’t sayhow many. Disney our businesses.” Thesuspension of the National has more than 223,000 work- Park locations in Shanghai Basketball Association season ers world-wide. and Hong Kong were closed has thrown plans at its ESPN Nonessential workerswill forweeks beforethe virus sports network into flux. Dis- be furloughed beginning on spread to the U.S. and forced ney stores have closed. April 19,making them eligi- the companylast month to Disney stock,which was blefor compensation passed shutWalt Disney World in Or- trading at about $142 a share Ideal for family video in the recent stimulus pack- lando, Fla., and Disneyland in six weeks ago, has plummeted age. Those who have health Anaheim, Calif. and closed Thursdayat$96.97. chats, conference calls, online classes and more. JPMorgan CEOGoesBack to Work

BY DAVID BENOIT “I have been recuperating the large blood vessel that car- well and getting stronger every ries blood from the heart to the JPMorganChase &Co. day,” he said. rest of the body. Chief ExecutiveJames Dimon Mr.Dimon has been gone Mr.Dimon was released returned to work this week,a from the nation’slargest bank from the hospital the following month after undergoing emer- at aparticularly tumultuous week,the daybeforehis 64th gencyheart surgery. time in the marketsand forthe birthday. While he wasrecover- In amemo to employees,Mr. global economy. ing,Mr. Dimon kept close tabs Dimon thanked Co-Presidents On March 5, he wasgetting on JPMorgan, according to peo- Daniel Pintoand Gordon Smith ready forwork when he felt a ple familiar with the matter. 1-800-441-6287 forrunning the bank in his ab- pain in his chest and immedi- On Wednesday, he joined a sence. He is working remotely, ately went to the hospital. He call with industrypeerswho ©2020 MacNeil IP LLC MADE IN THE USA alongwith most of the bank’s underwent aproceduretore- have been coordinating on their executives,asthe coronavirus pair an acuteaortic dissection, responses to the market and pandemic sweeps through New an oftenfatal separation of tis- economic turmoil,according to York City. sues in the wall of the aorta, people familiar with the matter. P2JW094000-0-B00400-1------XA

B4 | Friday, April 3, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Nicole Nguyen SoftBank VideoconferenceLikeaProfessional Terminates WeWork During the account to video chat on coronavirus Hangouts and Duo. If you crisis, those host a Hangouts Meet, how- GES Stock Offer of us who can ever, you can invite anyone, IMA work from even if they’re outside of BY KOSAKU NARIOKA

home are GETTY your organization and don’t

video chatting, a lot. If SE/ have a Google account. Just SoftBank Group Corp.ter- you’ve got questions, I’ve got send them the link. minated an offer to payupto answers. How do you start or $3 billion forshares in office-

ANCE-PRES schedule a Hangouts Meet? spaceprovider WeWork,de- General Tips FR If you have a corporate privingco-founder Adam Neu- If your laptop gets loud account, go to mann of apotential windfall of GENCE

or hot while chatting, un- /A meet.google.com to start a nearly abillion dollars.

plug accessories and close REET meeting right away, or go to Tokyo-based SoftBank said

applications. Try discon- ST Google Calendar, create an Thursdayits movewouldn’t af- necting external displays or event and choose Add Con- fect operations of the troubled

charger. On some devices, WNING ferencing to auto-create a shared-officecompany.Soft- they can cause temperatures DO Meet link. Banksaid it has committed to rise, prompting internal /10 Can’t hear? If you’rehav- $5.45billion in capital to We-

fans to spin. WLES ing audio difficulties,just call Work sinceOctober 2019. FO

Video chatting can be pro- A in. Youcan dial intoany Meet Mr.Neumann, former chief

cessor intensive. It’s good to PIPP meeting using your phone. executiveofWeWork parent close any unnecessary A Zoom meeting this week with Britain’s prime minister and his cabinet. From the Meet or Google Cal- We Co., had the right to sell up browser tabs. I sometimes endar app,tap the phone to $970million in stock to Soft- close Slack. which anyone with your puters and operating-system browser,” in tiny letters be- number under “Join by Bankaspart of the October Can’t hear anyone? You unique 10-digit number versions. low. Zoom’s web product is phone.” Thesame is generally deal that led to his ouster from might be muted so unmute could join at any time. And My audio or video won’t not compatible with true forZoom meetings. the company’sboard. yourself. (No shame, I’ve always require a meeting work. Help! In preferences, for Macs. There are many options But SoftBank said conditions made this mistake many passcode. click on the Video tab to pre- Zoom via for video chatting—too many forcompleting the stock sale times.) If you have a wireless Very important: Make view your picture. In the Au- gives you access to the to cover here. weren’t met by the April 1 headset or Bluetooth ear- sure you are the only person dio tab, you can choose your meeting, but you don’t get One app that’s quickly deadline.Itcited “multiple,new buds, make sure they’re who can share your screen. preferred microphone source all of the bells and whistles. gaining popularity is House- and significant pending crimi- turned on and paired. In the meeting, tap the Share and speaker. (Choose “Same You can’t turn on virtual party, a confusing-but-fun nal and civil investigations” Elevate your laptop. Chin Screen button and select Ad- as system” if you’re switch- backgrounds, for example. video-chatting platform that that began afterthe October down isn’t agood look.Prop vanced Sharing Options. For many with a corporate allows for more fluidity than deal in which authorities re- up your laptop on books or a Once the meeting has Google account (including the rest. When you open questedinformation about We- cookbook stand. Drink wine? started and everybody you Zoom’sTouch Up My us), the Hangout has become Houseparty, you’re “in the Work’sfinancing activities and Usetwo corks to liftthe back invited is in, you can lock a meeting-room staple. Now, house.” Once you’re in, any- itsbusinessdealingswith Mr. cornersofyour computer. the room from the More Appearancegives during the work-from-home one who is your friend can Neumann. SoftBankdidn’t say Face the light. Make sure menu. video asoftskin­ mandate, it’s been a go-to immediately start video which authorities were investi- your window or lamp is in Why do I look terrible on option. chatting with you. And then, gating. front of your face. these calls? It’s probably be- smoothing focus. Wait aminute: What’s the anyone of your friends—or TheWeWork board’scom- The hottest video-chat cause you haven’t gotten a differencebetween Google your friend’s friends—can mitteeofindependent directors app right now is Zoom, but haircut or put on makeup in Hangouts, HangoutsMeet “join” your room. Up to said it was“surprised and dis- with popularity comes abuse. a few weeks.(Me neither!) and Duo? Google has acon- eight people can fit in one appointed” by SoftBank’smove What is Zoombombing For a quick fix, enable Touch ing between video-chat fusing slateofvideo options room. and would “evaluateall of its and how do I stop it? Re- Up My Appearance, which apps.) Before hosting or join- right now. Forregular Gmail It can get a little chaotic. legaloptions,including litiga- ports of video-chat crashers, gives your video a silky, soft ing a meeting, test your au- users, there’s Google Hang- Think co-workers suddenly tion.” or “Zoombombers,” are on skin-smoothing focus. dio and video at zoom.us/ outs,which canbeused to mingling with exes. To pre- WeWork’sbusinessofsup- the rise. On March 30, the How do I hide my messy test. messageand video chat other vent anyone else from join- plying office spacehas takena FBIissued a warning for house from co-workers? You also might be muted. Google users. Duo is an en- ing, tap the lock icon at the hit during the coronavirus pan- video-teleconferencing hi- Easy: When you’re in a meet- If so, you’ll see a red line tirely separatevideo-chat app bottom of the screen. demic,which has led manypeo- jacking, where intruders dis- ing, click on the down arrow through a microphone icon that’send-to-end encrypted Houseparty can be a lot of ple to work from home.Soft- rupt Zoom chats with exple- next to the Start/Stop Video on the bottom left. Long- and intended forfriends and fun, but the amount of noti- Bankcited the pandemic as one tives and pornographic icon and select Choose Vir- press your space bar to can- family to catchup. fications is dizzying. To turn of itsreasons for terminating images. There are a few ef- tual Background. Download cel mute as you talk. For companies and them off, tap the smiley face theshareacquisition. fective ways for a host to some fun meme-inspired Do I have to download schools, there’s Hangouts on the top left of the screen, “SoftBank remains fully avoid interruptions. First, in backdrops at zoommeeting- the app? If you have Google Meet, which is Google’s su- then Manage Notifications. committedtothe success of Settings or when you create backgrounds.com or beauti- Chrome or , then no. percharged, enterprise-only Disable “Send out my notifi- WeWork,” said Rob Townsend, a new meeting, opt to Gener- ful naturescapes from Un- When you click on a Zoom version of Hangouts. cations when I open House- the Japanese company’ssenior ate Automatically. Don’t use splash. Just be aware, it meeting link, there’s an op- Do you need a Google ac- party” and Get My Friends vicepresident and chief legal your Personal Meeting ID, doesn’t work with all com- tion to “Join from your count? You need a Google notifications. officer.

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THE WALL STREET JOURNAL. ** Friday, April 3, 2020 | B5 BUSINESS NEWS Half of GE Trump SitesLose$1Million aDay Aviation Pandemic empties matterand federal disclosures. Trump revenue sourcesin2018 brother Donald Trump Jr., said Several Trump hotels have been in astatement. “Our main focus Workers family’s resorts, casts closed, and those still running right nowistokeep our amaz- doubt on lucrative sale have experienced dwindling oc- Golf $238.4 million ing teams healthyand safe.” of Washington hotel cupancies.One dayinMarch, the TheTrumps’ failuretoclose a Furloughed family’s flagship Trump Interna- Real estate 93.5 deal could provecostly in other tional Hotel in Washingtonhad ways. Theproperty,ashort walk BY THOMAS GRYTA The coronavirus outbreak is just 11 guestsinits 263 rooms, down Pennsylvania Avenue from costing Trump Organization according to an employee. Hotels 74.2 the WhiteHouse,isahub of so- General Electric Co.isfur- properties more than amillion Officials from the Trump Or- cial activity among Republicans. loughing half of the U.S. man- dollarsinlost revenue daily and ganization and longtime lender If Mr.Trump isn’t re-elected this Other 27.2 Minimum income reported ufacturing workers in its jet- mayhavehurt the firm’s Deutsche Bank AG have had in- fall, much of that businesscould engine businessfor four chances of earning arecord formal discussions in recent dryupquickly,and the Trump weeks,citing growing pressure weeks about easing or delaying Aircraft 1.1 $435 million name on thehotel could keep on the global aviation industry By Brian Spegele, loan paymentsbythe company other potential customersaway. from the coronavirus pan- Craig Karmin to the bank,according to aper- Trump properties in Florida, Licensing 0.5 demic. and Jenny Strasburg son briefed on the matter. The including Mar-a-Lagoand the Themove, covering thou- steps could be takeninthe next Trump National Doral Miami, as sands of workers, comes just priceonthe sale of itsWashing- three to six months and the Note:The minimum income wasused forsourceswherearevenue range wasreported. well as in LasVegas areclosed. 10 days afterthe division said tonhotel, according to an anal- talks included provisions in the Source:WSJ analysis of federal financial disclosures “It’slikeaghost town here,” it would layoff about 10% of ysis of industrydataand people loan agreementsrelating to ex- said Whitney Schneider,aPalm itsU.S.workforce,orabout familiar with the deal talks. ceptional situations.The talks ing adeal with two potential world brands who toured this Beach, Fla., resident and mem- 2,500 employees,inone of the Themajority of revenues for were earlier reported by the buyers forbetween $320 mil- incredible hoteloncethis pan- berofMar-a-Lago. firstmajor job cutsbyalarge President Trump’sfamily busi- NewYork Times. lion and $350 million, accord- demic is behind us,” he said. Mr.Trump’sbusinesses are American manufacturer.At ness comes from travel and lei- Thediscussions areongoing ing to people briefed on the Thefamily had hoped to raise explicitly barred from taking that time,GEalso said the di- sure,which have been hit hard and have been part of aseries matter, but those talks have as much as $500 million in a anypart in the roughly $2 tril- vision would furlough up to by theforcedclosures and eco- of talks the Trump Organization stalled. At least one of the po- sale,according to people famil- lion rescue package. half of itsmaintenanceand re- nomic downturn caused by the sought with businesspartners, tential buyerswas aconsortium iar with their thinking.But at TheDoral is likely losing pair employees forthree pandemic.The situation could the person briefed on the mat- and both were hotel investors. $350 million, the deal still would morethan $200,000 each day months. worsen because golf accounts tersaid. JLL Hotels &Hospitality’s have been the most-expensive the resort is closed. Even the ho- “Weappreciatethe commit- forabout half of the roughly Theoutbreak also has de- Jeffrey Davis,asenior manag- hotelsale in Washingtonona tels that remain open, such as in ment of all our employees dur- $440 millionofincome Mr. railed the organization’s effort ing director at the firm market- per room basis.People familiar Washingtonand NewYork,ap- ing this difficult time, and we Trumpreported in his latest to sell itslong-term lease on ing the Washingtonhotel, said with the sale processsay adeal pear to be taking big losses,with regret having to take this ac- government financial disclosure. the Washingtonhotel, which is “preliminaryoffers” forthe is unlikely until the impact of the those two properties together tion,” GE said Thursday. The More than 500 staff at Trump in the former Old Post Office property ranged between $300 pandemic becomes clearer. forgoing around $300,000 or furloughed workers, who work properties in NewYork,Wash- building.With extensions,the million and $400 million. “Both “Aswehavedone from day moreinrevenueseach day. on commercial engines,will ington, LasVegas and Florida leasefromthe federal govern- TheTrump Organization and one, we areweighing all of our —Justin Scheck continue to getcompany-paid have been laid off or furloughed, ment runs close to 100 years. JLL look forwardtore-engaging options,” Eric Trump,who runs and Caitlin Ostroff health benefits. Theexact saypeople familiar with the Theorganization wasnegotiat- with all investorsand the many the organization with his contributed to this article. number of people affected wasn’t disclosed. Theaviation division is GE’s Change from previous year in scheduledvehicle production in largest and most profitable.It Car Parts North Americafor the second quarter makes and maintains engines forplanes built by Boeing Co. –50% –40 –30 –20 –10 0 10 20 and Airbus SE. In early March, Suppliers Mercedes GE said it froze hiring,can- Mazda* celed merit-based raises, Nissan trimmed nonessential spend- Suffering Hyundai ing and made cuts to its con- Kia tingent workforce. FiatChrysler Thus far,GE’smoves to ContinuedfrompageB1 lower labor costs in the avia- Some manufacturing in Michi- BMW tion division have only been in ganisdeemed essential. Honda the U.S.,but additional moves Figuring out howtonavi- Ford could be coming in itsover- gate the uncertainty is like Volkswagen seas operations. “trying to hit acurveball in the GM Last week, GE Chief Execu- dark,” Mr.Martin said. “If Subaru tiveLarryCulp hinted at more we’reinthis situation amonth

cutstocome,saying the avia- or two from now, it will be Volvo ZYNSKI/REUTERS tion division is working “with bedlam,” he added. Toyota AC the appropriateparties to So far,42ofthe 44 auto-as- Tesla KRZ MIL

properly addressits global sembly plantsinthe U.S. have KA workforce.” been idled because of the virus Source:Wards Intelligence The average car consists of 30,000 parts sourced to suppliers. GE hadabout $36 billion in outbreak,according to the Alli- cash at the end of 2019,along ancefor AutomotiveInnova- which supply materials and thecar companies nowisthe suppliers. General MotorsCo. and Ford with $35 billion in untapped tion,atrade group. smaller components. risk that smallerparts-suppli- Adisruption at even one as they rush to establish pro- credit lines,according to its Ford Motor Co.said Tues- Justin Whitmire, president ersgounder,said Mark Fields, firm could have acascading ef- duction of ventilatorsand annual report. Earlier this daythat it would extend its of Southeastern Tool &Design Ford’s former chief executive fect, ultimately having an im- othermedical equipment. week,GEclosed the sale of its temporaryplant closures in Inc., amachine-maker near and asenior adviser at private- pact on production at multiple Fewerthan 100 of GM’sthou- biopharma division to Danaher NorthAmerican indefinitely, VolkswagenAG’sassembly equity firm TPGCapital. assembly factories,industry sands of suppliersare involved Corp.for proceeds of more reversing an earlier plan to re- plant in Tennessee,said his “The industryshould proba- analystssay. in the ventilator effort, and than $20 billion. start some by mid-April. Fiat companyisstill open and mak- bly be having that discussion Automakers, including some of those saythe work has GE had been restructuring Chrysler Automobiles NV and ing equipment, but because the with the government nowto Ford,Toyotaand Nissan Motor replaced only asliver of the itsoperations and trying to Toyota Motor Corp.also have VW plant is temporarily closed, explain, ‘Ifwe’reshut down be- Co., saythey areworking with lost automotivebusiness. pull out of a slump caused by extended their work stoppages he isn’t able to finish some yond this date, it will be a partssupplierstoensurethey Some firms areworking weak demand forits power- intoApril. work and receivepayment. problem forthe supply base, cansupport them when their with lenderstoadjust financ- generation equipment and Halting work at amajor car He said he would have to which means it will be aprob- North American factories re- ing terms and borrow against troubles in itsGECapital unit. plant almost immediately sets consider laying off some of his lem forus,’ ” he said. sume production. futurepaymentsthey expect to In recent years, GE had offachain reaction, affecting 28 employees if work doesn’t Theaverage carconsistsof Asmall number of suppliers receivefromcustomers. slashed itsquarterly dividend hundreds of auto-partssuppli- resume this summer. roughly 30,000 individual have been able to land con- —Mike Colias to a token penny a share. ersand in turn their vendors, Thebiggest threat facing partssourcedtohundreds of tractstoproducepartsfor contributed to this article.

with billions of trade and quote Regulator’s messages from multiple trading venues to enforce the securities laws and inform policy-making.” Analysis She didn’t describe howthe data-analysis tool has fared re- cently,though the agency’s Tools Lag Trading and Marketsdivision hasrelied on Midas to monitor the historic market haltsand re- EXTRACT OF THE AMENDMENT TO THE NOTICE OF CALL OF THE ContinuedfrompageB1 openingsofrecent weeks. theMidas infrastructure,” re- Midasisn’t the only tool at SHAREHOLDERS’ MEETING peating asimilar problem that the SEC’sdisposal. TheSEC had occurred two weeks earlier. spokeswoman said the agency (pursuant to Article 125-bis, paragraph 1, of Legislative Decree 58/1998) Then, on March 1, the system has also adopted measures to suffered ahardwarefailure help prevent futureflash The Board of Directors of Intesa Sanpaolo, at its meeting on 31 March 2020, in compliance with which “led to corrupt datain crashes,such as marketwide cir- the recommendation of the European Central Bank dated 27 March 2020 on dividend policy in Midas,” the administrator cuit breakers, limitstoprevent wrote. stocks from trading outside the aftermath of the COVID-19 epidemic, decided to suspend the proposal regarding the dividend Similar issues continued specified pricebands and rules distribution to shareholders and passed aresolution to propose the allocation to reserves of net through last year,emails show. requiring exchanges to income for the financial year 2019 at the Ordinary Shareholders’ Meeting convened for 27 April 2020, On Feb. 19,2019,for instance, strengthen the technologyinfra- without prejudice to the proposed amount to be assigned to the Allowance for charitable, social and the collection of direct feeds structureofU.S.markets. cultural contributions. from the NewYork Stock Ex- In 2012 the SEC hired aNew changewas delayeddue to a Jersey-based technologyand networking issue. trading firm, Tradeworx Inc., to Item 1ofthe Ordinary part on the Agenda is therefore amended as follows. Midas wasborn out of the deliver the Midas system. That infamous May6,2010,flash same year,the SEC also ordered crashinU.S.stocks.The SEC stock and options exchanges to 1. 2019 financial statements: also ordered the creation of an createthe more-comprehensive a) Approval of the Parent Company’s2019 financial statements even more-detailed database Consolidated Audit Trail. Trade- b) Allocation of net income for the year that would help the agency worx,now known as Thesys zoom in on individual trades Technologies LLC, later won and tracethem through Wall that contract,too. All the remaining items of the Ordinary and Extraordinary parts as well as any further instruction and Street’splumbing.But that sys- Eightyearslater,Thesysis information are confirmed and reference is made to the supplement to the notice of call available on the tem, known as the Consolidated nowheretobeseen on either website group.intesasanpaolo.com (“Governance”/“Shareholders’ Meeting”). Audit Trail, has also faced chal- contract. In January2019,ex- lenges.Yearslater,itremains changes setting up the Consoli- unfinished aftermissing itsNo- dated Audit Trail notified The- This amendment is published in the daily newspapers “Il Sole 24 Ore”, “La Stampa”, “Corriere della Sera”, vember target forcompletion systhey would fire the firm “Financial Times” and “The Wall Street Journal”. and is nowfacing backlash in afteritfell behind schedule de- Washington and on Wall Street. livering the project. By April, Theresult is that “the SEC the firm had laid off 76 employ- still doesn’t have acomprehen- ees in itsNew York and South for the Board of Directors siveviewofthe markets,” said Carolina offices,state layoff no- The Chairman -Gian Maria Gros-Pietro Tyler Gellasch, executivedirec- tices show. In November,the torofthe HealthyMarketsAs- SEC transferred itsMidas con- sociation, agroup of institu- tract from Thesys to another tional investorsand financial dataprovider, NewYork-based Intesa Sanpaolo S.p.A. Registered Office: Piazza S. Carlo, 156 10121 Torino Italy Secondary Registered Office: Via firms that has advocated forthe MayStreet LLC. Monte di Pietà, 820121 Milano Italy Share Capital Euro 9,085,663,010.32 Torino Company Register and Fiscal Code completion of the Consolidated ThesysChief ExecutiveMike No. 00799960158 “Intesa Sanpaolo” VATGroup representative VatCode No. 11991500015 (IT11991500015) Included Audit Trail. Beller said the company“re- in the National Register of Banks No. 5361 ABI Code 3069.2 Member of the National Interbank Deposit Guarantee Aspokeswoman forthe SEC mains proud of the excellent Fund and of the National Guarantee Fund and Parent Company of the banking group “Intesa Sanpaolo” included in said Midas is a“unique tool” work that went intocreating the National Register of Banking Groups that enablesmorethan 300 and supporting the ground- agencystaff to “interact daily breaking Midas system.” P2JW094000-0-B00600-1------XA

B6 | Friday, April 3, 2020 THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 21413.44 s469.93, or 2.24% Trailing P/E ratio 16.67 18.40 2526.90 s56.40, or 2.28% Trailing P/E ratio * 20.11 21.24 7487.31 s 126.73, or 1.72% Trailing P/E ratio *† 23.25 24.63 High, low, open and close for each P/E estimate * 15.12 15.89 High, low, open and close for each P/E estimate * 15.82 17.03 High, low, open and close for each P/E estimate *† 19.75 21.63 trading day of the past three months. Dividend yield 3.05 2.17 trading day of the past three months. Dividend yield * 2.41 1.96 trading day of the past three months. Dividend yield *† 1.15 1.06 All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20

Current divisor 0.14744568353097 30000 3500 10500 65-day moving average 27500 65-day moving average 3250 9750

25000 3000 9000

Session high DOWN UP 22500 2750 65-day moving average 8250 Session open Close t

Close Open 20000 2500 7500 t

Session low 17500 2250 6750

Bars measure the point change from session's open 15000 2000 6000 Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. *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 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,344,733,288 18,020,887 Industrial Average 21477.77 20735.02 21413.44 469.93 2.24 29551.42 18591.93 -18.8 -25.0 1.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 839,672,831 10,495,256 Transportation Avg 7465.97 7209.95 7445.71 93.13 1.27 11304.97 6703.63 -30.3 -31.7 -6.5 Most-active issues in late trading Decl. volume* 484,632,662 7,160,543 Utility Average 734.00 697.90 729.36 21.32 3.01 960.89 610.89 -5.6 -17.0 1.5 Volume After Hours Issues traded 3,024 278 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 25408.91 24620.53 25286.96 512.39 2.07 34631.28 22462.76 -14.7 -23.5 1.0 Advances 1,759 142 SPDR S&P 500 SPY 11,738.9 252.15 0.32 0.13 259.14 249.45 Barron's 400 518.67 500.14 512.15 8.22 1.63 746.64 455.11 -27.3 -30.1 -6.6 Declines 1,198 121 T-Mobile US TMUS 6,819.8 85.70 1.29 1.53 86.00 84.41 Unchanged 67 15 iSh iBoxx $ Invt Gr Cp Bd LQD Nasdaq Stock Market 5,940.9 121.73 ...... 122.62 121.73 New highs 20 Nasdaq Composite 7501.70 7307.95 7487.31 126.73 1.72 9817.18 6860.67 -5.1 -16.6 8.2 Carrier Global CARR.WI 5,673.3 13.89 0.61 4.59 14.00 13.49 New lows 117 12 Nasdaq 100 7641.86 7432.28 7635.66 149.37 2.00 9718.73 6978.02 1.3 -12.6 12.0 TEGNA TGNA 4,623.7 11.00 -0.32 -2.83 11.49 11.00 Closing Arms† 0.88 0.77 Alerian MLP ETF AMLP 4,477.5 3.60 0.05 1.41 3.66 3.55 S&P Block trades* 6,903 136 ING Groep ADR ING 4,256.9 5.14 0.04 0.78 5.15 5.10 500 Index 2533.22 2455.79 2526.90 56.40 2.28 3386.15 2237.40 -12.2 -21.8 2.3 Nasdaq NYSE Arca Caesars Entertainment CZR 3,757.7 6.45 -0.01 -0.15 6.59 6.33 MidCap 400 1404.16 1341.57 1375.35 14.14 1.04 2106.12 1218.55 -28.9 -33.3 -7.2 Total volume*3,630,362,367 556,633,839 SmallCap 600 657.06 627.26 645.29 9.63 1.52 1041.03 595.67 -32.6 -36.8 -8.6 Percentage gainers… Adv. volume*1,967,705,429 431,435,445 Decl. volume*1,632,991,819 124,655,342 Other Indexes Fate Therapeutics FATE 114.3 25.09 4.02 19.08 27.94 21.98 Issues traded 3,324 1,538 Russell 2000 1102.36 1055.60 1085.81 13.81 1.29 1705.22 991.16 -30.7 -34.9 -7.8 Tesla TSLA 3,571.8 532.00 77.53 17.06 547.99 451.76 Advances 1,850 1,240 NYSE Composite 10142.01 9813.51 10062.37 217.52 2.21 14183.20 8777.38 -21.8 -27.7 -4.3 Two Harbors Investment TWO 286.6 3.70 0.33 9.79 3.75 3.37 Declines 1,376 287 Dave Buster's Ent PLAY 510.4 10.85 0.80 7.96 12.16 9.90 Value Line 344.83 328.78 336.10 3.57 1.07 562.05 305.71 -38.2 -39.1 -13.6 Unchanged 98 11 Spirit Airlines SAVE 74.9 11.35 0.82 7.79 11.50 10.50 NYSE Arca Biotech 4467.63 4293.88 4466.88 134.67 3.11 5313.05 3855.67 -13.3 -11.9 7.8 New highs 42 NYSE Arca Pharma 581.51 560.20 580.21 14.33 2.53 670.32 494.36 -2.5 -11.2 4.5 ...And losers New lows 138 12 KBW Bank 63.47 60.19 62.33 1.40 2.29 114.12 56.19 -36.3 -45.0 -12.2 Immunogen IMGN 64.2 3.26 -0.21 -6.05 3.50 3.26 Closing Arms† 1.12 1.37 § PHLX Gold/Silver 86.71 82.07 84.50 3.56 4.40 111.51 66.14 9.6 -21.0 0.3 Abercrombie Fitch ANF 189.4 7.57 -0.40 -5.02 7.97 7.43 Block trades* 17,886 3,669 § PHLX Oil Service 26.37 23.66 24.77 1.44 6.19 102.39 21.47 -74.5 -68.4 -47.4 ION Geophysical IO 198.7 2.14 -0.11 -4.89 2.34 2.00 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 1476.67 1416.56 1474.61 46.88 3.28 1979.50 1286.84 0.6 -20.3 13.4 Invitae NVTA 129.9 12.10 -0.55 -4.35 12.69 12.10 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 57.24 50.45 50.91 -6.15 -10.78 82.69 11.54 274.9 269.4 60.3 TGE Tallgrass Energy 100.4 16.00 -0.60 -3.61 16.60 16.00 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 1.32 World The Global Dow 2399.95 31.36 –26.2 EuroDry EDRY 5.58 1.48 36.10 9.10 3.57 -35.8 Luckin Coffee ADR LK 6.40 -19.80 -75.57 51.38 4.90 ... 1.09 DJ Global Index 327.94 3.55 –24.4 Ampco-Pittsburgh AP 3.25 0.84 34.85 4.92 1.94 3.2 ProSh Ult Bloom Crude Oil SCO 26.46 -19.90 -42.92 67.35 11.17 67.6 DJ Global ex U.S. 194.42 –0.17 –0.09 –26.2 Penn Virginia PVAC 2.95 0.69 30.53 46.40 0.99 -93.2 DB Crude Oil Double Shrt DTO 91.51 -57.98 -38.79 162.40 42.00 81.3 Americas DJ Americas 579.62 11.90 2.10 –23.8 WPX Energy WPX 3.49 0.74 26.91 15.33 1.94 -73.3 Safe-T Group ADR SFET 1.35 -0.83 -38.07 78.00 0.93 -97.4 Brazil Sao Paulo Bovespa 72253.46 1286.76 1.81 –37.5 ProPetro Holding PUMP 2.81 0.58 26.01 25.38 1.36 -87.4 OneSpaWorld Holdings OSW 2.54 -1.19 -31.90 17.25 2.45 -81.4 Canada S&P/TSX Comp 13097.84 221.47 1.72 –23.2 PDC Energy PDCE 7.88 1.59 25.28 47.29 4.51 -81.6 Athersys ATHX 2.74 -1.24 -31.16 4.38 1.13 80.3 Mexico S&P/BMV IPC 33590.62 –101.26 –0.30 –22.9 Parsley Energy Cl A PE 6.91 1.36 24.50 22.11 3.92 -61.3 Redwood Trust RWT 3.00 -1.34 -30.88 18.01 2.59 -81.3 Chile Santiago IPSA 2514.90 97.42 4.03 –24.6 NeuroBo Pharmaceuticals NRBO 14.27 2.77 24.09 36.22 5.95 -57.7 Sonnet BioTherapeutics SONN 6.32 -2.45 -27.95 76.70 5.60 -86.4 Scholar Rock Holding SRRK 12.79 2.42 23.34 23.35 6.95 -31.7 MicSec US Big Oil 3X InLv NRGD 95.35 -35.97 -27.39 304.72 34.70 ... EMEA Stoxx Europe 600 312.08 1.31 0.42 –25.0 Matador Resources MTDR 2.66 0.50 23.15 22.25 1.11 -85.6 Velocity Financial VEL 3.60 -1.22 -25.31 14.90 3.03 ... Eurozone Euro Stoxx 293.75 1.33 0.46 –27.3 Belgium Bel-20 2895.40 55.98 1.97 –26.8 Falcon Minerals FLMN 2.47 0.46 22.89 9.53 1.60 -72.8 Exantas Capital XAN 1.61 -0.49 -23.33 12.51 1.23 -85.0 Denmark OMX Copenhagen 20 1064.83 –9.22 –0.86 –6.2 Orgenesis ORGS 4.39 0.79 21.94 6.49 2.35 -12.2 Teekay Tankers TNK 17.80 -5.30 -22.94 25.74 7.46 136.7 France CAC 40 4220.96 13.72 0.33 –29.4 RAPT Therapeutics RAPT 18.68 3.27 21.22 51.21 10.52 ... Annovis Bio ANVS 2.50 -0.69 -21.63 10.61 2.42 ... Occidental Petroleum OXY Malibu Boats Cl A MBUU Germany DAX 9570.82 26.07 0.27 –27.8 12.77 2.03 18.90 68.83 9.00 -80.8 19.40 -5.20 -21.14 52.13 19.17 -52.0 Ovintiv OVV 3.16 0.50 18.80 38.50 2.10 -90.9 AG Mortgage Invt Trust MITT 1.82 -0.48 -20.87 17.32 1.80 -89.3 Israel Tel Aviv 1268.93 –15.22 –1.19 –24.6 Italy FTSE MIB 16834.03 289.06 1.75 –28.4 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 478.28 6.98 1.48 –20.9 Russia RTS Index 1034.06 46.31 4.69 –33.2 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 45060.69 1328.25 3.04 –21.1 Spain IBEX 35 6574.10 –5.30 –0.08 –31.2 Carnival CCL 261,535 914.5 7.97 -9.43 56.04 7.80 OTIS.WI 9,264 4690 44.00 -5.78 50.00 38.00 Sweden OMX Stockholm 536.48 –0.19 –0.04 –21.2 Luckin Coffee ADR LK 261,177 1521.1 6.40 -75.57 51.38 4.90 Carrier Global CARR.WI 15,966 3554 13.28 -11.76 17.25 11.50 Velocity 3x Lg Crude ETN UWT iSh Currency Hdg MSCI UK HEWU Switzerland Swiss Market 9270.96 101.98 1.11 –12.7 242,564 271.2 0.16 -1.27 24.32 0.16 536 2393 17.95 2.51 24.97 16.27 PS Ult Bloomberg Crude UCO 175,771 1183.5 2.25 33.14 26.20 1.43 Franklin FTSE Asia xJapan FLAX 145 2085 17.90 1.93 23.47 16.37 Turkey BIST 100 89510.88 425.75 0.48 –21.8 SPDR S&P 500 SPY 175,444 17.2 251.83 2.31 339.08 218.26 Aware UltSht Dur Enh Incm AWTM 797 1694 47.53 0.09 51.05 46.25 U.K. FTSE 100 5480.22 25.65 0.47 –27.3 U.K. FTSE 250 14436.80 –110.40 –0.76 –34.0 Chesapeake Energy CHK 102,963 6.6 0.17 13.20 3.57 0.12 Luckin Coffee ADR LK 261,177 1521 6.40 -75.57 51.38 4.90 ProSh UltraPro Shrt QQQ SQQQ 101,185 102.6 20.65 -5.92 48.08 15.89 Direxion S&P Oil Gas GUSH 9,866 1376 16.30 17.01 5528.00 12.28 Asia-Pacific General Electric GE 96,686 15.8 6.90 -1.99 13.26 5.90 Invsc S&P 500 Downside PHDG 171 1366 30.46 3.54 39.61 24.00 Australia S&P/ASX 200 5154.30 –104.34 –1.98 –22.9 Ford Motor F 90,707 6.4 4.36 -0.91 10.56 3.96 Invesco Russell 1000 EW EQAL 1,312 1264 23.41 1.74 34.95 20.33 China Shanghai Composite 2780.64 46.12 1.69 –8.8 Marathon Oil MRO 86,350 223.8 3.47 11.22 18.93 3.02 8i Ents Acqn JFK 206 1205 10.10 0.00 13.00 7.36 Hong Kong Hang Seng 23280.06 194.27 0.84 –17.4 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least Closed India S&P BSE Sensex 28265.31 … –31.5 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 17818.72 –246.69 –1.37 –24.7 Singapore Straits Times 2453.03 12.76 0.52 –23.9 Track the Markets South Korea Kospi 1724.86 39.40 2.34 –21.5 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 9663.63 Closed –19.5 global stock indexes, bond ETFs, … currencies and commodities at Currencies Thailand SET 1138.27 32.76 2.96 –28.0 WSJ.com/TrackTheMarkets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Thurs YTD chg Thurs YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004231 23633 2.0 Argentina peso .0155 64.7222 8.1 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1903 5.2542 30.7 Czech Rep. koruna .03946 25.343 11.8 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7073 1.4138 8.8 Denmark krone .1454 6.8775 3.2 notes and bonds major U.S. trading partners Chile peso .001160 862.10 16.6 Euro area euro 1.0857 .9211 3.3 A consumer rate against its Money market accounts Colombiapeso .000244 4090.00 24.6 Hungary forint .002985 334.97 13.4 Ecuador US dollar Iceland krona benchmark over the past year 3.00% 11unch .006974 143.39 18.4 Bankrate.com avg†: 0.34% One year ago 8% Mexico peso .0413 24.2260 28.0 Norway krone .0962 10.3913 18.4 t 2.50 Uruguay peso .02263 44.1900 19.0 Poland zloty .2375 4.2113 11.0 ableBanking, a division of Northeast Bank 1.70% Russia ruble

Federal-funds 2.00 Yen Asia-Pacific .01295 77.212 24.4 2.00% Lewiston, ME 877-505-1933 4 s Sweden krona .0990 10.1001 7.8 target rate 1.50 Australian dollar .6059 1.6504 15.8 Tradeweb ICE Thursday Close Switzerland franc 1.0272 .9735 0.6 t American Express National Bank 1.70% China yuan .1412 7.0842 1.7 1.50 t 1.00 0 Turkey lira .1512 6.6153 11.2 New York, NY 866-215-8754 Hong Kong dollar .1290 7.7513 –0.5 Money market Ukraine hryvnia .0361 27.6754 16.9 0.50 India rupee .01313 76.145 6.7 account yields 1.00 Citizens Access 1.70% UK pound 1.2395 .8068 7.0 –4 s s Indonesia rupiah .0000607 16475 18.7 t 0.00 Westwood, MA 888-201-6505 WSJ Dollar index Euro Japan yen .009269 107.89 –0.7 Middle East/Africa 0.50 Goldman Sachs Bank USA 1.70% –0.50 –8 Kazakhstan tenge .002221 450.20 17.9 Bahrain dinar 2.6523 .3770 ... Macau pataca .1247 8.0193 0.02 Egypt pound .0635 15.7559 –1.8 New York, NY 855-730-7283 1 3 6 1 2 3 5 710 30 2019 2020 0.00 month(s) years Malaysia ringgit .2295 4.3580 6.5 Israel shekel .2742 3.6472 5.6 A M J J A S O N D J F MA TAB Bank 1.70% New Zealand dollar .5916 1.6903 13.8 Kuwait dinar 3.2101 .3115 2.8 maturity 2019 2020 Ogden, UT 800-355-3063 Pakistan rupee .00600 166.550 7.5 Oman sul rial 2.5973 .3850 ... Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.710 unch Qatar rial .2750 3.636 –0.2 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .6993 1.4300 6.2 Saudi Arabia riyal .2658 3.7627 0.3 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008144 1227.85 6.3 South Africa rand .0542 18.4669 31.9 Federal-funds rate target 0.00-0.25 0.00-0.25 1.00 l 2.25 -0.75 Sri Lanka rupee .0052538 190.34 5.0 Yield (%) 52-Week Total Return (%) Taiwan dollar .03311 30.201 1.0 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.50 3.25 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03040 32.900 10.6 WSJ Dollar Index 94.41 0.33 0.35 5.41 Libor, 3-month 1.37 1.37 0.74 l 2.60 0.22 U.S. Treasury, Barclays 2476.400 0.550 0.660 2.530 0.550 14.16 5.99 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.34 0.36 0.34 l 0.78 0.02 Five-year CD, annual yield 0.91 0.97 0.91 l 2.02 -0.38 U.S. Treasury Long, Barclays 4953.110 1.210 1.360 2.940 0.980 36.78 14.15 Commodities 30-year mortgage, fixed† 3.88 3.77 3.52 l 4.34 -0.25 Aggregate, Barclays 2198.830 1.610 1.710 3.060 1.320 9.43 4.88 Thursday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 3.38 3.34 2.95 l 3.73 0.06 Fixed-Rate MBS, Barclays 2211.230 1.410 1.360 3.250 0.930 7.42 4.10 Jumbo mortgages, $510,400-plus† 4.00 3.83 3.54 l 4.71 -0.70 DJ Commodity 471.02 15.59 3.42 647.86 451.81 -25.29 -26.67 High Yield 100, ICE BofA 2729.927 8.804 8.960 10.740 4.516 –9.329 –0.288 Five-year adj mortgage (ARM)† 3.29 3.52 3.29 l 4.78 -0.10 TR/CC CRB Index 124.84 6.34 5.35 189.66 118.50 -33.26 -32.81 Muni Master, ICE BofA 552.537 2.197 1.743 3.441 0.959 2.110 2.983 New-car loan, 48-month 4.40 4.38 4.38 l 4.81 1.04 Crude oil, $ per barrel 25.32 5.01 24.67 66.30 20.09 -59.23 -58.53 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 770.257 6.701 6.386 7.480 4.523 –6.383 0.102 Natural gas, $/MMBtu 1.552 -0.035 -2.21 2.862 1.552 -41.28 -29.10 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1625.70 47.50 3.01 1674.50 1269.30 26.12 6.99 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Plus, deeper money-flows data and email delivery of keystock-market data. Available free at WSJMarkets.com P2JW094000-0-B00700-1------XA

THE WALL STREET JOURNAL. Friday, April 3, 2020 | B7

COMMODITIES WSJ.com/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures July 117.95 121.40 117.90 120.70 3.35 52,014 Canadian Dollar (CME)-CAD 100,000; $ per CAD Sugar-World (ICE-US)-112,000 lbs.; cents per lb. April .7065 .7101 .7000 .7048 .0015 1,386 Contract Open Agriculture Futures May 10.17 10.86 10.05 10.29 .25 301,032 June .7050 .7107 .6998 .7054 .0017 112,063 Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. July 10.21 10.85 10.07 10.32 .24 252,722 British Pound (CME)-£62,500; $ per £ May 335.00 343.25 333.00 333.50 –1.25 444,324 Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. April 1.2405 1.2472 1.2348 1.2395 .0023 1,358 July 339.00 346.75 t 337.50 338.50 –.25 399,423 April 2.1900 2.2340 2.1900 2.2330 0.0410 2,658 May 26.20 26.20 t 26.00 26.25 .15 308 June 1.2396 1.2485 1.2356 1.2404 .0020 159,996 May 2.1720 2.2360 2.1505 2.2185 0.0440 86,509 Oats (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF May 261.50 264.50 259.00 264.50 4.25 2,193 July 26.01 26.30 t 26.00 26.30 .15 2,850 Gold (CMX)-100 troy oz.; $ per troy oz. June 1.0383 1.0389 1.0285 1.0302 –.0073 29,048 July 264.00 264.00 260.50 263.00 –.25 1,082 Cotton (ICE-US)-50,000 lbs.; cents per lb. April 1590.90 1624.50 1586.00 1625.70 47.50 4,697 Sept 1.0409 1.0417 1.0327 1.0336 –.0073 64 Soybeans (CBT)-5,000 bu.; cents per bu. May 48.95 51.48 48.58 49.99 1.58 75,667 June 1602.40 1642.00 1595.20 1637.70 46.30 358,837 Australian Dollar (CME)-AUD 100,000; $ per AUD May 864.75 870.00 857.00 858.75 –4.00 251,277 July 48.26 51.05 48.25 49.76 1.54 55,379 April .6066 .6116 .6014 .6047 –.0026 832 Aug 1602.90 1641.70 1596.50 1637.70 46.00 55,405 July 868.75 874.00 861.75 864.00 –3.25 192,642 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Oct 1607.10 1639.30 1597.00 1638.80 46.10 12,171 Soybean Meal (CBT)-100 tons; $ per ton. May 119.05 119.80 110.95 116.00 –2.85 5,777 June .6069 .6121 .6008 .6049 –.0025 126,911 Dec 1607.00 1642.70 1596.70 1638.90 46.40 40,449 May 315.50 317.10 308.50 309.10 –5.80 126,044 July 119.85 119.90 111.60 116.45 –2.85 4,611 Mexican Peso (CME)-MXN 500,000; $ per MXN Feb'21 1627.00 1642.60 1624.20 1639.70 46.20 9,597 July 312.50 313.60 307.30 307.80 –4.40 98,925 April .04160 .04192 .04080 .04110 .00019 43 Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Interest Rate Futures June .04069 .04158 .04033 .04069 .00018 102,949 April ...... 2150.20 –19.10 4 May 26.05 26.83 25.82 26.24 .19 143,431 Euro (CME)-€125,000; $ per € June 2126.00 2235.00 2039.90 2121.70 –19.10 6,637 July 26.41 27.18 26.17 26.59 .18 106,347 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% April 1.0942 1.0963 1.0826 1.0852 –.0080 4,216 Sept 2194.20 2206.40 2049.00 2109.20 –18.00 605 Rough Rice (CBT)-2,000 cwt.; $ per cwt. June 227-240 228-210 225-110 226-000 1-01.0 1,055,693 June 1.0979 1.0991 1.0844 1.0873 –.0084 538,833 Platinum (NYM)-50 troy oz.; $ per troy oz. May 1406.50 1433.00 1405.50 1424.50 19.00 6,584 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% April 721.00 721.00 720.90 726.00 13.70 13 July 1398.50 1416.00 t 1398.50 1413.00 14.00 2,085 June 182-130 182-260 181-100 181-170 13.0 1,009,952 Index Futures Wheat (CBT)-5,000 bu.; cents per bu. Sept 180-310 181-010 180-100 180-010 13.0 131 July 719.20 734.90 712.80 730.00 12.20 48,670 Mini DJ Industrial Average (CBT)-$5 x index May 550.25 553.25 538.25 541.75 –8.50 135,324 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Silver (CMX)-5,000 troy oz.; $ per troy oz. June 20819 21374 20500 21273 533 54,102 July 547.25 550.25 535.00 538.75 –9.00 106,000 April 14.180 14.490 14.155 14.596 0.670 56 June 139-095 139-145 138-250 138-285 –3.0 3,257,202 Sept 20832 21307 20466 21222 522 161 Wheat (KC)-5,000 bu.; cents per bu. Sept 138-315 138-315 138-255 138-165 –3.0 68 S&P 500 Index (CME)-$250 x index May 14.055 14.720 13.990 14.654 0.670 77,336 May 475.25 478.00 460.50 464.00 –11.00 93,412 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 2458.80 2522.10 2425.30 2516.40 68.40 78,070 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. July 482.00 484.75 467.75 471.25 –11.25 72,592 June 125-142 125-177 125-082 125-100 –2.5 3,789,559 Sept …… …2513.10 68.10 11 May 21.22 27.39 20.76 25.32 5.01 628,603 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index June 24.19 30.16 23.92 28.05 4.31 321,138 April 116.275 116.275 110.675 110.675 –6.750 3,265 June 110-070 110-077 110-056 110-063 0.8 2,758,472 June 2459.00 2525.00 2424.75 2516.50 68.50 3,506,159 July 26.62 32.42 26.25 29.92 3.50 201,990 May 116.675 116.700 111.650 111.650 –6.750 14,515 Sept 110-109 110-109 110-084 110-095 1.7 2 Sept 2454.00 2521.50 2422.25 2513.00 68.00 18,181 Aug 28.11 32.98 28.11 30.91 2.60 100,355 Cattle-Live (CME)-40,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini S&P Midcap 400 (CME)-$100 x index Sept 29.34 33.66 29.29 31.50 1.95 129,165 April 96.500 96.500 92.825 92.825 –4.500 21,875 June 1355.60 1402.30 1333.50 1369.50 18.20 81,974 June 87.225 87.250 t 83.075 83.075 –4.500 122,338 April 99.9250 99.9350 s 99.9250 99.9300 .0000 226,756 Dec 31.62 36.00 31.50 33.05 0.91 247,028 Sept 1434.70 1392.80 1346.80 1379.00 17.70 1 Hogs-Lean (CME)-40,000 lbs.; cents per lb. May 99.9300 99.9300 99.9200 99.9200 –.0100 243,663 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Mini Nasdaq 100 (CME)-$20 x index April 48.000 48.200 t 44.700 44.700 –4.500 20,424 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% May .9483 1.1384 .9382 .9951 .0628 100,048 June 7473.50 7656.25 7376.00 7627.25 188.50 186,302 June 52.825 54.000 t 52.825 52.825 –4.500 76,112 June 105-245 105-290 105-155 105-185 3.0 64,497 June .9636 1.1602 .9598 1.0204 .0676 48,547 Sept 7485.00 7653.00 7378.00 7626.50 188.00 1,048 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Eurodollar (CME)-$1,000,000; pts of 100% Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Mini Russell 2000 (CME)-$50 x index May 260.40 277.00 258.20 264.10 4.30 1,384 April 98.8100 98.8650 98.7825 98.8275 .0425 644,432 May .5809 .7574 .5671 .6628 .1163 109,126 June 1070.20 1108.20 1049.80 1081.70 14.10 556,069 July 287.00 301.80 285.20 286.60 –.90 883 June 99.4800 99.5200 99.4550 99.5100 .0600 1,652,159 Sept 1083.00 1103.40 1049.80 1080.70 14.80 40 June .6286 .8019 .6286 .7236 .1103 61,164 Milk (CME)-200,000 lbs., cents per lb. Sept 99.6450 99.6600 99.6300 99.6550 .0200 1,474,884 Mini Russell 1000 (CME)-$50 x index Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. April 14.57 14.57 t 14.26 14.27 –.18 2,928 Dec 99.6650 99.6750 99.6450 99.6650 .0100 1,103,012 June 1355.20 1380.60 1338.40 1376.00 29.00 8,308 May 1.591 1.624 t 1.521 1.552 –.035 350,367 June 13.67 13.72 13.33 13.60 .04 3,890 U.S. Dollar Index (ICE-US)-$1,000 x index June 1.715 1.746 t 1.649 1.672 –.040 98,199 Cocoa (ICE-US)-10 metric tons; $ per ton. Currency Futures June 99.63 100.50 99.45 100.27 .52 28,466 July 1.891 1.919 1.829 1.847 –.039 128,547 May 2,253 2,289 2,229 2,285 58 55,469 Sept 99.75 100.37 99.68 100.27 .52 565 Sept 1.991 2.019 1.932 1.952 –.038 101,619 July 2,251 2,282 2,236 2,278 41 58,076 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Oct 2.063 2.088 2.009 2.023 –.036 101,626 Coffee (ICE-US)-37,500 lbs.; cents per lb. April .9318 .9344 .9255 .9274 –.0056 983 Jan'21 2.743 2.766 s 2.713 2.755 .007 66,539 May 116.85 120.10 116.60 119.35 3.35 61,500 June .9358 .9366 .9272 .9293 –.0060 120,569 Source: FactSet

Bonds | WSJ.com/bonds Cash Prices WSJ.com/commodities Thursday, April 2, 2020 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Tracking Bond Benchmarks separate from the futures price on an exchange, which reflects what the commodity might be worth in future Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week months. highs and lows for different types of bonds Thursday Thursday Thursday Total Total Energy Aluminum, LME, $ per metric ton *1463.5 Wheat,No.1soft white,Portld,OR-u 6.0500 return YTD total Yield (%) return YTD total Yield (%) Copper,Comex spot 2.2330 close return (%) Index Latest Low High close return (%) Index Latest Low High Coal,C.Aplc.,12500Btu,1.2SO2-r,w 53.550 Iron Ore, 62% Fe CFR China-s 83.5 Food Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 280 Beef,carcass equiv. index , HRC USA, FOB Midwest Mill-s 533 3.3 U.S. Aggregate 2211.23 3.0 Mortgage-Backed 1.410 0.930 3.250 Metals choice 1-3,600-900 lbs.-u 197.75 2198.83 1.610 1.320 3.060 Fibers and Textiles select 1-3,600-900 lbs.-u 186.04 U.S. Corporate Indexes Bloomberg Barclays 2165.39 3.1 Ginnie Mae (GNMA) 1.150 0.490 3.200 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8368 1303.58 2.9 Fannie mae (FNMA) 1.110 3.270 Burlap,10-oz,40-inch NY yd-n,w 0.5700 3014.47 -3.9 U.S. Corporate 3.460 2.220 4.580 1.510 Engelhard industrial 1605.00 Butter,AA Chicago 1.3100 Cotton,1 1/16 std lw-mdMphs-u 0.4624 2.9 Freddie Mac (FHLMC) Handy & Harman base 1616.80 Cheddar cheese,bbl,Chicago 117.50 2792.20 -3.3 Intermediate 3.210 1.760 4.400 2003.00 1.490 1.080 3.270 Handy & Harman fabricated 1794.65 Cotlook 'A' Index-t *61.50 Cheddar cheese,blk,Chicago 127.00 4315.71 -5.0 Long term 3.920 2.950 4.930 552.54 -2.4 Muni Master 2.197 0.959 3.441 Hides,hvy native steers piece fob-u n.a. LBMA Gold Price AM *1594.25 Milk,Nonfat dry,Chicago lb. 87.50 Wool,64s,staple,Terr del-u,w n.a. 643.89 0.9 Double-A-rated 2.340 1.670 3.360 387.99 -2.8 7-12 year 2.179 0.924 3.447 LBMA Gold Price PM *1576.55 Coffee,Brazilian,Comp 1.1294 Krugerrand,wholesale-e 1690.21 Grains and Feeds Coffee,Colombian, NY 1.6195 762.22 -7.4 Triple-B-rated 4.280 2.570 5.350 438.31 -3.2 12-22 year 2.642 1.224 3.690 Maple Leaf-e 1706.46 Eggs,large white,Chicago-u 2.9250 Barley,top-quality Mnpls-u n.a. High Yield Bonds ICE BofA 418.60 -5.0 22-plus year 3.351 1.765 4.123 American Eagle-e 1706.46 Flour,hard winter KC 14.65 Bran,wheat middlings, KC-u 90 Global Government J.P. Morgan† Mexican peso-e 1967.50 Hams,17-20 lbs,Mid-US fob-u 0.32 399.19 -14.5 High Yield Constrained 9.641 5.151 11.400 Corn,No. 2 yellow,Cent IL-bp,u 3.1900 Austria crown-e 1596.02 Hogs,Iowa-So. Minnesota-u 58.20 Triple-C-rated 610.24 4.7 Global Government 0.600 0.390 1.470 Corn gluten feed,Midwest-u,w 117.8 334.29 -23.6 17.933 10.558 19.071 Austria phil-e 1706.46 Pork bellies,12-14 lb MidUS-u n.a. Corn gluten meal,Midwest-u,w 497.2 2729.93 -14.5 High Yield 100 8.804 4.516 10.740 853.63 6.2 Canada 0.930 0.590 1.910 Silver, troy oz. Pork loins,13-19 lb MidUS-u 1.4335 Cottonseed meal-u,w 290 Engelhard industrial 14.4500 Steers,Tex.-Okla. Choice-u 112.00 360.24 -14.5 Global High Yield Constrained 9.693 4.893 11.310 400.69 0.1 EMU§ 0.541 0.109 1.023 Hominy feed,Cent IL-u,w 100 Handy & Harman base 14.4020 Steers,feeder,Okla. City-u,w 144.50 Meat-bonemeal,50% pro Mnpls-u,w 228 280.66 -14.6 Europe High Yield Constrained 6.996 2.464 8.183 762.72 0.5 France 0.290 -0.160 0.660 Handy & Harman fabricated 18.0030 Oats,No.2 milling,Mnpls-u 2.9900 U.S Agency Bloomberg Barclays Germany LBMA spot price Fats and Oils 546.34 2.0 -0.320 -0.740 0.200 *£11.3200 Rice, Long Grain Milled, No. 2 AR-u,w 26.50 U.S Agency (U.S.$ equivalent) *14.0150 Sorghum,(Milo) No.2 Gulf-u 7.5175 Corn oil,crude wet/dry mill wtd. avg.-u,w 38.7500 1846.38 4.3 0.890 0.730 2.630 298.03 -0.03 Japan 0.190 -0.070 0.270 Coins,wholesale $1,000 face-a 13658 SoybeanMeal,Cent IL,rail,ton48%-u 310.60 Grease,choice white,Chicago-h 0.2300 1608.04 3.0 10-20 years 0.750 0.640 2.520 603.80 1.3 Netherlands -0.120 -0.540 0.310 Other metals Soybeans,No.1 yllw IL-bp,u 8.4700 Lard,Chicago-u n.a. 4245.62 11.3 20-plus years 1.560 1.170 3.120 1080.70 7.5 U.K. 0.620 0.390 1.540 LBMA Platinum Price PM *714.0 Wheat,Spring14%-pro Mnpls-u 6.3400 Soybean oil,crude;Centl IL-u 0.2607 Platinum,Engelhard industrial 730.0 Wheat,No.2 soft red,St.Louis-bp,u 5.5700 Tallow,bleach;Chicago-h 0.2800 2651.43 -2.7 Yankee 2.860 1.920 3.500 770.26 -12.7 Emerging Markets ** 6.701 4.523 7.480 Palladium,Engelhard industrial 2133.0 Wheat - Hard - KC (USDA) $ per bu-u 4.6550 Tallow,edible,Chicago-u n.a. *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 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 4/1 Source: Dow Jones Market Data Global Government Bonds: Mapping Yields Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Exchange-Traded Portfolios | WSJ.com/ETFresearch Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Closing Chg YTD Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 0.375 U.S. 2 0.237 s l 0.210 0.911 2.306 Thursday, April 2, 2020 Closing Chg YTD Schwab US TIPs SCHP 58.48 1.37 3.3 1.500 10 0.614 s l 0.582 1.167 2.472 ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 213.96 2.19 –25.0 Closing Chg YTD l SPDR S&PMdCpTr MDY 249.80 1.13 –33.5 2.000 Australia 2 0.222 s 0.196 0.467 1.451 -1.6 -1.4 -85.5 ETF Symbol Price (%) (%) iShMSCI EAFE SC SCZ 43.45 1.40 –30.2 SPDR S&P 500 SPY 251.83 2.31 –21.8 2.500 10 0.768 s l 0.678 0.806 1.820 9.6 -65.2 CnsmrDiscSelSector XLY 94.05 0.37 –25.0 iShMSCIEmgMarkets EEM 33.77 3.37 –24.7 15.4 SPDR S&P Div SDY 77.78 2.14 –27.7 CnsStapleSelSector XLP 54.92 2.56 –12.8 iShMSCIJapan EWJ 47.64 1.28 –19.6 TechSelectSector XLK 78.33 2.34 –14.6 0.000 France 2 -0.515 s l -0.554 -0.739 -0.525 -75.2 -76.4 -283.1 FinSelSectorSPDR XLF 20.04 2.51 –34.9 iShNatlMuniBd MUB 110.07 0.01 –3.4 UtilitiesSelSector XLU 53.71 3.13 –16.9 l FT ValDivFd FVD 26.85 1.67 –25.5 iShPfd&Incm PFF 30.29 0.63 –19.4 0.000 10 0.046 s 0.005 -0.291 0.356 -56.8 -57.7 -211.6 VanEckGoldMiner GDX 25.04 4.20 –14.5 HealthCareSelSect XLV 87.57 2.77 –14.0 iShRussell1000Gwth IWF 146.86 1.87 –16.5 VangdInfoTech VGT 205.83 1.96 –15.9 0.000 Germany 2 -0.655 s l -0.665 -0.815 -0.611 -89.2 -87.5 -291.7 InvscQQQI QQQ 186.01 2.03 –12.5 iShRussell1000 IWB 138.10 2.07 –22.6 VangdSC Val VBR 83.92 0.88 –38.8 InvscS&P500EW RSP 81.14 1.58 –29.9 iShRussell1000Val IWD 96.81 2.42 –29.1 0.000 10 -0.435 s l -0.460 -0.620 -0.047 -104.9 -104.2 -251.9 VangdSC Grwth VBK 143.00 0.96 –28.0 InvscS&P500LowVol SPLV 45.53 1.93 –22.0 iShRussell2000 IWM 107.67 0.95 –35.0 VangdDivApp VIG 101.90 2.61 –18.3 1.200 Italy 2 0.341 t l 0.359 -0.016 0.504 10.4 14.9 -180.3 iSh3-7YTreasuryBd IEI 133.19 –0.07 5.9 iShRussell3000 IWV 144.16 2.00 –23.5 VangdFTSEDevMk VEA 32.47 1.91 –26.3 iShCoreDivGrowth DGRO 32.04 2.82 –23.8 iShRussellMid-Cap IWR 41.48 1.05 –30.4 1.350 10 1.483 t l 1.539 1.157 2.538 86.9 95.7 6.6 VangdFTSE EM VWO 33.31 2.94 –25.1 iShCoreMSCIEAFE IEFA 48.50 1.91 –25.7 iShRussellMCValue IWS 61.23 0.96 –35.4 VangdFTSE Europe VGK 42.17 1.91 –28.0 0.100 Japan 2 -0.134 t l -0.132 -0.258 -0.158 -34.2 -246.4 iShCoreMSCIEM IEMG 40.12 3.32 –25.4 iShS&P500Growth IVW 161.36 2.13 –16.7 -37.2 VangdFTSEAWxUS VEU 40.16 2.24 –25.3 iShCoreMSCITotInt IXUS 45.87 2.39 –25.9 iShS&P500Value IVE 94.17 2.43 –27.6 0.100 10 -0.011 t l 0.007 -0.136 -0.067 -62.5 -57.4 -254.0 VangdGrowth VUG 152.34 1.80 –16.4 iShCoreS&P500 IVV 252.59 2.35 –21.9 iShShortCpBd IGSB 52.04 0.15 –3.0 VangdHlthCr VHT 163.97 2.74 –14.5 l iShCoreS&P MC IJH 136.88 1.07 –33.5 iShShortTreaBd SHV 110.92 ... 0.4 0.400 Spain 2 -0.123 s -0.146 -0.436 -0.303 -36.0 -35.6 -260.9 VangdHiDiv VYM 70.04 3.32 –25.3 iShCoreS&P SC IJR 52.92 1.40 –36.9 iShTIPSBondETF TIP 120.27 1.53 3.2 0.500 10 0.721 s l 0.699 0.290 1.109 10.7 11.8 -136.3 iShS&PTotlUSStkMkt ITOT 55.71 2.24 –23.4 iSh1-3YTreasuryBd SHY 86.64 0.02 2.4 VangdIntermBd BIV 89.09 0.04 2.1 iShCoreUSAggBd AGG 114.90 0.15 2.3 iSh7-10YTreasuryBd IEF 121.85 0.02 10.6 VangdIntrCorpBd VCIT 86.47 0.26 –5.3 0.500 U.K. 2 0.111 t l 0.115 0.273 0.661 -12.6 -9.5 -164.5 VangdLC VV 115.75 2.22 –21.7 iShSelectDividend DVY 71.04 1.92 –32.8 iSh20+YTreasuryBd TLT 168.10 0.63 24.1 4.750 10 0.331 s l 0.314 0.412 1.006 -28.3 -26.8 -146.7 iShEdgeMSCIMinEAFE EFAV 60.64 1.51 –18.6 iShRussellMCGrowth IWP 117.31 1.05 –23.1 VangdMC VO 126.70 1.13 –28.9 iShEdgeMSCIMinUSA USMV 53.10 2.23 –19.1 iShUSTreasuryBdETF GOVT 28.10 ... 8.3 VangdMBS VMBS 54.43 0.29 2.4 Source: Tullett Prebon iShEdgeMSCIUSAMom MTUM 102.91 1.60 –18.0 JPM UltShtIncm JPST 49.62 ... –1.6 VangdRealEst VNQ 65.48 0.34 –29.4 Corporate Debt iShEdgeMSCIUSAQual QUAL 79.49 2.36 –21.3 PIMCOEnhShMaturity MINT 99.12 0.12 –2.4 VangdS&P500ETF VOO 231.44 2.34 –21.8 iShFloatingRateBd FLOT 48.86 0.25 –4.0 SPDR BlmBarcHYBd JNK 92.35 0.68 –15.7 VangdST Bond BSV 81.97 0.15 1.7 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in iShGoldTr IAU 15.42 1.65 6.3 SPDRBloomBar1-3MTB BIL 91.58 0.01 0.2 VangdSTCpBd VCSH 78.58 0.19 –3.0 that same company’s share price. iShiBoxx$InvGrCpBd LQD 121.73 0.26 –4.9 SPDR Gold GLD 151.90 1.64 6.3 VangdSC VB 109.19 0.70 –34.1 iShiBoxx$HYCpBd HYG 75.16 0.78 –14.5 SchwabIntEquity SCHF 25.15 2.15 –25.2 VangdTotalBd BND 86.00 0.47 2.6 Investment-grade spreads that tightened the most… iShIntermCorpBd IGIB 54.55 0.33 –5.9 SchwabUS AggrBd SCHZ 54.35 –0.06 1.7 VangdTotIntlBd BNDX 56.26 0.25 –0.6 Spread*, in basis points Stock Performance iShJPMUSDEmgBd EMB 95.77 2.05 –16.4 SchwabUS BrdMkt SCHB 58.86 2.06 –23.4 VangdTotIntlStk VXUS 41.29 2.30 –25.9 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg iShMBSETF MBB 110.16 0.31 1.9 SchwabUS Div SCHD 44.78 2.80 –22.7 VangdTotalStk VTI 125.52 2.08 –23.3 iShMSCI ACWI ACWI 60.90 2.01 –23.2 SchwabUS LC SCHX 59.73 2.10 –22.2 VangdTotlWrld VT 61.26 2.05 –24.4 Marathon Oil MRO 4.400 July 15, ’27 1001 –159 1054 3.47 11.22 iShMSCI EAFE EFA 52.09 1.96 –25.0 SchwabUS LC Grw SCHG 77.31 1.74 –16.8 VangdValue VTV 87.44 2.59 –27.0 MPLX MPLX 4.250 Dec. 1, ’27 583 –141 n.a. 11.78 3.33 Expedia EXPE 4.500 Aug. 15, ’24 625 –87 976 47.86 –7.96 Borrowing Benchmarks | WSJ.com/bonds Williams WMB 4.550 June 24, ’24 497 –80 740 14.38 7.88 Citizens Bank … 3.700 March 29, ’23 190 –66 n.a. … … April 2, 2020 HSBC Holdings HSBC 6.250 March 23, ’49 812 –53 1196 24.53 –2.43 Money Rates Canadian Natural Resources CNQCN 7.200 Jan. 15, ’32 895 –47 n.a...... Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a …And spreads that widened the most guide to general levels but don’t always represent actual transactions. Aircastle AYR 5.000 April 1, ’23 731 199 n.a...... Week —52-WEEK— Week —52-WEEK— General Motors Financial … 3.550 July 8, ’22 717 95 753 … … Inflation Latest ago High Low Latest ago High Low Feb. index Chg From (%) Sysco SYY 3.550 March 15, ’25 484 91 n.a. 41.29 –0.31 level Jan. '20 Feb. '19 Federal funds Libor Total Capital Canada TOTAL 2.750 July 15, ’23 226 91 365 ...... Effective rate 0.0900 0.2000 2.4800 0.0900 One month 0.98163 0.94088 2.48738 0.61163 U.S. consumer price index BPCE BPCEGP 4.000 April 15, ’24 276 77 364 ...... High 0.2000 0.5000 3.0000 0.2000 Three month 1.37300 1.37463 2.60350 0.74050 All items 258.678 0.27 2.3 Nordstrom JWN 4.375 April 1, ’30 768 77 601 13.18 –0.83 Low 0.0300 0.0500 2.4400 0.0200 Six month 1.20488 1.05763 2.64588 0.73538 Core 267.268 0.48 2.4 Bid 0.0300 0.0500 2.4400 0.0100 Tyson Foods TSN 3.950 Aug. 15, ’24 250 76 n.a. 54.15 –2.15 One year 1.06013 0.97275 2.76188 0.74350 Offer 0.1200 0.1200 2.5000 0.0500 BP Capital Markets America BPLN 3.790 Feb. 6, ’24 66 400 ... International rates 305 ... Treasury bill auction Euro Libor High-yield issues with the biggest price increases… Week 52-Week 4 weeks 0.090 0.000 2.400 0.000 One month -0.389 -0.417 -0.388 -0.621 Latest High Low Bond Price as % of face value Stock Performance ago 13 weeks 0.085 0.000 2.400 0.000 Three month -0.241 -0.296 -0.241 -0.539 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Prime rates 26 weeks 0.100 0.080 2.400 0.080 Six month -0.178 -0.246 -0.178 -0.491 Intelsat Connect Finance INTEL 9.500 Feb. 15, ’23 100.000 70.00 37.750 ...... U.S. 3.25 3.25 5.50 3.25 Secondary market One year -0.164 -0.184 -0.164 -0.441 Canada Western Midstream Operating … 4.750 Aug. 15, ’28 56.000 8.44 46.000 … … 2.45 2.95 3.95 2.45 Value 52-Week Japan 1.475 1.475 1.475 1.475 Fannie Mae Latest Traded High Low Nabors Industries NBR 5.500 Jan. 15, ’23 43.000 8.39 n.a. 0.39 12.56 30-year mortgage yields Policy Rates Occidental Petroleum OXY 4.850 March 15, ’21 87.000 5.50 82.500 12.77 18.90 30 days 2.507 2.440 3.857 2.281 DTCC GCF Repo Index Hess Midstream Operations … 5.625 Feb. 15, ’26 75.000 5.00 69.250 … … Euro zone 0.00 0.00 0.00 0.00 60 days 2.551 2.500 3.884 2.341 Switzerland 0.50 0.50 0.50 0.50 Treasury 0.089 57.076 6.007 0.002 Parsley Energy PARSLY 5.625 Oct. 15, ’27 74.000 4.75 68.750 ...... MBS 0.080 60.450 6.699 0.011 Britain 0.10 0.10 0.75 0.10 Other short-term rates USA Compression Partners USAC 6.875 April 1, ’26 70.030 4.53 60.000 5.05 6.77 Australia 0.25 0.25 1.50 0.25 CGG Holding CGGFP 9.000 May 1, ’23 92.000 4.50 84.470 ...... Week 52-Week Weekly survey Overnight repurchase Latest ago high low Latest Week ago Year ago U.S. 0.05 0.04 3.40 -0.07 …And with the biggest price decreases Call money Freddie Mac TransDigm UK Holdings … 6.875 May 15, ’26 83.250 –9.75 80.000 … … U.S. government rates 2.00 2.00 4.25 2.00 30-year fixed 3.33 3.50 4.08 Koppers KOP 6.000 Feb. 15, ’25 77.000 –6.25 79.151 9.47 –5.96 Discount Commercial paper (AA financial) 15-year fixed 2.82 2.92 3.56 Venator Finance SARL … 5.750 July 15, ’25 70.000 –5.00 77.750 … … 0.25 0.25 3.00 0.25 90 days n.a. 2.53 2.58 0.58 Five-year ARM 3.40 3.34 3.66 Realogy RLGY 9.375 April 1, ’27 75.125 –4.88 81.000 2.62 –2.96 Hertz … 7.125 Aug. 1, ’26 43.500 –4.25 59.000 … … Notes on data: U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates Beazer Homes USA BZH 7.250 Oct. 15, ’29 74.000 –4.00 n.a. 5.01 –7.90 aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. DTCC GCF Repo Index is Depository Trust AMC Networks AMCX 5.000 April 1, ’24 92.125 –3.75 86.937 22.30 –0.62 & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more Tullett Prebon Information, Ltd. Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data P2JW094000-0-B00800-1------XA

B8 | Friday, April 3, 2020 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. Equifax EFX 109.31 -4.16 ICICI Bank IBN 7.87 0.15 McKesson MCK 129.20 -3.86 ProgressivePGR 76.56 4.20 Snap SNAP 11.27 0.06 Uber UBER 23.68 -1.74 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Equinix EQIX 626.15 30.69 ICU Medical ICUI 204.83 2.28 MedicalProp MPW 15.03 -0.18 Prologis PLD 75.51 2.25 SnapOn SNA 100.78 -3.48 Ubiquiti UI 139.57 5.23 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four Equinor EQNR 13.70 1.29 IDACORP IDA 88.10 2.57 Medtronic MDT 86.15 2.04 Proofpoint PFPT 101.55 0.71 SolarEdgeTech SEDG 76.97 -1.85 UltaBeauty ULTA 161.35 -0.15 that include primary market trades as well as quarters. Equitable EQH 13.39 0.03 IdexxLab IDXX 239.70 9.04 MelcoResorts MLCO 11.60 -0.22 ProsperityBcshs PB 47.01 1.24 SolarWinds SWI 15.73 0.20 Unilever UN 48.53 1.35 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. EquityCommnwlth EQC 32.00 -0.09 IHS Markit INFO 60.63 2.33 MellanoxTech MLNX 119.88 -0.08 PrudentialFin PRU 46.63 -0.37 SonocoProducts SON 45.86 0.38 Unilever UL 50.77 1.59 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing ING Groep ING 5.10 ... MercadoLibre MELI Nasdaq ISE. standards EquityLife ELS 52.55 -0.60 462.87 15.53 Prudential PUK 22.79 -0.12 Sony SNE 58.91 2.06 UnionPacific UNP 141.80 5.31 The list comprises the 1,000 largest companies lf-Late filing EquityResdntl EQR 54.57 -3.13 IPG Photonics IPGP 102.92 -2.88 Merck MRK 76.87 3.07 PublicServiceEnt PEG 45.28 2.49 Southern SO 52.40 2.26 UnitedAirlines UAL 23.42 -2.23 based on market capitalization. q-Temporary exemption from Nasdaq ErieIndemnity A ERIE 161.42 8.47 IQVIA IQV 104.78 4.74 MercurySystems MRCY 69.03 0.77 PublicStorage PSA 192.87 -3.75 SoCopper SCCO 27.34 0.80 UnitedMicro UMC 2.20 0.04 Underlined quotations are those stocks with requirements. EssentialUtil WTRG 40.10 1.48 ITT ITT 44.65 0.68 MetLife MET 28.05 0.15 PulteGroup PHM 19.79 -1.01 SouthwestAir LUV 31.50 -0.54 UPS B UPS 93.04 2.65 large changes in volume compared with the t-NYSE bankruptcy EssexProp ESS 194.47 -5.85 IcahnEnterprises IEP 47.94 2.09 MettlerToledo MTD 655.57 -0.67 Qiagen QGEN 40.10 -0.12 Splunk SPLK 105.28 -4.41 UnitedRentals URI 96.16 0.18 issue’s average trading volume. v-Trading halted on primary market. EsteeLauder EL 149.21 -4.17 Icon ICLR 129.79 -2.41 MicrochipTech MCHP 64.98 2.19 Qorvo QRVO 76.66 2.08 Spotify SPOT 121.91 0.30 US Bancorp USB 32.67 0.74 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Etsy ETSY 34.80 -0.65 IDEX IEX 136.38 3.18 MicronTech MU 41.09 1.20 Qualcomm QCOM 68.02 2.12 Square SQ 45.88 -0.93 UnitedTech UTX 86.01 -5.36 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, EuronetWorldwide EEFT 77.33 1.35 IllinoisToolWks ITW 141.60 4.33 Microsoft MSFT 155.26 3.15 QuantaServices PWR 30.82 0.03 StanleyBlackDck SWK 95.69 3.56 UnitedTherap UTHR 93.53 -0.37 previous closing price was $2 or higher. or securities assumed by such companies. EverestRe RE 187.67 6.43 Illumina ILMN 272.99 16.53 MidAmApt MAA 94.25 -4.49 QuestDiag DGX 77.45 -1.32 Starbucks SBUX 65.00 2.38 UnitedHealth UNH 240.44 3.12 Evergy EVRG 53.48 1.73 ImperialOil IMO 12.25 1.24 MitsubishiUFJ MUFG 3.60 ... Quidel QDEL 95.07 -2.74 StarsGroup TSG 19.00 -1.07 UnivDisplay OLED 122.65 -0.75 EversourceEner ES 79.29 3.30 Incyte INCY 77.07 2.89 MizuhoFin MFG 2.24 0.01 StateStreet STT 52.42 2.02 UniversalHealthB UHS 88.71 0.79 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and MobileTeleSys MBT R S changes in the closing prices from 4 p.m. the previous day. ExactSciences EXAS 57.60 1.72 Infosys INFY 7.91 0.13 7.58 ... SteelDynamics STLD 21.29 -0.65 VEREIT VER 4.15 0.15 Exelixis EXEL 16.65 0.19 IngersollRand IR 23.04 -0.75 Moderna MRNA 33.20 3.53 Stericycle SRCL 44.83 -1.64 VF VFC 49.12 0.44 RELX RELX 20.44 -0.04 Exelon EXC 34.68 1.20 Ingredion INGR 77.10 1.56 MohawkInds MHK 64.86 -2.06 VICI Prop VICI 14.83 -0.21 RLI RLI 85.62 2.22 Steris STE 139.55 1.85 Thursday, April 2, 2020 Net Net Expedia EXPE 47.86 -4.14 Insulet PODD 167.04 7.87 MolinaHealthcare MOH 133.48 2.32 VailResorts MTN 139.36 -1.97 RPM RPM 57.87 0.77 STMicroelec STM 19.99 -0.06 Stock Sym Close Chg Stock Sym Close Chg ExpeditorsIntl EXPD 67.70 2.22 Intel INTC 54.35 2.47 MolsonCoorsB TAP 40.00 2.15 Vale VALE 8.15 ... Net RalphLauren RL 65.97 0.28 StoneCo STNE 19.88 0.35 Stock Sym Close Chg ExtraSpaceSt EXR 95.96 1.96 ICE ICE 81.14 1.83 Mondelez MDLZ 50.38 1.70 Stryker SYK 149.58 4.91 ValeroEnergy VLO 41.50 0.50 Ball BLL 64.56 0.39 Chipotle CMG 630.16 10.80 RaymondJames RJF 59.98 1.00 ExxonMobil XOM 40.40 2.87 InterContinentl IHG 37.13 -0.74 MongoDB MDB 125.08 -1.06 SumitomoMits SMFG 4.73 0.03 VarianMed VAR 97.62 3.18 BancoBilbaoViz BBVA 2.85 -0.05 Chubb CB 105.93 1.76 Raytheon RTN 116.96 -5.47 F5Networks FFIV 107.12 3.39 IBM IBM 110.00 4.86 MonolithicPower MPWR 157.52 -1.90 SunComms SUI 111.96 -1.94 VeevaSystems VEEV 156.16 2.65 A B C RealPage RP 51.38 2.62 BancoBradesco BBDO 3.45 0.06 ChunghwaTel CHT 35.63 0.24 FMC FMC 74.18 -2.79 IntlFlavors IFF 99.18 -1.55 MonsterBev MNST 55.06 1.96 Ventas VTR 23.01 0.06 RealtyIncome O 45.62 -0.85 SunLifeFinancial SLF 30.86 0.47 ABB ABB 16.88 0.29 BancodeChile BCH 17.37 1.46 Church&Dwight CHD 66.27 2.47 FTI Consulting FCN 120.53 0.62 IntlPaper IP 30.48 0.33 Moody's MCO 206.72 9.17 VeriSign VRSN 181.80 6.34 ReataPharm RETA 135.37 2.60 SuncorEnergy SU 16.85 1.24 ACADIA Pharm ACAD 41.68 2.42 BancSanBrasil BSBR 4.84 0.16 Ciena CIEN 40.62 0.65 Facebook FB 158.19 -1.41 Interpublic IPG 14.37 -0.17 MorganStanley MS 33.90 2.28 VeriskAnalytics VRSK 142.99 2.21 t RegencyCtrs REG 33.20 -2.33 Suzano SUZ 7.56 0.52 AECOM ACM 27.53 0.34 BcoSantChile BSAC 16.51 1.26 Cigna CI 168.81 -4.26 FactSet FDS 262.31 6.77 Intuit INTU 225.22 7.10 Morningstar MORN 112.50 -2.97 Verizon VZ 55.25 2.33 RegenPharm REGN 498.75 2.10 SynchronyFin SYF 14.31 -0.20 AES AES 13.04 0.24 BancoSantander SAN 2.29 0.04 CincinnatiFin CINF 72.92 -0.65 FairIsaac FICO 282.92 -5.90 IntuitiveSurgical ISRG 467.72 9.46 MOS 9.82 -0.29 VertxPharm VRTX 242.16 16.68 RegionsFin RF 8.39 0.09 SyneosHealth SYNH 35.00 -1.18 Aflac AFL 31.83 -0.07 BankofAmerica BAC 20.57 0.80 Cintas CTAS 165.19 2.50 Fastenal FAST 30.65 0.04 InvitatHomes INVH 20.45 0.17 MotorolaSol MSI 130.40 4.31 ViacomCBS A VIACA 16.86 0.62 ReinsGrp RGA 81.48 0.45 Synopsys SNPS 128.65 2.69 AGNC Invt AGNC 9.80 0.31 BankofMontreal BMO 47.94 0.69 CiscoSystems CSCO 39.80 1.83 t FederalRealty FRT 66.40 -3.01 IonisPharma IONS 49.01 2.16 Mylan MYL 13.92 -0.34 ViacomCBS B VIAC 12.76 -0.02 RelianceSteel RS 83.53 0.40 Sysco SYY 41.29 -0.13 Ansys ANSS 216.20 4.95 BankNY Mellon BK 33.64 0.94 Citigroup C 39.23 0.72 FedEx FDX 116.64 3.16 iQIYI IQ 17.90 -0.28 NICE NICE 144.12 3.24 Vipshop VIPS 15.04 -0.63 RenaissanceRe RNR 146.98 0.48 ASETech ASX 3.58 0.05 BkNovaScotia BNS 38.84 0.54 CitizensFin CFG 17.42 0.12 Ferrari RACE 141.85 -6.60 t IronMountain IRM 21.52 -0.70 NRG Energy NRG 27.79 0.95 Visa V 157.39 4.28 Repligen RGEN 96.95 2.62 T U V ASML ASML 247.28 -1.73 Barclays BCS 4.01 -0.04 CitrixSystems CTXS 142.52 3.38 FiatChrysler FCAU 6.81 -0.01 IsraelChemicals ICL 2.90 -0.05 NVR NVR 2369.97 -40.03 VistraEnergy VST 15.98 0.65 RepublicSvcs RSG 75.23 2.52 AT&T T 28.76 0.71 BarrickGold GOLD 19.85 0.98 ClarivateAnaly CCC 21.13 1.16 FidNatlFin FNF 24.02 -1.05 ItauUnibanco ITUB 4.10 0.02 NXP Semi NXPI 77.78 3.05 TAL Education TAL 50.68 -0.89 VMware VMW 118.20 2.20 ResMed RMD 150.13 7.84 AbbottLabs ABT 79.44 2.87 BauschHealth BHC 13.58 -0.17 Clorox CLX 179.70 5.04 FidNatlInfo FIS 117.11 2.55 Nasdaq NDAQ 93.96 1.69 TC Energy TRP 42.21 1.40 Vodafone VOD 13.61 0.25 RestaurantBrands QSR 34.81 -1.68 AbbVie ABBV 75.13 1.71 BaxterIntl BAX 82.22 3.56 Cloudflare NET 23.06 -1.06 FifthThirdBncp FITB 14.28 0.82 J K L NationalGrid NGG 54.27 -1.38 TD Ameritrade AMTD 35.58 1.57 VornadoRealty VNO 31.36 -2.30 BectonDicknsn BDX 233.28 7.88 Coca-Cola KO 43.95 1.83 RexfordIndlRealty REXR 36.98 -0.26 TE Connectivity TEL 58.99 -0.13 Abiomed ABMD 143.28 -1.20 58.com WUBA 52.76 6.06 JBG SMITH Prop JBGS 29.03 -0.28 NatlInstruments NATI 32.90 1.68 VoyaFinancial VOYA 37.49 -0.31 BeiGene BGNE 136.36 12.46 Coca-Cola Euro CCEP 37.42 0.41 ReynoldsCnsmr REYN 29.21 0.91 Telus TU 15.86 0.42 AcceleronPharma XLRN 83.60 -0.41 51job JOBS 66.44 2.58 JD.com JD 40.08 -0.83 NatlRetailProp NNN 27.32 -0.93 VulcanMatls VMC 107.30 0.18 Berkley WRB 50.68 0.44 CogentComm CCOI 83.64 2.77 RingCentral RNG 220.03 9.36 t TFS Fin TFSL 13.78 -0.18 Accenture ACN 156.27 1.59 FirstAmerFin FAF 41.06 0.07 JPMorganChase JPM 87.51 3.15 Natura&Co NTCO 9.04 0.29 BerkHathwy B BRK.B 179.73 3.78 Cognex CGNX 41.77 0.80 RioTinto RIO 46.01 1.84 TIM Part TSU 11.97 -0.14 ActivisionBliz ATVI 60.78 3.28 FirstIndRlty FR 31.06 0.54 JackHenry JKHY 151.16 4.08 NetApp NTAP 39.53 ... W X Y Z BerkHathwy A BRK.A 271475 10225 CognizantTech CTSH 44.29 1.78 RobertHalf RHI 37.83 -0.34 TJX TJX 43.79 -0.83 Adobe ADBE 303.96 2.75 FirstRepBank FRC 83.96 2.30 JacobsEngg J 81.18 1.96 Netease NTES 331.12 7.74 BerryGlobal BERY 33.79 0.71 ColgatePalm CL 68.17 2.62 Rockwell ROK 149.71 6.03 T-MobileUS TMUS 84.41 -0.72 WABCO WBC 134.81 -0.44 AdvanceAuto AAP 88.41 -0.76 FirstEnergy FE 40.00 1.14 JamesHardie JHX 12.15 0.39 Netflix NFLX 370.08 6.00 BestBuy BBY 52.76 -1.14 ColumbiaSportswr COLM 65.88 -0.30 RogersComm B RCI 41.35 0.49 TRowePrice TROW 97.14 3.27 WEC Energy WEC 88.01 4.49 AdvMicroDevices AMD 44.49 0.83 Fiserv FISV 88.75 0.74 JazzPharma JAZZ 99.53 3.85 Neurocrine NBIX 86.31 1.22 Comcast A CMCSA 34.37 1.95 Roku ROKU 82.53 0.11 TaiwanSemi TSM 48.13 1.62 WEX WEX 95.32 2.15 Aegon AEG 2.29 -0.07 BeyondMeat BYND 57.95 -6.23 Five9 FIVN 75.56 1.82 J&J JNJ 133.15 4.34 NewOrientalEduc EDU 107.91 3.17 Comerica CMA 27.79 0.62 Rollins ROL 35.68 0.52 TakeTwoSoftware TTWO 119.51 3.18 W.P.Carey WPC 54.56 -0.26 AgilentTechs A 72.29 3.37 Bilibili BILI 24.42 0.36 FleetCorTech FLT 181.52 8.30 JohnsonControls JCI 26.05 0.89 t NY CmntyBcp NYCB 8.49 -0.16 CommerceBcshrs CBSH 51.58 2.04 RoperTech ROP 305.07 11.41 TakedaPharm TAK 14.73 -0.05 WPP WPP 31.49 1.38 AgnicoEagle AEM 43.63 2.04 Bio-Techne TECH 190.82 5.39 Flex FLEX 7.93 0.07 JonesLang JLL 92.12 -2.24 NYTimes A NYT 28.94 0.50 SABESP SBS 6.71 -0.20 RossStores ROST 79.40 -1.69 Wabtec WAB 43.84 -2.28 AirProducts APD 194.50 5.22 Bio-RadLab A BIO 360.74 25.87 FlirSystems FLIR 32.59 1.91 JuniperNetworks JNPR 19.66 0.44 NewellBrands NWL 12.07 -0.32 Target TGT 94.36 -0.91 ConagraBrands CAG 29.93 0.17 RoyalBkCanada RY 58.99 0.49 t WalgreensBoots WBA 40.32 -2.71 AkamaiTech AKAM 93.12 1.52 Bio-RadLab B BIO.B 344.70 -6.62 FlowersFoods FLO 21.23 0.48 NewMarket NEU 397.00 12.07 TechData TECD 131.53 3.37 KB Fin KB 25.52 0.70 RoyalBkScotland RBS 2.59 0.01 Walmart WMT 118.65 4.51 Albemarle ALB 53.66 -1.18 Biogen BIIB 304.47 11.20 ConchoRscs CXO 46.68 5.04 FomentoEconMex FMX 58.48 -0.32 Newmont NEM 48.23 1.76 TeckRscsB TECK 7.27 0.19 KKR KKR 21.96 0.04 RoyalCaribbean RCL 24.82 -0.95 WasteConnections WCN 76.38 1.57 Alcon ALC 49.53 0.08 BioMarinPharm BMRN 86.06 2.47 ConocoPhillips COP 33.86 4.24 FordMotor F 4.36 -0.04 t NewsCorp A NWSA 8.20 -0.44 TeladocHealth TDOC 159.32 -3.21 KLA KLAC 132.44 0.83 RoyalDutchA RDS.A 38.96 3.65 WasteMgt WM 91.14 2.71 AlexandriaRlEst ARE 131.38 0.14 BioNTech BNTX 56.91 3.99 ConEd ED 78.93 1.32 Fortinet FTNT 100.92 0.45 t NewsCorp B NWS 8.17 -0.42 TeledyneTech TDY 292.47 15.36 KSCitySouthern KSU 121.00 -1.13 RoyalDutchB RDS.B 36.72 3.60 Waters WAT 186.03 3.72 AlexionPharm ALXN 90.350.42 BlackKnight BKI 59.50 1.42 ConstBrands A STZ 131.22 -5.66 Fortis FTS 36.38 0.47 NextEraEnergy NEE 226.45 8.22 Teleflex TFX 295.30 15.50 Kellogg K 61.32 0.23 RoyalGold RGLD 92.78 1.73 WSO 158.18 0.21 Alibaba BABA 188.90 1.34 BlackRock BLK 426.53 16.99 ConstBrands B STZ.B 129.00 -9.22 Fortive FTV 56.00 1.03 t NielsenHoldings NLSN 12.31 0.46 Ericsson ERIC 7.93 0.16 Kemper KMPR 69.09 -2.30 Ryanair RYAAY 50.20 -0.37 Wayfair W 47.24 -0.96 AlignTech ALGN 152.07 -5.13 Blackstone BX 41.19 0.39 Cooper COO 283.83 10.78 FortBrandsHome FBHS 38.46 -0.92 NKE 80.14 0.91 TelefonicaBras VIV 9.90 0.15 KeurigDrPepper KDP 23.86 0.35 SAP SAP 104.99 -0.54 Weibo WB 32.33 0.33 Alleghany Y 529.95 15.25 Boeing BA 123.27 -7.43 Copart CPRT 64.41 -0.38 FortySeven FTSV 95.43 -0.01 NiSource NI 23.49 0.43 Telefonica TEF 4.51 0.10 KeyCorp KEY 9.48 0.03 S&P Global SPGI 241.34 7.01 WellsFargo WFC 27.22 0.65 Allegion ALLE 84.42 -0.17 BookingHldgs BKNG 1260.00 -11.63 Coresite COR 114.80 1.24 FoxA FOXA 22.67 0.33 Nokia NOK 3.04 0.07 TelekmIndonesia TLK 19.28 0.83 KeysightTechs KEYS 83.75 2.86 SBA Comm SBAC 274.94 14.47 Welltower WELL 38.79 -1.81 Allergan AGN 177.54 2.64 BoozAllen BAH 70.48 0.88 Corning GLW 18.70 -0.41 FoxB FOX 21.84 0.27 NomuraHoldings NMR 3.91 -0.07 10xGenomics TXG 59.74 1.35 KilroyRealty KRC 59.58 -0.61 SEI Investments SEIC 45.58 1.40 WestPharmSvcs WST 155.68 5.88 AlliantEnergy LNT 46.92 1.95 BorgWarner BWA 22.28 -0.38 Corteva CTVA 22.24 -0.27 Franco-Nevada FNV 107.89 5.16 KimberlyClark KMB 129.28 3.62 Nordson NDSN 127.90 2.89 Tenaris TS 12.39 0.63 CoStar CSGP 537.70 -1.90 SINOPEC SHI 25.44 1.20 WesternDigital WDC 38.40 0.23 Allstate ALL 85.79 -0.61 BostonBeer SAM 363.83 -0.56 FranklinRscs BEN 16.06 0.20 KinderMorgan KMI 13.45 0.72 NorfolkSouthern NSC 143.72 3.71 TencentMusic TME 11.01 0.89 Costco COST 291.48 4.70 SK Telecom SKM 16.46 0.89 WesternUnion WU 17.85 0.25 AllyFinancial ALLY 12.95 0.02 BostonProps BXP 82.69 -2.56 FreeportMcM FCX 6.39 0.08 KinrossGold KGC 4.84 0.42 NorthernTrust NTRS 76.92 3.92 Teradyne TER 53.43 1.29 CoupaSoftware COUP 132.70 1.11 SS&C Tech SSNC 40.96 -0.41 WestlakeChem WLK 35.20 -0.45 AlnylamPharm ALNY 104.21 -0.33 BostonSci BSX 31.05 0.86 FreseniusMed FMS 32.33 -0.14 KirklandLakeGold KL 31.52 2.29 NorthropGrum NOC 314.29 7.30 Tesla TSLA 454.47 -27.09 CousinsProperties CUZ 27.80 0.30 StoreCapital STOR 15.56 -0.69 WestpacBanking WBK 9.84 0.05 Alphabet A GOOGL 1117.03 14.93 BrightHorizons BFAM 96.02 3.02 Knight-Swift KNX 30.88 -0.31 NortonLifeLock NLOK 18.47 -0.29 TevaPharm TEVA 8.12 -0.35 Credicorp BAP 136.64 2.76 SVB Fin SIVB 142.95 2.94 WestRock WRK 26.79 0.08 Alphabet C GOOG 1120.84 15.22 Bristol-Myers BMY 55.21 0.84 G H I KoninklijkePhil PHG 39.20 0.58 Novartis NVS 83.60 2.67 TexasInstruments TXN 102.02 5.13 CreditAcceptance CACC 236.75 -1.24 Salesforce.com CRM 134.32 0.26 Weyerhaeuser WY 15.84 -0.28 Alteryx AYX 83.50 -5.06 BritishAmTob BTI 36.90 1.83 KoreaElcPwr KEP 7.84 0.31 NovoNordisk NVO 59.31 -0.44 Textron TXT 24.50 -0.36 CreditSuisse CS 7.89 0.22 GCI LibertyA GLIBA 52.14 -1.29 Sanofi SNY 43.51 0.60 WheatonPrecMet WPM 28.43 1.00 AlticeUSA ATUS 22.29 0.34 Broadcom AVGO 237.06 13.43 KraftHeinz KHC 24.64 0.96 Novocure NVCR 66.28 1.76 ThermoFisherSci TMO 287.55 12.35 CrowdStrike CRWD 56.69 2.11 GDS Holdings GDS 57.05 -0.44 SantanderCons SC 12.83 0.46 Whirlpool WHR 81.63 1.03 Altria MO 36.22 -1.39 BroadridgeFinl BR 92.10 0.78 NuanceComms NUAN 16.32 -0.02 t GFLEnvironmental GFL 13.14 -0.60 Kroger KR 31.60 1.10 SareptaTherap SRPT 95.98 2.98 ThomsonReuters TRI 66.73 1.22 Williams WMB 14.38 1.05 BrookfieldMgt BAM 28.96 1.21 CrownCastle CCI 146.37 8.78 Nucor NUE 35.94 0.04 Amazon.com AMZN 1918.83 11.13 GSXTechedu GSX 38.98 -2.36 LHC Group LHCG 128.56 0.16 Schlumberger SLB 13.88 1.29 3M MMM 137.91 4.77 WillisTowers WLTW 158.41 2.22 BrookfieldInfr BIP 36.58 2.19 CrownHoldings CCK 55.00 -0.10 Nutrien NTR 32.80 1.18 Ambev ABEV 2.31 0.06 Galapagos GLPG 190.01 4.49 Line LN 48.05 0.03 SchwabC SCHW 34.39 1.43 Tiffany TIF 129.77 0.43 Wipro WIT 3.02 ... Brown&Brown BRO 34.86 0.42 CubeSmart CUBE 25.27 -0.30 NVIDIA NVDA 255.47 12.40 Amcor AMCR 8.18 0.32 Gallagher AJG 78.76 1.76 LKQ LKQ 18.51 -0.62 ScienceApplicat SAIC 73.77 2.87 Toro TTC 63.56 1.99 Wix.com WIX 93.85 1.23 Brown-Forman B BF.B 54.64 1.17 Cummins CMI 132.76 2.37 Amdocs DOX 54.66 1.28 Gaming&Leisure GLPI 24.53 -0.57 LPL Financial LPLA 51.39 -0.54 ScottsMiracleGro SMG 103.42 2.67 TorontoDomBk TD 40.19 0.17 WooriFin WF 18.16 0.85 Brown-Forman A BF.A 51.94 0.86 CypressSemi CY 23.31 -0.09 O P Q Amedisys AMED 178.93 6.01 Garmin GRMN 73.46 2.05 L3HarrisTech LHX 183.52 6.35 Sea SE 44.58 1.41 Total TOT 39.72 2.24 Workday WDAY 122.37 -3.91 t Bruker BRKR 33.61 2.05 CyrusOne CONE 61.83 0.42 Amerco UHAL 263.30 -6.70 Gartner IT 94.10 0.81 LabCpAm LH 116.01 -0.16 OGE Energy OGE 29.12 0.04 Seagate STX 47.58 -0.28 ToyotaMotor TM 117.82 1.11 WynnResorts WYNN 52.67 -1.33 Bunge BG 39.08 0.71 Ameren AEE 71.67 3.94 D E F Generac GNRC 86.48 3.45 LamResearch LRCX 220.57 -2.76 ONE Gas OGS 78.95 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63.40 3.63 CF Industries CF 25.70 -0.15 AmericanFin AFG 66.35 1.24 Darden DRI 44.31 -1.71 Genmab GMAB 20.30 0.25 LeggMason LM 48.95 0.20 OldDomFreight ODFL 124.21 1.88 ServiceNowNOW 259.00 -14.07 TransUnion TRU 61.85 -1.47 Yandex YNDX 32.61 0.18 CGI GIB 54.19 0.85 AmHomes4Rent AMH 21.21 -0.62 Datadog DDOG 34.60 -0.28 Genpact G 27.08 0.30 Leidos LDOS 88.63 1.48 OldRepublic ORI 14.45 -0.10 ShawComm B SJR 15.82 0.41 Travelers TRV 97.19 1.99 YumBrands YUM 66.05 -1.60 CH Robinson CHRW 68.92 2.35 AIG AIG 21.25 -0.36 DaVita DVA 70.30 -2.30 Gentex GNTX 21.01 0.26 Lennar A LEN 33.42 -1.31 OmegaHealthcare OHI 24.17 -0.37 SherwinWilliams SHW 436.91 11.93 Trex TREX 75.854.18 YumChina YUMC 42.00 1.01 CME Group CME 168.57 2.37 AmerTowerREIT AMT 220.75 13.78 Deere DE 139.38 5.71 GenuineParts GPC 61.40 -1.34 Lennar B LEN.B 25.23 -0.77 Omnicom OMC 52.11 0.44 ShinhanFin SHG 22.14 0.43 Trimble TRMB 29.89 0.79 ZTO Express ZTO 27.35 1.03 CMS Energy CMS 56.86 1.15 AmerWaterWorks AWK 117.64 4.84 DellTechC DELL 37.14 0.24 GileadSciences GILD 76.98 4.47 LennoxIntl LII 176.93 1.15 ON Semi ON 11.27 0.27 Shopify SHOP 346.30 -38.37 Trip.com TCOM 22.36 0.21 ZebraTech ZBRA 174.24 -2.22 CNA Fin CNA 27.82 -0.47 t AmericoldRealty COLD 33.42 0.39 DeltaAir DAL 22.68 -1.19 GSK GSK 37.70 0.48 LeviStraussLEVI 10.07 -0.58 OneConnectFinTech OCFT 10.20 0.03 SignatureBank SBNY 73.80 1.83 TruistFinl TFC 28.48 0.01 Zendesk ZEN 58.94 -3.55 CNH Indl CNHI 5.77 0.08 Ameriprise AMP 94.05 -0.26 DentsplySirona XRAY 37.47 0.16 GlobalPayments GPN 130.69 -2.42 LibertyBroadbandA LBRDA 106.24 3.71 OpenText OTEX 34.51 0.45 t SimonProperty SPG 44.01 -3.03 TurkcellIletism TKC 4.68 0.29 Zillow C Z 30.13 -1.31 CNOOC CEO 114.20 13.27 AmerisourceBrgn ABC 83.89 -2.34 DeutscheBank DB 6.02 0.06 GlobeLife GL 66.96 1.13 LibertyBroadbandC LBRDK 110.54 3.66 Oracle ORCL 49.80 1.09 SiriusXM SIRI 4.75 0.11 Twilio TWLO 83.32 -1.61 Zillow A ZG 29.10 -0.94 CRH CRH 26.25 0.35 Ametek AME 71.09 1.28 DexCom DXCM 266.38 11.57 GlobusMedical GMED 40.47 0.54 LibertyGlobal C LBTYK 15.24 0.13 Orange ORAN 12.04 0.23 Skyworks SWKS 83.37 0.92 Twitter TWTR 23.02 -0.30 ZimmerBiomet ZBH 92.71 3.08 CSX CSX 56.86 2.01 LibertyGlobal A LBTYA 16.19 0.14 Amgen AMGN 208.88 11.07 Diageo DEO 123.69 2.18 GoDaddy GDDY 56.24 3.38 Orix IX 53.93 -3.86 SlackTech WORK 24.26 -1.49 TylerTech TYL 280.34 -11.24 ZionsBancorp ZION 25.39 0.07 CVS Health CVS 55.41 -2.93 Amphenol APH 68.76 -0.76 DiamondbkEner FANG 29.05 3.98 GoldFields GFI 5.12 0.22 LibertyFormOne C FWONK 24.54 0.18 Oshkosh OSK 63.88 -0.24 Smartsheet SMAR 39.34 -1.19 TysonFoods TSN 54.15 -1.19 Zoetis ZTS 116.03 4.11 CableOne CABO 1605.04 64.12 AnalogDevices ADI 87.70 3.61 DigitalRealty DLR 135.01 0.53 GoldmanSachs GS 149.93 4.64 LibertyFormOne A FWONA 23.21 0.16 OwensCorning OC 36.73 -0.08 SmithAO AOS 35.94 0.33 UBS Group UBS 9.00 0.10 ZoomVideo ZM 121.93 -15.07 CabotOil COG 16.70 0.06 t Anaplan PLAN 28.20 -0.19 DiscoverFinSvcs DFS 30.99 -0.54 Graco GGG 46.47 0.96 LibertySirius A LSXMA 30.20 0.28 PG&E PCG 8.28 -0.14 Smith&Nephew SNN 34.10 0.77 UDR UDR 31.95 -1.03 Zscaler ZS 61.18 -0.81 CadenceDesign CDNS 65.93 0.69 AngloGoldAsh AU 17.72 0.97 DiscoveryA DISCA 18.68 -0.77 Grainger GWW 239.69 3.17 LibertySirius C LSXMK 30.02 0.04 PLDT PHI 21.41 0.81 Smucker SJM 110.26 0.66 UGI UGI 26.14 1.50 Zynga ZNGA 6.68 -0.08 AB InBev BUD 43.97 0.92 CaesarsEnt CZR 6.46 -0.17 DiscoveryC DISCK 17.07 -0.57 Grifols GRFS 19.79 0.36 LifeStorage LSI 92.07 0.12 PNC Fin PNC 90.73 3.38 AnnalyCap NLY 4.56 0.19 CamdenProperty CPT 72.31 -2.66 Disney DIS 96.97 2.05 GuardantHealth GH 65.12 -1.58 EliLilly LLY 142.18 5.76 POSCO PKX 31.95 0.86 Anthem ANTM 211.39 -2.91 CampbellSoup CPB 47.45 1.47 DocuSign DOCU 84.04 -8.05 Guidewire GWRE 73.98 -1.60 LincolnElectric LECO 66.41 2.18 PPD PPD 16.77 0.19 Aon AON 157.26 3.58 CIBC CM 55.67 0.78 DolbyLab DLB 52.98 0.62 HCA Healthcare HCA 83.90 0.17 LincolnNational LNC 23.53 -0.32 PPG Ind PPG 80.73 0.84 ApartmtInv AIV 31.22 -1.10 CanNtlRlwy CNI 76.65 1.81 DollarGeneral DG 159.70 6.54 HDFC Bank HDB 37.57 1.51 Linde LIN 164.09 3.22 PPL PPL 22.97 0.07 Dividend Changes ApolloGlbMgmt APO 30.97 1.01 CanNaturalRes CNQ 13.97 0.96 DollarTree DLTR 70.46 -2.48 HD Supply HDS 26.21 0.51 LiveNationEnt LYV 33.95 -4.93 PRA HealthSci PRAH 76.25 ... Apple AAPL 244.93 4.02 CanPacRlwy CP 214.78 5.38 DominionEner D 71.06 1.13 HP HPQ 15.49 0.65 LloydsBanking LYG 1.37 0.06 PTC PTC 54.88 -1.42 Dividend announcements from April 2. ApplMaterials AMAT 43.24 -0.06 Canon CAJ 20.29 -0.29 Domino's DPZ 333.45 -0.32 t HSBC HSBC 24.53 -0.61 LockheedMartin LMT 353.96 15.44 Paccar PCAR 60.87 0.75 Aptargroup ATR 96.15 -0.06 CanopyGrowth CGC 13.80 0.22 Donaldson DCI 37.29 1.21 Haemonetic HAE 99.80 8.18 Loews L 33.18 0.55 PackagingCpAm PKG 83.96 0.06 Amount Payable / Aptiv APTV 45.59 -0.33 CapitalOne COF 43.93 -0.75 DouglasEmmett DEI 27.92 0.12 Halliburton HAL 7.52 0.92 LogitechIntl LOGI 42.69 0.10 PagSeguroDig PAGS 18.90 0.40 Company Symbol Yld %New/Old Frq Record Aramark ARMK 17.95 -0.51 CardinalHealth CAH 46.42 -1.29 Dover DOV 80.60 0.62 HartfordFinl HIG 33.27 -0.19 LogMeIn LOGM 83.46 0.56 PaloAltoNtwks PANW 165.54 1.68 ArcelorMittal MT 8.63 0.05 Carlisle CSL 118.02 0.90 Dow DOW 28.03 0.99 Hasbro HAS 70.43 0.35 Lowe's LOW 82.86 2.44 ParkerHannifin PH 118.84 2.75 Increased Carlyle CG 20.19 0.48 lululemon LULU 185.49 1.99 ArchCapital ACGL 26.32 0.30 DrReddy'sLab RDY 40.46 0.91 HawaiianElec HE 41.24 0.90 Paychex PAYX 61.03 0.43 Bank OZK OZK 6.3 .27 /.26 Q Apr20 /Apr13 ArcherDaniels ADM 34.33 0.46 CarMax KMX 50.20 -2.16 Dropbox DBX 18.23 0.35 HealthcareAmer HTA 22.76 0.87 Lumentum LITE 70.16 1.55 t PaycomSoftware PAYC 181.26 -6.18 Watsco WSO 4.0 1.775 /1.60 Q Apr30 /Apr15 arGEN-X ARGX 133.31 5.87 t Carnival CCL 7.97 -0.83 DukeEnergy DUK 79.39 1.82 HealthpeakProp PEAK 20.41 -0.88 Lyft LYFT 22.45 -1.05 Paylocity PCTY 79.90 -2.43 WSOB Q AristaNetworks ANET 194.10 1.33 CarrierGlobal CARRw 13.28 -1.77 DukeRealty DRE 30.03 -0.15 Heico HEI 70.69 1.86 LyondellBasell LYB 45.92 0.89 PayPal PYPL 93.52 2.14 Watsco B 4.1 1.775 /1.60 Apr30 /Apr15 CaseysGenStores CASY 126.05 -1.27 ArrowElec ARW 51.16 0.99 Dunkin' DNKN 48.55 -2.70 Heico A HEI.A 63.69 0.78 M N Pearson PSO 6.59 0.04 Reduced AscendisPharma ASND 110.87 -2.13 Catalent CTLT 49.94 1.92 DuPont DD 32.51 -0.01 HenrySchein HSIC 48.44 -0.13 Pegasystems PEGA 65.17 -1.15 Caterpillar CAT 116.74 5.39 AFIN AspenTech AZPN 89.38 0.11 DynatraceDT21.38 -1.14 Herbalife HLF 28.34 0.88 M&T Bank MTB 95.74 -0.12 Peloton PTON 26.74 -1.22 American Finance Tr Cl A 20.8 .0708 /.09167 M Apr15 /Apr13 Celanese CE 68.60 0.55 Assurant AIZ 100.06 -2.06 ENI E 21.57 1.60 Hershey HSY 135.73 4.07 MDU Rscs MDU 20.80 0.20 PembinaPipeline PBA 17.97 1.34 Global Net Lease GNL 18.1 .40 /.5325 Q Apr15 /Apr13 Centene CNC 56.36 0.24 AstraZeneca AZN 43.76 -0.02 EOG Rscs EOG 38.30 3.70 HessHES 35.30 3.32 MGM Resorts MGM 11.51 -0.26 Pentair PNR 27.74 0.38 CenterPointEner CNP 14.13 0.01 Athene ATH 22.28 0.43 EPAM Systems EPAM 172.02 -4.14 HewlettPackard HPE 9.38 -0.20 MKS Instrum MKSI 77.80 0.64 PenumbraPEN 161.83 8.22 Stocks CentraisElBras EBR 4.36 0.07 Atlassian TEAM 129.01 -5.04 E*TRADE ETFC 34.25 2.27 Hill-Rom HRC 107.83 3.71 MPLX MPLX 11.78 0.38 t People'sUtdFin PBCT 10.19 -0.13 Sonnet BioTherapeutics SONN 1:26 /Apr02 CenturyLink CTL 8.80 0.01 AtmosEnergy ATO 97.37 2.73 EastmanChem EMN 45.38 -0.13 Hilton HLT 57.86 -5.18 MSCI MSCI 286.99 15.71 PepsiCo PEP 123.86 5.74 CeridianHCM CDAY Autodesk ADSK 137.05 -2.17 43.28 -2.72 Eaton ETN 73.59 0.45 Hologic HOLX 34.06 1.36 MadisonSquGarden MSG 206.17 -2.10 PerkinElmer PKI 72.31 1.48 Foreign Cerner CERN 61.96 1.43 Autohome ATHM 71.36 0.80 eBay EBAY 29.19 0.41 HomeDepot HD 181.31 2.68 MagellanMid MMP 35.37 0.61 t Perrigo PRGO 42.80 -2.31 Atlas ATCO 7.2 .125 Q Apr30 /Apr20 Autoliv ALV 42.06 -1.28 CharlesRiverLabs CRL 121.58 1.97 Ecolab ECL 152.16 5.46 HondaMotor HMC 20.88 -0.20 PetroChina PTR 40.62 5.27 MagnaIntl MGA 29.60 -0.42 Atlas 7.95% Pfd. D ATCOpD 12.9 .49687 Q Apr30 /Apr29 ADP ADP 131.55 1.83 CharterComms CHTR 435.66 11.63 Ecopetrol EC 10.24 1.23 Honeywell HON 132.81 3.10 ManulifeFin MFC 11.57 -0.26 PetroleoBrasil PBR 5.81 0.40 Atlas 8.2% Pfd. G ATCOpG 13.3 .5125 Q Apr30 /Apr29 AutoZone AZO 794.65 17.79 CheckPoint CHKP 98.74 0.46 EdisonInt EIX 51.53 0.26 HorizonTherap HZNP 31.85 1.66 MarathonPetrol MPC 21.22 0.35 PetroleoBrasilA PBR.A 5.86 0.44 Avalara AVLR 65.57 -0.69 Chegg CHGG 33.96 -0.17 EdwardsLifeEW 184.86 12.23 HormelFoods HRL 47.58 1.23 Markel MKL 909.35 23.63 Pfizer PFE 32.87 1.12 Atlas Perp. Pfd. I ATCOpI 14.1 .50 Q Apr30 /Apr29 Avalonbay AVB 135.34 -2.68 Chemed CHE 427.72 27.14 ElancoAnimal ELAN 20.77 0.62 DR Horton DHI 32.60 -0.08 MarketAxess MKTX 347.29 13.30 PhilipMorris PM 74.34 3.22 Atlas Pfd. Series E ATCOpE 13.0 .51563 Q Apr30 /Apr29 Avangrid AGR 42.43 1.23 CheniereEnergy LNG 33.92 1.92 Elastic ESTC 48.59 -3.10 HostHotels HST 9.55 -0.73 Marriott MAR 63.00 -6.15 Phillips66 PSX 51.72 2.21 Atlas Pfd. Series H ATCOpH 13.5 .49219 Q Apr30 /Apr29 Avantor AVTR 12.36 0.58 CheniereEnerPtrs CQP 27.99 2.58 ElbitSystems ESLT 121.82 -0.19 HowmetAerospace HWM 12.50 -0.70 Marsh&McLen MMC 82.75 0.73 PilgrimPride PPC 17.71 -0.04 Costamare CMRE 9.6 .10 Q May07 /Apr21 AveryDennison AVY 95.90 -0.03 Chevron CVX 76.12 7.56 ElectronicArts EA 102.29 4.76 HuanengPower HNP 13.78 0.54 MartinMarietta MLM 180.35 -5.77 Pinduoduo PDD 36.28 0.38 Costamare 8.875% Pfd. E CMREpE 13.7 .55469 Q Apr15 /Apr14 AxaltaCoating AXTA 16.38 0.11 Chewy CHWY 35.06 -0.92 EmersonElec EMR 47.73 2.03 Huazhu HTHT 29.17 1.04 MarvellTech MRVL 22.65 1.07 PinnacleWest PNW 71.77 0.93 AxonEnterprise AAXN 62.64 -2.08 ChinaBiologic CBPO102.20 -4.89 Enbridge ENB 27.49 0.28 Hubbell HUBB 112.59 2.34 Masco MAS 33.01 -0.19 Pinterest PINS 13.70 -0.47 Costamare Pfd. B CMREpB 12.8 .47656 Q Apr15 /Apr14 BCE BCE 40.41 1.53 ChinaEastrnAir CEA 17.11 0.65 EncompassHealth EHC 62.09 1.40 HubSpot HUBS 116.86 -8.24 Masimo MASI 183.82 5.33 PioneerNatRscs PXD 75.15 7.38 Costamare Pfd. C CMREpC 13.9 .53125 Q Apr15 /Apr14 BHP Group BHP 37.90 2.03 ChinaLifeIns LFC 9.72 0.28 EnelAmericas ENIA 5.79 0.04 Humana HUM 300.11 1.36 Mastercard MA 238.88 10.27 PlainsAllAmPipe PAA 5.20 0.10 Costamare Pfd. D CMREpD 13.9 .54688 Q Apr15 /Apr14 BHP Group BBL 31.10 1.71 ChinaMobile CHL 38.06 1.93 EnelChile ENIC 3.44 0.16 JBHunt JBHT 90.88 0.38 MatchGroup MTCH 62.19 0.58 Pool POOL 193.12 -1.89 Petroleo Brasileiro ADR PBR 3.3 .0931 Q Dec22 /Apr29 BP BP 26.03 1.66 ChinaPetrol SNP 52.41 4.88 EnergyTransfer ET 5.22 0.19 HuntingtonBcshs HBAN 7.37 -0.08 MaximIntProducts MXIM 47.76 1.74 PortlandGenElec POR 48.48 1.31 BWX Tech BWXT 50.23 2.24 ChinaSoAirlines ZNH 21.08 0.69 Entegris ENTG 42.03 0.62 HuntingIngalls HII 180.64 7.50 McCormick MKC 145.21 6.59 PostHoldings POST 85.57 3.16 Baidu BIDU 99.59 1.91 ChinaTelecom CHA 31.07 1.61 Entergy ETR 88.20 2.62 HyattHotels H 40.15 -3.49 McCormickVtg MKC.V 145.00 8.25 PrincipalFin PFG 26.60 -0.80 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: BakerHughes BKR 10.36 0.56 ChinaUnicom CHU 5.90 0.25 EnterpriseProd EPD 14.41 0.62 IAC/InterActive IAC 169.77 1.98 McDonalds MCD 161.50 3.33 Procter&Gamble PG 114.40 5.07 spin-off.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Culp CULP 6.06 -3.5 GlobalIndemnity GBLI 23.05 -1.5 Lightbridge LTBR 1.83 -5.2 OPKO Health OPK 1.14 -5.0 QCR Holdings QCRH 22.80 1.6 TFS Fin TFSL 13.54 -1.3 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American DieboldNixdorf DBD 3.01 1.6 GolarLNGPartners GMLP 1.30 -44.9 Lovesac LOVE 4.00 -6.1 OcwenFinancial OCN 0.32 -6.9 QuadGraphics QUAD 2.06 -8.7 TalosEnergyWt TALO.WS 0.08 -5.0 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest Dillard's DDS 25.55 -8.2 GolubCapital GBDC 9.53 -19.6 LuckinCoffee LK 4.90 -75.6 Old2ndBcp OSBC 6.00 ... RMG Acqn Wt RMG.WS 0.55 -3.5 Tapestry TPR 10.18 -0.5 session. %CHG-Daily percentage change from the previous trading session. ENDRA LifeSci NDRA 0.61 -6.1 GoodTimesRest GTIM 0.51 -3.2 MSG Networks MSGN 8.52 0.7 OrisunAcqnRt ORSNR 0.13 13.0 RPTRealty RPT 4.89 -9.4 TataMotors TTM 4.01 0.2 EastWestBncp EWBC 23.76 -0.6 GrupoSimec SIM 6.19 -2.5 Macerich MAC 4.85 -9.9 OrisunAcqnWt ORSNW 0.05 -23.1 RTI Surgical RTIX 1.52 -2.5 Tecogen TGEN 0.91 -4.2 Thursday, April 2, 2020 ElevateCredit ELVT 0.90 -3.2 GuarFedBcsh GFED 12.89 -9.8 MadrigalPharm MDGL 56.82 0.5 OrrstownFinSvcs ORRF 11.90 -3.0 RaveRestaurant RAVE 0.66 -12.4 TetraTech TTI 0.26 -1.2 52-Wk % 52-Wk % 52-Wk % ElmiraSvgsBank ESBK 11.04 -3.6 GulfIslandFab GIFI 2.82 -2.0 MalibuBoats MBUU 19.17 -21.1 PDLCommBncp PDLB 7.77 0.1 RedLionHotels RLH 1.25 ... Tilly's TLYS 3.55 -2.4 EloxxPharm 1.53 -0.6 HF Foods 6.50 -5.1 MalvernBancorp 11.40 ... PDS Biotech 0.62 -3.8 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ELOX HFFG MLVF PDSB RegencyCtrs REG 32.20 -6.6 TItanIntl TWI 1.26 -7.9 EmeraldHldg EEX 2.08 -13.2 HSBC HSBC 23.95 -2.4 MasterCraftBoat MCFT 5.38 -7.3 PGT Innovations PGTI 7.14 0.8 Regis RGS 4.51 -6.8 TransActTechs TACT 2.87 0.7 AmerEagle AEO 6.63 -3.3 BrixmorProp BRX 7.77 -7.7 Energous WATT 0.63 -4.5 HalladorEnergy HNRG 0.81 -4.7 MedalistDivREIT MDRR 1.35 -21.1 PRGX Global PRGX 1.77 4.7 ReliantBancorp RBNC 9.57 -2.4 TremontMortgage TRMT 1.75 -8.9 Highs AmRltyInv ARL 5.99 -10.2 BrookfieldDTLAPf DTLAp 10.00 -10.7 Entercom ETM 1.24 -7.8 Hanesbrands HBI 7.06 -1.9 MediWound MDWD 1.48 ... PacificDrilling PACD 0.35 3.6 RingEnergy REI 0.53 3.3 Trevena TRVN 0.50 -5.9 AmesNational ATLO 17.80 -1.8 Bruker BRKR 30.78 6.5 EpsilonEnergy EPSN 2.32 -0.8 HarteHanks HHS 1.11 -0.9 Meredith MDP 10.55 -7.4 PacificMercBncp PMBC 3.44 -5.2 RyderSystem R 23.21 -2.4 TrueCar TRUE 2.10 0.5 AdaptHealth AHCO 18.15 11.7 Amrep AXR 4.34 -4.2 Buckle BKE 11.76 5.5 Escalade ESCA 4.99 6.4 HavertyFurn HVT 10.33 1.3 Merus MRUS 10.80 -5.2 PanhandleOil&Gas PHX 3.23 0.9 SellasLifeSci SLS 1.47 -4.4 TwinDisc TWIN 5.70 -7.6 BELLUS Health BLU 11.68 5.8 Anaplan PLAN 26.04 -0.7 CBL AssocPfdE CBLpE 0.49 -2.2 EthanAllen ETH 8.62 -5.7 HelixEnergy HLX 1.18 -5.6 MetenEdtechX METX 11.55 4.8 ParkNational PRK 71.44 3.8 SallyBeauty SBH 6.77 -3.9 Ultralife ULBI 4.85 -2.3 Cytosorbents CTSO 8.10 1.9 AscenaRetail ASNA 1.00 -12.0 CambridgeBncp CATC 47.19 2.5 Eventbrite EB 5.77 -5.9 HemisphereMedia HMTV 8.03 0.2 MotorcarParts MPAA 10.55 -5.4 PaycomSoftware PAYC 173.07 -3.3 ScrippsEW SSP 6.28 -1.2 UnderArmour C UA 6.60 -7.5 GrafIndustrial GRAF 10.49 1.0 AssocCapital AC 24.33 3.8 CamdenNational CAC 28.47 1.0 ExperienceInvtWt EXPCW 0.48 -31.5 HoughtonMifflin HMHC 1.58 -4.0 MuscleMaker GRIL 1.58 -2.9 PenneyJC JCP 0.30 -9.3 SecooHolding SECO 2.95 -14.4 UnderArmour A UAA 7.50 -5.7 KBLMergerIV KBLM 10.77 7.7 AvalonHoldings AWX 1.22 -1.6 Carnival CCL 7.80 -9.4 Exterran EXTN 4.07 -1.6 HowmetAeroPfd HWMp 67.00 -14.0 MyoKardia MYOK 42.65 5.0 People'sUtdFin PBCT 10.02 -1.3 SeelosTherap SEEL 0.42 -10.7 UnitedBancshares UBOH 13.35 -17.7 Tri-Cont Pfd TYp 56.81 4.2 BGC Partners BGCP 2.10 -4.3 Cato CATO 8.89 -4.3 EyePointPharm EYPT 0.70 -7.6 HyreCar HYRE 1.08 -8.1 Napco Security NSSC 13.33 -3.4 PeoplesBncpNC PEBK 15.66 -1.7 SensientTech SXT 39.51 -1.8 US NatGas UNG 11.53 -2.2 BOS BetterOnln BOSC 1.02 -11.8 CedarRealty CDR 0.67 -10.8 FederalRealty FRT 64.81 -4.3 IRSA Prop IRCP 6.09 -12.9 NCS Multistage NCSM 0.51 5.6 PeoplesFinSvcs PFIS 32.61 -1.5 SharpSpring SHSP 5.02 -4.8 UnitedTechWi UTXw 49.31 -4.4 Lows BancCalifornia BANC 6.71 3.6 Celcuity CELC 5.15 -3.1 FirstHawaiian FHB 14.82 -0.2 iHeartMedia IHRT 5.41 -13.2 NN NNBR 1.44 -3.2 PerformantFin PFMT 0.69 -3.6 SiebertFin SIEB 5.50 -6.7 UnityBancorp UNTY 8.76 ... Bladex BLX 7.73 -3.0 CntlValCmntyBk CVCY 10.59 3.2 FirstNWBncp FNWB 9.11 0.7 Independence IHC 22.00 1.4 NaviosMaritimPf NMpG 2.44 -10.0 Perma-PipeIntl PPIH 6.03 -6.2 SimonProperty SPG 42.25 -6.4 Vaccinex VCNX 3.56 -9.1 AG Mortgage MITT 1.80 -20.9 BankFinancial BFIN 7.17 -6.0 CherryHillMtg CHMI 3.97 -15.2 Flexsteel FLXS 9.81 4.5 InspiredEnt INSE 2.52 -7.0 Neovasc NVCN 1.28 -2.9 Perrigo PRGO 40.01 -5.1 SleepNumber SNBR 16.87 -1.6 VenatorMaterials VNTR 1.29 -12.8 AG Mortgage PfdB MITTpB 3.41 -25.1 BankwellFin BWFG 12.07 -0.2 Chico'sFas CHS 1.00 -11.4 Forestar FOR 9.43 -0.7 Intellicheck IDN 2.66 -11.5 NetElement NETE 1.47 -12.8 PhioPharm PHIO 1.60 -0.6 SonnetBio SONN 5.60 -27.9 Vericity VERY 7.20 -4.5 AHBeloA AHC 1.39 ... Barnes&NobleEduc BNED 1.19 -0.8 ChinaSXTPharm SXTC 0.35 -12.2 FoxFactory FOXF 34.58 -3.5 IntrepidPotash IPI 0.60 -4.9 NE Realty NEN 42.00 -8.5 PioneerBancorp PBFS 9.01 -3.5 SoMO Bancorp SMBC 20.00 -3.4 Visteon VC 38.69 -4.3 ALJ Regional ALJJ 0.49 -8.3 BayCom BCML 10.94 -1.1 CitiTrends CTRN 7.14 ... Francesca's FRAN 1.77 -9.0 InvRlEst IRET 46.22 -3.4 NewProvidenceWt NPAWW 0.50 -2.0 PioneerPwrSols PPSI 1.05 -14.4 SpartanEnerWt SPAQ.WS 0.30 -20.7 WalgreensBoots WBA 39.41 -6.3 Amcon DIT 60.85 -2.5 BedBath BBBY 3.52 -6.1 CtznCmntyBcp CZWI 5.50 -5.5 Funko FNKO 3.44 -7.8 IronMountain IRM 21.00 -3.2 NewResidInvt NRZ 4.24 -2.3 PitneyBowesNt43 PBIpB 8.16 -5.8 SpiritofTexas STXB 8.98 2.0 Walker&Dunlop WD 30.45 -7.1 Abercrombie&Fitch ANF 7.42 -2.4 Big5SportingGds BGFV 0.67 -26.3 ClipperRealty CLPR 4.51 -4.8 GAMCO Investors GBL 9.03 -2.4 J.Jill JILL 0.40 -18.0 NY CmntyBcp NYCB 8.27 -1.8 PitneyBowes PBI 1.78 0.5 StageStores SSI 0.28 -9.4 WashingtonPrmPfI WPGpI 3.66 -19.5 AcadiaRealty AKR 10.08 -5.1 Biolase BIOL 0.23 -3.6 Coca-Cola Femsa KOF 37.87 3.3 GFLEnvironmental GFL 13.00 -4.4 KLX Energy KLXE 0.51 6.1 NewsCorp B NWS 7.88 -4.9 Precipio PRPO 0.62 -6.9 Startek SRT 2.95 -9.1 WashingtonPrmPfH WPGpH 3.78 -21.7 Adecoagro AGRO 3.41 0.3 BionanoGenom BNGO 0.25 -33.6 CommVehicle CVGI 1.33 -7.4 GP Strategies GPX 5.78 -0.5 KimcoRealty KIM 7.45 -6.6 NewsCorp A NWSA 7.90 -5.1 PrefApartment APTS 5.57 -7.1 SteelConnect STCN 0.70 -3.6 WeingartenRealty WRI 12.21 -6.7 AeroCentury ACY 0.78 33.3 BlonderTongueLab BDR 0.48 -11.9 CommFirstBcshs CFBI 5.36 -15.9 GameStop GME 2.85 -12.3 KiteRealty KRG 7.38 -3.4 NexaResources NEXA 2.57 -6.4 PropTechAcqnWt PTACW 0.21 -7.1 SteelPartners SPLP 4.85 -6.2 WesternAssetMort WMC 1.61 -19.1 AllegianceBcshs ABTX 21.79 3.5 BlueLinx BXC 3.81 -5.6 ComtechTel CMTL 11.48 0.9 Gannett GCI 0.95 -18.5 Kohl's KSS 11.52 -9.5 NexPointResidentl NXRT 21.06 0.1 ProSightGlobal PROS 8.51 -1.1 SundialGrowers SNDL 0.48 -13.4 WhitingPetrol WLL 0.25 -16.8 AllegroMergWt ALGRW 0.00 -20.0 BluerockResREIT BRG 4.48 -6.5 Corts JCPen JBR JBR 1.33 ... Gap GPS 5.26 -6.6 Lands'End LE 4.50 -5.7 NielsenHoldings NLSN 11.62 3.9 ProspectCapital PSEC 3.92 3.6 SunlandsTech STG 1.10 -13.5 WorldAcceptance WRLD 46.82 -3.9 AltairEngg ALTR 23.04 -0.6 BowlAmerica BWL.A 8.14 -3.8 CovenantTranspt CVTI 7.16 -3.3 GasLogPfdA GLOGpA 13.52 2.7 LendingTree TREE 148.63 -5.2 Nordstrom JWN 12.76 -0.8 Puxin NEW 3.83 1.3 Sunworks SUNW 0.31 -4.2 Yext YEXT 8.92 -5.7 AmerAirlines AAL 10.00 -5.9 Briggs&Stratton BGG 1.50 -9.6 Crawford A CRD.A 6.06 -3.1 GenesisHealthcare GEN 0.69 -2.4 LeviStrauss LEVI 10.00 -5.4 NorwoodFin NWFL 23.21 -1.0 PzenaInvtMgmt PZN 3.47 -2.6 Synalloy SYNL 7.62 1.8 ZionsBancorpWt ZIONW 0.18 5.7

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret US TgdVal 13.26 +0.14-42.5 Balanc 20.72 +0.24-15.8 Guggenheim Funds Tru TotalReturnBond NA ... NA TSM Sel r NA ... NA TxMCapAdml128.81 +2.66-21.9 WndsrII 26.73 +0.58-26.6 NOTICE TO READERS USLgVa 25.52 +0.55-33.5 BluCh 89.17 +0.86-17.2 TotRtnBdFdClInst 27.81 +0.04 3.1 PIMCO Fds Instl TIAA/CREF Funds TxMIn r 10.46 +0.14-25.7 VANGUARD INDEX FDS Due to extreme market activity and delayedreporting of closing prices Dodge & Cox Contra 11.46 +0.18-15.8 Harbor Funds AllAsset NA ... NA BdIdxInst 11.41 ... 3.3 USGroAdml 94.38 +0.78-15.3 MdCpVlAdml 40.21 +0.38-34.4 from the sources, some NAVs mayreflect previous day’strading. Balanced 77.14 +1.24-22.6 ContraK 11.48 +0.19-15.8 CapApInst 64.28 +0.61-15.1 TotRt 10.54 +0.02 NA VANGUARD ADMIRAL ValAdml 34.15 +0.89-26.3 SmValAdml 36.07 +0.28-38.5 Harding Loevner 500Adml 233.28 +5.25-21.4 TotBd2 11.29 ... 3.2 Up-to-date mutual-fund data canbefound online at WSJMarkets.com. Income 13.77 +0.02 -0.9 CpInc r 8.14 -0.04-19.8 PIMCO Funds A WdsrllAdml 47.42 +1.02-26.6 Intl Stk 29.37 +0.51-32.6 GroCo 18.22 +0.29-14.7 IntlEq 18.83 +0.41 NA IncomeFd 10.91 ... NA BalAdml 33.88 +0.42-12.9 WellsIAdml 60.50 +0.65 -7.8 TotIntl 13.26 +0.22-25.6 Stock 130.87 +3.08-31.1 GrowCoK 18.25 +0.29-14.7 Invesco Funds A PIMCO Funds I2 CAITAdml 11.70 -0.07 -2.6 WelltnAdml 63.29 +0.93-14.8 TotSt 61.05 +1.24-23.0 DoubleLine Funds InvGrBd 11.54 +0.03 0.5 EqIncA 8.02 +0.11-21.7 Income 10.91 ... NA CapOpAdml r120.65 +2.27-23.5 VANGUARD INSTL FDS Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. WndsrAdml 49.89 +0.67-31.0 CoreFxdIncmI NA ... 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NA-Not EqInc 14.38 +0.37-25.6 Fidelity SrsEmrgMkt 15.39 +0.42-25.4 DivGro 42.36 +0.99-20.3 GNMAAdml 10.83 +0.01 3.3 INSTTRF2030 21.10 +0.27-16.0 GrwthInst 78.49 +1.41-16.1 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; JPMorgan R Class GrwthAdml 78.49 +1.41-16.1 InPrSeIn 10.89 +0.12 3.4 500IdxInstPrem 88.07 +1.98-21.4 SrsGlobal 9.90 +0.18-24.8 EqInc 22.18 +0.45-30.4 INSTTRF2035 20.93 +0.29-17.9 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. CoreBond 12.07 +0.01 2.6 HlthCareAdml r 74.61 +1.42-12.6 InstIdx 225.42 +5.07-21.4 Contrafund K6 12.17 +0.20-15.9 SrsGroCoRetail 15.17 +0.23-14.5 EqIndex 67.12 +1.51-21.4 INSTTRF2040 20.76 +0.32-19.8 CorePlusBd 8.44 ... 0.6 HYCorAdml r 5.20 -0.01-11.6 InstPlus 225.43 +5.07-21.4 ExtMktIdxInstPre 44.36 +0.36-31.8 SrsIntlGrw 14.17 +0.22-19.1 Growth 60.23 +0.54-17.9 INSTTRF2045 20.55 +0.35-21.5 Lord Abbett A InfProAd 26.74 +0.31 3.4 InstTStPlus 52.24 +1.06-23.0 Thursday, April 2, 2020 IntlIdxInstPrem 32.33 +0.42-24.7 SrsIntlVal 6.99 +0.13-29.4 HelSci 69.33 +1.73-14.9 INSTTRF2050 20.58 +0.34-21.5 ShtDurIncmA p 3.95 ... -5.4 IntlGrAdml 84.62 +0.98-17.7 MidCpInst 34.67 +0.39-28.5 Net YTD Net YTD Net YTD MidCpInxInstPrem 16.55 +0.18-30.0 TotalBond 10.78 +0.02 -0.5 InstlCapG 36.51 +0.33 NA IntlVal 27.09 +0.40-27.8 Lord Abbett F ITBondAdml 12.10 ... 3.1 MidCpIstPl 170.97 +1.91-28.5 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SAIUSLgCpIndxFd 13.58 +0.31-21.5 Fidelity SAI IntlStk 14.29 +0.21-23.3 LifeCon 19.11 +0.15 -8.7 ShtDurIncm 3.95 ... -5.4 ITIGradeAdml 9.85 ... -0.7 RealEstaInstl 14.39 +0.07-28.8 American Century Inv NwWrldA 53.84 +0.95-23.7 CorePlusBond 10.07 +0.01 -0.2 SeriesOverseas 8.38 +0.06-22.3 TotalBd 10.30 +0.02 -1.2 MidCap 71.04 +0.98-25.5 LifeGro 29.25 +0.44-19.1 Lord Abbett I LTGradeAdml 10.99 -0.05 1.9 SmCapInst 52.43 +0.46-33.7 Ultra 43.72 +0.48-16.2 SmCpA p 43.86 +0.21-25.4 Intl Eq 9.14 +0.15-23.8 SmCpIdxInstPrem 13.74 +0.17-34.7 U.S.TreBdIdx 10.94 ... 8.9 N Inc 9.35 -0.01 NA ShtDurInc p 3.95 ... -5.4 MidCpAdml 156.93 +1.75-28.5 LifeMod 24.82 +0.28-14.0 STIGradeInst 10.51 +0.01 -1.4 American Funds Cl A Del Invest Instl TMktIdxInstPrem 69.68 +1.43-23.1 First Eagle Funds NHoriz 50.26 +0.41-15.3 TxExA p 12.77 -0.07 -3.6 West MuHYAdml 10.93 -0.08 -6.1 PrmcpCor 20.86 +0.41-25.3 STIPSIxins 24.69 +0.14 ... 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THE WALL STREET JOURNAL. ***** Friday, April 3, 2020 | B9 MARKETS Pace of Ratings Reductions Speeds Up

BY SEBASTIAN PELLEJERO

Corporatebonds arebeing downgraded at breakneck speeds,demonstrating the threat posed to companies’ bal- ancesheetsbythe coronavirus crisis. Thepaceofdowngrades over the last two weeks was

the fastest on record in one S

major corporate-bond indexgo- NEW ing back to 2002, according to G BofA Global Research. Theindex, known as the ICE OOMBER BofAML U.S. CorporateIndex, /BL KER

has suffered $569 billion in AC downgrades sinceMarch 16, NIEL

said Bank of America. DA Credit-ratingsfirms down- graded anet $560 CREDIT billion of invest- MARKETS ment-grade corpo- Energy Sector Kick-StartsStocks rate bonds in the indexlast month, the bank added. While totaldowngrades Stocks rose on signs of po- One daymoves, Thursday Hospitals acrossthe country remained lowerthan at the tential easing in the oil-price arepreparing foraninflux of same point during the financial warbetween Saudi Arabia and Chevron patientsamid shortages of crisis,the paceaccelerated in Russia, raising hopes forthe supplies including beds,venti- recent weeks as ratingsfirms battered energy sector. RoyalDutch Shell latorsand masks. andinvestorsreassessed the S&P500 energy sector Investorswill continue to abilityofborrowers to repay By Karen Langley, focus on anynew datashow- theirdebts. Joe Wallace Exxon Mobil ing the rate at whichthe coro- Fearsthat the crisis will and Chong Koh Ping navirus is spreading.That will spur bankruptcies and apro- S&P500 help shed light on the extent longed recession have helped Major indexespushed 0% 24 6810 of the economic damagefrom drivethe BloombergBarclays higher afterPresident Trump Source:FactSet the pandemic and the efforts U.S. corporateinvestment suggested on Twitterthat to control it. grade indexdown3.9%inthe talks between the two feuding Brent crude oil, the global andending ties with Russia cans applied forunemploy- “Wekeep getting told that firstquarter of 2020,the worst nations could lead to acut in benchmark,surged21% in its wasthe black swanwithin the ment benefitslast week, the next few weeks aregoing performancesincethe end of oil production. largest one-daypercent gain pandemic black swanwhich roughly double the number to be really,really tough,” said 2016.Analystssaid thereisstill Saudi Arabia is willing to on record,based on datago- further put pressureonthe from two weeks ago. TomStringfellow, president room formorecompanies to consider massiveoil-supply ing back to June 1988. overallmarket,” said Justin TheAmerican labor market and chief investment officer fall down the ratingsladder, curbs as long as other nations Stock gains were broad, Kelly, portfolio manager of has been hit hardasmeasures at Frost Investment Advisors. with businesses closed and con- join the effort, TheWall with all 11 sectorsofthe S&P the MainStayWinslowLarge to contain the outbreak have “That doesn’t set the tone for sumersstuck at home,despite Street Journal reported. 500 ending the dayinpositive Cap Growth Fund. “The mar- restricted businessactivity in apositive, sustainable market. the Federal Reserve’s recent ex- Thesigns territory. ket is correct to rise on that large partsofthe economy. It setsthe tone forwhat will traordinaryefforts to support THURSDAY’S that oil prices Theenergy group led the tweet, because the economic “The joblessnumbersare be possibly averyvolatile the corporatedebt market. MARKETS could recover rally,rising 9.1%. Exxon Mobil damage to the energy sector certainly bad, but everyone market.” “The Fedprograms cannot some of their shares rose $2.87,or7.6%, to hasbeen substantial.” already expected that,” said Overseas,the StoxxEurope stem thenegativeactions that recent declines bolstered en- $40.40, and Chevron shares Acombination of eroding Bill Callahan,investment 600 indexedged up 0.4%. At credit rating agencies have al- ergy shares and the stock gained $7.56, or 11% to $76.12. demand andaflood of new strategist at Schroders. “At middayFridayinTokyo, ready takenand will continue to market morebroadly,after President Trump is meeting supply recently pushed U.S. this point there’salot of bad Japan’sNikkei wasup0.3%, take,” said UBS senior credit weeks of punishing losses as with the heads of some of the crude-oil prices close to their news already priced intomany while South Korea’sKospi was strategist BarryMcAlinden. the coronavirus pandemic largest U.S. oil companies on lowest level since2002. Even of the stocks,sothe news up 0.5%. S&P 500 and Dow “Downgrades areanormal part slows economic activity. Fridaytodiscussmeasures to with Thursday’ssurge,Brent flow from herewill have to Jones futures were both down of an economic down cycle,and TheDow Jones Industrial help the industry, TheWall is down 55% this year. getmuch worsetosee signifi- about 0.7%. the anticipation fornegativerat- Averagegained 469.93points, Street Journal reported. Therise in stocks came af- cant selling going forward.” U.S. government bonds ing actions is areason why[in- or 2.2%, to 21413.44. TheS&P Market sentiment was also terdatashowedasurge in the World-wide confirmed were little changed. The yield vestment-grade bond] spreads 500 added 56.40points, or buoyedbyareport that China number of Americans filing cases of the coronavirus sur- on 10-year Treasurynotes arewherethey currently stand.” 2.3%, to 2526.90, and the Nas- plans to buy crude forits stra- joblessclaims,asign of the passed one million Thursday, slipped to 0.624%, from Investorsare being compen- daq Compositerose 126.73 tegic reserves,analystssaid. deepening impact of the coro- with just under aquarter of 0.630% Wednesday. Yields sated moretohold corporate points, or 1.7%, to 7487.31. “The substantial decline in navirus pandemic on the U.S. the global totalinthe U.S.,ac- drop when bond prices climb. bonds. Adjusted foroptions, Crude prices leapt on hopes oilpriceset off by the Saudis economy. cording to datacompiled by Gold, which is also considered the spread, or extrayield inves- foratruce in the dispute. ramping up their production Arecord6.6 million Ameri- Johns Hopkins University. ahaven, climbed 3%. tors demanded to hold invest- ment-grade U.S. corporate bonds in the BloombergBar- clays indexoverTreasury Bonds Outperform in the Battle of Returns bonds increased by 1.79 per- centagepointsduring the first quarter—a record,according to BY CAITLIN MCCABE Return including dividends Center forFinancial Research. government debt, mortgage DowJones Market Data. “But the truth is they just keep debt and corporatedebt, Investorswatch downgrades Bonds have pulled away 250% delivering positivereturns.” among other securities,re- because it is one sign of deteri- from stocks in theracefor re- BloombergBarclays U.S. AggregateBond Index “Not only is [this] agood turned 152% to investors. orating conditions in the corpo- turns sincethe turn of the cen- 200 176% eyeopener that bonds have de- To be sure, greater returns rate sector.Manyfunds also tury. livered betterreturns,but they from stockindexeshavestill can’t hold debt belowinvest- Sincethe close of trading on 150 S&P500 have also done so with lower been possible lately: TheNas- ment-grade,sodowngrades Dec.31, 1999,the Bloomberg 149% volatility,” she added. daq Composite, as of Wednes- could put added pressureon Barclays U.S. AggregateBond Thecoronavirus pandemic day, returned 377% sinceSep- the debt market in an already Index, known as the Agg, has 100 hasturned lifeupside down in tember 2003,when totalreturn difficulttrading environment. nettedinvestorsacumulative the U.S.,wherestatesare on datafor the indexbecame “A wave of downgrades totalreturn of 176% through 50 lockdown and millions of Amer- available,according to FactSet. would unquestionably cause Wednesday, according to Fact- icans have been ordered to stay TheDow Jones Industrial Aver- disruption given the swell of Set. 0 home.Joblessclaims have agehas also fared betterthan newnames intothe high-yield Thebenchmark S&P 500 soared and factories have thebond indexinthe century market,” said MikeTerwilliger, stock index, in contrast, has slashed output. Goldman Sachs to date, offering returns of portfolio manager at Resource risen 149% in the centuryto –50 Group Inc.this week issued nearly 196%. America. “The market would dateonatotal-return basis, 2000 ’10 ’20 newestimates that the U.S. Aflight from stocks isn’t absorb the paper,but it would which reflectspricegains plus Note:Through Wednesday economycould shrink an annu- atypicalduring times of crisis definitely bring atemporary periodic paymentssuch as in- Source:FactSet alized 34% in the second quar- as investorstry to minimize downdraft.” terest and dividends.While the ter—far moreseverely than its their risk.The BloombergBar- Downgrades haven’t stopped S&P gained about 2% Thursday, cerns over the economic fallout weeks,while continuing to pull estimateonly weeks ago. clays bond indexoutperformed adelugeofnew bonds being that wouldn’t be enough to from the newcoronavirus money from stocks,Bank of Theprojections mark acon- the S&P 500 over various trail- sold by investment-grade com- close its21st-Centurygap with swelled. Theindexisnow down Americadatashow. Theyield trast from just months ago ing periods during the financial panies.Arecordamount was bonds. 25% from itsFeb.19high. De- on the10-year U.S. Treasury when economic growth wasex- crisis and other periods since issued last week,and in recent Theoutperformanceofthe clines some days have been so note, which moves inversely to pected to pick up and analysts 2000. days,some speculative-grade BloombergBarclays index, con- sharpthat rarely used circuit prices,recently plummeted to a projected the long-running bull “Ifyou go back through companies have joined in. After sidered the leading bond-mar- breakershavehalted trading record low. market had moreroom to con- time…I would say, yeah, typi- YumBrands Inc.completed the ketinvestment benchmark,un- acrossthe entiremarket. “I’vebeen hearing forde- tinue. cally,the Aggwill deliver posi- firsthigh-yield bond sale in derscores the extent of the Bond prices,onthe other cades howreturns in bonds This time last year,the S&P tivereturns,” Ms.Jones said. nearly amonth on Monday, recent carnageinstocks. The hand, have surgedasinvestors can’t continue to be positive 500 had returned acumulative “Anytime we getintoastock morehavefollowed. Sales by S&P 500 suffered itsfastest- scramble forhaven assets. In- because of lowinterest rates,” 183% sincethe start of the cen- market that has hit amajor de- aerospacemanufacturer Trans- ever fall from arecordtoa vestorshavepoured record said KathyJones,chief fixed-in- tury. Meanwhile,the bench- cline…you would probably find Digm Group Inc., fast-food op- bear market last month as con- sums intobond funds in recent come strategist at the Schwab mark bond index, which tracks that is still the same trend.” erator Restaurant Brands In- ternational Inc.and Tenet Healthcare Corp.wereex- pected to close this week. The First U.S. Actively Managed ETF Begins Trading —Sam Goldfarb contributed to this article. BY JUSTIN BAER tively. focuses on large stocks trad- cheaper,moretransparent and join American Centuryin Their debutsproduced trad- ingatadiscount. moretax-advantageous than launching similar ETFs.Secu- AUCTION RESULTS American CenturyInvest- ing volumes that were roughly Thefunds both use amodel mutual funds. rities regulatorshavegiven Here are the results of Thursday's Treasury auctions. ments on Thursdaylaunched in line with those of manynew devised by Precidian Invest- A handful of active manag- the Cboe clearancetolaunch a All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference the firstofanew flavor of U.S. ETFs,said LauraMorrison, ments. ershad sought foryearsto fund overseen by ClearBridge between that price and the face value. exchange-traded funds aimed CBOE’shead of global listings. Precidian is one of ahand- win approval to roll out funds Investments, an asset manager FOUR-WEEK BILLS at reviving investors’ interest Both funds had an average fuloffirms that had wonse- that feature those same bene- owned by Legg Mason Inc. Applications $244,211,708,100 Accepted bids $83,894,318,700 in stock-picking managers. bid-ask spread, or the gapbe- curities regulators’ permission fits while also shielding their And last week JPMorgan " noncompetitively $934,008,000 American Century’s Fo- tween the pricebuyersare to roll out itstakeonaprod- investors’ strategies from Chase &Co. sought regulatory " foreign noncompetitively $0 Auction price (rate) 99.993000 cused Dynamic Growth and willing to pay and what other uct manyactivemanagers other traders. They firstbroke approval forits ownactive (0.090%) Focused LargeCap Value investorsare willing to sell, of hope will help reversethe through in May2019,when ETFs,Ms. Morrison said. Both Coupon equivalent 0.091% Bids at clearing yield accepted 3.23% ETFs,which pick stocks with- 10 cents a share, according to flow of client money out of theSecurities and Exchange firms also use the Precidian Cusip number 9127962K4 out disclosing their daily hold- Ed Rosenberg, head of ETFs at stock-picking funds and into Commission approved the Pre- model. The bills, dated April 7, 2020, mature on May 5, 2020. ingstohelp protect their man- American Century. low-cost investmentsthat cidian design. Legg Mason also is an in- EIGHT-WEEK BILLS agers’ trading strategies, Focused Dynamic Growth, track popular market bench- Precidian has licensed its vestor in Precidian. Applications $173,824,556,300 opened at 9:45 a.m. NewYork whose ticker is FDG,closed at marks,including the S&P 500 model to a number of manag- Fidelity Investments, T. Accepted bids $62,920,956,300 " noncompetitively $192,145,300 time ThursdayonCboe Global $38.43, up from $37.91atits index. ers, including American Cen- Rowe PriceGroup Inc., " foreign noncompetitively $50,000,000 Markets’s electronic stock ex- open. Thefund investspri- Investors’ interest in index tury, aKansas City-based Natixis Investment Managers Auction price (rate) 99.985222 (0.095%) change. They begantrading marily in technologyand con- funds surgedinthe past de- managercontrolled by the and Blue Tractor Group also Coupon equivalent 0.096% within minutes,and closed the sumer-product companies.Fo- cade with the mounting popu- Stowers Institutefor Medical have wonapproval to pursue Bids at clearing yield accepted 2.00% Cusip number 9127962P3 daywith nearly 4,100 and cused LargeCap Value,orFLV, larity of theETF,which trades Research. activeETFsbased on their The bills, dated April 7, 2020, mature on June 2, 2020. 2,000 shares traded, respec- rose to $39.41from$38.38. It on exchanges likestocks but is Othermanagerswill soon ownproprietarymodels. P2JW094000-2-B01000-1------XA

B10 | Friday, April 3, 2020 ** THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY China Is Tiptoeing, Not Roaring Back, From Virus Crisis

The recovery will be tough because of lingering damage and fears of a secondary outbreak

As the U.S. and Europe confront Numbers above 50 indicate busi- the bitter toll of the new coronavi- ness expansion. rus, Chinese citizens are tiptoeing That said, there are grounds for back to their normal lives. A re- limited optimism. turn to the precrisis economic sta- Importantly, the property market ANZUONI/REUTERS tus quo, however, remains far off. is showing signs of life. After a

As both the official purchasing very rough mid-March, average MARIO managers index and a competing property sales in 30 major cities As companies makeclaims againstbusiness-interruption policies,insurancefirms arecoming under the spotlight. private one produced by Caixin have moved back up to around showed this week, China’s econ- 40,000 to 50,000 square meters a omy began growing again in day over the past several days, ac- March. But the uptick is coming cording to data from Goldman InsurersGivePeek at Future from a very low base and econo- Sachs. That is roughly comparable mists still believe China’s economy with 2018 and 2019 levels. Return- contracted about 10% year over ing vigor in the property market is year in the first quarter. Moreover, critical both for global commodity The pandemic will change what society expects from companies although the country appears to markets and for China’s financial have successfully slowed the and social stability. Property de- spread of the virus through some velopers are among the most in- Among Covid-19’smanyvictims Change in cyclically adjustedprimary fiscal draconian measures that had a jar- debted Chinese firms and con- is likely to be the already frail con- balanceasapercentageofglobal GDP ring impact on the domestic and struction companies employed cept of shareholder supremacy. In- world economies, its impact is lin- more than 50 million workers in vestorsare right to be nervous 3% gering in important ways—particu- 2019. about the insurancesector in par- larly for consumers and exporters. Less encouraging are signals ticular. Rest of It is important to understand from consumers more broadly, As companies of all sizes shut 2 World that the impressive “V-shape” of who now drive the majority of their doorsand makeclaims against U.K. the PMIs doesn’t mean China is ex- China’s growth. A Morgan Stanley their businessinterruption policies, China periencing a V-shaped recovery online survey of 2019 consumers insurersare coming under the spot- 1 Eurozone where everything bounces right in 19 provinces last week found light. Unsurprisingly,few docu- back to normal and businesses that while most respon- mentsexplicitly detail howthey will U.S. make up all of February’s lost dents—86%—were leaving the deal with this unprecedented pan- 0 ground in March. house for work, most were still re- demic,creating gray areas that in- PMIs measure month-over- luctant to go out to shop, eat or surersand the policyholder will month changes, so what you have socialize. And 69% said they would viewdifferently.Claims will be in is a catastrophic fall in February go out for essentials only, down the “manybillions of dollars, if not –1 followed by a very modest re- from 75% in early March—still ex- trillions,” according to Ben Lenhart 2006 ’09 ’12 ’15 ’18 ’21 bound from the trough in March. tremely high. of lawfirm Covington. Note:2020and 2021 areprojections That level of caution may be Over the coming months and Source:UBS Chineseofficial purchasing hard to overcome as long as both yearsthese claims will work their managers’ indexes citizens and the government re- way through settlements, arbitra- demic.Big companies with arole to such thingsasclimateaction and main worried about a secondary tion or the courts. But governments playinthe recovery areexpected to social goals such as living wages. 70 outbreak. arealready getting involved.Four do morethan just maximizeshare- Decarbonization mayfall down the Last Friday, Beijing ordered all U.S. statelegislatorsand aU.K.gov- holder returns.This week, European to-do list in the faceofthe Covid-19 of the nation’s movie theaters to ernment committeeare all consid- banks deferred billions of dollarsin death toll and oil at $20 abarrel, 60 close again after a handful re- ering both what type of financial dividends,yielding to pressurefrom but social concerns will likely re- opened. And a small county in support to offer insurersand how their regulators. Unfortunately, main in focus as economies lurch to Henan province Tuesday found it- to compel or forcethe companies to most missed the public-relations astop. 50 self locked down again due to be generous with their customers. opportunity to voluntarily cut se- Serving customersand serving fears about a renewed outbreak. Insurancehas underperformed in nior executives’ pay. shareholdersare corporategoals All of this comes as Chinese fac- the current crisis.Onboth sides of Theold creed of profit maximi- that should ideally be in long-term 40 Construction tories—and their employees—will the Atlantic the sector is down zation wasalready on itsway out. alignment. But it maynot seem that Manufacturing soon be feeling the hit from falling about athirdthis year,compared Last summer, 181 global chief execu- way in the months ahead, particu- Services demand overseas. China is back to with 24%for the S&P 500 indexand tives signed up to anew business larly forsectorslikeinsurance. Af- 30 work, but without a real end to 25% forthe StoxxEurope 600. model that prioritizes morethan teraperiod of massivestate inter- the epidemic, both at home and Governmentshavecommitted profit and shareholder returns. vention, manycompanies will need abroad, a return to normalcy may trillions of dollarstohelp busi- Mainstream investorsand custom- to temper their pursuit of share- 20 remain elusive. nesses and citizens cope with the erswereincreasingly asking compa- holder returns or risk adamaging 2018 ’19 ’20 —Nathaniel Taplin economic fallout from the pan- nies to consider,report and target backlash. —Rochelle Toplensky Diagnosis Is Murky, Even for Walgreens OVERHEARD It could be you! But foralimited time only, The chances of winning a huge prizes on offer reflect aprepan- Stability in commerce is hard to prescription refills. national lottery payout are abys- demic world. The drawing sched- find these days. At the moment, The good news for Walgreens mal, but the coronavirus pan- uled forSaturdayis$180 million not even large pharmacy chains shareholders is the company demic has made the game and, if nobody wins, it will go up can offer it, as Thursday’s business should be able to find its footing. slightly more interesting for the to $190 million on Wednesday. update from Walgreens Boots Al- Such extreme sales volatility likely time being. The Powerball Product Normally large jackpots attract liance makes clear. won’t persist, even in an unprece- Group, which administers the moreplayers and increase the In the fiscal second quarter, dented operating environment. Powerball lottery in 45 states chances of having to sharethe which ended Feb. 29, Walgreens The stock now trades at less than plus Washington, Puerto Rico and proceeds. The probabilityofthat booked $35.8 billion in sales and seven times fiscal 2019’s adjusted the U.S. Virgin Islands, said Thurs- happening is much lowernow. earned $1.52 a share on an ad- earnings and less than 10 times day that stay-at-home measures But then there are other con-

justed basis. Those results were up earnings, according to generally have reduced the number of peo- siderations. Some have calculated S 3.7% and down 7. 3% from a year accepted accounting principles. ple purchasing tickets, forcing it that the odds of dying in a car PRES ago, respectively, topping analyst The shares also yield more than to eliminate guaranteed $10 mil- accident on the way to buy a sin- expectations. The company gener- 4%, and payouts this fiscal year lion increases in each successive gle ticket may be higher than TED CIA

ated $2.5 billion in free cash flow have been fully covered by free jackpot that isn’t won. Previously choosing the winning one. Add in SO in the first six months of its fiscal cash flow. the group cut its minimum jack- the chances of catching some- AS year. Consumers will still buy essen- pot from $40 million to just $20 thing while at the store and it is That quarter predates the havoc tial groceries and medication, no million. probably best to sit this one out. wrought by the coronavirus in the matter how bad the economy gets. GUTIERREZ/ NY

U.S. and U.K., of course. Walgreens However, investors certainly TO said it is unable to forecast the should take notice of the sales vol- rest of the fiscal year’s results atility, whether or not they own amid the turmoil. the stock. Jobs PictureIsWorth an EntireEconomyOutlook The company’s prior guidance After all, if the local drugstore had called for similar adjusted can’t offer investors a reasonable earnings as fiscal 2019, when it prediction of what the coming The monstrous increase in job- forts to halt the virus’s spread or reverberating through supply net- earned $5.99 a share. Shares fell months will look like, it is unlikely less claims gives some sense of have laid employees off as demand works, and that, too, will translate 6.3% Thursday. any other retail establishment will how hard the hit to the U.S. econ- for products and services has into lost jobs. Part of the reason is a topsy- be able to do so either. omy from the coronavirus will be. dried up. For policy makers and The other thing to watch will be turvy start to the third quarter. —Charley Grant Recognizing the depths of the elected officials trying to craft a continuing claims—the total num- Comparable retail sales in the U.S. problem is important. response to the economic crisis ber of people receiving regular were up 26% in the first three Walgreens BootsAlliance The Labor Department on the health crisis has set off, benefits—which are reported with weeks of March and fell sharply shareprice Thursday reported the number of an extra week’s lag. In the week over the rest of the month. U.S. workers filing new claims for ended March 21, these jumped to $65 Pharmacy sales followed a simi- jobless benefits last week rose to What countsmostis 3.03 million from 1.78 million a lar pattern, as did the U.K. busi- 6.6 million from 3.3 million a week week before. In next Thursday’s ness as a whole. 60 earlier. That dwarfed the 665,000 knowing as much as is report, these will likely have ex- Some high-performing stores, hit in the worst week of 2009, as possible what is ceeded the May 2009 record of like those on the Las Vegas Strip, well as economists’ median fore- 6.64 million. have experienced major declines in 55 cast of 3.1 million—not that fore- happening on theground. When these continuing claims foot traffic. casts are what count most right figures finally begin to decline, it There is uncertainty with the now. will be a sign that businesses are cost structure as well. Walgreens 50 What counts most is knowing as starting to raise their gates again has deferred its cost-management much as is possible what is hap- that matters. and call their employees back to program and postponed invest- pening on the ground. Weekly job- The claims figures in the weeks work. It will be the surest sign ments such as a new software sys- 45 less claims are the highest-fre- to come will be bad as well. More that the recession is ending and tem in its stores. quency comprehensive data there businesses are shutting down op- that a recovery is at hand. What The company has temporarily 40 is on the job market. erations, and more businesses that sort of recovery it is will depend expanded benefits for some em- They also give some sense of have already shut down are laying on how many of those businesses ployees and is offering free home Nov. 2019 ’20 how many businesses must have off workers to pay the bills. The are left standing. delivery for online purchases and Source:FactSet shut their doors as a result of ef- effect of those shutdowns also are —Justin Lahart P2JW094000-0-M00100-1------XA

Loretta Lynn $3 Million Her childhood in Arenovation adds the holler was modern luxetoa fodder for her tired Houston future. M8 MANSION estate. M3

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, April 3, 2020 | M1

Ritz-Carlton Residences, Miami Beach, gave artist-in- residence Magnus Sodamin use of a 300-square-foot studio.

Painting Is Drawing Buyers

Homeowners are enjoying new works in their buildings, learning to paint and getting advice on their own art collections, as luxury developers add a touch of glamour to their complexes by luring artists to live and work on site

Units range from $2 million to $40 million. (4) JOURNAL REET ST LL WA THE R FO DERE FO ALEXIA Top: Artist-in-residence Magnus Sodamin holding a workshop in his studio with the Rosenhaus siblings, Colton, Bronson and Aubrey, and, right, his piece ‘Blood Banana.’ The wall painting in the common area is by Feng Lianghong. Bottom: The Ritz-Carlton Residences, Miami Beach, and, right, Cassandra Hall with her children, the Rosenhauses.

BY AMY GAMERMAN her brothers, Bronson, 7, and Colton, 5. “He has a experiences fortheir residents, including watercolor bunch of his art hanging up,sowhen Idon’t know lessons,behind-the-scenes gallerytours, and advice ubrey Rosenhaus lives at the Ritz-Car- what to paint Ilook at one of his paintings.” on collecting and installing art. Some areevenlet- lton Residences,Miami Beach, in a Mr.Sodamin, 32, who creates vivid, oversize ting artistsuse high-priceapartmentsasstudios or four-bedroom duplexthat her parents paintingsinspired by south Florida’slush vegeta- living spaceonashort-term basis. bought for$2.81 million in September. tion, enjoyedworking with the kids in the Ritz- Although some programs and amenities have AThe13-year-old’snew home has lots Carlton’sPieroLissoni-designed art studio until been suspended in response to the Covid-19 pan- of funfeatures,including arooftoppool deck,a lateMarch, when he began staying home out of demic,developersplan to resume them oncethe vi- movie theater and a33-foot motorboat reserved concern forthe coronavirus.“It’sreally clean, so rusnolonger poses athreat. Most arecontinuing to forresidents. But her favoriteamenity is the Ritz- it’slike, Ihad to practicebeing clean,” he said, of support the artistsand art institutions they have Carlton’sgleaming art studio and itsartist-in-resi- the 300-square-foot studio. partnered with, and some areevenlooking at ways dence, painter Magnus Sodamin. Thenewest weapon in luxuryreal estate’sameni- to offer virtual artsprograms fortheir residents. At “Wewould schedule these amazing classes ev- ties arms race is apaint brush. Developersare forg- the Ritz-Carlton, the art studio is still open to resi- eryWednesday. Magnus would watercolor with ing partnerships with art academies,art consultants dents. “The kids canstill paint on their own, it’s us,” said Aubrey,who attended the classes with and working artiststoprovide arangeofaesthetic PleaseturntopageM12

LuxuryHome Sales Staying ApartTogether Amid thePandemic Some families are using vacation homes to quarantine individual members of the family Some buyers pushed ahead with deals, while others looked to pull out or renegotiate amid the pandemic and BY NANCY KEATES Mass., where their house only has 1½ stock-market plunge; ‘No guts. No glory.’ bathrooms. Her mother, Robin Kaplan, is OWNING A VACATION HOME has long a 58-year-old clinical social worker who been a way to bring families together. has asthma and just got over an upper- BY KATHERINE CLARKE Now, in this unprecedented global crisis, respiratory infection in February. Up until it offers an unexpected benefit: keeping March 16, Ms. Beutel was working at 30 ON MARCH 16, as New York state’s coro- family members separated. Rockefeller Plaza, a business and tourism navirus response kicked into high gear, The spread of the new coronavirus hub, eating takeout at work and ex- Angelo Acquista and his wife Svetlana across the U.S. has forced many people posed to too many variables to risk Acquista closed on a $19.5 million pent- to self-quarantine. Some- going to , where she would be house atop 252 East , a luxury times it is to protect vul- afraid of touching the new development. nerable parents from chil- refrigerator. The couple said they had no choice: dren back from college or Instead, Ms. They’d already sold their previous home an overseas trip. A family Beutel is living for on and had placed a $2 mil- member who is already now with her boyfriend lion deposit on this one. Before the clos- sick might need a separate in his family’s vacation ing, their agent Marina Bernshtein of Hal- room, while partners in house in Westhampton, JOURNAL stead Real Estate armed herself with a front-line jobs like health N.Y. His parents, who are

REET mask and gloves to give Dr. Acquista, care stay on opposite ends of in their 50s, go back and ST who specializes in pulmonary diseases, a the house to avoid infecting forth between their house LL

WA final walk-through of the apartment. The each other. in Great Neck, N.Y., and Westhampton. ION)

THE closing was done over teleconferencing. “I would love to be home, but I am Even though she has been dating her AT R

Ms.Bernshtein said her buyersgot a not comfortable going home,” says boyfriend for two years, they weren’t TR FO great deal regardlessofthe pandemic, Zoe Beutel, 22, who lives in living together. Ms. Beutel had been US (ILL HONG paying 48% off the apartment’soriginal New York City and works in away with his family before a couple HY

listing priceof$37.5 million in 2017. The investment banking at La- of times, and they get along well, but NLAN OT six-bedroom apartment has two sprawling zard. Ms. Beutel’s par- living in someone else’s space has its CO DOR On March 16, a penthouse at New York’s PleaseturntopageM5 252 East 57th Street sold for $19.5 million. ents live in Newton, PleaseturntopageM4 MARK P2JW094000-0-M00200-1------NS

M2 | Friday, April 3, 2020 NY THE WALL STREET JOURNAL. PRIVATE PROPERTIES Lots of Social Distancing: A Remote Wyoming Ranch Comes on the Market

FOR SALE $19.95 MILLION 29,000 acres, runway and hangar, luxurious home NCH RA REFLET RED (3); NCH RA REFLET /RED MBIAR CA Y MIND P: TO OM FR WISE OCK CL

BY KATHERINE CLARKE

iving on a vast Wyoming ranch, where the clos- est sign of civi- L lization is a town with a population of roughly 260, is a lot of nat- ural social distancing. “Wedidn’t buy the ranch forthese unusual times,but it’sagood placetobe,” said owner Bob Kaplan, who lives seat theater,atemperature- “Whereyou see people,you year-round on this nearly controlled wine cellar,three don’t see elk,” he said. 29,000-acreproperty with dining areas, a commercial At the ranch, which sitsat his wifeLaurenceKap- kitchen, a bar and a great the foothills of the Bighorn lan. “It’sprettynormal room with a huge wood- Mountains,Mr. Kaplan said here.” So while much of the burning fireplace. he spends long days during rest of the luxuryreal-estate Thereare four guest- the season in September out Owners estimate putting market is in adeep freeze, houses as well as barns and on the trails bowhunting elk, $25 million into the the Kaplans areputting their other houses forstaff.There with no one but himself to property over the years. ranch on the market nowfor arealso elaborateeques- scarethe animals away.On $19.95million. trian facilities,including a these trips,hehikes about 6 With apopulation of un- arenorestrictions on show- Back home,the couple op- Mr.Kaplan estimated they roughly 22,000-square-foot miles aday,dressed head-to- der 600,000,Wyoming is the ing properties in the state. erateachicken coop,alarge have plowedabout $25 mil- indoor riding arena. toeincamo.“Ihavebeen least populous of all 50 Aside from driving 40 organic garden and agreen- lion intothe property over While they originally en- alone,and from 300 yards states.The statehad about miles to the nearby city of house.They grow corn, let- the years. visioned the ranch as being the whole herdwill smell me 120 confirmed cases of coro- Worland forsupplies,the tuce, tomatoes,squash, wa- Themain lodge, built in fortheir family,the Kaplans and leave,” he laughed. “I navirus as of Wednesday, Kaplans,both licensed pilots, termelon and cantaloupe, 2008,isnearly 9,700square began allowing some guests brush my teeth. It must be and the governor has asked travel by plane.The ranch and have asmall butcher’s feet and is contemporary on the property around my breath.” people to stay home.A has itsown hangar and a shop wherethey prepare western in style.The 3-story 2006,after their children Thecouple own6,600 spokeswoman forthe Wyo- 5,000-foot lighted runway meat from cattle reared on steel building,designed to (they have six between them acres of the property out- ming Department of Health fortheir small Cessna. the ranch. look as though it wasmade from previous marriages) right and have ranching per- said the stateisasking peo- “When we do go to Billings, Thereare morethan 30 of wood, sitsonahigh ridge expressed little interest in mitsfor the rest of the land, ple to abide by social-dis- we usually stop at Costco,” structures,all of which the overlooking the ranch’s spending alot of time there. which is government-owned. tancing requirements; there Mr.Kaplan said. Kaplans built or remodeled. meadows.Itincludes a12- Theguest ranch facility, Afew weeks ago, while which chargesfromroughly the couple were preparing $550 to $850 anight per to sell, they had one poten- person, became aprofitable tial buyer come by: rapper enterprise,and helps payfor KanyeWest. Mr.West, who the costsofmaintaining the has been widely reported to ranch, Mr.Kaplan said. be buying up ranches in Wy- Mr. Kaplan worked in the oming,came by to scope out ?&)$ "N&cE_ H) family’s mattress business this one,though ultimately until starting his own com- he didn’t bite, Mr.Kaplan #+0" *2&, (1+- 2!$+!0 3.,+$ ')/'% pany, baby products firm said. “He’sakid in acandy SassyBaby, which sold in storewith afive-dollar bill,” 2002 for $50 million. He Mr.Kaplan quipped. and Mrs. Kaplan met when The couple said they are she was running a compet- selling the ranch because It’s notjustaboutcoloringapage... ing baby products firm, and they are retiring and want they married nearly two de- to do more . Mr. It’s aboutshowing your true colors. cades ago. Kaplan, 77, said they envi- Around the same time, sion spending several the couple grew wearyof months in Europe once the the crowdsoftouristsat pandemic has subsided and their property in Jackson spending more time across Hole,whereMr. Kaplan had the country with their chil- lived foroveradecade. dren, some of whom live in They decidedtoflee to the California. ranch, wherethey could James H. Taylor of Hall have the hiking trails to and Hall has the listing. themselves.Elk hunting was also morechallenging in the A Cape Cod estate sells AUCTION Jackson area, sinceelk can for $20 million, setting a smell humans from along price record. M10 Previously Offered for$13.75M. distance, Mr.Kaplan said. With Reserve. Aplace to become... An artist,abusinessleader, a teacher. If kids andteens candream it,Boys&Girls Clubs SELLING TO THE HIGHEST BIDDER. canhelpthembecome it.Because at our Clubs,it’snot magicthatmakes dreams come true,it’sthe people.Likeour In cooperation with: YouthDevelopment Professionalswho ensure our youth have aplace to feel physically andemotionally safe.Aplace to belong.Aplace to have fun. Aplace to learnand grow on their path to aGreat Future.

Listed by BetsyFry (#BK3186857) of Sotheby’sInternational Realty ConciergeAuctions.com |+1646.760.7823

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THE WALL STREET JOURNAL. Friday, April 3, 2020 | M3 MANSION

ANNOTATED ROOM Bringing aNew Era To an ItalianateEstate

$2‑3 A meticulously modern redesign revives a dated Houston homestead MILLION Renovation costs, not including furniture LIVING ROOM The reflective black walls [1] serve as a 1 visual anchor for the furnishings and art, which includes an original Andy 2 Warhol [2]. Five coats of Factory Black Hollandlac Brilliant paint from Fine Paints of Europe created the walls’ bold, lacquer-like effect. The 1970s Georges Mathias brass cocktail table [3] was from Jon Vaccari in New 3 Orleans. ‘The husband was definitely reluctant of the color at first,’ said Mr. Brackeen. ‘Once he saw the finished product he understood.’ Price for the paint, $155 per 2.5 liters.

BY CHRISTINA POLETTO 9 8 t was the second marriage for the newly engaged couple—in their 40s and 50s—but their 7 10 first home together. Their resi- 6 Idence of choice: a five-bedroom, eight-and-a-half-bath Italian Renais- sance-inspired mansion in the River Oaks neighborhood of Houston. Theproperty sat vacant on the mar- ketfor five yearsand, in itsformer state, featuredbeige-tinged rooms with thick Victorian moldings. To modernize the interiorsand createbetterflowbe- tween the living spaces,itwould need 11 acompleteoverhaul. They enlisted Houstondesigner Dennis Brackeen with one major caveat: Thejob had to be finished in 15 months,sothey could moveinthe week of Christmas the fol- lowing year. OFFICE Grasscloth wallpaper in ‘Denim’ by Phillip Jeffries [7] Of his first visit, Mr. Brackeen, who lines the walls. Overhead, copper tiles by Maya Romanoff [8] co-owns Moxie Interiors and has de- cover the space above the ‘Mace’ Chandelier by Jane Hallworth signed homes for professional athletes [9], which is from Blackman Cruz in Los Angeles. On the and musicians, was speechless. “Let’s windows are custom drapes in Donghia ‘Hanoi, Ben Hai Blue’ just say that the address and the fabric [10]. The 1970s Cityscape desk by Paul Evans [11] was home’s exterior was the most impres- purchased from Tishu in Hudson, N.Y. Price for the wallpaper, sive of the experience. I literally 4 $78 per yard; copper tiles, $60 each; Donghia drapery fabric, walked through the house with my $200 per yard. hand over my mouth,” he said. What ensued wasa10,000-square- foot gutrenovation whereevery sur- 5 facewas transformed with mirror-like lacquered walls,custom hand-crafted LIVING wallpapers, marble and onyx slab floors ROOM and imported crystalquartz counter- The snow tops.Structural changes were also nec- white essarytoupdatethe space. In the en- FOYER The 1940s brass and antique mirrored center table [4] taxidermied tryway,a1950selevator wasremoved, was acquired from the estate of cosmetics industry icon Helena 12 peacock [12] redirecting the traffic pattern upstairs. Rubenstein through Caché in Los Angeles. The custom-made —a present In the end, the 15-month deadline water-jet cut white and Nero Marquina marble slabs [5] created from the was met and the new owners moved a visual walkway on what was once a wood floor.The cast stone husband, in, taking only their clothing, he said. molding around the doorway [6] came with the house. Price for who works Here are some design elements, and the floor, $100,000. in energy, to prices where available. his wife— sits between a pair of French Napoleon III 14 13 Bergere chairs circa 17 1865 [13].

GUEST BEDROOM ‘The wall color justmakes me smile!’ said Mr. Brackeenofthe adventurous green [18] from Fine Paints 18 of Europe,adding that 16 ‘it took about three formulas to get the 19 exact intensity of color.’ An 18th-century (6) starburst mirror [19] N 15

SO from Nick Brock TS Antiques in Dallas BENG hangs on the wall 20 P Ä R KITCHEN Underneath an organic wood and ceramic art installation by Dallas artist Lucrecia Waggoner [14] behind the vintage is a custom-made leather button-tufted banquette, created by Moxie Interiors in Houston. It seats eight bronzeand mirrored KEEN;

AC comfortably. The floor was laser cut using white Thassos and Nero Marquina marble interlaced with posterbed [20],from BR Cappucino onyx slabs [15]. The trestle table, dating to the early 20th century, was topped with a custom- Greenwich Living & made marble slab outfitted by Aria Stone in Dallas [16]. Off the kitchen, a first-floor bedroom was Antiques in Stamford, DENNIS

P: transformed into a 2,000-bottle wine room [17] that is clad in solid marine-grade brass. It was designed by Conn. Pricefor the TO Mr. Brackeen and his team and took over 3,000-man hours to finish. Price for the banquette, $15,000 mirror,$2,200 OM FR P2JW094000-0-M00400-1------XA

M4 | Friday, April 3, 2020 THE WALL STREET JOURNAL. MANSION

SHOULD I STAY OR SHOULD I GO NOW?

What you need to consider before decamping to your second home

As small communities around the countryattempttostem the spread of the virus by adopting measures to prevent tourists from visiting, some have also triedtoimpede the arrival of second-home own- ers. Legally,ifsomeone has title to aproperty,theyhave the righttolivethere, absent alockdown thatspecifically forbids this,saysMichael Gunderson, principal of the Gunderson LawFirm in Chi- cago.However, “common sensewould suggestthatif yougo, youshould makesure your impact will be as mini- mal as possible,” he says.In- dividuals should consider whether theycan shelter in place, abide by quarantine guidelines and notpresentan undue risk to the surrounding communitybeforegoing to a second home,hesays. Alan from their home in Hawaii Morgan, the chief executive Apart to their apartment in officer of the Washington- downtown Houston in basedNational RuralHealth ContinuedfrompageM1 mid-March, where Ms. Association,advises that challenges. Still, she feels Johnson owns a technol- homeownersunderstand the fortunate to have such a ogy company. At the last capacityofhospitals and good option. minute, Mr. Johnson, a 79- storesnear asecond home. Ms. Kaplan’s son, Eli year-old retired aerospace tor advised him to stay Mr. Mason. Life at their had to return to their “This is notvacation time,” he Beutel, 20, is also living engineer, decided to stay away from young people resort house, which is homes, and their reserva- says.Morethan half of rural apart from the family for in Kauai because he was right now, thought it about 20,000 square feet, tion was canceled. Ms. communities,about 1,300, now. A sophomore at Tufts uncomfortable flying dur- would be safer to just stay is a little surreal, with al- Condit put her daughter in only have “critical access facil- University, where a student ing the pandemic due to away. “It was always my most no one around and quarantine instead in the ities,” which have,onaverage, tested positive a few days his age. Now, Hawaii has refuge from the kids any- the golf courses, hotel work studio attached to justone ventilatorand limited before the deadline to mandated a 14-day quar- way,” he says. swimming pools and the house. Nasra isn’t al- access to specialists. move off campus, he is in antine for all visitors and The couple are self- beaches practically empty. lowed in the living room Ask these questions before the Kaplan-Beutel family returning residents, and quarantining, having Mr. Mason says the and kitchen and eats her going to a second home: vacation his wife stocked up on food and family had planned to be meals in the studio, but house in the needs to stay gardening materials, leav- there for spring break and she has access directly to 1. Is there any chance I am Berkshires, in Houston ing only for walks and could now end up staying the backyard outside. infectious? Can I fully quar- along with for family drives. “It’s not horrible,” all summer. The nearby As a nurse, she says antine in my second home two other col- and business Mr. Ryan says, using hu- hospital is state of the art what she sees at the hospi- and not expose others? lege students. reasons. mor to acknowledge their and he is thinking of hir- tal is terrifying enough to 2. What is the capacity of They are Mr. John- fortune in owning a place ing a tutor for his daugh- make the necessity of the hospital where I’m go- learning how son says that to go in such a beautiful ters, who are 13 and 15. As quarantining clear. “It’s ing? How many beds, venti- to cook, hik- even though setting. He is expecting someone who travels ev- stressful,” says Ms. Condit. lators, and specialists are ing and doing online he feels isolated (“It’s get- they will be there at least ery week for work nor- “She was tearful when she there per capita? classes as well as they can, ting to be like a ghost three months, until there is mally, he feels a little came home and saw what given that there is no cell town,” he says), and he more widespread testing trapped, but he says he we are asking of her.” But 3. Do I have a good under- service and spotty internet. misses his wife, being for the virus, before he will knows he is fortunate. after news came that a standing of the culture of “It’s fun—probably more stuck in Hawaii isn’t so feel safe venturing out. “We aren’t sure when we classmate’s grandfather the community and relation- fun here than back at bad. Their three-bedroom The situation reminds him will be back,” he says. had died from Covid-19, ships with people who live home,” he says. Ms. Kaplan townhouse is on the coast of when he lived in New Families that don’t have she has taken it more seri- there, or will my presence agrees. “I know he is safe. I in a resort called Timbers York City in the 1980s, dur- the luxury of owning a va- ously, says Ms. Condit. generate push back? know I am safe. And we Kauai, which has a restau- ing the AIDS cation house are Michael Kerin has three 4. How much infrastructure are helping to flatten the rant and staff to provide epidemic. “It doing what they plans in case his family capacity is there, including curve,” she says. Still, sep- food, supplies and fresh scares me the can to separate members get sick. Plan 1: grocery stores, pharmacies aration is hard for her and produce from the garden at home. When Mr. Kerin, 56, figures he and other necessities? her husband. “I don’t know whenever he needs it. it became neces- and his wife, Lisa Kerin, 5. Can Imitigate my presence when we will see them.” There are miles of walking same way,” sary to bring her who works from their by bringing supplies,volun- In times of crisis, deci- trails and he has been he says. daughter Nasra Montvale, N.J., house, teering or making donations? sions can result in longer working on a digital model For Jay home from col- could stay home and send separations than antici- for a train project. “I feel a Mason, a 44- lege in Switzer- their children back to their 6. Is access to medical care pated. Douglas Johnson lot more comfortable not year-old com- land in March, apartments near their col- faster and more advanced and his wife Sandy John- being around family right pany founder, the possi- Brooke Condit, a nurse in leges. Plan 2: His wife near my primary home? son were planning to travel now, for their safety and bility of exposing his Portland, Ore., encouraged could stay home and he mine,” he says. parents to the virus is her parents, who are in and the children could go Worries about being too one reason he decided to their late 60s, to rent a to the three vacation rent- close to the 21 young decamp from his home in beach house in the city of als he owns in Morris, adults they have unoffi- West Linn, Ore., where Manzanita on the Oregon Conn., with one person in cially adopted over the his parents live nearby, coast for two weeks. Ms. each house. Plan 3: They years is what drove Los to his house in the 1,500- Condit lives with her par- all stay home and everyone Angeles-based interior de- acre resort of Punta ents in a three-bedroom, retreats to their own room. signer Thomas Ryan and Mita, Mexico, about 15 two-bathroom house and “Whenever the four of us his husband Matthew Ryan miles north of Puerto she thought that the ar- are home we all watch our to their country house in Vallarta, with his wife rangement would give her own TVs anyway,” he says. Solvang, Calif., 34 miles Tonia Mason, their two north of Santa Barbara. daughters and some Since many of the couple’s family friends. His “adoptees” live in the cou- mother has diabetes and daughter time to self- ple’s houses in Seattle and his father had to self- quarantine. Los Angeles while they at- quarantine after a trip to That plan evaporated tend college or work, Europe. “I couldn’t even when Manzanita issued Thomas Ryan, whose doc- hug them goodbye,” says an order that all visitors ) IONS AT TR US (ILL NLAN CO MARK P2JW094000-0-M00500-1------XA

THE WALL STREET JOURNAL. Friday, April 3, 2020 | M5 MANSION

THE5TOP*

1. 40 Gramercy Park North Neighborhood: Gramercy Townhouse 6 bedrooms 7,200 square feet Price: Went into contract last asking $12.995 million

2. 601 Washington Street Neighborhood: West Village Condo 3 bedrooms 3,000 square feet Price: Went into contract Pandemic last priced at $8.85 million 3. 421 Hudson Street

ContinuedfrompageM1 MEDIA Neighborhood: West Village

balconies and views from the RISE Condo George WashingtonBridgetothe ; 4 bedrooms AFF

north to the Verrazzano Bridgeto GR 5,517 square feet the south. Price: Went into contract

“Corona or no corona, we ALENA last priced at $8.65 million S; wouldn’t have gotten a lower price,” Ms. Bernshtein said. PRES 4. 33 Vestry Street All over the country, moneyed TED Neighborhood: Tribeca CIA

buyerscontinued to ink deals for SO Condo AS

real estatethrough the middle of A/ 3 bedrooms

March, even amid the uncertainty US 2,973 square feet A of the pandemic and the stock-mar- IP Price: Went into contract /S ketplunge. Some attempted to cap- last priced at $7.5 million

italizeonthe downturn by renego- BEHAR tiating prices at the 11th hour,while 5. 225 West 17th Street sellerssought to expediteclosings Neighborhood: Chelsea ANTHONY beforethe market tanked further. : Condo Agents, realizing that the mar- LEFT 5 bedrooms ket would grind to a halt once OM 3,444 square feet FR property showings were impossi- A few buyers snapped up units at this new Zaha Hadid-designed building in Miami, above; Angelo Acquista and Price: Went into contract ble, sought to get as many in- Svetlana Aquista, above left, said they had to buy as they’d already sold their previous home on Park Avenue. last priced at $6.75 million progress deals across the finish line as they could. years, backing out would risk los- Alexander of Douglas Elliman said Real Estate, said he’s received *Five biggest New York City contracts In the week ended March 22,14 ing deposits of 20% to 25% if they he sawaflurryofdeals rushed calls from buyers looking for dis- signed the week of March 22 contractsonManhattanunits reneged, said appraiser Jonathan through last month, as clients counts on major listings. “Typi- priced at $4 million and up were Miller. That is a departure from looked to relocatetoFlorida amid cally, I would never approach my signed, according to areport by the last financial crisis, when buy- the outbreak.His team has closed sellers with these offers, but now Olshan’sreport. Olshan Realty—relatively consis- ers were generally required to four sizable deals sinceMarch 13, a handful of my sellers are open With cities across the country tent with the number of weekly make only 10% deposits, making including a$13.8 million condo sale to them,” he said. shut down, showings were down contractssigned at that pricepoint walking away a little easier. at the newZaha Hadid-designed While sellersaren’t taking list- by nearly 58% across the country in February. Adam Leitman Bailey,aNew building in Miami. Some buyers ingsoff the market—Zillowre- as of March 31 from the early “I have found in my 40-year ca- York real-estateattorney who planned to moveinimmediately. ported 34,639 listingspriced at $2 March peak, according to data reer that the buyers who venture helped buyerswriggle out of con- “People were like, ‘I want to million or aboveonthe market as from ShowingTime, a showing out in the worst periods do the tractsinthe last financial melt- close ASAPbecause this is abetter of March 22,just 1.78%lessthan management technology provider. best,” said Donna Olshan, the cre- down using an old federal statute, placefor me to be quarantined,’ ” March 1—agentsdon’t expect activ- McKenzie Ryan, an agent with ator of the report and an agent. said he’salready faced abarrageof Mr.Alexander said. “Ifyou’re ity to last. Without the ability to Compasswho sold a$7. 2million “The recipe is cash and calls from buyerslooking to cooped up in your apartment show, it is hardtosell, they said. townhouse in the West Villagetwo balls: Throw in a very getout of condo con- somewhereinChicagoorDetroit Thenumbersbear that out. Last weeks ago, said she heardfrom low offer and see 14 tracts—and sellers youthink,‘Iwish Ihad abig week,therewerejust two contracts the seller afterthe closing.“He what sticks. No guts. looking to enforce house in Miami right now,’where signed at $4 million and abovein said, ‘It looks likewesold just in No glory.” CONTRACTS them. It is early days Ican sit out by my pool while still Manhattan, according to Ms. the nick of time,’ ” she said. One buyer sign- for Manhattan units in figuring out how being close to amajor hospital.” ing a contract for priced $4 million or manycontractswill One homeowner in the Hamp- an Upper West Side more were signed stand, he said. tons,speaking on the condition of co-op for about $5 the week of Agent Lisa Lipp- anonymity,said he had been of- million moved to rene- March 22. man of Brown Harris fered$500,000 by arenter to take gotiate, and scored an- Stevens said she was over his nine-bedroom Watermill other 4% off a deal that had working on three deals last mansion through Memorial Day, but been agreed to 10 days previously, week, including two where she al- he had to saynoasheand his fam- said real-estate attorney Pierre ready has accepted offers. The ily had nowhereelse to stay. Debbas of Romer Debbas. apartments are priced at between In LosAngeles,agentssaid they “Honestly,[sellers] took the bird $2.5 million and $5 million. haven’t yetseen buyerstry to re- in the hand,” Mr.Debbas said. For “In all cases,the seller is taking nege, but sellersare already more clientssigning contractstoday, Mr. lessthan they hoped to get, but willing to negotiateonprice. Debbas said his firm is adding a that’snot really achangefromthe Branden Williams of Hilton & “coronavirus clause” to contracts, past few months anyway,” she said, Hyland said he had two deals mandating that if the pandemic gets referencing the recent softnessin close last week for around $10 in the way of the buyer obtaining fi- the NewYork luxurymarket. million apiece. One buyer was nancing,the deal canbenullified. Then thereare those in urban able to renegotiate based on an For buyers who signed con- areas rushing out to securemore appraisal last week, and got a 15% tracts for new development units desirable quarantine destinations. discount, he said. This West Village townhousesold for$7.2million on March 19.After the deal in New York over the past several In Miami, real-estateagent Oren Ben Bacal, an agent with Revel closed, the seller said he wasrelieveditwas completed in the nick of time.

Forthose seeking an exceptional life

LYFORD CAY, BAHAMAS OLD FORT BAY, BAHAMAS LA JOLLA, CALIFORNIA TIBURON, CALIFORNIA EVERGREEN, COLORADO KEYLARGO,FLORIDA

Always On Cay CharlestonIsland #5 1700 Torrey Pines Road 2Turtle Rock Court 24503Chris Drive 304Carysfort Road $6,950,000 PropertyID|80141 $3,600,000 PropertyID|38961 $9,999,000 -$11,999,000 PropertyID|NFLCRS $4,250,000 $19,999,999 PropertyID|MF5CQ4 $5,800,000 PropertyID|QR4P48 SIRbahamas.com SIRbahamas.com sothebysrealty.com globalestates.com 24503ChrisDrive.com oceanreefclubsir.com Lyford CaySotheby'sInternational Realty Old Fort BaySotheby'sInternational Realty Pacific Sotheby'sInternational Realty Golden GateSotheby'sInternational Realty LIV Sotheby’sInternational Realty OceanReefClub Sotheby'sInternational Realty George Damianos |NickDamianos SamiraColeby Elaine Gallagher L. Sarkissian |M.Sarkissian |B.Bullock Sean Endsley|Heather Graham Mary Lee [email protected] +1 242.424.9699 [email protected] +1 242.376.6248 [email protected]+1858.449.4786 [email protected] +1 415.517.7720 [email protected]+1303.895.4663 [email protected] +1 305.367.2027

KEYLARGO,FLORIDA LEE, NEWHAMPSHIRE SOUTH KINGSTOWN, RHODE ISLAND ISLE OF PALMS,SOUTH CAROLINA AUSTIN, TEXAS AUSTIN, TEXAS

120 Residence Lane,C-120 28 Caverno Drive 527Ministerial Road 26 BeachwoodWest 3200 StratfordHills Lane 4902 TortugaPlace $3,693,520 PropertyID|XZ56V7 $950,000 $7,950,000 PropertyID|5YLDR3 $1,599,000 PropertyID|4H63ZL $8,995,000 PropertyID|LS247F $5,999,000 PropertyID|3YHCSK oceanreefclubsir.com legacysir.com mottandchace.com DanielRavenelSIR.com 3200stratfordhills.com 4902tortuga.com OceanReefClub Sotheby'sInternational Realty Legacy PropertiesSotheby'sInternational Realty Mott &ChaceSotheby'sInternational Realty Daniel Ravenel Sotheby'sInternational Realty Kuper Sotheby'sInternational Realty Kuper Sotheby'sInternational Realty Russell Post KristieJorgensen Erin Marsh | Judy Chace GeorgiaNettles KumaraWilcoxon KumaraWilcoxon [email protected] +1 305.367.2027 [email protected] +1 207.200.5082 [email protected]+1401.225.4106 [email protected]+1843.532.8437 [email protected]+1512.423.5035 [email protected]+1512.423.5035

©MMXX Sotheby’sInternational RealtyAffiliates LLC. All RightsReserved. Sotheby’sInternational RealtyAffiliates LLCfully supportsthe principlesofthe Fair Housing Actand the Equal OpportunityAct.Each OfficeisIndependently Owned and Operated. Sotheby’sInternational Realty sothebysrealty.com and the Sotheby’sInternational Realtylogoare registered(or unregistered) servicemarkslicensed to Sotheby’sInternational RealtyAffiliates LLC. P2JW094000-0-M00600-1------NS

M6 | Friday, April 3, 2020 NY THE WALL STREET JOURNAL. MANSION

INSIDE STORY ThePriceofanOcean View

A Santa Monica couple tore down their longtime home and built a new one that let in the outdoors

Paid $750,000 for the home in 1996.

BY CANDACE TAYLOR

he California home where Art and Pat An- tin lived for 20 years had a panoramic view Tof the Pacific Ocean and the Santa Monica Mountains. The only problem? The vista was hardly visible from inside - side house. In the 1960s home, the only way to see the ocean was to walk into the Antins’ bedroom. “You could go to the house, you could

have dinner, you could hang out (8) in the living room, you could go to the pool and never know they had a view,” said the Antins’ ar- JOURNAL

chitect, Michael Kovac. REET ST

So in 2015 the couple decided LL

to start over. They hired Mr. Ko- WA

vac’s firm to demolish their exist- THE R

ing Santa Monica home and build FO a brand new, roughly 7, 200- A square-foot, four-bedroom house ONK on the site, this time with ocean CZERW views from nearly every room. Completed in 2018, the project MICHAL cost about $9 million. “Everything was backward in round cutout, or oculus, in the Mr. Antin in Stuyvesant Town, the 1996, the Antins had been living renovating the house, which they the house,” said Ms. Antin, ceiling above the Jacuzzi. sprawling rental complex on Man- in nearby Venice but wanted to felt was getting dated, said Mr. 67. “We’ve made every- The couple even got rid hattan’s East Side. He moved to get their children into the Santa Antin. thing the right way of their old furniture the West Coast in the early 1980s Monica school system. “We looked Mr. Kovac, the founder of Los now.” $9 and art, buying all to start a health company with his in this area because it had a great Angeles-based Kovac Design Stu- That wasn’t the new pieces for the brother, Robert. They later elementary school,” said Ms. An- dio, specializes in contemporary only thing they MILLION rebuilt house. launched VCAInc., a chain of ani- tin, a former special-education architecture. The Antins had be- changed. Their old Cost to build the new Their address mal hospitals that grew to be- teacher. friended Mr. Kovac and his wife house was tradi- 7,200-sq.-ft. house over may be the same, come one of the largest in the After buying the house for several years earlier through their tional in appearance. three floors said Mr. Antin, 73, country. The publicly traded com- $750,000, they added a deck off shared interest in cycling. Mr. An- The new one is con- but “it was a new be- pany was acquired by MarsInc. in the master bedroom to better cap- tin had seen the house Mr. Kovac temporary and playfully ginning.” 2017 for about $9.1 billion. Mr. ture that sliver of the view. designed for himself and was integrates a series of The Antins are origi- Antin retired about a year ago, al- It wasn’t until years later, with taken with it, Mr. Kovac said. curves: a sculptural spiral stair- nally from New York, where Ms. though he still consults for Mars. their children grown, that the An- At first the Antins planned to case, a semicircular library and a Antin grew up on Long Island and Before buying this property in tins approached Mr. Kovac about remodel the house. But because of

8Miles to Manhattan

ALPINE, NEW JERSEY

Locatedinone of the nations wealthiest zip codes. Over 30,000 sq.ft. of luxurious living space. Reception rooms of grand scale proportions.Ballroom, his/her libraries, north/south art galleriesand wine tasting room. 12 bedroom suites. 12’ high ceilings. Elevatortoall levels. Pool housew/kitchen. 65’ saltwatergunitepool, tennis court and indoor . Heated driveway & gatedmotor court. Advanced securitysystem. Situated on 6acres on the only guardgated street in Alpine. $32,900,000.

Georgian Colonial Manor situated on 8privategated acres. Over 35,000 sq ft of living space, with Main Reception Rooms that include aBanquet sized Great Room and Dining Room, Conservatory,Library,Theater, and Indoor Basketball Court. 11 spacious Bedroom Suites. Separate Guest House. 8Car Garage. Grounds include agunitepool, bikepath &aLighted US Open decoturf cushioned Te nnis Court. $21,500,000.

Prominent Properties Sotheby’s International Realty |Alpine Dennis McCormack Cell:917.566.9800 Office:201.768.9300 prominentproperties.com BrokerAssociate [email protected] Each Office is Independently OwnedAnd Operated. P2JW094000-0-M00700-1------NS

THE WALL STREET JOURNAL. NY Friday, April 3, 2020 | M7 MANSION

cause we’re contrasting these smooth, sculptural cement-plaster forms with very crisp wood forms.” Visitors approaching the now- completed house see two rounded white concrete structures linked by the slender rectangle of the metal front door. One double-height cylinder houses the spiral staircase, which has elements of blackened steel. It leads to the master suite from the semicircular library, where Mr. Antin displays books autographed by the likes of Muhammad Ali and Ringo Starr. “We had all these amazing books we couldn’t dis- play before,” he said. Another prominent circle is lo- The interior has three levels of cated off the master bathroom, in glasswalls.Above,aJacuzzi room the ceiling above a stone Jacuzzi. has an open side fordaytime ocean That room is three-sided, with the Glass walls allow optimal views. views and an opening in the ceiling fourth side open to ocean. fornighttime views of the stars. The house spans three floors, each with floor-to-ceiling glass. Pat and Art Antin, below, in their To bring more natural light to the rebuilt home. It has a staircase lower-floor terrace, Mr. Kovac’s with elements of blackened steel The pool above has team installed a glass bottom in that leads to a library of books, a glass bottom. the swimming pool above. “It’s a some signed by the likes of Ringo fun thing to look up and see,” said Starr and Muhammad Ali. Mr. Kovac. Despite their initial misgivings about the house feeling too con- temporary, the Antins’ sugges- tions pushed the house into a more unconventional direction. “They became more interested in materials, in forms, details,” said Mr. Kovac. “That drove the house to be as sophisticated as it is.” Thehouse design inspired the Antins to makeother changes. During construction, they moved out of the house intoarental, taking much of the furniturewith them with the intent of moving it Ms. Antin—were nervous about back in oncethe project wascom- having a contemporary home after pleted. Instead, they jettisoned years in a traditional house. “We nearly all of their old posses- didn’t want it to look really mod- sions,keeping only afew pieces ern-modern,” said Ms. Antin. of art. To soften the design and avoid “We gave everything away— the appearance of stacked boxes, even the dishes,” Mr. Antin said. the home’s position on the hill- the Antins asked for the house to Still, the Antins said their fa- side, he told them the existing include some curves, Mr. Kovac vorite part of the house is the house would “never take advan- said. newly revealed mountain and tage of this ridiculously beautiful “All of the soft radius forms ocean views, which help them feel view.” They decided to build a that you see in the house are our less cooped up amid the coronavi- new house. reaction to their desire,” he said, rus crisis. “We have this expan- A semicircular library But as they started designing “which I think became a really in- sive view,” said Mr. Antin. “It the home, the Antins—especially teresting driver for the form, be- feels like it’s endless.”

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COMPANY HEADQUARTERS SIDES VOLUME 1. HomeServices of America, Inc Minneapolis, MN 329,680 $132,304,589,270 2. Realogy Brokerage Group Madison, NJ 325,652 $170,082,408,000 (formerly NRTLLC) 3. eXp Realty Bellingham, WA 130,627 $36,233,976,502 4. Hanna Holdings /Allen Tate Pittsburgh, PA 100,589 $22,475,825,294 5. Compass New York, NY 84,732 $91,271,740,000 6. Redfin Seattle, WA 53,235 $30,532,000,000 7. HomeSmart Scottsdale, AZ 42,268 $13,447,121,512 8. Keller Williams Realty, Arlington, TX 32,161 $9,454,884,792 GO Management Offices 9. West USA Realty,Inc. Phoenix, AZ 26,485 $4,119,024,231 10. Crye-Leike Real Estate Services Memphis, TN 25,773 $5,814,099,906 11. Douglas Elliman New York, NY 23,460 $28,773,794,499 12. William Raveis Real Estate, Shelton, CT 23,160 $12,178,620,897 Mortgage and Insurance 13. RE/MAX Results Eden Prairie, MN 22,931 $6,700,483,900 14. Real Estate One Southfield, MI 22,237 $5,606,837,190 15. Keller Williams Realty Pinnacle Duluth, GA 22,038 $5,917,545,651 Partners Group 16. @properties Chicago, IL 21,877 $10,752,946,760 17. Coldwell Banker Seacoast / Raleigh, NC 19,839 $4,780,687,801 Advantage 18. CENTURY21Affiliated Madison, WI 19,291 $4,031,018,498 19. Coldwell Banker Real Estate Shorewood, IL 18,858 $3,752,517,572 Group 20. Fathom Realty Cary,NC17,866 $4,351,123,745 21. John L. Scott Real Estate Bellevue, WA 17,070 $8,332,411,071 22. RE/MAX Gold /One Fair Oaks, CA 16,694 $7,932,256,517 23. BerkshireHathaway Wexford, PA 16,596 $3,357,475,142 THE WEST COAST IS CALLING HomeServices The Preferred Realty RESERVE ATOUR | 833-777-1660 24. Baird&Warner Chicago, IL 16,555 $5,598,328,488 25. Keller Williams Realty The Franklin, TN 15,394 $4,254,746,590 1221OCEAN.COM | SANTAMONICA, CA HaggardGroup

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M8 | Friday, April 3, 2020 THE WALL STREET JOURNAL. MANSION

HOUSE CALL | LORETTALYNN World WarII. He wonand had to tryaslice. Turns out Iused salt in- stead of sugar. That didn’t matter. It waslove She WasBorn at firstsight. That boy, Doolittle Lynn, walked me home and kissed me good-night. Thenextday he came to see me and we started AHomemaker’s dating.Iwas just 14.Amonth later, we married. Soon we moved to Washington Daughter statesoDoo could find work log- ging.Iwas pregnant with the first of our six children. In Custer, Wash., in ’53,Doo bought me agui- tarsoIhad something to play The country singer-songwriter learned everything while singing to the babies. from her mother in Butcher Holler, Ky. Over the next three yearsIfig- ured out howtoplay. All my family playedfiddle,banjo or guitar.Ihad ne of my chores when good, too. Everyone wasclose. been therewatchingwhen they Iwas 7was to put my My daddy,Melvin Webb,was did. four baby brothers known as Tedand worked forRoo- Today, Iliveinanice, little mod- and sisterstosleep.I sevelt’sWPA.Then he took ajob in ern house in Hurricane Mills, Odid this by holding the coal mines.Mymommy, Clara Tenn. We built it behind the planta- one of them at atime in my arms Marie,took care of all the kids and tion home that Doo and Ilived in for while rocking back and forth on the house.Ofcourse,Ihelped. 40 yearsthat’snow my museum. our porch bench swing. My daddy’s cousin, Lee, liked Thinking back on thingsIdid as While Irocked, Isang them the sound of my voice. He had his akid, Iloved climbing trees. songsmymommytaught me,like whiskey still on the side of the hill. Mommycould hardly keep me out “The Great Titanic.” Daddy would When Iwas 13,hecame down to of them. I’dclimb right to the very shout at me to our house and top. OnceIgot up there, Icould shut my big told me to keep see everywhere, all around. That’s mouth. “Every- singing.Healso howIfigured out therewas abig body all over the urgedMarie,my world out there. holler canhear cousin, to sing —As told to Marc Myers MUSEUM you,” he’dsay. with me.He’d AND ME

Igrewupin say, “Y’all keep Loretta Lynn, 87, is acountry FA

Eastern Ken- singing ’cause I Loretta Lynn in Nashville in 2017, above, and, left, at age 9. singer-songwriter and arecipient OF tucky, in Butcher lovetohear you of the Presidential Medal of Free- HALL Holler,ahandful when my whis- running waterand bathrooms. school held what we called apie dom. She is the author of “Coal

of cabins be- key’s running Afterthe war, he bought a social. Boys bid on the pies of the Miner’s Daughter” and, more re- MUSIC tween two hills off.” Philcoradio.Anentireuniverse girls they liked best. cently, “Me and Patsy Kickin’ Up Y

divided by a Money was opened to us.Welistened to the Theboy who bid on my pie had Dust: My Friendship With Patsy OUNTR creek.Wewere tight. Thank Grand Ole Opryand the “Squeaky just returned from fighting in Cline” (Grand Central). /C

about amile goodness Door,” ascary drama show. MOCK Y from the main Mommycould Iwas in awe of Oprysingers. I JUD road. Members sew. She turned never dreamed I’deversee one let of our family burlap flour sacks alone sing theremyself.Those TER; Best Cline CLIS lived there. intodresses.I thingsseemed impossible. LORETTA ON PATSYCLINE MC stage tip? Look Iwas the second of eight chil- didn’t see my firstreal dressuntil I Mommytaught me everything I VID dren and wasknown as Loretty. My was7.Someone who worked on knew. She taught me howtosing First PatsyCline meeting? In the the audiencein DA mother named me afterthe actress roads with Daddy forthe WPAgave all them old hill songs. She wasa hospital, aftershe heardmesing her the eyes the en- tiretime,and talk

LorettaYoung.Her pictureap- him ablue dresswith little pink great singer.She also taught me to songs on the radio. MUSEUM; peared ofteninmymother’s movie flowers. garden. She wasbeautiful with ev- to them. Whythere? In ’61, she washit head- magazines. Daddy wasreal bashful and erything she did. Howdid youhearofher fatal UGHTER When the wind picked up and moreeasygoing than Mommy. He My parentsweredifferent. Most on by another car. DA plane crash? On the radio,when I S whistled through them log walls of wouldn’t talk much, but he always people in those hollerswerekind Whatdid Cline hear in your voice? wasstill in bedthatSundaymorn- our one-room cabin, Mommytore had asmile on his face. When the of lazy.They didn’t want to work. I’mnot sure. Probably my soul. ing in ’63. I’mstill in shock. MINER’ out pages and stuffed them in the Depression eased and he worked in But my parentsrolled up their AL CO wall’sgaps. the mine,hebought ahouse in sleeves.Mommycould do anything Whywas she special? She was Howclose were youtwo? She was : Times were hardduring the De- Butcher Holler with four rooms. she wanted to do. slicker and moremodern than every- the greatest friend. She wasthe big LEFT pression, but hardtimes were But it didn’t have electricity or One dayin1948, my one-room one else. sisterInever had. OM FR

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Paradise is,Nassau, Bahamas|$39,500,000 OsterviLLe,CaPeCOd,ma|$16,500,000 Chatham,CaPeCOd,ma|$14,900,000 NOrth PaLm BeaCh,FL|$13,400,000 New seaBury, ma |$9,250,000 Paradise retreat with 300’ of spectacular Oyster Harbors waterfront estate on 9.98 ac Private location! 10,350 sq. ft. residence, guest Double lot with 225’ wide ICW/ocean access. Remarkable waterfront estate boasts spectacular beachfront in ultra-exclusive golf community. w/pool and substantial deep water dock. house, pool &1,130’ of shoreline. 14,000sf modern villa. Rareopportunity! ocean &golf course views. Bahamas realtyLimited robertPaul Properties robertPaul Properties illustratedProperties real estate, inc. robertPaul Properties Andrea Brownrigg —+1242 396 0044 RobertB.Kinlin —+1508 648 2739 RobertB.Kinlin —+1508 648 2739 Jennifer Hyland —+1561 632 4042 Paul E. Grover—+1508 364 3500 WEBID: DWCK4 WEBID: DUYK4 WEBID: VKYL4 WEBID: HYWN4 WEBID: YWAL4

COtuit,ma|$8,875,000 OsterviLLe,CaPeCOd,ma|$8,500,000 Chatham,ma|$7,900,000 sarasOta,FL|$6,899,000 NOrth PaLm BeaCh,FL|$6,500,000 Magnificent North Bay waterfront estate Sophisticated waterfront home with superb Magnificent Georgian estate with period EPOCH. Just 23 bespoke residences where 8,900 AC/SF unique Seminole Landing estate. w/stunning views, pool and deep water dock. craftsmanship, pool and private dock. detail, manicured grounds, &water views. thereisnothing between you and the view. 5BR/5.2BA, new roof, steps to ocean. robertPaul Properties robertPaul Properties RobertPaul Properties michael saunders&Company Lost tree realty Paul E. Grover—+1508 364 3500 RobertB.Kinlin —+1508 648 2739 Paul E. Grover—+1508 364 3500 AmyDrake —+1941 893 1722 DeniceM.Sexton—+1561 662 8344 WEBID: WNBS4 WEBID: THVZ4 WEBID: BYLN4 WEBID: TPGX4 WEBID: MTJH4

hOBesOuNd,FL|$5,900,000 NOrth PaLm BeaCh,FL|$5,850,000 saddLeriver, NJ |$5,850,000 tequesta,FL|$5,295,000 verO BeaCh,FL|$4,995,000 Spectacular 2.66 acreJupiter Island lot with Custom 6BR, 7.1 BA estate, bespoke details, Elegant gated estate in Chestnut Ridge section Bespoke estate home in Jupiter Hills Village. Casually elegant oceanfront home on 1.25+ acres deeded beach access just steps away. steps to pristine beach, on 1+ acres. of Saddle River,NJ. Pool, cabana. 4BR, 5.1BA, extraordinary views. w/pool &tennis court –amust see! Lost tree realty Lost tree realty terrie O’Connor realtors Lost tree realty dale sorensen real estate DeniceM.Sexton—+1561 662 8344 DeniceM.Sexton—+1561 662 8344 Terrie O’Connor Realtors—+1201 934 4900 DeniceM.Sexton—+1561 662 8344 Matilde Sorensen —+1772 532 0010 WEBID: VCWX4 WEBID: IJQO4 WEBID: YNWM4 WEBID: ZNZA4 WEBID: LEDS4

NOrth PaLm BeaCh,FL|$4,950,000 NOrth PaLm BeaCh,FL|$4,950,000 sarasOta,FL|$4,900,000 westPOrt,Ct|$4,890,000 NOrth PaLm BeaCh,FL|$3,850,000 Golf and water views on lushly landscaped lot, Endless direct oceanfront views, 3bed/3 bath The Ritz-Carlton Residences, Sarasota offers Year-round waterfront retreat on Saugatuck Tropical island 5BR, 5BA on large lot, 1BR 4beds, 4.2 baths, close to Clubhouse. condo in private gated community. unrivaled views &services. River/LI Sound. Pool, boathouse, dock. guesthouse in premier private community. Lost tree realty Lost tree realty michael saunders&Company william raveis real estate, mortgage&insurance Lost tree realty DeniceM.Sexton—+1561 662 8344 PeterB.Erdmann —+1561 329 2383 Julia DeCastro —+1941 702 2300 Leslie ClarkeHomes —+1203 984 1856 PeterB.Erdmann —+1561 329 2383 WEBID: EPON4 WEBID: BCWA4 WEBID: SUOX4 WEBID: ZQQX4 WEBID: QDPG4

CeNterviLLe,ma, ma |$3,500,000 CharLestON, sC |$3,450,000 PaLm BeaCh GardeNs, FL |$3,200,000 LONGBOat Key,FL|$2,950,000 BradeNtON,FL|$2,600,000 Cape Cod -Stunning Nantucket styled Desirable “South of Broad” brick Georgian, Frenchman’sCreek. Golf &Beach Club. Mesmerizing in every sense, this residence This residence has romantic water views &a Waterfront Gambrel; terrific deepwater dock. recently updated, 5BRs-3½BA, garage. Exquisite 7,170 SF lakefront home. captures the warmth of aluxury villa. countryside lifestyle beyond compare. Kinlin Groverreal estate Carriage Properties illustratedProperties real estate, inc. michael saunders&Company michael saunders&Company Bernie Klotz —+1508 737 5684 Charles Sullivan —+1843 367 8807 DebraGreenberg—+1561 569 5503 John August —+1941 320 9795 Stacy Haas —+1941 587 4359 WEBID: XYOA4 WEBID: ZCVA4 WEBID: ZVQK4 WEBID: DWSR4 WEBID: ILWH4

iNdiaLaNtiC, FL |$2,400,000 CharLestON, sC |$1,650,000 BethLehem,Nh|$1,299,000 BeauFOrt, sC |$1,150,000 ChiCaGO, iL |$1,098,800 6bedroom, 6.2 bath luxurious estate with Beautiful renovation has been completed. Custom built Deck House with tremendous Beautiful, fully renovated downtown home. Own this most desirable large 1bed/2 bath over 8,900sf on the Indian River. Private gated parking &garden. 3BDs/4½ Bath. mountain views. Aplace to make memories. Separate guest house. Walk to everything. hotel suite with stunning river views. dale sorensen real estate Carriage Properties Peabody &smith realty, inc. Lowcountryreal estate @properties Dewayne Carpenter&Kirk Kessel —+1321 214 8400 Judy Tarleton —+1843 729 2255 Peabody &Smith Realty, Inc. —+1603 444 1294 Edward Dukes —+1843 812 5000 MargaretBaczkowski —+1312 500 5178 WEBID: JHOB4 WEBID: UJGF4 WEBID: BSUE4 WEBID: YYOS4 WEBID: JLPI4

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©2020 Luxury Portfolio International® Equal Housing Opportunity.Offering is subject to errors, omissions, change of price, or withdrawal without notice. All information considered reliable; however,ithas been supplied by thirdparties and should not be relied on as accurate or complete. P2JW094000-0-M01000-1------NS

M10 | Friday, April 3, 2020 NY/NE THE WALL STREET JOURNAL. PRIVATE PROPERTIES Cape Cod Estate Sets Price Record

A well-known estate on SOLD lion. The estate spans Cape Cod has sold for about 9.6 acres on the roughly $20 million, set- $20 Penzance Point peninsula ting a price record for the and is surrounded on popular coastal summer MILLION three sides by water. It destination. 9.6 acres, includes a traditional- The deal tops the prior 36-ft. style main home as well record set in 2013, when swimming pool, as a guesthouse, a 36-foot billionaire Bill Koch paid private beach swimming pool, a boat- $19.5 million for a home house and a deep water owned by philanthropist Bunny dock, according to the listing. It Mellon, The Wall Street Journal also includes its own stretch of ALS reported. private beach. The property came on the mar- Themain house has four bed- VISU WK

ket last December asking $25 mil- rooms,acircular entryway with HA decorativewindows,

alibrarywith re- MEDIA; claimed chestnut paneling and ase- HOME ries of large decks ONE DR looking out to the :

The house is surrounded LEFT water. Thereare two

by water on three sides. OM additional bedrooms FR in the guesthouse. Thesellersare Clark’sfather JimClark,aformer they told the Journal in December. Kerrie Marzot of Sotheby’s In- Texas oil-and-gas Wall Street executiveand aphilan- Mr. Clark said he wasn’t sur- ternational Realty had the listing. investor Jamie thropist who championed cancer prised that the property sold, even —Katherine Clarke Clark and his wife research causes.Hedied in 2015, amid a pandemic. “You have to The property KathyClark.They at age93. Jamie and KathyClark look past all this and say, what’s  See more photos of notable listed for inherited the prop- have another smaller home on the something I’d still like to own two homes at WSJ.com/RealEstate. $25 million. erty from Mr. peninsula, which they will keep, years from now?” he said. Email: [email protected]

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THE WALL STREET JOURNAL. Friday, April 3, 2020 | M11

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