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***** WEDNESDAY,DECEMBER 16,2020~VOL. CCLXXVI NO.142 WSJ.com HHHH $4.00

DJIA 30199.31 À 337.76 1.1% NASDAQ 12595.06 À 1.2% STOXX 600 392.84 À 0.3% 10-YR. TREAS. g 9/32 , yield 0.921% OIL $47.62 À $0.63 GOLD $1,852.30 À $23.60 EURO $1.2155 YEN 103.66 Holiday Lockdown Looms in London as Cases Surge EU Seeks What’s News Tougher Oversight Business&Finance Of Tech uropean officials want Enewpowers to oversee in- ternal workingsatlarge tech Firms companies,backed by threats of multibillion-dollarfines,as they seek to expand their role Proposals aim to boost as global tech enforcers. A1  Twitterwas fined under social-media policing, the EU’scurrent privacylaw, levy huge fines for afirst foraU.S.tech firm in a cross-border case sincethe competitive abuses rules went into effect. B4 BY SAM SCHECHNER  Mnuchin suggested he was unlikely to support a European officials want new consent order to end the gov- powers to oversee internal ernment conservatorships GES workingsatlarge technology of Fannie and Freddie be- IMA companies such as Facebook fore Trump leavesoffice. A2 Inc., backed by threatsofmulti- ETTY

 U.S. stocks rallied, with /G billion-dollar fines,asthey seek the S&P 500, Nasdaq and to expand their role as global Dow advancing 1.3%, 1.2% tech enforcers. and 1.1%, respectively. B12 SUMMERS TheEuropean Union’sexecu- tivearm proposed two bills on  High-frequency traders PETER IN LIGHTS: London taverns like the Churchill Arms prepared for new restrictions that will take effect Wednesday, limiting Tuesday—one focused on illegal are using an experimental restaurants and pubs to takeaway and delivery. The move followed a surge in Covid-19 cases in the U.K. capital. content, the other on anticom- type of cable to speed up petitive behavior—that would their systems by billionths of empowerregulatorsinsome asecond, the latest movein cases to levyfines of up to 6% atechnological arms race. B1 or 10% of annual world-wide  VW shares jumped FDASetsStage to Authorize revenue,orbreak up big tech Tuesday after top share- companies to stop certain com- holders and union leaders petitiveabuses. publicly backed CEO Thebills don’t mention any Diess’s strategy of refocus- Moderna’sCovid-19 Vaccine specific companybut, as ing on electric vehicles. B1 drafted, one or both would likely apply to several large U.S.  Credit Suisse’s newCEO tech companies including Al- said wealth management will BY THOMAS M. BURTON erna, analyzing the safety and by the FDA, also included new curbs viral transmission could phabet Inc.’sGoogle, Ama- be a priority for the bank, AND PETER LOFTUS effectivenessofthe vaccine in a datasuggesting the firstdose hasten the end of the corona- zon.comInc.Apple Inc.and setting atargetfor improved large clinical study.The find- of itsvaccine canreduceinfec- virus pandemic,ifenough peo- Facebook. profitsfromthat activity. B1 TheFood and Drug Admin- ingswill go beforeanindepen- tions that don’t cause symp- ple get vaccinated. At the same time,the U.K.,  Condé Nast named Anna istration said the Covid-19 dent advisorypanel that will toms. “Ifwecould demonstrate which has exited the bloc,said Wintour itsfirst-ever global vaccine developed by Moderna vote on Thursdayonwhether to If this finding holds up in that they reducetransmission, Tuesdaythat it is advancing chief content officer as Inc.was “highly effective,” recommend FDAauthorization. further analysis—including af- that would acceleratethe time similarlegislation covering part of the company’s push setting the stagefor an emer- Barring complications,the terthe second of the two-dose when we cantakeoff our what it calls “online harms.” It to unify its international gencyauthorization later this FDAisaiming to authorize regimen—it could mean the masks and go back to amore would require social-media and U.S. operations. B3 week that would add asecond emergencyuse of the Moderna vaccine not only protectsindi- PleaseturntopageA6 PleaseturntopageA2 vaccine to the arsenal against vaccine on Friday, following the viduals from disease,but also  China’s economic activity the pandemic. same timetable as last week curbs transmission of the vi-  Leaders move closer to  Twitter fined in Europe over extended itsmomentum last TheagencyonTuesday with the Covid-19 vaccine, from rus from person to person. Covid-19 relief pact...... A2 data breach...... B4 month with abroad recovery posted online documents, pre- Pfizer Inc.and BioNTech SE. Avaccine that preventsas-  Challenges await Biden’s  Heardonthe Street: New as the countryapproaches the pared by itsstaff and by Mod- Moderna’s analysis, posted ymptomatic infections and virus czar...... A6 rules will bite, eventually... B14 end of atumultuous year. A9 World-Wide Nigerian Sanctions Fail To Curb Iran Oil Teacher Shortage Worsens  TheFDA said the Covid-19 vaccine developed by Mod- Jihadists Crude exports have climbed, erna was highly effective, providing a lifeline to the Pandemic Woes in Schools setting the stagefor an emer- country’s economy. A8 gencyauthorization later this Re-emerge week that would add asec- Iran’s average crude and ond shot to the arsenal condensates exports Administrators scramble to staff classrooms; ‘it’s all hands on deck’ against the pandemic. A1 With Mass  TheEU’s chief drug regu- 2.0 million barrels aday lator will accelerate its re- BY VALERIE BAUERLEIN AND YOREE KOH staffing crunch leaves teachers educating view of a Covid-19 vaccine Abduction children in person and online simultane- aftercoming under pressure PHOENIX—As if the pandemic weren’t dis- ously, deep-cleaning their own classrooms from some governments to 1.5 ruptive enough, many American schools are and taking turns as crossing guards. authorize the shot. A7 BY JOE PARKINSON facing a growing shortage of teachers. The consequences are burnout for teach- AND GBENGA AKINGBULE School districts are recruiting parents as ers, frustration for parents and scant prog-  Congressional leaders said they were coming closer substitute teachers, online class sizes are ress for students. MAIDUGURI, Nigeria—Six 1.0 soaring to 50 children or more and bus driv- The shortage isn’t uniform nationwide, to reaching an agreement on yearsafter the abduction of ers are baby-sitting classrooms. Some are but rather concentrated in some regions and another virus relief package, 276schoolgirls ignited the considering allowing asymptomatic teachers specialties. More than 40 states reported aftermonths of fitful efforts global #BringBackOurGirls who were exposed to Covid-19 to continue to shortfalls in math, science and special edu- to approvemoreaid. A2 campaign,Nigeria is again reel- 0.5 show up. cation in 2018, but fewer states reported  Jihadist group Boko ing from amasskidnapping, Public-school employment in November shortages in elementary grades, according to Haram said it had seized stu- this time of more than 300 was down 8.7% from February, and at its the latest federal data. There are shortages dentsfromanall-boys school boys. lowest level since 2000, according to the Bu- in some cities with a high cost of living and 0 in northwest Nigeria to pun- Jihadist group Boko reau of Labor Statistics. some rural areas with low teacher pay. ish them for what it called Haram on Tuesdaysaid it had Feb. 2019 Jan. ’20 Nov. That includes teachers who quit, retired Nowhere is the impact more stark than un-Islamic practices. A1 seized studentsfromanall- Source:TankerTrackers early or took leaves of absence due to the PleaseturntopageA12 boys boarding school in Kat- pandemic, and layoffs of support staff such  Senate Republican lead- sina, in northwest Nigeria, to as teachers’ aides and clerical workers. The  Schools speed up internet forrural students... A14 ersunited in calling Demo- crat Joe Biden the winner punish them for“un-Islamic of the presidential race, practices.” Localofficials while warning colleagues said 333 of the school’s800 Well-Employed During the Crisis: studentsweremissing and as- not to join a long-shot bid sumed captive, anumber some to challenge the results in Landscaping Goats analystssay could mark one of Salesforce. Congress in January. A4 the largest masskidnappings iii  Biden chose one of his of schoolchildren in his- former Democratic pri- tory.Nigerian surveillanceair- Hired for their insatiable love of weeds, #1 CRM. mary rivals, Pete Butt- craftand American drones igieg, to lead the Trans- have been dispatched over the they’re able to work through lockdowns portation Department. A4 sprawling forest wheresurvi- Ranked #1 for CRM Applications basedon  Thepresident-elect plans vors saythe captorsforced BY KONRAD PUTZIER has boosted the demand. IDC 2020H1 Revenue Market ShareWorldwide. to tapex-Michigan Gov.Jenni- them to march. Goatscan be on the job during 19.8% ferGranholm as Energy chief One of the studentswho es- CandaceThompson,man- lockdowns.Ms. Thompson and ex-Obama administration caped the captors—17-year-old ager of the Stuyvesant Cove turned to goatsafter New EPAchief Gina McCarthyas Usama Male—said the abduc- Park in lowerManhattan, was York City’s spring restrictions national climateadviser. A4 tion began just after10p.m. on pulling on agiant bindweed forced the park’susual group Friday. Dozens of men in mili- one daywhen awoman eating of volunteerstostayhome  Mexico’s ruling party tary fatigues shooting Kalash- lunch nearby of- andleftitfull of pushed through a new law curbing the role of foreign nikovs intothe air poured into feredsome advice. weeds. law-enforcement officers the sand-caked school cam- “She went, ‘You Goatsatwork pus and ordered the entirestu- need goats,’ ” Ms. also offer instant stationed in Mexico. A9 dent body to march intothe Thompson remem- entertainment for 5.3% forest. Afteralmost two days bers. children stuck at 4.8% CONTENTS Personal Journal A13-14 of walking in ahundreds- Thepark man- home during re- 3.9% Arts in Review... A15 Property Report... B6 3.8% Business News...... B3 Sports...... A16 strong column with no food ager wasintrigued. motelearning. Crossword...... A16 Technology...... B4 and little water, he wasone of She placed an order When Lansing Da- Equities...... B10 U.S. News...... A2-7 the luckyfew who escaped. for20ofthe ani- vis of Mill Valley, 2016 2017 2018 2019 2020H1 Heard on Street.B14 Weather...... A16 Yummy “They said they would kill mals,which arrived Calif., hosted three Source: IDC, Worldwide Semiannual Opinion...... A17-19 World News...... A8-9 whoever tried to flee,but Ipo- in early September goatsfromSep- SoftwareTracker,October 2020. sitioned myself near the back in atrailer from Rhinebeck, tember to early December on > and waited forachanceto N.Y. Twoand ahalf days later, his 2-acreproperty,his daugh- run,” he said, sitting alongside most of the weeds were gone. ters aged 4, 7and 9wereex- his father,Aminu, in the town Goatscaping,asthis trick is cited to have them and gotto salesforce.com/number1CRM of Kankara. “Hundreds of my called, has growninpopular- knowtheir different personali- CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, fellowpupils arestill in captiv- ity in recent years as an envi- ties,while neighborhood kids MarketingCampaign Management, Customer Service, Contact Center,Advertising,and Digital Commerce s 2020 Dow Jones & Company, Inc. Applications. ©2020salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of All Rights Reserved ity somewhereinthe forest.” ronmentally friendly way to fedthem through the fence. salesforce.com, inc.,asare other namesand marks. PleaseturntopageA8 clear overgrownlots. Covid-19 PleaseturntopageA12 P2JW351000-5-A00200-1------XA

A2 | We dnesday, December 16, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS LeadersMove Closer to Covid-19 Relief Pact

BY KRISTINA PETERSON standoff by leaving out the li- AND ANDREW DUEHREN ability provisions and state and local aid and proceeding WASHINGTON—Topcon- with the other relief mea- gressional leaderssaid they sures. were coming closer to reach- Ahead of the meeting with ing an agreement on another other topleaders, Mr.McCon- coronavirus relief package, nell repeated his call to omit broadcasting progressafter thetwo issues from the bill, months of fitful effortstoap- pointing toward another relief provemoreaid. bill under the coming Biden House Speaker NancyPelosi administration as another op- (D., Calif.), SenateMajority portunity to addressthem. He Leader MitchMcConnell (R., said the Senatewouldn’t leave Ky.), SenateMinority Leader Washingtonuntil the two par- ChuckSchumer (D., N.Y.)and ties reached adeal. House Minority Leader Kevin “Weall knowthe newad- McCarthy (R., Calif.) met re- ministration’sgoing to be ask- peatedly on Tuesday, the ing foryet another package. group’sfirst meeting in weeks. It’snot likewewon’t have an- Lawmakersare hurrying to other opportunity to debate craftanother aid packagethis themeritsofliability reform week,beforethe holidays and GES and stateand local govern- the expiration of several key IMA ment in the very near future,”

aidprovisions. ETTY Mr.McConnell said. “We’re making significant /G Sen. John Cornyn of Texas, DIS

progress and I’m optimistic PO amember of SenateGOP lead-

that we’regonna be able to TO ership,said the decision to KA

completeanunderstanding S split off the morecontrover- SO

sometime soon,” Mr.McCon- TA sial issues indicated an aware- nell said Tuesdaynight. Senate Minority Leader Chuck Schumer expressed hope Tuesday night that an agreement can be reached soon. nessthat only the bill with Thegroup met in the after- wide consensus had apath to noon and reconvened in the Pelosi earlier Tuesdayfor afterabipartisan group of other provisions. billion bill bundling together becoming law. evening. morethan an hour,also joined lawmakerslargely wrappedup But the bipartisan coalition manyofthe lesscontroversial “It is just my impression on “We’reexchanging paper the meeting by phone. their work on acompromise came up short in itseffortsto proposalsbut excluding liabil- the way that the negotiating and ideas back and forth, “We’recontinuing to work. coronavirus-relief proposal. reach abroad deal on the ity protections backed by Re- group has separated those two making progressand hopefully Ithink there’sprogress. We’ll That agreement included an thorniest issue: liability pro- publicans and $160 billion in issues—it seems to take Sen. we cancome to an agreement getback together,” Mr.McCar- extension of unemployment tections forbusinesses and stateand local aid sought by McConnell’sadvice and leave soon,” Mr.Schumer said. thysaid following the after- insuranceand funding for other entities operating dur- Democrats. those to the side and do what TreasurySecretarySteven noon meeting. schools,vaccine distribution ing the pandemic.Instead, GOP leaderssaid last week we can,” Mr.Cornyn told re- Mnuchin, who spoketoMrs. Thetalks were held one day andsmall businesses,among lawmakersreleased a$748 that Congressshould end the porters. Fannie, Freddie U.S. WATCH CENSUS BUREAU according to the midpointfigure gains. Manufacturing, the biggest neygeneral seeking information from the bureau’sdemographic componentofindustrial produc- about its advertising practices. Revamp Derailed U.S. Population Rises analysis. The median age in the tion, increased 0.8% in November, NewJerseyAttorneyGeneral Above 332 Million country was38.5 years as of the Fedsaid. Production of motor Gurbir Grewal wantsthe company thatday,upfrom37.2 in 2010. vehicles and parts rose 5.3%. to turn overinternal documents BYANDREW ACKERMAN youget them out of conserva- The U.S. population has grown —Janet Adamy Industrial production decreased relatedtoadvertising guns in the torship? “hesaid. “You need about 8% overthe pastdecade sharply in March and April as the state. The subpoena includes re- WASHINGTON—JoeBiden’s to raise third-party capital and to morethan 332 million people, ECONOMY coronavirus pandemic took hold in quests forany marketing claims victory has likely ended the youneed to retain capital. according to aCensus Bureau the U.S., but has gradually recov- thatits guns aresafer than others, Trump administration’sefforts That’s, to me,the issue.” analysis released beforethe re- Auto Sector Boosts ered in subsequentmonths. The thatcarrying aconcealed weapon to return Fannie Mae and Thecompanies areallowed sults of the decennial count. Industrial Production paceofgains slowedinlatesum- enhances aperson’slifestyle, and Freddie Mac to privatehands. to retain just $45 billion of The figures published Tues- mer and into the fall, however, thatnovices can use its guns ef- TreasurySecretarySteven earningsbetween them and are dayare separatefromthose Aseventh straightmonth of and output overall in November fectively forself-defense. Mnuchin suggested in an inter- expected to hit that limit in gathered by the 2020 census manufacturing gains helped drive remained 5% belowFebruary lev- The company’slawyers said in viewheisunlikely to support early 2021—far from the thatwrapped up in October. aNovember rise in U.S. indus- els, according to the Fed. its complaint, filed in federal court alegal move—a consent or- roughly $280 billion they could Theyare aparallel estimate of trial production as the nation’s —Amara Omeokwe in NewJersey, thatthe subpoena der—to end the government need under aplan completed by the population’sdemographic autoand parts plants increased “seeksevidenceofconsumer fraud conservatorships of the mort- their regulator,the Federal contours using recordsofU.S. output. NEW JERSEY relating to advertising—but in real- gage-financecompanies before Housing FinanceAgency. births, deaths, immigration and Industrial production, amea- ity, it seekstosuppressand pun- President Trump leavesoffice. Beforeleaving office, the Medicareenrollmentthatisde- sureoffactory,mining and utility Gun Maker Sues ish lawful speech regarding gun “We’regoing to not do any- Trump administration is likely signed to act as aqualitycheck activity, increased aseasonally To Block Subpoena ownership in order to advancean thingthat jeopardizes taxpay- to let Fannie and Freddie retain on the actual census results. adjusted0.4% in November from anti-Second Amendmentagenda ers and puts them at addi- moreoftheir ownearnings, Mr. Thatestimate showedthere the prior month, the Federal Re- Smith &Wesson Brands Inc. thatthe AttorneyGeneral publicly tional risk,” Mr.Mnuchin said. Mnuchin suggested, without de- were about 332.6 million people servesaid Tuesday, as both man- filed suit Tuesdaytoblock asub- committedtopursue.” “Wealso want to be careful tailing howmuch more. in the U.S. on census day, April 1, ufacturing and mining posted poena from the NewJerseyattor- —Zusha Elinson that we don’t do anything that Advisersclose to Mr.Biden overnight would limit access said he would be in no hurryto to mortgagefinance.” privatizethe companies.In- the EU’sdigital-policyand anti- clined to comment but pointed One of the EU’stwo pro- Mark Calabria, the Trump- stead, he would focus on ways EU Seeks trust czar,said Tuesday. to ablog post in which the posed bills,the Digital Services appointed regulator of the to use them to boost housing af- TheEU’spair of proposals companysaid the bloc should Act,would requirelarge tech companies,was pushing as re- fordability and promotehome- will nowbegin months or years ensure “the same rules apply platforms that reach morethan cently as last month to speed ownership. More Tech of haggling over their scope to all companies.” 10% of the EU’spopulation each up themortgagegiants’ exit Fannie and Freddie don’t and details.Each bill must be One victoryfor tech compa- month to actively look forand from government control be- make home loans. Instead, approved by both the European nies is that the EU proposal mitigaterisks from illegal con- fore Mr.Biden’sinauguration. they buy mortgages and pack- Oversight Council, representing the bloc’s keeps the basic liability shield tent and goods available via Mr.Mnuchin said he is fo- agethem intosecurities,which 27 national governments, and protecting digital intermediar- their services.Itwould require cused on steps that would al- they sell to investors. Their thedirectly elected European ies from responsibility forthe yearly external auditsand im- low the companies to build promise to make investors ContinuedfromPageOne Parliament to become law. content on their services pro- pose newtransparencyrequire- capital to absorb futurelosses whole in case of default keeps companies and search engines Tech companies reacted vided they makegood-faith ef- ments. Largeplatforms could and eventually raise money down the priceofhome loans to take measures to prevent a cautiously to the newpropos- fortstoaddressproblems.But be orderedtochangetheir be- from new, third-party inves- and underpins the popular 30- rangeofillegal or potentially als,which still could be re- the proposals add increasing havior following such audits tors.“Thereal issue is howdo year fixed-ratemortgage. harmful material from spread- shaped or scrapped. Previously, layers of obligations foronline and could facesignificant fines. ing on their platforms,orface some have warned against cre- TheDigital Services Act fines of up to 10% of annual ating anew set of competition would also empowerregulators global revenue.The U.K. is also rules that could hobble innova- The proposals will to apply local laws on illegal pursuing newcompetition tion, or onerous content-mod- content. Acity that requires rules fordominant online plat- eration obligations that could begin months or home rentals to be registered forms,including powers to sus- push companies to removele- years of haggling could, forinstance, order a Celebrate pend, block or reversetech gi- galcontent, stifling free ex- home-sharing app to removea ants’ decisions and impose pression. over their details. listing foranunregistered together. fines fornoncompliance. But Facebook,which has property or demand informa- Together,the two strands of complained about Germany’s tion about ahost who isn’t pay- legislation amount to the big- content-moderation rules,said ing taxes, an EU official said. gest potential expansion of on Tuesdaythat it welcomed intermediaries,based on their The other EU bill, the Digi- global tech regulation in years. harmonization of EU rules on role in the digital ecosystem talMarketsAct, would pre- They aimtoupdatedecades- the issue.The proposals are and their number of clients. emptively ban certain behav- old laws that have largely “onthe right track to help pre- TheEuropean legislative ior by what it deems to be shielded tech companies from servewhat is good about the proposals provide acounter- gatekeepers—defined as com- liability fortheir users’ activi- internet,” Facebook said. pointtosimilar discussions in panies with European revenue ties.The measures would also KaranBhatia,Google’svice theU.S., wherethe industry’s of at least€6.5billion, equiva- createanew set of competition president of government af- similar liability shield faced lent to about $7.9 billion, or a rules foracadreofdigital gi- fairsand public policy, said he criticism from lawmakers. But market capitalization of at antsthat have been accused of is concerned the proposals “ap- prospectsfor acompetition-law least€65 billion(some $79 wielding their control of online pear to specifically target a overhaul in Washingtonremain billion), and which servemore marketplaces to entrench their handful of companies and unclear.InOctober,aDemo- than 10,000 activebusiness ownpositions and snuff out makeitharder to develop new cratic-ledHouse panel sug- customers and 45 million ac- competitors.“We need to make productstosupport small busi- gested several legislative tive end users in the bloc. rules that canbring order into nesses in Europe.” changes to rein in the powerof —Stu Woo chaos,” Margrethe Vestager, An Amazon spokesman de- big tech platforms. contributed to this article.

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THE WALL STREET JOURNAL. **** We dnesday, December 16, 2020 | A3 U.S. NEWS Retail Founder ChargedWith SexTrafficking

BY BEN CHAPMAN thorities raided the company’s Manhattanofficeaspart of an Canadian fashion and retail international sex-trafficking mogul PeterNygardwas investigation. chargedwith sextrafficking Representatives forthe and racketeering,according to companydidn’t respond to a an indictment unsealed in request to comment. Manhattanfederal court on Nygard International filed Tuesday. forbankruptcy in March.In He wasarrested Mondayin April aCanadian judgeal- Canada, according to prosecu- lowedanaccounting firm to tors in the U.S. attorney’s of- sell and liquidatepart of the fice for the Southern District company. of New York. Beforefiling forbankruptcy, Federal prosecutorsaccused the company had about 1,450 him of years of criminal con- employees and operated 170of duct involving dozens of vic- itsown stores in North Amer- tims in the U.S.,Canada and icaand morethan 6,000 shops theBahamas.Hefaces nine inside department stores. criminal charges. Nygard International also

Mr.Nygard, 79 yearsold, operated anumber of clothing CK

previouslyhas denied the alle- lines,including SLIMS,TanJay TO gations,and on Tuesdayde- and alabel named forMr. Ny- clined through aspokesman to gard. SHUTTERS

comment on his arrest. His Prosecutorsaccused Mr. A/ lawyer also declined to com- Nygard of using his company’s ment through the spokesman. influence, as well as itsem- LANE/EP Mr.Nygardappeared in a ployees and funds,torecruit TIN

court in Winnipeg on Tuesday and maintain astream of adult JUS afternoon, wherehis lawyer andminor-aged female victims ApictureofPeter Nygardinone of his NewYork CitystoresinFebruary.The Canadian retail mogul wasarrestedonMonday. asked forapublication ban to forhis sexual gratification, prevent certain information andthat of his friends and unnamed female plaintiffs. condeclined to comment on from being made public in the business associates. Dozens of additional women the arrest of Mr. Nygard. proceeding. Mr.Nygardisaccused of have since been added to the Greg Gutzler, a plaintiff at- Justice Sheldon Lanchbery frequently targeting women complaint. torney in the civil suit, said in denied the request, and set a and girls who came from dis- Lawyersfor Mr.Nygard astatement that Mr.Nygard’s January date for an adminis- advantaged economic back- have said in court papersthat criminal indictment validates trativehearing,according to a grounds and had a history of the lawsuit’sallegations are theaccusations of the plain- court spokeswoman. abuse,prosecutorssaid. He al- false.The lawyersalso ac- tiffs. Mr.Nygard’slawyer is ex- legedly controlled his victims cused financier Louis Bacon of “On behalf of the dozens of pected to makeabail applica- through threatsand false funding the lawsuit “toinflict survivorsofdecades-long tion, but no formal request promises of career advance- devastating harm on Mr.Ny- abuse,weare encouraged that has yetbeen filed, the spokes- ment, prosecutors added. gard and the Nygard busi- a small measure of justice for woman said. He is also being sued in a nesses.” Peter Nygard is finally devel- Mr.Nygardfounded pri- Manhattanfederal court by According to the filing,Mr. oping,and relieved that some vately held Nygard Interna- women accusing him of rape, Bacon andMr. Nygard have degree of accountability is tional in Canada in 1967. He sexual assault and human traf- had adecadelong dispute in- hopefullyforthcoming,” Mr. stepped down as chairman of ficking. volving neighboring vacation Gutzler said. the apparel companyinFebru- Theclass-action lawsuit homes in the Bahamas. —Vipal Monga aryafter federal and local au- wasfiled in Februaryby10 Representatives forMr. Ba- contributed to this article. White House Aide Returns TexasTaps To Address Agency Hacks Firms as It Prepares BY DUSTIN VOLZ WASHINGTON—White Lawsuit House national security ad- viserRobert O’Brien has cut shortamulticountrytrip to Vs.Google Europe to return to the U.S. to addressthe suspected Russian BY JOHN D. MCKINNON hack of government agencies, MaxBall Drop

signaling growing alarm S WASHINGTON—Texas’sat- Earrings with Diamonds within the Trump administra- PRES torney general said Tuesday tion about a cyber espionage he is hiring two prominent $2,495 TED

campaign considered poten- CIA lawfirms to handle apossible

tially one of the most damag- SO antitrust case against Alpha- AS

ing in years. A/ bet Inc.’sGoogle,asignal that FOR OUR CONCIERGE SERVICE: IP [email protected] Thechangeofplans forMr. /S the filing of alawsuit is likely

O’Brien comes two days after AR imminent. 347-748-6005 it was disclosed that multiple Texas has been leading a

federal agencies had been TRIPPLA coalition of stateattorneys JUDITHRIPKA.COM

hacked as part of a global KRIS general that has been zeroing hacking campaign that is be- in on Google’sdominant pres- lieved to have also ensnared Investigators Probe granted easy access to nearly ence in the digital advertising privatecorporatenetworks 18,000 entities that down- market, according to people across the globe. SolarWinds Breach loaded it. Investigators expect familiar with thematteras “Ambassador O’Brien is re- the number of compromised well as acivil subpoena sent turning to addressthe hacking entities to be smaller, perhaps last year by Texas Attorney incident,” said John Ullyot, a Investigators are trying to totaling dozens or hundreds. General KenPaxton. spokesman forthe National piece together how suspected SolarWinds has said it is Mr.Paxton said he intends Security Council. Mr. O’Brien Russian hackers gained access working with FireEye Inc., a to hirethe Lanier LawFirm, a wastohold meetingsTuesday to systems at SolarWinds U.S.-based cybersecurity firm prominent trial firm with Jingle eveningand Wednesdaymorn- Corp., a U.S. network manage- that was also breached in the Texas roots, as well as Keller ing and convene “a high-level ment company, to introduce hacking campaign, and with in- Lenkner,aChicago-based firm interagencymeeting” this malicious code that compro- telligence and law-enforcement focused on complexlitigation. AllThe week, Mr. Ullyot said. mised security at multiple fed- officials to investigate. “Texas lawrequires the Mr.O’Brien had been sched- eral agencies. Severalagencies have con- Texas Attorney General’sOf- Way uled to return Saturday after As early as March, Solar- firmed intrusions into their in- fice to notifythe [Legislative planned stops in Italy on Tues- Winds customers unwittingly ternal systems, including the Budget Board] prior to retain- MEDITATION dayand visitslater in the installed malicious software as departments of State, Com- ing outside counsel forsuch BELLS week to Germany, Switzerland part of a routine and seem- merce,Treasury,Homeland Se- actions,” Mr.Paxton said in a and the U.K. He had already ingly benign update issued for curityand the National Insti- statement. “That notification met with Prime Minister Ben- a software product known as tutes of Health, according to has occurred.” jamin Netanyahu in Israel and Orion, according to the com- people familiar with the matter. AGoogle spokesperson de- President Emmanuel Macron pany. That update, which The Russian Embassy in clined to comment. in France. would have been difficult to Washington denied responsibil- Google has denied anyanti- Thehacking continued for identify as a threat, contained ity, saying the allegations were competitivebehavior,saying months,largely undetected what investigators called a “unfounded attempts of the it operates in highly competi- by the Trump administration back door that could have U.S. media to blame Russia.” tivemarketsand that itsser- and cybersecurity firms,until vices benefit consumersand the past week,according to businesses. people familiar with the mat- thehackersgained access to Government in response to a Google’s ad-tech business ter. SolarWinds systems to intro- significant cyber incident,” the consistsofsoftware used to Current and former officials duce malicious code. council said on Twitter. buy and sell ads on sites and cybersecurity experts On Tuesday, investigators Theseriousnessofthe hack acrossthe web. Thecompany have described the hack as an were still in the early stages of has prompted bipartisan scru- owns the dominant tool at ev- espionageoperation rather understanding the scope of tiny from Congress. erylink in the complexchain than oneaimed at damaging the SolarWinds hack,but sev- On Tuesday, three Republi- between online publishersand computer networks, and said eral agencies have confirmed canand three Democratic sen- advertisers, giving it unique it representsasignificant intrusions into their internal atorsjointly asked the Federal poweroverthe monetization counterintelligence failure. systems,including the depart- Bureau of Investigation and of digital content. Thewidespread hacking mentsofState,Commerce, theCybersecurity and Infra- Manypublishersand ad- campaign appeared to have Treasury, Homeland Security structureSecurity Agencyto vertising rivals have charged begun when hackers compro- and the National Institutes of provide information on the that it has tied these tools to- mised systems belonging to Health, according to people fa- hack investigation. They are gether and to itsowned-and- SolarWinds Corp., a U.S. net- miliar with the matter. seeking alist of all federal operated properties,such as work management company To streamline the federal agencies that arecustomers search andYouTube,inanti- PAULMORELLI.COM that boasts national security response across agencies, the of SolarWinds and howthe competitiveways. agencies,local governments, National Security Council has agencies intend to support Thestateshavebeen coor- NYC: 895MADISON (72ND&MADISON) large corporations and defense activated what is known as a businesses that mayhavebeen dinating with the JusticeDe- PHL: 1118WALNUTSTREET contractorsamong its300,000 Unified Coordination Group hacked. partment, which filed an anti- customers.Investigatorsare “to ensure continued unity of TheFBI and CISAdidn’t trust lawsuit against Google 212.585.4200 trying to piecetogether how effort acrossthe United States immediately comment. on Oct. 20. P2JW351000-4-A00400-17FBFF5178E

A4 | We dnesday, December 16, 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. U.S. NEWS LeadersWarn GOP on Vote Challenge Facebook EasesBan Top Republicans unite Incoming Rep.Marjorie Tay- iar with the discussion. lor Greene (R., Ga.) is among Mr.McConnell, Sen. John in accepting Biden the lawmakersalso trying to Thune (R., S.D.), and Sen. Roy On Politics win, tell colleagues not recruit senatorstochallenge Blunt (R., Mo.) each spoke, ar- the electoral results, said aper- guing that it would be abad to join new move son familiar with the efforts. vote forsenatorsrunning in In Runoffs “She’stalking to everyRepubli- 2022. BY LINDSAY WISE cansenator to gain support for Both Mr.Thune and Mr. BY EMILY GLAZER AND SIOBHAN HUGHES this effort,” the person said. Blunt areupfor re-election in AND PATIENCE HAGGIN House Minority Leader two years. “They don’t want to

WASHINGTON—SenateRe- CK Kevin McCarthy(R.,Calif.) be viewed as against Trump,” Facebook Inc.said it would publican leaders united Tues- TO didn’t comment Tuesdaywhen theperson familiar with the allowpolitical ads forthe dayincalling Democrat Joe asked if he is willing to ac- call said. Georgia runoff elections start-

Biden the winner of the presi- SHUTTERS knowledgethat Mr.Biden won SenateGOP aides said the ing Wednesdaybut would

dential race,while warning A/ the election and is president- concern is that the vote would maintain abroader temporary colleagues not to join a long- /EP elect. be seen by Mr.Trump’sbase blackout forU.S.ads about so-

shot bidtochallengethe re- THEW Attorney General William as atest of loyalty,evenifit cial issues,elections or poli-

sults when Congress certifies WN Barr, who submittedhis resig- had no chanceofsuccess,and tics as part of itseffortsto

electoral votes in January. SHA nation Monday effective Dec. Republicanlawmakerswho curb misinformation. “Our system of government Mr. McConnell recognized Democrat Joe Biden as president-elect. 23,has said the JusticeDe- don’t support the effort could Facebook’s decision, which has processes to determine who partment hasn’t found evi- faceanger from the presi- follows a similar move by Al- will be sworn in on Jan. 20.The President Trump. mally object and forcevotes in denceofwidespread voter dent’ssupportersand poten- phabet Inc.’sGoogle,said Electoral Collegehas spoken,” Mr.Biden said he called Mr. both chambers. fraud that could reverseMr. tial primary challenges. Tuesdaythat it took intocon- said SenateMajority Leader McConnell to thank him on Majorities in theHouse and Biden’s election victory. WhiteHouse presssecretary sideration feedback from ex- Mitch McConnell (R., Ky.). “So Tuesdayand pledged to seek Senatehavetoagree forthe Democratssaid Mr.McCon- Kayleigh McEnanydeclined to pertsand advertisersabout today, Iwant to congratulate areas of common ground. challenge to be successful, an nell’sacknowledgment was sayTuesdaywhether President using itstools to reach voters President-elect JoeBiden.” Other Republican lawmak- extremely unlikely prospect overdue. Trump accepted the Electoral ahead of the two U.S. Senate Mr. McConnell was the lat- ersstill hope to contest the given that Democrats control “The fact that it took six Collegevote. “Yesterday’svote runoff racesinGeorgia on est in a series of top Republi- resultsatajoint session of the House,but the effort could weeks formycolleagues to wasone step in the constitu- Jan. 5. Early voting began in cans to recognizeMr. Biden as CongressonJan. 6, when fed- set the stagefor afinal public start recognizing reality and tional process,” she said. thestate this week,and the president-elect this week. His eral law requires Congress to fight over the tally. stop undermining our demo- TheWhiteHouse wasmade runoffs will determine which commentscame aday after count and certifythe resultsof “I caneither fight forhon- cratic process is sad and dis- aware that Mr.McConnell, who party controls the chamber the Electoral Collegeformally each state’selectoral vote. est and accurateelections,orI appointing,” said Sen. Dick also praised the president’sre- when President-electJoe Bi- counted the ballots and Rep.MoBrooks (R., Ala.) said canjoin the surrender caucus,” Durbin of Illinois. cord in his remarks,would be den begins his administration. capped more than a month of he would pressahead with a Mr.Brooks said in an inter- In aSenateRepublican con- conveying themessagehede- Facebook said it developed unsuccessfulGOP effortsto plan to object to votesinmul- viewonTuesday. “I prefer to ferencecall on Tuesday, leaders livered, said two people famil- aprocess to allowadvertisers getcourtsand stateofficials tiple states. fight for honest and fair and warned their colleagues against iar with the process. to reach Georgia voters about to overturn the election re- It takesone member of the accurateelections that arethe challenging the resultsonJan. —Catherine Lucey the runoffs and to reject ads sultsinfavor of Republican House and one senator to for- underpinning of anyrepublic.” 6, according to aperson famil- contributed to this article. that target locations outside the stateorthat don’t relate to the elections there. “Wewill continue to pro- Buttigieg Is Selected to Lead Transportation hibit anyadthat includes con- tent debunked by third-party fact-checkersordelegitimizes BY KEN THOMAS the Georgia runoff elections,” AND ELIZA COLLINS Facebook wroteinablog post Tuesday. A Facebook spokes- WASHINGTON—President- woman said the company elect Joe Biden selected for- would announcepublicly when mer South Bend, Ind., Mayor itsbroader blackout forpoliti- Pete Buttigieg,aonetime cal ads is lifted. Democratic primary rival, to Facebook and Google are lead the Transportation De- thebiggest digital ad plat- partment, Mr.Biden said Tues- forms in political advertising. day. Campaigns forPresident Mr. Buttigieg dropped out Trump and Mr.Biden collec- of the race in March and en- tively spent about $200 mil- dorsed Mr. Biden along with lion on Facebook ads leading othermoderateDemocrats. up to the 2020 election, not Leading the Transportation including outside groups, ac- Department, Mr. Buttigieg is S cording to Facebook’sadli-

expected to playaprominent PRES brary. But both platforms de- role in the incoming Biden ad- cided to limit political ads UMA

ministration’spush to rebuild /Z beforeand afterthe general the nation’sroads and bridges. election in an effort to reduce TIMES

Mr.Buttigieg,a38-year-old Y the spread of misinformation. openly gaymilitaryveteran BA Google,which started al- who served in Afghanistan, PA lowing political ads last week, AM emergedasasurprising next- said it no longer considered generation contender for the the postelection period to be a Democratic presidential nomi- RHINE/T “sensitiveevent” but is still

nation against Mr. Biden and ENCIO enforcing its ads policies and

notched anarrow victoryin AS disallows false information

the Iowa caucuses.But that THA that could undermine trust in

win was overshadowedby MAR elections. technical glitches and report- Former South Bend, Ind., MayorPeteButtigieg is expected to playabig role in Mr.Biden’spush to rebuild the U.S.’s roads and bridges. Spokespeople forDemo- ing delays in the caucuses and cratic Senatecandidates Jon he faded in the contests that cently wasunder consider- NewYork City’s transit sys- quality,zero-emissions” mass of the coronavirus pandemic. Ossoff and Raphael Warnock, followed. ation for several roles in the tem, people familiar with the transit forevery U.S. city with Mr.Buttigieg would take along with the Democratic Mr.Buttigieg served as a Biden administration. Mr. mattersaid. 100,000 or moreresidents. over adepartment whose Senatorial Campaign Commit- two-term mayorofSouth Bend Buttigieg, who represented a Mr.Biden’stransition team But it isn’t clear howthe Bi- most critical functions areset- tee, have said the earlier deci- from 2012 to 2020,making ur- city of about100,000 people, declined to comment. den administration would per- ting transportation regulations sions to ban political ads put ban development and eco- beat out several others with Mr.Biden campaigned on a suade Congresstofund such and distributing vast sums of them at a disadvantage. They nomic revitalization corner- experiencedealing with much $2 trillion plan to rebuild the an effort, especially given cur- money,mostly to states to cited the Republican incum- stones of hisadministration. largertransportation systems, nation’sinfrastructure,much rent resistancetofinancial re- fund their respectivehighway, bents’ largerfollowings, say- Mr.Buttigieg has spent the including Los Angeles Mayor of it related to transportation. lief packages formass-transit road and transit systems. ing they could share informa- last several months campaign- Eric Garcettiand SarahFein- Among the campaign’sboldest systems as they struggle with —Tim Puko and Emily Glazer tion moreeasily via their ingfor Mr.Biden and morere- berg, the acting president of proposals wasacall for“high- acollapse in ridership because contributed to this article. accounts. SAVE $70 Energy, Climate Picks to Be Named

BY ANDREW RESTUCCIA credited Mr. Biden with play- AV203 TV Speaker AND TIMOTHY PUKO ing akey role in bolstering $ 99 General MotorsCo. and Chrys- 199 $ Save 70 WASHINGTON—President- ler during that period. elect Joe Biden is planning to Ms.Granholm and Mr.Bi- tapformer Obama administra- den have a close relationship tion Environmental Protection dating back years. She helped

Agencychief Gina McCarthyas S Mr.Biden preparefor his vice- national climateadviserand presidential debateduring the NEW

former Michigan Gov.Jennifer G 2008 campaign. Granholm as energy secretary, Other candidates Mr.Biden

according to people familiar OOMBER has considered forthe energy

with the matter. /BL secretaryjob included Arun In Ms.McCarthy’srole,she Majumdar,aStanfordUniver-

will lead anewly formed MORRIS sity professor and former vice

WhiteHouse OfficeofDomes- UL president forenergy at Alpha- tic ClimatePolicy. Ali Zaidi, PA bet Inc.’s Google, and former VID

NewYork’sdeputy secretary DA Deputy Energy SecretaryEliz- Can’t Hear forenergy and environment, Jennifer Granholm is a former Democratic governor of Michigan. abeth Sherwood-Randall. will serveasMs. McCarthy’s Mr.Majumdar could be Voices On TV? deputy,people familiar with oneperson familiar with the with other senior officials,in- nominated for another senior the matter said. internal deliberations said Mr. cluding the incoming head of role at the Energy Depart- AccuVoice® AV203 Speaker has six levels of Ms.McCarthy, who declined Biden wasstill deliberating on the Environmental Protection ment, possibly deputy secre- voice boost to make TV dialogue crystal clear. to comment, will work closely his EPA administrator. Agencyand the WhiteHouse tary,some of the people famil- Our AccuVoice® AV203 Speaker uses patented hearing aid with former SecretaryofState Ms.Granholm, who en- climatecoordinator,topursue iar with the matter said. technology for the clearest TV dialogue we have ever heard. John Kerry, Mr.Biden’sspecial dorsed Mr.Biden forpresident Mr.Biden’scampaign pledge to During the Obama adminis- Digital algorithms lift voices out of background sounds. The 203 envoy forclimatechange. Her in March, served as Michigan’s achievenet-zeroemissions in tration, he became the first delivers six levels of voice boost –incase you need extra clarity! position doesn’t require Sen- Democratic governor from the U.S. by 2050. leader of the department’sAd- Only 17" wide, it fits anywhere. Hookup is simple –one connecting ate confirmation. 2003 to 2011 and as the state’s Ms.Granholm didn’t re- vanced Research Projects cord. Room-filling home theater sound, with the clearest voices Mr.Biden’stop advisersalso attorney general forthe pre- spond to requeststocomment. Agency-Energy,orARPA-E, we’ve heardonany speaker,atany price. have expressed increased in- ceding four years. One of her Aspokesman forMr. Biden’s working therefrom2009 to terest in picking Rep.Deb Haa- signaturepolicies as governor transition team declined to 2012. Theagencyfunds early- land (D., N.M.) to lead the Inte- wasamandatefor the stateto comment. stageinnovation projects, “Great for folks who have trouble hearing the TV.” CNET rior Department. But House increase the shareofits en- As governor,Ms. Granholm modeled on the research arm Democratshavepushed back, ergy derived from renewable pushed a renewable portfolio of the Defense Department telling transition officials that sources like solar and wind. standard requiring 10% of the that is known as acatalyst for they can’t affordtolose an- If confirmed as energy sec- state’senergy to come from breakthroughs. Great Sound. Made Simple. other lawmaker to the admin- retary,Ms. Granholm would renewable sources by 2015, a Mr. Biden has promised to 866-367-9869 istration because of the party’s oversee U.S. scientific research percentage that was later in- place a new emphasis on this slim majority,people familiar and the country’snuclear arse- creased. During her tenure, kind of work in government, 60-Day Home Trial |FreeShipping |zvox.com with the discussions said. nal, and could help incentivize she also worked closely with including creating anew ®ZVOX &AccuVoice areregistered trademarks of ZVOX Audio. Thepresident-elect is ex- the development of low-carbon the Obama administration to agencycalled “ARPA-C,” to ad- ORDER AT ZVOX.COM OR AMAZON - pected to formally announce energy sourcesthrough the help the auto industry, which dress climate change. Mr. Bi- SEARCH FOR “ACCUVOICE 203” key energy and environment distribution of federal loans. facedcollapse following the den has called climatechange positionsthis weekend, but Shewould likely work closely economic downturn. She has an urgent crisis. P2JW351000-0-A00500-1------XA

THE WALL STREET JOURNAL. We dnesday, December 16, 2020 | A5

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A6 | We dnesday, December 16, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS Pfizer Expands Rollout of Its Covid-19 Shots

BY JARED S. HOPKINS cagoans.Weneed to stay vigi- lant,” Ms.Lightfoot said. MoreU.S.hospitals began Five people gotthe vaccine receiving shipmentsofthe as away to illustratethe com- Covid-19 vaccine developed by plexlogistics in the rollout, as Pfizer Inc.and BioNTech SE, Pfizer’s shot comes five-per- with doctorsand nurses being vial, said ChicagoDepartment inoculated for the first time. of Public Health Commissioner Pfizer and logistics compa- Allison Arwady.Pfizer’sshot nies continued distribution of is transported frozen, canbe itstwo-dose vaccine,asthey refrigerated foruptofivedays worked to meet the govern- but then must be administered

ment’s goal of distributing within a few hours. GES

millions of doses to 636 sites “These folks arethe lucky IMA acrossthe countrybyWednes- ones to getusstarted,” said day. About 2.9million doses Dr. Arwady. ETTY O/G

are set to be delivered by the Thefirst vaccine in New GL

end of the weekend to more Jersey wasgiven to Maritza CIA than 1,000 locations. Beniquez,anemergencyde-

At Loretto Hospital in Chi- partment nurse,atUniversity MICHAEL cago, five health-careworkers Hospital’sVaccine Clinic at TerrenceWong, associate chief of pharmacy operations at Rocky Mountain Regional VA Medical Center in Aurora,Colo., opens avaccine box. received the city’s firstvac- Rutgers NewJersey Medical cines on Tuesday with Mayor School in Newark,according to getinitial doses of the vac- ties,akin to nursing homes, specialgovernment relief fund ing facilities to use has Lori Lightfoot and other offi- to New Jersey Gov. Phil Mur- cine because of the hospital’s andVAhealth-careworkers, for the uninsured. experienced delays and isn’t cials watching nearby. “What phy’soffice. Six acute-care ability to vaccinatelarge num- according to the department. While California began vac- yetfully online,said Jeff we just witnessed is historyin hospitals areset to receivethe bersofpeople and storethe The VA has said it plans to cinations at one hospital in Smith, chief operating officer the making,” Ms.Lightfoot state’s initial federally deter- shotsatultracold tempera- provide aCovid vaccine free of LosAngeles on Mondayand of Cedars-Sinai Medical Center said afterwardatapress mined 76,050 doses of the vac- tures,according to spokesman charge to veterans who re- anotherinSan Franciscoon in Los Angeles. briefing.“Igot goosebumps cine this week. Brad Doboszenski. ceive VA health care. Tuesday, logistical problems “Cedars-Sinai and some watching this happen.” The Minneapolis VA Medi- “The vaccine is not waiting The Trump administration with acomputer system meant other large hospital systems Lorettohas fewerthan 200 calCenter gaveout itsfirst to go, the vaccines arebeing andofficials with President- to track people who getvacci- have decided to leverageour beds in the city’s Austin neigh- doses of the vaccine Tuesday, given in Minnesota,” said Gov. elect Joe Biden have said the nated arose in the state’smost existing electronic health re- borhood, apredominantly Af- according to medical center Tim Walz,who spokeatthe vaccine would be provided populous metro area. cordsinstead of the county sys- rican-American community director Patrick Kelly. medical center. free of charge to Americans. In L.A. County,apatient temtoperform those func- that has been especially hard Thefacility is one of the Under the VA’s plan, the Administration fees would be registration and tracking sys- tions,” he said. Thecounty is hit by the virus. “Covid-19 is first37U.S.Department of first in line will be those who billed to privateorgovern- temcalled PrepMod that pub- “establishing workarounds until stillreal. It is still killing Chi- Veterans Affairsmedical sites live in long-term-carefacili- ment insuranceplans or to a lic-health officials are requir- their system is up and running.” ForBiden’s Virus Czar,Challenges Await New Case

BY STEPHANIE ARMOUR 2012 to 2017. Count Up AND TARINI PARTI Mr.Zientspublicly commit- tedtooperations working WASHINGTON—Acrisis smoothly by lateNovember and Slightly in awaitsJeffrey Zients. made the Centersfor Medicare By the time he startsas and Medicaid Services,which President-elect JoeBiden’s cor- oversawthe ACAimplementa- The U.S. onavirus czar,anestimated tion, accountable by holding 400,000 people in the U.S. regular pressbriefings, said BY DAVID HALL could be dead from the pan- Andy Slavitt, who served as the demic.Millions of vaccine agency’sacting administrator TheU.S.reported morethan doses will need to be adminis- during theObama administra- 193,000 newcoronavirus cases, teredbystates, and the nation tion.“He organized the brief- as the firstdoses of the Pfizer- will remain split over the best ingswith slides and materials BioNTech vaccine were admin- way to confront the virus. S everyweek,with all the data,” istered acrossthe country.

Mr.Zients, an investor and PRES said Mr.Slavitt. Thenation’s tally of new

former Obama administration TED Asimilar public-information cases forMondaywas slightly

economic adviser,has tackled CIA effort will be needed when Mr. higher than the previous day’s SO

health-related organizational AS Biden takesofficetoreassure total but down from peaks of challenges before. He is cred- people about the vaccine’s morethan 200,000 reached ited with turning around the LSH/ safety and provide updates on earlier this month, according WA bungledrollout of the Afford- initiatives to slowthe virus’s to datacompiled by Johns AN

able CareAct’sHealthCare.gov SUS spread, health leaderssay. Hopkins University.California, websitein2013. Jeffrey Zients speaking during an event with the president-elect in Wilmington, Del., last week. Mr.Biden has called for which hit arecordofmore “Likenow,itwas avery broad changes to the federal re- high-stakes situation with an BoardCompany, ahealth-care Bill Cassidy,aphysician. aimed at fixing HealthCare.gov. sponse to the coronavirus and uncertain outcome,” said Denis consulting and research firm. Mr.Zientsdeclined to com- Mr.Zientshad no experience pressed people to commit to Monday’stallyof McDonough,the WhiteHouse “Our worries in this specific ment,according to aspokes- in the technologyindustry, hav- wearing amask for100 days. chief of staff during the Obama job arethat he is not only com- manwith the Biden transition ing worked primarily in man- He has said he would back a morethan 193,000 administration’ssecond term fortable with the financializa- team. Supporterssay critics agement consulting beforejoin- mask mandateonfederally wasdownfrompeaks who is nowMr. Biden’spick for tion of American health care, should look at his success sta- ing government. But, as will be owned property,widen free veterans affairssecretary. he has hastened it,” Mr.Hauser bilizing HealthCare.govasevi- the case when he takeshis new testing and put public-health earlier this month. The pandemic’sscale means said. “And we think that the dencehecan makestrides in job in January, therewas a scientistsinthe forefront. He the challengenow is bigger. And person who runs the Covid-19 corralling the pandemic. need to act quickly.Scoresof wants10mobile testing sites while he drawspraise from offi- response is going to be shaping Frustration ranhigh in Oc- people were unable to createan and drive-through facilities in cials who worked with him dur- public policyinsome very con- tober 2013 when the online application on HealthCare.gov, each stateand has said he than 36,000 newcases for ing the Obama years, his selec- sequential waysastohow the platform to sign up forindivid- and therewas anarrow window would deploymilitaryresources Sunday, reported just over tion has been criticized by some government interactswith ual health insuranceunder the forthem to sign up.The federal to boost health-carecapacity. 26,000 infections forMonday. progressiveDemocratsleeryof health-careproviders.” ACAtried to launch. By most government had spent more Mr.Zients, 54 yearsold, will Thecountryreported more his businessbackground: He is Mr.Zientsalso lacks public- accounts, it wasamess. The than $80 million, and additional have to implement the initia- than 1,400 fatalities from on leave from his job as chief health experience, raising con- websitecrashed afterjust two costswereadding up. tivesand getuptospeed with Covid-19 forMonday, bringing executiveofinvestment firm cerns among some in Congress, hours, and it later could handle First, Mr.Zientsmarshaled what the Trump administration the totaldeath toll to more Cranemereand served on the though his position won’t re- only about 35,000 visitorsat privatecompanies and technol- has put in place. than 300,400. Nationally, the boardofFacebook Inc. quireSenateconfirmation. anyone time. ogyfirms to undertakearapid “These arehardissues,” said averagenumber of daily Jeff Hauser of the liberal Re- “Ifyou had that public- Less than two weeks after reviewofHealthCare.gov’sprob- TomFrieden,aformer director deaths over aseven-day pe- volving Door Project, which health background, then you’re the troubled start, Mr.Mc- lems,drafting apunch list of of theCentersfor Disease Con- riod hasrisen sharply in re- scrutinizes executive-branch ap- able to prioritizecompeting Donough took Mr.Zientsfor a fixestoprioritize. Thequick ac- trol and Prevention.Hesaid cent weeks. pointments, derided Mr.Zients priorities—which is more im- walk on the WhiteHouse South tion didn’t surprise people who thechallenges existed in part Hospitalizations hit are- as friendly to corporations and portantornot—because you Lawn. He had known Mr.Zients, had worked with him before. because the Trump administra- cord forthe ninth dayinarow raised concerns about his previ- knowfromapublic-health who had been acting director of “He’snot aditherer,” said tion had leftstatesshouldering Monday, with 110,549 people ous work in the health-carein- background whichone’sa the OfficeofManagement and Richard Cordray,the firstdi- much of the response rather in hospitals acrossthe country dustry. Mr.Zientsserved as linchpin and which one can Budget in 2010 and2013,and rector of the Consumer Finan- than taking amoremuscular due to Covid-19, according to chief executiveofthe Advisory wait,” said Louisiana GOP Sen. coaxed him to lead amission cial Protection Bureau from federal approach. the Covid Tracking Project.

and the Trump administra- Efficacy ratesfor Moderna’s with no evidence of infection toms and that 185 of those fines as severeormedically Moderna’s tion’s Operation Warp Speed Covid-19 vaccine,bygroup developed asymptomaticin- were given aplacebo,com- significant but not immedi- overseeing distribution. Fed- fections afterthe firstdose pared with just 11 on the Mod- ately life threatening.Incom- All participants eral officials have said the and beforethe second dose.Of erna vaccine. parison, lessthan 1% of pla- Shot Nears Moderna vaccine will be more 94.1% these,Moderna found there TheFDA analysis found the cebo recipientshad grade 3 suitable for smaller hospitals were about two-thirds fewer Moderna vaccine appeared injection-site reactions. in ruralareas because it is Ages 18–64years asymptomaticcoronavirus in- somewhat more effectivein Some 16.5%ofvaccine re- Approval shipped in smaller quantities 95.6% fections among vaccine recipi- younger people than in se- cipientshad systemic adverse than Pfizer’s and canbestored entsthan among those who niors. Vaccine efficacywas reactions,such as feverand at a higher temperature. 65+ had gotten a placebo, accord- 95.6% among people 18 to 64, fatigue, with aseverityofat ContinuedfromPageOne TheFDA’s reviewofa 86.4% ing to aModerna document and 86.4%among those 65 and least grade 3, versus 3.7% normal semblanceoflife,” said 30,000-person clinical study posted by FDA. Thedocument older. among placebo recipients. William Schaffner,professor of confirmed Moderna’searlier Note:Starting 14 days after second dose. didn’t include resultsfollow- Moderna studied itsvaccine The FDA said it would rec- health policyand preventive disclosurethat the vaccine Source:FDA ing the second dose. in people 18 and older, and is ommend that vaccinated peo- medicine at Vanderbilt Univer- was94.1% effectiveatprevent- Moderna’snew datashow- seeking authorization for use ple be monitored for a condi- sity.Hesaid moredataare nec- ing Covid-19 disease with cer- participants with medical co- ingareduction in asymptom- in that population. TheFDA tion called Bell’s palsy, which essarytoconclude whether the tain symptoms,including se- morbidities [underlying condi- aticinfections afterthe first cleared Pfizer’s vaccine in peo- weakens facial muscles,be- Covid-19 vaccines candothat. vere disease. tions] associated with high dose means it is possible to ple 16 and older because the cause three vaccine recipients APfizerresearcher said last TheModerna vaccine,ifau- risk of severe Covid-19.” “slowdownthe spread of the study included that agegroup. in the Moderna study experi- week that the companywas thorized, would be the firstof Similarly encouraging,FDA virusinthe community by be- The FDA found no specific encedit. This condition also studying whetherits vaccine several expected to augment scientists also found that the ingvaccinated, in addition to safety concerns that would was reported in a small num- protectsagainst asymptomatic U.S. vaccine supplies following research “suggested benefit of protecting yourself from severe preclude itsauthorization of ber of recipients of the Pfizer Covid-19 and hopes to com- the rollout to Americans this the vaccine in preventing se- disease,” said Moderna Chief the vaccine.The most common vaccine in the Pfizer study. plete that analysis early next week of the firstshot, from vere Covid-19.” Theissue of ef- ExecutiveStéphane Bancel. side effectsincluded injection- Those ratesare consistent year. Pfizer.Vaccines areconsidered fectivenessagainst severedis- Moderna previouslyhas sitepain, fatigue,headache with what would be expected Doses of Moderna’svaccine critical to ending the pan- ease has been raised about the said its experimental vaccine and chills. Severe adverse re- in the general population out- could be shipped this week- demic,which has killed over studies of Covid-19 vaccines. was94.1% effectiveinprotect- actions were rare but occurred side of a clinical trial. end, with vaccinations starting 300,000 people in the U.S. and Thestudy found 30 cases of ing people against Covid-19.In morefrequently afterthe sec- TheFDA is expected to early next week.Which vac- morethan 1.6million globally. severe disease in the placebo that first public, full analysis ond dose than after the first. movequickly to approvethe cine people getwill be decided FDAanalystsfound the group, versus zero in the vac- of the pivotal study, the Cam- About 9.1% of vaccine recip- Moderna vaccine if there is a by factorsincluding availabil- Moderna vaccine waseffective cine group. bridge,Mass.,companysaid ientshad injection-sitereac- favorable recommendation ity,with the Centersfor Dis- “acrossage groups,genders, Modernafound that some 196 people in the 30,000-per- tions that were classified as from an advisorycommittee ease Control and Prevention racial and ethnic groups, and people who started the study son trial experienced symp- “grade 3,” which the FDA de- meeting on Thursday. P2JW351000-0-A00700-1------XA

THE WALL STREET JOURNAL. We dnesday, December 16, 2020 | A7 U.S. NEWS At-Home Europe Speeds Its Review of Vaccine Covid Test

BY DREW HINSHAW effectiveand of high quality.” Authorized AND BOJAN PANCEVSKI TheEMA is poring over the same dataasits counterpartsin TheEuropean Union’schief the U.K.,Canada and the U.S. By FDA drug regulator will accelerate did. Regulatorsanalyze patient itsreview of aCovid-19 vaccine datafromlarge-scale human BY BRIANNA ABBOTT aftercoming under pressure trials submittedinrolling from some governmentstoau- batches to see howmanyinfec- TheFood and Drug Admin- thorizethe shot, as the conti- tions occurred in those who re- istration authorized aCovid-19 nent struggles to contain a ceived aplacebo-likeshot com- test that can be administered wave of cases ahead of the pared with those who were and processed at home,the Christmas period. given the vaccine.Because the firstsuch test allowedtobe TheEuropean Medicines virus is spreading so widely,it sold over-the-counter at drug- Agencysaid on Tuesdayit took BioNTech only weeks to stores or other retail locations would meet on Dec.21, eight record the number of cases without a prescription. days earlier than previously necessarytodetermine howef- Theantigen test, made by scheduled, to consider autho- fectiveits shot is. Ellume USALLC,isasingle-use, rizing theshot developed by But regulatorsalso ask disposable test that searches Germany’s BioNTech SE and questions to confirm the vac- forpieces of virus proteins and Pfizer Inc. cine is generally safeand effec- returns resultsinabout 15 min- So far,the U.S.,U.K.and tive, and canbemanufactured utes.Itisthe second to be au- Canada have begun vaccinating GES at aconsistent quality.Onthis thorized forat-home use. their citizens with the shot. IMA front, the EMA has been slower

Ellume’stest is expected to Oncethe vaccine is cleared in ETTY than the U.K.,whose chief reg-

cost around $30 and requires Europe,itwould take several /G ulator started posing questions asmartphone,the company days to ferrythe doses across UP earlier in the processand was says.The test is authorized to the continent, meaning vacci- GALL quicker to makefollow-up que-

be used by people both with nations—in some countries at SEAN ries,said people who worked and without symptoms.Itcan least—could start before Medical personnel performed rapid Covid-19 testing at an outdoor facility in Berlin this month. with both agencies recently. also be used on children as Christmas. Thedifferent regulatorsalso young as 2 years old. Theagencyand several na- ageand innumerable people done and as anyEUmember doses had been ordered cen- want dataformatteddiffer- Ellume,based in Australia, tional governmentsinthe bloc who must fear fortheir jobs.” could do on itsown—and wait trally in the EU,making it eas- ently,creating adelay. aims to ship 100,000 testsaday had said acareful reviewwas On Tuesday, Italy’s Health instead forfull EU authoriza- ier to start distribution across Ugur Sahin, BioNTech’schief in January, said Sean Parsons, needed to ensurepublic confi- Ministrysaid it hoped the EMA tion. But he told national radio thebloc on the same day. executive, said in an interview the company’sfounder and denceinthe shot at atime of could authorizeavaccine ahead that his government waspush- EMA officials have said they Fridaythat the EMA process chief executiveofficer.InOcto- mounting skepticism about of schedule.Other nations badly ing forthe timetable to be ac- aremoving as fast as they can wasn’t taking longer than ber,the companyreceived $30 vaccines in Europe. affected by the virus,including celerated. without eroding trust in vac- those in the U.S. and the U.K. million from the U.S. federal Some EU leaders, however, Franceand Spain, haven’t raised TheEMA has no authority cines.Conversely,some public- because of scientific reasons, government through the Rapid had been growing frustrated at complaintsabout the speed of to issue the type of emergency- health officials and medical in- but rather because the EU Acceleration of Diagnostics ini- the paceofthe reviewasthe thereview. use authorization that the U.K. stitutions have warned the agencywas following itsown tiativeatthe National Insti- death toll from the virus ticks “Weshould be very alert to and U.S. have given. In the EU, agencythat hasty authoriza- procedures. tutes of Health, and the U.S. is higher. anypossibility of being tangled tion of ashot that uses novel TheEUsigned acontract to the company’sprimarymarket. At an EU summit last week, up in the redtape,” Polish technologywould be adifficult buy 200 million doses from Bi- Clinical studies of the test at leastthree heads of govern- Prime Minister Mateusz EU leaderslament sell on acontinent wherevacci- oNTech and Pfizer—enough to were conducted with 198 par- ment complained that it was Morawiecki told the Journal. nation rateshavedeclined. vaccinate100 million people— ticipantsacrossfiveU.S. becoming politically untenable “Somenon-EU Western and theU.S.and Canada On Friday, the agency’slead- with the option foranaddi- states.The test’saccuracywas to explain to their citizens why Asiancountries have already aregetting a ersheld afour-hour videocon- tional 100million doses.Last compared with that of the the U.S. and Canada were ad- startedvaccinations.Mean- ferencetoassurethe public month, it agreed to purchase gold standard, laboratory- ministering aEurope-made while, millions of EU citizens European shot first. that they arebeing meticulous 160 million doses of asecond based PCR test. Ellume’s test vaccine ahead of the EU,offi- arestill waiting.” in reviewing clinical-trial data vaccine,developed by Mod- correctly identified 96% of cialsfamiliar with the discus- Germanyand several neigh- and the manufacturing particu- erna Inc., that uses the same positive samples and 100% of sions said. boring countries—including Po- lars. mRNA technology. negative samples among peo- “I hope that the EU,too,will land, Czech Republic and Aus- that powerfalls to national “Weare working around the TheEMA isn’t set to makea plewith symptoms.The test getquick and unbureaucratic tria—areasking residentsto governments. Yetnot all gov- clock towardsthe licensing of decision on the Moderna shot faredslightly worseamong approval of the firstvaccines stay at home through Christ- ernmentshavethe capacity to the firstCovid-19 vaccine,” until Jan. 12. Afterthat, it people withoutsymptoms.It whileobserving all scientific mas, restricting social gather- swiftly reviewhighly special- EMA ExecutiveDirector Emer could be months beforeit correctly flagged 91% of posi- standards,” Austrian Chancellor ingsand church services,after ized clinical-trial dataand Cookesaid in an emailed state- makes decisions on other can- tivesamples and 96% of nega- Sebastian Kurz told TheWall asurge in cases threatened to reach ajudgment. ment. “European citizens have didates,such as a Johnson & tive samples. Street Journal. “The earlier we overwhelm hospitals. Mr.Spahn has said in the told us they want afast ap- Johnson vaccine,which is in Forpeople without symp- in the EU areable to start vacci- On Monday, German Health past that EU governmentshad proval, but moreimportantly large-scale clinical trials,and toms,apositiveonthe test nating,the better. Because ev- Minister Jens Spahn defended agreed not to start aracefor they want athorough evalua- another developed by Astra- should be treated as presump- eryday of the pandemic in Eu- hisgovernment’sdecision not emergencyauthorization so as tion of the benefitsand the Zeneca PLC. tiveand confirmed by another rope means thousands of to grant the vaccine emergency not to createtensions within risks of the vaccine,sothat —Laurence Norman test, the FDA said. deaths,severeeconomic dam- authorization—as the U.K. had the bloc.Healso said vaccine they canbeconfident it is safe, contributed to this article.

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A8 | We dnesday, December 16, 2020 **** THE WALL STREET JOURNAL. WORLD NEWS Iran Skirts Sanctions, Boosts Oil Exports

Several firms that from 230,000 earlier in 2020. transition team has said there Petro-Logistics sawanincrease will likely be changes to pol- monitor petroleum in exportstoabout 447,000 icy, including amovetorejoin trade say shipments barrels aday,from222,000. the 2015 nuclear agreement Themoreconservativefig- with Iran. Jake Sullivan,desig- have roughly doubled ures suggest U.S. sanctions nated as Mr. Biden’s national have kept most Iranian crude security adviser,said this BYBENOIT FAUCON bottled up.But the sharp in- month that the administration crease seen acrossthe three would be prepared to honor LONDON—Iran has circum- market trackerssuggestsTeh- the terms of the deal—a move vented U.S. sanctions and ex- ranhas been moresuccessful likely to require a rollback of ported more oil to China and recently in selling itsoil. U.S. sanctions—and use it as a

other countries in recent SecretaryofState Mike S basis forfollow-on talks

months,providing alifeline Pompeo said last year the U.S. PRES around broader concerns. forits struggling economyand wasaiming forzerooil ex- Most oilbuyersand ship- TED undermining the Trump ad- portsfromIran, having previ- persstopped trading with Iran OCIA

ministration’s so-called maxi- ously sought to drivethem be- SS afterWashingtonslapped a mum pressurecampaign low1million barrels aday, /A full embargoonIran’scrude AS

against Tehran. down from their 2018 pre- RG shipments afterthe Trump ad-

Thescale of Iran’spetro- sanctions levels of 2.5million VA ministration pulled out of the leum sales is difficult to gauge, barrels a day. TO Obama-era nuclear pact with given their oftencovert nature. Among the biggest custom- Tehran in 2018. ERNES Several firms that monitor the ersfor Iran is China, which, An Iranian oil tanker docked at a refinery in Venezuela in May. Iranian tradersand some global oil trade sayshipments according to Beijing’s official prospectivebuyerssaid they from Iran have roughly dou- trade statistics,imported and an Iran oil official. with the matter. Mr.Pompeo has said that were expecting U.S. pressure bled from thelow levels seen 62,000 barrels aday of Iranian Iranian shippers have gone American officials acknowl- sanctionshavecut Iran’soil to ease onceMr. Trump leaves earlier this year,although esti- oil in October,upfromzeroin to increasing lengths to evade edgethat Iran is exporting oil, revenue by $70billion since office. mates vary widely. June.Industrywatcherssaid sanctions, switching off radio but saysanctions have still May2018 and that reducing TheIranians “need to sell On the high end, U.S.-based theactual totals were likely transponders to avoid track- caused severe economic con- pressureonTehran would be a oil, and we need energy,” said TankerTrackers.com, which much higher and included oil ing,while operatorstransport- sequences forthe country, in- dangerousmove. In November, one official in Italy,formerly a uses satelliteimagerytofol- transshipped through other ing Iranian crude have cluding sending the rial Keith Krach,the undersecre- topcustomer forIranian low deliveries, estimated Ira- Asian countries. changed their ships’ names or sharply lower. tary of stateoverseeing en- crude.Purchases will restart nian crudeoil exportshit 1.2 Venezuela—under socialist doctored bills of lading. TheIranian currencyhas ergy policy, described U.S. quickly oncesanctions are million barrels a day over the leader Nicolás Maduro, long at Morerecently,they have depreciated 85% sinceearly sanctions on Iran as “remark- lifted, this official said. fall, up from 481,000 barrels a odds with Washingtonand un- begun transshipmentsofoil in 2018,while inflation of over ably effective.” This summer,oil-rich Vene- day in February. der American sanctions—has regions oncethought to be too 30% in Iran has turned meat Iran will be one of the big- zuela started buying Iranian Meanwhile,SVB Interna- also started buying Iranian risky, including waters off the intoaluxuryproduct. Govern- gest foreign-policychallenges gasoline afterits refineries all tional in Washingtonsaid Iran gasoline.And Syria resumed coast of U.S. allies Iraq and ment budget cutslast year facing President-elect Joe Bi- but shut down, in part because exported 585,000 barrels of Iranian oil importsthis year, the United Arab Emirates, ac- sparked protestsduring which den when he entersthe White of separate American restric- crude oil aday in November,up according to shipping trackers cording to people familiar hundreds were killed. House in January, and his tions on Caracas. WORLDWATCH

SAUDI ARABIA The Japan Aerospace Explo- ration Agency, or JAXA, had said Austerity Pushed it hoped to collect at least 0.1 After Pandemic gram of material, the equivalent of a few grains of rice. Saudi Arabia plans to spend “It was so far beyond our less next year to rein in a pan- predictions that we were practi- demic-induced budget deficit, cally at a loss for words. It was pursuing austerity even as a really emotional,” said JAXA sci- rally in oil prices signals a higher entist Hirotaka Sawada. demand for crude and a global —Peter Landers economic recovery. (2) The governmentexpects to GES Tokyo ‘Twitter Killer’ trim its budget deficit from 12% of IMA economic output this year to 4.9% Sentenced to Death

GETTY in 2021, as it lowers spending by

SE/ about 7% to 990 billion Saudi ri- A Japanese court on Tuesday yals, ($264 billion), the Finance sentenced a man to death for Ministry said Tuesday. Statereve- killing and dismembering nine

ANCE-PRES nues areforecasttogrow nearly people, most of whom had FR 10% to 849 billion riyals on higher posted suicidal thoughts on so-

ENCE taxes and oil revenues. cial media, in a case that

AG Saudi Arabia’sbudget an- shocked the country. nouncementisaclosely watched The Tachikawa branch of the measureofspending in the wider Tokyo District Court found Taka- SULAIMON/ Gulf region and an indicatorof hiro Shiraishi, known as the LA

KO Riyadh’sexpectations on the di- “Twitter killer,” guilty of killing, The school where gunmen abducted students in Nigeria was eerily quiet Tuesday, while concerned parents waited outside, below. rection of oil prices. CrownPrince dismembering and storing the Mohammed bin Salman is ex- bodies of the victims in his pected to face atricky economic apartment in Zama, near Tokyo. Jihadists balancing act next year as the Mr. Shiraishi, 30 years old, kingdom’sdefactoruler will have pleaded guilty and said he to cut spending on some projects wouldn’t appeal his death sen- Claim Mass relatedtohis plan to diversify tence. the economyyet still try to cre- PolicearrestedMr. Shiraishi in atejobs forhis young population. 2017 after finding the bodies of Kidnapping The Saudi government fore- eightfemales and one male in casts a return to growth of cold-storage cases in his apart- roughly 2% next year. Unemploy- ment. On Twitter, Mr.Shiraishi ContinuedfromPageOne ment among Saudis stands at used the name “Hangman,” prom- BokoHaram’sclaim of re- roughly 15%, according to the ising to help his victims die and sponsibility has surprised some latest government statistics. inviting them to his apartment. analysts, marking adeparture —Rory Jones —Associated Press from the extremist group’s usual area of operation in the JAPAN AFGHANISTAN country’snortheast. “What happened in Katsina Asteroid Mission At Least 4 Killed in wasdone to promoteIslam,” Retrieves Black Dirt Bombings, Shooting said Abubakar Shekau, the group’sleader and Africa’s Japan’sspaceagency said it A bombing and a shooting at- most-wanted terrorist, with a recoveredfar moreblack dirt than tack in Kabul killed at least three $7 million U.S. bounty on his it wastargeting from the asteroid people, including a deputy pro- head.“Western education is Ryugu, confirming the success of vincial governor, while a deputy not the type of education per- pus in recent days,pleading world’sdeadliest jihadist cam- mediators foraransom and ex- its Hayabusa2 mission nine days provincial council chief was killed mittedbyAllah and his holy with the authorities to save the paigns. changeofBokoHaram prison- after it delivered its payload to in western Afghanistan on Tues- Prophet.” boys. “Only in Nigeria have we ers. Atotal of 112 have never the Australian outback. day, officials said. He didn’t giveany figures On Tuesday, the campus was seen militantswalk intoahigh returned home and manyare Scientists plan to study the The attacksare the latest in forthe number of boys kid- eerily quiet. Students’ belong- school and abduct the whole feared to have died in captivity. material, which is thought to re- relentlessviolenceinAfghanistan napped in Kankara, but the ingswerestrewnacrossthe student body,” said Bulama Bu- Thetestimonyofthe survi- tain the chemical composition of even as the Taliban and Afghan massabduction appearstobe dormitoryfloors; textbooks karti, an analyst at the Tony vors of Kankarasuggeststhe the early solar system some 4.6 governmentnegotiators hold even larger than BokoHaram’s and stray soccercleatssat next Blair Institutefor Global kidnap operation waseerily billion years ago, for clues to the talksinQatar,trying to hammer 2014kidnapping of 276school- to bagsthat would have soon Changebased in London. “The similar to the abduction in Chi- origins of life on earth. out apeacedeal thatcould put girls from the town of Chibok, been packed forthe end-of- security situation acrossthe bok.Mr. Male and other wit- The Hayabusa2 mission was an end to decades of war. whichgaverise to the global year holidays. northisrapidly deteriorating. nesses said dozens of gunmen launched in 2014. It collected An Afghan interior ministry #BringBackOurGirls campaign BokoHaram’sclaim of re- An attack on Nigeria’schildren on motorcycles surrounded the samples from the surface of spokesman said asticky bomb at- and sparked aU.S.militaryin- sponsibility comes aftera is an attack on the country’s boarding school and opened Ryugu and from an artificial cra- tached to the armored vehicle be- tervention. Anew hashtag, bloody two weeks acrossthe future.” fire on police, beforerounding ter on the asteroid created by longing to Kabul’sdeputyprovincial #BringBackOurBoys,began to northern frontiersofAfrica’s TheKankaraattack is par- up studentsand telling them firing a projectile. After traveling governor killed him and his secre- trend in Nigeria as fresh de- most populous nation.Inlate ticularly embarrassing for they were soldiers—the same more than 3.2 billion miles, tary and wounded twoothers. tails trickled out. TheUnited November,the group abducted President Muhammadu Buhari, technique used in the Chibok Hayabusa2 flew by earth early No one immediately claimed Nations has strongly con- and then slaughtered some 70 anative of Katsina, who has abduction. this month and dropped a cap- responsibility for the attacks. demned the abductions and farmersinthe villageofZam- repeatedly claimed that Boko Mr.Male said he walked for sule with the samples inside. —Associated Press called forthe children’s“im- Haram and itsaffiliates have morethan 12 hoursinbarefeet mediateand unconditional re- been technically defeated. But as he had no time to collect his lease.” Boko Haram’s claim sincelast year,the militants sandals during the abduction. Boarding schools across have been advancing,overrun- Suffering from anemia, he felt several northern states have comes after a ning dozens of smaller military weak and dizzy.Inthe dark- been closed and the governor bloody two weeks in bases and looting weapons. ness, he noticed dozens of stu- of Katsina appeared on televi- Shekau has traditionally op- dentshad slipped from the sion in tears. Thelocal govern- northern Nigeria. erated in northeast Nigeria but crowdsand disappeared into ment has said that the kidnap- has been quietly building alli- theforest. pershavebeen in contact to ances in the northwest forthe As the militantsordered the discussaransom to release the past year.Inrecent video mes- group to rest near avillage boys,although Shekau said abari in Borno state. Last sages,hehas claimed that whilethey discussed howto therewerenonegotiations. week,the group killed 28 peo- BokoHaram has cells in the avoid being seen, he slipped off

Nigerian Defense Minis- ple and burned 800 homes in a northwest, and appeared to ad- and hid under atree. He S terSalihi Magashi confirmed villageacrossthe border in dresspotential newrecruitsin sneaked intothe forest and PRES that asearch-and-rescue oper- southern Niger. the regional Fulani language. reached anearby village ation wasunder way and Therising violenceacross Shekau directed the kidnap- named Zango, wherelocals TED pledged to do everything nec- northern Nigeria comes amid ping of the schoolgirls from helped himhome aftera36- OCIA SS

essarytoensurethe boys’re- the government’sfaltering Chibok Government Secondary hour ordeal. /A XA

turn. strategytocombat adecade- School in 2014. Afterthree “I thought Iwould never see JA Distraught families have long insurgencythat has me- years, 103 were freed in deals my parentsagain.…I hope Iwill The capsule from Japan’s Hayabusa2 mission revealed a large convergedonthe school’scam- tastasized intoone of the brokered by ateam of Swiss see my friends,” he said. amount of asteroid material, far more than scientists expected. P2JW351000-0-A00900-1------XA

THE WALL STREET JOURNAL. We dnesday, December 16, 2020 | A9 WORLD NEWS China Extends MexicoLaw to Rein In U.S. Agents Its Wide-Ranging BY JOSÉ DE CÓRDOBA AND SANTIAGO PÉREZ

MEXICOCITY—President Economic Recovery AndrésManuel LópezObra- dor’s ruling party pushed BY JOSH CHIN cluding Tuesday’sdata, have through anew lawTuesday defied those predictions. curbing the role of foreign law- BEIJING—China’seconomic “China’seconomycontinued enforcement officersinMexico, activity extended itsmomen- to gather steam in November amovethe U.S. believes will tum in November with an thanks to previous credit-eas- cripple bilateral effortstobat- across-the-boardrecovery, put- ing policyand robust export tle powerful drug cartels. ting the world’ssecond-largest demand,” said Li Wei, an econ- Thelegislation, which economyonstronger footing omist with StandardChartered passed by a vote of 329 to 98 as it approaches the end of a PLC. in the lowerhouse,follows the tumultuous year. China’sfixed-asset invest- October arrest in the U.S. of Major economic indicators, ment, which includes spending Mexico’s former defense min- including industrial output, in- on manufacturing,property isterondrugtrafficking and REUTERS

vestment and consumer spend- and infrastructureprojects, corruption charges. Theshock- G/ ing,all grew at faster paces rose 2.6% in the January-No- ing detention of Gen. Salvador

last month, supporting job vember period compared with Cienfuegos prompted Mr. Ló- SENBER

growth and driving down un- last year,according to data pezObrador to question the RO employment rates, according to from the statistics bureau. role of the U.S. Drug Enforce- NE JA official datareleased Tuesday. That wasfaster than the 1.8% ment Administration, portray- Anew securitylaw passed after the arrestinthe U.S. of Mexico’sformer defense ministerondrug Industrial output rose 7.0% pacerecorded in the first10 ing it as arogue agencyrun- trafficking charges. Gen. Salvador Cienfuegosisshown in an artist’ssketchinaNew York court. in November from ayear ear- months of the year,and beat ning roughshod over Mexican lier—itshighest level in more economists’expectations of sovereignty. whom they shareinformation.” than two years, China’sofficial 2.5%. Thecurbs to the operations Congress Delays theblack market at unfavorable Thenew lawislikely to National Bureau of Statistics Economic growth in the of foreign agents, aimed at rates. makeU.S.agencies reluctant said. Theresult wasatick up fourth quarter is expected to DEAand other U.S. law-en- Bank-Bill Vote The centralbank said the to shareinformation with from 6.9% in October,which acceleratefurther from the forcement agents, are a blow bill, as passed lastweek by the Mexican institutions they con- beat the 6.8% rise expected by thirdquarter because of re- to the U.S. Department of Jus- Senate,would put $195 billion sider to be corrupt, and Mexi- economistspolled by TheWall bounds in production and de- tice, former agents and secu- MEXICOCITY—Mexico’s in reserves at risk because the can officials won’t meet with Street Journal. mand, said Fu Linghui,astatis- rity analysts said. lowerhouse of congresson bank could end up buying dol- their U.S. counterpartsbe- Theindustrial sector was tics-bureau spokesman. Last month, Attorney Gen- Tuesdaypostponed debate on lars from illicit sources. cause of the requirement they the firsttorebound from the Grossdomestic product ex- eral William Barr dropped abill thatbankers said would Following sharp criticism of disclose the meetings, said shockofthe pandemic early panded 4.9% year over year in chargesagainst Gen. Cienfue- jeopardizethe centralbank’s the proposal from the central MikeVigil, aformer DEA di- this year,after Beijing rushed the thirdquarter,astrong re- gosand handed him back to autonomybyrequiring it to buy bank, privatebanksand major rector of international opera- to restoreproduction and busi- bound from the 6.8% contrac- Mexico, saying the general’s foreign currency in cash that credit-rating firms, lawmakers tions.“Thepolicywill stifle bi- nessinthe second quarter. tion it experienced in the first detention would stifle bilateral banksare unable to put into in Mexico’slowerhouse aban- lateral cooperation,” he added. Economistshad anticipated in- quarter when economic activ- security cooperation. On Fri- the financial system. doned plans to debate and vote Asenior Mexican govern- dustrial production would slow ityground nearly to ahalt to day, beforethe bill became law, Proponents argued the on the bill Tuesday. Both ment official said Gen. Cien- in recent months,asaresur- contain the spread of Covid-19. Mr.Barr said in unusually blunt measureaims to benefit Mexi- houses of congressplan to hold fuegos’sarrest had ahugeim- genceofthe coronavirus languagethat the U.S. waswor- cans who receiveremittances jointhearings to agree on abill pact on the country’ssecurity threatened to hurt demand  Heard on the Street: Stimulus ried the lawwould imperil fu- or touristdollars in cash but thatcould be votedoninthe establishment. “Therewas a abroad. But official figures, in- won’t do heavy lifting...... B14 ture security cooperation be- can’texchange them or are session starting in February. clamor to have clear rules,and tween the two countries. forced to exchange them on —Juan Montes respect forMexico,” he said. “Weare troubled by legisla- “The arrest wasseen as an in- tion currently beforethe Mexi- sult to Mexico. Thegovern- canCongress, which would agent within three days of its contacts. Arepresentative ment was blindsided.” have the effect of making the occurrence. Foreign agents from Mexico’s Foreign Minis- TheU.S.has 50 DEA agents citizens of Mexicoand the must report to the govern- trymust be present at any posted in Mexico, according to United Stateslesssafe,” said ment anyinformation they dig such meeting.Failuretocom- Mexican officials.Security ex- Mr.Barr,who is leaving his up and provide monthly re- ply with the newrules could perts and former officials say post beforethe end of the ports of their activities. lead to administrativeorcrim- those agentshaveprovided

GES month. Thelaw “can only ben- “It putstoo manycondi- inal sanctions, the law says. thebulk of intelligencefor a

IMA efit the violent transnational tions on the actions of foreign “Therecannot be foreign string of high-profile arrests criminal organizations and agents,” said JorgeChabat, an agentsinMexicoarresting peo- and captures of leading nar-

GETTY othercriminals that we are expert on international rela- pleorcommitting crimes,” said cotics traffickers, including SE/ jointly fighting,” he said. tions at the University of Gua- Dolores Padierna,alawmaker legendarytrafficker Joaquín Thelegislation ordersMex- dalajara. from theruling Morena party. “El Chapo” Guzmán,who twice ico’slocal, stateand federal Meetings by Mexican offi- “They shouldn’t meet with escaped from a maximum-se- ANCE-PRES

FR officials to report to the fed- cials with foreign agentsmust stateormunicipal authorities curity Mexican jail before be- eral government everytele- have prior authorization from behind theback of the federal ingarrested with the help of ENCE phonecall, meeting or com- agroup of senior Mexican offi- government, deciding who is a the DEA,extradited to the U.S. AG Workers on a truck assembly line in Weifang, China, on Tuesday. munication with aforeign cials charged with regulating reliable authority or with and sentenced. Seoul Bans Regime-Taunting PAID ADVERTISEMENT At Border With North Korea Badtothe Bone Full tang stainless steel blade with natural BY TIMOTHY W. MARTIN bone handle —now ONLY $79! SEOUL—For years, activist

groups in South Koreahave GES fyou’re on the hunt for aknife

sent everything from Bibles to IMA Ithat combines impeccable EXCLUSIVE K-pop acrossthe border to the craftsmanship with asense of North. Now, that could cost GETTY wonder, the $79 Huntsman Blade FREE them up to three yearsin SE/ is the trophy you’re looking for. Stauer® 8x21 prison and a $27,000 fine. Compact Late Monday, South Korea The blade is full tang, meaning Binoculars ANCE-PRES it doesn’t stop at the handle but banned sending material FR -a $99 value- acrossthe border that was extends to the length of the grip with purchase of critical of the North Korean ENCE for the ultimate in strength. The AG Huntsman Blade regime without permission blade is made from 420 surgical

from the Seoul government. ON-JE/ steel, famed for its sharpness and its Thenew law, backed by the YE resistance to corrosion.

ruling party of President Moon JUNG The handle is made from genuine Jae-in, drew criticism from South Korean soldiers near the Demilitarized Zone this year. North Korean defectorsand hu- natural bone, and features decorative man-rightsgroups,who accused to outside information, saysur- not look the other way forthe wood spacers and aha hand-carvedand-carved motif the government of limiting free veys from the Database Center sakeofinter-Korean diplo- of two overlapping feathers— ara remindereminder for speech and undermining demo- forNorth Korean Human Rights, macy,” said Eun-Kyoung Kwon, you to respect and connect with the natural world. cratic values in an effort to im- aSeoul-based group.Manysaid secretary-general at the Interna- This fusion of substance and style can garner ahigh proverelations with Pyongyang. the outside information height- tional Coalition to Stop Crimes price tag out in the marketplace. In fact, we found Inter-Korean ties have skid- ened their desiretoleave. Against Humanity in North Ko- full tang, stainless steel blades with bone handles ded to alow point this year. TheKim regime has pub- rea, which signed the letter. in excess of $2,000. Well, that won’t cut it around Kim Yo Jong, the sister of licly executed those it accused Thenew restrictions against here. We have mastered the hunt for the best deal, North Korean leader Kim Jong of widely selling or distribut- antiregime materials were nec- and in turn pass the spoils on to our customers. Un, blasted Seoul in June for essarytoprotect the safety of allowing a defector-led group South Koreans living near the But we don’t stop there. While supplies last, to tie antiregime leafletsto Violators of a new border and to uphold inter-Ko- we’ll include apair of $99, 8x21 power compact balloons and float them into rean agreements, said Choi Ji- binoculars and agenuine leather sheath FREE when the cloistered regime.Her crit- law would face up to eun, aspokeswoman forMr. you purchase the Huntsman Blade. icism came days before North three years in prison Moon’sruling Democratic Your satisfaction is 100% guaranteed. Feel the Koreablewupajointly runli- Party.South Korea’sunification knife in your hands, wear it on your hip, inspect the aison office. Ms. Kim said the and a $27,000 fine. ministryobjected to assertions leaflets had violated pledges the lawinfringed on free impeccable craftsmanship. If you don’t feel like we to tone down hostilities be- speech, adding it applies only cut you afair deal, send it back within 30 days for a tween the two countries. to activities that pose aserious complete refund of the item price. “Beforemaking lame ex- ing content smuggled from threat to South Korean citizens. Limited Reserves. Adeal like this won’t last long. cuses,they should at least across the border, Pyongyang Some activistspledged to We have only 1120 Huntsman Blades for this ad What Stauer makealaw to stop the farce of watchers say. maintain their work.One of only. Don’t let this beauty slip through your fingers. ClientsAre Saying human scum,” Ms.Kim said in Mr.Moon, who has sought them, Park Sang-hak,aNorth Call today! the June statement. to warm ties with the North, Korean defector who heads a AboutOur Knives Thenew lawrequires a hasfielded abarrageofcriti- group that sent leafletsacross Huntsman Blade $249* êêêêê rangeofantiregime materials— cism from human-rights theborder,plans to challenge “The feel of this which caninclude USBthumb groups.Last month, South Ko- the lawincourt if it takeseffect, Offer Code PriceOnly $79 +S&P drives,money,loudspeaker rea, forthe second straight his lawyer said. Thebill will be- knife is unbelievable... broadcastsand printed materi- year,didn’t co-sponsor aUnited come lawafter three months. 1-800-333-2045 this is an incredibly als—be approved by South Ko- Nations General Assembly reso- fine instrument.” rea’sgovernment beforecross- lution condemning North Ko- Your Insider Offer Code:HUK406-01 —H., Arvada, CO ing intothe North. 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A12 | We dnesday, December 16, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

closer to nature. Landscape With 15 goats, Let’sGoat Buffalo is one of the newer and smaller goatscapingven- Work Suits tures.Among the biggest is Living Systems Land Manage- ment in Coalinga, Calif., which HiredGoats has around 9,000 goatsand sheep. It recently sent 1,200 goatstoclear weeds from ale- ContinuedfromPageOne veealongside the Sacramento “Wewerelooking forposi- River so engineerscould more tive distractions,” Mr.Davis easily spot anyholes,said said. MikeCanaday, one of the Not that youhavetobea owners. child. SarahBairdrented some Each spring,hundreds of goatstocontrol the weeds at his goatsarriveinAgoura therural home near Buffalo, Hills,northwest of LosAnge- N.Y.,whereshe and her hus- les. Guarded by herdersand

band were bunkered in Sep- TEL dogs, they spend six to eight

tember,and soon found she GERS weeks on 80 acres of open enjoyedtheir company. “We’ve N land around homes,clearing it JA actually had family conversa- Pandemic restrictions are no deterrent to ‘goatscaping’; above, a rented herd clearing weeds on some land in Agoura Hills, Calif. of anything that could tempt a tions about whether we wildfire. should getour owngoats,” she Goatscaping companies pro- said he keeps such goatsto- some of hergoatswent on the dude standing therefeeding At $50,000,the goatscost said. vide afenceand waterbuckets gether on assignments. lam. They broke into aneigh- them chips,” she said. “I was about half as much as hiring Hiring goatsand sheep as plus,ifneeded, aherder. Thejob isn’t particularly boring garden, destroying a like, ‘Sir,can younot do that, people to control the weeds landscapersgoes back aways. Goatstypically arriveby dangerous,but injuries can collection of roses.Ms. Church please?’ ” over the course of ayear,said TheWhiteHouse had aflock trailer,scanthe grounds,then happen. One of Mr.Cihanek’s had to payfor the damage. Landscaping is asecond ca- Jan Gerstel, president of a lo- of sheep to keep weeds in set to work.Beforelong,little goatsgrazing in acemetery Theneighbor wasn’t upset reer formanygoats, after calhomeowners’ association. checkduring World WarI. vegetation is left. brokealeg when it gotstuck forlong.“He thought it was working in the dairytrade. And they leave no cut grass Competition from gas-pow- “It’slikemowing your lawn between two tombstones.He the funniest thing,” she said. Some ownershavefollowedan behind. He creditstheir appe- ered lawn mowers and then but with four-leggedweed created acast and put the City goatsoften need over- analogous course,ditching titewith saving his neighbor- weed whackerseventually put whackers,” said LarryCihanek, worker back on the job after night supervision. Those at deskbound jobs forthe goat hood from a2018 blazecalled most animals out of work. who has 180 goatsinrecovery. Stuyvesant CovePark in New business. the Woolsey fire,which de- In recent decades,agenera- Rhinebeck that he rentsout While out weeding in the York were kept inside the park Mr.Cihanek spent decades stroyed morethan 1,500 build- tion of ecoconscious,animal- forlandscaping jobs in several fields,some goatshavetried by afencethat the goat sup- in the Manhattanadvertising ings on 97,000 acres and took loving Americans rediscovered states. to makeabreak forit. “A goat plier built, but Ms.Thompson industrybeforemoving up- several lives.Mr. Gerstel said goats. Goatscaping companies Goatscaping has itschal- will clear a6-foot fencefroma felt compelled to sleep in a stateand buying afarm. Jen- the flames reached the edgeof areparticularly common in lenges.The goatsform rela- stop,” said Genevieve Church, vaninthe park to keep an eye niferZeitler,who runs Let’s the area the goatshad grazed California, wheremild winters tionships with each other,and whoruns agoatscaping non- on them. Goat Buffalo,the companyMs. on, then stopped. allowfor year-round grazing. they canbecome miserable profit called City Grazing in On the firstmorning,she Baird booked, worked in cor- “They literally eat down to Renting five goatsmight when they areseparated, ac- SanFrancisco. woke up to voices. “I look out porateemployeebenefitsbe- the dirt,” he said, “and there’s cost around $500 foraweek. cording to Mr.Cihanek.He On assignment yearsago, my vanwindowand there’sa fore deciding she wanted to be nothing lefttoburn.”

theme is people areresigning, “Without these student Teacher people areretiring,taking teachers, there’s no one,” she leave to care for sick parents said. “Literally no one.” and they’renot able to fill Across town, ShawButte Shortage those positions.” kindergarten teacher Amber Educational achievement Fuscoisone of two certified has suffered, although aca- teachersresponsible forin- Hits Hard demics sayitistoo soon to person learning forthe knowhow much is due to gen- school’s100 kindergartners, eral pandemic-related stress most of whom are enrolled in ContinuedfromPageOne or shortcomingsinonline and hybrid learning and arerotat- Arizona. At the start of the hybrid learning. Districts na- ing in and out of school in school year in August, school tionwide arereporting that in groups.Three student teach- districtsweren’t able to hire the firstquarter,asmanyas ers help her out. traditionally certified teachers half of middle- and high- On alateOctober day, she for78% of 6,145open posi- school students are failing at modeled foradozenin-person tions,according to asurvey by leastone class. ANovember kindergartnershow to put the the Arizona School Personnel report on test resultsofmore topontheir glue stick,put AdministratorsAssociation, an than two million math stu- their crayons away,push their organization of human-re- dentsfound they had fallen JOURNAL chair under the table and stow

source managers. The survey behind, needing as much as 12 REET their artwork in their cubby. ST

included responses from 145 weeks to catchuptowhere LL She over-enunciated to help

of the state’s236 school dis- they were expected to be in WA studentslearn spoken English tricts; thereare roughly the fall. sincethey cannot see her THE

60,000 teacher positions in Even without the pandemic, R mouth through a mask. the state. it was unlikely the pipeline of FO Thedistrict recently Half the open positions, or collegestudentsstudying to switched back to all-virtual NDERS

3,080,werefilled by emer- become teacherswould keep PO learning,citing asubstantial gencysubstitutes,recruits pacewith retirementsand at- H increase in local cases of AS from other countries and stu- trition. Kindergarten teacher Amber Fusco shifted to online teaching at Phoenix’s Shaw Butte Elementary. Covid-19.Ms. Fusconow dent teachers. Athird, or spends her daycoordinating 1,728, were leftvacant or cov- State-by-state retirementdatadon't showauniform nationwide trend, but in some states that remotelearning and adapting ered by consolidating class- Nontraditional hires allowedin-person classes,teacherretirements increased or shiftedtowardthe fall compared lesson plans,such as howto rooms,paying teachersto To compensate, states are with prior years. write, recognizeand speak the work through their planning increasingly relying on alter- letter“O”through worksheets time or having principals pick nativeoremergencycreden- Monthly retirements among K-12 instructional staff,select states 2018 2019 2020 andquick burstsofliveonline up classes. tials to allowpeople who have instruction instead of games Arizona* Louisiana Massachusetts At least 460 teachersre- no formal training to become and in-person modeling. signed, retired or took unpaid teachers. Thepercentageof 300 300 300 By the end of anormal year, leave due to Covid-19 and an emergencyornontraditional Ms.Fusco’sstudentswould additional 200either didn’t hires rose to 16% of teachers 200 200 200 knowhow to count to 100,rec- showupfor the firstday of in the 2019-20 school year ognize sight words and speak school or quit within afew from 10% in 2013-14,according 100 100 100 in complete sentences. weeks.Retirementsspiked to the American Association This year she is trying to be from August to October,up forEmployment in Education, 0 0 0 realistic.“Thehardest thing 24% from the year before. atrade group that tracks July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct. for me is keeping all the chil- Andrea Murphy, an ad- teacher hiring. dren straight,” she said. vanced-placement psychology “It’s, ‘Ifyou want to be a NewYork*Ohio* Washington ShawButte principal Tracy teacher,took early retirement teacher tomorrow,I’ll hook Maynard moved seven of her youup,’ ” said Justin Wing, 600 600 600 29 teacherstodifferent grade human-resourcesdirector at levels or to combined grade- ‘You’re basically theWashingtonElementary 500 500 500 level classes to compensatefor School District in Phoenix, of vacancies and ensureproper hiring a glorified thehiring processinArizona. 400 400 400 class size. baby­sitter,’ one “Ifyou have adegree in ac- counting or whatever,you can 300 300 300 parent complains. be ateacher tomorrow.I’m Staffing challenge not kidding.” 200 200 200 Two of her vacancies came Mr.Wing has hired afor- from people trying out teach- mer policeofficer,arestaurant 100 100 100 ingasasecond career.“One six weeks intothe semester at manager and aplumbing ap- didn’t work out,” she said. 0 0 0 ahigh school in the Mesa Pub- prentice, among others, to be “One made it two weeks and lic Schools district southeast teachers, and is offering after- July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct. quit.” of Phoenix.The 54-year-old hourstraining toward tradi- *By date of retirementapplication, notactual retirement An additional staffing chal- wasthree yearsshy of 30 tional certification. Note:New York figures exclude NewYork City, which operates aseparateretirementsystem. lengeinArizona is that years’ tenure, amilestone that Vacancies areexacerbated Source:state teacher retirementsystems LindsayHuth/THE WALL STREET JOURNAL schools must provide spacefor would have added $850 a by teachersneeding to quar- studentswhose home situa- monthtoher retirement antine and a shortage of sub- rest of the semester,citing with $60,461 in neighboring seeking asubstitutefor the art tion doesn’t allowfor distance check. stituteteachers, particularly staffing shortages. New Mexico, according to Ex- teacher, who was out with al- learning,evenifthe school Mrs. Murphysaid she be- long-term substitutes who fill “She’snot getting an educa- pect MoreArizona, agroup of lergies. isn’t open forin-person in- came physically ill from stress in formonths or ayear in a tion,” Ms.Kidd said, of her 15- community and businesslead- Theofficemanager was struction. onceshe wasback in the classroom. Many experienced year-old. “There’s no way.” ersadvocating forincreased also absent, so teachersand Shaw Butte has two dozen school building this fall, teach- substitutes are retired teach- Amber Payne,a21-year-old education spending.That’saf- other aides took turns playing students in its daily program, ing amix of in-person and re- erswho don’t want to risk in- graduate student in hospital- teraspateofpay increases on that role.Ms. Hollingsworth based in aclassroom on the motestudents. She wore fection or are tentative about ity,issubbing this fall for$68 the heels of the state’s trade- said she tries to do her part, far side of campus.Thereisno scrubs,amask,afaceshield online learning platforms. aday in suburban Atlanta. She mark “Red forEd”protests filling in as asubstitute teacher to oversee them, so and abeanie,gear she knew In August, Missouri lowered said she hasn’t yetused ales- two yearsago. In November, teacher and as facilities man- Ms.Maynardcycles through wasoverkill but made her feel the substitute-teaching re- son plan and typically does voters approved aballot ini- ager forthree months this fall, staff as they’re available. safer. quirement to ahigh-school di- herown collegeassignments tiativeraising income taxeson coaching the custodians on Studentsdotheir virtual “Manyofusineducation ploma and an online training while studentssit at their high earnerstosupport educa- maintenance. “It’sall hands on work,which takes60to90 have felt disposable sincethis course; Iowa loweredthe mini- desks and do virtual work as- tion spending, but it faces le- deck,” she said. minutes then watchvideos, Covid period,” she said. “I was mum ageto20from21and signed them by theirregular gal challenges. Over the summer, Ms. Hol- fidget in their seats or go out done.” She is nowstudying to education level to an associate teacher. lingsworth went to the Wash- to the playground when it isn’t be a paralegal. degree from a bachelor’s. “I don’t think I could be an ingtonElementarySchool Dis- in use. Staffing is a daily struggle, In November,Scottsdale actual teacher,” she said, cit- Substitute search trict’scandidatedatabaseto “It’shardfor the children,” said Kristi Wilson, superin- Unified School District in Ari- ingthe challenges of manag- On arecent morning at see if she could fill a handful she said. “They aredoing alit- tendent of the BuckeyeEle- zona asked parentstoconsider ing aclassroom of 30 restless Acacia Elementary School in of vacancies created by teach- tle bit of work and then mentarySchool District south- applying foremergencysub- high-school students. northwest Phoenix,principal erswho didn’t feel comfort- they’rejust sitting in aroom.” west of Phoenix.Dr. Wilson, stitutecertification, which re- Arizona has the highest av- Christine Hollingsworth able returning to school. There Ms.Maynard, head of the who leads aCovid-19 response quires ahigh-school diploma erageclasssizeinthe U.S., greeted kindergartners at the were five applicantsfor doz- district principals association, task force as president of the and background check. with 23.5 pupils per teacher, front door as they stood on X ens of teaching jobs at 32 ele- said worries that the constant professional group AASA,The “I thought it wasajoke,” compared with 16 nationwide, marks waiting to have their mentary schools. changeand increased work- School SuperintendentsAsso- said SandraKidd, mother of a according to the National Cen- temperaturetaken and fid- She said she is luckyto load will forceteachersout, ciation, said her peersnation- ninth-grader at Scottsdale’s ter for Education Statistics. dling with masks. have seven paid student teach- exacerbating the shortage. wide arealso struggling to Chaparral High School. “You’re It has among the lowest “Goodmorning!” she said. ersthrough aprogram with “Everyone says it is like find enough teachers. basically hiring aglorified median payinthe country, “I see your smiles under Arizona State University. The getting on aplane while you’re “It’severyone,” she said. baby-sitter.” when adjusted for cost of liv- there!” studentswork full-time in a building it,” she said. “But “Large districts, small dis- Chaparral recently can- ing,at$46,404 foranelemen- Ms.Hollingsworth had been classroom instead of atypical who’s dumb enough to get on tricts, rural, urban. Acommon celled in-person classes forthe tary schoolteacher, compared up since4a.m., fruitlessly part-time assisting role. a plane that is not built?” P2JW351000-2-A012A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, December 16, 2020 | A12A GREATER NEW YORK N.Y. SeeksAnswers About Virus Spread On Mass Transit

BY PAUL BERGER in large clustersofpeople.” NewYork’sMetropolitan Transit officials in NewYork Transportation Authority car- areteaming up with the De- ried about 8million ridersdaily partment of Homeland Security on the subway,buses and two and Massachusetts Instituteof commuter-rail systems before Technologytostudy howtore- thepandemic.Its operations ducethe spread of the Covid-19 arefocused on NewYork City, on buses and trains. which borethe brunt of the If—and how much—the vi- pandemic in the spring.Week- russpreads on masstransit is daysubway ridership is down astubborn question. Ridership about70% compared with pre-

OL is down in cities world-wide pandemic levels.Weekdaycom- PO

S largely duetopeople working muter-rail ridership is down be- from home and businesses tween 75%and 80%. closing, but also because of Meghan Ramsey,aresearcher CE/PRES

LU fear of contracting the virus. at theLincoln Laboratorywho is

TEN Studies and reportsthis year leading the study,said the idea

KIRS have drawnconflicting conclu- is to measurecontamination in Gov. Phil Murphy applauds as resident nurse Maritza Beniquez got the Pfizer-BioNTech vaccine Tuesday at a Newark hospital. sions about the extent to which theair and on surfaces to un- the virus spreads on masstran- derstand the relativerisk of sit.Some of the studies have contracting the virus and the ef- been conducted by economists ficacy of mitigation methods. Vaccinations Launched in N.J. and transit specialistswho don’t Mark Dowd,the MTA’schief have expertise in the spread of innovation officer,said the viruses and other pathogens. agency asked DHS to conduct About 76,000 doses by the end of the week. 3,660 people were hospitalized cine Monday.Nearly 41,000 Researchersplan to release the study to determine scien- MaritzaBeniquez, resident with the disease or were await- doseswereavailable at 42 differenttypes of water-based tifically whether the virus can will be available this nurse in the emergencydepart- ing test resultsinthe hospital hospitalscitywide Tuesday, aerosols,including those that be transmitted on transit and week for front-line ment at Newark’sUniversity as of Tuesday. Therehavebeen MayorBill de Blasio said. “Our mimic respiratorydroplets how to mitigate any risks. Hospital,was the firstNew morethan 15,900 confirmed hospitals areready.They have which canbeinhaled by people Theemphasis in combating health-care workers Jersey resident to receivethe Covid-19 deaths in the state. been waiting forthis moment within 6feet of each other,as Covid-19 has shiftedduring this vaccine.She said she would no NewJersey hospitals are preparing,” he said. well as tinyparticles that can year from surfaces to air qual- BY JOSEPH DE AVILA longer have to fear getting sick. preparing for an influx of pa- Themayor also warned res- travel farther and linger in the ity.The shiftcame as the Cen- “I won’t have to be afraid to tients in the next few months. idents that the city likely will airfor hours. Thestudies will ters forDisease Control and Covid-19 vaccinations for go intoaroom anymore. I One model produced by the go into a lockdown, with only be conducted on transit vehicles Prevention said in theearly front-line health-careworkers won’t have to be afraid to per- state’sDepartment of Health essential businesses open after that arenot in service. They will summer that person-to-person have begun at NewJersey hos- form chest compressions or to estimates morethan 8,700 Christmas as infection and be carried out on vehicles in interactions forextendedperi- pitals nine months afterthe be present when they areintu- people could be hospitalized if hospitalization ratescontinue their normal state,as well as on ods, not surfaces,are the lead- state recorded itsfirst infec- bating apatientand giving a thepublic ignores warningsof to rise. Any lockdown and re- those with doorsand windows ing cause of infections. tion of the pandemic. breathing treatment that is nec- the dangersofattending pri- strictions would be mandated open and with enhancementsto Theproject team says the NewJersey is set to receive essary,” the 56-year-old said. vate gatherings over the holi- by Gov. Andrew Cuomo. ventilation and air-filtration tests are safe. The mock viral 76,000 doses of the vaccine Thestate’s firstphase calls days and becomes lax with “Weare just on the vergeof systems. Thestudy will be led droplets being released con- manufactured by Pfizer Inc. forvaccinating 650,000 people masking and social distancing. ahugebreakthrough with the by MIT’sLincoln Laboratory. tain ingredientscommon in and BioNTech SE this week. in the health-care field and in Covid-19 hospitalizations vaccine,but we’realso dealing Don Bansleben, aprogram household products. Neverthe- About 20,000 of those doses long-term-care facilities over peaked at 8,270 in the spring. with asecond wave,” Mr.de manageratthe DHS Science less, the study is subject to an have been set aside forlong- thenextseveral weeks.Gov. Mr.Murphysaid the arrival Blasio said. and TechnologyDirectorate, environmental assessment and term-carefacilities,and the Phil Murphysaid the shotswill of the vaccinations marks a Theaverage percentageof said it is clear that mass-tran- public comment period which rest arefor hospital workers become available to the gen- turningpoint. “It wasanin- people testing positivefor the sit passengersinthe U.S. might began Tuesday. Researchers most at risk of exposureto eral public by April and May. credible thrill to witnessthese virus over the past week was have been exposed to the virus hope to start the study in late Covid-19. Thebeginning of vaccina- firstvaccinations,” he said. “We 5.51%, city data showed. Hos- by fellowriders. However, he Januaryorearly Februaryand Six NewJersey hospitals tionscomes as NewJersey is knowthis is not the end, but pitalizations have been up said,“Idon’t believethere’s to have resultsbyearly spring. beganvaccinations Tuesday. dealing with anew surge of in- we knowweare witnessing at over the past few weeks,with anydefinitiveevidencethat ADHS spokeswoman, Anne An additional 47 NewJersey fections.The staterecorded a least the beginning of the end.” 160 people admittedSunday. hasshown that public trans- Cutler, said the agency hopes hospitals areexpected to be- seven-dayaverage of 4,740new In New York City, hospitals —Katie Honan portation is really asource of lessons learned from the study gin administering vaccinations Covid-19 cases Tuesday. And began administering the vac- contributed to this article. spreading the virus,especially can be applied nationwide. RestaurateursHope Outdoor Set-Ups Withstand Storm

BY CHARLES PASSY with flimsier setups or that NewYork restaurant operator that the department did test anysnowaccumulated on whose establishmentsinclude runs earlier this year with the Having already weathered roofs could cause acollapse. Parm, Carbone and Sadelle’s. plows to ensurevehicles could myriad challenges this year Another worryisthe possi- Likesome other restaura- navigatestreetsevenwith the because of the pandemic, New bility of the city’s armyof teurs, Mr.Zalaznick said he outdoor structures.“We’ve York City’s restaurants are snowplows hitting and damag- has faith in the stability of the been practicing,” he added. now facing a nor’easter set to ing the structures,particularly structures he has erected. Still, not all restaurantsare arrive Wednesday. because manyroadways are “There’snoneed to panic,” he resting easy.Giselle Deiaco, Themetropolitan area could considerably narrowernow said, though he noted his set- manager of the uptownloca- ION

see 8-12 inches of snow and that restaurantshavebeen al- AT ups could be removed if neces- tion of Avena, an Italian dining

wind gustsupto50miles an lowedtobuild out ontostreets. NIT saryand then reaffixed be- spot on Manhattan’sUpper hour,according to the National Thecity hasn’t called forres- SA cause of their modular design. East Side,said she plans to Weather Service. That will test taurantstodismantle the out- OF City officials said there have two employees keeping NewYorkersingeneral, but it door structures outright, but it ENT shouldn’t be issues with plows an eyeonthe situation during TM

could proveespecially worri- suggeststhat establishments AR running intooutdoor struc- the storm to makesureplows

some forthe manydining es- bring inside portable heaters DEP tures.The Department of Sani- don’t come tooclose to the C

tablishmentsthat have set up and furnitureoratleast secure NY tation, which is responsible for outdoor structure. “Wejust outdoor structures during the items in place. It is also putting A snowplow did a test run in Manhattan earlier this year. snowremoval, has three dif- hope whoeverisdriving it is pandemic through the city’s ahalt to outdoor roadway din- ferent sizeplows precisely be- intelligent enough,” she said. Open Restaurantsprogram. ing beginning Wednesdayat2 with outdoor setups would face given howmuch they have en- cause some streetsand situa- JinAhn, co-owner of Nor- At issue areconcerns as to p.m., with the closurerunning during asnowstorm. Sidewalk dured this year. tions might not be able to eetuh, aHawaiian restaurant whether the structures would through at least Thursdaynight. dining would still be allowed “It seems likeone thing af- accommodatethe largervehi- in Manhattan, noted asilver be able to withstand the storm. “It’sanew reality,” Mayor during the storm, he added. teranother,” said Jeff cles,said department spokes- lining: Demand fortakeout Some in the industryfear that Bill de Blasio said Tuesdayof Restaurant ownerssay the Zalaznick,managing partner of man Joshua Goodman. anddeliverycan increase the winds could wreak havoc the complications restaurants challengefeels all the greater Major Food Group,aprominent Mr.Goodman also noted when the weather turnsnasty. Marriott Lays Off Hundreds of Workers at Times Square Hotel

BY KATE KING businesses and tourist spots. dustryhas suffered dispropor- telrooms—open and closed— tilJune and manyofficeem- Those who remain on staff are tionately due to the pandemic Theoccupancyrate in the city that firstweek in ployees working from home. MarriottInternational Inc. either working or areexpected compared with the rest of the December was 24.7%. Hilda Salcedo,aserver who is permanently laying off 850 to return to work soon, aMar- country as demand from cor- forall rooms in NYC “For about athirdofthe in- has worked forMarriotthotels employees from itshotel in riott spokeswoman said. porateand leisuretravelers thefirst week in ventory, the owners said, ‘we since2000 and at the Times Times Square, another sign “These areactions we never has plummeted, said Jan Fre- arebetteroff not being open,’ Square location since2013, that the hotel industryinNew thought would become neces- itag, national director forhos- December was24.7%. which is just an astounding said employees haven’t been York City remains significantly sary at our location,” the ho- pitality-market analytics at number,” Mr. Freitag said. givendetails about possible hobbled by the pandemic. tel’sgeneral manager wrotein CoStar Group Inc., a commer- TheNew York Marriott severance packages. She said Marriott recently told the aDec.9lettertolaid-off cial real-estate data firm. Marquis is located in the heart she had been preparing forthe workersthat they will be let workersreviewedbyThe Wall New York City hotel rooms But that occupancyrateis of NewYork City’s theater dis- possibility she would lose her go March 12, nearly ayear af- Street Journal. “The unprece- reported 33.8%occupancyin based on actively available trict and has several ballrooms job, but the layoffs came as a termorethan 1,200 employees dented severity of the the week ended Dec.5,com- rooms and doesn’t take into for large events. But the usu- shock to many co-workers. at theNew York MarriottMar- Covid-19 crisis,however, has pared with 90.8%occupancy account hotels that have ally jam-packed neighborhood TheMarriottspokeswoman quis were furloughed as rising forced the location to make during the same week last closed temporarily during the nowofferslittle to draw hotel said laid-off workerswill re- Covid-19 infections prompted these difficult decisions.” year, according to STR, a ho- pandemic,Mr. Freitag said. guests, with Broadway the- ceiveinformation about sever- the closureofnonessential NewYork City’s hotel in- tel-datafirm owned by CoStar. Theoccupancyratefor all ho- atersset to remain closed un- ance in early 2021. P2JW351000-2-A012B0-1------NS

A12B | We dnesday, December 16, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK METROMONEY | By Anne Kadet WATCH New York-Area Ports Are Booming QUEENS Traffic Agent Pinned Under 18-Wheeler Where is of an iceberg. We stopped to all the action gawk at the Oleander, which A New York City traffic agent this holiday travels weekly between New was rescued from underneath a season? At Jersey and Bermuda carrying tractor-trailer after being struck the area’s about 450 half-size contain- by the 18-wheeler Tuesday shipping ers. It is the only container morning in Queens, police said. ports. They are bustling. vessel running between the Firefighters and police offi- They are bananas. They are U.S. and the tiny country. cers freed the agent, who was bursting with imports and “The island of Bermuda is hit at about 10:30 a.m. on record truck traffic rumbling 100% dependent on that Broadway in the borough’s Asto- through to haul it away. ship,” Ms. Rooney said. ria neighborhood. “It’s busy today!” ex- And not everything ar- The agent was conscious and claimed Deputy Port Director rives in a container. alert and was taken to Elmhurst Bethann Rooney, surveying We drove past mountains Hospital for neck and back pain. the system’s Port Newark of rock salt imported from The agent was listed in stable Container Terminal one re- JOURNAL South America, piles of Bel- condition, police said.

cent morning. “You can tell REET gian brick on its way to The driver of the tractor-

by the number of trucks ST landscaping firms, and silos trailer remained at the scene. moving around, the number LL of nut and vegetable oil Sgt. Edward Riley, a police of ships in at one time.” WA headed for area cookie and spokesperson, said no criminality THE

This season has produced R cracker factories. is suspected.

a record flow of incoming FO The 460-foot Viking Bystander video showed res-

cargo at the Port of New DET Odessa, berthed at the north cue workers surrounding the ve- York and New Jersey—driven KA end of the complex, turned hicle with wooden planks to free

in part by the insatiable de- ANNE out to be a floating parking the agent from under the trac- mand for merchandise from A container ship is docked at the Port Newark Container Terminal in New Jersey. garage that can transport tor-trailer. people stuck at home during thousands of vehicles—in —Associated Press the pandemic. warehouses are full, and the greatest, but the port is re- booth-like structure where a this case, it was exporting In early fall, in prepara- logistics companies that run ally quite spectacular. series of sensors and cam- used vehicles to Haiti. CONNECTICUT tion for the holidays, 55,000 them are renting nearby Touring the Port Newark eras scans and inspects When cars are imported, shipping containers of furni- parking lots to store the terminal is like navigating a them. The driver speaks to a workers with the Interna- Drought Eases, but ture and bedding were un- stockpiled inventory. giant game of Tetris, only clerk located in a remote of- tional Longshoremen’s Asso- Caution Still Urged loaded at the port—a 32% in- more predictable. Each of fice before getting marching ciation move the vehicles off crease from 2019. Coffee- ll told, more than the 40,000 brightly colored orders dictated by algorithm. the ship. They ride up in a Drought conditions have im- maker shipments jumped 430,000 containers ar- containers typically on-hand van together and drive the proved, but Connecticut officials 163% to 1,050 containers— A is scanned, scheduled and are still urging residents to be rived at the port in any of the 15,000 new cars down the ramps, that is about three million September and October, 18% tracked by central computer truckers licensed to one by one. A worker might careful about their water usage. 12-cup machines. more than in 2019, and a re- systems as it moves off the M The Office of Policy and Man- do business with the make 20 to 30 trips a day. “And washing machines, cord for the period. That’s a port make three to four trips The vehicles are parked in agement announced Tuesday year-over-year, are up lot of stuff! To put it in fruit a day between the terminal a mile-long lot where they the state’s drought work group 2,600%,” said Ms. Rooney, terms—which is always Setting arecord, over and surrounding warehouses. are accessorized by auto voted last week to improve the who learned to drive huge best—430,000 40-foot con- But with containers piling up processors with features drought stages in six of Con- ships while attending SUNY tainers would hold more 430,000 containers because of the warehouse such as spoilers before dis- necticut’s eight counties. With Maritime College in the than 20 billion bunches of arrivedinSeptember shortage, it is hard to move tribution to dealerships. these latest changes, all counties Bronx and joined the Port bananas. them efficiently, and wait Toward the end of the except New London are consid- Authority in 1993. Indeed, our port, which and October. times have lengthened. Now, tour, I expressed amazement ered to be in the first stage, or The season’s record vol- spreads across five locations some truckers are down to that this operation not only below normal conditions. That umes also reflect warehouse in New Jersey, Staten Island just one to two trips a day. supplies much of the mer- means despite recent rainfall, operators and retailers and Brooklyn, is the largest The ships themselves, chandise purchased by con- there is still some cause for con- stockpiling goods to prepare on the East Coast and third- ship and through the termi- which typically arrive sumers in the Northeast and cern over issues such as ground- for the possibility of another largest in the U.S. nal on a series of 18-story- monthly or weekly from beyond, but is replicated in water and reservoir levels. global-manufacturing shut- It also is where container tall cranes, top loaders and Asia, Europe and South ports around the globe, NewLondon County is nowin down, Ms. Rooney said. shipping was invented, in long-legged, sideways-mov- America, are so big it keeping us neck-deep in mat- the moreserious second stage, There are more than a bil- 1956, when a New Jersey ing straddle carriers. doesn’t even make sense. tresses and microwave ov- which means groundwater and lion square feet of private trucking company owner While about 17% of im- The typical carrier holds ens. streamflowcontinue to remain warehousing and distribu- loaded 58 containers directly ports leave on trains stretch- about 5,000 standard con- “And it started here in belownormal region-wide. tion space in New Jersey from his vehicles onto a con- ing more than 2 miles long, tainers and is roughly 20 New York and New Jersey,” Interagency Drought Work- that accept containers of verted oil tanker bound for most head out on trucks. stories tall and 3.5 football Ms. Rooney added. “Did you group Chair Martin Heft said if merchandise from the port Houston. The first week in December fields long. hear me? It started here in consistent rainfall continues, for redistribution to retailers “We’re the first and the saw 75,100 trips in and out “And it floats!” Ms. New York and New Jersey!” there is a “high probability” con- such as Walmart and Ama- greatest!” Ms. Rooney said. of the port. Rooney said. cerns might be assuaged. zon.com. But now these I can’t say if it is the Trucks stop at a toll- Not every ship is the size [email protected] —Associated Press

DIFFERENT NATIONAL ORIGINS.

SAME FAIR HOUSING RIGHTS.

It is illegalfor landlords andrealestateagentstodenyyou housing opportunities because of your ethnicity. TheFairHousingAct prohibitshousingdiscrimination basedonnational origin. If youbelieve youhaveexperienced aviolation of your rights,file acomplaint.

Go to hud.gov/fairhousing or call 1-800-669-9777 FederalRelay Service 1-800-877-8339

FAIR HOUSING: THE LAWISONYOUR SIDE. Apublicservice messagefromthe U.S. Department of Housing andUrban Developmentin cooperationwiththe NationalFairHousing Alliance. Thefederal Fair Housing Actprohibits discrimination because of race, color,religion,nationalorigin, sex, familial status or disability. P2JW351000-0-A01300-1------XA

FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, December 16, 2020 | A13

need to do in the darkest of times.” we have to do it collectively,” she How can people keep going? says.“We need to take care of each Look outward. Notice if a neighbor other.Mybrother’s problem is my needs something. “When we are problem.” With so manypeople un- engaged in serving others, there employedand small and minority isn’t the same place and space for businesses hurting in the pandemic, darkness,” she says. Day4,dedicated to Ujamaa, or co- Being separated from loved operativeeconomics,isevenmore ones during the holidays is diffi- important. “Weencouragepeople cult, she says, but such longing is to shop at small businesses and also a sign of the many deep con- keep money in the community.” nections in our lives. “If we didn’t This year, the Villages Project feel sadness and longing, that will stream nightly services from would be really sad.” different venues, lighting the can- dles and honoring those who have Write a Letter died. As food is a big part of This year,Christmas cardsmatter Kwanzaa, a no-contact meal pickup morethan ever,says Rev. Michael will be provided. Each evening’s Curry, presiding bishop of the Epis- program will end with a 45-minute copal Church in NewYork.Here- performance of a local blues band. cently received ahandwrittenletter “I love the blues,” she says. and immediately sat down to read If Ms.Williams had to offer one it, feeling touched that someone messagefor Kwanzaa 2020,she had takenthe time to write. says,itwould be simple: “Be kind. “It is worth the extra effort to Trytodosomething good and pro- send a handwritten Christ- ductiveevery day. Be adoer mas card. I may not be of the Word,not just a able to touch you, but hearer of the Word.” I can see your hand- written words,” he Spread Hope says. “Let me tell On the firstSunday you, that makes a of Advent, Rev. difference, espe- Paul Robeson cially this holiday Ford,senior pastor season, when so of the FirstBaptist (4) many people will Church in Winston- GES be alone.” Salem, N.C., talked IMA He encourages about hope during a

GETTY sending cards to family servicelive-streamed on and friends—but also to one YouTube and Facebook. or two others: “People in “Welight the firstcan- your community, your dle on the Advent Ways to Help Others church or club, some- wreath, representing one you normally hope even in the wouldn’t send a midst of apan- card to.” demic and every- In This HolidaySeason Everyday,he thing we have en- says,heasks him- dured,” he said, self howhewill in- noting that avac- Some of the messages of hope from spiritual leadersamid the pandemic tentionally and de- cine would be mak- liberately loveGod, ing itsway to the himself and his neigh- public.“Thereisrea- BY CLARE ANSBERRY filled with gatheringsand festive “We also had a little outreach bors. Sending aChrist- son to believethat be- concertsand pageants. component,” says Rev. Feldmeir. mas card is one of those fore Advent is over,the end he Rev. Carmen D’Amico Here are some of the messages Each week, members have been ways. “Anything we cando of this pandemic will begin.” stood before his congre- that spiritual leaders are deliver- asked to drop off a particular item, to brighten the lifeofan- It’s a message espe- gation in Muse, a former ing during a time of distress. such as socks, hats or mittens, at a other,” he says.“Even cially important for coal town in western station in front of the church. Just if it’sjust alittle bit. the large number of TPennsylvania, and talked Make a Difference before Christmas, they will bring That’sOK. It doesn’t people in his con- about not giving into de- Thepandemic has made manypeo- sleeping bags and winter jackets. take aton of light gregation who are spair and darkness. ple feel helpless, says Rev. Mark All the items will be distributed on to cast away the in their 80s and “Being in a pandemic doesn’t Feldmeir.“Howdowecreateanop- Christmas Day to four agencies darkness.” 90s and live meanyou stop doing what is good,” portunity forpeople to feel empow- serving the homeless. alone. he told the membersofHoly Rosary ered and makeadifference?” Seek Unity “The church Catholic Church on arecent rainy He and his staff at St. Andrew Look Outward Adrian Williams wasthe center of Sundaymorning,all wearing masks United Methodist Church in High- For Hanukkah, the eight-day Jew- considered canceling their social life,” he and sitting in everythirdpew to lands Ranch, Colo., talked about ish Festival of Lights that began her annual Kwanzaa says.They partici- keep safedistance. “Ifyou know the importance of nostalgic family on Thursday, Rabbi Batsheva Meiri celebration this year be- pated in full productions someone is alone,call them up. rituals, especially in a year when of Congregation Beth HaTephila, a cause of Covid-19. of Handel’sMessiah, livena- Reach out to them. Do youhaveel- the pandemic has interrupted so Reform congregation in Asheville, “Then Ilooked at what washap- tivity displays and organized elab- derly neighborswho need their many traditions. They came up N.C., tells the story of how the pening in our countryand our com- orateChristmas-cardexchanges. leavesraked? Do it. Don’t wait for with a twist on the Advent wreath, Jewish people lost their temple munity and thought we need it now Some aregold-star members, anyone to ask you.” a practice that involves lighting and reclaimed it: They had only morethan ever,” says Ms.Williams, meaning they have belonged to Simple actions matter, he says. candles to mark the passage of one day’s worth of oil to light the who is director of the VillageProj- the 141-year-old church for50 “Weneed to support each other to four Sundays before Christmas. menorah to rededicate their tem- ect in SanFrancisco, anonprofit years. getthrough this.Weneed to be the Thechurch distributed small ple, but the candles continued youth-enrichment program. Every Many didn’t know much about light foreach other.” cardboardboxesinthe church park- burning for eight nights. year forthe past 14 years, she orga- social media, but now have Face- Religious and community lead- ing lot to membersofthe congrega- “I talk about this everyyear,but nized acommunity celebration of book accounts so they can watch ers, who likeeveryone else have tion beforethe Nov.29start of Ad- this year it takesonnew signifi- Kwanzaa, which runs from Dec.26 the services online. The church is been grappling with the pandemic vent. When the lid is removed, the cance,” she says.Nine months into to Jan. 1and celebrates seven val- making sure they receive Christ- formonths,need aspecial message sides fold down and become aflat the pandemic,people feel spent. ues,one each day, with the lighting mas cards and phone calls. forthe 2020 holidayseason. People cardboardwreath with tea-light “Wehavejust atinybit of gasleft of acandle.The holiday, which isn’t Harriet Smith recently turned areexhausted by the crisis that candles attached—one foreach Sun- to getusthrough this.But we sur- tied to anyspecific religion, cele- 100, and church members sent her they thought would be over by now. daybeforeChristmas and another prise ourselves,” she says.“We see brates African heritage. cards and gifts. She sent a thank- Manyhavelost loved ones and jobs. in the center forChristmas Day. and hear all those stories of people, The first day honors unity, you card, read at the Advent ser- They miss family and friends they Membersare invited to join avir- health-careworkersand otherson which this year takes on special vice. “You all make me feel so spe- can’t safely visit, an absencedeeply tual candle-lighting serviceat5 the front line,who areable to tap meaning. “This country is so di- cial,” she wrote. “Nice things seem felt during aseason traditionally p.m. each SundayonZoom. intoareserveand do what they vided and in order for us to heal, to bloom from you.”

Md.; Potomac, Md.; McLean, Va., NowDelivering to aSuburb and sometimes even farther for a delivery fee of roughly $30. Meals are costlier to prepare for delivery, Near You: CityRestaurants he says, because diners expect larger portions for multiday con- sumption and many dishes require BY ALINA DIZIK rantstostopinfor pickup or get additional sauce to keep them regular delivery. So urban restaura- from drying out. or months, Kate and Ben Ma- teursare coming up with creative Sean Feeney,co-owner of Ital- Fsino had failed to find a time waystoget their food to people ian restaurantsLilia and Misi in for the 40-minute drive from who liveoutside the city,evenifit Brooklyn, invested in two refriger- their home in Devon, Pa., to Phila- means setting up camp in asubur- ated trucks to deliver food to cus- delphia’s Fork restaurant for a ban parking lot. tomerswho have relocated to the date night. But in the midst of the Exclusive restaurants such as suburbs.The deliverybusinesshas pandemic, the couple found the New York’s Eleven Madison Park expanded so quickly that it al- next best thing: They ordered and Chicago’s Alinea now offer lowedthe companytobring back Fork’s $90 champagne-braised multiple suburban pickup locations Above, takeout orders ready for pickup by suburban diners in Oak Park, furloughed employees sooner than chicken for two, and picked it up via the reservations platform Tock, Ill. Left, a dinner for two, ordered from Fork restaurant in Philadelphia. expected, he says. at a local business with diners pay- The demand for these types of just five minutes ing around $50 to weekend evening.“TheSupper Se- tain suburbs in the area. This fall, services may have staying power from their home. $120 per person. ries really has brought back that Ms. Gurian and her husband held a beyond the pandemic, says Allen It was a win, Suburban pickups bustling Saturdaynight feel,” she socially distanced outdoor dinner Shulman, co-founder of DwellSo- says Ms. Masino, a have sold out says. party in the couple’s leafy back- cial, a startup that works with Chi- 36-year-old health- quickly and “gen- Jason Ward is a residential yard, inviting friends who live out- cago restaurants to coordinate care executive with erated tens of painting company owner in Ben- side the restaurants’ delivery area. suburban food pickups. Mr. Shul- two children. The millions of dollars brook, Texas, about 20 minutes “I love that I live in the right sub- man says many of his suburban couple had never in revenue,” says outside Fort Worth. Mr. Ward re- urb for this,” she says. customers are eager for options been to Fork be- Tock’s chief mar- cently worked with Reata, one of Still, she says the quality of beyond pizza delivery. Restaurants fore, and found keting officer his favorite Fort Worth restau- restaurant entrees aren’t always “are starting to realize the mate- that the quality Bryan Fersch- rants, to establish a drive-through up to snuff when consumed at rial impact that offering services was predictably inger. pickup spot for orders at a church home. With restaurants outside to the suburbs can have,” says Mr. better than local In November, parking lot in Benbrook. Since the the Lettuce Entertain You group, Shulman, who plans to expand the offerings. “We Chicagorestaurant first event this spring, other she says, “I have sometimes found service to additional cities in 2021. were sick of the group One Off downtown restaurants have fol- when we bring things home, it’s But some restaurants view de- usual suspects in our area,” she Hospitality started offering subur- lowed suit, he says, and regular uneven how well those [options] livery as a temporary solution. says. ban fans athree-week-long Supper pickups from the lot now feel like have worked.” Ellen Yin, co-founder of Phila-

OCIAL High-end urban restaurants Series with pickup locations 20 to a social scene. “There are 60 or 70 Suburban deliveries can be lo- delphia’s Fork and High Street res- have long thrived with the help of 30 miles away from itsrestaurants. cars and people waving out their gistically challenging for restau- taurants, is offering Fork’s food for ELLS

DW suburbanites traveling into the Recipientspay $140 forfour-course car to each other,” he says. rants. Washington, D.C.-based res- pickup at various suburban loca- city for a night out. Now those meals fortwo from the group’sres- Randi Gurian, 68, lives in Wil- taurateur Fabio Trabocchi is tions. But she says once pandemic

SINO; same eateries are making the re- taurants, including Publican and mette, Ill., about 20 miles outside working through the logistics of restrictions are lifted, the priority MA verse commute. Avec.SinceNovember,the group Chicago. The retired nonprofit ex- delivering food from his four up- will be inviting guests back to the TE

KA Thepandemic has brought limi- has sold morethan 1,400 subscrip- ecutive uses Tock to order weekly scale restaurants, including Fiola, dining room. “We are trying to get : tations on in-person dining,and tions,according to chief executive delivery from Chicago restaurants to nearby suburbs. In the past few to the other side of the pandemic,” LEFT manysuburban dinershavefound KarenBrowne,and the revenue owned by Lettuce Entertain You months, his restaurants have she says, “and we just want people OM

FR themselves toofar from city restau- stream is comparable with abusy Enterprises, which delivers to cer- ramped up deliveries to Bethesda, to remember us.” P2JW351000-0-A01400-1------NS

A14 | We dnesday, December 16, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS Schools Speed Up Internet for Rural Students

FAMILY internet needs but don’t always get & TECH ahigh response rate.Administra- JULIE tors cannarrow down which stu- JARGON dentsare likely to be in need based on whether they qualifyfor free and reduced-pricelunches. (3) auraGomez’stwo children Some districts also are relying

were using her smartphone’s on geographic information system JOURNAL hot spot to log in to remote software—used for decades to REET

school early this fall, but the draw school boundaries and create ST

video calls oftendropped. bus routes—to map out neighbor- LL L hoods with the highest concentra- WA Theconnection wassoweak

the children couldn’t always see or tion of families with bandwidth THE R

hear their teachers. needs, so they can place radio or FO

Ms. Gomez, who lives in a small broadband antennas strategically ANK

agricultural community in Califor- to have the broadest reach. FR nia’s Central Valley, often had to Districtsalso canlook at internet L.

drive 20 minutes east to her sis- serviceproviders’ coverage maps to BRIAN ter-in-law’s home in Modesto so determine who might her children could connect to their have connectivity,but The Gomez children—Yaneth, 6, and Gabriel Ignacio, 11—get high-speed first- and fifth-grade classes using they aren’t always ac- internet at home because of a router and modem their public school their aunt’s home broadband. curate. “We’denter a district in California’s Central Valley provided; left, their mother, Laura. Then, in late September Ms. family’s physical ad- Gomez received a Motorola router dressonawebsite, and modem from the Patterson and it would sayser- trol over who accesses the net- he said. So far, nearly 9,500 fami- Joint Unified School District, and viceisavailable,but work,and which websites users lies have enrolled in the pro- now her family has high-speed in- when we went out canaccess. Thedistrict provides gram—most choosing the wired ternet at home. “I’m so happy we there, that wasn’t the families with arouter and amo- option, Mr. Wheeler said. have this for the children. The case,” said Jeff Menge, dem that communicates with pri- In Florida, Donna Goldstein, GIS/ children are happy, too, because assistant superintend- vate wirelessbroadband runonthe IT solutions manager at the Palm they can see everything more ent of businessser- Citizens Broadband Radio Service. Beach County school district, used clearly now,” she said. vices at the Patterson The Patterson school district GIS software to map out neighbor- School districts and cities school district. has installed antennas—each with hoods with the highest concentra- across the country are racing to Mr. Menge re- a radius of up to a mile—at six of tion of families likely to lack stable bridge a digital divide that has ex- its eight schools and internet. She said the district has isted for decades. According to plans to install two runintoroadblocks from home- data collected before the pan- Investments in closing more. That should owner associations that don’t want demic, approximately 30% of U.S. provide enough solar-poweredWi-Fiantennas in- K-12 public-school students lived the digital divide are a range to bring high- stalled in their subdivisions.The in households without either an rare positive outcome of speed internet to all district had to getcreative about internet connection or a device ad- 6,000 of its students. finding places to install the anten- equate for distance learning, ac- the pandemic. Cares Act funding nas,placing them on school build- cording to Common Sense Media. covered about 70% ings, churches and an animal-con- That is 16 million children. of the roughly $2 trol center.The local power At least 39 states have said million project. companydonated 1,000 wooden they would use funds from the called how over a year ago he be- Philadelphia, with utility poles forthe project. federal Coronavirus Aid, Relief and gan getting alerts from the dis- funding from Com- Thenextstepistoget Wi-Fiac- Economic Security (Cares) Act to trict’s security company. He cast Corp., private cess pointstofamilies in the most help school districts close the tech checked school cameras and saw donors and the Cares ruralpartsofthe county.Dr. Gold- gap, according to the National children were entering school Act, began offering stein expectstohavemorethan half Conference of State Legislatures. grounds at night and on weekends free hotspots or of the 80,000 studentswho don’t The fixes can be fairly simple. with their laptops to access the isn’t available. wired internet service in August to have internet connected by the end School-district and municipal IT Wi-Fi. “It hit me how much fami- Sharing hot spots between fam- families in the city’s public, pri- of March. “One of the only good departments are using technology lies are struggling when I realized ilies wasn’t ideal because of spotty vate and charter schools. As of thingsthat’scome out of the pan- that has been around for years, that children have to jump the reception, data caps and frequent July, about 18,000 households demic has been the opportunity to such as solar-powered antennas to fence at school to do their home- connection drops, especially when lacked stable internet service, the close the digital divide because transmit Wi-Fi, or wireless broad- work,” he said. more than one student at a time city estimates. what we’redoing todaywill be per- band, closer to more peoples’ The district had enough laptops was connected. “It wasn’t accept- It has been hard to persuade manent,” Dr.Goldstein said. homes. With fresh funding comes to loan one to every student, but able,” Mr. Menge said. some families to sign up, said Common Sense Media estimates more elaborate fixes, such as ex- officials knew many of them prob- Thedistrict decided on amore- Mark Wheeler, Philadelphia’s chief that closing the gapwould requirea tending a school’s network infra- ably didn’t have internet access. permanent fix—aprivatenetwork information officer. “There is a collaboration of government and structure right to students’ doors. Mr. Menge said more than 70% of developed by Motorola Solutions. distrust of government and of free privateentities and that it would Thehardest part is determining the district’s families are low in- Families canconnect directly to programs, because there always cost up to $5.5 billion in one-time exactly who needs access.School come and up to 40% live in rural schools’ internet as if they were in seems to be a gotcha. And there is installation and devicecosts, plus districtssurvey parentsabout their areas where high-speed internet the building.The district has con- a distrust of telecom companies,” up to $5.6 billion in annual charges.

MY RIDE plane engine from a World War II A.J. BAIME P-38 Lightning. It’s a 1,710-cubic- inch engine, and if you know the slightest thing about cars, you know Land-Speed that this thing is a beast. [The U.S. military rated this engine at 1,325- RacerBonds horsepower in the 1930s, according to the National Museum of the Father,Son United States Air Force.] In December 1959, my father was able to go over 344 mph in the And History “City of Salt Lake.” The record at the time was 394 mph, and he Butch Graham, 64, a house painter wanted to break 400 mph. On Aug. from Salt Lake City on his “City of 1, 1960, he crashed at Bonneville at Salt Lake” land-speed racer and the over 300 mph and was killed. [His Butch Graham, below, restored the ‘City of Salt Lake,’ a car his father dreamed would go 400 mph. legacy of his father, Athol Graham, death was reported in newspapers as told to A.J. Baime. around the country and even abroad.] I was just 4 years old. I helped my father build the car, de- she gave it to him. pers, and out of nowhere, this hot

PIPELLA or manyyears, peoplehave come have seen many pictures of the two cided he wanted to rebuild it and Forty years ago, I went to Las rodder named Richard Thomas D

RO from all overthe world to tryto of us together, but I have no mem- fulfill my father’s dreams. Otto had Vegas to get the car back. It had showed up at my doorstep, and he F ory of him. been sitting on this guy’s front lawn has been helping ever since. The break land-speed recordsonthe cancer, and his parents thought if Bonneville Salt Flats, outside of Salt After he died, a teenage me- he had something to focus himself for years, out in the elements. first thing we had to do at that

JOURNAL; Lake City. In 1958,myfather,Athol chanic named Otto Anzjon, who had on, that would help with the dis- When I started restoring it, people point was get that Allison engine

REET Graham, decidedthatsomebody ease. He rebuilt the car who knew my father came out of running again.

ST from Salt Lake Cityshould have the and ran it at Bonneville the woodwork to help me. I have It took a long time to find some- LL land-speed record,sincewehad the in 1962, over 200 mph, had old guys hunt me down, come one to rebuild the engine. When I WA salt righthere. He had an auto-repair before he blew out a tire. to see the car, and just start to cry. did, Richard helped me take the en- THE

R businessintown, and he started He survived the crash, Every December, I would take a gine to California. The job took a

FO building cars in this garage. but he died of leukemia month off to work on the car be- year and a half, and Richard helped ON At the time, land-speed racing soon after. cause nobody wanted their house me bring the engine back. He has

GUS was a big deal, and my father had When my mother went painted around the holidays. I had become a best friend to me. Now FER big dreams. The more I have lived, to sellthe building where to rebuild the body. It was a lot of the engine is back in the car and it

TUG the more I have learned how big my father had his auto fabrication, and painting, too. On runs. Let me tell you: It is scary! A those dreams were, and how many shop,she had no placeto the 50th anniversary of my father’s This job has turned into a life- SHU

JO people my father inspired. put whatwas leftofthis death in 2010, we took the car back long project. My plan now is to try : He built the “City of Salt Lake” car. Aguy from LasVegas out onto the Salt Flats to show it to find a museum that can take LEFT racing car out of the frame of a die- said he could redesign it to people. The engine was not in it, good care of the car and help cele- OM

FR sel truck, with an Allison V-12 air- and makeitgofast. So at the time. That made the newspa- brate my father’s legacy. P2JW351000-0-A01500-3------XA

THE WALL STREET JOURNAL. We dnesday, December 16, 2020 | A15 ARTS IN REVIEW

BY ALLAN KOZINN MUSIC REVIEW but itsinfluenceisfelt, along with that of climatechangeand other hen one door baleful issues.The jaunty playful- closes,another ‘McCartneyIII’: Songs nessof“Seizethe Day,” one of the opens,asfolk wis- album’smorememorable tracks,is dom has it. But belied by adystopian bridge: Whaving the thumbs- “When the cold days come /And up optimism, work- the old waysfade away /There’ll be aholic instinctsand passion for From aHomebound Beatle no moresun /And we’ll wish that composing and performing that we had /Held on to the day.” A have long been among Paul McCart- similar wistfulnessfor the purity of ney’s character traitshelps—as Paul McCartneyreturns with the thirdinstallmentinaseries of solo work natureisetched into“TheKissof does having astate-of-the-art re- Venus,” amelodically opulent song cording studio on your property. distinguished by the use of aharp- Mr.McCartney had planned to sichordinits second half. spend this year touring,but But this is not athematic album. Covid-19 shut down the concert Itsdarker,moretopical currents world, leaving him largely confined areveiled in acombination of to his estateinSussex, England. So wordplay, striking melodies and he did what anyone who has fol- deftarrangements, and surrounded lowedhis work over the past 50 by songsonother topics.“Pretty yearswould have expected: He Boys” touches on the interplaybe- completed afew old songs, wrotea tween photographersand male batch of newones,and recorded models.“Lavatory Lil” is an unchar- the lot. Theresult, “McCartney III,” acteristically unsparing brickbat is due on FridayfromCapitol/UMG. aimed at a “McCartney III” is the thirdin- woman he stallment in aseries within Mr.Mc- has said he Cartney’s solo output. Like“McCart- will never ney” (1970), recorded as the Beatles identify. were imploding,and “McCartney II” Manylisten- (1980), recorded as he waslosing ers, though, interest in working with Wings, his arelikely to post-Beatles band, “McCartney III” interpret its is aDIY effort: Mr.McCartney lyrics—“You wrotethe songs(thereare no col- The new album is think she’s laborations), playedall the instru- out Friday; on it, Mr. being mentsand wasthe producer.But McCartney plays all friendly / wherethe firsttwo albums each the instruments But she’s found him at acareer crossroads, looking fora that doesn’t seem to be the case Bentley” now—unlesshesees,inthe pan- and “She’sacting likeastarlet /But demic,anend to touring. she’slooking likeaharlot /Asshe’s Musically,the three recordings slowly heading over the hill”—as could not be moredifferent. “Mc- references to Mr.McCartney’s sec- Cartney,” partly recorded in his ond wife, Heather Mills. London house,has ahomespun Denserockersand light-textured quality and, with afew durable ex- acoustic ballads sit side by side yet ceptions (“Maybe I’m Amazed,” flow smoothly toward the album’s most notably), sounds likeaglori- closer,“Winter Bird/When Winter fied demo.“McCartney II” is more Comes,” agracefulpaean to country experimental, with electronic explo- life. Thesong is actually acomple- rations and idiosyncratic instru- tion of arecording Mr.McCartney mentals,yet it also taps intothe leftunfinished in 1992, and youcan commercial zeitgeist on songslike tell: His voiceisfresh and supple, “Coming Up.” not yettouched by the pitch waver “McCartney III” is far morepol- and slight hoarsenessthat have ished and densely texturedthan crept up on him over the past de- “McCartney,” thanks to advances in cade.Elsewhereon“McCartney III” technologysince1970, and notably those deficitsare inventively miti- lessexperimental than “McCartney gated, sometimes by double-track- II,” largely because Mr.McCartney ing or the use of reverb and other has morerecently opted to channel effects, sometimes through the use his most exploratoryideas intohis of falsetto,but oftenbecause Mr. occasional pseudonymous record- McCartney (mostly) writes to the ingsasthe Fireman. But thereare contoursofhis current range. boundary-pushing touches.His pen- Thestate of Mr.McCartney’s chant forfalse endingsand unex- voiceisahot topic among his fans, pected codas has expanded; in “Find not least because in itsprime it My Way,” the coda accountsfor a wasone of the most attractivein quarter of the song. rock.But manyasinger has built a In “Deep Down,” ariffy, throw- career with lessofavoicethan he away lyric with a“party everynight” has now, so perhaps it’stime to ac- refrain is set against adark,ominous knowledgethat at age78hecan’t organbacking and punctuating R&B- be expected to sound as he did at tinged synthesized brassfigures; it 25 or 50,and to focus on his still could be Mr.McCartney’s musical estimable strengths as asongwriter, OUP rendering of the tension between arranger and instrumentalist, all GR

wanting to getout thereand the amply evident on “McCartney III.” MUSIC

pandemic preventing it. AL Thelockdown is not overtly Mr. Kozinn writes about music for

mentioned in the album’s11songs, the Journal. UNIVERS

TELEVISION REVIEW |JOHN ANDERSON ADystopia forTodayand Tomorrow

THE CLASSICS of dystopian fiction comic twist. One occursinepisode 1 have oftenbeen born of an unhappy of this “Stand” (therewas aminise- vision, but they’vealways been the ries in 1994and acomic book series product of unclutteredlogic: Take an from 2008-12) when avoiceweas- existing problem to itspossible end, sume to be that of the president as- imagine the worstand, voilà,you sures the public that thereisnolab- have the perpetual warof“Nineteen made virus,coughing his way Eighty-Four,” the ultra-violenceof“A through the whole address. Clockwork Orange,” the reproductive Shooting finished in March 2020, tyrannyof“AHandmaid’sTale”— just under the figurativewire, and the pandemic of “The Stand,” though certain aspectsofthe series whose arrival right nowasanine- aresurprisingly current and pointed. part miniseries seems morethan a Theopening scene,for instance, in- bit uncanny, morbidly fascinating volves firstrespondersentering a and in somewhat questionable taste. church full of rotting bodies in Boul- Thetastequestion has to do with der,Colo., wherethe worshipers gore and rats and the bio messin were exercising their right of reli- which director Josh Boone gleefully gious assembly.Inalater scene, spins Stephen King’sstory—and the singer-songwriter LarryUnderwood often-graphic violencethat keeps it (Jovan Adepo) hitsthe stagewithout humming—at atime when averysimilar scenario seems to be playing out off- screen. Mr.King’s 1978novel, likethe

newCBS All Access (2)

adaptation, envi- CBS sions amilitary- Whoopi Goldberg, above, and Jovan Adepo and James Marsden, left, in ‘The Stand’ made virus escaping abioweapons lab in California, and then chancetoscore.Harold is repulsive, series is abducted by the military between “The Stand” and our cur- being spread glob- and will getworse. forstudy at asecureresearch facil- rent situation, thereissomething ally by the govern- He’sapenny-antepsychopath, ity wherehis keeper,Dr. Ellis that differentiates them—the su- ment in an attempt however, compared to Flagg (Alex- (Hamish Linklater), quips,“Just a pernatural aspect being one,of to sidestep blame. ander Skarsgård), the mysterious month agowewereworried about course; the biblical-level pestilence What Mr.King did, stranger who appearsinthe dreams Ebola.” This establishes the series being another. in what wasoriginally an 1,150-plus- his bandmates—who areall sick— of the immunes,setsupshop in Las as having been updated from the Developed by Mr.Boone with pagebook—“myAmerican fantasy and applauds the “real NewYorkers” Vegasand crucifies his insubordi- ’80s of Mr.King’soriginal book and Benjamin Cavell, “The Stand” is an epic,” and his answerto“TheLord in the sparse crowd who “wouldn’t natefollowers.IsheSatan?Is the ’90s of the unabridged edition often-gripping pieceoftelevision, of the Rings”—was conjureupa let acouple of sniffles keep them Mother Abagail Freemantle (Whoopi of 1990.But it also pointsupthe newepisodes of which will appear world with no plan in placefor any home.” No one therelives to regret Goldberg), who also appearsinsur- fallacyofpredictivefiction, and each Thursday. Thespirit and such disaster.Whereseven billion it, except Larry, who proves to be an vivor dreams,really the voiceboxof prophecyitself: If youbelievein dread of Mr.King’sepic have been people would immediately succumb. “immune.” Likewise,apair of teen- God? In Mr.King’sManichaean, one,and wait long enough, confir- successfully,ifmoresuccinctly,in- And wherethe survivors—manyof agersincoastal Ogunquit, Maine— post-infection world, Flaggfoments mation will arrive. Mr.King could corporated intothe series.The them, anyway—would go primal. Frannie Goldsmith (Odessa Young), evil while Mother Abagail alertsa have been writing about Ebola. He drawback of itstiming? It might Not ahugeleap of imagination, whom we watchdragher father out chosen few that they aretolead the might originally have been predict- distract us from howtimelessa but one that Mr.King,inhis custom- of their home so she canburyhim in survivor’s commune in Boulder. ing AIDS.Hemight have been writ- pieceoffiction canreally be. aryfashion, adorned with memora- the yard,and Harold Lauder (Owen One of the select is the story’s ing about Covid-19.(He did, in fact, ble characters, heartbreaking plot Teague), who’s in lovewith Frannie putativehero, StuRedman (a solid writethe show’sninth episode.) The Stand pointsand the occasional blackly and thinks the pandemic is his James Marsden), who early in the But forevery parallel that exists Begins Thursday, CBSAll Access P2JW351000-0-A01600-1------XA

A16 | We dnesday, December 16, 2020 THE WALL STREET JOURNAL. SPORTS

BY JARED DIAMOND Giannis he St. Paul Saints have thrived in a staid, tradi- tion-bound industry for Staysin Tmore than a quarter century because of their fierce commitment to the un- Milwaukee conventional and their embrace of the absurd. Guided by the mantra that “Fun BY BEN COHEN is Good,” the Saints have used out- landish promotions, affordable THE BIGGESTQUESTION hanging prices and a family atmosphere to over this NBA season now has an emerge as the jewel of the inde- unexpected answer: Giannis is pendent professional baseball cir- staying. cuit. The team’s ownership group Giannis Antetokounmpo ended includes Mike Veeck—whose fa- speculation about his future on ther, Bill, was an MLB owner fa- Tuesday by agreeing to sign a five- mous for zany promotions—and year contract extension with the the actor Bill Murray, who once Milwaukee Bucks worth $228 mil- showed up to work as a ticket lion. The deal will keep the two- taker at a Saints game. time reigning NBA most valuable “St. Paul was known for being player with the franchise that ‘Rebel Baseball,’ ” said Joshua helped develop an unknown Greek Schaub, the commissioner of the kid into a global superstar. American Association, the Saints’ “This is my home, this is my league since 2006. “That’s how city,” Antetokounmpo wrote in a they marketed, that they were an- tweet with emojis of a heart and tiestablishment.” prayer-hands. That iconoclastic attitude made His decision to stay with Mil- last week’s news so surprising: waukee—coming less than a week The Saints are going mainstream. A pig delivers baseballs to the umpire at a St. Paul Saints game in the independent minor leagues. before the deadline, when the sea- Starting in 2021, the Saints will son begins—represents a financial leave the independent minor windfall for Antetokounmpo and a leagues and become the Triple-A The Rebels of the Minors major triumph for the Bucks, a affiliate of the Minnesota Twins, championship favorite that can their major-league neighbor. now operate from a position of The move makes the Saints a strength. It’s a disappointment for surprise winner in Major League the teams that were planning to Baseball’s dramatic overhaul of the Go Mainstream pursue him in free agency next minor leagues and serves as a tes- summer, but it’s also a sigh of re- tament to their remarkable success lief for the NBA, a league that had without the formal backing of a The St. Paul Saints, an offbeat alternative to the majors, will join become accustomed to big talents parent club. leaving smaller markets behind. The team averaged 8,000 fans a the Twins organization as baseball revamps the minor leagues Antetokounmpo didn’t have to game in 2019 to CHS Field in St. sign the lucrative extension now— Paul, about double that of any of or ever. He could have dragged out their American Association com- independent leagues or collegiate 1993 as part of an ownership moving to affiliated ball first sur- the negotiations and left all that petitors and more than all but summer leagues, while others con- group that includes Veeck and faced, the question among fans money dangling. He could have left seven affiliated minor-league tinue to search for a home. Murray. At the time, Goldklang has been whether that willingness the Bucks in unrestricted free teams. The Saints’ outsized popu- MLB believes the changes will said, “We all thought that we’d in- to push boundaries would change. agency next summer. He could larity, coupled with their proximity streamline operations, improve fa- vest a little money, we’ll have a In Triple-A, the Saints will not have signed another deal that to the Twins’ Target Field, turned cilities and travel for players and hell of a lot of fun and we’d lose it only have to answer to the promised more flexibility in uncer- them into an attractive partner for increase the efficiency of what all within two or three years.” The Twins—but they also must shift tain financial times, allowing him MLB. teams increasingly saw as a Twins, initially not thrilled with their focus on the field to prepar- to exploit his leverage over the Not everyone is so happy about bloated, unnecessarily expensive another baseball team entering ing the Twins’ top prospects for front office as he positioned him- that. The unexpected alliance also and outdated apparatus for devel- their market, wouldn’t have Minnesota. self for a bigger payday later. provides a stark glimpse of MLB’s oping talent. Perhaps most nota- minded that outcome. Beyond that, both sides say that The presence of Antetokounmpo tightening grip on professional bly, however, the revamp gives That’s not what happened. The the Saints won’t change. Goldklang alone makes the Bucks title con- baseball across all levels. MLB overarching control of almost Saints forged an identity of their says that besides the players, the tenders for the third consecutive A portion of Saints fans feel be- own as counter-programming, experience will be the same as it season, and his commitment sig- trayed over what they see as their largely by emphasizing the funny was before. nals a vote of confidence in a team favorite team abandoning its inde- (the pig mascot who brings base- “I love independent ball, and I that has flopped as a favorite in pendent roots—and what they con- ‘We’re not going balls to the umpire); the weird didn’t approach this and go, ‘Hey, the last two playoffs. After their sider to be the beginning of the (the nun who gives massages to this is the greatest thing in the latest disappointing flameout, the end of the outsider status that corporate.’ fans at the ballpark) and the silly history of the world,’ ” Veeck said. Bucks remade their roster by trad- once defined independent baseball. —St. Paul Saints (staging a one-block parade after “I just think the stars aligned per- ing for Jrue Holiday, a guard who “Their history in indie ball is so winning the championship in fectly in support of this.” makes the NBA’s best defense even S

rich that having them—I don’t principal owner 2019). Sometimes, the antics have Saints officials say that to this better. But they bungled another PRES

want to say ‘sell out’—but sell out Marv Goldklang been more controversial—like the point, their internal data tells trade that was meant to assure TED

to a major-league team and being “bobble-foot doll” promotion them that a large majority of their Antetokounmpo they would remain OCIA seen as an affiliate hurts the peo- mocking former Idaho Sen. Larry fans approve of the team linking aggressive. SS /A ple who respect the history of in- Craig, who in 2007 was arrested at up with the Twins. They hope the

die ball, that you want to have every nook and crevice of pro the Minneapolis-St. Paul Interna- 2021 season will win over the re- LANDIS your own path,” said Kayla baseball, fundamentally altering tional Airport for lewd conduct in maining skeptics who still worry Thompson, who runs a website the relationship between the ma- a men’s restroom. about the Twins neutering the HLEY AS

about independent baseball. jors and the leagues under it. “We were great at apologizing,” Saints. S;

Marv Goldklang, the Saints’ “I just hope that the operators Veeck said. Still, even the Saints acknowl- INT principal owner, has a message for of professional baseball teams be- It’s clear why the Twins wanted edge that they are leaving some- SA UL

those who might be concerned: low the major-league level, the Saints: They now will have thing behind as they say goodbye PA .

“We’re not going corporate,” he whether it be affiliated or inde- their top farm system a few miles to independent baseball. Ulti- ST

said. pendent, continue to be able to away from their home stadium, a mately, they hope they will change ON/ After more than a year of spec- conduct themselves with the same luxury that will enable them to MLB more than MLB changes

ulation and debate, MLB is rolling degree and quality of operational quickly summon new players as them. A Saints spokesman said THOMPS out a restructuring of the minors freedom that they’ve had over the needed. Twins president of base- that the team’s primary owners, B RO

that would reduce the number of years, because I think it’s what ball operations Derek Falvey de- including Murray, were all on P: affiliated teams from 160 to 120. helps grow the game,” Goldklang scribed this as a “competitive ad- board with the move. TO OM

Some of the teams cut loose by said. vantage.” “We need one another right FR MLB have already latched on with Goldklang started the Saints in Ever since rumors of the Saints now more than ever,” Veeck said. The Greek star signed for five years.

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THE WALL STREET JOURNAL. We dnesday, December 16, 2020 | A17 OPINION Va ccines vs. Lockdowns BOOKSHELF | By Fred Barnes

Charlie Baker preserve supplies for making thevirus easier Fast Break has become medicalpersonnel, then to livewith: faster test- my model of were touted as auniver- ing,bettertreatments, apandemic salsolution even though vaccines,the spread of governor. thefine print noted that GES natural immunity Forever TwiceI’ve masks might not stop IMA through infection. More commended anyone from getting the integrated political BUSINESS GETTY him for ad- infection, only from thinking might have seen WORLD VIA The Speed Game mitting, as spreading it. Political cal- avalue in sacrificing

By Holman W. AFP early as culation waspresent in some of our testing pro- By Paul Westhead Jenkins, Jr. April, that both messages. MM/ tocols so Americans (Nebraska, 187 pages, $29.95) KA

hisstate’s Politics is the proper S could see vaccinations contact-tracing effort was businessofour leaders taking placeonTV he speed game is basketball in its most simple form. It requires players,first and foremost, to runasfast mainly ashowsovoterswould even when entangled NICHOLA sooner,giving them a T see that Massachusetts wasn’t with theincentives of A nurse gets a Covid vaccine Dec. 15. sense that voluntaryso- as they canfromtipoff to final whistle.Passing, sitting on itshands.InNovem- personal career survival. cial-distancing wasbeing shooting and rebounding areimportant but secondary. ber,his outdoor mask-wearing We’veseen the effect in the ous this wasoptimal under rewarded with afast-ap- So is defense.Speed rules. mandatewas panned as unsci- partisan scrum, mostly irrele- conditions of the pandemic. proaching permanent fix. Paul Westhead, a coach who values speed, tells us in entific and unenforceable.He vant, over testing as well as in To repeat, afinished vac- What April suggested, De- “The Speed Game: My Fast Times in Basketball” that he acknowledged as much, saying ill-advised lockdown measures cine design wasonhand by cember has confirmed. Politi- likes to quotewhat HenryDavid Thoreau wroteinWalden: it wasasignal, anew way to adopted by local politicians lateJanuary. China’sand Rus- calcalculation in the U.S. could “‘Simplicity,simplicity,simplicity! Isay,let your affairs getthe public’sattention. panickingoveravirus that sia’sgovernmentsare hardly endureasignificant number of be as two or three,and not ahundred or athousand.’ Pandemic theater is toope- hadn’t yetreached them. models of transparency and deaths from Covid-19.Itcan- HenryDavid would have made forahell of ashooting jorativeaterm. Mr.Baker gets Then there’sthe vaccine. accountability but their lead- notabide asituation where guardinmysystem.” credit in this column forexhib- Here’s wherethe rubber may ersare not without cost-bene- Covid patientsand others— A speed offense begins the moment it gets the ball. iting realistically the relation- really meet the road. Fa- fitincentives.They launched cancer patients, coronarypa- Racing into the front court, the point guard passes to one ship between scienceand poli- mously,the design forMod- large voluntarydistributions tients, kids—arenot receiving of his four teammates, who have sprinted to their assigned tics.Sciencecan tell us many erna’svaccine wascompleted of relatively less-tested vac- adequatecareinoverloaded positions. Whoever gets the pass shoots instantly. Only five things. It can’t tell us what to on Jan. 13,two days afterthe cines.Some in the U.S. called hospitals. Henceanew round seconds should have do. Chinesereleased the genetic forchallengetrials,deliber- of restrictions at this latedate expired. If the shot is makeup of the newvirus,be- ately infecting volunteerswith on restaurants, schools,gyms missed, the other players fore even theWuhan lock- Covid-19,tospeed develop- that in themselves maynot be are ready to rebound and Science triumphed down. ment. Classic double-blind tri- effectiveorscientifically sup- shoot again. This routine is Pfizer and itspartner BioN- als with aplacebo arm arethe ported but meet apolitical im- repeated over and over. but shouldn’t we Tech whittled 20 slightly dif- gold standard. In the trade-off perativeonour leaderstobe The key is to never let have cut corners ferent designs down to two be- between speed and safety,sil- seen doing something. up, never pause. Slowing tween Januaryand July.They verand bronzeapproaches Nearly ayear later,the most down only gives the other and moved faster? mighthavedone so sooner if were always possible to geta widely applicable lesson from team a moment to rest. notanticipating the drawn- vaccine intothe market faster the original China outbreak re- Under conditions of relent- out, three-phase clinical trials albeit with somewhat higher mains: When the virus mani- less speed, the opponent In the West AfricaEbola that still layahead. risk. festsitself with unmeetable de- will tireinthe second half. outbreak of 2014, amid much Public talk from the start Our near-standardapproach mand on local health care,the It won’t be able to get back scientific tut-tutting,the gov- focused on the risk to public ended up being successfulbe- constraintsonpolitical action, on defense ahundred times a ernorsofNew York,New Jer- confidenceofany shortcuts, yond early hopes,noquestion. oftenill-advised, tend to disap- game, as it would otherwise, sey,California and Illinois de- anydeviation from standard But aclinical lookback won’t pear.This observation seems to but will instead be lefttrail- manded medically unnecessary development protocols.The automatically conclude it was hold regardlessofpolitical sys- ing behind in itsown offense quarantines forreturning aid media took up the chant. Fed- the best approach under the tem. In retrospect, accepting zone.Asthe game entersits workersascheap insurance eral agencies andpoliticians circumstances.Consider the morevaccine risk might well final stretch, the fast team must be primed to step on the against panic infecting the na- had anaturalincentivetomin- overarching political problem. have been the right way overall accelerator. Then victory is all but certain. tion’sthree biggest mass-tran- imizeany blowback on them- At the current moment, the to minimizethe costsand pains Mr.Westhead, now81and retired, sawhis firsthigh- sit systems. selves from departing from ac- U.S. public is facing the biggest inflicted on the public in the speed game in the early 1970s,when he wascoaching in Masks were downplayed cepted models of drug surge yetevenasmanythings political crisis brought on by a PuertoRico. “They were playing the speed game that Ihad early in the current crisis to development. But it’snot obvi- areconverging that should be newcoronavirus. never seen before,” he writes.Itpushed him toward becoming a“committedfast break believer.” He gotanother shove in that direction from SonnyAllen, who had coached Old Dominion, in Norfolk,Va., to aDivision II championship. Institutions Saved the 2020 Election Allen told him that “you’vehavetobealittle crazy” to adopt aspeed offense.“Itold him, ‘Sonny, I’m alittle crazy.’ ” Forayear we port the last-ditch effort to get changes in the results. As At- case,the behavior of his ap- But don’t get the idea that “The Speed Game” is have been the Supreme Court to overturn torney General William Barr pointees washardtodistin- infatuated repetitiously with a scheme for winning bombarded the election resultsinfour has stated, to President guish from that of judges cho- basketball games.Mr. Westhead gives us alot more. It may with analy- swing states,aneffort so pa- Trump’sdispleasure, “todate, sen by previous presidents. It be a surprise to readers to learn how graceful and ses—some so- tently without merit that the we have not seen fraud on a turns out that in the American interesting a writer he is. In four years at St. Joseph’s in ber,others justices summarily dismissed scale that could have effected system, the people who end up his hometown of Philadelphia, his 3.4 grade average topped POLITICS lessso—about thecase.Perhaps aquarter of adifferent outcome in the as judges believeinthe rule of his basketball scoring averageof2.4 pointsper game. & IDEAS howinstitu- the suit’scongressional back- election.” law. Judicial philosophymakes And he spent two years at Villanova studying Shakespeare tions could be ersbelieved the allegations. Oncethe resultsbecame adifferencewhen broad issues and teaching college English. By William abused to Therest, Isuspect, were moti- clear,state and local officials in areatstake.But when the In his memoir, he writes especially well about coaching A. Galston subvert the vatedbyacombination of cyni- swing states came under in- question is whether plaintiffs the Los Angeles Lakers to an NBA championship in 1980 will of the cism and expediency: Thecase tense pressurefromthe presi- have presented the evidence and the Phoenix Mercury, led by the great Diana Taurasi, people and award President isn’t going anywhere, so why dent andhis supportersnot to needed to sustain allegations to the 2007 women’s title. He also describes how, in the Trump asecond term that he should Iantagonizethe outgo- certifythem. But with almost of electoral malfeasance, just late 1980s, he transformed Loyola Marymount into a hadn’t won. Nowthat the Elec- ing president’svoters, manyof no exceptions,these officials about everyjudgesaw things powerhouse,and he does so without diminishing the role toralCollegehas rendered its whom also support me? That thesame way,regardlessof of Hank Gathers and Bo Kimble in the team’s success. verdict, let’sassessthese these lawmakerslent credence party,ideologyorjurispruden- Mr. Westhead is tough on Lakers owner Jerry Buss, who warnings. to adangerous falsehood didn’t Trump may refuse tial predilection. bought the team in the late 1970s, for blaming others for One prediction turned out seem to concern them. With the Electoral College his own egregious mistakes and taking credit for others’ to be correct: If Mr.Trump lost Thegood news in the elec- to concede, but the meetings finished, only one smart moves. He remains angry that Buss would fire him the election, he would not ad- tion is what didnot happen: judiciary and the morecheckpoint is leftonthe only 18 months after he stepped into the Lakers’ top mitit. What came wasator- mail-in ballotsdidn’t overload path to JoeBiden’sinaugura- coaching spot in 1979—when coach Jack McKinney was rent of presidential tweets: the electoral machinery; state states did their duty. tion. On Jan. 6, Congresswill badly injured in a bicycle accident—though Mr. Westhead Theelection wasrigged, Biden andlocal officials didn’t put meet to count the Electoral had kept the team on a winning path. It is clear that Buss ballotsmanufactured, Trump partisanship aheadofduty; Collegevotes submittedby was lucky to have Mr. Westhead around to block unwise ballotsdiscarded, elections ad- and the courtsdidn’t yield to didn’t bend. Georgia’ssecretary the states.Although this pro- trades and keep him from succumbing to power forward ministratorsand judges too political pressure. Federalism of staterefused to violatehis cess is usually ceremonial, Spencer Haywood’s pleas for more playing time. weak to do their duty.Hehas and the judiciarysuccessfully oath of office. Thegovernorsof Congresshas the right to de- never bothered to explain why defended the integrity of the Georgia and Arizona declined cide when astate’s resultsare these knavesstopped short of 2020 election. to go along.And the president’s challenged by at least one Aveteran coach reflects on Kareem, Magic and giving Democratsbroad victo- Despite a tidal wave of effortstoget Republican legis- member of both the House astyle of play.The keyisnever to letup. Slowing ries in Congressand forstate nearly 159 million votes, up latures to overturn their states’ and the Senate. Some of Mr. offices. more than 20 million since popular vote failed ignomini- Trump’ssupportersinthe down onlygives theother team amoment to rest. What Ishould have antici- 2016,vote-casting and vote- ously.Summoned to the White House seem willing to do so. pated but didn’t was how counting went remarkably House forsome arm-twisting, It will take only one Republi- manyofMr. Trump’ssupport- smoothly.Manystatesre- the Republican leadersofMich- cansenator to triggerafor- Kareem-Abdul Jabbar, in Mr. Westhead’s view, was the erswould believehim. He has ported their resultsasquickly igan’sHouse and Senatere- malvoteinboth chambers. only adult among the Lakers players and was the key to persuaded morethan three- as they did four yearsago. sponded by asking the presi- None of this will influence Haywood’s departure in 1980, in the middle of the NBA quarters of his party’s rank Most of theslowerstateswere dent foradditional federal the presidential outcome; finals. During a practice, Haywood “fell into a deep sleep and file that President-elect hamstrung by obsoleteprohi- financial aid. thereisnochancethat the and was snoring loudly,” Mr. Westhead writes. Awakened, JoeBiden will assume officeil- bitions against processing and Mr.Trump has boasted, Democrat-controlled House he dozed off again. At the next home game, Haywood got legitimately.This will have bad counting mail-in ballotsuntil rightly,ofhis success in nomi- would vote to overturn a the crowd to scream for him to come off the bench and consequences forthe political the polls had closed. Postelec- nating andconfirming conser- state’sElectoral Collegeslate. play. Following the game, Mr. Westhead says, “Kareem system; howbad is an open tion canvasses,including a vativefederal judges.But when Butitwould be adefining mo- walked over to me and simply said, ‘Get him out of here.’” question. hand recount in much of Geor- it came to legal challenges to ment forRepublican legisla- Mr. Westhead passed Jabbar’s comment to Buss, and Nor did Ianticipatethat gia, found evidenceofneither the election, he cannot be tors,who would be forced to Haywood “was removed from the team, never to return.” more than 60% of the House error nor malfeasanceand pleased with the return on his choose between the presi- Magic Johnson wasthe most popular Lakers player, but Republican caucus would sup- produced only marginal political investment. In this dent’ssupportersand reality. Mr.Westhead found him to be moretrouble than not. A breach between the two came in adeciding playoff game in 1981 against the Houston Rockets. With 14 seconds to go, the Lakers needed abasket to win. “It wasmoney time, Coercion in Xinjiang’s Cotton Fields and Iwent with the man, Kareem Abdul-Jabbar,” Mr.West- head writes.“Theplaywas one we had runhundreds of By Adrian Zenz China’scottonproduction pub- Xinjiang’sforced-labor sys- officials function like“security times beforeatend-of-quarter and end-of-game situations.” lished by the Center forGlobal temgrewexponentially during guards.” Another notes that mi- Magic had the ball, but “he did not look for his primary nthe past, my lazy Policy. TheU.S.government re- the time when regional author- nority cotton pickersare fre- target, Kareem, who was open in the low post.” Instead ‘I thoughts...wereseri- cently banned all cotton and re- ities also built “vocational quently checked on by authori- Magic “decided to go one-on-one himself. . . . He shot a ous.Now,Ifinally un- lated productsfromastate- training camps” in which as ties to see whether their “state running jumper above the free-throw line and missed.” It derstand that the happiest owned paramilitaryentity in manyas1.8 million people of mind” is “stable.” was an air ball, and the game was lost. Magic “felt he had thing is to use the money I Xinjiang on forced-labor have been imprisoned. Each SinceBeijing will never per- earned the star position, and with that role went the right earn with my hard-working grounds,but the true extent of year,Xinjiang municipalities mit independent auditsof to take the final shot. In this instance, Magic unfortunately hands and my sweat.” this injusticeruns much deeper. inquirewith cotton producers working conditions,itisim- chose the wrong star.” These arethe wordsofaUi- Xinjiang’sentirecottonproduc- abouttheir labor needs.Chi- possible to knowhow much of Mr. Westhead’s third Laker season didn’t last very long, ghur villager in China’sXinji- tion is tainted with coercion. nese officials then descend on Xinjiang’scottonproduction but he had two brief NBA coaching jobs ahead of him, as angregion who,in2018,was local villages to conscript the involves coercion. Based on my well as college coaching. The Loyola Marymount position, forced intopicking cotton by workers. Government reports findings, it must be assumed in 1985-90, allowed him to restore the speed game to active communist authorities.It’s The West needs wider abound with “success stories” that all Xinjiang cotton is con- duty. (It had never really caught on in the NBA and was too hardtothink these wordsare of officials who visit homes un- taminated by forced labor.In radical for most college coaches.) A game with Holy Cross anything but propaganda. In a controls on Chinese til family members“agree” to addition to the limited U.S. was too strenuous for the referees. Exhausted, they stayed Uighur villageinPayzawat imports produced work,aprocess that involves ban, governmentsaround the still for the final eight minutes. County,officials entered every “transformed thinking.” world should consider atotal Mr. Westhead’s core argument in “The Speed Game,” home twiceand conducted with forced labor. Oncethe workersare se- ban on all productsmade with though persuasively advanced, mayfeel likealost cause. “thought education” until cured, officials transfer them to the region’scotton. As exciting as the speed game is, and as successful as it can enough pickershad been mobi- the fields in tightly managed That’sthe most effective be, most coaches and fans are fine with the slower game lized. In 2018 morethan half a Xinjiang is the largest cot- groups of 30 to 50 and oversee way to constrain the flow of and think it’s exciting enough. At least the“four corners” million ethnic minorities— ton-growing region in the their work.One government cotton picked by hands that stall, favored by legendary coach Dean Smith, is dead. from Kazakhs to Uighurs— world, producing 85% of Chi- document states that officials had no choice. “There were coaches who didn’t like me purely based on were coercedintoChina’scot- nese cotton and 20% of the must “eat, live,study,and work my style of play,” Mr. Westhead writes. “Others just tonfields through Beijing’s global supply.Lavished with together” with the laborers Mr. Zenz is asenior fellow thought it made them look bad.” Yes, it often did. “labor transfer” program. government subsidies,Xin- while continuously carrying out in China studies at the Victims These arethe findingsofmy jiangcottonhas become cen- “ideological education.” Agov- of Communism Memorial Mr. Barnes is asenior columnist for the Washington newreport on forced labor in tral to global supply chains. ernment report mandates that Foundation. Examiner. P2JW351000-0-A01800-1------XA

A18 | We dnesday, December 16, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Congress Punts on China Stocks States, Cities and the Gigantic Covid Bailout

he decline of Congressisagrowing tors to itsexchanges in Hong Kong and Shang- William A. Galston tugsonheart- dates the eventsof2020. problem in U.S. governance, not least hai. U.S. investorswill hold and trade shares stringstomakethe case that “States Relief should be calculated to miti- T the degree to which it writes vague in Chinese companies likeAlibaba regardless and Cities DeserveTaxpayerSupport” gate pandemic-induced needs like (Politics &Ideas,Dec.9). But aCovid those of restaurantsand other pri- legislation that letsadmin- of wherethey arelisted. A vague bill leaves relief bill without stateand local aid vate businessaffected this year.The istrativeagencies determine Americans receivemorepro- still would provide most of the emer- calculation shouldn’t include funds to the actual law. An egregious accounting details to tections when the companies gencyfunding that he says is needed bail out states already near bank- example is abill President arelisted on U.S. exchanges forextraunemployment benefits, ruptcy thanks to irresponsible poli- Trumpisexpected to sign regulators and lobbyists. wherethey aresubject to U.S. costsrelated to vaccines and help for cies that had nothing to do with the soon that would banish Chi- securities laws. small businesses.Mr. Galston doesn’t pandemic.Iappreciatethe desirenot nese companies from U.S. Theblunt legislation could mention that taxrevenuesinmany to let acrisis go to waste, but people stock exchanges if they don’t open their ex- also sweep in 200 some U.S. multinational states have fallen lessthan wasini- from states that weren’t in prepan- ternal auditstofederal regulators. companies including Matteland Wynn Resorts tially expected in fiscal year 2020. demic financial trouble shouldn’t The2002 Sarbanes-Oxley Act requires au- that rely on work performed by mainland Chi- TheDemocratsplan to push have their hard-earned money forci- ditorsofU.S.publicly listed companies to be nese and Hong Kong-based firms foraportion through amuch biggerstimulus in bly redistributed to those in states 2021. This bailout by anyother name that were in financial trouble of their registered and regularly reviewedbythe Pub- of their audits. Afterthe bill passed the Senate will still be as sweet in acouple of ownmaking. lic CompanyAccounting Oversight Board in May, Mr.Sherman said he expected the months when Congresswill be itching JACK WISSNER (PCAOB). This requirement is intended to en- House to amend the legislation to exempt U.S. to giveand governorsand mayors dy- Atlanta sureauditorsperform due diligence, though companies. ingtoreceive. there’slittle evidenceithas improved audit Nope.The House couldn’t even find the MARK ADAMS Mr. Galston is right: This isn’t a quality or prevented fraud. time this summer to hold ahearing before Atlanta blue-state problem. I live in a red Beijing,however, has cited national secu- whisking the bill through this month. That state in a very conservative city with rity and state-secret laws to block the leaveshundreds of U.S. multinationals in I’msureMr. Galston is correct that high property taxes. The politicians PCAOBfromreviewing auditors, including limbo.But never fear,Messrs. Sherman and some places will need support after always talk about cutting services subsidiaries of the big four U.S. firms,lo- Kennedy entered a statement into the legisla- the pandemic is over,but shouldn’t when there are financial problems. catedinmainland China and Hong Kong.The tiverecordtoguide the act’sinterpretation some care be exercised in howwegive But if they cut the huge pensions and money to the politicians? Herein health-care-for-life for public employ- PCAOBhas identified 262non-U.S.compa- by regulators. northern Nevada, the city of Reno ees, the problem would be solved nies whose audit work it can’t inspect. Most TheSecurities and ExchangeCommission proposed to spend $200,000 of Covid without ever cutting services for ev- arebased in China, though some areinBel- should notdelist companies as long as no relief funds to buy asculpturecalled eryone else. In fact, there would be gium and France. more “than one-thirdofthe company’stotal “The SpaceWhale.” Left over from the money left over for infrastructure im- Enter Congress, which unanimously passed audit is performed by afirm beyond the reach Burning Man festival, it had been provements that have been ignored legislation that would kick companies off U.S. of the PCAOBinspection,” they explained. leased and wasonCity Hall plaza. for decades. In my small city, 25% of exchanges in three yearsiftheir auditorsdon’t One-thirdofrevenues? Assets?Some other This wascanceled only when news the tax we pay goes to the public-em- let the PCAOBreview their books.Sponsors metric? They also left that up to the SEC. made it intothe local paper. ployees’ pension plan. Even with that Sen. John Kennedy (R., La.) and Rep.Brad So nowregulatorswill divine Congress’s ROBERT PARKER onerous amount, the unfunded pen- Sherman (D., Calif.) sayChinese companies unwrittenintent amid frantic corporatelobby- Reno, Nev. sion deficit is $260 million and grow- ing. The health-care-for-life liability, should have to playbyU.S.rules to benefit ingfor dispensations.This dereliction of legis- Mr.Galston writes that redand which is also unfunded, was another from our rich and liquid capital markets. lativeauthority is whythe administrative blue states all deservefederal relief. $27 million as of last year. Many civil Fair enough, though the bill also advances statehas grownsovast, and Republicans de- Thereisbroad agreement about that. servants can retire with a lifetime Beijing’sobjectiveofdrawing foreign inves- serveasmuch blame as Democrats. But he conflates relief needed due to pension at age 50. the pandemic with relief needed due KATHERINE NEWMAN Europe’s Digital Power Play to profligatepublic spending that pre- Coral Gables, Fla.

sk not whyEurope doesn’t regulatedig- the EU’s new proposals to become law, if they ital companies more. Ask why Europe ever do, only after years of wrangling. Oregon LawmakersIgnoreOregon, U.S. Law A doesn’thavemoreofits owndigital Someoneshould ask,however, whyEuro- Regarding James Huffman’s “Ore- dial relief’ for every disadvantaged companies to regulate. That is pean competitorshaven’t gon’s Segregated Covid Relief Fund Is group. The dream of a Nation of the question Brussels should Tying down U.S. emerged to the American be- Blatantly Unconstitutional” (Cross equal citizens in a society where race have considered as it prepared behemoths won’t boost hemoths.The commission and Country, Dec. 5): The Oregon Cares is irrelevant to personal opportunity the new tech regulations the itsboostersclaim this is what Act provision allotting public money and achievement would be lost in a European Commission un- European competitors. the newregulations will do,by exclusively to black-owned businesses mosaic of shifting preferences based veiled Tuesday. creating a“level playing field” not only violates the U.S. Constitu- on inherently unmeasurable claims of The European Union’s bu- for local tech entrepreneurs. tion, it also violates Oregon’s Consti- past wrongs.” reaucratic arm is nothing if not ambitious.The But rules such as the commission’s proposal tution. In the latter, Article 1, Section The unconstitutionality of the Ore- proposals would create new mechanisms for usually do the opposite. 20 states: “No law shall be passed gon program is clear. But by the time regulating content such as violenceorhate As threatening as the potential fines appear granting to any citizen or class of the case is decided, the money will speech. They would formalizerules forrelation- to Facebook or Google,the biggerthreat by far citizens privileges, or immunities, have been distributed. Then taxpay- which, upon the same terms, shall ers will likely have to fork out more ships between platform companies and third- will always be to European startups that strug- not equally belong to all citizens.” money to remedy the discrimination party software developersthat the commission gle to absorb regulatory-compliance costs as This is another example of state inflicted on people like Maria Garcia previously tried to impose via antitrust cases. they grow. Love ’em or hate ’em, today’s tech legislators ignoring their state con- and her Revolución Coffee House. They’d requirenew transparencyabout proprie- giants have the resources to comply with new stitution, which they have sworn an MICHAEL H. LEB tary business practices such as ad targeting. rules and hire lawyers to tussle with Brussels oath to defend and uphold. Pasadena, Calif. And the commission wantstoimpose draconian in yearstocome.Can European entrepreneurs DAVID KVERAGAS penalties for violations, including fines of 10% say the same? Newton, Pa. The “Oregon Cares Fund” was set of annual global revenue or the ability to break American companies have done far less to up to combat “this country’s 400 up tech giants. stunt asingle digital market in the EU than Prof. Huffman need only have years of racial violence and strategic The rules don’t explicitly say they’re aimed have, say, disparate consumption-tax regimes cited the U.S. Supreme Court deci- divestment,” according to the state sion in City of Richmond v. J.A. Legislature’s Emergency Board. But at U.S. companies.But the proposals arecrafted that entangle small businesses trying to ship Croson Co. (1989), which invalidated for the first 200 years, the area now narrowly enough that, wouldn’t youknow, acrossnational boundaries.Europe might have set-aside programs like the Oregon known as Oregon hadn’t been settled mostly very large American companies would more of its own tech champions if taxation of Cares Fund. In the 6-3 opinion Jus- by whites or blacks. It was inhabited fall under their purview. Not manysocial-media venture capital were less punitive, or if labor tice Sandra Day O’Connor wrote, “To by Indigenous peoples. Don’t they de- platforms reach at least 10% of the EU’s450 mil- laws on startups were lessonerous,orantitrust accept Richmond’s claim that past serve a Cares Fund? Or have the pol- lion consumers, which is the threshold forsome enforcement of mobile services lesscapricious societal discrimination alone can iticians simply jumped on yet an- of the strictest new rules. or, well, it’s a long list. serve as the basis for rigid racial other trendy bandwagon? We have no special brief for American tech TheEU’stech proposals will makethe list of preferences would be to open the RAYMOND J. KELLY, III companies, and our parent company’s execu- anti-entrepreneurship policies even longer. door to competing claims for ‘reme- Flushing, Mich. tives have tangled with firms such as Google Whatever regulatoryregime tech giantsmight over their sometimes casual approach to intel- requireordeserve, no one should imagine lectualproperty.The U.S. companies canlobby they’ll be biggerlosersfromall this than Euro- BetweenGod and Proper InsuranceCoverage as they wish in Brussels, and they will. Expect pean upstarts will be. In “Some ActsOfGod AreBetter Than Others” (op-ed, Dec.3), Bert Stratton writes of an “unfortunately Secrets of the Oracle Prosecution high” deductible of $5,000 forhis commercial property insurance, and e’ve oftencriticized the Labor De- Ms.Herold claimed the case wassostrong that complains about the manyexpenses partment’slawsuit launched in the it should be settled fornolessthan $150 million he had to payafter atreefell onto W waning days of the Obama Adminis- to $300 million. one of his apartment buildings: brick- tration against Oracle fordis- Oracle grew so frustrated work,roof repairs, gutter work,new criminating against women A letter reveals the with settlement talks that it windows,treeremoval, emergency board-up and temporaryliving ex- and minorities.But it turns animus behind a sued the agencyinreturn. But penses fortenants. AP out the prosecution waseven this month it agreed to dis- Mr.Strattonwasn’t “screwed”; VIA worsethan we thought—and dubious labor lawsuit. missits suit afterLabor that coverage is standardininsur-

there’salesson hereabout dropped itscomplaint. ancepolicies.The policyowner is re- GAZETTE federal misuse of race and Mr.Scalia wasnaturally sponsible fordamagetohis covered gender as enforcement cudgels. troubled by Ms.Herold’sexcesses,and he in- property,and determining the source /THE

Thetruth emergedthis month in aletter formed her this summer that she would be reas- of atreelimb in awindstorm—from IAREK OS

from Labor Deputy Assistant SecretaryJoe signed to another job.Ms. Herold then filed her his neighbor’s property in this case— SL

Wheeler to Congressresponding to awhistle- retaliation complaint, though she offersnoevi- is never the issue.Atenant could JIM blowercomplaint by regional solicitor Janet dencefor her claim that Mr.Scalia intervened also have temporaryliving expenses Tree removal in Cedar Rapids, Iowa coveredwhen his residenceisunin- Herold. Ms.Herold spearheaded the Oracle in settlement discussions on behalf of White habitable with basic coverage he hugechunk of cash that is required case,which Labor dropped recently afteritwas Houseofficials close to Oracle executives. could purchase. beforethe insuranceevenkicks in. eviscerated in Septemberbyanadministrative Ms.Herold “has never met with or spoken Iamsorrythat Mr.Strattonwasn’t Insured beware. lawjudge. to,and has no knowledgeofwhom [Mr.Scalia] pleased with the claim-settlement JOE WELFELD Ms.Herold claims that Labor SecretaryEu- has spoken with or spent his time,” Mr.Wheeler service, and perhaps his coverage,af- Teaneck, N.J. gene Scalia retaliated against her because she explains in his letter. Nor did Mr.Scalia discuss terthis coveredloss. This has little had resisted Labor’s attemptstosettle the the case with Oracle representatives or the to do with an act of God. It is more case.But the lettertoCongressreveals Ms. WhiteHouse. about each of us understanding and Pepper ... Herold’sdesiretopunish Oracle and the rest Thesilver lining of Oracle’sfour-year saga obtaining the proper insurancecover- And Salt of Silicon Valley. is that the administrativelaw judge’s278-page agefor the risks we face. Manytimes In amemo to the Department’sSolicitor, decision eviscerating Ms.Herold’scase will sig- the real issue is accepting the cost of THE WALL STREET JOURNAL the decisions we’vemade when an shewrote that Oracle’s“real vulnerability” nificantly limit Labor’s ability to bring similar unfortunatelossoccurs. wasthat the trial would be public and detail paint-by-numberscomplaintsagainst busi- JERRY BROWN how“Oracle and pretty much all tech compa- nesses during aBiden Administration. Goshen, Ky. nies arediscriminating against women and By the way,Ms. Herold wasalso behind La- Asians.” This would “damage[Oracle’s] repu- bor’s targeting of Google in 2017. After Google Mr.Strattoninadvertently raises tation in the industryand hinder their ability fought the agency’ssweeping compensation an important issue forhomeowners. to retain toptalent” and “the most critical part datademand, Ms.Herold retaliated against the Most insurancecompanies have sig- of this enforcement action is the public airing search giant by declaring publicly that itsdis- nificant deductibles forwind storms. and discussion of common industrypay prac- crimination against women “isquiteextreme, In NewJersey it is often1%ormore tices which depressthe wagesofwomen and even in this industry.” of the home’sinsured value.That is a people of color.” This is nasty stuff,and it shows howfederal Lettersintended forpublication should Wow. That sounds more likeavendetta than enforcers use race and gender as areputational be emailed to [email protected]. Please proper enforcement. Nearly all such cases by threat to bully companies intosettling lawsuits include your city, state and telephone DOL’sOfficeofFederal Contract Compliance even when they’reinnocent. Thereal discrimi- number.All letters aresubject to Programs have been settled forsmall sums.The nation in this case wasbythe government, and editing,and unpublished letters cannot “After a while, sticking my head out be acknowledged. largest in agencyhistorywas $14million. Yet kudos to Mr.Scalia forfinally dropping it. of a car window wasn’t enough.” P2JW351000-0-A01900-1------XA

THE WALL STREET JOURNAL. We dnesday, December 16, 2020 | A19 OPINION A New Way to Lead the Free World

By Anders Fogh Rasmussen Australia and South Korea. tumcomputing and artificial intelli- Yetinthe yearsafter Ileftpublic gence—all faster,betterand freer n2021 the U.S. and itsallies officethe world has seen aresur- than China. have aonce-in-a-generation genceofauthoritarianism, and tech- Not everyU.S.ally is fully con- opportunity to reverseglobal nologyhas reached an inflection vinced of the need foraglobal demo- I democratic retreat and put au- point whereitcan both liberateand cratic caucus.Franceand Germany tocracies likeRussia and China oppress. Five yearsago an allianceof maybeconcerned that an allianceof on the back foot. That will happen if democracies wasanoble goal in democracies would supplant the major democracies uniteinthe pur- progress, but todayitisessential to GES global multilateral system repre- suit of freedom. solving urgent problems. IMA sented by the United Nations.And a

President-elect JoeBiden aims to Determined American leadership GETTY resurgenceofthe trans-Atlantic alli- “build back better.” He cannot turn must be at theheart of this effort. ancecould reducethe imperativefor VIA back the clock four yearstoacreaky TheU.S.alone has the powerand Europe to develop strategic indepen- multilateral world whereallies are reach. It also enjoys aresilient de- AFP dencefromthe U.S. HE/

picked offbyautocracies that ex- mocracyofits own. The2020 elec- AC On both of these concerns,Idis- ST

changestrategic investment or cheap tions were astresstest forAmerican F agree.Strengthening the global dem-

energy forunwavering loyalty.Allow- democracy. It passed, securing a TO ocratic alliancewould enable member

ing allies to sell out their economic transfer of powerevenwhen the CHRIS nations to rebuild multilateralism, security while expecting Uncle Sam head of statehimself sought to dele- Vice President Biden at the 2015 Munich Security Conference. not bypassit. We need to talk to to act as their security guarantor gitimizethe process. China, about climatechangeand would open the door foranother President-elect JoeBiden has a said: “freedom, freedom, freedom.” silienceinareas such as foreign sub- other struggles,but let’sdosofrom Trump-likeisolationist to reclaim the queue of America’swearyallies out- During his campaign this year,he sidies,global trade reform and tech- aposition of relativestrength. And WhiteHouse in four years. side his door.Weare yearning fora pledged to host asimilar summit of nological advancement. Europe should simultaneously con- determined leader and, from experi- democratic leadersaspresident. It’sthat last topic,tech, that poses tinuetobemoreself-sufficient and ence, IbelieveJoe Biden will seize Americawill lead the endeavor, an existential challengefor democra- invest moreinits ownsecurity,be- The authoritarian tide this opportunity. but it won’t be alone.Democracies in cies.The world is in afigurative cause astronger Europe means a In 2018 Ilaunched the firstCopen- the Indo-Pacific,fromTaiwan to Aus- technological arms race.Whoever freer world. has risen, but a global hagen DemocracySummit, under the tralia, India and Japan, arealso look- wins that race will lead in setting Thirty yearsago advanced democ- alliance of democracies auspices of my AllianceofDemocra- ing forlike-minded friends to coun- rules, standards and norms for racies were told that they’d reached cies Foundation.The summit con- terChina’saggressiveposture. emerging technological systems, the “end of history,” and that the would help turn it back. venes national leaders, democracy In Europe,apost-Brexit U.K. will from facial recognition to weapons of continued advanceoffreedom was activists, and representatives from host theGroup of Seven summit in war. If China wins the race,freedom inevitable.The oppositehas been the tech and civil society to strengthen 2021,bringing together the world’s will wane. case: Freedom has retreated as Instead the U.S. should focus on the forces of democracy. Theformer topdemocratic and economic fire- Thefreeworld should learn from Americaretreated from itsplaceas giving the democratic world anew vice president opened the firstsum- power. London intends to use this itsinternal tussles over Huaweiand the global leader.Wemay not see a sense of confidence, which free soci- mit and co-founded anew trans-At- opportunity to makewhat one senior TikTok and build adigital allianceto betteropportunity again to recover eties—with their inbuilt self-doubt, lantic initiative, with former Republi- politician described to me as an preparefor the next set of chal- from the West’scrippling disease of opposition anddivision—too often canSecretaryofHomeland Security “overturetothe free world.” It has lenges.This includes setting common democraticself-doubt. It’stime to lack.Assecretarygeneral of the Michael Chertoff and me,tofight already floated apotential “Demo- privacystandards fortransferring build an allianceofdemocracies. North Atlantic Treaty Organization, foreign election meddling. cratic 10,” or D-10,opening the top the metadataneeded to develop cut- Isought to build these links across Mr.Biden’sspeech made astrong global table to other major democra- ting-edgeartificial intelligence, coop- Mr. Rasmussen was NATO secre- the free world, creating and argument forrenewing alliances and cies such as India, Australia and erating on howtoregulateinternet tary general, 2009-14. He founded strengthening partnerships with standing up fordemocracy. “Democ- South Korea. And Britain will tryto platforms,and combining firepower the Alliance of Democracies Founda- Indo-Pacific democracies likeJapan, racy’s all about one simple thing,” he build newconsensus on economic re- to develop telecom networks,quan- tion in 2017. An Intelligent Discussion About Race and IQ Is Possible

This cruelest of mainly to genetics and that compen- that exceeded the national average? 2006,Flynnand aco-author,William disagreeing,Iwill expose them is not yearshas claimed satoryeducation programs intended Whywereblack women significantly Dickens, concluded that blacks had my style.” These days,unfortunately, the lifeofanother to close the learning gapamong chil- overrepresented among people with gained as manyasseven IQ points it’sprecisely the style of manylib- consequential dren—Head Start, forexample— high IQs? Whydid studies showthat on whites sincethe early 1970s, eral elites when it comes to discuss- scholar whose pass- would have little success. black orphans raised by whitefami- whichishardtoexplain if intelli- ing racial inequality.Question racial ing warrantssome Thearticle caused an uproar that lies had averageIQs of 106 at atime gence is genetically fixed. preferences, Black Lives Matter ac- UPWARD reflection. never entirely died down. Jensen, when the averagescore of blacks na- ManyofJensen’sdetractors tivism or critical race theory, and MOBILITY James Flynn, who who died in 2012, wasroundly de- tionally was85and the average wanted to shame or silencehim. youare considered not merely in er- died last week at 86, nouncedasaracist by those who score of whites was 100? Charles Murray received similar rorbut in sin. ForFlynn, dodging By Jason L. wasanAmerican so- said that environmental factors treatment following the publication difficult topics wasintellectual cow- Riley cial scientist born in rather than genes explained racial in 1994of“TheBell Curve,” which ardice.“To advise scholarsthat they Washington and ed- disparities in test scores.For atime, JamesFlynn approached citesJensen’stheories favorably. should not systemically investigate ucated at theUniversity of Chicago. he received death threatsand Flynn thought it more important to race and IQ seems to me to raise the He spent most of his academic ca- needed bodyguards when he ap- one of social science’s push back with logic and empiricism, question of what we are afraid of.” reer on the other side of the planet, peared in public forums.Calls for most controversial topics and he was careful not to overstate Earlierthis year we lost Abigail at the University of Otagoin south- ending the use of IQ testsbecame hiscase.That genetics weren’t the Thernstrom and Walter Williams, ern New Zealand. Flynn specialized commonplace. Morethan 50 years withlogic and empiricism. sole determining factor in aperson’s two of the country’sleading race in thestudy of mental testsand hu- later,racial differences in SATre- intelligencedidn’t mean they played scholars. Flynndidn’t sharetheir man intelligence, and he distin- sultsare still cited as areason to no role at all. And that testsofmen- conservativepolitics.Hewas acom- guished himself by bringing far more stop using the exam in collegead- Theories of genetic determinism talability were imperfect didn’t mitted leftist who named his son af- light than heat to this fraught de- missions.InMay the University of couldn’t explain these findings. Nor mean they were useless and should terthe socialist Eugene Debs and left bate. California system announced it was could they explain Flynn’svolumi- be discarded. Flynn felt such issues for New Zealand in the early 1960s Manyearlier researchersofgroup scrapping its SAT requirement. nous documentation that IQ scores were worth debating—openlyand because he wasdisgusted by McCar- differences in mental performance Flynnwas skeptical of Jensen’s among racial and ethnic groups honestly. thyism and Jim Crow.What Flynn were convinced that intelligencewas findings, and rightly so.Ifracial dif- world-wide have risen considerably “I am happy to discussthe race did sharewith his fellowcontrover- mostly inherited. In 1969 the psy- ferences in averageIQs were innate, from one generation to the next. In and IQ debate with colleagues who sialists was courage and a commit- chologist Arthur Jensen published why were there white groups in the the 20th century, he discovered, the hold contrary views,” he wrote in a ment to prioritizing factsand evi- an academic article in the Harvard U.S. and elsewhere with test scores scores of entirecountries rose by 2017 paper.“Telling someone that denceoverfaddish thinking.He Educational Reviewthat said blacks similar to those of blacks? Whywere morethan the black-whitedisparity what they believe is morally remiss taught us howtodiscussintelligence had lowerIQs than whites due there black schools with test scores in the U.S. In astudy released in or telling them that if they persist in intelligently. The Trouble With Facial Recognition Doesn’t Justify a Ban

By Brian E. Finch ing,especially those aimed at sys- positiverateinminority groups led rithms.Consider the federal govern- Law-enforcement officials using tems that put aname to pictures of to mistaken arrests. ment’sprimaryfacial-recognition the FBI system must also agree that assachusetts Gov.Charlie otherwise unknown suspects. Known In an erawhen lawenforcement system—the Federal Bureau of In- anyphotos returned by the FBI (of M Bakerwas right not to sign as “one to many” systems,that agencies arealready being accused vestigation’s Next Generation Identi- whichtherewill be no morethan legislation banning the use matching processispoweredby of “systemic racism,” it should be no fication-InterstatePhotoSystem. 50)will be used forinvestigative of facial-recognition technologyby software algorithms that rapidly surprise that criminal justicereform TheFBI carefully limitsits use. lead purposes only,not as definitive law-enforcement and public agencies compareanunknown person’s advocates citeNIST’stest resultsas positiveidentification of the perpe- statewide.The technologyhas come picturetodatabases of millions of all the evidenceneeded to ban fa- trator of acrime.Such limitshave under fire over itspotential formis- mug shotsand other identification cial-recognition systems. It doesn’t It’s helped find thousands proved highly effectiveand resulted useand embedded racial biases.San photos. help that nationwide facial-recogni- in virtually no known cases of mis- Franciscoand Oakland, Calif., have In the past few years, one-to- tion systems have enabled China to of dangerous criminals. identification, regardlessofthe ra- already banned itsuse by govern- many algorithm developershave surveil itsown citizens,tothe point Reasonable limits can cial or ethnic status of the suspected ment agencies.But on ThursdayMr. routinely claimed that they could wherepolicemay be alerted any individuals. Baker sent back to the Legislaturea correctly identifyunknown persons time amember of the politically re- prevent abuse and error. Those lessons have been incorpo- police-reform bill that included a morethan 99% of the time.Testing pressed Uighur minority is spotted. ratedintoanexemplarystatutein blanket moratorium on facial-recog- conducted by the federal govern- Yetwhen those flawsare put in Washingtonstate that limits, but nition systems,citing the technol- ment’spre-eminent facial-recogni- theirbroader context, the case for TheNGI-IPS checks unknown in- doesn’teliminate, itslaw-enforce- ogy’susefulnessincatchingperpe- tion expertsatthe National Institute outright facial-recognition bans be- dividuals only against previously ment agencies’ use of facial-recogni- tratorsofegregious crimes. of Standards and Technologyhas comes much weaker.False-positive verified criminal mug shotsorselect tion systems. Whatever Massachusetts lawmak- verified manyofthose claims,but rateshavegenerally gone down as civilian photos of criminals to mini- Enacted last March, the Washing- ersdo, they won’t be the last to with an enormous caveat: Those facial-recognition tech has im- mizethe universe of people on tonlaw incorporates the FBI’strain- consider completebans on the use ratesgenerally only applied to proved. When tested by NIST, the whom it keeps arecord. If you’ve ing requirementsaswell as itsre- of facial-recognition systems.Vari- matching queries involving white best-designed algorithms excelled at never been arrested, youwon’t be in quirement that algorithm-generated ouscities and NewYork stateare suspects. correctly identifying individuals re- the FBI’scriminal facial-recognition resultsbeused when asearch war- considering some form of facial-rec- Misidentification or “false posi- gardlessoftheir race,ethnicity,sex database.Further,beforeany state rant has been obtained—though in ognition technologybans,and pri- tive” rateswereoften far higher or anyother characteristic. or local law-enforcement agencyis emergencies,itcan be procured up vacy-minded membersofCongress when pictures of minority subjects Further,ban proponentsoften fail allowedtosubmit arequest to the to 48 hoursafter the surveillance. will no doubt reintroducefederal were analyzed. NISTdeemed that to acknowledgethat training,policy NGI-IPS,itmust agree that itsuser Stateslooking to minimizepoten- bans in 2021. “particularlyimportant” because a requirementsand human review will completeFBI-mandated facial- tial bad resultsfromthe use of fa- Calls forsuch bans aren’t surpris- consequenceofthat higher false mitigateshortcomingsinthe algo- recognition training. cial-recognition systemswould do well to adopt some combination of the FBI and Washingtonstate re- strictions.Ifthose were combined PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: A Scholar with arequirement that systems be Rupert Murdoch Robert Thomson vetted thoroughly by NISTfor accu- Executive Chairman, News Corp Chief Executive Officer, News Corp ADec. 13 Twitter thread by Sarah lady re her Ed.D? racy acrossrace, ethnicity and sex, Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Parcak, a professor of archaeology “Well it started anational conver- the likelihood of wrongfularrests Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: at the University of Alabama at Bir- sation” youmight argue. Yes, the caused by algorithm errorswould Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; mingham and afellow at the John conversation goes “F— the WSJ, F— drop precipitously. Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; Simon Guggenheim Foundation: Joseph Epstein, and F— their trash Sloppy use of facial-recognition News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; op-ed pages.” systemscan result in serious harm Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer Iknoweveryone is angryabout Ihope youconsider pulling the to innocent people.But those bad Andrew Dowell, Asia; AnthonyGalloway, Video & what Joseph epstein wroteabout Dr piece, apologizing, and committing outcomes can be mitigated through Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; Biden yesterdayinthe @WSJ How- to making the WSJopedpagesome- rigorous testing,training and Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; ever the real aim for our ire should thing people want to read. Oh, also: boundaries on itsuse.Considering Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; be @jamestarantothe editor of their go f— yourself. that facial-recognition systems have Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News op-ed page. He has,sofar,com- already helped to identifythousands Thomas SanFilippo, Customer Service; pletely escaped accountability.That A Dec. 14 tweet by Prof. Parcak: of child sextraffickers, murder sus- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; ends now. pectsand other criminals,legisla- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; James,explain yourself.When Living Human GarbageMonster™ tors should think carefully before Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International 3k+ Americans die daily from covid, Paul Gigot, WSJhead opinion editor imposing blanket bans on such a WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: millions suffer wfood insecurity *doubled down* on the Dr Jill Biden useful technology. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head +eviction, majorsedition happen- opinion piece, saying “She is open to

EDITORIAL AND CORPORATEHEADQUARTERS: ing, racism, climatechange...you criticism”.Hey @WSJ writers, are Mr. Finch is an attorney in Wash- 1211 Avenue of the Americas, New York, N.Y., 10036 givespacetoanangryold white youcool with blatant sexism and mi- ington and avisiting legal fellow at Telephone 1-800-DOWJONES misogynist to yell at our future1st sogynyand slander against women? the Heritage Foundation. P2JW351000-0-A02000-1------XA

A20 | We dnesday, December 16, 2020 THE WALL STREET JOURNAL.

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PHER of asecond. Within afew

TO BY ALEXANDER OSIPOVICH yearsthe link wassuperseded by microwave networks that CHRIS

P: High-frequencytradersare reduced transmission times TO using an experimental type of along the route to less than 9 OM cable to speed up their systems milliseconds. FR By saying no to some retailers’ package pickups, parcel-shipping companies have been able to protect their on-time delivery scores. by billionths of asecond, the HFT firms have also used la- latest moveinatechnological sers to zip databetween the arms race to executestock data centersofthe NewYork trades as quickly as possible. Stock Exchangeand Nasdaq FedEx, UPS Stick to Their Caps Thecable,called hollow-core Inc., and they have embedded fiber,isanext-generation ver- their algorithms in superfast sion of the fiber-optic cable computer chips.Now,faced used to deliver broadband in- with the limitsofphysics and On Pickups, Slowing Shipments ternet to homes and busi- technology, tradersare left nesses.Made of glass, such ca- fighting over nanoseconds. bles carrydataencoded as “The time incrementsof BY PAUL ZIOBRO On-time delivery scores* beams of light. But instead of these improvementshavegot- AND SARAH NASSAUER being solid, hollow-corefiber is tenmarkedly smaller,” said 2019 2020 empty inside,with dozens of MichaelPersico, chief execu- FedEx Corp.and United parallel, air-filled channels nar- tiveofAnova Financial Net- 95% 96% Parcel Service Inc.have 90% 93%92% 93% rowerthan ahuman hair. works, a technology provider largely kept up with there- Because light travels nearly that runs communications net- cord onslaught of packages 50% faster through air than works used by HFT firms. sinceThanksgiving,though glass, it takesabout one-third High-frequencytrading is that is in part because of ef- lesstime to send datathrough controversial, with critics say- forts to lighten their loads. hollow-corefiber than through ing that some ultrafast strate- Rather than risk having sys- thesame length of standardfi- gies amount to an invisible tax tems cloggedwith packages, ber. on investors.Industryrepre- both FedEx and UPS arehold- The difference is often just sentatives saysuch criticism is ing aharder line by enforcing a a minuscule fraction of a sec- unfounded. preset limit on the daily num- ond. But in high-frequency Chicago-based DRW Hold- ber of packages they will pick trading,that canmakethe dif- ings LLC and Jump Trading up.The policyiscreating back- ferencebetween profitsand LLC areamong the trading logsinsome of the shippers’ losses.HFT firms use sophisti- firms that have used hollow- warehouses,affecting retailers catedalgorithms and ultrafast core fiber,people familiar with as large as Costco Wholesale FedEx UPS U.S. Postal datanetworks to execute the mattersaid. Jump’sven- Corp.downtosmall- and me- Service rapid-firetrades in stocks,op- ture-capital arm has invested dium-sizecompanies. *Two weeksbetween Nov. 22 and Dec. 5 tions and futures.Manyare in Lumenisity Ltd., aU.K. Forconsumers, that means Source:ShipMatrix secretiveabout their trading startup that makes such fiber, deliveries could arrivelate, strategies and technology. one of the people said. andanyone determined to get nancechief,said that some thingstodo, not on abig ing groceryitems through that Hollow-corefiber is the lat- High-frequencytradersuse a gift delivered by Christmas days UPS and FedEx aren’t scale,” he said. Costco recently service. est in aseries of advances that hollow-corefiber forshort dis- needed to have ordered it by picking up all the packages the started using Instacart to ship One order placed with fast tradershaveused to try tances of several hundred yards Tuesdaytoavoid paying extra retailer wantstoship,which is items like Apple Inc. AirPods Costco on Black Friday, forin- to outracetheir competition. A at most,according to industry shipping fees. causing delays. “We, like oth- and Instant Pots forsame-day stance, showeditbeing pre- decade ago, a company called engineersand executives. One Richard Galanti,Costco’s fi- ers, arefiguring out other delivery, instead of just offer- PleaseturntopageB2 Spread Networks spent about PleaseturntopageB4 VW Board Co-Working Spaces Add to Office-Market Woes

Endorses BY KONRAD PUTZIER In Manhattan, the esti- mated availability rate after Empty co-working spaces factoring in similarly high co- Turn to arehelping push officevacan- working vacancies is 15.9%, cies in big cities to levels not thehighest since1995.Some seen in decades,threatening real-estateanalystsexpect Electric the commercial-property sec- these figurestocontinue ris- tor’sreputation as ahaven for ing,asmorecompanies look investors. to cut costsand embracere-

BY WILLIAM BOSTON Officebuildingsare often S motework.

considered relatively pro- NEW Because co-working still BERLIN—Volkswagen AG tected from economic shocks G accountsfor asmall shareof shares rose nearly 8% on because most tenantsare the officesector,the impact

Tuesdayafter the carmaker’s locked intolong-term leases OOMBER on availability ratesinbig topshareholdersand union of five yearsand oftenmore. /BL cities is limited to afew per-

leaders publicly backed Chief Landlords could count on GADO centagepointsatmost, ac-

ExecutiveHerbert Diess’s steady income even at times DEL cording to CBRE’sestimates. strategytorefocus the com- when corporateprofits are Butmost analystsexpect pany on electric vehicles. down. ‘DEE’ flexible officespacetobe- VID

Theaction by the com- The rise of co-working and DA come amuch biggerpart of pany’s directors late Monday, other forms of flexible,short- Vacancy forflexible officespaceisrising as morepeople work remotely.AWeWork area in NewYork. the market. In aSeptember including confirming several term officespaceisstarting survey,86% of officeusers topappointmentsbyMr. to changethat dynamic. remotely. anymarket risk,” said Jim major U.S. cities is currently told CBRE that flexible office Diess, put an end to weeks of These spaces makeupagrow- That trendcould makethe Costello,senior vicepresident available forlease.That spacewill playarole in their internal wrangling over the ing shareofthe officemarket office market morevolatile, at research firm Real Capital availability would help push long-term real-estatestrat- pace of change at the world’s in big cities such as New heightening booms and busts, Analytics Inc. the overall office-availability egy, up from 73%inJune. biggest automaker by sales. York,San Franciscoand Los with powerful implications Higher mortgagerates and rate in SanFranciscoto Meanwhile morelandlords, TheCEO’spush to accelerate Angeles. forinvestors. Banks aretypi- lowerloan amounts, in turn, 21.8%, the highest figure on facing competition from We- the shifttoelectric cars and Because co-working leases cally lesseager to finance tend to lead to lowerproperty record,according to CBRE Work and its peers, are start- quickly fill empty executive typically last only afew properties with fluctuating in- valuations. Group Inc.Anavailability rate ing to offer short-term deals positions had met opposition months to ayear,vacancies come,investorssay,leading Co-working executives es- reflectsvacant or occupied to fill vacant space. from labor leaders, who under arestarting to soar when to higher mortgagecosts. timatethat as much as 50% spacethat is available for Risingvacancies and weak German lawhold half the seats manycompanies areworking “They don’t want to take of allflexible officespacein lease. PleaseturntopageB6 on Volkswagen’sboardofdi- rectors. “Everyone is grateful for the clear strategythat Diessis Credit Suisse Puts Renewed Focus INSIDE pursuing,” said Hiltrud Wer- ner,amanagement board member who restructured the On Wealth-Management Business company’scomplianceand le- galdepartmentsinthe wake of the diesel-emissions testing BY MARGOT PATRICK one-thirdtoinvestment bank- solid year as marketsweresup- scandal.“He has the support ing.The split between itstwo ported by central bank and of all the people on the Credit Suisse Group AG’s main businesses continues the government relief measures. board.” newchief executivesaid man- strategyset out by his prede- Credit Suisse has struggled Volkswagen’s travails have aging rich people’smoney will cessor,Tidjane Thiam,who in the past to convinceinves- highlighted the pressure con- be apriority forthe bank,set- was forced to resign in Febru- tors that itsformula of balanc- fronting global carmakers, ting atargettoboost wealth- ary over the spying scandal. ing the steady businessof from General MotorstoToy- management profit by at least Theoutlook waspart of Mr. wealth management with more ota, as they seek to meet the aquarter in the coming years. Gottstein’sfirst strategypre- volatile investment banking will challenge of reducing carbon Chief ExecutiveThomas sentation to investors, which succeed over the long term. MEDIA PROPERTY emissions.The transformation Gottstein, who took over the took placeTuesday. Credit Bankexecutives said Tues- Condé Nastnames Covid-19 vaccines drive required is having far-reaching bank this year afteraspying Suisse said fourth-quarter per- daythat steps forthe divisions Anna Wintour itsfirst shares of hard-hit effectsonproduction pro- scandal rocked itsexecutive formancehas been strong in to piggyback off each other are cesses,jobs and even the ranks,said the bank would al- both wealth management and paying off—for example,by global chief content real-estate stocks economyofentireregions. locatetwo-thirds of itscapital investment banking. connecting entrepreneurslook- officer. B3 higher. B6 PleaseturntopageB2 to wealth management and Both segmentshavehad a PleaseturntopageB12 P2JW351000-4-B00200-17FBEC7168F

B2 | We dnesday, December 16, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES CORPORATE WATCH

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes. ALPHABET Gmail Service A F Monument Capital AbbVie...... B14 Facebook...A1,A4,B4,B14 Management...... B6 Suffers Disruption Alexion Pharmaceuticals Fannie Mae...... A3 P ...... B14 FedEx...... B1 Park Hotels & Resorts A number of Gmail users ex- Alibaba...... B14 Freddie Mac...... A3 ...... B6 perienced issues with the email Alphabet..A1,B2, B4,B14 Furukawa Electric...... B4 Penn National Gaming service Tuesday, a day after Amazon.com...A1,B4,B14 G ...... B2 more than a dozen Google ser- Anova...... B1 Pfizer...... A6,A7 vices such as YouTube endured Apple...... A1,B4,B12,B14 Gaming & Leisure Properties...... B2 Prevail Therapeutics a nearly hourlong disruption. AstraZeneca...... A7,B14 H ...... B2,B14 Alphabet Inc.-owned Google B Public Holdings...... B3 said that while some users could Hilton...... B6 Barclays...... B7 S access their accounts, they BioNTech...... A6,A7 I Simon Property Group might see error messages, expe- Blade Urban Air Inditex...... B14 rience delays or encounter other Mobility...... B2 ...... B6 Intercontinental SL Green Realty...... B6 unexpected behavior. Some us- Boston Properties...... B6 Exchange...... B7 ers were getting bounce-back S BSO Network Solutions SolarWinds...... A3 J notifications after sending mes- NEW

Spread Networks...... B1 G ...... B4 sages to certain email ad- C Johnson & Johnson....A7 T JPMorgan Chase...... B7 dresses. The company said a Caterpillar...... B14 Twitter...... B4,B14 OOMBER K large swath of Gmail users were Cboe Global Markets..B7 U affected. CEC Entertainment.....B7 Komatsu...... B14 United Parcel Service.B1 The issues began around 4:30 MOON/BL CGI Merchant Group...B6 L V p.m. Eastern time and service City Grazing...... A12 Let's Goat Buffalo....A12

had been restored to all of its JEENAH Condé Nast...... B3 Volkswagen...... B1 Living Systems Land users around 7 p.m., the com- Blade Urban Air Mobility arranges for the booking of air taxis and charter flights. Credit Suisse...... B1 Vornado Realty Trust.B6 Management...... A12 pany said. D Lumenisity...... B1 W Temporary interruptions for BLADE URBAN AIR ELI LILLY PENN NATIONAL GAMING DRW...... B1 M Westlake Village popular online services are rela- Biopartners...... B6 Charter Broker Set Guidance Increases, Casino Operations E Maverick Capital tively common, though their im- Eli Lilly...... B2,B14 Partners...... B6 X pact has increased as more peo- To List With SPAC Acquisition Unveiled In Maryland Bought Experience Investment McKay Brothers...... B4 Xenia Hotels & Resorts ple rely on them as a result of ...... B2 Moderna...A1,A6,A7,B12 ...... B6 the coronavirus pandemic and Air-charter broker Blade Ur- Eli Lilly & Co. raised its guid- Penn National Gaming Inc. more businesses outsource their ban Air Mobility Inc. will go ance for 2020 and set its out- agreed to pay $31.1 million for digital infrastructure and tools to public through a combination look for 2021, anticipating a ben- casino operations at a property outside businesses, often large with special-purpose acquisition efit from Covid-19 treatment in Maryland, a deal it said would INDEX TO PEOPLE internet companies. company Experience Invest- sales and portfolio expansion. allow it to return to the gam- Google’s Gmail is one of the ment Corp., in a deal that values The drugmaker also said it bling market in that state. A - C J Pittman, Robert...... B2 most popular email clients Blade at about $825 million. agreed to buy Prevail Therapeu- Penn National said its acquisi- Aksel, Murat...... B2 Jindel, Satish...... B2 Pötsch, Hans Dieter...B2 world-wide, and the company’s Blade stockholders are ex- tics Inc. for up to $1.04 billion, or tion of the Hollywood Casino Antlitz, Arno...... B2 K R Workspace office tools, formerly pected to hold about 43% of is- $26.50 a share, giving Lilly ac- Perryville from Gaming & Lei- Costello, Jim...... B1 Kieran, Damien...... B4 Redfearn, Brett...... B7 known as G Suite and a rival to sued and shares outstanding af- cess to Prevail’s set of gene sure Properties Inc. is expected D L Rodriguez, Alex...... B6 Microsoft Corp.’s Office, are pop- ter the transaction closes. therapies for Parkinson’s and to be completed next year, pend- ular among businesses and insti- Investors include commitments other neurodegenerative dis- ing approval by Maryland regula- Diess, Herbert...... B1 LaRusso, Nicole...... B6 S tutions. Google said last year from Hedosophia, HG Vora Capi- eases. The deal value includes tors. Gaming & Leisure said it Diller, Barry...... B2 M Schmall, Thomas...... B2 that the email service, launched tal Management, KSL Capital about $880 million in cash. The would retain ownership of the E T Malka, David...... B2 in 2004, had 1.5 billion users. Partners and David Geffen, as other $160 million is contingent real estate that the Hollywood Moya, Edward...... B12 Enria, Andrea...... B12 Thiam, Tidjane...... B1 On Monday, the company had well as original investors Barry upon certain regulatory approv- Casino Perryville uses and lease G N Thibault, James...... B2 problems with its authentication Diller, David Zaslavand Robert als of a product from Prevail’s the space to Penn National. Thomas, Raoul...... B6 Geffen, David...... B2 Nygard, Peter...... A3 system. —Kimberly Chin Pittman. —Dave Sebastian pipeline. —Dave Sebastian —Micah Maidenberg Gottstein, Thomas...... B1 O W Gustafson, Dave...... B4 Outman, Trevor...... B2 Wiesenthal, Rob...... B2 H - I P Wintour, Anna...... B3 Hodari, Jamie...... B6 Parker, David...... B4 Z Inniss, Daryl...... B4 Persico, Michael...... B1 Zaslav, David...... B2

dayorweek.Ifshippersex- Shipments ceed that amount, the carriers pause pickups until the net- work has the ability to take on Slow for more. “In years past, the carriers would take every single pack- Holidays ageavailable to them and hope likeheck that they could put them through their sys- ContinuedfrompageB1 tem,” said James Thibault, paredfor shipment the next who spent 30 yearsatUPS be- day, according to tracking data fore joining Intelligent Audit, a reviewedbyThe Wall Street freight audit and analytics

Journal. However, it didn’t company. “This year is a S reach aUPS facility for13days marked change.” NEW

as it sat in limbo in California. Target Corp.isshipping G Theorder wasscheduled to the “vast majority” of pack-

reach itsdestination in New ages within the delivery win- OOMBER

York three days later,within dows shopperssee when they Z/BL the shipping time frame pro- order and promised shipping vided by UPS but 18 days from times areinline with prior OPPIT

when it was ordered. holidayseasons,said aspokes- SEN-K Mr. Galanti said that while woman. In a small number of thereare some delays,Costco cases,the retailer is lightening JOHANNS

deliverswithin the time frame theload on carriersbymaking A

promised on itswebsite some items available only for LIES around 95% of the time. same-daydeliveryorpickup, As a concession to labor, the auto maker agreed to make its base in Wolfsburg, Germany, a model factory for electric vehicles. AUPS spokesman said that which use other delivery the carrier “is picking up and methods, she said. Target separately over the weekend, boardalso approved Mr. nents business, as chief tech- delivering planned volume” hasn’t set ablanket cutoff date VW Board people familiar with the situa- Diess’s plan to split board re- nologyofficer.Murat Aksel, and that itson-time perfor- forpackages to arriveby tion said, brokering acompro- sponsibilities forpurchasing currently purchasing chief at mancehas led the industry Christmas,instead showing mise in which the boardwould and components manufactur- the VW brand, will take on ad- sincethe beginning of October. ship-by dates foreach item Backs Turn makeaclear statement of sup- ing and createanew position, ditional responsibilities as “Weare adhering closely to online, she said. port forMr. Diessand his appointing Thomas Schmall, purchasing chief forthe entire collaborativeplans we have Several largeretailers, in- strategyand back his candi- currenthead of the compo- Volkswagen company. mutually agreed upon with our cludingGap Inc.and Macy’s To Electric dates to fill open positions on customers, and we always Inc., faced temporary restric- the executive board. strive to provide reliable ser- tions on shipping volumes As aconcession to the labor vice,” he said. shortlyafter Thanksgiving. ContinuedfrompageB1 side,Mr. Diessagreed to make JOURNALISTSDON’T Examples likethe Black Fri- Other shippers say they were Thechangeamong incumbent the company’smain plant in dayorder showthat even cut off with little notice. automakersisbeing driven Wolfsburg, Germany, a model ‘JUST WRITE STORIES.’ though packages take longer Deliveries poured into both by tighter emissions reg- factory for building the most to arrive, FedEx and UPS can goTRGbythe thousands in the ulation andincreased competi- advanced electric vehicles—a tout deliveryscoresthat are days after Thanksgiving. The tion from anew breed of all- movethat would securethou- THEY RECORDHISTORY. betterthan ayear agodespite company, owned by the Recon electric startups. sands of jobs for the next de- record high package volumes Group LLP, processes returns Thedeal reached by Volks- cade. andother challenges related formajor retailersand then wagen’sdirectors“putsan “For us it is of decisive im- to the pandemic,such as resells electronics,sporting end, at least for the moment, portancethat Herbert Diess worker illness. goods and other items through to the excessivefrictions be- with his newmanagement “While this mayhelp the various websites,including tween management and other team will continue to shape carriersmaintain servicestan- Walmart.com, eBayand Ama- key stakeholders,” said Arndt this important eraatVolks- dards, it leaves retailers frus- zon.com. Ellinghorst, senior autoana- wagen,” Wolfgang Porsche and trated as they’vescrambled to Ordersaveraged2,500 a lyst at Bernstein Research. Hans Michael Piech, heads of seek out deliveryalternatives,” day at four of its warehouses “Yesterday’s resolutions clar- thePorsche-Piech clan, said said Trevor Outman, co-chief until FedEx hit the brakes.The ifymanagement’smandate after the meeting. executiveofshipping consult- carrier on Dec.2told the com- and offer an opportunity to fo- In thesummer,Bernd Os- ing firm Shipware LLC. panythat it would pick up cus on VW’s fundamental mat- terloh, head of Volkswagen’s Forthe two weeks between only 200ordersaday until ters.” powerful works council and a Nov.22and Dec.5,on-time further notice. member of the supervisory scores were 94.9% for FedEx, “We were never told in ad- board, persuaded other direc- 96.3%for UPS and 92.8% for vance” of shipping limits, said CEO Herbert tors to strip the CEO of re- the U.S. Postal Service, accord- David Malka,goTRG’schief Diess made sponsibility forthe day-to-day ing to ShipMatrix, a software sales officer.“We were told af- peace with the operations of the VW brand, provider that analyzesship- ter the fact.” board and won thecompany’sbiggest busi- ping data. All were betterthan Theboxespiled up on the approval for ness.That conflict leftMr. last year during acomparable company’sloading dock.At management- Diessuncertain about how period including Black Friday one Kentuckywarehouse, team picks. much support he had from the and Cyber Monday. goTRGhas stopped shipping board, according to people fa- ShipMatrix President Satish with FedEx and is considering miliar with the situation. Jindel said that 2.5million relabeling some of thousands In recent weeks,German AfterMonday’sdecisions, packages will take an extra of packages waiting to be media had reported that Mr. Mr.Osterloh said therewas dayortwo to be delivered, shipped with other carriers. Diesswas seeking an early ex- totalagreement between the and advised shopperstoorder AFedEx spokesman said tension of his contract as a supervisoryboard, executive items by Dec.15toreceive the company had been work- vote of confidencefromthe board, and labor representa- them by Christmaswithout ing with customers to under- board. Thecompany’sboard tives.Mr. Diesswas relieved having to payhigher shipping standthe expected shipping includes the Porsche family, that the conflict had been put charges. volume but that, in some who arethe controlling share- to rest and that the newboard FedEx and UPS,inaddition cases, volume is significantly holders, and the statepremier memberswould be able to to network upgrades and hir- higher than projections. of Lower Saxony, which holds take up their jobs soon, one Learnmore aboutthe impact your ing tens of thousands of work- ThePostal ServiceonMon- a20% blocking minority,as person close to him said. journalism career can have on the world. ers, have spent months plan- daysaid record-high shipping well as the Qatar Investment The board appointed Arno Wall Street Journal reporter Erin Ailworth ning with their large volumes, employee shortages Authority. Neither Mr.Diess Antlitz to succeed Frank Wit- and othersshare career advice at customersonshipping fore- due to the coronavirus and not nor Volkswagenwould confirm teras chief finance officer in dowjonesnewsfund.org/careers. castsand the carriershaveal- enough room on airplanes and the reports. June. Mr. Antlitz is currently lottedcompanies certain trucks have led to some tem- Chairman Hans Dieter financechief at Audi, Volks- amountsofpackages by the porary delays. Pötsch met all of the players wagen’sluxurycar unit. The P2JW351000-0-B00300-173EF45050B

THE WALL STREET JOURNAL. We dnesday, December 16, 2020 | B3 BUSINESS NEWS Wintour to Oversee Condé Nast Content

Powerful Vogue editor quickly became one of the accelerated some of the most influential tastemakers changes. given additional duties in the fashion industry, forg- In 2017, Condé Nast had a as magazine publisher ing deep relationships with loss of $120 million aftera thetop fashion houses and yearslong,industrywide shift rethinks its strategy making starsofup-and-com- of readership and ad spending ing designers. She turned the from magazines to the web. BY LUKAS I. ALPERT magazine into the company’s Thecompanyhad set 2020 as biggest moneymaker,and in itstargettoreturn to profit- Anna Wintour, long one of 2014 she wasnamed Condé ability,but wasset back by the the most influential editorsin Nast’sU.S.artistic director. impact of the pandemic. the magazine world, is about Last year she joined aglobal In May, the companylaid to get even more powerful. leadership team to advise on offabout 100 people in the Condé Nast named Ms. global content opportunities. U.S. and temporarily fur- Wintour itsfirst-ever global Mr.Lynch took charge of loughed asimilar number of chief content officer as part of Condé Nast, whose manytitles people.

the media company’s broader S include Vanity Fair,the New Mr.Lynch wouldn’t discuss

push to unifyits international PRES Yorker,Bon Appétit and GQ,in Condé Nast’sfinancial perfor-

and U.S. operations. TED April 2019,after stintsrunning mancein2020 but said the

Thepromotion gives Ms. CIA Pandora Media Inc. and Sling company was projecting dou- Wintour oversight of all Condé SO TV.Sincethen, he has worked ble-digitpercentagerevenue Nast’sbrands world-wide and AS to merge the company’sU.S. growth next year and was putsher in charge of all of andsprawling international committedtoincreasing edito-

Vogue’s25global editions,on /INVISION/ businesses.Hehas also rial spending by 25% over the

topofher longtime role as ed- KES worked to expand in digital next four years.

itor in chief of Vogue U.S. SY videoand moveall the com- “Weare nowfocused on Themovecomes aftera pany’stitles behind digital howwecan take advantageof

tough year forCondé Nast, CHARLES paywalls to supplement de- the global reach of our brands punctuated by layoffs and staff Anna Wintour, who was named Vogue’s U.S. editor in 1988, recently took heat over diversity issues. clining ad revenue. at ascale we have never been unrest over diversity issues. Mr. Lynch said in an inter- able to before,” Ms.Wintour Ms. Wintour’s critics said she to elevateBlack staffersand company as it tries to return day’sbrightest talent in the viewthat the companynow said. hascontributed to an atmo- vowed to do better. to profitability. industry, has made her one of makes less than half its reve- As part of itseffort to spherewhereBlack employees Thedecision by Condé Nast “Anna’sappointment repre- media’smost distinguished ex- nue from advertising in the streamline operations world- felt sidelined and belittled Chief ExecutiveRoger Lynch sentsapivotal moment for ecutives,” said Mr.Lynch, to pagesofits print magazines. wide, the company is also an- during her32yearsatthe to givethe 71-year-old Ms. Condé Nast as her ability to whom Ms.Wintour will con- “Weare deeply immersed nouncing newly created company. In amemo to staff in Wintour broader responsibili- stay ahead in connecting with tinue to report. in averybroad transformation global editorial directorsfor June,Ms. Wintour said she ties is a vote of confidence in newaudiences,while cultivat- Ms.Wintour wasnamed project,” he said, adding that ArchitecturalDigest, Condé took responsibility forfailures her ability to help lead the ing and mentoring some of to- Vogue’sU.S.editor in 1988 and the coronavirus pandemic has andGQ. PopMusic’sChainsmokersBack Investor Site Public.com

BY LAURA COOPER made aconcerted push intoin- member Drew Taggart have Watt have backed the company, pany, concerns about losses venturefund. vesting this year—starting joined investment management as has businessprofessor and and howinvestmentshave Mantis raised itsfirst ven- TheChainsmokershave Mantis VC,aventure-capital firms in backing Public,which entrepreneur ScottGalloway. panned out. ture-investment fund earlier takenaninterest in finance, firm, and backing multiple announced Tuesdaythat it has Public.com is asmartphone Themusicians arethrowing this year and has already made and hope that their latest in- businesses along the way. raised $65 million in itssecond appthat aims to open up eq- their weight behind the invest- 15 investmentsinvarious busi- vestment will enticefans to Their investment in Public investment round this year, uity marketstothose with ing platform as moreAmeri- nesses,Mr. Pall said. follow. highlightstwo values impor- bringing itstotal funding to small amountsofmoney to in- cans are becoming involved in Public itself has continued Theelectronic DJ duo are tant to the group: community $90 million. TheChainsmokers, vest, while also helping itsus- the stock market through busi- to grow this year by fostering a joining celebrities likeprofes- and financial literacy. They are through Mantis,and Mr.Hawk erslearn about investing,in- nesses likePublic and Robin- “collaborativeculture,” said sional skateboarder Tony Hawk betting that their Gen Zand participated in the latest round cluding the ups and downs. hood MarketsInc.But Pub- Leif Abraham,aco-chief execu- in backing Public Holdings millennial fans sharethose in- led by Acceland which in- Investorsusing Public.com can lic.comdoesn’t allowday- tiveofthe business. Agoal, he Inc., which runs Public.com, an terestsand will use the plat- cluded Lakestar Advisors purchase stocks,fractions of trading or investing on margin, said, is to “actively getpeople investing and social-network- form. GmbH, GreycroftLP, Advancit shares andexchange-traded or using borrowedfunds, intothe stock market who have ing sitewhereusersare en- “Wehaveadeep under- Capital and businessexecutive fundswithout paying acom- which canlead to magnified been leftout of it.” Forin- couraged to learn from each standing of thingsthat areim- Dick Parsons,aformer chair- mission. losses. stance,some 40% of Pub- other about investing and portant to them,” AlexPall, one manofCitigroup. On Public.com, userscan Investing in Public wasa lic.com’susersare women, he stocks. of the Chainsmokers, said of Thelatestfunding isn’t Pub- also sharetheir thoughtsona “chicken beforethe eggsitua- said. Although better known for theirfans.“Ithink it’simpor- lic’sfirst investment by celeb- social network that includes tion,” Mr.Pall said. He said the Theplatform has seen its their music,including the tant to build financial literacy. rities.Previously,actor Will pictures andstatuses.Those Chainsmokerswereinterested user base grow 10-fold since Grammy-winning song “Don’t I’m still building that.” Smith through his Dreamers statuses caninclude whyanin- in backing the companybefore launching Public.com in Sep- LetMeDown,” the DJshave Mr.Pall and fellowband VC and profootball star J.J. dividual is investing in acom- the close of their firstMantis tember 2019.

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B4 | We dnesday, December 16, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech TwitterFined In Europe Over Data Breach

Penalty is the first for Helen Dixon,the head of a U.S. tech firm under the Irish DataProtection Com- mission,said that GDPR en- 2018 privacy law, after forcement and power sharing bureaucratic infighting is awork in progress, and that her officehas been handling BY SAM SCHECHNER itscases methodically to make surethat itsdecisions stand Two-and-a-half-years after up to expected court chal- going intoeffect,the European lenges. Union’s new privacy law pro- “AmIsatisfied? No.The Small glass tubes known as core tubes in the OFS Hollow-Core lab at the beginning stage of hollow-core fiber fabrication. ducedits firstfine foraU.S. processdidn’t work particu- tech company in a cross-bor- larly well. Ithink it’stoo der case—an overdue develop- long,” Ms.Dixon said of the Speed ment, critics say. Twittercase in an interview Ireland’sDataProtection broadcast at atech conference Commission said Tuesdaythat this month. “On the other Traders it is fining Twitter Inc. hand, it is the firsttime EU €450,000,equivalent to about data-protection authorities $546,000, for failing to docu- have stepped through the pro- Seek Edge ment or properly notifythe cess,somaybe it canonly get regulator within 72 hoursof better from here.” learning of a data breach dis- Thecase stems from ase-

ContinuedfrompageB1 (2) closed in January2019 that curity hole that Twittersaid it common use,they say, is to exposed some users’ private fixedinJanuary2019 that, connect the datacenter hous- tweets. over aperiod of morethan ing an exchange’ssystems to a JOURNAL “We take responsibility for four years, exposed the private

nearby communications tower. REET this mistake and remain fully tweets of some users. From there, HFT firms trans- ST committedtoprotecting the Ireland’sinvestigation later LL

mit dataonwardthrough WA privacyand dataofour cus- found that the company’s cross-countrynetworks of mi- tomers,” said Damien Kieran, data-protection officer wasn’t THE

crowave antennas. R Twitter’schief privacyofficer, copied on an incident ticket Replacing standard fiber FO adding that the delayinnotifi- initially, leading to a delay in with hollow-corefiber over cation was an “unanticipated notifying the regulator. JONES

that brief stretch might speed Y consequenceofstaffing be- In May2020,after 15

up afirm’snetwork by afew GABB tween Christmas Day2018 and months of investigation and at hundred nanoseconds.Anano- Testing area for the hollow-core fiber checking data transmission at the OFS lab. New Year’s Day.” least four rounds of back-and- second is a billionth of a sec- Thecase is abellwether be- forth with Twitter, Ireland’s ond. their networks.Hollow-corefi- In recent years, though, the ersofhigh-speed trading net- cause it is the firstinalong Anovastarted using hollow- ber waspioneered in the cost has come down and some works during the past year, pipeline of privacycases in- core fiber about two yearsago 1990s but never gained wide- manufacturershavesucceeded said DarylInniss, director of volving bigU.S.tech compa- afterafew trading firms de- spread use because of akey in creating hollow-corefiber new business development at nies in Ireland, including ployedit, Mr.Persicosaid. problem: Signals sent through that cantransmit dataover OFS. Hollow-corefiber made Facebook Inc., Apple Inc.and 72 Two other firms that provide such fiber fade faster than longer distances.That has by OFS—a U.S.-based unit of Alphabet Inc.’sGoogle.Ire- communications services for over standardfiber,making it spurred interest from traders. Japan’s Furukawa Electric Co. land’s data commission leads The hours firms have to notify high-speed traders, McKay impractical to use hollow-core One manufacturer,OFS,has Ltd.—is already being used by enforcement of the EU’s Gen- regulators of a data breach Brothers LLC and BSONet- fiber forlong distances.Itis received morethan adozen several firms activeinHFT or eral DataProtection Regula- work Solutions Ltd., also said also costly to manufacturebe- inquiries about hollow-corefi- trading technology, he added. tion, or GDPR,for those and they use hollow-corefiber in cause of itsintricatestructure. berfromHFT firms or provid- Lumenisity,the startup other U.S. companies that have backed by Jump,isbetting their regional headquartersin data commission sent a draft that hollow-corefiber will find the country. decision finding Twitterinvi- ADVERTISEMENT uses beyond trading,for in- It has takennearly two olation of breach-notification stanceintelecommunications yearsfor Ireland’sdatacom- rules to itscounterpartsas Showroom and 5G networks.“We see HFT mission to arriveatadecision part of acommentsprocess To advertise: 800-366-3975orWSJ.com/classifieds as an early adopter forthe use in the Twitter case, including stipulated in the GDPR,ac- of hollow-core,” Lumenisity nearly five months forthe cording to atimeline provided ExecutiveChairman David commission and itscounter- by European DataProtection Parker said in an interview. He partsinother EU countries to Board, which is composed of BMW declined to comment on his squabble over jurisdiction,in- the privacyregulatorsfromall firm’srelationship with Jump. vestigatoryscope and the 27 EU member states.Several Thejuryisout on whether amount of the fine. raised objections on an array hollow-corefiber will make That is fueling frustration of points—some of them con- deeper inroads intoHFT.Indus- among some privacy activists tradictory. In August, Ireland tryskeptics saythat even if and EU privacyregulatorsthat triggeredadispute-resolution manufacturerscreatefiber that the bloc’s enforcement is too processatthe European cansend datafor tens or hun- slow. board. dreds of miles,itisunlikely to “Weare coming to aturn- One major source of con- replacewirelessnetworks that ing point where the GDPR re- tention wasthe fine.The transmit over straight lines ally needs to start delivering,” GDPR allows privacyregula- "%1%./ *7!'% /"5-!7-"% *19; through the air sinceunder- said David Martin, senior legal tors to fine acompanyupto ground cables inevitably have officer at BEUC, an umbrella 2% of itsglobal annual reve- 75 3*)9%7-/$51 6: &*)/ 51 bends that slowtransmission. organization forEuropean nue—or $60 million, based on Supporterssay hollow-core consumer-rightsgroups that is Twitter’s2018 revenue—for fiber could be used forhigh- astrong supporter of the law. failuretoproperly notifythe :062 *31 $!7*7'!7# $51?A95/0 bandwidth links in places like “The credibility of the whole regulator of databreaches.But 57 *<<=:4,8=:4> (9+'%1-!$!%& 95&%, 3&F:6+9): "*! “When you’resending light tion, some other regulators mum because it found the vio- intoasolid fiber,it’slike arestarting to push their own lation wasnegligent, not in- ,[J_N% A!_C%$ DC]W**2X.>$ you’resending it through a privacycases using laws other tentional or systematic. .>$>3. P_[%D window 50 miles thick,” said than the GDPR,said Paul Nem- Hamburg’s privacy regulator, Dave Gustafson,aformer head itz,principal adviser on justice representing Germany, wanted of wirelessengineering at policy for the European Com- amoredissuasivefine,citing a Jump.“With hollow-core, mission, the EU’sexecutive rangebetween €7 million and you’resending it through 50 arm. Last week, France’s pri- €22 million, according to the /9*1- - 8 miles of air.” vacy regulator,the CNIL,fined European board. 9@/B1) Google and Amazon.com Inc. In early November,the 31!'% acombined $163 million for boardissued itsfinal decision violations of aseparaterule on the disputes,siding with 90,C ($A >< 3&F:6+9): "*! called the ePrivacydirective. Ireland on all the issues apart That allowedthe CNIL effec- from the fine,which it ordered *[,']D,JJ!_F% P%C,[[_'$ tively to side-step the power the datacommission to in- DC]W**2X>>$ /.$2>/ P_[%D sharing with other EU privacy crease,but without specifying regulatorsbuilt intothe GDPR, an amount. known as the one-stop shop. The€450,000 fine Ireland “It is important that the assessed wasabout two-thirds lead authority for Google and higher than the topofthe /9*1- other tech companies enforce rangeithad originally pro- - 8 GDPR properly to preservethe posed. Theregulator described 31!'% 9B/11) functioning of the one-stop it as “aneffective, proportion- 1DJ7296

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`U$EEE ?9Y-Y&^" -TT79^4 0V -77 [email protected]\ *PA '^509?9^" J5^:LKY^" ZV"^74R NV "VKYT-GZ^Y0 UL 94 5^QO95^"R HO-79?9^" &O40VZ^54K90; ^I&^77^Y0 &5^"90 ;940V5GK;V Z^^0 *PA #9Y-Y&9-7 D^5M9&^4 PA ©2020 DowJones &Company, Inc. N,$[[' &5^"90 5^QO95^Z^Y04R B-79" 0;5VO<; U1=1.E.UR All rights reserved. 1DJ7474 VID DA The sizeofthe fine againstthe tech firm wasanEUsticking point. P2JW351000-0-B00500-1------XA

THE WALL STREET JOURNAL. We dnesday, December 16, 2020 | B5 P2JW351000-0-B00600-1------XA

B6 | We dnesday, December 16, 2020 THE WALL STREET JOURNAL. THE PROPERTY REPORT Vaccines Boost Hard-Hit Realty Stocks

Shares, REITs rebound “Wewant to ownretail landlords that have the capital along with retail and management skills to re- confidence after being purpose their properties,” said Evan Serton,Cohen &Steers battered by pandemic senior vicepresident and se- nior portfolio specialist. BY ESTHER FUNG Theinvestment manager is one of the largest shareholders Some of the worst-perform- in Simon Property Group,the ing real-estatestocks this year country’sbiggest mall owner. arefinally having their mo- Itsshares have risen by more ment. than 41% to $87.32over Even though Covid-19 infec- roughly the past month. TheIn- tion rates in the U.S. areat dianapolis-based companyalso newhighs and anumber of tapped the equity market last cities and states are reimpos- monthand raised $1.56 billion ing restrictions, investors are at $72.50 asharefrominves- looking ahead to newvaccines tors,including Cohen &Steers. and atime when shops and Still, some analystswarn of restaurants reopen and travel trouble ahead formanyretail- CK

resumes.Stock buyershave TO ersifthey don’t have astrong been scooping up shares of holidayseason, which maybe companies that arebeaten necessarytoprevent anumber down butstand to benefit SHUTTERS of them from filing for bank- A/ from the economy’seventual ruptcy protection. With the re- reopening. surgenceofthe coronavirus Share prices for hotels, re- across the U.S., foot traffic in tail and officelandlords SHKEVICH/EP many shopping locations has jumped morethan athirdand ULA also dropped off. A- have held those gains since Investorssaid senior living Nov.9,the daywhen Pfizer and nursing homes also show HERRER Inc.and BioNTech SE an- promise as vaccines areex- BAL

nounced their promising vac- TO pected to be made available to

cine results. CRIS health-careworkersand vul- TheFTSENareit Equity Investors are scooping up shares of companies that stand to benefit from the economy’s eventual reopening. A mall in Miami. nerable groups likethe elderly Lodging/Resorts indexhas earlier than other segmentsof soared 49% while the regional until at least 2023,evenifthe powerful competitor fortour- benefit from apent-up de- ery may take years, he said. the population. malls and shopping centers pandemic comes under con- ist dollars. mand fortravelafter vaccines Even shares of shopping- Around one-third of the 87 REIT indexesare each up more trol. Some businessexecutives, But afterlodging stock become widely available. mall ownershavelured buyers seniorshousing and skilled than 40% sincethe vaccine an- including Microsoft Corp. co- prices had tumbled 36% be- “I think REITsingeneral this past month. While the nursing operatorssurveyed by nouncement. Those returns founder Bill Gates,havesug- tween the end of Februaryand have bottomed out, and Idon’t secular consumer shifttoward the National Investment Cen- made these real-estateinvest- gested businesstravelwon’t the end of October, investors think we’ll retest the lows,” online shopping shows no sign terfor SeniorsHousing &Care ment truststwo of the best bounce back to what it was, seemed to conclude thereis said Marc Halle,managing of ebbing,investorssaid some last month said that they have performing sectors. Over that maybe ever.Meanwhile,the moreupside than downside partneratPark Lane Inves- companies with stronger bal- abacklog of residentswaiting same period, the S&P 500 was highly successfulinitial public going forward. tors, which invests in real-es- ance sheetslooked oversold, to move in. up 4.6%. offering from Airbnb Inc., Park Hotels &Resorts Inc. tate and property companies. especially ones with valuable Theoccupancyrateofse- Hotel executives have whose shares more than dou- and Xenia Hotels &Resorts Mr. Halle views this as an op- real estate that could be con- niorshousing was82.1% in the warned that their business bled in priceonthe firstday Inc. have risen by 62%, as in- portunity forlong-term inves- verted to other uses such as thirdquarter down from 84.7% maynot see afull recovery of trading,istestimonytoa vestorsanticipatethem to tors sincethe earningsrecov- offices or residences. in the second quarter. Retired Slugger Venture Rodriguez Teams Firm Pulls In $500 With Hotel Fund Million for

BY WILL PARKER days.Hefounded his ownreal- estateinvestment companyin Biotech Baseball legend AlexRodri- 2003,the year beforeheplayed guez is teaming with aMiami his firstgame forthe Bronx BY BRIAN GORMLEY private-equity firm to invest Bombers. His Monument Capi- morethan ahalf-billion dollars talManagement has made Life-sciences venturefirm in buying or developing hotels morethan $800 million worth WestlakeVillageBioPartners at atime when the industry of property acquisitions in has raised $500 million across hasbeen ravagedbythe pan- morethan adozenstates, ac- two newfunds afterquickly demic. cording to itswebsite. Mr.Rod- deploying its$327 million de- Theformer NewYork Yan- riguezwill invest some of his but investment pool that keeknown as A-Rod said he is personal money in the hotel launched in 2018. REUTERS

joining CGIMerchant Group fund and help source deals. S/ WestlakeVillage, based out- in itsnew hotel investment He said investing in hotels side LosAngeles,used itsfirst

fund, which the firm launched right nowisaway to capitalize REBILA fund to incubateorinvest in 11 this month. Theventureaims on atravelrebound oncethe J. biotechnologystartups.Now it

to raise $650 million to acquire pandemic is under control. “We MARK has raised $70million to invest believewecan acquireassets Alex Rodriguez, who is joining CGI Merchant Group, has been a real-estate investor since 2003. further in the best performers that arestrategically posi- from that firstvehicle.West- The venture aims to tioned to be in the top-per- moreslowly than those pri- RealCapital Analytics,areal- the lowerpriceexpectations of lakesaid it plans to invest this forming percentile oncere- marily attracting tourists, he estatedatafirm. buyers. “The owner of ahotel “opportunity fund” in the sec- raise $650 million to strictions areeased,” the 14- said. Hotelperformancecontin- asset will not sell at alossun- ond or later rounds of financ- buy properties, with time All-Starsaid. Thefund has already made ues to suffer and business lessforcedtodosobecause of ing of these companies. TheCGI Merchant fund will one purchase,the 129-room travel shows no signs yetof distresssituations,” RCA’s re- Westlakealso has secured Hilton as a partner. look to invest in hotels and re- Gabriel Hotel in Miami, this bouncing back.Hotel-room oc- port notes. $430 million to invest in new sortsacrossNorth America past June,Mr. Thomas added. cupancy, as of the firstweek of But ongoing debt problems biotechs,raising alarger andthe Caribbean, CGIsaid, While manyother investors December,isdown38% from forhotel owners could spell amount this time so it would with Miami, Seattle and New have been raising money in an- the same week in 2019,accord- deeper distressfor the sector have morecapital to deployin and develop properties in part- York City of particular interest. ticipation of buying up dis- ing to hospitality industrydata and moreopportunities forin- these companies as they raise nership with Hilton World- Raoul Thomas,CGI Merchant’s tressed hotels at rock-bottom provider STR. Hotel executives vestorslikeCGI Merchant and later financing rounds,co- wide Holdings Inc.brands. chief executive, said the fund prices in the near future, fewer have said they don’t expect in- A-Rod.The partnerssaid they founding managing director Maverick Capital Partners,a will avoid large hotels with U.S. hotels have changed hands dustryrevenue to return to last viewthe hotel fund as along- Beth Seidenberg, said. NewYork brokerage, will also open floor plans and large this year than in almost any year’s levels until at least 2023. term strategy. Westlakeincubates most of be part of the venture. banquet spaces.Lodging prop- other year.The volume of hotel Despitethis grim prognosis, “Wealth is rarely created itsportfolio companies,astrat- Mr.Rodriguezhas been a erties dependent on large sales in 2020 is coming in 84% prices of hotels sold this year overnight,” Mr.Rodriguezsaid. egydesigned to capitalizeon real-estateinvestor formany group events, likeseminars below2019 levels as of Octo- have fallen just 3.3%. Fewsell- —Konrad Putzier the experienceofDr. Seiden- years, going back to his playing and conferences,may recover ber,according to areport from ershavebeen willing to meet contributed to this article. berg, who previouslyinvested in biotech startups with Kleiner Perkins,and co-found- buildings. Shareofofficespaceavailable ing managing director Sean Market for “That never really hap- forlease* Harper,who formerly headed pened because flex operators Availabilityrate research and development for came in and leased up all that Availabilityrate, drugmaker Amgen Inc. Flexible space,” said Nicole LaRusso, including co-working† Starting companies is time- CBRE’sdirector of research S consuming and involves risk 14.3%

and analysis forthe NewYork NEW Manhattan because early-stagedrugs often Space Falls City area. G 15.9 fail in clinical trials.But start- Most co-working compa- 19.5 ing companies also enables

OOMBER SanFrancisco nies leased officespaceunder 21.8 venturefirms to generateout- ContinuedfrompageB1 long-term deals,and landlords /BL sizereturns on those that suc-

demand forofficespaceare hoped this would mean con- GADO 17.0 ceed, with surgesinvalue oc- LosAngeles already weighing on publicly tinued payments even during DEL 18.6 curring afterabiotech traded real-estateowners, arecession. startup’sfirst drug shows which aretrailing the overall But they arenow finding ‘DEE’ WeWork office visits, indexed promise in clinical trials. VID

stockmarket by aconsider- that co-working companies DA Other ventureinvestors 100 100=2019 average able margin. Shares of Boston areinsome cases unwilling or The downturn reverses atrend in which WeWork helped buoyrents. raising funds recently with a Properties Inc.are down 29% unable to payrent, pressuring focus on companycreation in- 90 China year to date, while SL Green landlords to renegotiate officespacedemand.” ecutives argueitwill lead to clude Atlas Venture, which Realty Corp.shares are36% leases or seeking refuge in Revenue-sharing agree- betterofficespaceand hap- 80 disclosed a $400 million fund lower, according to FactSet. bankruptcy courts. mentsbetween landlords and pier tenants. in June. Vornado Realty Trust shares Knotel has said it plans to co-working companies are in- Officelandlords oftenhave 70 Building companies around aredown43%. shrink itsfootprint and faces creasingly common, exposing lessofanincentivetoim- newbiotech research is also U.S./Canada Theco-working industry’s lawsuitsoverunpaid rent. property ownersmoredirectly provetheir services because 60 the most scientifically inter- damping effect on the prop- Some entities tied to IWG to the ups and downs of the their customers, signed to Europe,the esting work for the team, Dr. erty market is areversalfrom PLC’sRegus locations have market. And co-working va- long-term leases,haveno 50 Middle East, Harper said.Inaddition, be- prior years, when the growth filed forbankruptcy to getout cancies add to aglut of avail- choicebut to keep paying the and Africa cause of the success the bio- of companies including We- of lease obligations. able officespace, pushing rent, said Jamie Hodari,CEO 40 tech industryhas had in re- Work and Knotel Inc.propped FitchRatingsinOctober down rentsacrosscities. of co-working companyIndus- cent years, morecorporate up office rentsand real-estate downgraded WeWork’sbonds, “Evenifit’snot all direct trious. 30 employees arewilling to leave prices. citing “concern over the via- competition forwhat you’re “Hopefully shifting away Jan. 2020 Oct. the security of alarge com- In NewYork,asurge in bility of WeWork’sbusiness marketing, youkind of feel from that means suppliers panytojoin astartup,increas- newconstruction over the model in light of apotential the heat,” Ms.LaRusso said. have to do abetterjob of ac- *Manhattan and SanFrancisconumbers areas ing the pool of talent investors of November,L.A. numbers areasofQ3. past decade led to fearsofa lastingshiftbycompanies to But while the rise of short- tually meeting demand rather †Estimatesbased on a50% availabilityrate have to draw upon when glut of officespace, as ten- ahybrid officemodel that term leases creates challenges than sitting in the Hamptons within co-working spaces building companies,according antsmoved out of older leadstopermanently lower forinvestors, co-working ex- clipping coupons,” he said. Sources: CBRE; WeWork to Dr. Seidenberg. P2JW351000-2-B00700-1------XA

THE WALL STREET JOURNAL. ** We dnesday, December 16, 2020 | B7 BUSINESS NEWS Top SEC Official Ruling Hits Chuck E. Cheese

On Exchanges BY PEG BRICKLEY

Children’sarcade and pizza To Step Down chain Chuck E. Cheese failed to persuade abankruptcy judgetodelayorcut rent obli- BY ALEXANDER OSIPOVICH tion, issuing anearly 900-page gations due to Covid-19-re- regulation that Mr.Redfearn lated restrictions on the busi- TheSecurities and Ex- played a role in crafting. ness. changeCommission’stop offi- “This is something that Theruling this week from cial forthe oversight of ex- hasn’t been updated and mod- JudgeMarvin Isgur of the U.S. changes,brokers and high- ernized sincethe 1970s,” he Bankruptcy Court in Houston speed trading firms is said in an interview. “It is ex- sounds awarning notefor re-

stepping down at the end of tremely important forleveling tailers and restaurants trying GES

December,concluding athree- the playing field and ensuring to survive a pandemic-driven IMA year tenuremarked by clashes fairness in the market.” drop in revenue,while com- ETTY

with the stock exchanges he Mr.Redfearn said he didn’t forting commercial landlords /G regulated. have anyimmediateplans to trying to do the same. BrettRedfearn will leave start anew job afterleaving Thequestion of rent cuts his job as director of the SEC’s the SEC. and delays forbusinesses hurt BENNETT UCE

trading and markets division, He is the latest of awaveof by Covid-19 has come up in BR the commission said Tuesday. top SEC staffers who have re- other bankruptcy cases,in- AshutteredrestaurantinNew York. The companyhad asked ajudge to delayorcut rent obligations. He is leaving along with his cently leftorannounced plans cluding that of Ruby Tuesday boss,Chairman JayClayton, to depart at the end of the Inc.which, likeChuck E. giving children aplacetoplay sionscovering eventsoutside the Covid-19 pandemic is an who appointed Mr.Redfearn year,including the agency’s Cheese, resorted to chapter 11 as part of family dining.How- of abusiness’scontrol that can event beyond their control to the role in October 2017. topenforcement official, protection as government reg- ever, the bankruptcy code al- prevent them from meeting that should excuse the missed Together,Messrs. Clayton Stephanie Avakian. Such turn- ulations and fear of infection lows the companytodelay their contractual obligations. payments. Most property own- and Redfearn sought to re- over is common at the SEC kept customers away. rent paymentsfor only 60 Thecompanycame to agree- ershavetaken the position shape the plumbing of the U.S. during changes of presidential JudgeIsgur said U.S. bank- days,and nothing in statelaw mentswith manyofits land- that tenantsstill have to pay stock market, particularly in administrations. ruptcy laws limit howmuch or the terms of the leases lords. But those forsix loca- rent even if the premises the area of stock-market data. Unlikemanyprevious direc- help he canextendtoChuck E. changes that, according to the tions in three states challenged aren’t supporting normal busi- Manybrokers and traders tors of his division, Mr.Red- Cheese when it comes to the ruling.Leases aregoverned by Chuck E. Cheese and itsparent, ness activity. complain that fees for essen- fearn isn’t alawyer and in- rent obligations owedonsix their ownprovisions and by CEC Entertainment Corp., In response to the disputes, tial dataonstock prices, steadhad spent much of his restaurantsinNorth Carolina, the laws of the states where which has proposed arestruc- landlords areincluding pan- quotes and trading activity are career on Wall Street trading Washington and California. the restaurant is located. turing that would put senior demic-related language in excessiveand that big ex- desks. According to the ruling, Chuck E. Cheese originally lendersincontrol. leases as they are renewed or changeoperatorslikethe New Before his appointment to varying degrees of health re- asked the judgefor delays or Throughout the coronavirus amended, allowing tenants to York Stock Exchangeand Nas- the SEC,hewas atop elec- strictions constricted the busi- rent cutsat141 outletsacross lockdowns, many tenants un- defer part of their rent if more daq Inc. have toomuch power tronic-trading executiveatJP- ness, which is built around 12 states,citing lease provi- able to payrent have said that shutdowns are ordered. to set them. MorganChase &Co. whose job NYSE, owned by Intercon- included publicly advocating tinental Exchange Inc., and forthe bank’sviews on the Nasdaq reject such criticism structureofthe U.S. equities U.K. Watchdog Sets Fines for Barclays Units and saytheir fees arefair and markets. reasonable.They pushed back That background proved BY SABELA OJEA 2018,Barclays and some affili- Theregulator cited Barclays worse,” Mark Steward,the against manyofMr. Redfearn’s useful during the coronavirus- ates failed to help some custom- BankUKPLC,Barclays Bank FCA’s director of enforcement market-datachanges,which fueled volatility of March and Atop U.K. regulator has lev- ersunderstand the reason be- PLC and Clydesdale Financial and market oversight, said. threatened a key business for April when Mr. Redfearn was ied afine of £26 million, the hind missed paymentsand Services Ltd., awholly owned Barclays didn’t disputethe them, and they repeatedly frequently on the phone with equivalent of $34.7million, on provided solutions that were un- subsidiaryofBarclays Bank, for FCA’s findings, according to the sued the SEC to block initia- exchange executives and offi- Barclays PLC-related unitsover affordable or unsustainable. the violations. regulator. tives that he supported, win- cials at other government the treatment of customers TheFCA requires consumer- “Consumersshould feel re- Barclays said that it has ning some court victories. agencies to ensurethat mar- that fell intoarrearsorwent credit firms to take measures assured that their lender will sinceimplemented changes to Last week,the SEC’scom- kets were running smoothly. through adifficult financial sit- to understand customers’ fi- work with them to help resolve itssystems,processes and missionersvoted unanimously Mr.Redfearn wasalso in- uation. nancial difficulties and to show anyfinancial difficulties, training.The bank also has re- to overhaul the public-data volved in theSEC’seffort to TheFinancial Conduct Au- forbearancetocustomerswho whereas Barclays’s poor treat- paid morethan £273million to feeds that supply manyinves- develop aregulatoryframe- thority said Tuesdaythat be- have missed paymentsorare ment of itscustomersrisked at least1.53million customer tors with stock-priceinforma- work for digital currencies. tween April 2014and December struggling financially. making these difficulties accountssince2017.

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Information is believed to be reliable, but not guaranteed. #M,OO2O0*Pg*OP g+ /N U)0O GZ^FZG@^ fc Y(O,M,OO0 Wg,PO0+ SObb TT!^ gROe ./*O0*KgH +)QQO++N)H fKPPO, K0 Q/00OQ*K/0 eK*L /f*gK0K0M K0N/,2g*K/0 g0P InvscS&P500EW RSP 126.89 1.66 9.7 i/,I HK2K*OP HKgfKHK*c Q/2.g0ca9,A%%1&7&A +#??#*A?7`^ K0 Ng(/,/N:OQ),OP fKPPK0M/0*LO V0*O,O+*+^ K0QH)PK0M f)* 0/*HK2K*OP */^aG` *Lg* OgQL fKPPO, iSh3-7YTreasuryBd IEI 132.96 –0.04 5.7 =g,*cag+ g2O0POP^ ,O+*g*OP^ ,O.HgQOP^ +)..HO2O0*OP /, /*LO,eK+O 2/PKhOP 2)+* +g*K+Nc*LO ,O-)K,O2O0*+ +O*N/,*L K0 *Lg* QO,*gK08O,2+/N:gHO High yield savings N,/2 *K2O */ *K2Oa*LO 9;3A"=A-=?AA(A&97`^ g0P #,*KQHO @/N*LO 60KN/,2 g**gQLOP LO,O*/ g+ 8):7/79+a*LO 94A?(< #@ 513A7`^ aF` *Lg* OgQL fKPPO, iShCoreDivGrowth DGRO 44.28 1.30 5.3 Yield !/22O,QKgH !/PO /N *LO :*g*O/NROe i/,I\ 2)+* .gcgHH g2/)0*+ P)O .),+)g0* */ *LO S/,*MgMOT/g0 #M,OO2O0**/ iShCoreMSCIEAFE IEFA 68.37 1.17 4.8 Bank Bank Yield :OQ),OP=g,*c K+ /NNO,K0MN/, +gHO GZZ1 /N *LO HK2K*OP HKgfKHK*c Q/2.g0c S/,*MgMO TO0PO, g0P aE` *Lg* OgQL fKPPO, 2)+* Q/2.Hc eK*L *LO ,O+*,KQ*K/0+ iShCoreMSCIEM IEMG 60.65 1.10 12.8 Phone number Minimum (%) Phone number Minimum (%) 2O2fO,+LK. K0*O,O+*+K0Y(O,M,OO0 Wg,PO0+ VTT!^gjOHgeg,O HK2K*OP HKgfKHK*c g..HKQgfHO */ *LO +gHO /N *LO V0*O,O+*+ )0PO, *LO V0*O,Q,OPK*/,#M,OO2O0* iShCoreMSCITotInt IXUS 66.28 1.19 7.1 Q/2.g0ca9>*&A?7`^ /e0OP fc SObbg0K0O "/,,/eO,a*LO 92&9A?A<9<7`^ eLKQL Pg*OP g+ /N U)0OGZ^ FZG@^fcg0P g2/0M :OQ),OP =g,*cg0P S/,*MgMO Money market and savings account Six-month CD ,O.,O+O0*GZZ1 /N *LO HK2K*OP HKgfKHK*c Q/2.g0c2O2fO,+LK.K0*O,O+*+ K0 TO0PO, a*LO 92&9A?$?A"79#?7`^ K0QH)PK0M *Lg* +)QL fKPPO, K+ g9<)gHKhOP iShCoreS&P500 IVV 369.31 1.36 14.3 >e0O,^eLKQL /e0+ *LO .,/.O,*c H/Qg*OP g* GFE SOH,/+O :*,OO*^ ",//IHc0^ 8,g0+NO,OO7 ag+ POh0OP K0 *LO V0*O,Q,OPK*/, #M,OO2O0*` /, Lg+ /f*gK0OP*LO iShCoreS&P MC IJH 227.83 2.34 10.7 Vio Bank (4 ) $100 0.66 TAB Bank (5) $1,000 0.50 ROei/,I GGFZC a*LO 9;?#!A?9'7`\ 8LO +gHO K+ fOK0M 2gPO K0 Q/00OQ*K/0eK*L Q/0+O0* /N S/,*MgMO TO0PO,\ iShCoreS&P SC IJR 91.28 2.63 8.9 (888) 999-9170 (800) 355-3063 *LO N/,OQH/+),O /0 g.HOPMO /N *LO V0*O,O+*+ */ :OQ),OP=g,*c fc SObbg0K0O 8LO V0*O,O+*+ g,O fOK0M/NNO,OP g+ g+K0MHO H/*^ 9g+]K+^ eLO,O]K+7^ eK*L 0/ iShS&PTotlUSStkMkt ITOT 84.93 1.41 16.8 "/,,/eO,)0PO, *LO =HOPMO #M,OO2O0*^ .),+)g0* */ eLKQL SObbg0K0O Od.,O++ /, K2.HKOP eg,,g0*KO+^,O.,O+O0*g*K/0+^ +*g*O2O0*+ /N Q/0PK*K/0+ TAB Bank (5 ) $0 0.65 Presidential Bank, FSB (3) $1,000 0.50 "/,,/eO,M,g0*OP */ :OQ),OP=g,*c gh,+* .,K/,K*c HKO0 /0 *LO V0*O,O+*+ /N g0cIK0P 2gPO fc :OQ),OP=g,*c /, g0c.O,+/0 gQ*K0M N/,/,/0fOLgHN/N iShCoreUSAggBd AGG 118.03 0.06 5.0 g+ Q/HHg*O,gH N/,*LO H/g0 a*LO 9,A%%1&7&A .#1&7` N,/2 :OQ),OP =g,*c*/ :OQ),OP=g,*c^eK*L/)*g0c ,OQ/),+OeLg*+/O(O,*/:OQ),OP=g,*c /, g0c iShSelectDividend DVY 95.98 1.57 –9.2 (800) 355-3063 (800) 799-1424 SObbg0K0O "/,,/eO,\ 8LO SObbg0K0O T/g0 eg+2gPO .),+)g0**/*Lg* /*LO, .O,+/0 gQ*K0M N/,/,/0fOLgHN/N:OQ),OP=g,*c g0P OgQL fKPPO, 2)+* iShESGAwareUSA ESGU 84.65 1.29 18.7 CFG Community Bank (5 ) $1,000 0.62 Live Oak Bank (5) $2,500 0.50 QO,*gK0 SObbg0K0O T/g0 g0P :OQ),K*c #M,OO2O0*Pg*OP g+ /N XOf,)g,cGF^ 2gIOK*+ /e0K0-)K,c,OMg,PK0M *LO V0*O,O+*+\ 8LO eK00K0M fKPPO, +LgHH fO iShEdgeMSCIMinUSA USMV 67.02 1.04 2.2 FZG@^fcg0P fO*eOO0 :OQ),OP =g,*cg0P SObbg0K0O "/,,/eO,^ g+ g2O0POP ,O+./0+KfHON/, *LO .gc2O0* /N gHH *,g0+NO, *gdO+^ +*g2. P)*KO+ g0P +K2KHg, (888) 205-8388 (866) 518-0286 fc *Lg* QO,*gK0 XK,+*#2O0P2O0* /N SObbg0K0O T/g0 #M,OO2O0*Pg*OP g+ /N *gdO+ K0Q),,OPK0Q/00OQ*K/0 eK*L *LO .),QLg+O /N *LO V0*O,O+*+\ iShEdgeMSCIUSAMom MTUM 158.70 0.95 26.4 U)0OGZ^ FZG@ ag+ N),*LO, g2O0POP^ 2/PKhOP^,O+*g*OP/,+)..HO2O0*OP :OQ),OP=g,*c ,O+O,(O+*LO ,KML* */ Q,OPK* fKP^ +O* g2K0K2)2 ,O+O,(O iShEdgeMSCIUSAQual QUAL 114.32 1.26 13.2 One-month CD One-year CD N,/2 *K2O*/*K2O^ *LO 9,A%%1&7&A .#1& -=?AA(A&97`\ .,KQO^ ,OJOQ* gHH fKP+ aK0QH)PK0M eK*L/)* HK2K*g*K/0 g0cfKP *Lg* K* POO2+ */ Lg(O iShGoldTr IAU 17.69 1.43 22.0 8LO SObbg0K0O T/g0 K+ +)f/,PK0g*O*/*Lg* QO,*gK0 H/g0 a*LO 9,#?9=1=A fOO0 2gPO fc gfKPPO, *Lg* K+ )0gfHO */ +g*K+Nc *LO ,O-)K,O2O0*+ K2./+OP iShiBoxx$InvGrCpBd LQD 137.45 0.20 7.4 Lone Star Bank (5) $1,000 0.20 Connexus Credit Union (5) $5,000 0.71 .#1&7` 2gPO .),+)g0* */ *Lg* QO,*gK0 T/g0 g0P :OQ),K*c #M,OO2O0*Pg*OP g+ fc :OQ),OP=g,*c )./0 .,/+.OQ*K(O fKPPO,+ K0 Q/00OQ*K/0 eK*L *LO +gHO /, */ /N U)0O GZ^FZG@^ fc g0P fO*eOO0 >e0O, g0P U=S/,Mg0 !Lg+O"g0I^ R\#\ eL/2 K0 :OQ),OP =g,*c4+ +/HO J)PM2O0* g+gHO 2gc0/* HgeN)HHc fO 2gPO` iShiBoxx$HYCpBd HYG 86.97 0.31 –1.1 (713) 358-9400 (800) 845-5025 ag+g2O0POP^ 2/PKhOP^ ,O+*g*OP /, +)..HO2O0*OP N,/2 *K2O */ *K2O^ *LO g0P *O,2K0g*O/,gPJ/),0 *LO +gHO */ g0/*LO, *K2O^ eK*L/)* N),*LO, 0/*KQO\ iShJPMUSDEmgBd EMB 115.31 0.34 0.7 State Bank of India California (5) $1,000 0.15 CFG Community Bank (5) $500 0.67 9,#?9=1=A .#1& -=?AA(A&97`^ g0P /*LO, /fHKMg*K/0+g0P HKgfKHK*KO+ /N >e0O, :OQ),OP =g,*cN),*LO, ,O+O,(O+*LO ,KML* */ ,O+*,KQ* .,/+.OQ*K(OfKPPO,+ /, *Lg* g,O /*LO,eK+O gNNOQ*K0M *LO =,/.O,*c\8LO V0*O,O+*+ g,O gH+/ +)fJOQ* */ *L/+O eL/ eKHH ,O.,O+O0* *Lg* *LOcg,O .),QLg+K0M*LO V0*O,O+*+ N/,*LOK, iShMBSETF MBB 110.00 0.05 1.8 (877) 707-1995 (888) 205-8388 iShMSCI ACWI ACWI 89.33 1.27 12.7 */ *LO M/(O,0K0M P/Q)2O0*+ /N >e0O, aK0QH)PK0MK*+ /.O,g*K0MgM,OO2O0*`\ /e0gQQ/)0* N/,K0(O+*2O0* 0/*eK*L g(KOe*/*LO PK+*,Kf)*K/0 /, ,O+gHO /N Washington Savings Bank (4) $500 0.10 BrioDirect (3) $500 0.65 "g+OP /0 K0N/,2g*K/0 .,/(KPOP */ :OQ),OP=g,*c af)* eK*L/)* ,O.,O+O0*g*K/0 +)QL V0*O,O+*+^ */ (O,KNc *Lg* OgQL QO,*KhQg*ON/, *LO V0*O,O+*+ */ fO +/HP fOg,+g iShMSCI EAFE EFA 72.26 1.02 4.1 /, eg,,g0*c/Ng0c IK0P fc :OQ),OP=g,*c eK*L ,O+.OQ**/*LO gQQ),gQc *LO,O/N` HOMO0P +)f+*g0*KgHHc */ *LO ONNOQ* *Lg* +)QL K0*O,O+*+ Lg(O 0/*fOO0 ,OMK+*O,OP iShMSCIEmgMarkets EEM 50.48 1.08 12.5 (978) 458-7999 (877) 369-2746 U=S/,Mg0 !Lg+O "g0I^ R\#\K+*LO Q),,O0* L/HPO, /N *LO S/,*MgMO T/g0 )0PO, *LO :OQ),K*KO+ #Q*/NG@EE^ g+ g2O0POPa*LO 95A$6?797A<-$97`^ g0P iShMSCIJapan EWJ 66.38 0.71 12.1 a*/MO*LO, eK*L K*+ +)QQO++/,+ g0P g++KM0+^ 9,#?9=1=A .A&"A?7`\ 2gc0/* fO PK+./+OP /N K0 (K/Hg*K/0 /N *LO .,/(K+K/0+ /N *LO :OQ),K*KO+ #Q* iShNatlMuniBd MUB 117.09 ... 2.8 Two-month CD Two-year CD 8LO :gHO +LgHH *gIO.HgQO g+ N/HH/e+^ +)fJOQ* */ *LO !>5Vj]G@ .g0PO2KQ g0P */ K2./+O +)QL /*LO, HK2K*g*K/0+ /, Q/0PK*K/0+ K0 Q/00OQ*K/0 eK*L *LO g0P g..HKQgfHO Hge^ K0QH)PK0M g0cg..HKQgfHO YdOQ)*K(O>,PO,+ /N *LO +gHO /N *LO V0*O,O+*+ g+ *LO :OQ),OP =g,*cPOO2+ 0OQO++g,c /, gP(K+gfHO K0 iSh1-5YIGCorpBd IGSB 55.10 0.06 2.7 Lone Star Bank (5) $1,000 0.20 Connexus Credit Union (5) $5,000 0.81 W/(O,0/, /N *LO :*g*O /N ROei/,I^ ,OHg*K0M *LO,O*/? /,PO, */ Q/2.Hc eK*L *LO :OQ),K*KO+ #Q*^ g0c/*LO, g..HKQgfHOHge /, g0c/*LO, iShPfd&Incm PFF 38.13 0.50 1.4 (713) 358-9400 (800) 845-5025 XOf,)g,cD^FZFG gM,OO2O0*+*/eLKQL SObbg0K0O TO0PO, K+ g.g,*c\ iShRussell1000Gwth IWF 235.53 1.16 33.9 GF?ZZ =S aROei/,I8K2O` #HH fKP+a/*LO, *Lg0 Q,OPK* fKP+ /N *LO :OQ),OP =g,*c` 2)+* fO N/,Qg+L^ g0P iShRussell1000 IWB State Bank of India California (5) $1,000 0.15 Live Oak Bank (5) $2,500 0.80 W//PeK0 =,/Q*O, TT= *LO +)QQO++N)H fKPPO, 2)+* fO .,O.g,OP */ POHK(O,K22OPKg*OHc g(gKHgfHO 208.36 1.35 16.8 M//P N)0P+ eK*LK0 h(OaD` f)+K0O++ Pgc+ gN*O,*LO +gHO g0P /*LO,eK+O iShRussell1000Val IWD 135.42 1.51 –0.8 (877) 707-1995 (866) 518-0286 8LO ROei/,I8K2O+ ")KHPK0M^ CFZ YKML*L #(O0)O^ ROei/,I^ ROei/,IGZZGA #**O0*K/0? jKg0g S\ ",)22O,^Y+-\^ 8OHO.L/0O? aFGF` AGE]AACG Q/2.Hc eK*L *LO fKPPK0M,O-)K,O2O0*+\ X),*LO, K0N/,2g*K/0 Q/0QO,0K0M *LO iShRussell2000 IWM 194.68 2.50 17.5 V0*O,O+*+ g0P *LO ,O-)K,O2O0*+ N/,/f*gK0K0M K0N/,2g*K/0 g0P fKPPK0M /0 VirtualBank (4) $10,000 0.15 Goldwater Bank (3) $5,000 0.80 g0P iShRussellMid-Cap IWR 67.86 1.69 13.8 *LO K0*O,O+*+Qg0 fO N/)0P K0 *LO 8O,2+ /N :gHOaK0QH)PK0M fc gQQO++ *L,/)ML? iShRussellMCValue IWS (877) 998-2265 (480) 281-8200 5Kg +K2)H*g0O/)+(KPO/ Q/0NO,O0QO eee\PO0KbO0.Lg+OVV)QQN/,OQH/+),O\Q/2`\ 96.01 1.95 1.3 L**.+?[[M//PeK0Hge\eOfOd\Q/2[M//PeK0Hge[J\.L.%S8Vj&2g@NGDgAfENF iShS&P500Growth IVW 62.51 1.33 29.1 Three-month CD Five-year CD ABZQPEBCffBOEfOBFBPZC ",O** ;/+O0fO,M iShS&P500Value IVE 126.80 1.42 –2.5 #**O0*K/0? jKg0g S\ ",)22O,^Y+-\^ 8OHO.L/0O? aFGF` AGE]AACG aPK,OQ* PKgH?_GaFGF` AGF]D@FC' O]2gKH? ",O**\;/+O0fO,M$g2\JHH\Q/2` iShShortTreaBd SHV 110.51 –0.01 0.0 BrioDirect (3) $500 0.50 Connexus Credit Union (5) $5,000 1.01 iShSilver SLV 22.80 2.89 36.7 (877) 369-2746 (800) 845-5025 iShTIPSBondETF TIP 127.06 0.18 9.0 Goldwater Bank (3) $5,000 0.35 First Internet Bank of Indiana (4) $1,000 0.96 iSh1-3YTreasuryBd SHY 86.41 ... 2.1 ADVERTISEMENT (480) 281-8200 (888) 873-3424 iSh7-10YTreasuryBd IEF 119.96 –0.10 8.8 iSh20+YTreasuryBd TLT 157.80 –0.33 16.5 Lone Star Bank (5) $1,000 0.25 Goldwater Bank (3) $5,000 0.95 iShRussellMCGrowth IWP 101.32 1.17 32.8 (713) 358-9400 (480) 281-8200 BusinessReal Estate&Auctions iShUSTreasuryBdETF GOVT 27.39 –0.07 5.6 JPM UltShtIncm JPST 50.80 0.01 0.7 High yield jumbos - Minimum is $100,000 To advertise: email [email protected] or WSJ.com/classifieds PIMCOEnhShMaturity MINT 102.03 0.01 0.4 SPDR BlmBarcHYBd JNK 108.41 0.35 –1.0 Money market and savings account Six-month CD SPDRBloomBar1-3MTB BIL 91.51 ... 0.1 SPDR Gold GLD 173.94 1.40 21.7 CFG Community Bank (5) 0.72 Live Oak Bank (5) 0.50 INVESTMENT OPPORTUNITIES AUCTIONS AUCTIONS SchwabIntEquity SCHF 35.67 1.11 6.1 (888) 205-8388 (866) 518-0286 SchwabUS BrdMkt SCHB 89.63 1.43 16.6 Luana Savings Bank (5) 0.60 Merrick Bank (5) 0.50 SchwabUS Div SCHD 63.92 1.33 10.4 31130.-IL.H G3IQ LI,Q/.JQI. 30-0)=* .,--9B SchwabUS LC SCHX 89.56 1.34 16.6 (800) 666-2012 (866) 638-6851 %!"& !$#"#! SchwabUS LC Grw SCHG 125.29 1.19 34.9 BankDirect (4) 0.60 TAB Bank (5) 0.50 8E?!9ER NE!A: .EO/#&R9&< 8=@ 0*.932+9*2 SchwabUS SC SCHA 88.19 2.18 16.6 (877) 839-2737 (800) 355-3063 "#!$'%& Schwab US TIPs SCHP 61.88 0.18 9.3 ;[8) 5-)GCK G2)G[ Z<:G:) TC6)<:D)C: GC+ *'"0)%3- -2 !22#7%&.3%$ SPDR DJIA Tr DIA 302.62 1.18 6.1 One-month CD One-year CD 7)6)[BAD)C: O>D 'B8C+)+ !C ,FF(K #G< SPDR S&PMdCpTr MDY 417.69 2.36 11.3 %)C)>G:)+ Q5Q %>BY:# :#>B8%# >)OC!C% 6+ *)/% (03 52.% )041,. Lone Star Bank (5) 0.20 Connexus Credit Union (5) 0.71 SPDR S&P 500 SPY 369.59 1.35 14.8 !:< >!<^JG+_8<:)+ 6G[8) GAA>BG-#I SPDR S&P Div SDY 107.33 1.70 –0.2 (713) 358-9400 (800) 845-5025 'A?A>(5A"6$A( ;/& @A># TechSelectSector XLK 126.83 1.67 38.4 State Bank of India California (5) 0.15 CFG Community Bank (5) 0.67 ;[8) 5-)GC3< 4;5!E9!@A /9E9!@A 3G #% )/!7:/1 4/7%< UtilitiesSelSector XLU 63.14 1.97 –2.3 (877) 707-1995 (888) 205-8388 P7A(2 A>B6!+)< !C6)<:B>< Y!:# G VanEckGoldMiner GDX 35.37 3.15 20.8 +)')>>G[ BC ,F,FH,F,. 9GA!:G[ VG!C `*.FR B' TC<:!:8:!BCG[ X!CGC-!C% VirtualBank (4) 0.10 Goldwater Bank (3) 0.65 VangdInfoTech VGT 345.02 1.66 40.9 0#) 5N '8C+ <8AAB>:< :#) >)+)6)[BAD)C: GC+ S4 Z@8!:U 1)-8>)+ VangdSC Val VBR 142.46 2.39 3.9 (877) 998-2265 (480) 281-8200 B' =6!G:!BC 1:G:!BCK G,D![[!BC <@8G>) 'BB: X!CG[ Z@8!:U 5AAB>:8C!:U =6G![GE[) VangdSC Grwth VBK 262.14 1.75 31.9 VangdExtMkt VXF 163.39 1.72 29.7 Two-month CD Two-year CD TC+8<:>!G[ A>BA)>:U !C ;G[:!DB>)K R7I ,.I,&] T22K *F]L959K *I$"/ ZR PA>):GWM +$FV"S L00C )F'O Q>7!9M J7R9!?R&F YYYIG-@8!:U>)G[:UI-BDHA>B_)-:[U<[)H CCB>23 :1 %H+I8J;0:. @0JD VangdDivApp VIG 139.71 1.27 12.1 Lone Star Bank (5) 0.20 Connexus Credit Union (5) 0.81 VangdFTSEDevMk VEA 47.03 1.10 6.7 (713) 358-9400 (800) 845-5025 -BC:G-:\ !C'B?G-@8!:U>)G[:UI-BD @D..8 JF &096D8J (0++D; :J VangdFTSE EM VWO ;880Q6L.Q6LI,Q/.30/ 3IKHF 49.51 0.94 11.3 *I1J0FH :J F; *7FGD )!C%I VangdFTSEAWxUS VEU 58.08 1.08 8.1 (877) 707-1995 (866) 518-0286 M#FFXF\B] I, VangdGrowth VUG 248.26 1.22 36.3 VirtualBank (4) 0.15 Goldwater Bank (3) 0.80 %%'F)"VFT')+ 4CCCE5 ':,A7D.. =D..8 !+ VangdHlthCr VHT 221.76 1.00 15.7 (877) 998-2265 (480) 281-8200 U:#&MABEA=DR7&@*&EAF*@B XV"7.[Y5 J(6Y;T.5Y5 6(V<9V< ?6TW VangdHiDiv VYM 91.78 1.36 –2.1 NOTABLE /]HHHO2: 5? 1T 4]>HHO2: 5? &"6(VY VangdIntermBd BIV 93.37 –0.01 7.1 Three-month CD Five-year CD COMMERCIAL TLY6 GY6WYV1(. C9LY6P VangdIntrCorpBd VCIT 96.92 0.11 6.1 VangdLC VV 173.60 1.29 17.4 BrioDirect (3) 0.50 Connexus Credit Union (5) 1.01 PROPERTIES #ADH "I7.01 %H8AD1J0FH/ SS:/RW !69 VangdMC VO 205.74 1.51 15.5 (877) 369-2746 (800) 845-5025 DR7&@*&EAF*@B EVERYWEDNESDAY %Y" S@ &M(V @ VangdMBS VMBS 54.08 0.06 1.7 Goldwater Bank (3) 0.35 First Internet Bank of Indiana (4) 0.96 *I1J0FH8/ S/RW] A;. M(V S= TV 591Y VangdRealEst VNQ 85.74 2.05 –7.6 (480) 281-8200 (888) 873-3424 T6 $9[ 79LY TV79VY (1 VangdS&P500ETF VOO 339.64 1.38 14.8 (800)366-3975 VangdST Bond BSV 82.89 0.02 2.8 Lone Star Bank (5) 0.25 Goldwater Bank (3) 0.95 :I1J0FHVY1JT68P"TW [email protected] VangdSTCpBd VCSH 83.11 0.07 2.6 (713) 358-9400 (480) 281-8200 VangdSC VB 193.07 1.97 16.6 SHOWROOM Formoreinformation visit: @HHP@HSP@HH0 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of VangdTotalBd BND 88.20 0.05 5.2 wsj.com/classifieds J9779(W5:I1J0FHP"TW2I, VangdTotIntlBd BNDX 58.66 0.02 3.7 compounding and rate stated for the lowest required opening deposit to earn interest. CD (800)366-3975 VangdTotIntlStk VXUS 59.95 1.08 7.6 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of [email protected] $* %,FX#I F#IBEF C# IX' *CEKPHUU>3@HS>>:,'AP K#XAZ +P *,** ,-' IX' S/=P VangdTotalStk VTI 192.24 1.37 17.5 which may be checks. Rates are subject to change. ©2020Dow Jones &Company, Inc. ©2020Dow Jones &Company,Inc. >Q *-)#CNB DC#GX-GP VangdTotlWrld VT 91.74 1.29 13.3 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 All Rights Reserved. All Rights Reserved. VangdValue VTV 118.61 1.40 –1.0 Internet: www.bankrate.com P2JW351000-0-B00800-1------NS

B8 | We dnesday, December 16, 2020 NY 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. Brown&Brown BRO 46.63 1.18 DollarGeneral DG 207.78 1.88 HealthpeakProp PEAK 29.95 1.07 MGM Resorts MGM 30.76 1.25 Phillips66 PSX 68.25 1.06 TeladocHealth TDOC 196.11 1.48 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Brown-Forman B BF.B 76.57 1.04 DollarTree DLTR 110.04 2.36 Heico HEI 133.95 1.62 MKS Instrum MKSI 152.73 2.32 Pinduoduo PDD 142.03 -0.09 TeledyneTech TDY 387.38 6.48 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four s s that include primary market trades as well as quarters. Brown-Forman A BF.A 81.54 0.26 DominionEner D 75.48 1.01 Heico A HEI.A 123.60 3.05 MPLX MPLX 23.20 0.37 PinnacleWest PNW 80.03 0.89 Teleflex TFX 392.68 12.01 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Bruker BRKR 54.56 0.96 Domino's DPZ 384.68 1.45 HenrySchein HSIC 68.94 0.87 MSCI MSCI 424.00 0.10 Pinterest PINS 70.71 0.92 Ericsson ERIC 12.00 0.29 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Bunge BG 65.16 1.38 DoorDash DASH 158.89 -1.11 Hershey HSY 150.23 1.09 MagellanMid MMP 46.06 0.49 PioneerNatRscs PXD 117.44 4.33 TelefonicaBras VIV 9.04 -0.03 Nasdaq ISE. standards BurlingtonStrs BURL 237.10 6.59 Dover DOV 121.84 1.71 Hess HES 56.40 2.50 MagnaIntl MGA 64.08 1.86 PlainsAllAmPipe PAA 8.90 0.31 Telefonica TEF 4.27 -0.01 The list comprises the 1,000 largest companies lf-Late filing CBRE Group CBRE 66.13 1.00 Dow DOW 54.13 1.07 HewlettPackard HPE 12.17 0.30 ManulifeFin MFC 17.68 0.12 PlainsGP PAGP 9.16 0.29 TelekmIndonesia TLK 24.18 1.12 based on market capitalization. q-Temporary exemption from Nasdaq CDW CDW 132.83 1.10 DrReddy'sLab RDY 68.46 0.44 HighwoodsProp HIW 40.70 1.38 MarathonPetrol MPC 42.25 1.49 PlugPower PLUG 28.47 2.77 10xGenomics TXG 149.54 -2.21 Underlined quotations are those stocks with requirements. CF Industries CF 38.35 -0.47 DraftKings DKNG 50.50 -0.08 Hilton HLT 104.97 1.93 Markel MKL 1015.27 22.58 Pool POOL 348.79 2.21 Tenaris TS 16.66 0.44 large changes in volume compared with the t-NYSE bankruptcy CGI GIB 78.38 2.42 Dropbox DBX 23.12 -0.20 Hologic HOLX 75.50 1.33 MarketAxess MKTX 553.79 2.64 PrincipalFin PFG 48.34 0.52 TencentMusic TME 19.05 0.17 issue’s average trading volume. v-Trading halted on primary market. CH Robinson CHRW 90.25 -1.53 DukeEnergy DUK 92.11 0.98 HomeDepot HD 267.98 2.40 Marriott MAR 130.36 3.74 Procter&Gamble PG 136.65 0.80 s Teradyne TER 120.44 3.26 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being CME Group CME 181.39 3.84 DukeRealty DRE 39.58 0.87 HondaMotor HMC 29.65 0.41 Marsh&McLen MMC 116.65 1.73 Progressive PGR 96.69 2.59 Tesla TSLA 633.25 -6.58 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, CMS Energy CMS Dun&Bradstreet DNB 26.00 0.24 MartinMarietta MLM 266.56 6.86 previous closing price was $2 or higher. or securities assumed by such companies. 60.00 0.78 Honeywell HON 214.17 2.32 Prologis PLD 99.55 2.68 TevaPharm TEVA 10.44 0.13 CNA Fin CNA 38.37 0.98 s DuPont DD 68.03 2.27 HorizonTherap HZNP 77.10 -0.77 MarvellTech MRVL 45.16 0.83 PrudentialFin PRU 77.81 1.20 TexasInstruments TXN 162.38 2.26 s CNH Indl CNHI 11.54 0.58 Dynatrace DT 39.48 1.03 HormelFoods HRL 47.33 0.13 Masco MAS 54.75 -0.31 Prudential PUK 35.70 0.92 Textron TXT 48.06 1.32 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and CNOOC CEO 89.29 -2.45 ENI E 21.41 0.46 DR Horton DHI 70.95 0.55 Masimo MASI 266.08 3.08 PublicServiceEnt PEG 57.81 1.38 ThermoFisherSci TMO 470.98 3.85 changes in the closing prices from 4 p.m. the previous day. CRH CRH 40.29 0.86 EOG Rscs EOG 53.16 1.08 HostHotels HST 14.51 0.48 Mastercard MA 333.65 2.50 PublicStorage PSA 225.16 1.42 ThomsonReuters TRI 80.93 0.53 CRISPR Therap CRSP 149.97 -0.09 EPAM Systems EPAM 325.93 0.71 HowmetAerospace HWM 26.94 0.13 MaximIntProducts MXIM 86.29 0.98 PulteGroup PHM 42.42 0.44 3M MMM 174.68 1.60 Tuesday, December 15, 2020 Net Net CSX CSX 90.22 1.30 EastmanChem EMN 101.48 1.29 HuanengPower HNP 13.69 -0.30 McCormickVtg MKC.V 92.23 -1.93 Qiagen QGEN 51.59 -0.37 Tiffany TIF 131.20 0.09 Net Stock Sym Close Chg Stock Sym Close Chg C3.ai AI 102.00 -0.36 Eaton ETN 116.54 2.70 Huazhu HTHT 46.94 0.46 McCormick MKC 91.77 -1.51 Qorvo QRVO 158.48 3.97 s Toro TTC 92.56 1.01 Stock Sym Close Chg CVS Health CVS 69.89 0.17 EatonVance EV 65.25 1.14 Hubbell HUBB 159.86 2.15 McDonalds MCD 214.86 2.94 Qualcomm QCOM 148.36 2.07 TorontoDomBk TD 56.65 0.48 AmerAirlines AAL 17.01 0.31 BP BP 21.94 0.58 CableOne CABO 2170.82 26.81 eBay EBAY 52.08 2.51 HubSpot HUBS 379.90 -2.07 McKesson MCK 173.08 0.75 QuantaServices PWR 69.24 0.73 Total TOT 44.90 0.78 AEP AEP 84.29 2.08 s Baidu BIDU 185.50 22.54 A B C CadenceDesign CDNS 122.82 1.51 Ecolab ECL 222.95 5.95 Humana HUM 392.33 4.10 MedicalProp MPW 21.35 0.55 QuestDiag DGX 124.50 1.34 ToyotaMotor TM 152.85 -0.73 AmerExpress AXP 119.10 1.74 BakerHughes BKR 22.01 0.33 CaesarsEnt CZR 75.24 3.43 Ecopetrol EC 13.48 0.19 JBHunt JBHT 136.10 2.32 Medtronic MDT 114.89 2.92 Quidel QDEL 200.86 -6.07 TractorSupply TSCO 141.13 0.60 AmericanFin AFG 88.16 1.31 Ball BLL 92.04 1.74 ABB ABB 27.28 0.62 CamdenProperty CPT 98.11 2.44 EdisonInt EIX 63.76 1.50 HuntingtonBcshs HBAN 12.59 0.08 MelcoResorts MLCO 18.43 0.43 s TradeDesk TTD 933.13 10.71 AmHomes4Rent AMH 30.08 0.34 BancoBilbaoViz BBVA 4.92 0.08 AcadiaPharm ACAD 52.57 0.44 CampbellSoup CPB 46.82 0.11 EdwardsLife EW 85.15 1.58 HuntingIngalls HII 176.07 1.09 s MercadoLibre MELI 1668.99 50.93 R S Tradeweb TW 65.41 0.71 AIG AIG 38.54 0.38 BancoBradesco BBDO 4.72 0.09 AECOM ACM 47.88 1.08 CIBC CM 87.36 0.54 ElancoAnimal ELAN 30.82 2.11 HyattHotels H 73.01 2.02 Merck MRK 80.48 0.16 TraneTech TT 140.38 2.67 AmerTowerREIT AMT 217.25 0.53 BancodeChile BCH 19.53 -0.11 RELX RELX 23.91 -0.01 AES AES 22.28 0.98 CanNtlRlwy CNI 110.71 1.58 Elastic ESTC 137.68 -1.82 IAA IAA 63.21 1.66 MetLife MET 46.24 0.40 TransDigm TDG 613.74 17.92 AmerWaterWorks AWK 152.99 4.44 RH RH 437.70 11.02 Aflac AFL 44.87 0.67 BancSanBrasil BSBR 8.72 0.18 ElectronicArts EA 140.66 3.12 MettlerToledo MTD 1149.16 9.90 TransUnion TRU 99.41 1.77 CanNaturalRes CNQ 25.23 0.71 ICICI Bank IBN 14.33 0.04 RPM RPM 86.96 0.52 AGNC Invt AGNC 15.43 0.13 AmericanWell AMWL 30.21 -2.97 BcoSantChile BSAC 18.63 -0.34 EmersonElec EMR 82.44 2.03 MicrochipTech MCHP 141.16 -0.34 Travelers TRV 137.26 3.27 CanPacRlwy CP 337.80 3.03 IdexxLab IDXX 464.96 6.79 RalphLauren RL 100.53 1.63 Ansys ANSS 343.03 -0.36 AmericoldRealty COLD 34.84 0.96 BcoSantMex BSMX 5.36 ... Enbridge ENB 33.71 0.36 MicronTech MU 73.15 1.61 s Trex TREX 82.973.32 Canon CAJ 19.93 0.08 IHS Markit INFO 89.00 0.03 RaymondJames RJF 93.49 2.03 ASETech ASX 5.63 0.08 Ameriprise AMP 190.77 -0.22 BancoSantander SAN 3.20 0.07 EncompassHealth EHC 83.75 0.25 Microsoft MSFT 214.13 -0.07 s Trimble TRMB 65.30 0.66 CanopyGrowth CGC 26.75 1.47 s II-VI IIVI 73.66 2.09 RaytheonTech RTX 71.04 0.24 ASML ASML 469.30 16.31 AmerisourceBrgn ABC 99.03 1.91 BanColombia CIB 40.66 2.11 EnelAmericas ENIA 7.77 0.02 MidAmApt MAA 123.54 2.10 Trip.com TCOM 34.16 0.30 CapitalOne COF 92.68 2.26 ING Groep ING 9.76 0.21 RealtyIncome O 61.75 1.13 AT&T T 30.58 0.03 Ametek AME 117.79 1.49 BankofAmerica BAC 28.64 0.42 EnergyTransfer ET Middleby MIDD 134.35 1.67 TruistFinl TFC 46.72 0.81 CardinalHealth CAH 54.92 1.37 6.99 0.04 Invesco IVZ 17.59 0.49 RegencyCtrs REG 47.88 1.60 AbbottLabs ABT 107.45 0.66 Amgen AMGN 230.53 1.07 BankofMontreal BMO 76.94 1.61 s MiratiTherap MRTX 233.29 -1.56 Twilio TWLO 345.10 -4.99 Carlisle CSL 154.92 0.99 EnphaseEnergy ENPH 160.46 15.39 IPG Photonics IPGP 213.91 4.80 RegenPharm REGN 491.79 -8.59 AbbVie ABBV 102.82 -1.38 Amphenol APH 131.55 1.25 BankNY Mellon BK 40.19 0.36 MitsubishiUFJ MUFG 4.31 -0.01 Twitter TWTR 52.82 0.80 Carlyle CG 30.29 0.89 Entegris ENTG 97.63 2.29 IQVIA IQV 172.42 5.12 RegionsFin RF 15.38 0.23 t AbCelleraBio ABCL 46.99 -3.02 AnalogDevices ADI 144.06 1.73 BkNovaScotia BNS 53.69 0.28 MizuhoFin MFG 2.57 -0.01 TylerTech TYL 452.34 5.85 CarMax KMX 96.13 3.59 Entergy ETR 102.58 1.17 IcahnEnterprises IEP 51.21 0.45 ReinsGrp RGA 120.93 3.30 Abiomed ABMD 275.36 7.74 Anaplan PLAN 69.72 -0.43 Barclays BCS 7.74 0.23 MobileTeleSys MBT 8.73 0.20 TysonFoods TSN Carnival CCL 21.53 0.60 EnterpriseProd EPD 21.54 0.38 Icon ICLR 196.63 5.82 RelianceSteel RS 121.90 2.33 68.25 -1.53 AcceleronPharma XLRN 128.87 -1.14 AngloGoldAsh AU 22.26 0.91 BarrickGold GOLD 22.87 0.43 Moderna MRNA 147.22 -7.85 Carnival CUK 18.90 0.54 s Equifax EFX 193.58 4.46 IDEX IEX 196.40 3.73 RenaissanceRe RNR 166.77 1.29 UBS Group UBS 14.30 0.36 Accenture ACN 247.05 3.30 AB InBev BUD 70.74 0.74 BauschHealth BHC 21.05 0.44 MohawkInds MHK 134.14 2.61 CarrierGlobal CARR 37.67 1.05 Equinix EQIX 695.64 5.61 IllinoisToolWks ITW 203.70 4.03 Repligen RGEN 185.61 1.52 UDR UDR 38.39 0.80 ActivisionBliz ATVI 86.92 0.98 AnnalyCap NLY 8.39 0.15 BaxterIntl BAX 79.62 0.79 MolinaHealthcare MOH 204.04 4.36 s Carvana CVNA 256.04 5.07 Equinor EQNR 16.94 0.36 Illumina ILMN 352.62 5.51 RepublicSvcs RSG 96.20 1.30 UGI UGI 36.35 1.37 AdaptiveBiotech ADPT 56.01 -1.17 Anthem ANTM 313.22 3.12 BectonDicknsn BDX 244.13 4.13 MolsonCoorsB TAP 46.03 0.11 Catalent CTLT 100.01 2.08 Equitable EQH 25.77 0.50 ImperialOil IMO 19.53 0.33 ResMed RMD 208.65 2.27 US Foods USFD 33.32 0.97 Adobe ADBE 482.64 -3.78 Aon AON 208.03 4.07 BeiGene BGNE 239.24 11.18 Mondelez MDLZ 57.45 0.16 Caterpillar CAT 181.74 3.69 EquityLife ELS 62.32 1.34 Incyte INCY 86.27 -0.54 RestaurantBrands QSR 62.71 1.42 Uber UBER 51.00 -0.46 AdvanceAuto AAP 159.84 2.28 ApolloGlbMgmt APO 48.32 0.49 BentleySystems BSY 34.60 -1.65 MongoDB MDB 335.19 -4.93 Celanese CE 131.01 2.02 EquityResdntl EQR 59.32 1.42 Infosys INFY 15.61 -0.05 s RingCentral RNG 353.08 0.56 Ubiquiti UI 257.34 4.20 s AdvMicroDevices AMD 97.12 2.34 Appian APPN 143.81 -0.37 Berkley WRB 65.77 1.66 MonolithicPower MPWR331.56 12.10 Cemex CX 5.30 0.06 ErieIndemnity A ERIE 241.83 6.11 IngersollRand IR 44.76 0.90 s RioTinto RIO 76.19 1.80 UltaBeauty ULTA 267.55 1.76 Aegon AEG 3.68 0.14 Apple AAPL 127.88 6.10 BerkHathwy A BRK.A 3371541754.00 MonsterBev MNST 88.58 0.16 s CenovusEnergy CVE 6.12 0.08 EssentialUtil WTRG 48.55 1.48 Inphi IPHI 154.89 2.77 RitchieBros RBA 69.10 -0.97 UltragenyxPharm RARE 158.88 5.66 AgilentTechs A 117.39 0.65 s ApplMaterials AMAT 88.47 -0.03 BerkHathwy B BRK.B 224.38 1.53 Moody's MCO 277.39 2.77 Centene CNC 60.38 0.65 EssexProp ESS 242.47 2.21 Insulet PODD 241.76 2.71 RobertHalf RHI 63.34 0.26 UnderArmour A UAA 17.67 0.53 AgnicoEagle AEM 70.26 1.57 Aptargroup ATR 130.26 1.85 BerryGlobal BERY 54.24 1.34 MorganStanley MS 63.95 2.07 CenterPointEner CNP 22.24 0.60 EsteeLauder EL 250.40 2.95 Intel INTC 50.67 0.20 RocketCos. RKT 22.36 0.42 UnderArmour C UA 15.45 0.48 AirProducts APD 270.01 4.61 Aptiv APTV 122.61 0.96 BestBuy BBY 102.99 1.71 Morningstar MORN 208.93 0.74 CentraisElBras EBR 7.63 0.17 s Etsy ETSY 177.80 7.83 InteractiveBrkrs IBKR 56.72 2.33 Rockwell ROK 247.22 4.23 Unilever UL 58.32 0.16 t Airbnb ABNB 124.80 -5.20 Aramark ARMK 38.10 0.86 BeyondMeat BYND 137.61 -0.12 Mosaic MOS 23.11 0.43 CeridianHCM CDAY 98.21 -0.54 EverestRe RE 233.27 3.57 s ICE ICE 110.98 3.57 RogersComm B RCI 47.11 0.04 UnionPacific UNP 200.30 2.30 AkamaiTech AKAM 103.87 0.60 s ArcelorMittal MT 23.18 2.01 Bilibili BILI 76.66 -1.54 MotorolaSol MSI 168.03 2.11 Cerner CERN 75.36 1.11 Evergy EVRG 54.66 0.25 InterContinentl IHG 63.79 1.69 Roku ROKU 320.14 -4.18 UnitedAirlines UAL 47.46 0.74 Albemarle ALB 137.94 3.37 ArchCapital ACGL 34.93 1.36 Bill.com BILL 140.51 -2.49 NICE NICE 250.08 5.07 CharlesRiverLabs CRL 243.08 3.01 EversourceEner ES 86.63 1.17 IBM IBM 125.93 2.40 Rollins ROL 38.93 0.47 UnitedMicro UMC 7.94 -0.28 Albertsons ACI 15.24 0.14 ArcherDaniels ADM 49.57 0.88 Bio-Techne TECH 308.17 1.72 CharterComms CHTR 646.28 -3.39 ExactSciences EXAS 129.39 -0.41 IntlFlavors IFF 110.93 1.68 NIO NIO 43.50 2.52 RoperTech ROP 425.96 3.07 UPS B UPS 167.17 0.55 Alcon ALC 64.76 0.70 s AresMgmt ARES 49.24 0.75 Bio-RadLab A BIO 587.91 8.26 CheckPoint CHKP 123.13 0.61 Exelon EXC 42.72 1.66 IntlPaper IP 49.15 1.14 NRG Energy NRG 33.57 0.94 RossStores ROST 113.09 2.54 UnitedRentals URI 238.98 0.09 AlexandriaRlEst ARE 176.18 3.35 arGEN-X ARGX 306.63 3.30 Bio-RadLab B BIO.B 590.05 33.70 Chegg CHGG 85.66 2.20 Expedia EXPE 126.00 2.67 Interpublic IPG 24.19 0.49 NVR NVR 4025.00 3.00 RoyalBkCanada RY 82.25 0.08 US Bancorp USB 45.19 0.38 AlexionPharm ALXN157.91 1.60 AristaNetworks ANET 279.59 5.11 Biogen BIIB 248.73 3.48 Chemed CHE 498.39 8.31 ExpeditorsIntl EXPD 90.13 -0.05 Intuit INTU 360.43 -5.08 NXP Semi NXPI 160.06 1.60 RoyalCaribbean RCL 74.05 -0.01 UnitedHealth UNH 339.67 3.54 Alibaba BABA s ArrowElec ARW 98.20 3.12 BioMarinPharm BMRN 85.03 2.18 255.11 -0.92 CheniereEnergy LNG 60.59 1.41 ExtraSpaceSt EXR 111.65 1.77 IntuitiveSurgical ISRG 768.49 3.70 Nasdaq NDAQ 127.29 3.25 RoyalDutchA RDS.A 37.58 1.16 UnitySoftware U 144.58 -2.14 ArrowheadPharm ARWR 76.45 1.54 BioNTech BNTX 111.20 2.93 AlignTech ALGN 516.30 11.99 CheniereEnerPtrs CQP 36.77 1.03 ExxonMobil XOM 43.04 0.82 Invitae NVTA 50.64 -3.60 Natera NTRA 98.80 0.33 RoyalDutchB RDS.B 35.93 1.37 s UnivDisplay OLED 242.17 9.62 AscendisPharma ASND 175.79 -6.97 BlackKnight BKI 88.64 0.71 Alleghany Y 598.04 11.07 Chevron CVX 89.37 -0.07 s F5Networks FFIV 174.55 3.35 InvitatHomes INVH 29.33 0.55 NationalGrid NGG 58.52 0.24 RoyaltyPharma RPRX 43.85 0.73 UniversalHealthB UHS 135.67 1.11 AspenTech AZPN 133.61 -2.36 BlackLine BL 127.20 3.40 Allegion ALLE 111.70 2.33 s Chewy CHWY 91.13 8.32 FMC FMC 114.99 0.47 IovanceBiotherap IOVA 47.82 -2.44 Natura&Co NTCO 19.16 0.32 Ryanair RYAAY 105.85 -0.44 VEREIT VER 7.68 0.17 Assurant AIZ 132.39 0.74 BlackRock BLK 698.18 14.26 AlliantEnergy LNT 52.38 1.04 ChinaEastrnAir CEA 22.83 0.34 Facebook FB 275.55 1.36 iQIYI IQ 22.31 -0.29 NatWest NWG 4.28 0.15 SAP SAP 123.07 1.76 VF VFC 87.25 1.50 AstraZeneca AZN 50.83 0.80 s Blackstone BX 65.14 2.03 Allstate ALL 105.92 1.05 ChinaLifeIns LFC 10.98 -0.01 FactSet FDS 347.99 3.10 IronMountain IRM 29.37 0.10 nCino NCNO 74.88 -5.40 S&P Global SPGI 323.84 0.16 VICI Prop VICI 26.11 0.73 AllyFinancial ALLY 34.52 0.85 Athene ATH 42.39 0.64 Boeing BA 229.50 0.88 ChinaMobile CHL 28.45 -0.08 FairIsaac FICO 518.33 0.69 ItauUnibanco ITUB 6.18 0.13 NetApp NTAP 62.65 0.98 SBA Comm SBAC 276.29 2.12 VailResorts MTN 276.05 -2.71 AlnylamPharm ALNY 135.70 3.01 Atlassian TEAM 237.70 2.96 BookingHldgs BKNG 2098.05 32.04 ChinaPetrol SNP 44.27 0.17 Farfetch FTCH 58.70 -0.39 NetEase NTES 85.58 -1.30 SEI Investments SEIC 56.57 1.08 Vale VALE 16.67 0.21 Alphabet A GOOGL 1761.08 8.82 AtmosEnergy ATO 101.68 2.17 BoozAllen BAH 89.23 0.94 ChinaSoAirlines ZNH 31.32 0.20 s Fastenal FAST 49.83 0.61 J K L Netflix NFLX 519.78 -2.64 SK Telecom SKM 24.94 -0.03 ValeroEnergy VLO 57.48 1.09 Alphabet C GOOG 1767.77 7.71 Autodesk ADSK 287.53 -0.80 BorgWarner BWA 37.70 1.36 ChinaTelecom CHA 27.71 0.07 Fastly FSLY 93.90 -0.35 Neurocrine NBIX 95.32 1.86 SS&C Tech SSNC 72.20 0.71 VarianMed VAR 174.83 0.70 JD.com JD 79.50 -0.46 Alteryx AYX 119.77 0.63 Autohome ATHM 98.44 -1.80 BostonBeer SAM 930.40 2.96 ChinaUnicom CHU 5.56 -0.03 FateTherap FATE 92.77 -3.61 s NewFortressEner NFE 56.72 3.08 StoreCapital STOR 33.17 0.80 Vedanta VEDL 8.01 0.20 JPMorganChase JPM 120.32 2.02 AlticeUSA ATUS 35.14 0.55 Autoliv ALV 92.89 2.35 BostonProps BXP 101.00 2.50 Chipotle CMG 1346.46 36.94 FedEx FDX 285.74 0.20 NewOrientalEduc EDU 161.70 1.17 SVB Fin SIVB 357.20 7.71 VeevaSystems VEEV 269.09 4.31 JackHenry JKHY 158.60 1.22 Altria MO 42.18 -0.72 ADP ADP 175.75 2.60 BostonSci BSX 34.67 1.22 Chubb CB 154.39 3.53 s Ferrari RACE 221.03 4.63 NYTimes A NYT 50.09 -0.23 Salesforce.com CRM 220.15 -1.12 Ventas VTR 49.95 2.11 JacobsEngg J 105.91 0.65 AlumofChina ACH 8.72 -0.01 AutoZone AZO 1179.37 28.24 BridgeBioPharma BBIO 60.99 -0.21 ChunghwaTel CHT 38.62 0.29 s FiatChrysler FCAU 17.25 0.48 NewellBrands NWL 20.00 -0.32 Sanofi SNY 46.29 -0.41 VeriSign VRSN 213.51 1.40 JamesHardie JHX 28.56 0.45 Amazon.com AMZN 3165.12 8.15 s Avalara AVLR 174.34 5.32 BrightHorizons BFAM 170.96 2.44 Church&Dwight CHD 86.16 0.10 FidNatlFin FNF 38.35 0.84 Newmont NEM 59.04 1.48 SareptaTherap SRPT 167.95 -1.59 VeriskAnalytics VRSK 196.14 1.37 JazzPharma JAZZ 152.58 3.35 Ambev ABEV 3.10 0.08 Avalonbay AVB 161.97 2.30 BristolMyers BMY 62.57 2.60 s ChurchillDowns CHDN 202.64 6.29 FidNatlInfo FIS 145.09 0.87 NewsCorp A NWSA 18.09 0.34 Schlumberger SLB 22.97 0.79 Verizon VZ 60.55 0.57 J&J JNJ 150.57 1.50 Amcor AMCR 11.54 0.27 Avangrid AGR 45.33 0.85 BritishAmTob BTI 38.32 -0.15 Ciena CIEN 48.55 0.72 FifthThirdBncp FITB 27.09 0.47 NewsCorp B NWS 18.02 0.40 SchwabC SCHW 51.05 1.21 VertxPharm VRTX 228.81 0.68 JohnsonControls JCI 46.04 0.94 Amdocs DOX 68.04 0.32 Avantor AVTR 27.44 0.64 Broadcom AVGO 418.06 6.26 Cigna CI 205.51 2.36 FirstHorizon FHN 12.90 0.20 NextEraEnergy NEE 74.91 1.36 ScottsMiracleGro SMG 190.00 -2.31 ViacomCBS B VIAC 35.14 0.47 JonesLang JLL 150.88 5.52 Amedisys AMED 274.99 5.02 AveryDennison AVY 150.98 2.21 BroadridgeFinl BR 147.41 1.31 CincinnatiFin CINF 80.93 1.92 FirstRepBank FRC 134.16 4.90 Nike NKE 139.39 3.11 Sea SE 188.09 -2.17 ViacomCBS A VIACA 35.83 0.47 JuniperNetworks JNPR 22.29 0.21 Amerco UHAL 427.47 -1.63 AxonEnterprise AAXN 128.81 1.57 BrookfieldMgt BAM 41.23 0.62 Cintas CTAS 352.93 5.67 FirstSolar FSLR 91.26 4.67 NiSource NI 23.20 0.55 s Seagate STX 65.98 1.34 Viatris VTRS 17.73 0.40 KB Fin KB 42.89 0.43 Ameren AEE 78.73 1.49 BCE BCE 43.84 -0.45 BrookfieldInfr BIP 51.38 0.03 CiscoSystems CSCO 44.72 0.48 FirstEnergy FE 31.40 1.05 Nokia NOK 4.10 0.10 Seagen SGEN 196.02 2.43 Vipshop VIPS 24.94 -0.18 KE Holdings BEKE 63.62 -2.20 AmericaMovil A AMOV 14.26 0.31 BHP Group BHP 64.69 1.29 BrookfieldPropREIT BPYU 16.00 0.25 Citigroup C 59.67 0.93 Fiserv FISV 114.68 1.05 NomuraHoldings NMR 5.22 -0.01 SempraEnergy SRE 130.95 2.91 Visa V 208.36 1.11 KKR KKR 39.63 0.41 AmericaMovil AMX 14.31 0.27 BHP Group BBL 52.85 1.11 BrookfieldRenew BEPC 51.06 1.69 CitizensFin CFG 35.29 0.67 FiveBelow FIVE 158.15 -1.08 Nordson NDSN 201.91 2.19 SensataTechs ST 50.97 1.03 Vistra VST 18.46 0.46 KLA KLAC 261.01 0.88 CitrixSystems CTXS 127.45 -0.98 s Five9 FIVN 167.44 2.62 NorfolkSouthern NSC 229.80 0.55 ServiceCorp SCI 49.35 0.52 VMware VMW 144.71 1.05 KSCitySouthern KSU 192.62 0.60 Clarivate CCC 29.09 -0.12 FiverrIntl FVRR 205.85 -0.74 NorthernTrust NTRS 90.73 2.15 ServiceNow NOW 527.38 -5.10 Vodafone VOD 17.56 0.22 Kellogg K 61.24 -0.68 Clorox CLX 203.04 0.66 FleetCorTech FLT 275.94 4.78 NorthropGrum NOC 298.51 0.51 ShawComm B SJR 18.18 0.04 VornadoRealty VNO 38.78 0.70 KeurigDrPepper KDP 30.19 -0.16 ADVERTISEMENT Cloudflare NET 81.46 0.03 s Flex FLEX 17.240.38 NortonLifeLock NLOK 19.96 0.09 SherwinWilliams SHW 722.34 3.49 VoyaFinancial VOYA 57.46 -0.03 KeyCorp KEY 15.69 0.26 Coca-Cola KO 53.84 0.57 s Floor&Decor FND 94.77 6.51 NorwegCruise NCLH 25.22 -0.19 ShinhanFin SHG 31.34 0.40 VulcanMatls VMC 137.44 2.00 KeysightTechs KEYS 123.37 -0.35 Coca-Cola Euro CCEP 47.09 0.09 FomentoEconMex FMX 78.00 0.70 Novartis NVS 89.97 -0.58 Shopify SHOP 1074.10 14.93 KimberlyClark KMB 135.82 -0.18 s Cognex CGNX 78.08 0.24 FordMotor F 9.15 0.24 Novavax NVAX 126.22 -3.48 Sibanye-Stillwater SBSW 14.60 0.36 W X Y Z The Marketplace KinderMorgan KMI 14.77 0.46 NovoNordisk NVO 69.48 0.76 CognizantTech CTSH 80.53 1.34 Fortinet FTNT 131.82 1.13 SignatureBank SBNY 131.08 2.93 WEC Energy WEC 92.92 1.34 ColgatePalm CL 84.75 0.56 Fortis FTS 41.96 0.40 KingsoftCloud KC 46.65 0.45 Novocure NVCR 157.10 -11.89 To advertise: 800-366-3975orWSJ.com/classifieds SimonProperty SPG 89.74 2.42 WEX WEX 204.33 19.40 Fortive FTV 69.40 1.14 KinrossGold KGC 7.13 0.23 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THE WALL STREET JOURNAL. NY We dnesday, December 16, 2020 | B9

Vale, partners, and clients. Working together to reduce carbon emissions.

As one of the largest companies in the global mining market, Vale acknowledges its responsibility to promote amoresustainableeconomyfor society and the planet. We also understand that this process is onlypossible through the engagement of our partners, clients, and suppliers.

We arecommitted to complying with the Paris Agreement to limit global warming to belowtwo degrees Celsius. In 2019 we set the goal to become carbon neutral by 2050 –cutting by 33% our direct and indirect absolute emissions by 2030 (scope 1and 2).

Nowweare investing morethan US$ 2billion in technological and innovative initiatives for our operations, suchasthe PowerShift program, whichaims to convert Vale’s energy matrix into one based on renewablesources. Vale is also committed to use onlyelectricity generated by renewablesources by 2030.

Today, we help protect over one million hectares of woodlands worldwide, 800 thousand of whichare in the Amazon (the equivalent to ten times the size of NewYork City). In addition, we have set the goal to restoreand protect an additional 500 thousand hectares of forest by 2030.

Moreover, we have just announced an expansion of our carbon neutral strategy: we will offer our clients and suppliers incentivesand solutions to help cut their carbon emissions, since our targetistoreduce absolute scope 3emissions by 15% until 2035.

Vale, clients, and suppliers: working together for agreener future.

Amazon Rainforest –National Forest of Carajás protected by Vale

vale.com/carbonneutral Paid for by Vale P2JW351000-0-B01000-1------XA

B10 | We dnesday, December 16, 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 30199.31 s337.76, or 1.13% Trailing P/E ratio 29.73 21.04 3694.62 s47.13, or 1.29% Trailing P/E ratio * 41.52 24.85 12595.06 s 155.02, or 1.25% Trailing P/E ratio *† 38.21 26.42 High, low, open and close for each P/E estimate * 24.71 18.79 High, low, open and close for each P/E estimate * 25.85 19.27 High, low, open and close for each P/E estimate *† 31.92 23.39 trading day of the past three months. Dividend yield 2.00 2.25 trading day of the past three months. Dividend yield * 1.65 1.84 trading day of the past three months. Dividend yield *† 0.74 0.99 All-time high 30218.26, 12/04/20 All-time high 3702.25, 12/08/20 All-time high: 12595.06, 12/15/20

Current divisor 0.15198707565833 32200 3750 12400 Session high DOWN UP Session open Close 31000 3625 12000 t

Close Open t 29800 3500 11600 Session low

28600 3375 11200

65-day moving average 65-day moving average 27400 3250 10800 65-day moving average

26200 3125 10400

Bars measure the point change from session's open 25000 3000 10000 Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 921,625,838 18,453,992 Industrial Average 30243.26 29894.95 30199.31 337.76 1.13 30218.26 18591.93 6.8 5.8 7.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 764,698,749 12,443,786 Transportation Avg 12531.21 12330.96 12486.18 103.21 0.83 12803.02 6703.63 14.8 14.5 6.3 Most-active issues in late trading Decl. volume* 151,191,145 5,938,932 Utility Average 873.43 854.11 871.54 18.73 2.20 960.89 610.89 0.4 -0.9 5.0 Volume After Hours Issues traded 3,238 280 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 38603.56 38226.18 38602.35 516.57 1.36 38602.35 22462.76 18.2 16.9 11.8 Advances 2,365 180 SPDR S&P 500 SPY 10,657.7 369.66 0.07 0.02 369.79 368.44 Barron's 400 840.11 829.41 840.11 15.45 1.87 840.11 455.11 15.4 14.7 5.9 Declines 783 89 First Horizon FHN 9,828.5 12.90 unch. unch. 12.90 12.87 Unchanged 90 11 Tilray TLRY Nasdaq Stock Market 7,653.6 9.36 1.49 18.93 9.60 7.60 New highs 156 9 Nasdaq Composite 12596.13 12465.42 12595.06 155.02 1.25 12595.06 6860.67 42.7 40.4 22.0 Apple AAPL 6,726.8 127.63 -0.25 -0.20 128.00 122.78 New lows 52 Nasdaq 100 12596.84 12467.57 12595.92 133.71 1.07 12635.72 6994.29 46.9 44.2 24.9 iShares Core S&P 500 ETF IVV 4,443.7 369.26 -0.05 -0.01 369.45 368.96 Closing Arms† 0.76 0.86 Boston Scientific BSX 4,419.7 34.73 0.06 0.17 34.73 34.48 S&P Block trades* 4,980 159 Mosaic MOS 4,067.0 22.95 -0.16 -0.69 23.13 22.95 500 Index 3695.29 3659.62 3694.62 47.13 1.29 3702.25 2237.40 15.7 14.4 11.4 Nasdaq NYSE Arca Sio Gene Therapies SIOX 3,953.2 4.02 1.18 41.55 4.40 2.84 MidCap 400 2287.10 2246.86 2287.04 53.03 2.37 2287.04 1218.55 11.8 10.9 6.6 Total volume*4,375,123,220 193,704,903 SmallCap 600 1112.00 1089.28 1111.67 28.62 2.64 1111.67 595.67 9.4 8.9 6.0 Percentage gainers… Adv. volume*2,964,842,711 159,853,987 Decl. volume*1,367,787,173 33,035,286 Other Indexes Sio Gene Therapies SIOX 3,953.2 4.02 1.18 41.55 4.40 2.84 Issues traded 3,821 1,433 Russell 2000 1960.81 1915.90 1959.76 45.91 2.40 1959.76 991.16 18.2 17.5 8.6 Tilray TLRY 7,653.6 9.36 1.49 18.93 9.60 7.60 Advances 2,612 1,234 NYSE Composite 14410.15 14271.36 14402.32 187.39 1.32 14417.33 8777.38 4.4 3.5 4.3 Aphria APHA 2,721.9 9.24 1.12 13.79 9.98 8.08 Declines 1,116 170 Triterras Cl A TRIT 61.3 14.00 1.45 11.55 14.00 12.51 Value Line 566.01 555.52 565.95 10.43 1.88 565.95 305.71 3.5 2.5 0.5 Unchanged 93 29 American Outdoor Brands AOUT 264.0 17.55 1.71 10.80 17.83 15.70 NYSE Arca Biotech 5793.45 5716.32 5793.20 61.35 1.07 6142.96 3855.67 12.6 14.3 11.6 New highs 292 225 NYSE Arca Pharma 679.04 673.25 678.78 5.28 0.78 691.70 494.36 5.0 3.8 7.4 ...And losers New lows 19 19 KBW Bank 94.65 92.72 94.43 1.71 1.84 114.12 56.19 -17.1 -16.7 -3.9 Concord Medical Svs ADR CCM 1,182.9 4.49 -0.82 -15.44 6.23 4.33 Closing Arms† 1.08 1.78 § PHLX Gold/Silver 140.61 138.07 140.20 4.85 3.58 161.14 70.12 42.3 31.1 20.4 iQIYI ADR IQ 144.6 20.30 -2.01 -9.01 22.32 19.56 Block trades* 22,668 1,053 § PHLX Oil Service 46.66 44.96 46.46 1.58 3.52 80.99 21.47 -38.3 -40.7 -29.6 Penumbra PEN 374.3 175.00 -13.82 -7.32 188.82 149.99 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2779.81 2753.21 2774.79 38.54 1.41 2816.27 1286.84 52.3 50.0 30.4 DISH Network Cl A DISH 232.1 33.84 -1.84 -5.16 36.22 33.71 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 24.07 22.73 22.89 -1.83 -7.40 82.69 12.10 86.2 66.1 34.4 MRNA Moderna 574.5 143.56 -3.66 -2.49 147.61 143.54 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 0.80 World MSCI ACWI 633.89 5.05 12.1 Wunong Net Technology WNW 12.05 7.05 141.00 13.14 5.00 ... CooTek (Cayman) ADR CTK 4.34 -1.99 -31.44 7.45 4.12 -13.2 0.17 MSCI ACWI ex-USA 319.13 0.55 5.8 Prevail Therapeutics PRVL 22.75 10.25 82.00 23.08 9.02 43.4 China Liberal Educ Hldgs CLEU 4.23 -1.72 -28.91 10.46 3.40 ... MSCI World 2643.74 24.31 0.93 12.1 Oriental Culture Holding OCG 6.00 2.00 50.00 8.37 4.00 ... MIND Technology MIND 1.77 -0.70 -28.34 3.33 0.70 -32.7 MSCI Emerging Markets 1250.21 –0.24 –0.02 12.2 BioCardia BCDA 6.70 2.22 49.55 8.60 1.91 78.7 Mirum Pharmaceuticals MIRM 18.54 -5.46 -22.75 28.31 9.14 12.4 Americas MSCI AC Americas 1444.72 17.95 1.26 15.7 MicroVision MVIS 4.21 1.08 34.50 4.21 0.15 564.4 Precigen PGEN 7.17 -2.06 -22.32 9.50 1.26 16.8 Canada S&P/TSX Comp 17506.48 119.08 0.68 2.6 Elys Game Technology ELYS 4.00 0.88 28.21 4.47 1.09 -4.8 Loop Industries LOOP 7.24 -2.08 -22.32 13.96 5.70 -34.9 Latin Amer. MSCI EM Latin America 2416.24 29.99 1.26 –17.2 Marathon Patent Group MARA 7.07 1.53 27.62 7.16 0.35 617.8 Mesoblast ADR MESO 13.57 -3.32 -19.66 21.28 3.12 82.9 Brazil Sao Paulo Bovespa 116148.63 1537.51 1.34 0.4 Arvinas ARVN 74.25 15.87 27.18 75.36 19.68 77.9 Luminar Technologies LAZR 22.87 -4.89 -17.62 47.80 9.45 124.2 Chile Santiago IPSA 2780.33 6.04 0.22 –16.7 Sensus Healthcare SRTS 4.50 0.92 25.70 4.99 1.76 18.4 Cellectis ADR CLLS 25.86 -5.35 -17.14 32.30 7.32 43.4 Mexico S&P/BMV IPC 43543.35 –26.49 –0.06 0.01 Solid Biosciences SLDB 5.91 1.12 23.38 6.85 1.93 23.1 Meten EdtechX Educ Group METX 1.87 -0.32 -14.61 23.75 1.85 ... EMEA Stoxx Europe 600 392.84 0.99 0.25 –5.5 Bridgetown Holdings Cl A BTWN 13.58 2.50 22.56 25.84 10.50 ... Yalla Group ADR YALA 16.15 -2.52 -13.50 23.18 6.26 ... Eurozone Euro Stoxx 392.77 1.93 0.49 –2.8 Polar Power POLA 4.68 0.79 20.31 6.64 0.95 98.3 Tarsus Pharmaceuticals TARS 36.00 -5.53 -13.32 43.75 15.32 ... Belgium Bel-20 3701.71 28.41 0.77 –6.4 OncoCyte OCX 2.53 0.41 19.34 3.51 1.15 29.1 Harvest Capital Credit HCAP 5.59 -0.85 -13.20 9.19 2.66 -38.6 VivoPower International VVPR Dada Nexus ADR DADA Denmark OMX Copenhagen 20 1405.04 –5.54 –0.39 23.7 7.65 1.23 19.16 24.33 0.59 553.8 37.02 -5.58 -13.10 61.27 14.60 ... Vuzix VUZI 5.74 0.91 18.84 5.86 0.86 174.6 Monaker Group MKGI 2.66 -0.37 -12.21 4.35 0.61 23.7 France CAC 40 5530.31 2.47 0.04 –7.5 Germany DAX 13362.87 139.71 1.06 0.9 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1479.35 –13.07 –0.88 –12.1 Italy FTSE MIB 21935.05 175.32 0.81 –6.7 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 617.34 4.46 0.73 2.1 Russia RTS Index 1390.46 –7.66 –0.55 –10.2 Apple AAPL 156,697 25.8 127.88 5.01 137.98 53.15 Experience Invt Cl A EXPC 11,701 21981 10.39 1.56 11.65 9.28 South Africa FTSE/JSE All-Share 59478.26 –30.54 –0.05 4.2 Sundial Growers SNDL 156,280 -20.3 0.50 -2.44 3.88 0.14 Thunder Bridge II Cl A THBR 10,544 8947 10.69 2.59 11.50 9.15 NIO ADR NIO Prevail Therapeutics PRVL Spain IBEX 35 8152.40 11.60 0.14 –14.6 131,519 -20.2 43.50 6.15 57.20 2.11 10,772 6639 22.75 82.00 23.08 9.02 BioCardia BCDA 102,364 6773.9 6.70 49.55 8.60 1.91 NextGen Acquisition Cl A NGAC 405 5808 9.88 0.30 16.00 9.70 Sweden OMX Stockholm 759.76 0.03 0.004 11.6 Apartment Inv Mgmnt AIV 97,460 5996.6 5.04 16.13 68.94 4.88 CooTek (Cayman) ADR CTK 929 5303 4.34 -31.44 7.45 4.12 Switzerland Swiss Market 10341.18 –31.85 –0.31 –2.6 Turkey BIST 100 1395.40 6.85 0.49 21.9 Anchiano Therapeutics ADR ANCN 92,385 19922.8 2.88 87.01 5.49 0.51 China Liberal Educ Hldgs CLEU 1,504 4094 4.23 -28.91 10.46 3.40 U.K. FTSE 100 6513.32 –18.51 –0.28 –13.6 American Airlines Group AAL 88,403 18.9 17.01 1.86 30.78 8.25 GraniteSh Bloom Comm COMB 1,094 3904 22.69 0.70 24.68 17.14 U.K. FTSE 250 19852.39 88.37 0.45 –9.3 General Electric GE 86,530 -23.6 11.11 2.59 13.26 5.48 Mirum Pharmaceuticals MIRM 2,317 3454 18.54 -22.75 28.31 9.14 Genius Brands Intl GNUS 71,578 143.2 1.67 -8.74 11.73 0.05 Invsc S&P SC Info Tech PSCT 255 2848 118.50 1.77 118.60 50.00 Asia-Pacific MSCI AC Asia Pacific 194.10 –0.43 –0.22 13.7 Ford Motor F 69,520 6.4 9.15 2.69 9.58 3.96 JPM BetaBld US MC BBMC 826 2565 78.12 1.72 78.12 48.58 Australia S&P/ASX 200 6631.30 –28.95 –0.43 –0.8 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3367.23 –1.89 –0.06 10.4 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 26207.29 –182.23 –0.69 –7.0 Track the Markets 0.02 India S&P BSE Sensex 46263.17 9.71 12.1 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 26687.84 –44.60 –0.17 12.8 global stock indexes, bond ETFs, Singapore Straits Times 2856.72 –1.42 –0.05 –11.4 currencies and commodities at Currencies South Korea Kospi 2756.82 –5.38 –0.19 25.4 wsj.com/graphics/track-the-markets Taiwan TAIEX 14068.52 –142.53 –1.00 17.3 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1477.21 1.08 0.07 –6.5 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Tues YTD chg Tues YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004324 23127 –0.2 CREDIT MARKETS Argentina peso .0121 82.4702 37.7 Europe Brazil real .1967 5.0846 26.5 Czech Rep. koruna .04620 21.646 –4.5 Canada dollar .7874 1.2700 –2.2 Denmark krone .1633 6.1233 –8.1 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001358 736.20 –0.4 Euro area euro 1.2155 .8227 –7.7 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000292 3419.70 4.2 Hungary forint .003414 292.93 –0.8 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007851 127.37 5.2 A consumer rate against its Five-year ARM, Rate Mexico peso .0502 19.9105 5.2 Norway krone .1147 8.7150 –0.7 benchmark over the past year 2.50% Uruguay peso .02359 42.3900 14.1 Poland zloty .2736 3.6554 –3.6 Bankrate.com avg†: 3.19% 10% Asia-Pacific Russia ruble .01366 73.212 18.0 5-year Euro s Sweden krona .1193 8.3816 –10.5 Hanscom Federal Credit Union 2.50% One year ago 2.00 Australian dollar .7559 1.3229 –7.2 adjustable-rate t Switzerland franc 1.1289 .8858 –8.4 4.00% Hanscom AFB, MA 800-656-4328 5 China yuan .1529 6.5394 –6.1 t mortgage (ARM) 1.50 Turkey lira .1276 7.8350 31.7 s Hong Kong dollar .1290 7.7516 –0.5 Citadel Federal Credit Union 2.63% Ukraine hryvnia .0360 27.7500 17.2 3.00 0 Yen India rupee .01360 73.520 3.0 Exton, PA 800-666-0191 1.00 UK pound 1.3466 .7426 –1.5 Tradeweb ICE Indonesia rupiah .0000708 14120 1.7 Star One Credit Union 2.63% Middle East/Africa 2.00 Tuesday Close 0.50 –5 s Japan yen .009647 103.66 –4.6 Sunnyvale, CA 408-742-2801 t WSJ Dollar index Kazakhstan tenge .002382 419.86 10.0 Bahrain dinar 2.6533 .3769 –0.04 5-year Treasury 1.00 Associated Bank, NA 2.75% 0.00 –10 Macau pataca .1252 7.9880 –0.4 Egypt pound .0636 15.7154 –2.1 t note yield Malaysia ringgit .2466 4.0545 –0.9 Israel shekel .3072 3.2547 –5.8 Rockford, IL 800-682-4989 1 3 6 1 2 3 5 7 10 20 30 2020 2020New Zealand dollar .7089 1.4106 –5.0 Kuwait dinar 3.2761 .3052 0.7 0.00 month(s) years J F M A M J J A S O N D STAR Financial Bank 2.88% Pakistan rupee .00623 160.467 3.5 Oman sul rial 2.5976 .3850 –0.01 maturity 2020 Fort Wayne, IN 765-622-4185 Philippines peso .0208 48.076 –5.2 Qatar rial .2746 3.641 –0.1 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7506 1.3322 –1.0 Saudi Arabia riyal .2665 3.7517 0.01 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009178 1089.56 –5.7 South Africa rand .0672 14.8834 6.3 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0053476 187.00 3.1 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.25 Taiwan dollar .03555 28.129 –6.0 Yield (%) 52-Week Total Return (%) Thailand baht .03330 30.030 0.9 WSJ Dollar Index 85.49 –0.31–0.36 –4.54 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.23 0.23 0.20 l 1.96 -1.38 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2455.660 0.590 0.590 1.860 0.400 7.419 5.071 Money market, annual yield 0.20 0.20 0.19 l 0.58 -0.14 Five-year CD, annual yield 0.58 0.59 0.58 l 1.41 -0.91 U.S. Treasury Long, Barclays 4704.480 1.530 1.520 2.340 0.980 14.772 9.437 Commodities 30-year mortgage, fixed† 2.86 2.95 2.86 l 4.22 -1.02 Aggregate, Barclays 2283.680 1.170 1.180 2.370 1.020 6.979 5.184 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.41 2.37 2.37 l 3.57 -0.89 Fixed-Rate MBS, Barclays 2227.070 1.300 1.330 2.690 0.930 3.825 3.647 DJ Commodity Jumbo mortgages, $510,400-plus† 2.87 2.94 2.87 l 4.36 -1.39 709.20 5.22 0.74 709.20 433.70 11.00 10.41 High Yield 100, ICE BofA 3304.290 3.840 3.728 10.740 3.589 3.826 4.975 TR/CC CRB Index 0.78 187.39 106.29 -12.25 Five-year adj mortgage (ARM)† 3.19 3.22 2.85 l 4.61 -0.51 163.02 0.48 -12.01 Muni Master, ICE BofA 594.957 0.880 0.916 3.441 0.838 5.138 4.453 Crude oil, $ per barrel 0.63 63.27 -37.63 -22.01 New-car loan, 48-month 4.02 4.04 4.02 l 4.50 0.70 47.62 1.34 -21.86 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 926.478 4.398 4.452 7.480 4.398 5.411 4.697 Natural gas, $/MMBtu 2.682 ... unch. 3.354 1.482 15.65 22.52 banks.† Excludes closing costs. Gold, $ per troy oz. 1852.30 23.60 1.29 2051.50 1472.60 25.61 21.90 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW351000-0-B010A0-1------NS

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COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Cattle-Live (CME)-40,000 lbs.; cents per lb. March .04892 .04979 .04888 .04977 .00079 136,793 Mini S&P Midcap 400 (CME)-$100 x index Dec 108.800 109.325 108.400 108.600 –.500 7,529 Euro (CME)-€125,000; $ per € Dec 2236.00 2288.40 s 2232.80 2286.70 51.50 13,771 Contract Open Feb'21 112.925 113.350 112.600 112.875 –.225 113,775 Jan 1.2170 1.2183 1.2135 1.2172 .0011 1,805 March'21 2236.00 2286.20 s 2230.20 2283.80 51.30 43,709 Open High hi lo Low Settle Chg interest March 1.2174 1.2198 1.2149 1.2187 .0011 647,171 Mini Nasdaq 100 (CME)-$20 x index Hogs-Lean (CME)-40,000 lbs.; cents per lb. Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 12460.50 12604.75 12417.00 12591.75 135.25 142,558 Feb 65.300 66.900 65.225 66.450 .775 82,333 Dec 3.5010 3.5425 3.5010 3.5380 0.0160 2,441 March'21 12472.50 12608.75 12423.00 12596.00 133.50 120,791 April 68.550 69.800 68.400 69.575 .750 39,644 Index Futures March'21 3.5220 3.5560 3.5000 3.5445 0.0180 161,006 Mini Russell 2000 (CME)-$50 x index Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Gold (CMX)-100 troy oz.; $ per troy oz. Mini DJ Industrial Average (CBT)-$5 x index Dec 1919.70 1964.40 s 1911.90 1960.90 45.70 256,091 Jan 826.90 845.00 s 801.20 826.00 13.00 1,345 Dec 29938 30241 29840 30203 338 51,912 Dec 1833.50 1846.90 1833.20 1852.30 23.60 6,291 Mini Russell 1000 (CME)-$50 x index March 734.60 736.60 708.00 712.30 –17.00 1,068 March'21 29841 30157 29751 30114 333 55,973 Jan'21 1827.90 1856.10 1827.70 1853.20 23.40 2,095 Dec 2073.50 2085.80 2063.10 2086.00 26.30 3,737 Milk (CME)-200,000 lbs., cents per lb. S&P 500 Index (CME)-$250 x index Feb 1830.50 1859.30 1828.50 1855.30 23.20 399,626 March'21 2067.20 2082.60 s 2059.70 2082.60 26.30 5,756 Dec 15.78 15.86 15.78 15.79 –.05 4,225 Dec ...... 3694.50 48.00 36,023 April 1835.50 1863.00 1833.50 1859.40 23.30 76,920 U.S. Dollar Index (ICE-US)-$1,000 x index Jan'21 16.18 16.56 16.14 16.32 .22 3,654 March'21 3672.40 3687.70 3637.30 3687.00 47.10 53 March 90.60 90.78 t 90.35 90.41 –.25 34,769 June 1838.60 1865.20 1836.20 1862.20 23.20 32,951 Cocoa (ICE-US)-10 metric tons; $ per ton. Mini S&P 500 (CME)-$50 x index June 90.55 90.69 t 90.33 90.37 –.25 376 Aug 1850.20 1867.20 1840.20 1864.90 23.00 12,236 Dec 2,665 2,665 2,665 2,665 –48 5 Dec 3653.00 3695.75 3642.75 3694.50 48.00 1,169,461 Palladium (NYM) - 50 troy oz.; $ per troy oz. March'21 2,604 2,633 2,534 2,541 –48 100,862 March'21 3647.00 3688.50 3636.25 3687.00 47.00 1,765,245 Source: FactSet Dec ...... 2314.20 6.30 7 Coffee (ICE-US)-37,500 lbs.; cents per lb. March'21 2308.00 2369.00 2303.50 2324.00 5.10 9,119 Dec 124.55 124.55 124.55 123.10 –.45 62 Platinum (NYM)-50 troy oz.; $ per troy oz. March'21 125.40 127.40 124.30 124.65 –1.50 115,641 | Dec ...... 1038.10 23.70 22 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Bonds wsj.com/market-data/bonds/benchmarks Jan'21 1016.60 1045.60 1009.50 1039.30 23.70 40,688 March 14.15 14.32 14.09 14.21 .09 393,297 Silver (CMX)-5,000 troy oz.; $ per troy oz. May 13.58 13.72 13.54 13.63 .08 219,852 Tracking Bond Benchmarks Dec 24.075 24.515 24.075 24.581 0.596 972 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. March'21 23.965 24.700 23.940 24.644 0.597 131,038 March 28.31 28.31 28.31 28.31 –.04 3,004 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cotton (ICE-US)-50,000 lbs.; cents per lb. highs and lows for different types of bonds Jan 46.99 47.73 46.54 47.62 0.63 167,652 March 74.67 75.68 s 74.55 75.59 .92 129,164 Feb 47.18 47.89 46.72 47.78 0.63 332,355 May 75.50 76.42 s 75.39 76.34 .83 41,046 Total Total YTD total YTD total March 47.29 47.97 46.84 47.88 0.61 236,714 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. return Yield (%) return Yield (%) close return (%) Index Latest Low High close return (%) Index Latest Low High April 47.29 48.01 46.95 47.95 0.59 109,765 Jan 114.15 115.50 113.30 114.50 .25 4,185 June 47.38 47.95 46.98 47.90 0.52 214,107 March 117.40 118.25 116.30 117.25 –.30 6,028 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Dec 46.60 47.07 46.25 47.04 0.43 271,947 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Interest Rate Futures 2283.68 7.1 U.S. Aggregate 1.170 1.020 2.370 2227.07 3.7 Mortgage-Backed 1.300 0.930 2.690 Jan 1.4581 1.4708 1.4434 1.4644 .0100 78,022 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Barclays 2173.29 3.4 Ginnie Mae (GNMA) 0.800 0.290 2.660 Feb 1.4599 1.4726 1.4468 1.4680 .0104 69,387 Dec ...... 214-070 –1-18.0 14,821 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Fannie mae March'21 213-310 214-170 212-090 212-150 –1-18.0 1,013,903 3432.93 9.0 U.S. Corporate 1.830 1.800 4.580 1315.43 3.8 (FNMA) 1.480 1.110 2.690 Jan 1.3231 1.3346 1.3089 1.3268 .0077 81,884 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 3097.69 6.9 Intermediate 1.180 1.170 4.400 2018.95 3.7 Freddie Mac (FHLMC) 1.460 1.080 2.710 Feb 1.3237 1.3362 1.3115 1.3305 .0085 75,534 Dec ...... 171-290 –24.0 28,546 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March'21 173-200 173-310 172-270 172-290 –25.0 1,133,223 5129.93 12.6 Long term 2.850 2.730 4.930 594.96 5.1 Muni Master 0.880 0.838 3.441 Jan 2.669 2.700 2.596 2.682 …112,845 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Feb 2.667 2.691 2.596 2.680 .002 162,959 Dec 138-155 138-185 138-085 138-095 –6.5 50,253 698.06 8.3 Double-A-rated 1.460 1.300 3.360 421.02 5.5 7-12 year 0.867 0.771 3.447 March 2.653 2.673 2.585 2.662 .002 240,322 March'21 138-025 138-040 137-260 137-275 –7.0 3,174,275 Triple-B-rated 481.30 6.3 12-22 year 1.289 1.224 3.690 April 2.655 2.676 2.604 2.670 .008 98,834 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 914.00 8.9 2.100 2.080 5.350 May 2.675 2.688 2.625 2.684 .011 61,641 Dec ...... 125-227 –2.2 63,132 High Yield Bonds ICE BofA 467.36 6.0 22-plus year 1.921 1.765 4.123 Oct 2.846 2.846 2.769 2.815 .013 95,553 March'21 126-030 126-035 126-000 126-005 –2.5 3,125,821 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 491.54 5.2 High Yield Constrained 4.475 4.439 11.400 Global Government J.P. Morgan† Agriculture Futures Dec 110-151 110-153 110-151 110-151 –.2 25,865 451.14 3.0 Triple-C-rated 8.704 8.704 19.071 614.98 5.5 Global Government 0.550 0.390 1.060 March'21 110-152 110-152 110-147 110-148 –.2 1,865,026 Corn (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 3304.29 3.5 High Yield 100 3.840 3.589 10.740 858.96 6.9 Canada 0.890 0.590 1.740 March 424.00 425.25 420.50 424.75 .75 862,016 Dec 99.9125 99.9125 99.9100 99.9100 115,734 May 427.00 428.25 423.75 427.75 .50 241,309 Jan'21 99.9150 99.9200 99.9150 99.9150 152,006 444.40 5.4 Global High Yield Constrained 4.428 4.425 11.310 421.83 5.4 EMU§ 0.019 0.010 0.794 Oats (CBT)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 2.6 Europe High Yield Constrained 795.14 4.8 France -0.130 -0.160 0.430 March ...... 334.00 –3.50 3,981 March ...... 97-285 –8.5 100,222 337.11 2.861 2.464 8.183 May ...... 331.00 –4.75 418 Eurodollar (CME)-$1,000,000; pts of 100% U.S Agency Bloomberg Barclays 553.83 3.4 Germany -0.500 -0.740 -0.050 Soybeans (CBT)-5,000 bu.; cents per bu. Jan 99.8125 99.8150 s 99.8050 99.8075 –.0050 203,570 U.S Agency Jan 1170.75 1185.75 1162.00 1184.25 14.75 171,289 March 99.8250 99.8300 99.8200 99.8250 –.0050 1,162,352 1865.38 5.4 0.490 0.460 1.950 295.81 -0.8 Japan 0.280 0.040 0.320 June 99.8350 99.8350 99.8250 99.8300 –.0050 903,436 March 1175.75 1190.25 1166.75 1188.75 14.25 326,249 1626.15 4.0 10-20 years 0.370 0.340 1.850 619.77 4.0 Netherlands -0.420 -0.540 0.080 Soybean Meal (CBT)-100 tons; $ per ton. Sept 99.8300 99.8300 99.8200 99.8250 –.0050 817,361 4258.63 11.6 20-plus years 1.660 1.170 2.450 1084.31 7.9 U.K. 0.620 0.390 1.180 Jan 381.30 388.70 378.40 388.20 7.50 68,829 Currency Futures March 382.40 389.40 379.80 388.90 6.90 164,135 2918.93 6.7 Yankee 1.420 1.420 3.500 926.48 5.1 Emerging Markets ** 4.398 4.398 7.480 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Jan 38.81 39.27 s 38.27 39.19 .46 79,631 Jan .9618 .9659 .9610 .9652 .0034 1,134 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds March 38.60 38.97 s 38.07 38.91 .39 182,403 March .9628 .9666 .9614 .9658 .0034 191,684 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Rough Rice (CBT)-2,000 cwt.; $ per cwt. Canadian Dollar (CME)-CAD 100,000; $ per CAD Dec .7836 .7855 .7830 .7852 .0015 41,979 Jan 12.37 12.37 12.27 12.33 –.08 5,345 March'21 .7843 .7885 s .7834 .7881 .0039 150,880 Global Government Bonds: Mapping Yields March 12.54 12.59 12.45 12.50 –.10 3,688 British Pound (CME)-£62,500; $ per £ Wheat (CBT)-5,000 bu.; cents per bu. Jan 1.3332 1.3476 1.3289 1.3440 .0110 513 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in March 597.25 605.75 594.25 599.75 3.25 182,916 March 1.3341 1.3481 1.3290 1.3444 .0110 137,579 July 595.00 602.25 591.50 596.50 2.00 76,436 Swiss Franc (CME)-CHF 125,000; $ per CHF selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Wheat (KC)-5,000 bu.; cents per bu. March 1.1311 1.1334 s 1.1293 1.1330 .0023 49,351 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points March 563.75 571.00 560.25 566.00 3.75 122,041 June 1.1355 1.1361 s 1.1327 1.1361 .0024 78 Australian Dollar (CME)-AUD 100,000; $ per AUD Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago July 569.00 576.25 566.00 571.50 3.00 35,739 Jan .7539 .7575 .7512 .7560 .0012 737 0.125 U.S. 2 0.121 l 0.121 0.181 1.610 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March .7539 .7579 .7514 .7563 .0012 124,574 Jan 139.475 140.525 139.425 140.100 .075 13,123 Mexican Peso (CME)-MXN 500,000; $ per MXN 0.875 10 0.918 s l 0.896 0.895 1.827 March 140.500 141.250 140.350 140.900 .300 17,321 Jan .04947 .05005 .04924 .05010 .00080 91 2.250 Australia 2 0.105 t l 0.108 0.111 0.827 -1.6 -1.3 -78.3 1.000 10 0.972 t l 0.975 0.898 1.266 5.4 8.0 -56.2

Cash Prices | wsj.com/market-data/commodities Tuesday, December 15, 2020 0.000 France 2 -0.718 s l -0.724 -0.670 -0.613 -83.9 -84.5 -222.3 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 0.000 10 -0.373 t l -0.370 -0.304 0.003 -129.1 -126.6 -182.5 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 0.000 Germany 2 -0.762 s l -0.765 -0.723 -0.617 -88.3 -88.6 -222.6 months. 0.000 10 -0.609 s l -0.618 -0.547 -0.288 -152.7 -151.3 -211.6 Tuesday Tuesday Tuesday Energy Aluminum, LME, $ per metric ton *2042.5 Wheat,No.1soft white,Portld,OR-u 6.4000 0.050 Italy 2 -0.448 t l -0.438 -0.409 -0.213 -56.9 -55.9 -182.3 Copper,Comex spot 3.5380 0.900 10 0.523 t l 0.548 0.671 1.160 -39.5 -34.7 -66.7 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.350 Iron Ore, 62% Fe CFR China-s 155.8 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 371 Beef,carcass equiv. index 0.100 Japan 2 -0.142 s l -0.143 -0.143 -0.138 -26.3 -26.4 -174.8 Steel, HRC USA, FOB Midwest Mill-s 941 Metals choice 1-3,600-900 lbs.-u 178.48 0.100 10 0.003 t l 0.014 0.027 -0.028 -91.5 -88.2 -185.5 Fibers and Textiles select 1-3,600-900 lbs.-u 160.71 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8333 0.400 Spain 2 -0.626 s l -0.629 -0.561 -0.395 -74.7 -75.0 -200.5 Engelhard industrial 1850.00 Burlap,10-oz,40-inch NY yd-n,w 0.6400 Butter,AA Chicago 1.4750 1.250 10 -0.017 t l 0.003 0.116 0.424 -93.5 -89.2 -140.4 Cotton,1 1/16 std lw-mdMphs-u 0.7284 Handy & Harman base 1850.65 Cheddar cheese,bbl,Chicago 145.75 Cotlook 'A' Index-t *80.70 Handy & Harman fabricated 2054.22 Cheddar cheese,blk,Chicago 165.25 0.125 U.K. 2 -0.059 s l -0.083 -0.022 0.552 -18.0 -20.4 -105.8 LBMA Gold Price AM *1820.25 Hides,hvy native steers piece fob-u 39.500 Milk,Nonfat dry,Chicago lb. 114.25 4.750 10 0.262 s l 0.225 0.341 0.794 -67.1 -103.4 Wool,64s,staple,Terr del-u,w n.a. -65.6 LBMA Gold Price PM *1831.15 Coffee,Brazilian,Comp 1.1768 Source: Tullett Prebon Krugerrand,wholesale-e 1926.08 Grains and Feeds Coffee,Colombian, NY 1.7364 Maple Leaf-e 1944.60 Eggs,large white,Chicago-u 0.7150 Barley,top-quality Mnpls-u n.a. American Eagle-e 1944.60 Flour,hard winter KC 15.55 Corporate Debt Bran,wheat middlings, KC-u 149 Mexican peso-e 2240.96 Hams,17-20 lbs,Mid-US fob-u 0.76 Corn,No. 2 yellow,Cent IL-bp,u 4.1750 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Austria crown-e 1818.33 Hogs,Iowa-So. Minnesota-u 63.93 Corn gluten feed,Midwest-u,w 152.0 expectations Austria phil-e 1944.60 Pork bellies,12-14 lb MidUS-u n.a. Corn gluten meal,Midwest-u,w 554.3 Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.8058 Investment-grade spreads that tightened the most… Cottonseed meal-u,w 428 Engelhard industrial 24.4500 Steers,Tex.-Okla. Choice-u n.a. Spread*, in basis points Hominy feed,Cent IL-u,w 122 Handy & Harman base 24.4990 Steers,feeder,Okla. City-u,w 152.06 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Meat-bonemeal,50% pro Mnpls-u,w 295 Handy & Harman fabricated 30.6240 Oats,No.2 milling,Mnpls-u 3.5750 –15 LBMA spot price Fats and Oils State Street STT 3.300 0.46 Dec. 16, ’24 9 n.a. *£17.7700 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 (U.S.$ equivalent) *23.8550 Corn oil,crude wet/dry mill wtd. avg.-u,w 41.0000 Sorghum,(Milo) No.2 Gulf-u 6.3475 BNP Paribas BNP 3.800 0.82 Jan. 10, ’24 45 –14 49 Coins,wholesale $1,000 face-a 18383 SoybeanMeal,Cent IL,rail,ton48%-u 385.70 Grease,choice white,Chicago-h 0.3200 Other metals Soybeans,No.1 yllw IL-bp,u 11.7250 Lard,Chicago-u n.a. Marathon Oil MRO 6.600 4.73 Oct. 1, ’37 307 –14 315 LBMA Platinum Price PM *1027.0 Wheat,Spring14%-pro Mnpls-u 6.6450 Soybean oil,crude;Centl IL-u 0.4019 –10 Platinum,Engelhard industrial 1030.0 Wheat,No.2 soft red,St.Louis-u 6.2725 Tallow,bleach;Chicago-h 0.3675 Lloyds Banking LLOYDS 4.050 0.64 Aug. 16, ’23 46 47 Palladium,Engelhard industrial 2365.0 Wheat - Hard - KC (USDA) $ per bu-u 5.9100 Tallow,edible,Chicago-u 0.3750 UnitedHealth UNH 3.500 0.48 Feb. 15, ’24 11 –10 n.a. KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; –8 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 12/14 Enterprise Products Operating … 5.950 3.42 Feb. 1, ’41 177 n.a. Source: Dow Jones Market Data JPMorgan Chase JPM 3.875 0.82 Sept. 10, ’24 45 –8 38

Main Street Capital MAIN 5.200 2.60 May 1, ’24 223 –8 231 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks …And spreads that widened the most Money Rates December 15, 2020 Nissan Motor NSANY 3.043 1.48 Sept. 15, ’23 130 12 129 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Westpac Banking WSTP 2.650 1.29 Jan. 16, ’30 37 12 n.a. guide to general levels but don’t always represent actual transactions. USAA Capital USAACA 1.500 0.39 May 1, ’23 22 10 n.a. Inflation Week —52-WEEK— Week —52-WEEK— Latest ago High Low Latest ago High Low Hyundai Capital America HYNMTR 5.750 0.98 April 6, ’23 80 7 Nov. index Chg From (%) n.a. level Oct. '20 Nov. '19 Bid 0.0800 0.0800 1.6000 0.0100 Libor Offer 0.1100 0.1100 1.6300 0.0500 Sumitomo Mitsui Financial SUMIBK 2.130 1.73 July 8, ’30 83 6 One month 0.15250 0.14875 1.80475 0.12663 76 U.S. consumer price index Treasury bill auction Three month 0.22875 0.23000 1.96050 0.20488 5 All items 260.229 –0.06 1.2 BHP Billiton Finance … 5.000 2.41 Sept. 30, ’43 76 64 4 weeks 0.065 0.075 1.575 0.000 Six month 0.25175 0.25338 1.92438 0.23375 Core 269.473 0.05 1.6 13 weeks 0.075 0.080 1.555 0.000 One year 0.33125 0.33725 2.01200 0.32763 Cooperatieve Rabobank RABOBK 3.875 0.60 Sept. 26, ’23 42 5 n.a. International rates 26 weeks 0.085 0.090 1.570 0.080 American Tower AMT 4 Secondary market Euro Libor 5.000 0.74 Feb. 15, ’24 37 n.a. Week 52-Week Latest ago High Low Fannie Mae One month -0.586 -0.591 -0.360 -0.621 Three month -0.568 -0.568 -0.142 -0.572 High-yield issues with the biggest price increases… 30-year mortgage yields Prime rates Six month -0.533 -0.531 -0.052 -0.536 Bond Price as % of face value 30 days 1.913 3.362 1.751 U.S. 3.25 3.25 4.75 3.25 1.891 One year -0.497 -0.495 0.008 -0.501 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week 60 days 1.919 1.939 3.370 1.804 Canada 2.45 2.45 3.95 2.45 Japan 1.475 1.475 1.475 1.475 Royal Caribbean RCL 7.500 4.57 Oct. 15, ’27 117.000 7.00 Other short-term rates Secured Overnight Financing Rate 109.534 Policy Rates Week 52-Week 0.08 0.08 1.64 0.01 CF Industries CF 4.950 3.44 June 1, ’43 123.578 1.08 125.750 Euro zone 0.00 0.00 0.00 0.00 Latest ago high low Value 52-Week 0.77 Switzerland 0.00 0.00 0.50 0.00 Latest Traded High Low Hughes Satellite Systems … 6.625 4.49 Aug. 1, ’26 110.490 111.000 Britain 0.10 0.10 0.75 0.10 Call money 0.70 Australia 0.10 0.10 0.75 0.10 2.00 2.00 3.50 2.00 DTCC GCF Repo Index Seagate HDD Cayman … 4.750 1.87 June 1, ’23 106.883 106.500 Overnight repurchase Commercial paper (AA financial) Treasury 0.111 60.230 1.720 0.002 FirstEnergy FE 7.375 2.86 Nov. 15, ’31 142.055 0.56 141.522 U.S. 0.09 0.09 1.65 -0.07 90 days 0.22 0.14 2.53 0.04 MBS 0.120 54.400 1.763 0.011 R.R. Donnelley & Sons RRD 8.500 5.54 April 15, ’29 119.500 0.50 U.S. government rates 117.750 Notes on data: Discount U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, …And with the biggest price decreases 0.25 0.25 2.25 0.25 and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is –1.93 as of December 14, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted Transocean RIG 6.800 21.67 March 15, ’38 33.319 28.430 Federal funds average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- Effective rate 0.0900 0.0900 1.6200 0.0600 funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Macy's M 7.000 8.17 Feb. 15, ’28 93.750 –1.50 93.500 High 0.1000 0.1000 1.6500 0.1000 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Low 0.0500 0.0500 1.5800 0.0100 Tullett Prebon Information, Ltd. L Brands LB 9.375 3.84 July 1, ’25 122.841 –1.13 124.250

Teva Pharmaceutical Finance Netherlands … 4.100 4.80 Oct. 1, ’46 89.750 –0.72 89.750

Dividend Changes Navient NAVI 7.250 4.26 Jan. 25, ’22 103.188 –0.70 104.500 Dividend announcements from December 15. CF Industries CF 3.450 1.52 June 1, ’23 104.625 –0.44 104.800

Amount Payable / Amount Payable / Netflix NFLX 4.375 2.39 Nov. 15, ’26 110.898 –0.35 111.000 Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record Foreign Special CIT CIT 5.000 1.44 Aug. 1, ’23 109.125 –0.30 109.100 Medtronic MDT 2.0 .58 Q Jan15 /Dec22 HMG/Courtland Properties HMG ... .50 Jan12 /Dec29 Tim ADR TIMB 2.3 .23996 Jan29 /Dec22 Urban Edge Properties UE ... .46 Jan19 /Dec31 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Note: Data are for the most active issue of bonds with maturities of two years or more KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. Source: MarketAxess P2JW351000-4-B01200-1------XA

B12 | We dnesday, December 16, 2020 **** THE WALL STREET JOURNAL. MARKETS Stocks Rally on Stimulus Talks European Banks’ BY JOE WALLACE AND CAITLIN MCCABE Dividend Stocks climbed as investors welcomed signs of progressin negotiations over an economic Ban Lifted relief packageinWashington. TheS&P 500 rose 47.13 BY PATRICIA KOWSMANN points, or 1.3%, to 3694.62, snapping afour-session losing TheEuropean Central Bank streak,the index’slongest said that lenderscan restart stretch of losses sincelate limited dividend payments September. next year following anine- TUESDAY’S TheDow month ban and told banks to MARKETS Jones Indus- be prudent about bonuses trial Average given the economic crisis gained 337.76 points, or 1.1%, caused by the pandemic.

to 30199.31. S Tuesday’sECB movefollows And the tech-heavy Nasdaq alifting of aban by the Bank of NEW

Compositejumped 155.02 G England last week. Along with points, or 1.2%, to 12595.06— the Federal Reserve,most ma-

marking the index’s51st re- OOMBER jorbank regulators restricted

cord close of the year. /BL bank dividends and buybacks Enthusiasm that U.S. law- when the pandemic hit the

makersmay be closer to a MORRIS economythis year.Stopping

stimulus deal helped lift UL payoutshelped preservecapital, stocks,which have largely PA giving banks biggerbuffersto VID

swung between small gains DA absorb losses.But the lack of and losses sincefinishing No- Shares of Apple rose after Nikkei Asia reported that the company plans to increase iPhone production by about 30%. payoutshammered bank shares. vember with blockbuster Theissue of dividend pay- gains. $7.85, or 5.1%, to $147.22. Share-priceand indexperformance, Tuesday ham-Taylor,senior ratesstrat- mentsisacontentious one for Democratic and Republican TheFood and Drug Admin- egist at Rabobank. “The U.S. banks on the Continent. Even lawmakershavebeen at an im- istration said Tuesdaythat 6% does need some morefiscal beforethe pandemic,they passe over astimulus deal, but Moderna’s Covid-19 shot is stimulus to see it through struggled to generateprofits Apple on Monday, abipartisan group “highly effective,” suggesting 4 these winter months.” amid sluggish economic growth of lawmakers urged congres- it could soon be added to the Treasuryyields arelikely to and negativeinterest rates. Div- sional leaders to forge ahead arsenal against the pandemic. jump if U.S. lawmakersdopass idends were one of the few rea- with a$748billion aid package Shares of the company have 2 asignificant stimulus package, sons investorsheld their shares. that would avoid the thorniest experienced asignificant run- S&P500 lifting growth, inflation pros- TheEuroStoxxBanks index issues holding up adeal. up this year.Evenwith Tues- 0 pectsand the supply of bonds, is down morethan 20% this In corporatenews, shares of day’slosses,Moderna remains Mr.Graham-Taylor added. The year, compared with a 6% fall Apple climbed after Nikkei up morethan 650% year to Pfizer yield on the 10-year U.S. Trea- in the EuroStoxx50blue-chip Asia reported that the com- date. –2 surynoterose to 0.921% from index. panyplans to produceasmany On Monday, the Covid-19 0.891% on Monday. The ECB said Tuesday that as 96 million iPhones in the death toll in the U.S. surpassed –4 The dollar fell against the dividends and sharebuybacks first half, a nearly 30% year- 300,000,underscoring that de- euro,British pound and Japa- need to be below15% of the over-yearjump.Shares of the spiteadvancesincoronavirus Moderna nese yen. TheWSJ Dollar In- combined profits for the past iPhone maker rallied $6.10,or medical treatments and vac- –6 dex, which measures the cur- two yearsornohigher than 5%, to $127.88. cines,the pandemic still rencyagainst 16 rivals,fell 0.2percentagepoint of the Energy stocks,banks and threatens to continue to be a –8 0.4%. common equity Tier 1ratio, materials companies also ral- drag on the U.S. economy. In overseas markets, the re- whichever is lower. Banks lied, while the Russell 2000 in- “The market is having to 10 a.m. 11 noon 1p.m. 234 gionwide StoxxEurope 600 in- need to be profitable and dex of small-company stocks deal with alot of headwinds,” Source:FactSet dexticked up about 0.3%. “have robust capital trajecto- jumped 2.4%.The index’s17% said Hani Redha, a portfolio Asian marketsmoved ries,” it added. While the ECB gain forthe year is outpacing manager at PineBridgeInvest- Still, manymoney managers ditional support from the U.S. higher early Wednesday. calls these instructions recom- the S&P 500’s14% rise. ments. “Both on the virus it- hope that vaccines,coupled government could offer more Japan’sNikkei wasup0.3%, mendations,the banks treat In contrast, shares of sev- self,the risk of tighter and with continuing support from buoyancytomarkets. Hong Kong’sHang Seng Index them as rules sincegoing eral vaccine makerstumbled. tighter lockdowns,and uncer- central banks, will allow the “The jury’s still a little bit wasup0.9%and South Korea’s against them would likely lead Pfizer fell 50 cents, or 1.3%, to tainty around anykind of ad- rally in stocks and corporate out on exactly what’sgoing to Kospi wasup0.5%. U.S. stock to serious regulatoryreprisals. $38.71, while Moderna slid ditional stimulus in the U.S.” bonds to extend into2021. Ad- be passed here,“said LynGra- futures were flat. TheECB’sconditions are harsher than those imposed last week by the Bank of Eng- land,which limited dividend Energy Agency Cuts Global Oil-Demand Forecast distribution to 25% of 2019 and 2020 profitscombined or 0.2% of the bank’srisk-weighted as- BY DAVID HODARI by 170,000 barrels aday to 5.7 from its16% drop in the sec- three months of the year is ex- coveronly two-thirds of the sets, whichever is higher. million barrels a day. ondquarter,but that resur- pected to be even weaker than demand lost this year. TheECB also said it sent a LONDON—It will be several That included areduction gence “is almost entirely due it wasinthe thirdquarter,the Oil prices climbed on Tues- lettertobanks asking formod- months beforecoronavirus of 400,000 barrels aday to its to China’sfast rebound from agency said. day, hitting nine-month highs eration in their bonus policies. vaccinations start to boost forecast demand forthe sec- lockdown,” the IEA said. But Expected pressureonthe andrising with broader risk “The reputational impact of global oil demand, with the re- ond quarter when analystshad the demand outlook in the airline industry in 2021 was a assetsonhopes foraU.S.pan- thepayment of variable remu- covery in some of the world’s expected the expansion of vac- wealthycountries that make major driver behind the IEA’s demic-relief package, accord- neration during aglobal crisis wealthycoun- cination programs around the up the Organization forEco- downgrades. ing to EdwardMoya, an ana- situation should not be under- COMMODITIES tries “going world to begin lifting eco- nomic Cooperation and Devel- Weaker demand forjet fuel lyst at broker Oanda. estimated—particularly in the backwards” nomic activity. opment is bleak, according to and kerosene is projected to Global benchmark Brent case of large individual this quarter,the International Theagencyalso loweredits the IEA. next year account for80% of crude added 0.9% to $50.76 a amounts—and should be duly Energy Agency said Tuesday. demand forecast for the final With another wave of infec- the shortfall of 3.1million bar- barrel. West Texas Intermedi- considered,” Andrea Enria,the In itsmonthly oil-market quarter of 2020. tions prompting areturn to rels aday in overall demand atefutures,the U.S. bench- ECB’s bank-supervision head, report, the IEA cut itsforecast Demand has somewhat re- lockdown measures in Europe, compared with 2019,meaning mark,rose 1.3% to $47.62 a said in the letter. recovery in demand for2021 coveredinthe second half demand thereinthe final the world in 2021 would re- barrel. Mr.Enria previouslyde- fended the dividend ban and bonus moderation saying gov- and stay competitive. Year-to-dateshare decadeold investment in a came under scrutiny. ernmentshaveprovided tril- Swiss Bank Mr.Gottstein on Tuesday performance hedgefund soured. Mr.Gottstein said the lions of euros in financial sup- said manyEuropean countries In November,Credit Suisse Credit Suisse brand is still port to the eurozone,including UBS including Switzerland are 10% said it expectstotake a$450 “verystrong” with clients, and guaranteed loans that eased Focuses overbanked. But he said it is million impairment on an eq- that he and his team will try theburden on lenders. hardfor large banks to com- uity stakeitholds in hedge- to set the bar higher to avoid Internally at the ECB,the is- 0 bine,and that Credit Suisse in- fund manager York Capital futurescandals and litigation. sue of dividends has been divi- On Wealth stead might buy smaller pri- Management,after York nar- “It’sveryclear that this man- sive.While some supervisory vate-banking and asset- –10 rowedthe scope of itsopera- agement team has no appetite boardmembersthought that an management businesses for tions.The bank said this forcreating newproblems ei- extension of the ban waswar- ContinuedfrompageB1 growth. month it maytakeaseparate ther forourselves or future ranted given the pandemic’sim- ing forcash with wealthycli- To woowealthyclients, Mr. –20 provision, foranundisclosed management teams,” Mr. pact on banks is still unknown, entswho want to invest in pri- Gottstein will have to over- amount,aspart of aU.S.civil Gottstein said. others worried the restriction vately held companies. come the reputational chal- court case over residential The wealth-management would do moreharm than good. Even so,Credit Suisse’s lenges he inherited. His pre- –30 mortgage-backed securities it business, with clientsranging Banks have lobbied intensely sharepricehas laggedbehind sentation didn’t directly marketed to investorsbefore from tech entrepreneurs to to liftthe ban. Some argued that of rival UBS Group AG in addressthe spying scandal and Credit Suisse the2008 financial crisis. large family offices,made that biggerpayoutswould lift performanceand valuation. other mishaps that plagued –40 A set of supply-chain finance around 4billion Swissfrancs theirshareprices,making it In terms of size, it is the bank this year.Itcame un- funds were reviewedfor poten- in pretax profit in the 12 easier to raise capital if needed. dwarfedbyU.S.banking giants der fire afterits chief operat- tial conflictsofinterest among months to Sept. 30., equivalent “Restricting dividends can –50 such as JPMorganChase &Co ingofficer and security chief fund investorsand companies to $4.5billion. increase banks’ funding costs, and MorganStanley. hiredprivateinvestigatorsto Jan. 2020 receiving financing.Collapsing Mr.Gottstein said the aim have an impact on their access Thepossibility of amerger followtwo executives last year. Source:FactSet values on some of itsexchange- nowistoraise itsannual pre- to capital marketsand make between Credit Suisse and Thebank ousted Mr.Thiam for traded notes caused heavy taxprofitinwealth manage- them less competitivethan UBS, a subject of perennial failing to contain the fallout. under observation previously. losses forinvestors. ment to between 5billion their international peers,” said speculation, was rekindled Last month, TheWall Street Beyond the spying scandal, Itsrole in marketing securi- francs and 5.5billion francs in Yves Mersch,vicechairman of this year when UBS said it had Journal reported alaw firm several investment products ties tied to shares in Wirecard 2023.Most newcapital will be the ECB’sbank supervisory studied the matterasaway hiredbythe bank found two sold by the bank ranintotrou- AG before the fintech com- earmarked forthe business, board, at aSeptember confer- forboth the banks to cut costs more employees had been put ble this year,and the bank’s pany’s collapse in June also the bank said. ence.

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret DoubleLine Funds CpInc r 10.63 +0.05 8.9 CapApInst 114.24 +0.89 50.8 PIMCO Funds A EMAdmr 40.93 +0.26 12.5 WelltnAdml 80.39 +0.63 9.4 ExtndIstPl 305.45 +4.93 30.6 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. CoreFxdIncmI NA ... NA DivIntl 46.22 +0.27 15.3 Harding Loevner IncomeFd NA ... NA EqIncAdml 79.30 +1.05 2.2 WndsrAdml 76.23 +1.23 6.6 IdxIntl 19.22 +0.17 9.1 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese TotRetBdI 10.72 ... 4.0 GroCo 35.28 +0.36 65.2 IntlEq NA ... 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B14 | We dnesday, December 16, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Europe’s New Tech Regulations Will Bite, Eventually

U.S. tech giants face ahostofnew rules thatimply meaningful changes to the waytheymakemoney

Investors have gotten used to on antitrust law and often strug- S shrugging off Europe’s efforts to gled to hit its mark. regulate U.S. tech giants. The point If regulatorsstill don’t getwhat PRES

at which they will be forced to pay they want, they aregiving them- UMA closer attention may not be quite selves the right to impose signifi- /Z here, but it is drawing inexorably cant potential fines,uptoamaxi- nearer. mum of 10% of global revenues. BABBAR Tuesdaybrought news on multi- Admittedly,previous penalties for CHELLE

ple fronts. Twitter was hit with the antitrust breaches have been lower. SA firstfine under the European In the past, stringent new na- During the worstofthe lockdowns in April and May, three-quarters of Inditex’s shops around the world had to close. Union’slandmark privacyregula- tional regulations could just be tions,albeit amodest one; Britain avoided. In 2014 Google shut its proposed newonline safety legisla- Spanish news service in response tion; and, most significantly,EUof- to local rules requiring payment Zara’s Owner Feels theChill ficials published their long-awaited for clips. The breadth of the cur- two proposals covering the regula- rent regulatory push in Europe tion of big tech companies. makes this approach nearly impos- Manymorenational regulations sible now, even if national ap- Chain’s online business can only partly offset a fresh wave of store closures also areinthe pipeline around Eu- proaches vary. As a whole, the re- rope.Tech giants’ warningsthat gion accounts for just under a clampdowns will hamper innova- quarter of 2019 revenues at Apple Zara’s owner is having to shut Inditex’s monthly sales,change from the same period ayearearlier tion areincreasingly falling on deaf and Facebook. stores again in the crucial run-up earsinthe region, just as they are Another problem forbig tech is to Christmas. The fashion retailer’s 120% in Washington. In asign of their that Europe is aregulatorytrend- fast-growing online business may concern, U.S. tech giantshave setterfor other nations around not patch the hole as well as might 100 staffed up in Brussels. the world. This wasseen with be hoped. Most of the new European rules both itsGDPR forprivacyand Spain-based Inditex,the 80 have two main ambitions: enforc- REACH rules forchemicals.Anti- world’slargest clothing retailer, ing a higher duty of care in polic- trust action in Washingtonand said Tuesdaythat sales over the ing online content on the one manyU.S.stateshas echoes of three months through October fell 60 hand; and restraining big plat- cases done in Brussels. 10% at constant exchangerates forms’ market power to create and Technologyshares have been on compared with the same period of 40 maintain space for competitors on atear this year as the usefulnessof 2019. the other. Both imply meaningful the companies’ productsinapan- The company had almost recov- changes to the way companies demic has trumped regulatorycon- ered to precrisis sales levels when 20 such as Amazon, Facebook, Apple cerns.Tuesday’sregulations won’t the second wave struck. Markets and Alphabet make money. Previ- immediately end the party.The new like Spain and Ireland imposed 0 ous action against the tech compa- EU rules will likely take one to two tighter rules on nonessential re- nies in Europe was mainly based yearstobecompleted and enacted, tailers from mid-October. Feb. March April MayJune July Aug. Sept. Oct. though national regimes aremov- With new restrictions coming Source:the company Revenue by region in 2019,inbillions ing morequickly.German rules are into force this week in parts of the in the final stages and could apply U.K., Germany and the Nether- digital businesswas picking up pletely. U.S. EU Rest of world from early next year. lands, the question is whether In- the slack faster than during the In other respects, Inditex looks Amazon* Investorscan also relax about ditex’s digital business—which is firstshutdowns,according to esti- as impressive as usual. Inventory forced demergers.While the EU much larger today than it was be- mates of Inditex’s store-based levels at the end of October were $193.6 $39.8 $47.1 proposal includes the powerto fore the pandemic—can claw back sales by Bernstein analyst Anee- 11% lower than they were the same break up repeat offenders, it seems lost store sales any faster than it sha Sherman. time last year. Tightly controlling Apple inconceivable that European offi- did during the first wave of re- There are a few explanations. stock means fewer clothes have to 116.9 60.3 83.0 cials would split aU.S.company. strictions. Inditex’s digital sales have already be sold at a discount, protecting At some point, however, the de- The answer seems to be a quali- grown by 75% in 2020. All those profit margins. And net cash of Alphabet (Google)† termination of European regulators fied no based on the data so far. shoppers that were prepared to €8.3 billion, equivalent to $10 bil- to exert greater control over U.S. During the worstofthe lock- switch to buying online may have lion, was a record high. 74.8 50.6 36.4 tech giantsintheir jurisdictions downs in April and May, three- already done so. The retailer has done a great seems bound to have some effect quartersofInditex’s world-wide It is also likely that social-dis- job of growing its online business Facebook on their financial results. Regula- shops were forced to close,lead- tancing rules are lowering pur- this year, and will be much 30.2 23.6 tory proposals of the kind pub- ing to a62% drop in sales.InNo- chases in stores that remain open. sharper digitally after the pan- lished Tuesdayaren’t aclear sell vember,21% of the company’slo- The company’s digital arm isn’t demic has passed. In the short 16.8 signal, but nor caninvestorsafford cations were shut, and group big enough yet to offset weaker term, though, it won’t be enough *Germanyand U.K. †Europe, Middle East and Africa to tune them out. Europe isn’t giv- sales fell 19%. That performance business in open locations as well to protect the business from win- Source:S&P Capital IQ ing up. —Rochelle Toplensky should have been stronger if the as those that are closed com- ter closures. —Carol Ryan Big Drugmakers Pass Their Annual Checkup China’s Stimulus Won’t

Pharmaceutical giantsare expect- Share-priceperformance, year to date Do Heavy Lifting in 2021 ing ahealthy2021. Importantly for investors, that bright futuredoesn’t 30% necessarily depend on the course of Eli Lilly the coronavirus pandemic. 20 Beijing’s stimulus policies this Chineseeconomic data, Eli Lilly said Tuesday it expects year have been restrained by past change from ayearearlier revenue of $26.5 billion to $28 bil- standards, and certainly compared 10 30% Property investment lion next year,which is about 11% with those in the U.S. and Europe. Heavy industrial output* higher from this year’s forecast. Now, with consumers spending Freighttraffic 20 That growth is primarily from drugs 0 again and private investment re- already on the market, such as dia- covering, even that modest extra betes treatment Trulicity and anti- gas for the economy will start to 10 –10 AbbVie inflammatorydrugTaltz.Lilly burn away. boosted itsdividend payout by 15% That could limit further upside 0 and shares rose. Lilly also an- –20 next year for heavy industrial nounced adeal to acquiregene-ther- stocks such as Komatsu and Cat- –10 apy startup Prevail Therapeutics erpillar, which roared back in –30 for$880 million in upfront cash. mid-2020 as Chinese construction –20 Similarly on Monday, AbbVie in- JFMAMJ JASOND and investment spending returned. –30 creased itslong-term guidancefor Source:FactSet On the other hand, the improving the two immunologydrugs Rinvoq fortunes of Chinese households, 2014 ’16 ’18 ’20

and Skyrizi. Thecompanynow ex- pen. Afterall, the duration of the deals could be in store, even with underpinned by strong export and *Average of output growth in metals, pectsthe two drugstocombine for pandemic,and the resulting sales many biotech stocks trading at bub- labor-market momentum, could cement, glassand electricity $15 billion in revenue by 2025,up opportunities fordrugmakers, is ble valuations that areunpalatable help shore up consumer stocks like Source:CEIC from aprevious forecast of $10 bil- highly uncertain. With vaccines now to buyers. Thereisstill value for Alibaba, which have come under lion. That seemslikeatall order, being distributed, Wall Street is disciplined buyers: AstraZeneca an- the pressure of increasing regula- central bank has acted to contain sincethose drugshavecombined for likely to placealow value on profits nounced adeal to acquire Alexion tory scrutiny. the increases,but hasn’t injected just $1.3billion in sales in the first from drugslikeLilly’s antibody Pharmaceuticals for$39 billion in China’smain November economic enough cash to push yields firmly nine months of 2020.But fresh clin- treatment forCovid-19.Lilly expects cash and stock last week.That val- data, released Tuesday, showedpri- back down again. Investorscan take ical datamakethat possibility seem between $1 billion to $2 billion in ued Alexion at lessthan 15 times vate-sector investment is finally up this as ahint that policymakersare morerealistic: Rinvoq, which is Covid-19-related sales next year,a 2020 earnings, even with alarge again in 2020 year to date, com- comfortable enough with the shape takenorally,was shown to be more fraction of the overall topline.It deal premium. pared with the same period last of the recovery to let state-backed effectivefor atopic dermatitis pa- While the shares arenoscream- year.Retail sales continued improv- investment begin to ebb again. tientsthan the current standardof ing bargain, valuations arereason- ing and unemployment edged down. Given the usual lags between care in alate-stageclinical trial. More deals could be in able in amarket wheremanystock Real-estateinvestment softened to borrowing and actual building, While the pandemic has slowednew prices have become divorcedfrom 10.9%growthyear over year: still strong demand for heavy indus- drug launches acrossthe industry, store even with many underlying businessreality.Lilly strong,but the slowest sinceJune. trial products probably still has a dermatologyisalucrativeand biotech stocks trading at trades at about 21 times this year’s Investment growth in power, rail few months to run. But by the growing market. adjusted profit forecast, while Abb- and road infrastructurealso eased. middle of next year—just as the Hitting that guidanceisessential bubble valuations. Vietrades at 10 times.The fact that It is notable that the slowdown rest of the world is ramping back to keep investorshappy,because these businesses arelargely undis- in infrastructureand construction up—China’s heavy industrial com- AbbVie faces cheaper competition turbed by thecourse of the pan- investment comes afteranincrease plex seems likely to cool. forits anti-inflammatorydrugHu- demic should makethem moreat- in bond yields and signs of apeak Komatsu stock is trading for21 mirainthe U.S. in the coming years. also plans to spend $300 million to tractivetoinvestors, as the in overall credit expansion. Growth times expected earningsfor the With global sales of nearly $15 bil- $400 million on pandemic-related timetable forfull recovery remains in overall outstanding debt and eq- next 12 months,according to Fact- lion so far this year,Humiraisthe research. Theimpact of the pan- uncertain and market values in uity financeeased marginally in No- Set, just belowits late2016 valua- world’sbestselling drug and ac- demic on AbbVie’sfinancial perfor- manyindustries could swing wildly vember forthe firsttime in close to tion peak.The beginning of aglobal countsfor about half of totalcom- manceisminimal. if expectations forareturn to nor- ayear,thanks to slowing corporate- cyclical uptick might seem likea panysales. And with the election in the mal change. bond issuanceand aquicker fall in great time to ownheavy industrial Theoutlook forthese companies rearviewmirror,the industryhas In that investing environment, shadowfinance. shares,but that part of China’sre- looks even betterwhen one consid- become morecomfortable with risks exposuretobig drugmakersshould A spateofbond defaults by covery is already long in the tooth. ersthat they aren’t counting on liketougher regulations on prescrip- help Wall Street keep asteady state-owned firms has pushed up Thebest time forgetting in may Covid-19 treatmentstomakeithap- tion-drug prices.That means more pulse. —Charley Grant bond yields in recent weeks.The have passed. —Nathaniel Taplin