Tiffany Sues As LVMH Scraps $16.2 Billion

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***** THURSDAY,SEPTEMBER 10,2020~VOL. CCLXXVI NO.60 WSJ.com HHHH $4.00

DJIA 27940.47 À 439.58 1.6% NASDAQ 11141.56 À 2.7% STOXX 600 369.65 À 1.6% 10-YR. TREAS. g 6/32 , yield 0.702% OIL $38.05 À $1.29 GOLD $1,944.70 À $11.70 EURO $1.1804 YEN 106.18 Midday, San Francisco: Wildfires Cast Eerie Hue Over West TikTok What’s News Parent Is In Talks Business&Finance To Avoid ikTok’sChinese parent, TByteDance, is discussing with the U.S. government U.S. Sale possible arrangementsthat would allowthe video- sharing app to avoid afull ByteDance, Trump sale of itsU.S.operations. A1 administration discuss  LVMH said it wasbacking options as deadline for out of its$16.2 billion takeover of Tiffany. TheU.S.jew- unloading assets looms eler said it filed alawsuit in Delaware ChanceryCourt to TikTok’sChinese parent, enforce the agreement. A1, A8 ByteDanceLtd., is discussing  An EU privacyregulator with the U.S. government pos- sent Facebook apreliminary sible arrangementsthat would order to suspend datatrans- allow the popular video-shar-

fers to the U.S. about itsEU S ing app to avoid a full sale of

users in a potentially prec- PRES its U.S. operations, people fa- edent-setting challenge. A1 miliar with the matter said. TED

 U.S. stocks rebounded CIA SO By Miriam Gottfried,

afterathree-session selloff AS in shares of big tech firms, G/ Georgia Wells with the Nasdaq,S&P 500 and Kate Davidson and Dowgaining 2.7%, 2% RISBER

ERIC Discussions around such an and 1.6%, respectively. B1 DARK TURN: Smoke from wildfires raging across the West Coast coated San Francisco in haze so thick that many drivers option have risen in promi-  Kansas City Southern used their headlights shortly before noon Wednesday. Fire evacuations were ordered in parts of California and Oregon. A3 nencesince the Chinese gov- rejected a roughly $20 bil- ernment took steps that make lion takeover offer from a a sale to a U.S. technology gi- group of investors, saying it ant like MicrosoftCorp. more undervalues the company. B1 difficult, the people said. They take placeagainst afast-ap-  Mall owners Simon and TiffanySuesasLVMH Scraps proaching deadline that Presi- Brookfield agreed to ac- dent Trump imposed for Tik- quireJ.C.Penney out of Toktoagree to asale of its bankruptcy for$800 mil- U.S. operations or else be shut, lion, including debt. B1 $16.2Billion TakeoverDeal and as geopolitical wrangling  Thenumber of available over the app intensifies. jobs in the U.S. leveled off Anumber of options remain latethis summer,the latest on the table,the situation is sign momentum in the la- BY MATTHEW DALTON draggedintotrade disputes on French goods. closing the transaction on the fluid and asale is still apossi- bor market is easing. A2 AND SUZANNE KAPNER between Franceand the Tiffany said LVMH was us- agreed terms,” Tiffany Chair- bility, the people said. Even if Trump administration. The ing the letterfromthe French man Roger Farahsaid. “But there isn’t a full sale, the out-  NBCUniversal has over- PARIS—Luxury-goods giant conglomeratesaid it had re- government as apretext to the simple factsare that there come would likely involve hauled itsTV-production LVMH MoëtHennessy Louis ceived aletterfromthe French back out of adeal that had is no basis under French law some sort of restructuring of unitsunder Pearlena Igbokwe, VuittonSEsaid it wasbacking foreign ministryasking it to lost much of itsluster since for the Foreign Affairs Minis- TikTok,one of the people said. who wasnamed chairman, out of its$16.2 billion take- delay the acquisition until af- the pandemic changed the tertoorder acompanyto That could involveadeal in Universal Studio Group. B1 over of Tiffany&Co., in asign terJan. 6, 2021, morethan a economics of the luxuryindus- breach avalid and binding whichTikTok takesonaU.S.  Ex-VWCEO Winterkorn of howtrade tensions and the month afterthe closing dead- try.The U.S. jeweler said it agreement.” technologypartner that helps wasordered to facetrial on coronavirus pandemic have line stipulated in the merger has filed alawsuit in Delaware PleaseturntopageA8 secureits dataand potentially chargesofdefrauding cus- taken the air out of the high- agreement. ChanceryCourt to enforce the takes a minority stake. tomersinconnection with the flying luxury industry. LVMH said the French gov- agreement.  Tiffany, left at the altar, The main concern for gov- firm’semissions scandal. B3 LVMH said Wednesdayitno ernment wasseeking the delay “Webelievethat LVMH will needs a digital plan...... A8 ernment officials involved in longer wanted to buy Tiffany in response to tariffs Washing- seek to use anyavailable  Heard on the Street: LVMH the talks has been the security World-Wide because the deal wasbeing ton has threatened to impose means in an attempt to avoid shows weak hand...... B10 PleaseturntopageA2

 Trump told journalist Bob Rebound Indexperformance, Wednesday WoodwardinMarch that Irish Move to Force he was deliberately playing Follows 4% down the severity of the coronavirus to avoid inciting panic Tech S&P500 as he publicly dismissed the Technology sector Facebook to Keep virus’sthreat in away public- Retreat 3 health expertssay harmed the Nasdaq Composite ability to curb itsspread. A1 U.S. stocks EU Data in Europe recovered after a  A DHS official filed a 2 S&P500 whistleblower complaint three-session selloff in big DowJones alleging that he was in- technology stocks. Industrial Average BY SAM SCHECHNER would likely have to re-engineer structed to stop disseminat- After driving the 1 AND EMILY GLAZER itsservicetosilo off most data ing intelligencememos on downturn, Apple, it collectsfromEuropean users, threatsposed by Russia to Microsoft and AEuropean Union privacy or stop serving them entirely, the presidential election. A5 Amazon.com led regulator has sent Facebook at leasttemporarily.Ifitfails to  Biden called forhigher the bounceback as 0 Inc.apreliminaryorder to comply with an order,Ireland’s taxesonU.S.companies’ well, all climbing 9:30 a.m. noon 4p.m. suspend datatransferstothe datacommission has the power foreign income and special at least 3.7%. B1 Source:FactSet U.S. about itsEUusers, ac- to fine Facebook up to 4% of its taxbreaks fordomestic cording to people familiar with annual revenue,or$2.8billion. manufacturing,appealing the matter, an operational and Nick Clegg, Facebook’s top to blue-collar workersdur- legal challenge for the com- policyand communications ex- ing atrip to Michigan. A5 pany that could set a prece- ecutive, confirmed that Ire-  TheTrump administra- Trump Says He Played Down dent forother tech giants. land’sprivacyregulator has tion will cut the number of Thepreliminaryorder,the suggested, as part of an in- U.S. troops in Iraq to about people said,was sent by Ire- quiry, that Facebook canno land’sDataProtection Commis- longer in practiceconduct EU- 3,000 this month, atop mil- Severity of Covid-19 in Public sion to Facebook latelast U.S. datatransfersusing a itarycommander said, from month, asking forthe com- widely used type of contract. about 5,200 therenow. A7 pany’sresponse.Itisthe first “A lack of safe, secureand le-  TheU.K.placed newlimits BY REBECCA BALLHAUS Wednesday. “I still likeplaying Theinterviews were among significant step EU regulators galinternational datatransfers on social gatheringstostem it down, because Idon’t want 18 conducted with the presi- have takentoenforce aJuly would damagethe economyand the spread of coronavirus,be- WASHINGTON—President to createapanic.” dent forMr. Woodward’sbook ruling about datatransfers from prevent the emergenceofdata- coming the latest European Trump told journalist Bob Weeks earlier,onFeb.7,Mr. “Rage,” which is scheduled to the bloc’stop court. That ruling driven businesses from the EU, countrytoreimpose curbs. A8 WoodwardinMarch that he Trump told Mr.Woodwardthe be released next week.CNN restricted howcompanies like just as we seek arecoveryfrom  AstraZeneca said an in- was deliberately playing down virus was“deadly stuff” and and the WashingtonPost pub- Facebook cansend personal in- Covid-19,” Mr.Cleggsaid. the severity of the coronavirus “moredeadly than even your lished audio excerptsofthose formation about Europeans to Ireland’sDataProtection dependent panel is review- to avoid inciting panic as he strenuous flus,” according to interviews,but the full tran- U.S. soil because it found that Commission declined to coming the potential safety concern that led to a pause of publicly dismissedthe virus’s the recordings. scriptsand recordingshaven’t Europeans have no effective ment. PleaseturntopageA4 itsclinical trials of an exper- threat in away public-health Yetinpublic over the weeks way to challengeU.S.govern- The preliminary order is a expertssay harmed the ability that followed, the president rou- ment surveillance. victoryfor European privacy imental Covid-19 vaccine. A6 to restrict itsspread. tinely compared the virus to the  Official says intelligence To comply with Ireland’s activists, who have been argu-  Abombing targeting “I wanted to always playit fluand predicted it would soon memos were curbed...... A5 preliminaryorder,Facebook PleaseturntopageA6 the convoy of Afghani- down,” Mr.Trump told Mr. disappear.OnFeb.26, he said  Trump unveils list of stan’s firstvice president WoodwardonMarch 19,ac- thenumber of cases in the U.S. potential court picks...... A5 killed at least 10 people in cording to audio recordingsof “within acouple of days is go-  Covid cases, death counts the country’s capital. A7 the interviewaired by CNN on ingtobedowntoclose to zero.” drop...... A6 INSIDE  Fire destroyed much of Eu- rope’slargest camp forasylum seekers, located on the Desert Islanders: Hapless Hockey Team Gets Its Shot Greek island of Lesbos. A10 iii

CONTENTS Opinion...... A17-19 Arts in Review... A15 Personal Journal A11-14 ‘We’ve been beaten up,chewedupand spit out’ Business News...... B3 Sports...... A16 Capital Account.... A2 Technology...... B4 BY VIPAL MONGA Afterknocking out the Phil- Though the Islandersare Crossword...... A16 U.S. News...... A2-6 adelphia Flyerslast weekend in down two games to none HeardonStreet B9-10 Weather...... A16 TheNew York Islanders Game Seven of their second- against the heavily favored Markets...... B9 World News..... A7-10 hockey team areasclose as round series,the Islandersad- Tampa BayLightning, Islanders they’vebeen in 27 yearstothe vanced to the Eastern Confer- fans maynot be concerned > Stanley Cup.This has leftlife- encefinals of this year’s about what is to come.It’sal- long fan Donald Rosner,a39- National Hockey League play- ready been agood year for year-old deli owner on Long Is- offs.This is the Isles’ longest their team, considering all that PERSONAL JOURNAL land, in an unfamiliar position. playoff runsince1993 and four came before. Theteam’sfor- Fall entertainmentpreviewonthe trends shaping “I’venever seen an Islanders decades removed from itsrun tunes areturning ahead of the s 2020 Dow Jones & Company, Inc. All Rights Reserved team likethis,” he said. “I be- of four straight titles in the projected 2021 opening of a art, music,books, TV and movies. A11-14 lievethey canwin.” early 1980s. PleaseturntopageA10 P2JW254000-4-A00200-1------XA

A2 | Thursday, September 10, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip Resilient Economy Faces Tougher Tests

When the covery.InJuly,IHS Markit, an ABigger Bounce economydid begin to reopen Another surprise: Thefail- contribute5%ofGDP,and it stock market economic analysis firm, pro- in May, and anew wave of in- ureofCongresstoagree on predicted those restrictions Projected levelofGDP began to rally jected grossdomestic product fections acrossthe South and an extension of bonus unem- would likely stay until infec- back in March, would expand 17.7%annual- Forecast: July September West didn’t reversethat. “I’d ployment-insurancebenefits tions drop significantly.They it seemed ized in the thirdquarter.But 100 have expected aresurgencein hasn’t shown abiggerimpact. noteWestern European gov- oblivious to an most economic indicators infections to producemore EconomistsatBank of Amer- ernmentstypically permitted Actual economysliding intoits sincehavebeen betterthan 98 caution in consumers,” said icaestimate, based on credit- indoor dining when daily worstcontraction sincethe projected, and IHS nowsees Ben Herzon, an economist at card data, that spending cases fell below20per mil- Great Depression. GDP growing 29.6%inthe 96 IHS Markit. But “wehaven’t growth by unemployment lion, alevel only threestates, Nearly six months later, thirdquarter,which ends seen it yet.” beneficiaries did fall between with 1% of the U.S. popula- some of that optimism has Sept. 30.Goldman Sachs is 94 California, Texas,Florida 7and 18 percentagepoints tion, currently meet. proved justified. Theeconomy even moreoptimistic,project- and Arizona reimposed some over August, while spending Avaccine would hasten touched bottominApril and ing a42% gain. 92 restrictions,such as closing by everyone else rose 2to4 these sectors’ return to nor- has clawedback ground every Those numbersaren’t quite bars,but none returned to points. Overall, they estimate mality,but that is by no month since. Therecovery as good as they seem: Ex- 90 the full lockdowns of the totalcardspending by the means assured, as wasdem- has shown surprising resil- pressing quarterly growth as spring.Infections and hospi- end of August was2%above onstrated by AstraZeneca’s ienceinthe faceofresurgent an annual rate tends to over- 88 talizations have declined Januarylevels. announcement it had paused coronavirus infections and ex- statethe bounceback.IHS’s 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q steadily in all four,paving the clinical trials of avaccine be- piring fiscal stimulus. forecast means two-thirds of 2018 ’19 ’20 way forapartial reopening, espitethe rapid pace cause of unexplained illness That’sthe good news.The the second-quarter drop will Note:100 =4th quarter 2019 even in California, wherere- of recovery thus far,a in apatient. less-good news is that recov- be reversed in the thirdquar- strictions areamong the na- D Source:IHS Markit 30% rebound in the Thecase forarapid return ering the remaining ground ter; Goldman’smeans nine- tion’stightest. OrangeCounty thirdquarter would still leave to the pre-pandemic economy maybetougher,which may tenths would be reversed. plied households and laid-off said Tuesdayithad met state GDP down 4% from the end of rested on businesses quickly be whythe stock market has workerswith enough added guidelines to reopen restau- 2019,ahole roughly as large hiring back workerslaid off in wobbled recently. ne reason forthis income to morethan offset rantsfor indoor dining with as that inflicted by the global the spring.And indeed, since Back in May, economists comeback is unprece- lost wages, bolstering retail capacity at 25%, while indoor financial crisis in 2009.And April, the number of people projected U.S. unemployment O sales. dented monetaryand malls and retail stores could the paceofrecoveryislikely on temporarylayoff has would still be 11% this Decem- fiscal stimulus.After the Fed- Moreimportant is that, un- operateat50% capacity. about to slow. plummeted by two-thirds,or ber.Last month, it dropped to eral Reserve slashed interest liketypical recessions,this If infections head higher One reason is the impasse about 12 million. But the lon- 8.4%.August wasthe fourth ratestonear zero in March one wascaused by anatural again, newlockdowns can’t over morefiscal stimulus.An- gerthe pandemic dragson, straight month the job mar- and boosted purchases of disaster—the Covid-19 pan- be ruled out, but the bar is other is that the easy gains the morebusinesses in the ketoutperformed economists’ government bonds,mortgage demic and related restrictions high forgovernorswaryof from reopening arebehind us. most vulnerable sectorswill expectations. ratesplunged. As aresult, on economic activity.Typi- crippling their economies. Goldman, in areport this close forever. SinceFebruary, As the economy shrank at new-home sales hit a13-year cally when adisaster fades, “Wewill never do anyof month, noted restrictions re- morethan two million people arecord31.7% annual rate in high in July,and home con- activity snaps back to itspre- these lockdowns again,” Flor- main on restaurants, enter- have permanently lost their the second quarter,econo- struction is back to pre-pan- vious level. While the pan- ida Gov.Ron DeSantis vowed tainment and personal ser- jobs,and their numbersseem mistssaw only ahalting re- demic levels.Congresssup- demic hasn’t passed, the last month. vices,which together certain to grow. JobOpeningsHit Late-Summer Lull

BY ERIC MORATH such as food service, retail and drivers, he said. “Therewas an Thenumber of available initial surge when the economy jobs in the U.S. leveled off late reopened but in the past few this summer,the latest sign weeks those businesses may momentum in the labor mar- have decided they don’t need ket is easing six months after to keep ramping up,” he said. the coronavirus pandemic took TheIndeed datashowedjob hold in the U.S. postingsinhospitality and Theincrease in the number tourism were down morethan of job postings, areal-time 40% in lateAugust from ayear measureoflabor-market ac- earlier,and postingsinfood tivity,has sloweddramatically service were down more than since late July, and last week 20%. However, demand forla-

S it stood about 20% below2019 bor in afew sectors, including

NEW levels,according to datathe construction and loading and G job-search siteIndeed.com stocking,fully recoveredto shared with TheWall Street 2019 levels.That likely reflects

OOMBER Journal. astrengthening home-building /BL Jobpostingsonthe site sector and moreconsumers NG

CO plummeted this spring when ordering goods online for de- N

YA the pandemic hit. By May, livery. ByteDancehas been exploring options including asale of TikTok’sU.S. operations to Microsoft, which is partnering with Walmart, or to Oracle. postingswere33% belowFeb- TheIndeed dataare consis- ruary’sprepandemic level. But tent with other measures the sale of TikTok in accor- challenging Mr.Trump’sexec- could become part of a set of as states allowedmanybusi- showing that while the labor TikTok Is dancewith the August 14 di- utiveorder that would ban regulations expected soon nesses to reopen, demand for market is still improving, the vestiture order signed by the TikTok in the U.S. if it doesn’t from the administration on labor improved steadily paceofgains appearstobe President.” find a buyer. implementation of a separate through July,and in August slowing.Payroll growth in Au- In Talks to ByteDancehas been explor- Beforethe president first executiveorder Mr.Trump postings were about 12% be- gust was a historically strong ing options including asale of raised the idea of such aban, signed last year that initially lowthe early Februarylevel. increase—and the third TikTok’sU.S.operations to Mi- the administration had consid- targeted HuaweiTechnologies Sincethen, the level of post- straight monthly decrease in Avoid Sale crosoft, which is joined with ered an action that would re- Co., among other companies ingshas largely plateauedand net hiring.Similarly,jobless Walmart Inc., or Oracle Corp. viewed as posing national se- remained well belowyear-ear- claims,aproxyfor newlay- Thetalks grew morecom- curity threats. lier levels.Februaryistypi- offs,slowedtheir descent in ContinuedfromPageOne plicated latelast month when President Trump In making itscase foranal- cally alow point during the August afterdeclining fairly of TikTok’sdataand keeping it China issued new restrictions ternativetoasale,ByteDance year for hiring. steady from a March peak. out of reach of the Chinese on the export of artificial-in- wants an American is trying to illustratetothe Thejob-postingsdatacome Thenumber of weekly government, people familiar telligence technology, forcing company to buy the Trumpadministration that as the economycontinues to shifts workersreported for with the negotiations said. ByteDancetopause and evalu- shutting the app also carries dig out of the deep hole cre- rose 0.5% in August from July, Mr.Trump,aRepublican, atehow the newrules might U.S. operations, risks—includingbyarguing ated by effortstocontain the according to Kronos, a work- has said repeatedly that he affect asale.One question is that asizable percentageofits pandemic. TheAugust unem- force-management software wantsaU.S.companytobuy whether the order would pre- users skew politically conser- ployment rate fell to 8.4% and company. That wasthe third the operations,and it isn’t clear vent TikTok’sall-important al- vative, some of the people employers added 1.4million straight month the pace whether anyalternativewould gorithms from being included quirethe app to safeguarddata said.That runs counter to a jobs,but the labor market still slowed, and it is down from a satisfyhis concerns.Where in adeal, with people close to it gathersinthe U.S.,according perception of TikTok as apro- had about 11.5million fewer 2.7% gain in May. China stands is also amystery. the bidders indicating that if to people familiar with the gressivebastion that took hold jobs than beforethe pandemic. On Wednesday, the Labor TreasuryDepartment they aren’t,the platform be- matter. Those measures could after agroup of teenagers Consumer spending,adriving Department separately issued spokeswoman MonicaCrowley comes much less attractive. include restrictions on where used the platform to trytoun- forcefor the economy, also itsmonthly report on labor said the department “isfo- Even beforethat, asale dataisstoredand who has ac- dercut attendance at Mr. grew over the summer, rising demand, showing aseasonally cused solely at this time on wasn’t guaranteed. TikTok cess to it, these people said. Trump’s June campaign rally in July forthe thirdstraight adjusted 6.6 million available discussions associated with filed alawsuit in lateAugust Thepotential restrictions in Tulsa, Okla., which drew a month.Growth, meanwhile,has jobs on thelast businessday smaller-than-expected crowd. picked up in the thirdquarter, of July.That wasupfrom6 THE WALL STREET JOURNAL A group including a repre- economistssay,following a million at the end of June but CORRECTIONS  AMPLIFICATIONS sentative from at least one of steep second-quarter decline. down from 7. 2million ayear (USPS 664-880) (Eastern Edition ISSN 0099-9660) TikTok’smajor investors—Se- “There’s been pretty much earlier. (Central Edition ISSN 1092-0935) quoia Capital, General Atlantic a flat line in the job-postings TheJob Openingsand La- (Western Edition ISSN 0193-2241) Sixty people told TheWall able at WSJ.com/Corrections. and Coatue Management trend sinceearly August,” said bor Turnover Survey lags be- Editorial and publication headquarters: Street Journal they received LLC—met last week in Virginia Indeed economist Nick Bunker. hind the moreclosely watched 1211 Avenue of the Americas, unsolicited seed packages in Beforethe Gov.Mario M. with representatives from the “While labor demand has re- monthly jobs report and pri- New York, N.Y. 10036 recent months and specified Cuomo Bridgebikepath opened Central IntelligenceAgencyto coveredsomewhat from the vate-sector databyabout a Published daily except Sundays and general legal holidays. Periodicals postage paid at thenumber of packetstothe in June,bicyclistswho had left discussdatasecurity,aperson huge shock caused by the vi- month. New York, N.Y., and other mailing offices. Journal as either between one NewYork City couldn’t cross familiar with the matter said. rus, we’re still below prepan- Thelevel of jobopeningsin Postmaster: Send address changes to and tenormorethan ten. A theHudson River until Bear In an Aug.6executiveorder, demic levels.” July waswell exceeded by the The Wall Street Journal, 200 Burnett Rd., Business&Financearticle Mountain. An Off Duty article the WhiteHouse gaveByte- Theflattening trend in post- 16.3 million people who were Chicopee, MA 01020. graphic in some editions Tues- on Saturdayincorrectly said Dancea45-daydeadline before ingsreflectsarecent slowdown unemployedthat month, ac- All Advertising published in The Wall dayincorrectly included an ad- the firstbicycle-accessible it would ban the app,which the in demand forworkersinsome cording to the Labor Depart- Street Journal is subject to the applicable rate card, copies of which are available ditional two people as having bridgewas in Poughkeepsie. Trump administration has said consumer-facing industries, ment. from the Advertising Services Department, received between four and ten poses an economic and na- Dow Jones & Co. Inc., 1211 Avenue of the packetsand one person as hav- A graphic with a Business tional security threat to U.S. in- Americas, New York, N.Y. 10036. The Help Wanted ing received morethan 10 un- & Finance article Tuesday on terests, if it isn’t sold to aU.S. Journal reserves the right not to accept an Job postings on Indeed.com were down about 20% in early advertiser’s order. Only publication of an solicited packets, when in fact green hydrogen incorrectly la- buyer. That givesthe parties September from ayear earlier. advertisement shall constitute final theserecipientsweren’t sure beled the chargesassociated until Sept. 20 to seal adeal— acceptance of the advertiser’s order. whether all of the packetsthey with thecathodeand anode an extraordinarily tight dead- Letters to the Editor: Job postings indexedtoFeb.1level each year Fax: 212-416-2891; email: [email protected] received were unsolicited. componentsofanelectrolyzer line forany mergerdeal, let device. Theanode is positively aloneone as big,complicated 120 Need assistance with your subscription? 2018 By web: customercenter.wsj.com; Thetop 10% of Americans charged, and the cathode is andfraught with global politi- By email: [email protected] by wealth owned 87% of all negatively charged. calimplications as this one. 110 2019 By phone: 1-800-JOURNAL stock outstanding in the first Asubsequent presidential (1-800-568-7625) 100 quarter.AnExchangearticle Noticetoreaders order on Aug. 14 set a 90-day Reprints &licensing: By email: [email protected]; graphiconAug.22about the Wall Street Journal staff deadline—until Nov.12—for 90 By phone: 1-800-843-0008 increasing concentration of membersare working remotely anytransaction to be com- 2020 WSJback issues and framed pages: stock ownership among asliver during the pandemic.For the pleted. That could potentially 80 wsjshop.com of the population wasincor- foreseeable future, please send be extended by 30 days.But Our newspapers are100% sourcedfrom rectly labeled as being based on reader commentsonly by email either way,the second dead- 70 sustainably certified mills. income groups.Acorrected or phone,using the contacts line would fall afterthe U.S. version of the graphic is avail- below, not via U.S. Mail. presidential election. 60 GOTATIP FORUS? —John D. McKinnon, Cara Feb. March April MayJune July Aug. Sept. SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by Lombardo and Aaron Tilley Note:Seven-dayaverage emailing [email protected] or by calling 888-410-2667. contributed to this article. Source:Indeed P2JW254000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** Thursday, September 10, 2020 | A3 U.S. NEWS Blazes Darken Skies in The West

BY JIM CARLTON AND ERIN AILWORTH

High winds fueled explosive growth in wildfires raging acrossthe West Coast and coated theSan FranciscoBay Area in smokesothick that it wasdark at noon. (2) Driversinthe area had to

keep their headlightsonand JOURNAL birdswerequiet as SanFran- ciscowas enveloped in haze. REET ST

“Extremely dense &tall LL

smokeplumes from numerous WA

large wildfires…are almost THE completely blocking out the sun R FO

acrosssome portions of North- ON ern California,” Daniel Swain,a

climatescientist at the Univer- EDELS SH

sity of California, LosAngeles, JO said WednesdayonTwitter. Private bulldozer operators atop a remote ridge at the LNU Lightning Complex fire near Middletown, Calif., on Aug. 23. In the SierraNevadanorth of Sacramento, the remains of three people have been found, Butte County Sheriff Kory BulldozerBrigade Fights Flames Honea said Wednesday. Ase- ries of firesburning in the area sinceAugust called the North Privateequipment to 7a.m. In pitch black,with Complexmorethan doubled in only thedozer’slights, Mr.La sizeto150,000 acres since operators prove Rue extended the containment Tuesday, prompting evacuation invaluable amid line as flames nipped at his warningsand ordersfor 20,000 dozer’ssteel tracks. people.Those included the area California’sblazes While dozers arerigged around Paradise,Calif., where with heat-reflectivecurtains at least 85 people died and BY MARC VARTABEDIAN that canbepulled shut in an morethan 18,000 buildings emergency, they don’t guaran- were destroyed in the Camp NAPACOUNTY,Calif.—High teesafety.JerryHill, a58-year- Fire of 2018. on aridgeinNorthern Califor- old Northern California dozer Among the most dangerous nia, 68-year-oldKen Edwards veteran, said he has twiceused blazes burningWednesdayin finessed abulldozeruparocky his dozer’sblade to dig apit in the West wasthe Almeda Drive slope to uproot atreewhile,10 the dirt which he scampered Fire,which started Tuesday feet away,amanzanitashrub intotohide from flames.Atthe outside Ashland, Ore.,and went up in flames. Carr Fire,aninferno inciner- racedalong Interstate5toward As the state’swildfires burn ated an 82-year-oldcontractor Medford, prompting evacuation moreferociously and break out inside his dozer. ordersinand around that city simultaneously, stretching state At the Elkhorn Fire,100 of 82,000.Atleast 600 homes resourcesthin,the California miles north of the Lightning had been destroyed by the Department of Forestryand Complexfires,Mr. Hill bull- 3,000-acrefirebyWednesday. Fire Protection is growing in- dozedacrossamountainside 5 That fire wasone of 35 that creasingly reliant on contrac- miles from the nearest road. have consumed 368,000 acres tors likeMr. Edwards to per- Hisfacebecame cakedwith over the past month acrossOr- form one of firefighting’smost dust whilehecut acontain- egon, which is suffering the critical tasks. Ken Edwards says he has had a lifetime of experience operating bulldozers. ment line with adozermade in same dry, windy conditions that Forfivedays,Mr. Edwards the 1970s with no enclosed cab. have fueled arecord2.3 million and his two partners—each Using contractorshas long as it arrives—is one of fire- bring their owngear,often “It’snot something youcan burned acres in California. with bulldozerskills forged out allowedthe statetoforgo pur- fighting’smost daunting tasks, stand in contrast to the young learn in abook,” Mr.Hill said. Officials with the Federal of hardscrabble ruralupbring- chasing hundreds of itsown manyofficials say. and neatlytailored agencyfire- Thegrowing dependenceon EmergencyManagement ingsrather than formal fire- machines,which cancost up to “You have to be alittle bit fighters. hired operatorshas given some Agencysaid they were monitor- fighter training—took turns ahalf-million dollarseach and crazyand really good,” said “I fell intoitafew years arenewedpurpose in regions ing several substantial wildfires clearing trees and brush along would sit idle forhalf the year. ScottRoss, afire-safety inspec- ago,” Mr.Edwards said, stand- whereeconomic scarsofthe WednesdayinCalifornia and the ridgetomakecontainment Cal Fire does have about 60 of torfor the ShastaCounty Fire ing in asmoldering forest timber bust have endured. Oregon, as well as Montana, lines to stop flames from reach- itsown bulldozers,orsimply Department and apublic infor- chewing tobacco afterhis shift Brian Woskow lefthome at Colorado,Utahand Washington. ing homes. “dozers” in industry-speak.In- mation officer forCal Fire at along the ridge. He said he has 15 andworked dragging logs In the mountains aboveLos Fordecades,bulldozeroper- creasingly,that’safraction of the LNU Lightning Complex had alifetime of experience out of the forest with abull- Angeles,the 11,456-acreBobcat ators, manywho cut their teeth what’sneeded. fires, which have killed five and with bulldozers:“I’dnap in my dozerinMendocino County.He Fire that brokeout Sundaycon- in abygone logging era, have Over 300 dozers were de- torched over 780homes. daddy’s lap as achild while he struggled financially and a tinued to chewthrough what playedakey role in helping the ployedacrossthe statebylate Forthose skilled enough, laid road.” D.U.I. conviction led ajudgeto U.S. Forest Serviceofficials statebattleblazes.But as many August, according to Cal Fire. thebarrierstoentryare low. Aformer tank operating in- tell him to find auseful pur- called abuildup of old growth nownear retirement, replacing At the LNU Lightning Complex While Cal Fire’s in-house oper- structor during the Vietnam pose.Mr. Woskow,now 48, plansand shrubs.Evacuation these veterans’ niche skills is a fires,acluster of blazes north atorsmust completemonths of War, Mr.Edwards and his part- said he took that to heart and warningswereissued fora tall order,contractorssay. of SanFrancisco, morethan specialized training and hun- nershoned their dozerskills in poured hisskills intowildfire string of foothill cities includ- California is already in atax- 80% of the 50 dozers working dreds of hoursofseat time be- their nativetimber-filled Men- bulldozing forthe state. ing Duarteand SierraMadre. ing fire season. Lightning storms on Aug.30wereprivate, ac- fore they canwork afire, pri- docino County. “I married myself to that,” In SanBernardino County helped igniteroughly 700fires cording to Cal Fire records. vate operatorsneed only “Weall used to log,” said Mr.Woskow said. “The interest east of LosAngeles,the 11,479- in August, three of which have Twoyearsago at thedeadly completeaneight-hour course 58-year-oldDan La Rue,who in this foralot of us stems acreElDorado Fire,which offi- together torched morethan Carr Fire,nearly 90% of the 119 each year. has along gray beardand owns from having agood heart.” cials saywas ignited by pyro- 3,000 structures.Ahandful of dozers deployedatthe fire’s Acast of charactershas fol- the Caterpillar D5M the trio Foroveraweek in August, technics from agender-reveal newfires have sincemade this height were privatehires. lowed, bringing dozers used for used.Hepulled on fire-retar- Mr.Woskow slept on the front partyonSaturday,kept thou- wildfireseason the worstonre- Using abulldozertoclear ranching,construction and dant clothing then hopped seat of atruck while working sands of residentsunder evacu- cord in California in terms of fuel out of afire’spath—some- other jobs.Atwildfirebase aboardthe iron behemoth to alongside statefirefighters ation warningsWednesday. acres burned:over2million. times days before, other times camps,privateoperators, who take over the next shift: 7p.m. near wherehegrewup. Aid Bill to Meet ImmediateResistance

BY KRISTINA PETERSON nesses and school funding, navirus relief package another stimulus packagethis AND ANDREW DUEHREN amongother measures.But continues to diminish. year. facing Democratic opposition, “Unlesssomething really Mr.Mnuchin has said Re- WASHINGTON—SenateRe- the “skinny” bill wasn’t ex- brokethrough, it’snot going publicans could support a publicans were confident pected to clear itsfirst proce- to happen,” SenateAppropria- $1.5 trillion package of assis- Wednesdaythat most GOP col- dural hurdle in the Senate on tions CommitteeChairman tance. leagues would vote to support Thursdayorspur anyimmedi- Richard Shelby (R., Ala.) said In May, House Democrats Shoot for anarrowercoronavirus aid atebreakthrough in stalled ne- Wednesday. passed a$3.5trillion stimulus package, amoveaimed to gotiations with Democratic Treasury Secretary Steven bill, but have recently said highlight party unity as law- leaders and the White House. Mnuchin said he wasworking they could settle fora$2.2 the Stars makersgrewincreasingly pes- Senate GOP leaders hadn’t with House Speaker Nancy trillion package. simistic about anydeal with held avoteontheir earlier Pelosi (D., Calif.) on ashort- Democratshavesaid the Democratsbeforethe election. proposal.The less-expensive term spending bill to make narrowerpackagewould leave TheGOP’s$300 billion bill is expected to getsupport sure the government doesn’t behind some of their top pri- scaled-back version of their from at least 51 GOP senators. shut down when itsfunding orities, including funding for earlier$1trillion stimulus TheSenatewill vote Thurs- expires on Oct. 1. Mr.Mnuchin increased food-stamp benefits plan includes jobless aid, lia- dayonthe GOP bill as the like- said he wasuncertain as to and stateand local govern- bility protections forbusi- lihood of anybipartisan coro- whether there is a chance for ments. Va ping Activity Falls Among Yo ung People

BY JENNIFER MALONEY tions on e-cigarette flavorsin mangohavebeen blamed fora and other fruity-flavored, dis- February, and market leader surge in underagevaping in re- posable e-cigarettes to take Youth vaping fell signifi- Juul Labs Inc. voluntarily cent years. Juul has said that it their productsoff the U.S. !/2).01,*'$- 3.+1 cantly this year,according to halted sales of most of itsfla- didn’t target kids and that it is market,closing aloophole.On "&#%(( newgovernment data, after vors in October 2019.Avaping- working to earn back public Wednesday, the FDAsent a federal restrictions raised the related respiratoryillness last trust. Thecompany, which dom- similar directivetothe maker legal purchase agefor tobacco year also upended the once- inates the e-cigarette market, is of Stig,another disposable e- products to 21 and took fruity- fast-growing category,although struggling with sales declines cigarette brand. flavored e-cigarette cartridges the illnesswas traced to vita- and losing market share. Last “After two yearsofdisturb- Call or Email to Purchase off the U.S. market. minEoil in marijuana vaping week,Juul said it would layoff ing increases in youth e-ciga- About 20% of U.S. high- devices,not to e-cigarettes. morethan half of itsstaff. retteuse,weare encouraged (805) 390 6326 |[email protected] school students, or 3.02 mil- Among middle-school stu- Among high-school students by the overall significant de- ",+3 /,& '+((&!*+# 0/ )-"212%2.'$) lion, said they had used e-ciga- dents, 4.7%, or 550,000,had whosaid they had vaped in the cline reported in 2020,” FDA rettes on at least one dayin used e-cigarettesinthe past 30 past 30 days,about 49% said Commissioner Stephen Hahn the past 30 days,downfrom days,downfromabout 11%, or they used prefilled pods or car- said.“However, the FDAre- nearly 28%, or 4.11 million, last 1.24million, last year.The tridges likeJuul’s. Disposable mainsveryconcerned about HandcraftedinNew York year.The dataare based on a studywas conducted by the devices were the second most the 3.6million U.S. youth who national survey conducted be- FDAand the U.S. Centersfor popular type of device, used by currently use e-cigarettesand tween Jan. 16 and March 16. Disease Control and Prevention. roughly 27% of those students. we acknowledgethereiswork TheFood and Drug Adminis- Juul’ssleek devices and refill TheFDA in July told the that still needs to be done to tration implemented restric- cartridges in flavorssuch as makersofPuff Bar e-cigarettes curb youth use.” P2JW254000-4-A00400-10F65F1178D

A4 | Thursday, September 10, 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 KeytoVote, U.S. Suburbs Vary Widely

BY DANTE CHINNI Project at George Washington AND AARON ZITNER University uses these and other markers—including demo-

President Trump has targeted graphic,economic and religious JOURNAL one type of community consis- qualities—todivide counties into REET

tently,ashis campaign enters groups.The biggest suburban ST

thehome stretch toward No- groups areurban suburbs,ex- LL vember: He wantstotalk to and urbs andblue-collar suburbs. WA

about the suburbs. Urban-suburb counties in- THE R

He has said crime is out of creasingly look like cities in FO

control in cities,the fault, he terms of racial and economic di- VEY says,ofDemocratsand which versity and density.Median GAR

would worsen if former Vice householdincomes arealso MC President JoeBiden wins the high. Likethe cities they sur-

White House. round, these communities are MADDIE Mr.Biden hasn’t focused as heavily Democratic. Willoughby, Ohio, which is in Lake County, a blue-collar suburban area of the type that broke for Mr. Trump in 2016. directly on the suburbs in public Exurban counties arefar remarks.However, he has said morerural and lessracially and Candidate shareofthe Republican shareofthe that Mr.Trump is trying to ethnically diverse,but college vote in selected suburb presidential vote in Trump’sFundraising of the race. “scare the hell out of the sub- graduates arestill plentiful, and types selected types of suburbs Mr. Biden and the Demo- urbs.” median household incomes are Lags Behind Biden’s cratic National Committee With urban voters backing high. Joe Biden Exurbs Urban suburbs raised $364.5 million in August, Democratsand ruralvotersin- Exurbs lean Republican. Mr. Donald Trump Working-classsuburbs breaking previous records for a creasingly supporting Republi- Trump wonthese counties by President Trump raised Democratic campaign. The 60% 60% cans,the suburbs areanimpor- about17pointsin2016.WSJ/ more than $210 million for his massive Democratic fundrais- tant battleground. But the term NBC News polling this year re-election bid in August, bringing number underscores how appliestoarangeofcommuni- showshim with asmaller 7- 45 ing in more than he did during Mr. Biden has cut into Mr. ties,and Mr.Trump’smessages point lead there. 50 the previous month but signifi- Trump’s cash advantage. aren’t likely to getthe same re- Athirdtype of county,the cantly less than Democratic ri- In a statement, Trump 30 ception in everysuburb. blue-collar suburbs,tends to val Joe Biden during the same campaign manager Bill Stepien Half of voters liveinthe sub- have moremanufacturing work- period. said: “The Trump campaign will urbs,Wall Street Journal/NBC ersthan the nation as awhole. 15 40 The figure announced by have all the resources we need News surveysand presidential They aredensely populated but the campaign Wednesday in- to spread the message of exit polls show. Some suburban not very racially or ethnically di- cludes combined fundraising President Trump’s incredible re- 0 communities aremorediverse verse. Lake County,Ohio,not far with the Republican National cord of achievement, on the than thenation as awhole and from Cleveland, is agood exam- Urban Working- Exurbs 30 Committee and affiliated com- ground and on the air, and de- suburbs class have higher levels of educational ple. 2000 ’04 ’08 ’12 ’16 mittees. The campaign didn’t fine Joe Biden as a tool of the attainment, while othersare less These counties areimportant suburbs detail how much cash it has on radical left.” diverse and lesswealthy. to watchinthe last weeks of the Sources: Merger of Wall Street Journal/NBC News telephone polls, Jan.-Aug. 2020 (polling); hand for the final eight weeks —Catherine Lucey Hereare three key pointsto election because they provided American Communities Project (suburb types and Republican shareofvote) consider in thinking about the lopsided vote margins forMr. politicalprofile of suburbs. Trump. WSJ/NBC News polls Thewealthier urban suburbs, in 2008 and neighboring Ma- down from 64% in 2000.Inthe since2000 and has undergone showthe race is essentially tied by contrast, stayed strongly comb County,ablue-collar sub- same period, itsAsian popula- little racial or ethnic change. In Density, education levels in these counties this year. Democratic,voting forMr. urb,byabout nine. tion rose to 20% from 13%. A 2000,93% of the population makeadifference. Obama by 19 pointsin2008 and Eight yearslater,Mrs.Clinton suburb of Washington, Fairfax waswhiteand non-Hispanic. Communities that are Suburbs areondifferent forDemocratic nominee Hillary wonOakland by about eight County has gone from aclosely Today, the figure is roughly densely populated, racially di- political journeys. Clinton by 18 pointsin2016.In points, but Mr.Trump carried contested battleground that Re- 89%. verseand have high educa- Blue-collar suburbs as a the combined Wall Street Jour- Macomb by almost 12 points. publican George W. Bush nar- Thecounty is one of manyin tional attainment levels tend to group had been trending toward nal/NBC News polls this year, rowly wontoasolidly Demo- the region to grow moreRe- lean Democratic.Communities Republicans.They narrowly Mr.Biden leads in these counties The suburbs are craticcounty. publican. Mr.Trump won57% that arelargely rural, whiteand backed Barack Obama in 2008, by about 25 points. changing. In BeaverCounty,Pa., a of the vote thereand had a have relatively few college then swung narrowly to the GOP Outside Detroit, Mr.Obama Thepopulation of urban blue-collar suburb to the west margin of victoryofmorethan graduates lean Republican. in 2012 beforemoving heavily wonOakland County,awealthy suburb Fairfax County,Va., is of Pittsburgh, the population 15,000 votes. He carried Penn- TheAmerican Communities behind Mr.Trump. urban suburb,byabout 14 points 50% non-Hispanic whitetoday, hasshrunk by morethan 9% sylvania by only 44,000 votes. Trump Accuser’sSuit FacesLikelyEnd if DOJTakes Over

BY BYRON TAU court against Mr.Trump in his Government officials can’t The Justice Department con- Trump will do everything pos- legal expertssaid. personal capacity. Mr. Trump be sued fordefamation forac- tends that Mr. Trump’s state- sible, including using the full Attorney General William WASHINGTON—AJustice has denied Ms. Carroll’s rape tions they take in their official ments to the press were part powers of the federal govern- Barrdefended the depart- Department request this week accusation, which she de- capacity.Ifafederal judge of his responsibilities as presi- ment, to block discoveryfrom ment’sactions in apress con- to take over the defense of a scribed in abook released last signs off on the department’s dent. going forward in my case be- ferenceonWednesday, saying defamation suit against Presi- year. procedural maneuvers, it “Numerous courtshaverec- fore the upcoming election to that it wasroutine forthe Jus- dent Trump would almost cer- TheJusticeDepartment would effectively end the case. ognized that elected officials trytoprevent ajuryfromever tice Department to take such tainly bring an end to the case filed a brief Tuesday evening Ms.Carroll could appeal the actwithin the scope of their deciding which one of us is ly- actionsinall matters involv- if granted, leaving the plaintiff saying that Mr.Trump “was decision in federal court but, if office or employment when ing,” she said. “But Trump un- ing federal employees. E. Jean Carroll with no way to acting within the scope of his she doesn’t prevail, she speaking with the press, in- derestimates me, and he also “This wasanormal applica- continue the suit. officeaspresident of the couldn’t continue her suit as cludingwith respect to per- has underestimated the Amer- tion of the law. Thelaw is In asuit filed in November, United Stateswhen he publicly written. sonal matters,and have there- ican people.” clear.Itisdone frequently. Ms.Carroll, aNew York writer denied as false the allega- Ms.Carroll’slawsuit alleges fore approved the substitution Maneuvering over whether Andthe little tempest that’s and journalist, said the presi- tions.” It asked the court to that Mr.Trump made three of the United Statesindefa- lawsuitsagainst federal offi- going on is largely because of dent lied and defamed her substitute the U.S. as the de- falsestatementstothe press mation actions,” the depart- cials should be heardinstate thebizarrepolitical environ- when he denied raping her in fendant in the case instead of in June 2019 abouther,ina ment wrote in its legal brief. or federal court isn’t unusual, ment in which we live,” he adepartment-storedressing Mr. Trump, and filed to move writtenstatement distributed Ms.Carroll issued are- but rarely does thematterin- said. room in the 1990s.The suit the case from statecourt to by the WhiteHouse and in two sponse on Tuesday. “Today’s volveapresident or allega- —Sadie Gurman wasfiled in NewYork state federal court in Manhattan. interactions with journalists. actions demonstratethat tions of sexual misconduct, contributed to this article.

waysit’seasier and in some President waysit’salittle bit tougher.” At acampaign rally two days later,Mr. Trump accused Played Democratsofexaggerating the severity of the virus.“This is theirnew hoax,” he said. Down Virus In early March, Mr.Trump said he was“not concerned at all” about the virus spreading ContinuedfromPageOne closer to Washington. been released. Twodays beforethe March OL

Public-health expertshave PO 19 interviewwith Mr.Wood- S It’s notjustaboutachievingyourgoals... said the president’smixed mes- ward,Mr. Trump said he had

sages on the threat posed by /PRES sounded the alarm early,saying It’s aboutthe path that gets youthere. the virus,paired with his initial he “always vieweditasveryse- reluctancetowear amask and MILLS rious.” At abriefing,hesaid: “I

urge otherstodoso, hampered DOUG felt it wasapandemic long be- the effort to slowits spread. President Trump after a White House appearance Wednesday. fore it wascalled apandemic.” Mr.Trump,asked about his On March 31, he said at a commentsatthe WhiteHouse by the virus and lockdowns. Wednesdayshowthat he was briefing wherehewas asked later Wednesday, defended his On Wednesday, Mr.Biden publicly minimizing the threat about his commentsthat the remarks and said it wasimpor- said Mr.Trump’scommentsto of the virus at the time he pri- viruswould “magically disap- tant to expressconfidence. He Mr.Woodwardshowedhehad vately expressed concerns pear”:“Iwant to be positive.” called Mr.Woodward’sbook a “lied to the American people.” about it to Mr.Woodward. That day, he characterized the “political hit-job.” “Heknowingly and willingly On Feb. 7, the dayhetold Mr. virus as considerably more “Wehad to showcalm,” said lied about the threat posed to Woodwardthe virus was dangerous than the flu. “It’snot Mr.Trump,aRepublican. “The the countryfor months,” Mr.Bi- “deadly stuff,” he tweeted that the flu. It’svicious,” he said. last thing we canshowispanic den said during acampaign President Xi Jinping of China Some journalistscriticized or excitement or fear or any- eventinWarren, Mich. “He would be successfulingetting Mr.Woodwardfor not publish- thing else.Wehad to take care failed to do his job on purpose. ridofthe virus,“especially as ing his interviews with Mr. of thesituation we were given.” It wasalife-and-death betrayal the weather starts to warm & Trump sooner,arguing that if Aplace to become... Abusinessleader, ateacher,an Sincethe firstknown case of of the American people.” thevirus hopefully becomes the material had been released artist.Ifkids andteens candream it,Boys&Girls Clubs can coronavirus arrived in the U.S. Nearly half the countrybe- weaker,and then gone.” in the spring,Americans would help them become it.Because at our Clubs,it’snot magic in lateJanuary, the pandemic lieves Mr.Biden would be better At an event later that eve- have been able to morequickly that makesdreamscometrue, it’s thepeople. Like our has swept acrossthe nation, at handling thepandemic,ac- ning,hesaid it wasa“tough grasp the severity of the virus. YouthDevelopment Professionalswho ensure our youth have killing morethan 190,000 people cording to aWall Street Jour- situation” butthat Mr.Xihad Mr.Woodwardtold the aplace to feel physically andemotionally safe.Aplace to and infecting over 6.5million. nal/NBCNewspoll takenlast “handled it really well.” WashingtonPost, whereheisan belong.Aplace to have fun. Aplace to learnand grow on their Thepandemic has also domi- month, while athirdbelieveMr. Afew weeks afterthat editor,that when he interviewed path to aGreat Future. nated the presidential cam- Trump would be better. The Woodwardconversation,where Mr.Trump in Februaryabout paign. Democratic presidential poll found that 58% disapprove he had called coronavirus worse the virus,hedidn’t know nominee JoeBiden has empha- of Mr.Trump’spandemic man- than “strenuous flus,” Mr. whether the president’sinfor- sized what he has called the agement, and 53% said he didn’t Trump said the newvirus was mation wastrue. He said he Trump administration’sfailure take the threat seriously enough in some wayseasier to manage. didn’t learn that the informa- to blunt the virus and prevent early on and still wasn’t han- “I asked the various doctors. I tion had come from ahigh-level U.S. deaths,while the president dlingitwell. Six in 10 said the said, ‘Is this just like intelligencebriefing until May. has touted himself as uniquely nation’sresponse to the virus flu?’ ” Trump said at aWhite Mr.Woodwardsaid he believed GreatFutures.org capable of restoring the econ- outbreak has been unsuccessful. House briefing on Feb. 26.“It is it wasimportant to publish his omy, which has been battered Thepresident’scomments alittle bit different, but in some book well beforethe election. P2JW254000-2-A00500-1------XA

THE WALL STREET JOURNAL. ** Thursday, September 10, 2020 | A5 U.S. NEWS Intelligence Memos Biden Vows Corporate-Tax Rework Curbed, Official Says BY RICHARD RUBIN companies who offshore.” AND KEN THOMAS The2017law made major BY DUSTIN VOLZ “Mr.Murphyinformed Mr. changes to lessen the U.S. Wolf he would not comply with Democratic presidential claim on itscompanies’ global ATrump administration of- these instructions,asdoing so candidateJoe Biden called for profits. But it also included ficial filed awhistleblower would put the countryinsub- higher taxesonU.S.compa- limits to prevent U.S. compa- complaint alleging he wasin- stantial andspecific danger,” nies’ foreign income and spe- nies from pushing profitsinto structed to stop disseminating according to the complaint. cial taxbreaks fordomestic low-tax foreign jurisdictions. intelligencememos on threats “Weflatlydenythat thereis manufacturing, appealing to TheU.S.ratewas cut to 21% posed by Russia to the presi- anytruth to the meritsofMr. blue-collar workersduring a from 35%, making it morein dential election because doing Murphy’sclaim,” DHS spokes- trip to Michigan. line with other major industri- GES

so would be harmful to Presi- man AlexeiWoltornist said, Theplan, which comes on IMA alized countries and reducing dent Trump, according to re- adding that the agencylooked topofcorporate-tax increases the potential gains from cross-

cordsofthe complaint re- forwardtothe resultsofapo- he had previouslyproposed, GETTY border profit shifting.Onfor- leased by the House tential inspector-general inves- would reversemanyofthe eign income,U.S.companies IntelligenceCommittee. tigation. Acting SecretaryWolf changesinthe 2017tax law generally facearesidual U.S.

Brian Murphy, asenior De- “isfocused on thwarting elec- signed by President Trump. MODEVILLA/ taxiftheir foreign taxesare

partment of Homeland Secu- tion interferencefromany for- Mr.Biden would impose anew SO relatively low; if they paynoth-

rity official, said in the whis- eign powers and attacks from surtax on U.S. companies that CHIP ing abroad, they paya10.5% tleblowercomplaint that he anyextremistgroup,” Mr.Wol- makeproductsoverseas and Joe Biden delivering remarks Wednesday in Warren, Mich. rate to the U.S. That minimum wasinformed in July by tornist said. sell back intothe U.S. He taxisbased on companies’ total agencyleadership,including White House spokeswoman would also raise the minimum utiveorderstostrengthen tives to operateabroad rather non-U.S.tax rates, afterexclud- acting DHS SecretaryChad Sarah Matthews said Mr. taxes on U.S. companies’ for- rules forusing American prod- than in the U.S. He had al- ing an amount equal to 10% of Wolf, not to shareintelligence O’Brien “has never sought to eign income and offer a10% ucts in federal contracting. ready called forraising the tangible assets. productsrelated to Russian in- dictatethe intelligencecom- taxcredit forcertain invest- Theformer vicepresident U.S. tax rate to 28% from 21% Mr. Biden would no longer terferenceinthe election and munity’s focus on threatsto mentsindomestic production. also pointedtothe Obama ad- and setting the minimum tax let companies exclude that wasretaliated against forvoic- the integrity of our elections “I’m not looking to punish ministration’srescue of Gen- on foreign profitsat21%, up 10%, and he would apply the ing his objections. or on anyother topic; anycon- American business. But there’s eral Motors Co.and Chrysler from 10.5%. Thenew proposals minimum taxonacountry-by- Thecomplaint alleged that trarysuggestion by adisgrun- abetterway:makeitinMichi- in 2009,and he vowedtocre- go further,changing the struc- countrybasis.That means that Mr.Wolf told Mr.Murphyan tled former employee, who he gan, makeitinAmerica, invest ateamillion jobs in the U.S. tureofthe minimum taxto U.S. companies could no lon- intelligencenotification on the hasnever metorheardof, is in our communities,” Mr.Bi- autoindustry, itssupply chains make companies pay more. geravoid the minimum taxby falseand defamatory.” den said WednesdayinWar- and associated infrastructure. SteveCortes,aTrump cam- blending profitsinlow-tax ju- Thecomplaint also alleged ren, Mich. Thenew proposals would paign adviser,told reporters risdictions with profitsin Awhistleblower that in MayKen Cuccinelli,a Mr.Biden’sproposals are broadenthe U.S. taxcode’s that Mr.Biden was“largely high-tax jurisdictions. senior DHS official, urgedMr. part of his “Made in America” global reach, marking areturn mimickingwhat we’vepro- Wednesdaymarked Mr.Bi- complaint wasfiled Murphytomodifyareport on push and targeted at voters in toward the international tax posedfor asecond term,” say- den’sfirst trip to Michigan by asenior Homeland the threat posed by violent the industrial Midwest, in system that wasinexistence ing the president would “both sinceMarch. Surveyshave whitesupremacists“in aman- states that Democratshad beforethe 2017law.Mr. Biden offer incentives for American shown him with aslight edge Securityofficial. ner that made the threat ap- held fordecades but lost in argues that Mr.Trump gave companies to onshorefrom over the president in Michigan, pear lesssevere” andtoinstead 2016.Healso said that as U.S. companies so steep adis- China and elsewhere,” while Wisconsin and Pennsylvania, include moreprominently in- president, he would sign exec- count that they have incen- also issuing “penalties for which Mr.Trump wonin2016. formation about “violent ‘left subject should be “held” be- wing’ groups.” Mr.Murphyalso cause it “made the president declined to makethose look bad.” changes,the complaint states, Trump Unveils List of Potential CourtPicks “Mr.Murphyobjected, stat- and told Mr.Cuccinelli that doing that it wasimproper to ing so “would constitutecen- hold avettedintelligenceprod- sorship of analysis and the im- BY ANDREW RESTUCCIA lican-controlled Senateover constitutional right. “Aside from matters of war uct forreasons forpolitical proper administration of an AND JESS BRAVIN strenuous Democratic opposi- Shortly thereafter, Mr.Haw- and peace, the nomination of a embarrassment,” according to intelligenceprogram.” tion. ley tweeted that he had no in- Supreme Court justiceisthe thecomplaint.Hewas later ex- Astatement by the U.S. in- WASHINGTON—President Theroster includes three terest in the job: “I appreciate most importantdecision an cluded from meetingsonthe telligencecommunity last Trump released alist of po- Republicansenators—Josh the President’sconfidencein American president can subjectand another draftof month, released afterpressure tential Supreme Court nomi- Hawley of Missouri, TomCot- listing me as apotential Su- make,” the president said, the document waslater leaked from Democratic lawmakers nees that he said he would tonofArkansas and TedCruz preme Court nominee.But as I adding later,“Our cherished to the media by “unknown in- pushing formorepublic trans- choose from in a second term of Texas—as well as two for- told the President, Missouri- rights areatrisk,including dividuals,” the complaint said. parency, said Russia has un- if avacancyoccurs, in abid to mer solicitorsgeneral, astate ans elected me to fight for the right to life and our great Thecomplaint also alleges dertaken abroad effort to shore up support among con- attorney general, adeputy them in the Senate, and Ihave Second Amendment.” that Mr.Wolf told Mr.Murphy damageDemocrat JoeBiden’s servative voters ahead of the counsel to Mr.Trump and the no interest in the high court.” Former Vice President Joe in Maytoshifthis focus away bid forthe presidency. November election. U.S. ambassador to Mexico. Speaking from the White Biden, Mr.Trump’sDemocratic from election interferenceby It also said China prefers The list includes 20 names “It’stime forRoe v. Wade House on Wednesday, Mr. challenger,has pledged to Russiaand moretoward inter- that President Trump not win that weren’t on Mr.Trump’s to go,” tweeted Mr.Cotton Trump said aDemocratic pres- nominateaBlack woman to ferencebyChina and Iran, and re-election and that Iran also previous shortlists, including minutes afterhis name was ident would name judicial the Supreme Court if he wins that such instructions came is seeking to undermine U.S. several of his own appointees announced, referring to the nominees whowould undo the presidency. Mr.Biden from national security adviser democratic institutions and to the appellatecourtswho landmark 1973ruling that rec- much of his work over his first hasn’t released alist of poten- RobertO’Brien. President Trump. were confirmed by the Repub- ognized abortion as awoman’s term in office. tial candidates. P2JW254000-0-A00600-1------XA

A6 | Thursday, September 10, 2020 THE WALL STREET JOURNAL. U.S. NEWS U.S. WATCH

VIRGINIA Covid Cases, DeathCountsDrop Diplomat’sWifeFaces Suit Over U.K. Crash Six months into crisis, The family of British teenager Harry Dunn, who was killed in a officials warn rates traffic accident allegedly involv- could rise again amid ing the wife of a U.S. diplomat, filed a civil suit in a Virginia fed- autumn activities eral court seeking financial damages, the family’s spokesman BY JON KAMP said. AND SARAH KROUSE The lawsuit is the latest twist in a political spat between TheU.S.iscatchingits the U.K. and U.S. after 19-year- breath afterapunishing six old Mr. Dunn was killed in Au- months of thecoronavirus gust 2019 when his motorcycle pandemic,with the daily death collided with a car allegedly driv- toll from Covid-19 declining in ing on the wrong side of the the wake of summertime out- road near a U.S. air base in Eng- breaks in Sunbelt states such land. The suit targets Anne Sa- as Florida and Texas. coolas, the wife of a U.S. official, Still, public-health authori- who left the U.K. shortly after ties and researchersare warn- her car hit Mr. Dunn’s motorcy- ing Americans not to let their cle, according to police and the guarddown. Theconfluenceof victim’s family. studentsmixing onceagain in The accidentset off an inter- classrooms,colder weather in national controversyover places likethe Northeast, and whether she should return to be

fatigue from long-running GES questioned by police. She was

pandemic isolation threatens IMA charged in December by the U.K. to triggermorecases while with causing death by dangerous driving the deaths back up,ex- GETTY driving. The U.S. has refused an perts say. MA/ extradition requestbythe U.K., TA Labor Dayweekend brought citing diplomatic immunity. The

with it end-of-summer gather- MARIO Dunn family suit wasfiled in Vir- ings, families embarking on People flocked to the Santa Monica Pier in California over Labor Day weekend. More gatherings could raise infections, officials warn. ginia, whereMs. Sacoolas is said modified summer travel and to reside. morefitnessfacilities and res- Shareofnewly conﬁrmedCovid-19 cases, by age* and itscapacity to harm those deadly than in the early days Ms. Sacoolas or her represen- taurantswelcoming customers. who areinfected have of the pandemic,because its tatives couldn’tbereached. “Asactivity comes back and 100% changed, public-health experts toll varies severely in certain —Max Colchester people arelesscautious,and 80+yrs. and epidemiologistssay.Test- communities. as seasonalityrolls in, we’ll 60 -79 ing capacity in the U.S. has As testing capacity and MASSACHUSETTS seeitticking up again,” said 75 steadily expanded beyond the availability has expanded, it Christopher Murray,director sickest patients, creating a has revealed moreinfected Minorities Get Longer of the University of Washing- 40 -59 fuller,but still incomplete, pic- young people, many of whom Sentences, Study Says ton’sInstitutefor Health Met- ture of the virus’s reach. never feel symptoms but rics and Evaluation, which 50 “It’ssodifficult to tell ana- spread the virus,public-health Black and Latino defendants forecaststhe U.S. Covid-19 tional storyabout Covid be- officials say. People ages 18 to in Massachusetts are more likely death toll could morethan 20 -39 cause thereissomuch re- 29 nowmakeupabout 23% of than white defendants to be double by Jan. 1toaround 25 gional variation” in pandemic the confirmed Covid-19 cases locked up for drug and weapons 410,000 from the current toll responses,and thereforein reported to the CDC. offenses and get longer sen- of about190,000.The return howthe virus spreads,said “There’s astrong correla- tences than white people sent of cold weather is abig factor. 0-19 BonzoReddick,chairman of tion between social behavior to prison for similar crimes, re- Fornow,though, some met- 0 the department of community and community spread of the searchers at Harvard Law School rics areimproving.The seven- AM JJA medicine at MercerUniversity virus,” with young people re- said in a report released dayaverage of newdaily School of Medicine in Georgia. turning to collegecampuses Wednesday. *Date is by reported date;cases whereage unknown arenot included. Covid-19 deaths in the U.S. has Sources: Centers forDisease Controland Prevention; Johns Hopkins CSSE Cases countsmay also con- and attending social gather- In a yearslong study sought remained below1,000 for tinue heading lowerinthe ingsrisking transmission, said by the chief justice of Massa- morethan two weeks,accord- agethat topped 67,000 in late eclipsed 2,200 daily deaths coming weeks.According to Gregory Heath, a professor in chusetts’ highest court, Harvard ing to datatracked and com- July. and outbreaks hit hardinpop- the Centersfor Disease Con- thepublic-health program at researchers found significant ra- piled by Johns Hopkins Uni- Patterns in Covid-19 deaths ulous, cold-weather locations trol and Prevention,arecent the University of Tennessee at cial disparities in the handling of versity,after the average are expected to trail those in likeNew York City,partsof collection of manyforecast Chattanooga. weapons and drug cases, crimes topped 1,100 in lateJuly and cases,because of the time it NewJersey and NewEngland. models projects U.S. cases While the recent pattern of they noted “carry longstanding early August. takesinfected people to be- While known case countsin could trend lowerintolate infection has skewedtoward racialized stigmas.” The dispari- Thedecline in death re- come sick and die from the April were far lowerthen than September. younger people,older popula- ties remain even “after control- portsfollows falling case disease, according to health they areevennow,testing was While moreisnow known tions and individuals with un- ling for charge severity and addi- countssinceJuly,when they researchers. also much morelimited, and about howtomanagesevere derlying health conditions like tional factors,” according to the surged in the South. The U.S. Meantime, the recent peak typically reserved forthe sick- symptoms and critically ill pa- heart problems and diabetes report from the law school’s has recently reported around in deaths wasfar belowthe est patients. tients, Dr.Reddick said it is arestill most likely to die Criminal Justice Policy Program. 40,000 new cases a day com- highs seen in April, when the Since then, it is difficult to difficult to determine whether from the virus,public-health The researchers found that pared with a seven-day aver- U.S. seven-dayaverage briefly identifyhow much the virus the virus is moreorless experts said. racial disparities in the length of sentences are driven largely by the fact that Black and Latino defendants tend to face more Panel Probes Interruption of Vaccine Study serious initial charges than white defendants. That puts Black and Latino defendants at AstraZeneca PLC said cine,according to aperson fa- tries including South Africa Zenecadoses already manu- Manytimes,they said, further risk of harsher punishments and Wednesdaythat an indepen- miliar with the matter. and Brazil. factured would be thrown examination reveals that the can influence their decisions in dent committeeisreviewing Doctorsare conducting tests The candidate vaccine was away,Dr. Collins said. “Wedo vaccine candidatedidn’t cause plea negotiations, they wrote. the potential safety concern to determine the cause,the on track to be approved for not want to issue something the safety event and the trial Chief Justice Ralph Gants of that led to apause in itsclini- person said. use beforeyear’s end if it that is not safe,” he said. resumes. the Massachusetts Supreme Ju- caltrials of an experimental Francis Collins, director of proved to work safely in late- AstraZeneca’sAmerican de- “It’squitecommon forseri- dicial Court asked the Harvard Covid-19 vaccine, and the tri- the National Institutes of stagetesting.Now,the timeta- positary receipts declined 2% ous adverse eventstooccur, Law School in 2016 to conduct als could restart depending on Health, told Congressthe trial ble for its development is un- Wednesday. Shares of other most not relevant to the vac- the study to explain why the in- the outcome. wasplaced on hold because of certain, though AstraZeneca Covid-19 vaccine makers with cine,” especially in a30,000- carceration rate for Black and asingle adverse event involv- expressed confidencethe trials shotsinhuman testing rose on person trial, said PeterHotez, Latinos is so much higher than By Peter Loftus, ing a spinal cord problem. could resume. the news. dean of the National School of it is for white people. Jared S. Hopkins Thesuspension threatens Theindependent committee Many vaccines come with Tropical Medicine at Baylor —Associated Press and Jenny Strasburg the progressofone of the will guide AstraZeneca “as to side effects, including injec- CollegeofMedicine.“It’sa most advanced Covid-19 vac- when the trials could restart, tion-sitesorenessand low- reason whywedobig trials, FLORIDA Thecompany suspended cine candidates in develop- so that we cancontinue our grade fevers,according to the and areason whyweshouldn’t testing of the vaccine,which it ment. work at the earliest opportu- Centersfor Disease Control skip these important steps.” Bill to Raise Age to licensed from the University of AstraZenecahad just nity to provide this vaccine and Prevention.Subjectsin Researchers conduct trials Buy Tobacco Vetoed Oxford, afteraperson in a started alarge,late-stagetrial broadly, equitably and at no Covid-19 vaccine studies have partly to look forsafety issues, U.K. study developed an unex- in the U.S. that aims to enroll profit during this pandemic,” had adverse eventssuch as in- and studies likeAstraZeneca’s Gov. RonDeSantis vetoed a plained illness. up to 30,000 people to test AstraZenecaChief Executive jection-sitepain or flu-like areoften overseen by commit- bill to raise the age to buy to- It is unclear what happened whetherthe vaccine safely Pascal Soriot said. symptoms. tees of outside expertsknown bacco products from 18 to 21 be- to the trial subject, a woman protectspeople from Covid-19. If the safety reviewdeter- Pauses in vaccine clinical as datasafety monitoring cause it would have also banned from the U.K. who had re- AstraZenecaalso had been mines the vaccine caused the trials aren’t uncommon, ac- boards,which look forany the sale of flavoredliquid nicotine ceived the experimental vac- testing the vaccine in coun- subject’sillness, all the Astra- cording to vaccine researchers. troubling signs. products used in vaping. The Republican governor said in the veto letterreleased Tues- formation about Europeans liminary—marks amajor shift daynightthatfederal lawalready EU Order from U.S. soil, tech advocates in morethan two decades of raised the age to buy tobacco to said.Similar logic could also wrangling between the EU and 21, but said thathundreds of be used to block transfersto U.S. over how to balance pri- thousands of Floridians vape as a Challenges other countries with surveil- S vacy and commerce when it lower-risk alternativetosmoking.

lancelawsdeemed invasiveby PRES comes to trans-Atlantic data “This legislation would almost

EU courts, advocates said. TED flows. In 2015,the EU’stop assuredly lead morepeople to re-

Facebook To be sure, Ireland’sorder is CIA court invalidated amajor legal sume smoking cigarettesand it preliminaryand could be re- SO mechanism fortransferring would driveothers to the hazard- vised beforeitiscompleted, a AS such information to the U.S. ous black market,” Mr.DeSantis

ContinuedfromPageOne processthat could take several WIRE/ Butthe threat ended up being wrote.

ing beforeregulatorsand in months.Ireland’sdatacommis- PA mostly theoretical: No com- The veto came hours after court forthe betterpart of a sion leads EU privacyenforce- S/ pany actually faced a specific Republican AttorneyGeneral Ash-

decade that their data ment forFacebook because it WLES order to stop sending personal leyMoody issued apress release shouldn’t be sent to or kept in has itsregional headquartersin LA information, and the data warning about the dangers of un-

the U.S. because it could be the country, but Ireland’spri- BRIAN flows never stopped. derage vaping. turned over to the government vacy regulator must coordinate Ireland’sorder is preliminary.Facebook’sEuropean offices in Dublin. At issue in Ireland’sprelimi- —Associated Press under secret requests. with counterpartsinother EU naryorder is awidely used type It is also awarning forbig countries in cross-border cases. held closely inside Facebook that itssurveillancepractices of preapproved contractual lan- LOUISIANA tech companies with operations Ireland’sdatacommission whileexecutives and lawyers areproportionate, and in court guagetoallowcompanies to in Europe,and forthe trans-At- hasgiven Facebook until mid- determine howtorespond, that argued that the EU shouldn’t send EU dataoverseas as long Hurricane Damaged lantic trade they facilitate. September to respond to the or- person and another person fa- exercise jurisdiction over U.S. as they commit to uphold Euro- Emergency Oil Site Though the order applies to der,the people familiar with the miliar with the mattersaid. national security practices. pean privacystandards. Facebook,the companymight mattersaid. Afterconsidering Sincethe July ruling,the Thefocus nowisonthe TheJuly court decision said Hurricane Laura caused sig- be the firstamong other U.S.- Facebook’sresponses,the data European Commission, the EU’s EU’sprivacyregulatorstosee such clauses arestill valid— nificant damage at a site holding based tech companies to face commission told the companyit executivearm, and U.S. officials howthey enforce the July rul- but added that companies about 30% of the nation’s store similarorders, one of the peo- plans to send anew draftofthe have started negotiations to es- ing.Aboardrepresenting EU must assesswhether the laws of emergency crude oil, but ple familiar with the matter order to the 26 privacyregula- tablish anew way forcompa- privacyregulatorsannounced of the countries wherethey three other sites still have said. At stakeiswhether the tors in other EU countries for nies to send dataonEuropeans last week atask forcetotackle aresending dataallowthem to plenty of petroleum, U.S. Energy U.S. might have to changeits joint approval under acoopera- to the U.S. that would comply the topic.Ireland’sdatacom- ensureadequateprotection Secretary Dan Brouillette said surveillancelawsfor datatrans- tion provision of the bloc’spri- with the court’srequirements. mission has been closely under EU law. Wednesday. fers to resume,the person said. vacy law, the people said. But “therewill be no quick fix,” watched because,inaddition Ireland’ssending of the pre- The damaged Strategic Petro- Blocking big tech compa- Facebook could also poten- EU JusticeCommissioner Di- to Facebook, it also leads EU liminaryorder to suspend data leum Reserve site in West Hack- nies’ datatransferstothe U.S. tially challengethe order in dier Reynderssaid in European privacy enforcement for sev- transferssuggeststhat it found berry, La., holds nearly 8.2 billion could upend billions of dollars court. Internally,Facebook con- Parliament last week. eral bigtech companies,in- such standardclauses aren’t gallons of crude oil in 21 huge of trade from cross-border sidersthe preliminaryorder Some privacylawyershave cluding Alphabet Inc.’sGoogle, sufficient when it comes to caverns deep underground. Mr. dataactivities,including cloud and itsfutureimplications a said that the U.S. would need Apple Inc.and Twitter Inc. Facebook—reasoning that could Brouillette didn’t specify the ex- services,human resourcesand big deal, one of the people said. to changeits surveillancelaws Ireland’splan to order also extend to other large tech- act nature of the damage or say marketing,because they in- Because of itssensitivity,the to addressthe court’sconcerns. Facebook to stop sending data nologyand telecommunications how much it would cost to fix it. volve accessing or storing in- existenceofthe order is being TheU.S.for itspart has said to the U.S.—even if only pre- companies. —Associated Press P2JW254000-0-A00700-1------XA

THE WALL STREET JOURNAL. Thursday, September 10, 2020 | A7 WORLD NEWS U.S. to ReduceIts Troop PresenceinIraq Move to cut forces to 3,000 from 5,200 is Islamic State part of Trump’s move Remains a Threat to limit footprint Islamic State isn’t yet The Trump administration completely defeated, accord- will cut the number of U.S. ing to data released on Tues- troops in Iraq to about 3,000 day by the U.S.-led task force this month, atop military that has been fighting the commander said in the coun- militants in Iraq and Syria. tryonWednesday, areduction That task force said that from about 5,200 there now. in June, the U.S.-led coalition carried out 20 airstrikes in By Gordon Lubold Iraq, which killed 30 Islamic in Washington and State militants, destroyed 10 Isabel Coles in Beirut caves and blew up three GES camps, among other targets.

Themoveispart of Presi- IMA Sixairstrikes were carried dent Trump’seffort to reduce out thatmonth againstthe the American militaryfoot- GETTY militants in neighboring print in Iraq and Afghanistan SE/ Syria. beforeElection DayonNov.3, The U.S. also has about officials have said. Thetop 900 troops in eastern Syria ANCE-PRES

U.S. commander in the Middle FR and at the al-Tanf garrison, East, Gen. Frank McKenzie, near Syria’s southern border ENCE

said improvementsinIraq’s AG with Iraq and Jordan, officials security forces allowedthe said. U.S. to downsize. Those troops continue to TheWall Street Journal re- DEFENSE/ advise the Syrian Democratic ported in August that the U.S. OF Forces who are fighting rem- wasplanning to withdraw ENT nants of the Islamic State TM

about athirdofits forcefrom AR force there, and ensure that Iraq.The cut announced by oil fields in eastern Syria

Gen. McKenzie represents GA/DEP don’t fall into the hands of morethan athirdofthe force VE forces allied with Russia, the AIH

and is one of the steepest such IS Assad regime or Iran. cutssincePresident Obama Lt.Gen. Paul Calvert, left, on Wednesdayassumed command of the jointforce fighting Islamic StatefromLt. Gen. PatWhiteinBaghdad. withdrew forces from Iraq, leaving about 1,000 U.S. per- signaled afurther drawdownof Thetroop numbersGen. quickly and having to send In Baghdad,Iraqi military dhimi said aftermeeting with sonnel in the country in 2011. forces in Afghanistan, where McKenzie announced on troops back in, refighting bat- spokesman Tahsin al-Khafaji Mr.Trump.“But we do need “In recognition of the great the warisinits 19th year. Wednesdaydon’t spell out tles we had already won, at said the drawdownwas in training and capacity enhance- progressthe Iraqi forces have Thefirst direct negotiations other U.S. militarycapabilities, thecost of moreAmerican keeping with the timetable ment and security cooperation.” made and in consultation and between the insurgent Taliban likedrones and air power, or lives,” said Mr.Moulton, afor- agreed upon between Baghdad Iran-backed militias remain coordination with the govern- movement and the Afghan gov- the number of civilian contrac- merMarine Corps captain and and Washington. skeptical about the U.S. draw- ment of Iraq and our coalition ernment were scheduled to be- tors and State Department em- Iraq war veteran. Hisham Dawood,anadviser down and have redoubled at- partners, the United Stateshas gin this week in Qatar but face ployees who will remain in Iraq, Gen. McKenzie said the U.S. to Prime Minister Mustafa al- tacks targeting U.S. interests decided to reduceour troop possible delays amid divisions said Tony Cordesman,asenior has confidence that Iraq’s se- Kadhimi, said the announce- in Iraq in recent weeks. presence in Iraq from about within both negotiating teams fellowatthe Center forStrate- curity forces arecapable of ment showedthe premier’s Mohammed Mohyee, a 5,200 to 3,000 troops during and ashakeup in the Taliban gic and International Studies,a preventing aresurgenceofIs- commitment to a withdrawal spokesman forthe Iran-backed the month of September,” Gen. delegation’sleadership. think tank in Washington. lamic State in the country. of U.S. troops,though training Kataib Hezbollah militia, dis- McKenzie said. Abombing targeting the ThePentagon declined to “The journey has been diffi- and logistical support from missed the announcement as a “This reduced footprint al- convoy of Afghanistan’sfirst saywhat other capabilities cult, the sacrificehas been theinternational community ruse to boost Mr.Trump’s lows us to continue advising vicepresident killed at least will remain in Iraq. great, butthe progresshas might still be necessary. chances of re-election by en- and assisting our Iraqi part- 10 people in the country’scap- Sen. MikeLee (R., Utah) been significant,” he said. When Mr.Kadhimi, afor- abling him to make good on a nersinrooting out the final ital early Wednesday. called the Iraq troop cut the In addition to U.S. troops, mer intelligence chief, visited pledge to disentangle the U.S. remnantsof[Islamic State]in TheU.S.drawdowninAf- right move. “It’stime to end thereare about 900 other for- WashingtoninAugust, Iraqi from costly conflictsabroad. Iraq and ensuring itsenduring ghanistan is scheduled to occur this war,” he said. Rep.Seth eign troops in Iraq,U.S.offi- and U.S. officials were careful TheU.S.has oftenblamed the defeat,” he said. on aparallel track with the Moulton (D., Mass.)said the cialssaid last month. Those not to set adeadline forthe group forattacks on itsforces. Mr.Trump has also said he talks.Mr. Trump and the Penta- administration hasn’t ade- international troops areex- completedepartureofAmeri- —Michael R. Gordon in plans to pull thousands of U.S. gonhaveindicated that the U.S. quately plannedfor awith- pected to stay to help with cantroops from the country. Washington and Ghassan troops from Germany, Syria and forceofabout 8,400 will be cut drawal. “Wecannot repeat the training Iraqi forces and could “Wedefinitely don’t need Adnan in Baghdad Afghanistan, and officials have to about 4,300 during the fall. mistakeofpulling out too grow to as many as 2,500. combat troops in Iraq,” Mr.Ka- contributed to this article.

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MOHA #1 GLOBALLY IN INVESTMENT SECURITY Adamaged vehicle satatthe siteofabombing in Kabul thatkilled at least10people on Wednesday. Deadly Afghan Bombing GLOBAL SAFETY AND SECURITY STANDARDS REPORT 2019 #6 GLOBALLY IN ECONOMIC PERFORMANCE Complicates Peace Process THE WORLD COMPETITIVENESS YEARBOOK 2020

Abombing targeting the by the Haqqani wing of the in- wounded manybystanders.” convoy of Afghanistan’sfirst surgent group. Thecountry’sconflict has vicepresident killed at least 10 Mr. Saleh, a former intelli- claimed morethan 160,000 Af- people in thecountry’scapital, gencechief,isanoutspoken ghan lives, including combat- an indication of the high stakes enemy of the Taliban and has ants,displaced tens of thou- in the U.S.-backed talks between found himself in the crosshairs sands of people and destroyed Kabul and the Taliban to end before. He wastargetedina schools,hospitals and other nearly two decades of fighting. suspected Taliban attack in infrastructure. 2019 during hiscampaign as Thefirst-ever direct talks By Sune Engel running matefor President between the Afghan govern- Rasmussen in London Ashraf Ghani.Heisalso a ment and the Taliban were ex- and Ehsanullah Amiri leading critic of the peacepro- pected to begin this week in the in Kabul cess and has said the key to Qatari capital of Doha, but are peaceisthe Taliban’scommit- set to be delayedamid divisions A bomb placed in a wheel- ment to a cease-fire. within both negotiating teams barrow detonated near Amrul- “By committing such andashake-up in the leader- lah Saleh’s convoy in Kabul crimes,terroristsand their ship of theTaliban delegation. early Wednesday, Interior foreign backerscannot weaken Negotiations areexpected to be Ministryspokesman Tariq Ar- peace, democracyand abright tumultuous and drawnout. ian said. Mr.Saleh suffered future for our country, which Kabul and the Taliban have Scan code to minor injuries in the attack arethe greatest and most fun- yettoagree on an agenda or a learn more > that wounded morethan 15 damental desires of our peo- startdatefor talks.The most people,including several of his ple,” Mr. Ghani said. public disagreement has been bodyguards,the ministrysaid. Thetop U.S. envoy forAf- over the fateofsix Taliban pris- Hoursafter the bombing, ghanistanreconciliation, Zal- onersjailed in Kabul forkilling Mr. Saleh appeared in a video mayKhalilzad, accused the per- Australian and French soldiers. messagefromhis officewith a petratorsofthe attack of trying Mr.Khalilzad is in Doha to urge bandage on his left hand. to torpedo the peaceefforts. both sides to the table. “Our fight continues and I “Aspeacetalks near,spoilers Following Wednesday’s at- am in the serviceof[the] peo- arebecoming moredesperate tack,participantswerefirming ple of Afghanistan,” he said. in their attempt to disrupt this up protocol details foran No one immediately historic opportunity.Today’s opening ceremony, and aplane claimed responsibility for the attack on @AmrullahSaleh’s wasexpected to bring the bombing. The Taliban quickly convoy is the latest example,” prisonerstoDoha in the com- denied anyinvolvement, but Mr.Khalilzad said on Twitter ing days,signaling progresson the Interior Ministry said the hoursafter the blast. “Luckily, the thorny prisoner-exchange +974 4496 7777 |qfc.qa |[email protected] explosives were similar to he survived. Tragically,this ter- issue, a person briefed on re- ones used in previous attacks rorist attack killed and cent meetings in Qatar said. P2JW254000-0-A00800-1------XA

A8 | Thursday, September 10, 2020 THE WALL STREET JOURNAL. WORLD NEWS Worried Europe Restores Curbs As Cases Surge

BY JASON DOUGLAS tals is that without firm action now, the infection could once LONDON—TheU.K.placed againpercolatebywinter to newlimitsonsocial gather- groups at higher risk of severe ingstostemthe spread of cor- illnessand death,including the onavirus, becoming the latest sick and the elderly,threatening countryinEurope to reimpose to put extrastrain on hospitals restrictions on daily life amid at ausually busy time of year. GES a surge in cases there. “Don’t kill your gran by IMA

The move highlights Euro- catching coronavirus and then GETTY pean governments’ anxiety passing it on,” U.K. Health

that coming months could SecretaryMattHancock said NEAL/ bring another severebout of this week in abroadcast inter- ON LE illnessand death if the spread viewaimed at younger audi- NewU.K. rules will ban groups of morethan six people from congregating in public, as happened in London’sSaintJames’sPark on Wednesday. of Covid-19 isn’t checked now. ences. Theincrease in recorded TheU.K.government said more than six weeks, accord- Yetdisease expertssay a Covid-19 casesare rising acrossEurope,but hospital admissions cases acrossthe Continent has starting Sept. 14,gatherings of ing to the ECDC,though the pickup in cases wasinevitable remain lowaswider testing picksupmilder infections. been driven by betterdetection morethan six people will be scale of the resurgencevaries given howfew have been exas well as spreading infections banned in England, afterthe across countries. posed to the novel pathogen. Conﬁrmedweekly Covid-19 Weekly Covid-19 hospital among younger agegroups,as number of newcoronavirus in- The rise in cases has come “I’m not surprised by anyof cases, per million people admissions,per million people barsand restaurantsreopened, fections thererose this month on theheels of agradual re- this,” said Julian Tang,associ- travel resumed and workersre- to around 2,000 aday,from opening of the region’secono- ateprofessor of respiratorysci- France Germany Italy Spain U.K. turned to offices and factories lessthan half that number a mies afterwidespread restric- ences at the University of 1,200 500 throughout the summer.The month ago. SinceJuly,the tions on work and daily life Leicester in England. “Onceyou U.K.’s median ageofpositive limit on gatheringshas been were imposed in the spring. start to relax lockdown, youare 1,000 400 cases,for example,was 31 at 30 people. Onereason forthe rise in going to getmorecases.” the end of August, compared The new restriction marks reported cases is an increase One bright spot: Ratesof 800 with 52 in June. an escalation in the British re- in testing: Public-health au- hospitalization and death in 300 Newly detected cases ap- sponse to the latest stageofa thoritiesare detecting many Europe forCovid-19 remain 600 200 pear overwhelmingly mild: global pandemic that has moreinfected individuals than low, suggesting most new 400 Hospitalizations and deaths claimed 900,000 lives and in- they were earlier in the pan- cases are mild. linked to Covid-19 have re- fected morethan 25 million demic. Europe’sfivelargest In the U.K.,the newmeasure 200 100 mained more or less stable at people. The U.K. has suffered countries areperforming 1,000 on gatheringsapplies to all of lowlevelsinmost countries, thehighest death toll in Eu- testsormoreeach dayfor ev- England, and legislation will 0 0 even as morecases arere- rope,with morethan 40,000 ery100,000 residents, ECDC empowerthe policetoenforce 5101520253035 5101520253035 ported, according to the Euro- confirmed Covid-19 fatalities. datafor lateAugust shows, it, the government said. Mr. WEEKS INTOYEAR WEEKS INTOYEAR pean Centrefor Disease Pre- Thenumber of newcorona- versus lessthan half that Hancock said he expectsthe vention and Control. virus cases has been rising number in April, when the newmeasuretoremain in place Note:DataasofAug. 30 But worryinEuropean capi- steadily acrossEurope for outbreak was at its deadliest. “forthe foreseeable future.” Source:European Centre forDisease Prevention and Control South Korea Prepares for Long-Term Remote Learning

B Y DASL YOON that triggers increasingly re- lent out morethan 280,000 strictivemeasures at relatively tablet computers to students SEOUL—South Korean par- lowlevelsofinfection com- andbegan setting up Wi-Fiat entsand schools have been pared with numberselsewhere 190,000 classrooms lacking in- dealing with remote learning in the world. ternet connectivity.The three forperhaps as long as any- In August, when the num- majortelecom carriers, at the whereelse in the world be- ber of newinfections being re- government’srequest, have cause of atwo-term school ported daily surpassed 300, given free access to students year,which runs from March the South Korean Centers for connecting to educational through February—and acau- Disease Control and Preven- websites on their phones. tious approach to in-classedu- tion banned gatheringsof South Korea reoriented its cation amid the pandemic. morethan 10 people in the education infrastructure Nowthey areadjusting to a worst-hit regions,including around a government-run on- newreality: Thecountryis theSeoul metropolitan area, line portal called Edunet, making changes to its educa- which required the closure of wherestudentscan watchon- CK

tion system to anticipatethe TO those schools. Some rural ar- line lectures and submit possibility of along stretch of eashavealso closed schools homework.Only some wealthy Covid-19 and any future pan- voluntarily. privateschools fornow can demics. SHUTTERS SouthKorea has some ad- live-stream all their lectures. A/

“Weprepared forremote /EP vantages in making an ex- Most public schools follow learning because of the Covid tended shifttoonline learning. anational curriculum using crisis,but nowitwill be aper- NHAP It is one of the most con- state-issued textbooks,mean- YO manent part of the educa- The statehas earmarked morethan $110 million fordigital textbooksand ashift to online schooling. nected nations on the planet, ing the government’spublic tional process,” said Choi with some of the world’sfast- education broadcaster cancre- Won-hwi,who works in the place 200,000 old computers fection numbersinthe hard- infections there, with many est internet speeds and nearly ateand upload videos fordaily South Korean education minis- and provide 240,000 tablet est-hit countries.But the spike countries opting to close 95% of citizens owning a lessons that serveawide trydivision that oversees PCs to schools shifting to on- wasenough to prompt the clo- schools on amoretargetedba- smartphone. swath of students. teacher instruction. line textbooks starting this sureof70% of the 12,000 sis when outbreaks arose.And TheKorean Federation of Still, studentscomplain Last week,the education year. schools nationwide last other countries in Asia, like Teachers’ Associations,the that it isn’t the same as being ministryearmarked morethan While South Korea’saggres- month, even though students Japan and China, have kept in- largest professional organiza- in class. $110 million fordeveloping siveuse of testing and contact make up only about 2% of in- classlearning going without tion for educators, has called “It’sharder to understand online textbooks andremodel- tracing during the pandemic fections sinceschools re- interruption afterreopening forfurther support in estab- the material and preparefor ing old schools to make them has been seen as amodel opened. schools, despite battling sub- lishingafunctional remote- tests,” said Oh Ye-rim,a16- more digital friendly over the globally,ithas been battling a Manyschools in the U.S. sequent outbreaks. learning system. year-old high-school student next five years. Thegovern- steadily growing outbreak in have reopened,evenafter the In South Korea, schools In recent months,the coun- who attends public school. She ment plans to install Wi-Fi at recent weeks.The country’s virus surgedoverthe summer. closed last month because of a tryhas been preparing fora misses being able to ask her four-fifths of schools that morethan 21,000 cases still Most schools in Europe re- tiered response system to out- lengthyperiod of online learn- teachersquestions when an don’t have internet access,re- pale in comparison to the in- opened as well, despite rising breaks put in placeinJune ing.The education ministry uploaded lesson confuses her. FROM PAGE ONE

the French government’sde- growing sectorsinluxury. tween the two companies ap- Tiffany, Left at Altar, LVMH mand avalid, legally binding An acquisition of Tiffany peared to giveMr. Arnault lit- order.“We have no other would have also marked a tle leeway to back out. choice but to apply this deci- largeexpansion of LVMH’s In early August, Antonio Needs a Digital Plan Ends Deal sion,” he said. presenceinthe U.S. luxury Belloni, LVMH’s managing di- AFrench diplomatic official market,which wasgrowing rector,called Mr.Farah to dis- BY SUZANNE KAPNER tailer like Tiffany since many disputed that, saying such a strongly before the pandemic cuss the possibility of walking of the items it sells are occa- For Jeweler letterfromthe French govern- hit. Not only has the pandemic away from the deal due to a Tiffany &Co. bet on tour- sion based. Manycouples have ment wouldn’t be binding on a hit the U.S. harder than many material adverse changeinthe istsflocking to itsflagship city postponed weddings. Tiffany company. other countries,U.S.cities jeweler’s business, according stores to payapremium for said sales of engagement jew- ContinuedfromPageOne “In the context of very im- have been roiled by social-jus- to another person familiar itsjewelry. Now, with tourism elryfell to $343 million in the Thedeal’sunraveling shows portant international negotia- tice protests and civil unrest. with the situation. wiped out by the coronavirus firstsix months of the current howthe pandemic is reshap- tions, the French government Rioters and lootershavetar- Aperson close to Mr.Bel- pandemic and LVMH trying to fiscal year,downfrom$557 ing the luxuryindustry. Brands is neither naivenor passive getedshopping corridors loni said he didn’t discuss back out of atakeover deal, million a year earlier. have long relied on big-spend- when there are objectives we whilepeaceful protesters whether Tiffanyhad experi- the jeweler faces the prospect LVMH executives had ing touristsfromChina, the hope to achieve,” Gabriel At- marched in the streets. enced amaterialadverse of reinventing itself in abrave viewed Tiffany as a “sleeping U.S. and elsewhere to splurge tal, spokesman forthe govern- Afterapproaching Tiffany change. new retail world. beauty,” abrand with great on handbags and other goods ment of President Emmanuel Mr.Farah responded that Tiffany, which had $4.4bil- promise, but one that hadn’t while visiting Paris,Milan, Macron, said when asked terms of the deal didn’t allow lion in revenue last year,got fully realized itspotential, ac- NewYork and other destina- about the letter. for LVMH to pull out for that just 6% of itssales from e- cording to people familiar tions. That business model is Tiffanyisasking the Dela- reason, the person said. To commerce in each of the past with the situation. TheFrench under threat as countries ware court to either force 45% help reassureLVMH about Tif- three fiscal years. That figure conglomeratemade an unso- maintain travel restrictions LVMH to completethe merger fany’sprospects, the company shot to 15% forthe six months licited approach to buy the and globe-trotters stay home. or award Tiffanydamages that Tiffany’s sales drop for the provided LVMH with apreview to July 31, aperiod when its U.S. company, ultimately LVMH’saccount of the would be determined during a quarter ended April 30. of itssecond-quarter results stores were temporarily closed agreeing to pay $16.3 billion. French government’sinterven- trial. Theagreement allows showing it returned to profit- due to the health crisis. Then the pandemic hit, and tion is also a measure of how Tiffanytopay atermination ability in the three months The jeweler overhauled its Tiffany’ssales fell 45% to $556 companies that onceremained feeof$575million to walk ended July 31 on improved U.S. and Chinese websites last million forthe three months abovethe geopolitical fray are away from the deal, but LVMH in October 2019 with an all- sales, the person said. year,which enabled it to ended April 30,when most becoming chesspieces in trade doesn’t have the option of cash takeover at about $120 a Forthe quarter,Tiffany’s quickly boost online sales dur- stores were closed. The com- disputes.Francehas been at paying to back out under the share, LVMH agreed to pay sales fell 29% compared with ing the pandemic.Still, ana- panyswung to a$64.6million the forefront of countries, in- agreement. close to Tiffany’sall-time-high the year-earlier period. That is lystssay Tiffanyisplaying loss in the period. cluding the U.K.,Italy and Theplan to acquirethe sharepricetoacquirethe betterthan the 45% year-over- catch-up on the digital front at While businessimproved in Spain, that arepursuing plans U.S. jeweler wasthe biggest companyinNovember 2019. year drop the companyre- a time when consumers, ner- the most recent period, sales to taxdigital companies,such acquisition ever attempted by Tiffany’sshares have fallen ported forthe quarter ended vous about visiting physical and profitsare still below as Alphabet Inc.and Facebook BernardArnault, chief execu- well below LVMH’s $135 offer April 30. stores,are buying moreonline. year-agolevels, falling 29% in Inc.The U.S. in turn has tiveand controlling share- price since the pandemic hit. Mr.Guionysaid LVMH Aunion still might happen. the three months to July 31. threatened to impose retalia- holder of LVMH. Struck Thestock dropped 6.4% didn’t solicit the letterfrom Tiffanyhas filed alawsuit in Thecompanyreturned to a tory tariffs on anycountry shortly beforethe coronavirus Wednesday to $113.96. the foreign affairsministry, Delaware to compel LVMH profit of $31.9 million, driven that implements such atax, pandemic threw the luxury- Over the summer,Mr. Ar- though executives did have MoëtHennessy Louis Vuitton by a surge in online spending includingtariffs on luxury goods market intoturmoil, nault began reviewing whether discussions with Jean-YvesLe SE to either completetheir andarebound in China. But goods. thedeal waspart of Mr.Ar- to moveforwardwith the deal, Drian, the French foreign min- marriage or pay damages. that is well belowthe $136.3 Jean-Jacques Guiony, nault’sambition to expand according to aperson familiar ister,after receiving it. “It Thepandemic poses spe- million earned in the year-ear- LVMH’schief financial officer, LVMH’sjewelrybusiness, with the matter. But analysts came as a total surprise,” Mr. cific challenges to aluxuryre- lier period. said the company considered which wasone of the fastest- said the agreement signed be- Guiony said. P2JW254000-0-A008A0-1------NS

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UNITED NATIONS bank said the third-quarter recovery will likely be fasterthan it had General Assembly previously anticipated. It noteda OrderstoKill Rohingya Alleged To Be Held Virtually sharp rebound in household spending overthe summer,asthe The United Nations is gearing easing of economic restrictions BY FELIZ SOLOMON up to hold its annual General As- fueled ajump in demand, and a sembly in amostly virtual format large but unevenpickup in em- Twomen described as this month, curtailing the informal ploymentlevels. Myanmar armydeserterstold diplomatic hobnobbing thatoccurs Severaleconomists said the authorities in neighboring Ban- every year in NewYork but giving Bank of Canada’scautious tone gladesh they were ordered by some leaders who rarely travel reinforcesexpectations thatinter- superior officers to kill Roh- the chancetoaddressthe world, estrates will remain at their cur- ingya civilians during security at leastonline. rent,ultralowlevel foryears. operations in 2017,according The heads of stateofIranand Economic output plunged by to alawyer involved in ageno- Venezuela areset to addressthe 38.7% at an annualized rate during cide case against Myanmar at annual meeting through video the second quarter of the year,re- the topUnited Nations court. messages, according to aprelimi- flecting sweeping restrictions on Paul Reichler,apartner at nary schedule of the speeches, economic activitythatwereintro- U.S. lawfirm Foley Hoag LLP which will giveonline airtime to duced in March to curb the spread who leads the legal team in the controversial leaders and far-flung of the coronavirus. Manyforecast- case against Myanmar,said the heads of statewho in pastyears ers anticipate asimilarly eye-pop- two deserterscrossed the bor- have had lower-levelofficials ping rebound, with BMO Capital der from Myanmar intoBan- S

speak in person at the U.N. head- Markets and Desjardins Securities gladesh and gavestatements PRES

quarters in NewYork. both calling forannualized growth to Bangladeshi authoritiesdur- TED

PresidentTrump, on the other above 40% in the thirdquarter. ing aformal interrogation pro- CIA SO

hand, has said he mayspeak in Earlier this year,the Bank of cess there. Mr.Reichler said he AS person at the event, potentially Canada cut its overnightinterest had seen the statements. taking advantage of his abilityto rate three times, bringing it to Bangladeshauthorities Zaw Naing Tun, far left, and visit NewYork when other dele- 0.25%, which policy makers con- didn’t respond to requeststo Myo Win Tun confessed to gations face travelrestrictions be- sider to be the lowest effective comment. TheWall Street Jour- taking part in 2017 attacks on cause of the coronavirus pan- level. It also launched alarge-scale nal hasn’t seen the statements. Rohingya civilians in Myanmar. demic. asset-purchase program, known as Mr.Reichler said in an email

Normally,each of the nearly quantitativeeasing, which the that he would present those (2) The International Criminal 200 U.N. member states has six centralbank said on Wednesday statementstothe International S Court investigates and tries

seats reserved forits officials in would continue until the economic Court of Justiceasadditional PRES individuals chargedwith grave

the familiar assembly hall, where recovery “is well under way.” evidencesupporting the claim TED crimes,while the International

the podium is backed by serpen- —Kim Mackrael that the Myanmar military CIA Court of Justice, wherethe SO

tinite, agreen stone. acted with genocidal intent. AS genocide case is being heard,

This year,only one or two BELARUS “Until now, it wasreason- Y/ decidesondisputes between

seats will be allowedfor each able to assume that the geno- ARM countries. The ICC’s prosecu-

country,and those officials will Lawyer Detained in cide wasordered by senior AN torhas also opened an investi- likely introduceaprerecorded militarycommanders. Nowwe AK gation intoallegations of Growing Crackdown AR video speech from the country’s have confirmation from the crimes against the Rohingya head of stateorother leading of- Belarusian authorities detained participants that this was the tained videos in which the two forthe rightsofthe ethnic Ra- and declined to comment, cit- ficial, according to Reem Abaza, one of the twolastleading mem- case,” he said. desertersare seen admitting to khine community,beforethe ing the need for confidential- spokeswoman forthe presidentof bers of an opposition council who The2017militaryoffensive brutal crimes on the command mentraveled to Bangladesh ity in investigations. the U.N. General Assembly.The remained free, moving methodi- forced morethan 720,000 Roh- of superior officers. In the vid- seeking the protection of Ban- ICCprosecutions typically “general debate” speeches will cally to end amonth of protests ingya to flee acrossthe border eos,seen by the Journal, one of gladesh authorities. target much higher-ranking of- start with Brazil and the U.S. on againstauthoritarian President intoBangladesh, wherethey them says soldierswereor- Aspokesman forthe Arakan ficials than the two deserters, Sept. 22 and end with North Ko- Alexander Lukashenko. shared stories of masskillings, dered “toexterminate” Roh- Army, Khaing ThuKa, said the and it is unlikely that they reaonSept. 29, according to the Lawyer Maxim Znak, amem- gang rapes and the destruction ingya and to “shoot all yousee videos were filmed by the themselves would be tried, ex- preliminary schedule. ber of the Coordination Council of entirevillages.The Rohingya and all youhear.” group.The “two men were de- pertssaid. But if they pro- —William Mauldin createdbythe opposition to facili- areaMuslim minority who have Mr.Reichler said the state- sertersand we did not hold vide information or corroborate tate talkswith presidentona faced decades of persecution in mentsthe men gavetoBangla- them as POW,” he said, using that which already exists, their CANADA transition of power, wastaken the majority-Buddhist country. desh authorities were consis- theabbreviation forthe term testimonycould provide crucial out of the council’sofficeby The Myanmar government tent with the videos.The prisonersofwar.“We arecom- leads or evidence, expertssaid. Central Bank Leaves masked people, associate Gleb and armyhavedenied mass Journal couldn’t independently mittedtojusticefor all victims “The devil is in the details,” Key Rate on Hold German said. Mr.Znak had time atrocitiesand said the military verifythe authenticity of the of the Myanmar army,” he said. said PriyaPillai,aninterna- to text message “masks” before was carrying out a legitimate videos or the information they FortifyRightssaid it has tional lawyer and head of the The Bank of Canada left its theytook his phone, Mr.German counterterrorism operation in contain. Thestatements reason to believethe two men, Asia JusticeCoalition Secre- benchmark overnightinterestrate said. Unidentified people also at- response to attacks by Roh- broadly match testimonyfrom identified as PrivateMyo Win tariat. “It’s going to be about unchanged at 0.25% as it warned tempted Wednesdaytoenter the ingya insurgents. They didn’t refugees and evidencecol- Tun and PrivateZaw Naing what information they’repro- the economywill enteraslowand apartmentofwriter Svetlana respond to requests for com- lected by the U.N. and other Tun, were sent from Bangla- viding,how relevant it is,and choppyphase of recuperation fol- Alexievich, the winner of the 2015 ment for this article. independent investigators. desh to TheHague,wherethe howtruthful it is.…Specifically lowing an expected bounceback in Nobel Prizeinliteratureand now Mr.Reichler’s statement Fortify Rights said the vid- International Criminal Court whereitconcerns the internal activityduring the thirdquarter of the only member of the council’s came aday afterFortifyRights, eoswerefilmed by members and the International Court of higher-command structure, or- this year. executivepresidium still free in anongovernmental organiza- of the Arakan Army, an insur- Justice are located. The Jour- ders coming from above, that’s In astatementexplaining its Belarus. tion that investigates human- gent group that says it is nal couldn’t verifytheir really wherethis could be interest-ratedecision, the central —Associated Press rights abuses,said it had ob- fighting the Myanmar military whereabouts. quite important.”

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A10 | Thursday, September 10, 2020 ***** THE WALL STREET JOURNAL. WORLD NEWS Elections to Test Kremlin Opponents Balkan Pact Leans BY THOMAS GROVE legations of ballot stuffing have accused Russian security cluding arise in the number of nections,” said Alexei Chesna- during presidential and parlia- forces or Putin allies of being volunteers for election moni- kov, the director of apolitical MOSCOW—Last year,Krem- mentary elections in recent behind theattack,anallega- tors for the two candidates. consulting firm who worked as Heavilyon lin critic AlexeiNavalnyscored years. Both the Kremlin and tion the Kremlin denies. “People have been enraged the head of United Russia’sso- ararewin in his opposition to the ruling United Russia party Mr.Navalnythrew his and we’veseen areal swell in cial council adecade ago. Russian PresidentVladimir Pu- have rejected those allegations weight behind Ksenia people who want to getinvolved A spokesperson for United U.S. Aid tin, stirring enough popular dis- and denounced ballot stuffing. Fadeyeva, 28 yearsold, and to help getUnited Russia out,” Russia didn’t respond to a re- content with corruption, rising Adefeat of United Russia Andrey Fateyev, 32, who are said Mr.Fateyev,adding that a quest to comment. poverty and failing public ser- candidates would add to mount- running forTomsk’scity coun- recent video from Mr.Navalny, Mr.Putin has used TV air- BY BOJAN PANCEVSKI vices to defeat Putin loyalists in ing problems facing the Russian cil from different districts. For shot while he wasinTomsk,de- time to boost Kremlin-loyalpol- AND LAURENCE NORMAN the Moscow city election. president, including aslow- the past several months,they tailing local corruption allega- iticians and spent the week be- Now, with Mr.Navalny seri- burning economic crisis that has have handed out flierson tions against local officials fore the election speaking with AU.S.-sponsored agreement ously ill in Germany afteranat- depressed living standards,per- street cornersand canvassed has sparked asurge in support. ahandful of governors, giving signed last week to normalize tempt on his life, his movement sistent protestsinthe country’s Last year,Mr. Navalnytried them an audiencetoexplain economic relations between is attempting to continue his FarEast and falling ratings. to consolidateopposition sup- howthey have fought against Serbia and itsformer province campaign. Localelections that AcrossRussia, local and re- A defeat of United port in Moscow and elsewhere thecoronavirus and tried to of Kosovowill succeed only if begin on Fridaywill provide a gional elections runfromFri- through astrategycalled boost the local economy. it is followedbysignificant critical test of itsstaying power daythrough Sunday, covering Russia candidates smart voting,which identifies Some analystssay thereis U.S. funding and persistent and whether the attack will 18 gubernatorial races, 11 re- would add to Mr. candidates best suited to win reason forthe Kremlin to be American andEuropean nur- cow Russia’sbeleaguered polit- gional parliamentaryelections against a given United Russia concerned. Apoll published turing,say politicians and ical opposition—or energizeit. and nearly two dozenlarge city Putin’s problems. candidateand pools resources this week by independent poll- businesspeople on the ground. Municipal and regional elec- council races. While they won’t behind them. In Moscow’s city ster Levada showedaround Thepact, hailed by President tions have never yielded big div- changethe powerdynamics in council elections,his candi- 31% of Russians would vote for Trump as historic when it was idends in Russian politics,espe- Moscow,the Kremlin’spolitical dates cut the number of United Russia in coming elec- signed in the Oval Office, comes cially in regions far from the scientistswill study the results door to door to unseat ruling- United Russia’sseatsbya tions,downsignificantly from afterclashes that prompted a country’spolitical nervecenter carefully forinsight intoRus- party members, who currently third, although the results previous years, when the party U.S.-led intervention in 1999 in Moscow and whereamix of sians’ attitude toward the rul- hold 32 of 37 city council seats. were mixed elsewhere. received around half the votes that resulted in Kosovodeclar- corruption and Russian-style ing party ahead of parliamen- This week,Mr. Navalnywas Pro-Kremlin politicians say in local and regional elections. ing independencein2008. pork-barrel politics has kept tary elections next year. brought out of amedically in- their hold on powerisbecause Aseparatepoll showed47% of Theimplementation, how- powerinthe hands of very few, Among the places holding duced coma by German doc- of their popularity among a Russianssupported the pro- ever,restsonthe promise of Kremlin-connected politicians. elections is Tomsk,the Sibe- tors.Sincehewas poisoned— strong base of voters who be- testsinKhabarovsk,inRussia’s cheap U.S. loans and develop- But opposition supporters rian city whereMr. Navalny most likely in Tomsk’sairport, lievethey canget thingsdone. FarEast, whereresidentshave ment aid aimed at unlocking saylocal elections provide the wascampaigning when he was supporterssay—opposition “Voterscan be very pragmatic takentothe streetstoprotest private investment and spur- last arena wherethey canfight poisoned with apowerful campaigns have received a and manybelievethat youneed what they call Moscow’s med- ring growth by financing stra- forchange, especially amid al- nerveagent. His supporters boost, said Mr.Fateyev,in- astrong candidatewith con- dling in regional affairs. tegic infrastructureprojects and businesses,according to politicians,entrepreneursand analysts in the region. While the agreement on Sept. 4didn’t spell out the to- talamount of loans and investment, U.S. state-funded lenders and aid agencies—the Interna- tional Development Finance Corporation and the Export-Im- port Bank of the United States and the Millennium Challenge Corporation—are expected to provide several hundred million dollarsinfinancing forthe region in the short term, according to negotiators. TheKosovo government said it expected over $2 billion in financing. Projects include highways, railways and power plants, as well as support for small and medium-sizecompanies in both countries,according to the text of the agreement. Much of what the two agreed to in Washingtonhad already been agreed to in 2013 in aEuropean Union-negoti- ated settlement that wasnever implemented, said Ljubodrag Savic,professor of economics at the University of Belgrade. S “No one canbeopposed to PRES building infrastructureprojects

TED connecting the two sides and

OCIA boosting trade,soit’sagreat SS start,” he said. “But the two /A governmentsstill areopposed

OURIS on fundamental issues…and implementation remains achal-

GIANNAK lenge,” he said, alluding to Ser-

OS bia’s refusal to recognize Kosovo as an independent state. PETR Ablazewas thoughttohave been started by migrants protesting squalid conditions at the Moria camp on the Greek island of Lesbos. Designed for3,000, the camp hosted12,000. MelizaHaradinaj,Kosovo’s foreign minister,said trust in the EU had fallen afteritfailed Fire Levels Europe’sLargest Migrant Camp to enforce the 2013 agreement. And Arban Abrashi, Kosovo’s infrastructureminister,said implementation wasdependent BY APOSTOLIS FOTIADIS ported no fatalities due to the caught in the middle of ageo- stan. nearby mountains and are on continuous U.S. engagement. AND GIOVANNI LEGORANO fire,which leftthem scram- political tussle between Eu- At the Moria camp,thou- scatteredaround the area, ac- Over the past decades,the bling to find shelter forthe rope and Turkey over migra- sands of asylum seekers lived cording to local authorities. EU has provided morefunding ATHENS—Firedestroyed migrants. tion and other issues,have in makeshifttents. Aid groups Greek officials said they than the U.S. In totalsince much of Europe’slargest camp “The firesstarted as are- long protested about the noto- have warned that poor hy- aim to identify new places on 2007,the EU has given grants forasylum seekersearly sult of discontent of some of riously squalid conditions at giene and sanitation at the Lesbos to house the refugees worth over €4 billion ($4.71 bil- Wednesday, as refugees and the people hosted in Moria be- the Moria camp.Itwas de- camp could lead to outbreaks andmigrants. That plan was lion) to Serbia and €1.7billion migrants on the Greek island cause of the isolation imposed signed for up to 3,000 people of illness, afear heightened by already encountering resis- to Kosovo, half of which have of Lesbos protested against a after, with 1,900 tests during but washosting around the spread of the coronavirus. tancefromresidentsofLesbos gone intoinvestment projects, lockdown imposed to contain the previous days,36cases of 12,000.Fear of the coronavirus Social distancing,regular on Wednesday. Theauthorities official figuresshow. a coronavirus outbreak. Covid-19 were de- has exacerbated the tensions hand-washing and self-isola- hope that partsofMoria can Privately,European diplo- Theblazeforcedthousands tected,” Greece’sdeputy mi- at the camp. tion are nearly impossible for be repaired so that at least matshavebeen skeptical of the of migrants to flee the Moria gration minister GiorgosKou- Lesbos has been one of the manymigrantsinMoria’s some migrantscan return U.S. initiative, saying it wasa camp on Lesbos, highlighting moutsakos told reporters. main entrypointsintoEurope crowded accommodation. there. short-term fixdriven primarily Greece’s combustible mix of The whereabouts of 36 mi- in recent yearsfor refugees Policeblocked manymi- TheEuropean Union said it to showcase the Trump admin- migration pressure, over- grantswho tested positivefor andmigrantstrying to reach grants who were trying to would fund the immediate istration’sachievementsbefore crowded camps and the coro- the coronavirus wasn’t imme- the continent, particularly head toward Lesbos’smain transfer and accommodation the U.S. presidential elections. navirus pandemic. diately clear. from countries such as Iraq, port town of Mitilini. Other of 400 unaccompanied minors —Drew Hinshaw Greekauthorities have re- Asylum seekers on Lesbos, Syria, Afghanistan and Paki- migrantsfled the camp forthe to the Greek mainland. contributed to this article FROM PAGE ONE

12 yearsold during the Isles’ crashing down when Mr.Spano the Islanders’ runisgood for success is awelcome diversion Islander last deep playoff run, when the didn’t have the money to close both NewYork’smorale and from the difficulties of the pan- team beat Mario Lemieux’s thedeal, and wassentenced to forbusiness. demic,hefeels as if the Island- Pittsburgh Penguins and almost sixyearsfor bank fraud. “It’sthe only NewYork team ersare giving back to fans who Fans Get reached the NHL’s final four. “We’vebeen beaten up, right nowinthe playoffs,” Mr. embraced their legacydespite Sincethen, the team’sfan chewedupand spit out,” said Leiwekesaid. the litanyoffailures. base has lived through aperiod Mr.Rosner,who owns Blue TheIslandersannounced in Mr.Ledeckyishonored by Their Shot of humiliation arguably un- Line Deli &Bagels,anIsland- August they’vesold 80% of the “Mr.Ledecky” turkey and matched by fans of anyother ers-themed restaurant in Hun- season ticketstothe new hamonrye at Rosner’sBlue NHLfranchise. tington, N.Y. “It bringsagroup arena, two seasons beforeits Line Deli, and hopes the team ContinuedfromPageOne In the 23 yearsbetween together.” scheduled opening. keeps winning.“Food tastes newarena in Elmont, N.Y. 1993 and 2016,the Islanders TheIslanders’ fortunes It’sabig changefromthe betterwhen youwin,” he says. Brock Nelson, aforward did not win aplayoff series; turned when the team’sco- Don’t stop believing days when diehardIslanders’ Nick Costaopened an Is- who joined the team in 2013, they signed historically bad owner,Jon Ledecky, convinced fans Garyand ClaireHarding landers-themed bar in New said afterSaturday’s win that contractsfor underperforming LouLamoriello to become team couldn’t find merchandise for York City in 2017for displaced both the fans and players have players;they flirted with mov- president in 2018.Mr. Lamori- Group. the team anywherenear their Islandersfans likehim. been waiting forsomething ing from their home in Union- ello,who wonthree Stanley TheIslanderswill serveas home in Halesite, N.Y. It wasn’t HisOffside Tavern has be- newtoresonatewith the dale,N.Y., to Kansas City; they Cups as president and general the anchor tenant in the $2 bil- because the shirtsand caps come avictim of the pandemic team’schampionship past. settled uncomfortably intoa manager of the NewJersey lion development at Belmont were sold out. Retailersjust and is going out of business, “Everybody in the room Brooklyn arena built forbas- Devils,hired coach BarryTrotz, Park in Elmont, N.Y.,ending an didn’t bother to carryany. but he’susing what remains of nowisstriving to be apart of ketball;and they lost their cap- afterheled Alexander Ovech- embarrassing nomadic period “Nowyou cansee Islanders agovernment loan to keep the some historylikethat and tain and franchise player, John kin and the WashingtonCapi- when the team shuttled be- license platecovers, kids with bar open forthe next few write our own little chapter,” Tavares, to Toronto. tals to the 2018 Stanley Cup. tween the once-decrepit Nas- flags, and Islandersshirts. weeks to givehis customersa he said. “The fans arefired up. TheIslanders’ reputation for Theteam’son-icesuccess is sau Veterans Memorial Coli- There’smuch moreblue and placetowatch theIslanders’ They’vebeen waiting along floundering wascemented in well-timed forits owners. Mr. seum in Uniondale,and the orange,” says Mrs. Harding,a next few games. time for this.” 1997,when the NHL approved Ledeckyand co-owner Scott Barclays Center in Brooklyn, season-ticket holder since “That’s kind of what being Mr.Rosner wasborn in 1981, the $165 million sale of the Malkin have been building a wherethe fans complained 1984, who’s on her second four- an Islandersfan is: taking the in the middle of the team’srun team to Dallas businessman newarena and entertainment aboutawful sightlines and a year stint as president of the good with the bad, even of four straight Stanley Cups John Spano who promised to venue with Tim Leiweke, CEO terrible commute. official Islandersbooster club. though the team’sbeen bad for between 1980 and 1983.Hewas rebuild. Those dreams came of LosAngeles-based Oak View Oak View’s Mr.Leiwekesaid ForMr. Ledecky, the team’s most of my life,” he says. P2JW254000-2-A010A0-2------NS

THE WALL STREET JOURNAL. ** NY Thursday, September 10, 2020 | A10A GREATER NEW YORK Indoor Dining to Resume at Restaurants

Aftersix-month ban, hour of opening. On Wednes- daymorning,only one cus- NewYork Cityeateries tomer had tried on shoes. get green lightbut As a result of the extended closure, Ms.Gonzalezsaid the JOURNAL mustlimit capacity storefront would be shuttering REET afteranother six months, ST

BY STEPHANIE YANG LL though a surge in sales could

WA keep businessgoing foran- NewYork City will allowin- other year. /THE

door dining at restaurantsata NG “Not alot of people know

limited capacity starting Sept. YA that themalls areopen. It’s 30,New York Gov.Andrew slow,” said Ms.Gonzalez, 33

Cuomo said Wednesday, lifting EPHANIE years old. “We’re just hoping

asix-month ban aimed at ST for the best.”

stemming the spread of the GES; Movie theaters and fitness

new coronavirus. IMA studios that offer indoor Indoor dining had been one group classes are still barred ETTY

of the few remaining business /G from reopening because they activities awaiting approval to TT have been deemed at higher resume since the city began a PLA risk forthe transmission of phased reopening of its econ- Covid-19.

omyinJune.While restau- SPENCER Indoor dining can start Sept. On Wednesday, morethan rantshavebeen able to offer : 30. Shoe-store manager Cristal 2,000 boutique gyms and stu- takeout and servecustomers LEFT Gonzalez said manypeople dios filed foraninjunction OM

outdoors,the industryhas FR don’tknowthatmalls areopen. against the City of NewYork struggled to make ends meet and Mr. de Blasio for keeping without the ability to offer in- Stringer estimated that at he said. ity and state police task force cision-making as we continue indoor fitness classes closed, door seating. least 2,800 small businesses While Mr.Ozsaid he was to work with an additional to monitor progressand while gyms were allowedto The governor said the city closed between March 1and grateful forany opportunity to 400 code inspectorsfromNew health care indicatorsoverthe open last week. is nowable to restart indoor July 10, including about 1,289 boost sales aftermonths of York City.The governor said next three weeks to ensurea Amayoral spokesman de- dining since compliance with restaurants. According to sta- struggle,heisstill unable to an association representing safereopening,” Mr.deBlasio clined to comment on pending distancing restrictions by bars tistics from Yelp Inc., more open his bar area to custom- restaurantswould fund public- said in astatement. “This may litigation but said the city’s and restaurantsincreased to than 15,000 restaurantsclosed ers, which accountsfor at serviceadvertisementsen- not look likethe indoor dining public-health expertshavede- morethan 99%. Restaurants, nationwide during that period. least half of his revenue,be- couraging New Yorkers to re- that we all knowand love, but termined these to be high-risk however, must capcapacity at Salil Mehta, owner of two cause of the restrictions on port potential violations. it is progressfor restaurant activities. 25%, according to Mr.Cuomo, Southeast Asian restaurantsin bar service. MayorBill de Blasio said workersand all NewYorkers.” Joseph Masher,president of and abide by other restrictions Manhattan, Laut and Laut Sin- Many restaurant operators Wednesdaythat if the city’s Theannouncement about the National Association of such as temperaturechecks at gapura, responded to Mr. across the countryhavesaid positivity rate forpeople indoor dining came the same Theatre Owners of New York, the door.They must also re- Cuomo’s announcement with they arestruggling to survive tested for the virus climbs to daymalls and casinos were al- an industry trade group, said quirecontact information relief and enthusiasm, saying with curbs in placeonindoor- 2%, then he will reassessthe lowedtoresume operations. that movie theaters were suf- from one customer per party indoor dining helpsgivethe dining capacity. decision to restart indoor din- Malls arerequired to limit fering without NewYork City, for contact tracing. industryachancefor financial In the spring,several states ing. customers by 50% of total ca- the nation’ssecond-largest “There’s awhole industry survival. allowedrestaurantstooperate Thecity,one of the hardest pacity,and casinos must main- market, even though they are around restaurants, and res- “I’m super stoked,” he said. with 25% to 50% of indoor ca- hit partsofthe countrybythe tain a 25% capacity limit. still operating in 46 states. taurantsalso pose apossible Dave Oz, owner of Bathtub pacity, but some owners said virus, has driven down its in- CristalGonzalez, manager “It just seems highly unfair risk,” Mr.Cuomo said. “But Gin, abar and dining spot in they couldn’t continue under fection rate in recent months. at Call It Spring inside the at this point,” Mr.Masher there’s also a great economic Manhattan’sChelsea neighbor- such limits. Thepositivity rate has hov- ManhattanMall, said that be- said. losswhen they don’t operate.” hood, greeted Mr.Cuomo’s an- To maintain compliance, ered around 1% forthe past fore the pandemic,the shoe —Charles Passy An August report by New nouncement with mixed feel- Mr. Cuomo said he would ex- month, according to the city. storewould have brought in and Jimmy Vielkind York City Comptroller Scott ings. “I think it’s about time,” pand theState Liquor Author- “Science will guide our de- about $500 in sales in the first contributed to this article. Quake Population in Homeless Shelters Declines

Rattles BY STEPHANIE YANG forDisease Control and Preven- Thenumber of people living in congregate shelters, which tion issued an order to halt res- in the city’s shelters has been typically house six to 12 peo- Thenumber of people living idential evictions nationwide trending upwardfor yearsand ple in one room, out of fear of Central in homelesssheltersinNew through the end of the year,cit- hit a record of 61,110 in Janu- Covid-19, he said. York City has fallen to itslow- ing the need to prevent the ary2019,according to monthly “People left the shelters in est level in six yearsamid the spread of Covid-19. Renterswho averages from DHS.Mayor Bill droves. They just went places New Jersey coronavirus pandemic,evenas earn lessthan $99,000 in 2020 de Blasio has pushed to build they felt would be safer from the nation’s largest city grap- canprovide adeclaration form moreaffordable housing to Covid,” said Peter Malvan, an BY JOSEPH DE AVILA ples with ahousing crisis and to avoid eviction, but arestill mitigate homelessness in the organizer in the homeless high levels of unemployment. required to payrent as able. city. community who has been liv- An earthquakeshook parts Totalindividuals in New Ahead of the CDC’san- A city survey conducted in ing since March in a Manhat- of NewJersey awake early York City’s shelter system av- nouncement, manyhousing Januaryfound that an esti- tanhotel that is being used as Wednesday, sending ajolt that eraged 54,770inAugust, its expertsanticipated amajor in- mated 3,857 people were expe- ashelter,and just signed a could be felt in NewYork City. lowest monthly count since crease in evictions after New riencing street homelessness, lease on a new apartment. The3.1 magnitude quake July 2014,according to data N York’s moratorium is lifted in a 7% increase from the previ- Since the start of the pan- struck near East Freehold, N.J., from the city’s Department of VA October,said Joshua Goldfein, ous year. Since the pandemic, demic,the city has moved and rumbled through central Homeless Services. MAL staffattorney at the LegalAid interest groups said they have about 10,000 people intohotel

NewJersey at about 2a.m., ac- Thedecline is driven by a PETER Society.Abroader moratorium noted an anecdotal rise in rooms to help prevent the cording to the U.S. Geological drop in the number of families Peter Malvan just signed a lease. could help alleviate that, but spread of the coronavirus. Survey.Therewerenoreports living in shelters. At the same theimpact of the new federal Those people arestill included of major damageorinjuries. time,the averagenumber of Oct. 1, which has helped keep measureisstill unknown, he Fewer families are in the city’s shelter count, ac- “It’sthe best earthquakeyou single adultsliving in shelters people housed. said. cording to city officials.The canhave,” said Vadim Levin,a reached itshighest level on re- AJune study by NewYork “Even in the best-case sce- living in shelters, hotel rooms areatemporary seismologist and professor at cord this summer,according University’s Furman Center es- nario,wherethis is upheld, but the number of measure, and the city said Rutgers University. to city data. timated that morethan thereare enough loopholes in Tuesdaythat it would start to Michael Baney said he heard Between March and June of 700,000 households in New it that in NewYork City we single adults is up. transfer some hotel residents what sounded likealow-pass- this year,anaverage of 554 York City have lost employment would still be looking at asig- back to shelters. ing jet in East Windsor before families entered sheltersevery income because of the pan- nificant number of evictions “Yearsago, we said very he realized it wasanearth- month, compared with 922 demic.About 400,000 of those happening,” Mr.Goldfein said. clearly we need to getout of quake. Theshaking that fol- families during the same pe- households were already low- Meanwhile,the number of people living on the streets hotels as amatterofpolicy,” lowedpassed very quickly,he riod last year,said Giselle income.Nearly 200,000 addi- single adultsliving in shelters observed through soup kitch- Mr.deBlasio said at aWednes- said. “I heardarumbling even Routhier, policydirector at tional households lost income averaged more than 17,600 in ens and other services. daynewsconference. “This beforeIfelt that shaking,” Mr. Coalition forthe Homeless, an but didn’t file forunemploy- August, the highest level in New York City has a right- wasthe right time to start to Baney said. “Having grownup advocacy group. ment benefits, the study said. city data going back to 1994. to-shelter mandate that guar- moveaway from hotels.” in NewJersey,Ihavenever felt City officials said they pri- “There’sasense that very People in shelters are also at antees temporary housing. DHS spokesman Isaac an earthquake[here]. marily attributethe drop in soon, whether it’sthis month or higher risk of dying from At the start of the pan- McGinn said homelessNew Luis Torres wasediting the overall shelter population next month, we’regoing to see Covid-19, according to the co- demic,the influx of requests Yorkersshould know“we and video on his computer when the to their work securing perma- people really unable to pay alition, which calculated that overwhelmed some of the our provider partnersare doing three-storyapartment building nent housing forpeople in their rent,” said Ingrid Gould El- the mortality rate forshel- city’s shelters, according to everything we can, under ex- wherehelives in North Bergen shelters. City officials and ad- len, faculty director at the Fur- tered New Yorkers experienc- JoeLoonam,housing cam- traordinarycircumstances,to began rocking.“At firstI vocacy groups also said the man Center.“That’swhen we’re ing homelessnessis66% paign coordinator at Vocal-NY, ensurethey areasprotected thought it wassomething going declineislikely in part be- really going to have to worry higher than the rest of the an organization that provides from the virus as housed New on downstairsbecause Inever cause of acitywide eviction about an uptick in evictions.” city,and 79% higher forsingle social services.Some chose to Yorkersand also provided with would imagine it wasanearth- moratorium effectivethrough Last week,the U.S. Centers adults as of Aug. 24. stay on the streetsrather than the services they need.” quake, because we don’t get earthquakes outoverhere,” Mr. Torres said. “And then Ireal- ized therewas no way some- Ex-Gynecologist Is Charged With Sexual Abuse thing falling downstairswould makethat kind of shake.” Mr.Torres turned to social BY DEANNA PAUL ated aplea deal with Mr.Had- media to find out if anyone else den involving sexual-abuse in the area felt something simi- A former Manhattan gyne- allegations made against him. lar,and Twitterwas filled with cologist wasarrested Wednes- Thedoctor pleaded guilty to accountsfromother people,he dayand chargedwith sexually third-degree criminal sexact, said. His parentsand brother, abusing patients. afelony, and forcible touching, however, didn’t feel it, he said. RobertHadden faces six amisdemeanor.Hereceived no “Everyone else in my apart- countsofenticing women, in- jail time but permanently lost ment wasasleep.Itdidn’t even cluding one minor,totravelto his medical license and had to wake them up,” Mr.Torres said. his NewYork City officeand register as alow-level sexof- NewJersey and NewYork sit engage in illegal sexual acts. fender as part of the deal, in the middle of tectonic plates The indictment, which was which spurred criticism of Dis- and aren’t near fault lines that unsealed Wednesday in Man- trict Attorney Cyrus VanceJr. generateearthquakes with the hattanfederal court, alleges Thecase drew renewedat-

same intensity and frequencyas that Mr.Hadden used his posi- S tention earlier this year,after those on the West Coast, Mr. tion as aprestigious doctor to Evelyn Yang,wifeofonetime PRES Levin said. engagein“acourse of increas- Democratic presidential hopeful Small earthquakes typically ingly abusiveconduct” be- TED Andrew Yang,came forwardas CIA

occur everytwo to three years tween 1993 and 2012, which he SO one of Mr.Hadden’salleged vic- in the region that includes New tried to mask under the guise AS tims. Mr.Vance’soffice initially O/ York City,Philadelphia and Wil- of legitimate medical care. declined to reopen the case but mington, Del., according to the “Hadden acted as apredator reversed itself in February. U.S. Geological Survey.Earth- in awhitecoat,” said Audrey MINCHILL NewYork PoliceDepart-

quakes that cause moderate Strauss, acting U.S. attorney for JOHN ment Chief of Detectives Rod- damagestrikeabout twiceev- the Southern District of New Acting U.S. Attorney Audrey Strauss announced the arrest and indictment of Robert Hadden. ney Harrison said an NYPD in- erycenturyinthe region. York,during anewsconference vestigation of Mr. Hadden is Twoearthquakes hit this re- Wednesday. “Many[victims] touched, squeezedand licked ams” and “inappropriatemole be held without bail, arguing ongoing,and that the depart- gion of NewJersey in 1979 and didn’t knowthat his examina- his victims,who haven’t been checks,” the indictment alleged. he is aflight risk.U.S.District ment believes he victimized in the early 1990s,Mr. Levin tionswereinappropriateand named, in what he claimed Mr.Hadden pleaded not JudgeRobert Lehrburgerset a “manymore” patientsthan the said. Therewas also a2.6 mag- returned to see him foryears.” were medically necessarygyne- guilty at his arraignment $1 million bond. six he waschargedwith. nitude earthquakenear Ber- According to the 20-pagein- cological exams.Healso con- Wednesday evening. The U.S. In 2016,the Manhattandis- —Ben Chapman nardsville,N.J., in 2015. dictment, the former doctor ducted “sexualized breast ex- attorney’s officeasked that he trict attorney’s officenegoti- contributed to this article. P2JW254000-2-A010B0-1------NS

A10B | Thursday, September 10, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK (4) JOURNAL REET ST LL WA THE R FO AR SK BHA GABRIELA Manhattan Borough PresidentGale Brewer and her staff counted335 vacantstorefronts on Broadway lastmonth, up 78% from three years earlier.‘It’shardfor the small shops to makeagoofit,’she said. More Broadway Stores Go Dark

BY KATE KING that includes the Garment Dis- ‘Watch your backs,watch your trictAlliance, which has in- trict. Marilyn Jacques,abacks.’ ” stalled pedestrian-counting More than 300 storefronts wholesaler of imported lace Barbara A. Blair, president cameras. along Broadway are vacant, a and tulle from France, said the of the not-for-profit Garment In upper Manhattan, Ms. 78%increase from three years industryhas been squeezed District Alliance,said manu- Brewer’sstaff counted 39 ago, arecent survey found, as foryearsbyglobalization, but facturing has been declining in emptystorefrontsbetween the coronavirus pandemic puts now the area sees barely any the neighborhood forthe past 96th and 125th streets, and 82 added pressureonbricks-and- foot traffic because of the pan- 60 years, and before the pan- north of that. Therewere66 mortar businesses. demic. demic only about 4% of the vacancies on the Upper West ManhattanBorough Presi- “It’snot only Broadway,it’s district’s139,000 jobs were in Side between 59th and 96th dent Gale Brewerand her staff also all the side streets,” she the industry. Jobs in business Street, and 43 below14th counted 335 street-level va- said. “Retail is in terrible trou- services,technology, media Street in lower Manhattan. cancies in lateAugust, when ble, we all knowthat. But now, and other industries have Thesurvey found 42 they inventoried storefronts when you’reworking from grown, however, and eateries boarded-up storefronts along along the avenue that spans home,you don’t need 25 pairs surgedoverthe past five Broadway,some of which were about 13 miles and 244blocks of leggings.” years, with lines forfast-ca- vacant and some of which between the Financial District Ms.Jacques,whose com- sual spotsstretching down the were open for business. and Inwood neighborhoods. A pany, Gelmor Lace, is located block during lunchtime. Overall, NewYork City’s re- similar survey in 2017found off Broadway on West 36th “The restaurantsweredo- tail vacancy rate rose to 5.8% 188 vacancies. Street, goes to the officetwice ing really well, and the happy in 2017 from 4% in 2007,ac- “The rent is so high, partic- a week with her daughter but hoursatnight, they’d be so cording to areport released a ularly on Broadway in Manhat- said there is hardly any busi- crowded youliterally couldn’t year agobyComptroller Scott tan, that it’shardfor the small nesssincemanyweddings get in,” Ms. Blair said. Stringer. shops to make a go of it,” Ms. have been canceled or post- These businesses arenow Morecomprehensiveva- Brewersaid. “Atthis point, poned because of the pan- struggling,however, as the cancyinformation will be avail- with the gatesdownand demic. pandemic has kept office able starting next year,when sometimes plywood on the Thequiet neighborhood workersand touristsaway and the city Department of Finance storefront, youdon’t know feels nothing likewhen she indoor dining is still prohib- begins publishing an annual whether it’sgoing to be started in the businessin1980 ited to prevent the spread of online storefront registry. rented.” and the streetswerefilled thecoronavirus,although it Property ownersofground- Ms.Brewersaid she doesn’t with showrooms and manufac- canresume,with restrictions, and second-floor storefronts knowthe totalnumber of turersand hordes of salespeo- on Sept.30. Pedestrian traffic arerequired to file yearly reg- storefrontsalong Broadway,so ple.“At lunchtime youcouldn’t in the district fell 93% this istrations disclosing whether it is unclear what percentage walk on the sidewalk,itwas spring and is recovering theircommercial spaces are is empty. so full,” Ms.Jacques said. slowly, with last week’s num- occupied and howthey arebe- Nearly a third of vacancies “The side streetswerefilled bersdown66% compared with ing used, as well as informa- were concentrated between with people with racks of the same week last year,action on squarefootage, rent 14th and 59th streets, a span clothes going through, yelling, cording to the Garment Dis- prices and lease duration. GREATERNEWYORKWATCH

Last year shewas NEW JERSEY Booker had proposed similar leg- JERSEY CITY islation in Washington. Murphy Presses His Mr.Murphy, aDemocrat,said Man Shot by Police Baby-Bonds Proposal NewJerseywould be the first Had Gun, Officials Say severely malnourished. statewith such ababy-bond pro- Gov. Phil Murphycalled on gram if approvedbythe Demo- A man who authorities said lawmakers Wednesdaytopassa crat-led Legislature. was armed with a loaded hand- Todayshe is full of life. measureputting $1,000 aside for The governor castthe pro- gun was shot and wounded by every babyborn in NewJersey, posal as away to help lower-in- police after he allegedly ran beginning in January. come families who have been es- away from officers. Rashmita andher two-year-old daughter,Smruti, liveinapoor, The governor unveiled the pecially hardhit by the economic The shooting occurred around remote village in India. Foralongtime, thelittle girlwas listless proposal forso-called babybonds downturn thatstemmed from 8p.m. TuesdayinJerseyCity, ac- andRashmita didn’t know why. But shegot heranswerwhen late lastmonth when he an- the response to Covid-19. cording to the Hudson County nounced his fiscal 2021 budget, “It gives us hope thatthe Prosecutor’s Office. Citypolice Smruti wasdiagnosed with severe acutemalnutrition, andshe Lawmakers in Trentonare now generation being born in the were conducting an investigation foundhelp through ChildFund’snutrition initiatives. “Now,”says holding hearings about the midstofapandemic maybeable when theyspotted Korron Ben- Rashmita, “shehas suchjoy.” spending plan, which mustbefi- to do betterthan the one that thall, 21 years old, of JerseyCity, nalized by Sept. 30. lived through it,” Mr.Murphysaid. with whatappeared to be a Democratic U.S. Sen. Cory —Associated Press handgun. When theyapproached him and identified themselves as officers, Mr.Benthall fled on foot, UN authorities said. He wassoon FE FAMILYF spotted dropping agun, which SA H-FREE TDOORS * TOUC he then picked up and raised, au- OU thorities said. One officer then fired his weapon, and ashothit Mr.Benthall in the wrist. Mr.Benthall facestwo weapons charges. It wasn’tknown Wednesdayifhehas an attorney. —Associated Press

CONNECTICUT Three More Cases of West Nile Confirmed

Three Fairfield County residents have tested positive for the West Nile virus, bringing Connecticut’s total of human cases this season to four, the state Department of Public ILLUMINATING Health announced Wednesday. A Greenwich resident be- TWOMAGICAL tween 70 and 79 years old be- LOCATIONS! came ill at the end of August and was hospitalized with West Nile encephalitis, an inflamma- HUDSON VALLEY tion of the brain. The person is recovering, health officials said. SEP18-NOV21 Two people between 20 and 39 years old from Danbury and at VanCortlandt Manor Newtown tested positive in the second week of August and are recovering, according to the Pub- LONG ISLAND lic Health Department. Working in 24 countries, OCT1-NOV 1 The first person in the state to contract the mosquito-borne ChildFundconnects children at OldBethpage livinginpovertywith the virus this year was a Waterbury Village Restoration residentwho became ill in July people andresourcesthey and recovered, officials said. need to grow up safe, healthy, “Late summer-early fall is the educated andskilled. Aproduction of critical time of year when West Nile virus reaches its peak in the Historic Hudson Valley mosquito population,” said Philip CHILDFUND.ORG Armstrong, medical entomologist at the Connecticut Agricultural ! pumpkinblaze.org Experiment Station. —Associated Press P2JW254000-0-A01100-1------XA

AUTUMN PREVIEW PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, September 10, 2020 | A11 THE FALL ENTERTAINMENT SEASONISON GLEY NE KEITH BY ION AT TR US ILL The fall seasonisweirdthis year. ativeleadersare using workarounds to vampedTVschedule.The Wall Street But thatdoesn’t mean it’s canceled. produceanentertainmentseasonthat Journal has distilledthe main fall Newstarshaveemergedsincelock- is unique—fromconcertlivestreams trends,offering highlights in TV,art, down with aslewofprojectsand cre- and virtual artinstallations to are- books, movies,and music.

BY ELLEN GAMERMAN included Snoop Dogg vs. DMX, Ali- broadcast TV’s “star of the sum- TheQuarantine cia Keys vs. John Legend and Rick mer.” Asked about fame, he said, hey walked into a crisis Ross vs. 2 Chainz. In their episode, “I honestly believe you stick to the as strangers and came Brandy and Monica, who have had journalism, and over time, folks at out famous. a longstanding feud, appeared to home will judge you on the quality The last six months Famous Arethe mend their rift. of your work.” Thave revealed an unusual mix of celebrities in pop- David Muir, 46 Emmanuel Acho, 29 ular culture, people who might New Celebrities Profession: ABC News anchor Profession: Sports analyst and never have broken out otherwise, Big Score: His news show has former NFL player turned activist while at the same time bringing surged in popularity during the and author established names to the forefront for the next 78 hours. and “American Horror Story,” is pandemic Big score: A two-book deal and viral in surprising new ways. The junior at Georgia State—he frank about his gay identity and videos featuring guests like NFL Social media often is a key to is taking the fall semester off— cheerful in his rants, helping pro- More people are watching “World commissioner Roger Goodell pandemic fame. The irony—that met recently with executives at pel his Instagram to 5 million fol- News Tonight with David Muir” the best way for people to get no- Lucasfilm, Disney, Paramount, Uni- lowers. He has been working as an right now than any show in prime- On June 1, shortly after the killing ticed is to hide out at home doing versal, Nickelodeon and elsewhere. actor for decades. Now young peo- time, morning, daytime, late night of George Floyd by police, Emman- videos—is not lost on this group. He created a promo video for the ple know him, too. or cable TV, according to ABC, uel Acho posted the opening epi- Standouts everywhere from the Amazon show “The Boys.” He is which quotes Nielsen data. For sode of the video series, “Uncom- internet to the anchor desk are ex- shopping around a mockumentary Swizz Beatz and more than three months, the fortable Conversations with a tending their reach. Here, a guide series. He recently read for a part Timbaland, 41 and 48 newscast has been the most- Black Man.” The series has gar- to the rising stars of lockdown. in a Netflix series. “The future is Profession: Recording artists and watched program in America, ac- nered more than 65 million views going to be bright,” he said. music producers cording to the network. across different platforms includ- Jordan Firstman, 29 Big Score: Apple Music swooped in Theanchor,already afamiliar ing Instagram and YouTube. Profession: Comedy writer Sarah Cooper, 42 for a partnership facebeforethe pandemic,has By the end of June, Mr. Acho, a Big score: Hollywood executives Profession: Comedian with a flair emergedinthe crisis with an even former NFL player and host of Fox now take his calls for politics The music battles known as Ver- higher profile.Hegoes to the office Sports 1’s “Speak for Yourself,” Big score: Netflix special zuz, created by Swizz Beatz and everyday and does the showwith a had a deal for a book with the Mr. Firstman was suffering a ma- Timbaland, hit it big this summer. skeleton crew. same name as his video series. jor career setback after a TV show Thanks to her viral lip sync im- In late August, a three-hour show- He also has (Fox Sports parent company Fox he had spent four years developing pressions of President Trump on Corp. and Wall Street Journal par- got killed earlier this year. Then platforms including TikTok and ent News Corp. share common came the pandemic. He started Twitter, she is on her way to Net- ownership.) posting comic riffs on Instagram— flix with a comedy special. “Sarah The book, out Nov. 10, his 30th existential impersonations that are Cooper: Everything’s Fine” pre- birthday, is mostly geared toward gleefully outrageous and ringing mieres this fall with an assortment a white audience, according with truth. He does the voice of of interviews and sketches. Pro- Meghan Houser, his editor at the everything from the God who ran- ducers include Ms. Cooper, Maya imprint Flatiron Books: An Oprah domly decides how much things Rudolph and Natasha Lyonne, Book. As he does in his videos, Mr. cost to the woman ordering her who also will direct. Acho answers questions about race first post-quarantine coffee. Thecomedian, who recently that many white Americans may Mr. Firstman, who describes his guest hosted JimmyKimmel Live, be afraid to ask. It will be followed personal style as Elton John meets is writing amodern, comedic take next year by a children’s book, Versace, said since his videos hit on aDale Carnegie book forAudi- “Uncomfortable Conversations he has gotten three projects in de- ble Originals.She also is co- with a Black Boy.” velopment and was approached writing aCBS series based about modeling. He and his pro- on one of her previously ducers are about to start pitching published bestselling books, Caitlin Reilly, 30 networks on a TV show. “People “HowtobeSuccessfulWith- Profession: Comic actress all know me now,” he said. “If I be- out Hurting Men’sFeelings.” Her Big Score: From zero to more than come a rich person, which I think Trump videos propelled her from 1 million TikTok followers in five might happen, to be honest, if 52,000 Twitterfollowers to more months we’re speaking frankly, I just want than 2million. to use it really well. I want to be In response to a question re- The classically trained actress was generous.” cently, Mr. Trump said he had ready to give up show business af- not seen Ms. Cooper’s videos and ter years of struggle and had just X

FO Julian Bass, 20 asked whether they were good or taken a job as an assistant to a Profession: TikTok VFX expert bad. A reporter said he might find real estate agent when the country VER, Big Score: Bob Iger said the world them entertaining but added that went into lockdown. In April she WEA

O would know Mr. Bass’s name the comedian did not mean them posted her first “WASP mom”

ELK to be positive. The president said, video on TikTok, playing an enti- The turning point for this per- “Well, I’ll have to check it out.” tled woman whose cloying smile

GEIGER, former, writer and special-effects can’t hide her self-involvement

JJ guru from Grayson, Ga., came on Leslie Jordan, 65 and teetering sanity. The whole

ABC, July 2, when he posted a TikTok Profession: Veteran character actor gambit, including inventing the

(3), video called “Favorite Heroes,” Big Score: Plans for book, screen down Clockwise from top left: Swizz character, was taped and done in where he transforms seamlessly and music projects underway between Brandy and Beatz and Timbaland; David Muir, 10 minutes. It caught on quickly. GES into different superheroes. When Monica, the R&B singers behind Jordan Firstman, Caitlin Reilly, Soon, her TikTok following passed IMA he put the video on Twitter, it The actor’s dispatches from the the 1998 hit “The Boy Is Mine,” Emmanuel Acho, Sarah Cooper and 1 million and her acting career was

GETTY racked up more than 24 million lockdown were a mix of humor reached more than 1.2 million total Leslie Jordan. reinvigorated. She now has “a views. Disney Executive Chairman and exasperation. Instagram re- viewers on Instagram Live alone. team,” with new agents, too.

RITTER, Bob Iger posted a reply on the ports that views of his videos on Songs by Brandy and Monica “The world had to stop for me video the same day, writing, “The the platform shot up 13,000% dur- reached 21.9 million U.S. on-de- reported in the field, traveling to to get attention,” she said. As she JOHN world’s gonna know your name!!!” ing quarantine. The comic actor mand streams the day of the bat- Arizona forthe firstinterviewwith develops plans for screen projects, BY The next day, “Hamilton” came out with a southern drawl now has a tle, according to Billboard, which President Trump during the pan- she sees her internet personality ION on Disney+. “I see, ‘Trending: Ju- book deal and untitled TV and mu- quoted Nielsen Music/MRC Data. demic and to Delaware forthe first not as an end in itself but as a way AT

TR lian Bass,’ then ‘Hamilton,’” Mr. sic projects, all brought about by “This is the NEW TV,” the Verzuz joint interviews with Democratic to get more film and TV roles. “I US Bass said. “It was like ‘Oh my his quarantine fame, according to account posted on Instagram. presidential nominee JoeBiden and was never really a fan of social ILL

TO goodness, the world turned upside his manager. Mr. Jordan, known The series linked up with Apple running mateKamala Harris. media—I resented it. Now it’s

PHO down.’” Mr. Bass’s phone buzzed for shows including “Will & Grace” Music in July. Past faceoffs have The Associated Press called him given me my career.” P2JW254000-0-A01200-1------NS

A12 | Thursday, September 10, 2020 NY THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Thursday, September 10, 2020 | A13 PERSONAL JOURNAL. | AUTUMN PREVIEW PERSONAL JOURNAL. | AUTUMN PREVIEW

Calendars keep shift- BOOKS WHATTO ing these days but spine and the progression of his ill- rives Oct.27. It offers recipes,pantry raise her suicide at age 30.Anew even amid pandemic ness. In the book,hetells personal notes, anecdotes and interviews biographyrecastsher work and re- Public Lives stories thatsometimes sound like with chefs, historians and writers. lationships as morethan aprelude uncertainty there is mong newhigh-profile fiction allegories,likethe time on asafari One passage features the late New to adramatic end. In “Red Comet: SEE, is Martin Amis’s“Inside when aguide pointedout aleopard Orleans chef Leah Chase,who once The Short Life and Blazing Art of plenty of new entertainment—from mu- Story,” agenre-blurring in atree. Mr.Fox wasn’t scared of it servedPresidentObama abowlof Sylvia Plath,” out Oct.20, Heather Anovel, out Oct.27, about his face-to-face.But the gumbo and smacked Clark examines Ms.Plath’s determi- seum reopenings and real-lifefriendships with the late next day, with his SUV his hand when he nation to followanunconventional READ & provocateur Christopher Hitchens stuck near asavanna sprinkledhot sauceon path. Avictim of psychiatric mis- high-quality live and others. watering hole at twi- it.“Don’tmessup management, the poet channeled streams to new books, Celebritymemoirswith critical light, he sensed an- your gumbo,” she said. and exploited her illnessfor her art, shows and the possible ambitions arealso on the calendar. Ms.Clark writes.She quotesfrom The genrehas evolved in recent Ms.Plath’s journal: “Thereisanin- LISTEN return of big-budget years, oftenwith celebrities enlist- creasing market formental-hospital movies at actual the- ing help from high-profile ghost- stuff.Iamafool if Idon’t relive, or writersand co-authors, who guide recreate it.” TO THIS aters. Here, a guide to the storytelling. Autobiographies by Elsewhereinthe cosmos, Leonard the trends shaping art, famous people—a genrethatin- Mlodinow released “Stephen Hawk- cludes recent critical hits likeJes- ing: AMemoir of Friendship and music, books, TV and sicaSimpson’s “Open Book” and Physics” on Sept.8.The author,a FALL movies. Demi Moore’smemoir “Inside friend and colleague of the physicist Out”—are angling forrespect. who diedin2018, humanizes the ge- In “Dolly Parton, Songteller,” out From left, books by nius.Hedescribes the wheelchair- Nov. 17,Ms. Parton,who will release Mariah Carey and bound scientist’sjoy forlife, likethe aholidayalbum, explores the inspi- Michaela Angela Davis, time he went punting on the River ration behind her lyrics.“It felt like LeonardMlodinow and Cam even though it meant being car- MOVIES the Holy Grail in my hands,” Rebecca Meera Sodha. riedtothe boatbytwo helpersand Hunt, her editor at Chronicle Books, disconnected from the computer that film remakeisslatedfor Oct.16. said of the book proposal. Ms.Par- enabledhim to communicate. “De- Summer Blockbusters Meanwhile,grizzled-guy heroes tonwrites her lyrics with intention. other leopardlurking in anearby Also on the way: Hawa Hassan’s“In spitethe greatlimitations of his dis- Fall Back who drivefastcarsand possessa “Nothing is done justbecause,” said tree. It wasthis leopard, the one he Bibi’sKitchen: The Recipes and Sto- ability,” Mr.Mlodinowsaid, “he en- penchantfor gadgetry return via Ms.Hunt. “I’mhoping this book re- didn’t see, the one thatprobably ries of Grandmothers from the joyedthe everyday activities of life.” ormally fall is aseasonfull Daniel Craig as James Bond in “No flects howrich her mind is and how wasn’t even there, thatscaredhim EightAfrican Countries thatTouch In “Tecumseh and the Prophet: of moviegoersgettingtheir Time to Die.” The movie aims to ar- thoughtful she is about everything.” the most. the Indian Ocean,” out Oct.13, and The Shawnee Brothers who Defied a first glimpses of serious, riveintheaters Nov. 20,justahead Abook from another pop-culture MeeraSodha’s“East:120 Vegan and Nation,” out Oct.27, PeterCozzens Nmoving filmsHollywood wa- of the Thanksgiving holiday. queen, Mariah Carey,arrives Sept. ChefsofColor Vegetarian Recipes from Bangalore explores Tecumseh, his often-mis- gerswill be in the conversation 29. “The Meaning of Mariah Carey,” Authorsofcolor explorethe tradi- to Beijing,” out Oct.20. Ayesha understood brother Tenskwatawa come awardsseason. Butthis is Big Directors,Small Screen writtenwith Michaela Angela Davis, tions,recipes and stories behind cui- Curry, abest-selling author,TVper- and their fightfor aNativeAmeri- 2020.With the AcademyAwards Speaking of film lovers who long explores the singer’s career,relation- sines thatoften have been sidelined sonality and wifeofbasketball’sSte- canconfederacy againstwestward delayed, Hollywood is hoping to roll forafall full of best-picturecon- Gal Gadot ships and biracial identity. in aculinaryworld thatisgoing phen Curry, has acookbook out expansion by whitesettlers.Mr. out in theaters someofthe sum- tenders, salvation maycome from returns to the Repeatmemoirist Michael J. Fox through its ownreckoning with race. Sept.22, “The Full Plate: Flavor- Cozzens writes:“It is only fair to mer movies plucked from the cal- aonce-unlikely place: Netflix. big screen in returns with “No Time Like the Fu- “ThereisnoAmerican food with- Filled, Easy Recipes forFamilies conclude thatthe Shawneebroth- endar amid the pandemic.Keepin Oscar-winnerAaron Sorkin joined ‘Wonder ture,” out Nov. 17.Heexamines his out African American tradition,” said with No Time and aLot to Do.” ersalso were among the most mind thatopening datescould forces with Netflix to create “The Woman 1984.’ lifeinthe nearly three decades since Marcus Samuelsson,achef whose influential siblings in the annals change,especially in theaters. Trial of the Chicago 7,” which ex- his diagnosis with Parkinson’s dis- newbook “The Rise: Black Cooks Big Biographies of America.” Aduo of no-nonsensefemale amines whatbefell sevendemon- easeafter aserious surgeryonhis and the Soul of American Food,” ar- Discussions of Sylvia Plath often —Ellen Gamerman superheroes leads the way with strators aftertheyare arrestedfor GalGadotreturningasgirl-power their roles in the protests raging incarnate in “Wonder Woman outside the 1968 Democratic Na- rector RonHoward unveils his ad- hopeful Stacey Abrams pivoted Sept.18onHulu. The film recounts 1984.” Co-starring KristenWiig, tional Convention. The film arrives aptation of the memoir “Hillbilly from politics to producethe film, the struggles of American Civil ART the movie is supposedtohit the- on the serviceinmid-October. Elegy,” which explores aYale law which debuts Sept.9intheaters Liberties Union lawyers as they atersOct.2.Not to be outdone, Oscar-nominateddirectorDavid student’sAppalachian roots. and Sept.18online.Next up,Acad- takeonhot-buttonissues likevot- quarantinedelsewhere. offthe season ScarlettJohansson headlines her Fincher’slook at the making of emyAward-winning directorAlex ing rights. Finally,National Geo- Going Virtual The newpaintings payhomage to with aSept. 18 ownlive-action superheromovie in “Citizen Kane”—one of the most Rock the Vote Gibneyattempts to deliver the de- graphic plans to broadcastinlate xpect aseasondominatedby severalbrands and TV icons whose showofmini- Marvel’s “Black Widow,” which is celebrated movies in cinematic his- Along with election season comes finitivewordonRussia’s interfer- October “CitySoReal,” about a artists who have been holedup humor comforted him during lock- malist Robert aiming forNov.6. tory—will also debut on Netflix this aslewofdemocratic-mindeddocu- enceinthe 2016 presidential elec- frenzied2018Chicago mayoral at home,making work with down, including Krusty the Clown Mangold and a Forthe Halloween season, Os- fall. The movie,titled “Mank,” fol- mentaries on streaming services. tion. The two-part documentary campaign. While the five-part Ewhateverishandy or experi- from “The Simpsons” and the dog huge “Circus” car-winning screenwriter Jordan lows the lifeofscreenwriter Her- With “All In: The Fightfor Democ- “Agents of Chaos” premieres on docu-series zeroes in on the Windy menting with software thatlets their Brian Griffin from “Family Guy.” The sculptureby Peele, of “Get Out” fame,has set man J. Mankiewicz, including both racy” Amazon Prime aims to speak Sept.23and 24 on HBO Max after City, it’s meant to explorewider work glowonline. artist’sfirst showentirely composed Jean Dubuffet his sights on breathing newlife his writing of “Citizen Kane” and to the question of votersuppres- initially airing on HBO’s broadcast political themes.Oscar-nominated Buzz is building around “Imagi- of paintings opens Nov. 5atNew and on Oct.10 into CliveBarker’s “Candyman.” Co- skirmishes with maverick director sion, alikely subject of debate network.Viewers hungryfor more documentaryfilmmaker Steve nary Friend,” NewYork painter Nina York’s Acquavella Galleries. Gagosian will writtenand directedbyincipient Orson Welles. In another autumn when ballots arecastinNovember. political intrigue canalso check James directs. Chanel Abney’s first augmentedreal- Mr.Sachs,now back at his studio open its Th- auteur Nia DaCosta, the slasher- entryonNetflix, Oscar-winning di- Former Georgia gubernatorial out “The Fight,” available as of —R.T. Watson itysculptureproject,which just in SoHo,said he didn’t touch up the easterGates opened. Wheneverpeople in several drips and smudges in the newworks show. U.S. cities approach one of the art- because he wanted people to “look at Other gal- ist’shotspots, likethe Lincoln Memo- my art and knowaperson wasthere.” leries are MUSIC rial in Washington, afreeapp on courting day- their phones will reveal avatarswho No MoreFOMO trippersby Roses. The same day, Guns N’ canstand nine stories tall and are As museums reopen, plenty will be hosting shows Higher-QualityLiveStreams Roses will releaseits 2004 greatest- designedbythe artisttohang out dusting offexhibits theylaunched in unusual hen Covid-19 froze the hits album on vinyl forthe first and chat. and then promptly closedwhen the places.Art and concert business, musi- time—anunexpected move given Dutch artist AntonBakker recre- pandemic hit.InNew York, Jordan design fair Ob- cians started serenading Mr.Rose and other membershad ated someversions of his twisting, Casteel’s showwill reopen Sept.15 ject &Thing is Wfans from home,creating suedtheir label to preventits origi- looping sculptures so thattheyonly at the NewMuseum, and Donald teaming up adeluge of virtual shows competing nalrelease. Meanwhile, Prince’s clas- existonline,yet audiencescan virtu- Judd’s retrospectivewill be up with galleries forattention. It waswelcomedby sic “Sign o’ the Times” getsthe de- ally walk around them in an exhibit through Jan. 9atMoMA.Washing- Blum &Poe somefans,but did nothing to re- luxetreatment, with over60 at NewYork’s National Museum of ton’sNational GalleryofArt hasex- and Mendes placethe nearly $30billion thatlive- previously unreleased tracks. Then Mathematics.OnSept. 24,New York tendedits Edgar Degas showthrough Wood DM to music events globally were expected thereare expandedreissues in Octo- artist JacolbySatterwhite will reveal Oct.12and Chicago’s Art Institute Nina Chanel Abney’s installation reveals outsize avatars in various locations. install works to generatethis year.Music execu- ber from the Replacements his latest trippypiece of virtual real- has reopenedits shows of Renais- by Alma Allen, tives don’t expect big concerts to re- (“Pleased to Meet Me”), the Doors ity, “WeAre In Hell When We Hurt sancemaster El Greco and Parisian were all inspired by the same ab- Michelangelo Pistoletto,who at Sonia Gomes, Mark Grotjahn and turn until 2021.Sothis fall, virtual (“Morrison Hotel”)and TomPetty Each Other,” at his gallery, Mitchell- Henri de Toulouse-Lautrec. stract master: Jackson Pollock. That age 88 justwentback to work af- othersthroughout the glassy,New shows aregettingamakeover, they (“Wildflowers”), plus Dolly Parton’s Innes &Nash. Audiences mustshow Homegrownexhibits also abound, group showwill open when the mu- terrecovering from Covid-19. Canaan, Conn., home of architect say. Theyexpect higher production first holidayalbum in 30 years. up to seethe virtual-reality installa- as curatorscomb their permanent seum does on Oct.3,and it is joined Hauser &Wirth has asmall show and industrial designer EliotNoyes. S values,better visualsand asouped- tion. In the analog realm, artists who collections forworksand spare by acompanion displayofararePol- of Luchita Hurtado worksopening (Saturdaytourscan be reserved

PRES up fanexperiencethatcould involve Sheet Music usually work in various media arere- themselves loans or shipping hassles. lock mural the Guggenheim bor- Sept.10and plans highly antici- online between Sept.15and

TED newperksand fees forartists. Notable music booksthis fall tackle discovering their paintbrushes—in- Quiteafew of the J.M.W. Turner rowedfromthe UniversityofIowa patedexhibits of Jack Whitten and Nov. 28.)

CIA Coming livestreams aretaking Young, John Mellencamp, Dave everything from rock to hip-hop. cluding TomSachs. This NewYork landscapes in the Tate’s fall exhibit in beforethe pandemic hit. George Condo on Nov. 5. MarcGlimcher,Pace’spresident SO

AS lessons from what’sworked bestin Matthews and others. In “This Isn’tHappening,” Steven artistisknown forhis cheekycri- London hail from the museum’s hold- HalseyMcKay GalleryinEast and chief executive, said he isn’t sure the pastfew months of experiment- Hyden, one of America’sforemost tiques of fashion and retail branding, ings.InNew York,the Solomon R. ‘Art Finds aWay’ Hampton, N.Y.,isshowing emerging art lovers will be ready to visit galler- (2); ing. Driift, anew livestream com- Unexpected rock critics,examines the career of at one pointcreating agold-leaf Guggenheim Museum is pushing Powerhouse galleries typically kick artist Wilmer Wilson IV’s silver gela- ies afterLabor Day, but he is pro- GES panyfoundedbyATC Management’s Releases, Radiohead and the making of its Hooters menu. back its plannedfall showofVenezu- offthe season with high-profile tin prints of crumpledbedspreads. gramming exhibits anyway.“We can’t IMA Ric Salmon and Brian Message,has Rock Reissues contentious album “Kid A,” which Isolatedathis home in Queens, elan sculptorGegobyafew years. September shows,but manyhave “We’ve all been kept indoorsfor justpush everything offindefinitely,”

GETTY drawnattention forhelping artists Unable to tour,art- marked the British band’spivot from N.Y.,hesaid he redoubledhis focus But the museum has delved into its pushedback the biggestones to months,and there’snobetter meta- he said. “Art doesn’twait,trembling

X; likeLauraMarling pull offaticketed ists—including some guitar-rock to amoreabstract this year on painting, which some- permanentcollection forsculptures October or November.OnOct.14, phor forthatthan your bed,” said in acorner,for things to change.Art FO livestream concert at London’s knownfor their exacting Dolly Parton, top left, in 2019, sound. The book is out Sept.29. times entailedsending his canvases by Lynda Benglis, RichardSerra, LevyGorvy will open amajor sur- galleryowner Ryan Wallace. Pace findsaway.” CW; Union Chapel venue.Veteran singer- standards and infrequent Kendrick Lamar, above, in 2019, LennyKravitz,who is known for viacar servicetostudio assistants Maren Hassinger and otherswho veyofworksbyArtePovera giant GalleryinNew York will trytokick —Kelly Crow

THE songwriter Melissa Etheridge releases—areopening and, left, Mick Jagger on the 1989 blurring genres and playing manyof T;

AR streams fivedaysaweekonher their vaults, releasing Rolling Stones ‘Steel Wheels’ tour. the instruments on his albums,has website, EtheridgeTV.com, charging demos,livealbums and amemoir, “Let Love Rule,” out Oct.6. CUTE /A $50amonth or $10per show. Neo- reissues of classics. In it,Mr. Kravitzand co-writer David TV soulsinger Erykah Badu also has Americana auteurs Gil- $4.99monthly fee. Ritzchronicle the artist’sfirst 25

ABNEY wonpraise forher ownhigh-produc- lian Welch and David Forclassic-rock fans,the fall is years, from his biracial childhood in Networksalso reliedonshows up and running, these shows can tion performances. Rawlings surprisedfans chock-full of goodies. The Rolling NewYork to his 1989debut album. Pandemic TV from within their owncorporate be produced faster,which is why

CHANEL Over time,morelivestreams recently when they Stones,which justreleased a Journalistand critic Marcus J. ack in June,when producers families.Three yearsago,“Star Trek: September and October will be could feel likepay-per-viewTVcon- started dumping atrove of deluxeversion of 1973’s Moore’s “The Butterfly Effect” is pitched“Connecting…” acom- Discovery” helpedlaunch Viacom- dominatedbyrealityTV, talent NINA

.; certs, executives say, similar to unreleased material, “Boots No. “Goats Head Soup,” will on billedasthe first biographyofKend- edythatunfolds in Zoom-like CBS’sstreaming TV service, CBSAll competitions, and game shows.

OS BTS’s recent “Bang Bang Con: The 2: The Lost Songs.” Theywill Sept.25put out music rick Lamar,the Pulitzer-Prize-win- videocalls and is shotre- Access.Now the series will help the The surging demand forthese

BR B Live” show, which drew morethan continue to releaseinstall- and videoversions of a ning rapper from Compton, Calif. motely,theywerealso presenting a company’smothership CBSTVnet- formats has paid offfor some peo-

RNER 750,000 concurrentviewers,accord- ments in coming months.In 1989Atlantic City, N.J., The book,out Oct.13, is adeepdive solution to anetwork’ssupply prob- work fill its primetime schedule ple,likeKen Jeong, the former phy- WA

: ing to the K-pop group’s label. whatcould be agrowing show, on the “Steel into Mr.Lamar’s politically charged lem. “Wehad whatwethought (starting Sept.24with episode 1) sician turnedcomedy actor (“The Livestreams coming soon, trend among artists seeking Wheels” tour, music at atime of intense racial di- wasagreat idea, and with it came until the broadcaster’sown lineup of Hangover,” “Community,” “Dr.Ken”) LEFT

P soupedupornot,include metal to monetizefan-bases, Cardi thatfeatured vision. “Though he isn’t done creat- apathtogettingaTVshowonin scriptedseries is ready to air in Oc- who is nowexecutiveproducer and TO band Lamb of God,who shred on B is using the platform On- guests Eric ing…there’snodenying the grand im- the fall, which waslooking difficult,” tober or November. hostofasinging competition called OM

FR Sept.18and Sept.25. On Sept.26, lyFans,wheresubscribers Clapton, John pact he’s had on music and Black says seriesco-creatorMartin Gero, These stopgap measures aregiv- “ICan See Your Voice.” It wasone Willie Nelson’sFarm Aid celebrates paytosee entertainment LeeHooker and cultureoverthe pastdecade,” Mr. who previously ranthe NBC thriller ing an afterlifetosome al- of the first network shows to re- WISE its 35th anniversary with an online (often adult-oriented),to Axl Rose and Izzy Moorewrites. “Blindspot.” ready defunct shows. sume production, on July 29,and OCK

CL festival featuring Mr.Nelson, Neil sellextra contentfor a Stradlin of Guns N’ —Neil Shah “Connecting…” premiering Oct.1 The CW wasone of finishedshooting about twoweeks on NBC,isabout the dynamic the first broadcasters later. “It’s the fastestturnaround among sevenfriends dealing with to delayits slate time I’ve ever seen of aproject I’ve lifeunder shelter-at-home orders. plannedfor Sep- been involved in,” Mr.Jeong says. Castmembersdouble as crew tember,pushing ti- “I Can SeeYour Voice,” an adap- members, operating lighting and tles like“Superman tation of aKorean showinwhich cameraequipmentintheir own &Lois” all the way contestants and celebrities judge homes.The result is alow-cost to January. Mean- people’s singing without hearing comedy thatfollows slightly behind Above: Ken Jeong hosts ‘I Can See Your Voice’ on Fox. time,itassembleda their vocals,debuts Sept.23on real world events in its storyline, Left: The CW resurrected ‘Swamp Thing’ for fall. lineup forthe fall that Fox. The network is pairing it with which will eventually involvethe includes the comic-book another showMr. Jeong starson, November presidential election. To industryneighbors—shows that TV service, because it wasonly adaptation “Swamp Thing,” “The Masked Singer,” whereheis the producers, remotely shooting a first appeared on streaming plat- available to customersofCharter which wascanceledbythe stream- one of the panelists trying to guess TV showthatrevolves around fic- forms and cable channels,ororigi- Communications.Shortly afterthe ing platform thatfirst showedit. the identityofincognitocelebrity tional videocalls felt likecreating a natedinother countries.But be- show’sseason2premiereonSpec- singers. This season, the absenceof genreonthe fly. cause TV is so stratifiedthese trum, its first seasonwill debut RealityTakeover the noise and energy of alivestu- “Ironically there’snophoning it days,these second-hand series Sept.21onFox,which wasamong As the TV industry’sforcedhiatus dio audienceisone of the post- in in this show,” says co-creator won’tbefamiliar to mostnetwork the networksthatinitially passed draggedonthis summer,non- Covid adjustments he made on the Brendan Gall. “Wehad to build the viewers. on the show, pre-pandemic. scriptedseries were first to get job,hesays. “That’ssomething that template.” “L.A.’s Finest,” starring Jessica “Conversations changedsignifi- back into production. Shows like everyperson in anywork environ- Alba and Gabrielle Union in aTV cantly.People who said theyweren’t “Love Island” (CBS)could put con- mentisgoing through. We’reall liv- Surprising Sources spinoff of the buddy-cop “Bad interestedcame knocking and said testants in abubble or physically ing an unscriptedliferightnow and With their pantries looking alittle Boys” movie franchise,got rela- theywere,” says Jeff Frost, president spacethem in away thatisimpos- we have no choicebut to go with bare, the big broadcastnetworks tively little noticewhen it pre- of Sony Pictures Television, the stu- sible foractorsexchanging dialogue the moment.” borrowedprogramming from their miered lastyear on theSpectrum dio thatproduces “L.A.’s Finest.” on the set of adrama. Also,once —John Jurgensen P2JW254000-0-A01400-1------XA

A14 | Thursday, September 10, 2020 THE WALL STREET JOURNAL. PERSONAL JOURNAL. | AUTUMN PREVIEW

THE PANDEMIC TRANSFORMED THE TV LINEUP Expect more game shows, fewer scripted Clockwise from top left: Hamza for people to get Haq in NBC’s ‘Transplant’; Kim back into their series and extra laugh tracks this season Cattrall is a matriarch in Fox’s normal rhythms ‘Filthy Rich’; ABC reboots and get back to ‘Supermarket Sweep’ and Luke the shows they BY JOHN JURGENSEN spring,networks playeditsafe Wilson in ABC’s ‘Emergency Call.’ enjoy,” the TV with familiar lineups anchored by executive says. or the major television returning hitslike“NCIS,” “This As networks networks,whose Covid- Is Us” and “Grey’s Anatomy.” looked forfresh severed supply lines only Some exceptions had been shot content, the fall recently began to flow pre-pandemic,likethe soapy Fox shuffle has Fagain with fresh shows, drama “FilthyRich,” (Sept. 28) opened up space the fall season is resting starring Kim Cattrall as the matri- forsome surpris- on fallback plans.Inwhat is nor- arch of afamily fighting over its ing additions. mally broadcasters’ time to shine, fortune.With production ramping Last week,more they will be working to regain back up,executives sayviewers than two months momentum against streaming ri- will see masks on some back- beforethe return vals whose output didn’t dwindle. ground actors, plus moreinterior clude season 2 of Disney+’s “The of the fictional doctors, firefighters Thescramble behind the scenes scenes because producerscan Mandalorian,” (Oct. 30) which fin- and policeofficersinNBC’sthree is evident in an initial lineup shoot moreefficiently using in- ished most of its production be- veteran“Chicago” dramas,the net- brimming with reality shows, door soundstages.Inlieu of live fore the pandemic. work introduced amedical showti- game shows and talent competi- studio audiences,sitcoms will rely Under coronavirus, many view- tled “Transplant.” It maybethe tions—formatsthat resumed pro- more on canned laughter. ers leaned on streaming. The aver- firstofits kind foramajor U.S. duction firstand were turned Even now, shortly before the fall offer and how they operate. Broad- age number of weekly minutes au- network: Aprime time drama that around quickly.OnABC,for exam- season would traditionally begin casters’ annual rollout of fall diences spent using streaming originated in Canada and featuresa ple,shows like“TheBachelor- (following the Emmy Awards, this shows is a commercial and cultural video in April through June was Muslim lead character.HamzaHaq ette,” an updateon“Supermarket year on Sept. 20), ABC and CBS ritual almost as old as television up about 74% from the same pe- plays BashirHamed, an E.R.doctor

(2) Sweep,” (Oct. 18) and anewly an- still haven’t announced premiere itself. However its importance has riod last year, according to Niel- and Syrian refugeestruggling to

ABC nouncedseries following 911 oper- dates for their dramas and come- eroded as cable channels and sen. The biggest increase hap- become aphysician in his newcity

X; ators, “EmergencyCall,” (Sept. dies, because not all have returned streamers amassed clout and es- pened among viewers age 55 of Toronto. FO 28) have the spotlight until the to production yet. tablished a year-round flow of and older. “In network TV you’re always NBC;

: return of flagship comedies and “All this has really flipped the new content. Broadcasters face a challenge in trying to find a new way into a dramas such as “The Good Doc- table over and forced us to be Netflix, which orders many for- marketing their delayed and stag- [genre] that you have some famil- LEFT

P tor,” which gotback on set in nimble and rethink a lot of our old eign shows and series shot long gered lineups, but are counting on iarity with,” says Joseph Kay, the TO Vancouver just last week. conventions,” one broadcast execu- before they stream, has about a the sense of routine their sched- creator of “Transplant,” which be- OM

FR When most scripted series fi- tive says. But television’s abnormal dozen series coming in September. ules provide, especially as many came a hit in Canada after its de- nally air,starting in October and autumn is underscoring the gulf Some of the most anticipated de- viewers deal with disruptions in but there in February. “It’s a story WISE November,few will be brand new. between legacy networks and buts are from streamers that never school and work. “We think and of starting over, acceptance and OCK

CL As lockdowns descended in the streaming services in what they ran out of programming. They in- hope that there’s a pent-up energy adaptation.”

BY NEIL SHAH The scene at the June 26 drive-in live-music event Concerts in Your s the music business starts Car in Ventura, Calif. to experiment with in-per- Ason concerts, it’s facing a vexing question: If fans plaintiffs from going afterbad ac- catch Covid-19 while seeing their tors.Industrylawyersdon’t antici- favorite act at a socially distanced pateanimmediateresolution to show, who’s legally liable? the liability issue given disagree- A smattering of smaller con- mentsbetween Democratsand Re- certs are happening again after publicans over broader coronavi- months of silence. Rock veterans rusrelief. Dinosaur Jr. will play a socially For now, those lawyers are ad- distanced show at a farm in Mor- vising promoters to get fans to ris, Conn., on Friday. The Beach promise not to hold the promoter Boys, country artist Chase Rice, in- responsible. In addition to liability die stalwarts Yo La Tengo and rap waivers, there will be warning star DaBaby have also performed signs at concerts about entrance- recently. eligibility requirements, much like The uptick in shows is a drop in how people are warned that the bucket: Concert giants Live they’re being filmed or going to Nation Entertainment and AEG encounter strobe lights. How those Presentsalone normally put on protective measures might play in some 50,000 shows a year. court is anyone’s guess. But they’re treading cautiously now. Festivals and bigger arena Canfans win if theysue? and stadium shows aren’t expected TheLegal Limbo of Concerts Because of the assumed risks of to return until 2021. attending live events, the liability Still, some artists, often older waivers and signage and the fact ones, are performing limited-ca- Some musical performances aregearing up,with unansweredquestions it’s hard to know where and how pacity, outdoor shows hosted by one caught Covid-19, it will be smaller promoters in places where challenging for plaintiffs to bring Covid-19 doesn’t seem like an all- Who is responsible forfan safety says PeterPaterno,partner at King, tainment and sports practice at cases, lawyers say. Despite desper- encompassing threat. In several at concerts during Covid? Holmes,Paterno &Soriano,who law firm Duggan Bertsch and rep- ately needing ticket sales—Live cases—take electronic-dance music Afterstate and local health officials representsartistsincluding Dr.Dre, resents promoters of festivals in- Nation’s revenue dropped 98% in duo The Chainsmokers’ perfor- permit concertsinagiven city,it’s Metallicaand Tyler,the Creator. cluding Pitchfork, Riot Fest and the second quarter—the biggest mance at a charity concert on the job of concert promotersand Life Is Beautiful. Because there concert promoters have proceeded Long Island, N.Y., or Smash venues to comply with their in- Do promoters have insurancethat aren’t many shows or lawsuits yet, slowly and emphasized safety. Mouth’s gig at the Sturgis Motor- structions,whether these arestrict protects them from such lawsuits he says, “there haven’t been a lot Digital-ticketing technology will cycle Rally in South Dakota—the rules or just recommendations, rightnow? of tests so far” that would show enable Live Nation to “communi- shows have prompted a public which potentially have lesslegal Promotersbuy various kinds of in- whether existing insurance policies cate safety information clearly and backlash. weight, industrylawyerssay.Fans surance, including event-cancella- help cover legal costs. directly with all fans attending the Now the already-struggling mu- bear responsibility too, since tion policies (in case bad weather show,” president Joe Berchtold sic industry is bracing for a new they’repatrons, not employees.The forces the cancellation of afestival). So howare promoters reducing says. problem: Covid-19 lawsuits, partic- minuteyou enter alive-music Commercial general liability insur- their legal risksamid this uncer- But fans don’t need to win cases ularly if U.S. lawmakers don’t pro- event, youassume some risks. ance, or CGL, covers third-party tainty? to extract major concessions.Pro- vide businesses with federal liabil- Expect bigger promoters like lawsuitsfromfans arguing they suf- The live-music business is betting motersoften seek dismissals of ity protection as part of the next Live Nation and AEG Presents to feredpersonal injuryorlost prop- that it will get liability protection such cases outright. But given the coronavirus relief package. With- play things conservatively. Smaller erty due to the promoter. from the federal government be- lack of test cases forCovid-related out federal protection, live-music promoters—an outfit staging a Some promoters may have an fore next year’s concert season. claims,they maybemorelikely to lawyers say, the concert business— rave, say—may struggle to balance existing CGL policy that covers “People make the choice to go settle to avoid prolonged litigation

CK which depends entirely on mass safety and ticket sales. But it Covid-related lawsuits. But policies to that show,” says Shawn Trell, or acase going to ajury. Juries TO gatherings—will be forced to navi- won’t be easy for any promoter to can exclude coverage for conta- chief operating officer and general tend to favorplaintiffs in such cases gate a state-by-state patchwork of regularly put on shows and avoid gious diseases, so Covid-19 may counsel of AEG Presents. As long over big companies,expertssay.

SHUTTERS standards, making routing tours violating health rules, simply be- not be covered, legal experts say. as businesses have complied with The concert business will have

A/ harder and delaying the comeback cause it’s hard to control every Even if the promoter is covered, rules and haven’t been grossly to weigh the costs: Is the ticket /EP of concerts. single aspect of a show and en- concertgoers could argue that negligent, “they ought to be pro- revenue worth the risk of—in addi- Here are four key questions force social distancing at smaller Covid-appropriate safety measures tected,” he says. tion to potentially hurting fans— URENT

LA about concerts, safety and legal li- shows in particular. weren’t taken or enforced, poten- Still, thereare concerns among expensive settlements? ability facing the industry in the “Therehaven’t been anylaw- tially making the policy useless. some that aliability shield could “I’m glad I don’t have to make

ETIENNE Covid-19 era: suits, but thereare going to be,” Timothy Epstein runs the enter- encouragerecklessnessorhinder the decision,” Mr. Paterno says. P2JW254000-0-A01500-1------XA

THE WALL STREET JOURNAL. Thursday, September 10, 2020 | A15 ARTS IN REVIEW

BY PETER PLAGENS Agnes Pelton’s edged shape at ‘Day’ (1935) the topofthe New York picture. In any- ack when Iwas an art one else’shands,all of this would student at abig univer- be insufferably corny; with Pelton, sity,therewerescattered however, it’sgenuinely and defi- among our little coterie antly beautiful. Bof aspiring RichardDie- Almost as if to provethat she’s benkorn-ish figurative not all graceand balance, Pelton paintersand wannabe Abstract Ex- gives us apicturecalled simply pressionistsafew beatnik women “Day” (1935) that has arectangle armed with crow quill pens and (gradated light blue to white, topto Dr.Ph. Martin’swatercolorswho’d bottom) as startling in itscontextof makesmall “spiritual” paintings Pelton’scustomarycurves as were on paper.Because their work the mysterious,commanding slabs seemed an auto-therapeutic re- in Stanley Kubrick’smasterpiece treat from our grand and secular movie,“2001: ASpaceOdyssey.” At galleryambitions,wewho slath- the same time,Pelton includes acli- ered oil paint ontosizable can- chédguiding star in the work’sup- vases dismissed them. (And yes, per-left-hand corner,along with therewas morethan alittle sex- some translucent curlicues near the ism in the bargain.) So it has been bottom, but she gets away with it. in recent art history, with mostly Sincerity sometimes overcomes male makersoflarge stuff—such hokeyness. as BarnettNewman, James Rosen- Save foracouple of sugarypor- quist and RichardSerra—grabbing traitsofPelton’s“spirit guides,” most of the attention, while mod- the quality of the paintingsin est and intimateart that waxed “Desert Transcendentalist” is con- otherworldly wasrelegated to the sistently uplifting from beginning sidelines. to end. Thepresentation of the ex- Although Georgia O’Keeffeisa hibition in the arty city of Santa long-revered exception, appreciation Fe washolistically moreharmoni- of asomewhat similar midcentury ous with Pelton’spersona than painter,Agnes Pelton (1881-1961), is that at the Whitney,but the lat- lateincoming.BeforeCovid-19,the ter’scooler,morelaboratory-like exhibition “Agnes Pelton: Desert installation showcases the individ- Transcendentalist”—which origi- ual paintingsmoreclearly. nated at the Phoenix Art Museum, Pelton’sresurgenceispart of a traveled to the NewMexicoMu- moregeneral, belated acknowledg- seum of Art in SantaFe(whereI ment of the contributions of sawitfor the firsttime), and has women to modern art. Recent ret- landed at the Whitney Museum of rospectives of Hilma af Klint, Lee American Art (through Nov.1)—was Krasner,Julie Mehretu and Isa to have been her quasi-debut in the Genzken, to name afew,are evi- big-time NewYork art world. denceofthat. Pelton is,however, Pelton painted only about 100 different within the difference— paintingsofthe carefully exe- forwhat and howshe painted was cuted, quietly luminescent, semia- never intended to grab the art bstract, mystical variety forwhich world by the collar and shakeit. she’sknown. Half of them arein Theeccentricity of her whole en- the Whitney exhibition. Although terprise is perhaps reflected in the she made amodest living turning ARTREVIEW exhibition’sbeing organized in Ar- out conventional landscapes,she izona and appearing in NewMex- oftenpainted only one dayaweek. ico, at smallermuseums,before She didn’t market herself,and she having the opportunity to rattle sold few of her moreabstract pic- Mystical and Magnificent the consciousnesses of viewers in tures. NewYork. Pelton’sAmerican parentswere Theonly negativeaspect of living in Germanywhen she was Agnes Pelton’s quiet, otherworldly work arrives at the Whitney “Desert Transcendentalist” is that born, but her mother brought her,a circumstances might prevent thou- sickly child of seven, to Brooklyn, sands of people from ever seeing N.Y. She studied at the PrattInsti- totally abstract. In 1932 she visited a ing,separatefromthe world.” gray wavy canopy capping the it. That, andmychagrin at realiz- tuteand, in 1913,had two paintings sun-baked town called Cathedral “Sea Change” (1931), an early ma- blue skyare enigmatic,but poeti- ing those classmates with the included in the bellwether Armory City,near Palm Springs, Calif., and turework,isanomalous in being cally so. crow quill pens might have been Show. Several yearslater,inTaos, ended up staying thereuntil her horizontal (20 inches by 28 “Orbits” (1934) encapsulates the on to something. N.M. (Pelton traveled quiteabit, in- death three decades later. inches), but likeall her paintings full rangeofPelton’svisual lan- cluding to such far-flung places as Pelton wasdrawn to the occult, is parlor-size. An imagined land- guage. It mixes bisymmetry Agnes Pelton: Desert Transcen- Syria and Hawaii), avisit to the art particularly Theosophyand Agni scape is swathed in apale blue- (something Pelton uses repeat- dentalist MUSEUM

T patron Mabel DodgeLuhan bumped Yoga.AsWhitney curator Barbara green twilight, with clouds blow- edly) with exquisitely tender paint WhitneyMuseum, through Nov. 1

AR her work forward. And when she be- Haskell said at the presspreview, ing leftward over darkened plains. application, along with loops of ganliving in an abandoned windmill “Pelton doesn’t look to nature, but Abright lightbulb shape rising carefully dottedlines,blingylittle Mr. Plagens is an artist and writer

PHOENIX on Long Island, her painting became to apath to spiritual understand- from the hard-edgecumuli, and a stars, and abright whitescallop- in New York.

EXHIBITION REVIEW Watermelon tourmaline slice from the Dunton Quarry in Newry, Maine, left; visitor Logan Volk holds In Maine,aMuseum a piece of the moon, below

ThatRocks formed underground by the cool- ing of volcanic magma and are no- BY EDWARD ROTHSTEIN and the museum, despitesome table for containing crystals em- problems,isalluring and surpris- bedded in hollows in the rock, Bethel, Maine ing,consisting of 15,000 square along with rare elements and gem- ne way to understand the feet of exhibition spacethat runs stones. They were mined for feld- Earth’scrust is to begin long through two joined buildings, of- spar (a composite of crystalline O fering some 40,000 gems and minerals) and mica. We learn too agoand far away:surveying eons of geological time,attending minerals,along with morethan about applications: the insulating to ancient eruptions,and describ- 6,000 meteorites,including the properties of transparent mica, or ing igneous,sedimentaryand four largest pieces of the moon on feldspar’s use in making porcelain. metamorphic rock.Then might Earth. In itsbasement is astate- We also see minerals that fluo- come an account of howhumans of-the-art geological laboratory resce in ultraviolet light, just as, have blasted and dug and pol- led by William B. Simmons,emer- we are told, do ketchup and the ished and refined, discovering and itus professor of mineralogyat “fungus that causes athlete’s foot.” classifying gemstones,crystals the University of NewOrleans. By the last third of the 20th and minerals that have trans- The museum’s director is Barbra century, mining industries began formed cultureand technology. Barrett and its curator Carl Fran- to decline without diminishing the This chronicle proceeds from cis, who was brought here after re- passions of rockhounds. Discover- earth sciencetoearth experience. tiring from that position at Har- ies get names—the 4th of July Something likeit, descriptions vard’s Mineralogical and Pocket, the Rose of Maine—like suggest, maybeincluded in the Geological Museum. It is funded by fish finally caught. “The Week major newmineral halls planned the philanthropists Lawrence Sti- That Changed Everything” is a dis- forthe American Museum of Nat- fler and his wife, Mary McFadden, play about “The Big Find of 1972” ural History. who also purchased the nearby in which over a ton of gem-quality Bumpus Mine, which is now an ed- tourmaline crystals were discov- ucational site run by the museum. ered, sending “shockwaves The Maine Mineral & Themuseum itself is surprising through Maine, and around the because of how mineral world.” Gem Museum takes a local itsap- seum offer inter- An outsider doesn’t quitefeel local approach to the proach is.It views with min- those shockwavesbut comes to isn’t just that ers and gem- understand the devotion. It would story of deep time. 15,000 speci- hunters), the have also been valuable to get mens herecome history of the some idea of the lab’smethods of from the state. quarries that examining such minerals,the Maine is the once held them state-of-the-art equipment used But youcould also proceed in museum’slode- (we piece to- to categorizespecimens and ex- the other direction, beginning star,atleast un- gether informa- amine their structure. But we do with experience. Start from where til the final gal- tion about Ne- getaglimpse of the lapidaryart we stand, in aparticular placeat lery, wherethe wry, Mount Mica, in time-lapse videos of gemcut- aparticular time.Wemay know museum takes Bumpus and oth- ting and spherepolishing; and in little about the geological forces on an other- ers), and the pro- one darkened room pinpoint at work at first, but we getan worldly footing, cesses used to lightsrevealluminous gems and overall impression as,inaquest with aremark- discover them jewels. forknowledgeand riches,wedrill able collection (reading visible In the final gallery the local dis- and blast, creating industries and of meteorites in- mineralogical solves into its cosmic opposite: the discovering objectsofgreat util- cluding frag- signs assisted, extraterrestrial. Meteorites are ac- ityorbeauty.Westart to piece mentsofthe perhaps, by the companied by explanatory videos. together an understanding of the moon, Marsand uncanny instincts We marvel at some, not because of Earth from some of itsparts. the asteroid of Frank Perham, their appearance but because of Such is the approach of the Vesta. a miner whose where they are from, how they Maine Mineral &Gem Museum, The approach work and collec- were formed, where they landed which opened in December,closed requires some patience at first. opened a quartz vein at the Salt- tions are central to the museum). and how they were analyzed. We in March due to Covid-19,and re- The narrative begins with a man Prospect.” It is through Maine mining, come to see in rocks and minerals opened in August with viral- “Maine Mining Gallery.” An impos- A visitor who is neither from then, that we come to understand and gems the passions and pro- safety featuresinplace. It is an ing display of minerals is titled Maine nor a “rockhound” (as col- minerals and gems. Near the be- cesses that brought them into our enticing find in asmall pocket, as “Every Discovery Has a Story.” A lectors are called) might easily feel ginning, for example, is a simula- sight—precisely what this unusual mineral huntersrefer to hollows quartz rock sprouting purple ame- bewildered. But one then discovers tion of dynamite blasting not far museum celebrates. in rocks from which crystals are thyst crystals is introduced this that specimens here share top bill- from a display called “Celebrating (2) unearthed. Bethel is that small way, for example: “In 1989, Phillip ing with those who found them Maine Pegmatites.” Mr. Rothstein is the Journal’s

MMGM pocket—population under 2,700— McCrillis and Irving Groves (video screens throughout the mu- Pegmatites? They are rocks Critic at Large. P2JW254000-0-A01600-1------XA

A16 | Thursday, September 10, 2020 THE WALL STREET JOURNAL. SPORTS The NFL 2020 Season Is aMystery

With no preseason, the league begins play not knowing how its pandemic protocols will work—or how teams will look

BY ANDREW BEATON It’salso an experiment forthe fans.Most will be watching on TV osh McCown lives in Texas. as their teams playinempty stadi- He’salso a41-year-old ums.Afew othersmay be able to quarterback forthe Phila- actually attend, in contrast to the Jdelphia Eagles.He’sspend- fanlessrestartsinthe NBAand ing this NFL season work- MLB.Ahandful of teams arelet- ing from home. ting in reduced-capacity crowds, TheEagles signed him as the including the Chiefs who will host oldest practicesquad playerin about 16,000 or so at Arrowhead league historyfor the sole purpose Stadium forthe season kickoff. of staying in shape,halfway across That could be the start of more the country, as ahedgeagainst one stadiums opening acrossthe particular scenario.Ifthe Eagles league—or,ifitdoesn’t go have asudden need foraquarter- smoothly,ascaling back and real- back because of acoronavirus out- ization that maybe it wasn’t agood break,they will have afail-safese- idea to bring together thousands of questered away. people during apandemic. McCown is one of manyindica- Because the NFL and NFL Play- tors of howbizarrethe NFL sea- ersAssociation nixed the pre- son—which begins with Thursday season, Thursdaynight’sopener night’sgame between the Houston will be the firsttime these new Texans and reigning champion systems will be stress-tested in an Kansas City Chiefs—will be. actual game.And the lack of apre- No one knows what will happen season had one other effect that in aseason when unprecedented will yield surprises: howthe actual pandemic protocols areinplace football will look. and playerprotestsoversocial is- Thelast time an NFL game was sues areencouraged,not opposed, played, it ended with Mahomes by the league.Because nobody has picking confetti off his uniform af- playedevenameaning- terheengineered aphenomenal lessexhibition yet, there comeback to topthe 49ers has been no opportunity in the Super Bowl.Alot has to evaluatethe players changed sincethen. who changed teams,the Threequarterbacks were five newhead coaches, takeninthe top10ofthe or the hundreds of new last NFL draft, but only one rookies. will start in the firstweek. Theveryfirst game of JoeBurrow,the No.1over- the season encapsulates all pick forthe Cincinnati much of what will define Bengals, will gethis first the league this year.It tasteofNFL action against featurestwo transcen- the LosAngeles Chargers’ dent young quarterbacks menacing passrush. The in Patrick Mahomes and Miami Dolphins and Char- Deshaun Watson, atest gers,onthe other hand, of howthe game will be will ease along Tua Ta- playedwith health and govailoa and Justin Herbert

safety procedures in afterthey didn’t gettotest S place, and anticipated the waters in the pre- PRES demonstrations by play- season. ersagainst systemic rac- Other teams will also be TED CIA

ism in America. feeling their way with new SO AS

It’saseason loaded with ques- Sept. 5, therewere44,510 testsad- Clockwise from top: quarterbacks. Brady left A/ tions on and off the field. At any ministered to 8,349 players and Chiefs superstar NewEngland aftertwo de-

moment, the pandemic could personnel. Therewereonly eight Patrick Mahomes (15); cades forateam whose hel- O’MEAR ground America’smost popular newpositives over the week of No. 1 overall pick and met featuresared Jolly

sport to ahalt. Therewill be un- testing,and just one among play- Bengals quarterback Roger.Likemanyaging CHRIS

told political drama as playerpro- ers. Joe Burrow; Tom Brady professionals,Brady moved GES;

teststakeplaceonthe sidelines But there’sone thing those pro- suits up for the Tampa from the Northeast to Flor- IMA during aheated election campaign. tocols have yettoexperience: Bay Buccaneers. ida. Butatage 43 and com- Even the football is shrouded in game day. ing off adownseason, it ETTY /G mystery. Thecanceled preseason It isn’t especially difficult to en- sports. Baseball could quickly become ap-

means TomBrady hasyet to take a vision the hiccups football could teams,for example, parent if the trip south re- BBINS snap as aTampa BayBuccaneer, confront in the coming weeks de- spend far moretime juvenated him and turned RO while everyone is still wondering spitethe smooth start. It simply on the road, poten- Tampa BayintoaSuper JOE S; what the NewEngland Patriots’ of- requires aglanceback at the other tially presenting Bowl contender,orifhis fense will look likewith his re- major American sport not in a moreopportunities playwill deteriorateeven PRES placement, Cam Newton. bubble.Major League Baseball was forcoaches,staffers further. TED CIA

“This obviously will be an un- quickly beset by arash of positive or players to hit the His old team could be SO

precedented and historic season in cases quickly spread on numerous town and contract even morefascinating.The AS ayear unlikeany other forall of teams and postponed games, the virus. Patriots’ offense will look

us,” commissioner Roger Goodell nearly torpedoing the season. TheNFL already remarkably different under RIEDEL/ said last week.“The2020 season And football, unlikebaseball, in- had one hiccup that Newton, aformer MVP who

won’t be likeany other.” volves constant close contact be- showedjust how plays nothing likeBrady, CHARLIE

So far,the NFL’s pandemic pro- tween players on opposing teams— quickly the pandemic could throw sandsofteststhe league has con- butnobody knows precisely how. P: tocols—including daily testing and meaning an undetected infection the season intochaos.Acouple of ducted, but asimilar incident on But thereisone certainty as the TO OM

social distancing inside facilities— on one team could become an op- weeks ago, acontamination of test- the dayofagame could take season kicks off: TheChiefs still FR have successfully guided the league ponent’sproblem, too. ing materials produced afalse pos- game-changing players off the field have Patrick Mahomes.And the 31 through itspreseason. In itslatest NFL executives saythereare itiveon77tests. That’sjust atiny and shroud the entireseason in other teams have to reckon with WISE OCK

round of testing,fromAug.30to critical distinctions between the fraction of the hundreds of thou- controversy. that. CL

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THE WALL STREET JOURNAL. Thursday, September 10, 2020 | A17 OPINION A Trump-Biden Niagara Fall BOOKSHELF | By Laura Landro

NiagaraFalls More intriguing is how ra- Life-Saving is awonder of cial issues that emergedafter the world in May 25 have suppressed nor- part because mal political instinctsand when staring comment. Theidea of Black Toxicity at itsvast, LivesMatterhas become a WONDER churning ex- kind of alternativereality in LAND panse,what which racialism informs ev- The Great Secret comes to GES erything,starting with that By Daniel mind is: I IMA long list of torn-down monu- By Jennet Conant Henninger wouldn’t want ments to such notorious rac- (Norton, 380 pages, $27.95) to be swept GETTY ists as Ulysses S. Grant.

over those falls.Welcome to MAN/ This presidential election or any cancer patient who has experienced the the 2020 presidential election. wasgoing to be difficult gruesome side effects of chemotherapy, it may not be HUFF F Some 120 million voters arein enough without the new ele- surprising to learn that anti-cancer drugs have their WIN

the same boat, heading for a ED ment of racially motivated origins in the toxic chemical agentsdesigned forwarfare. political crackup on Nov.3. Voters at a polling station in 1960. mob rage and one major party In “The Great Secret,” Jennet Conant describes how But hey,wedon’t arriveatthe locked up over itshistoric ties researchers stumbled on the therapeutic value of the same topofthe falls fortwo even if apostmark is missing. Schools,universities,urban to the civil-rightsmovement compounds that wreaked havoc in two world wars. The months. Why worry? State election officials arego- economies,industries and now and the current movement’s discovery revolutionized cancer treatment, but in Ms. On Tuesday, this newspa- ing to eyeballsignatures on anational election must stum- street protestsand violence. Conant’stelling astory of scientific triumph is clouded by per’s opinion columns carried mailed ballotstosee if they ble forwardasifnothing we TheBLM goal is to conform aparallel tale of official cover-ups and ethical quagmires. abracing editorial—“Will match what’sonfile.Close knowabout the virus’sviru- opinion. Theresult is that Chemical agents were first deployed in World War I by CourtsPick the Next Presi- doesn’tcount only in horse- lenceortransmission has people whonormally would the Germans, who had perfected mustard gas: It inflicted dent?”—on theimpending shoes and hand grenades. changed sinceMarch. At insti- speak up no longer do—about horrifying damageonthe skin, eyes and internal organs. mail-in voting fiasco. Read it Ohio’s League of (Demo- tution afterinstitution, lead- anything. By World War II, the Allies had their own stockpiles of it. and weep.The gist of the situ- cratic) Women Voters is al- ership has ceded decision- Last month, Seattle’sPolice The official policy was to stick to the Geneva protocols and ation is that some states, ready challenging the verifi- making responsibility to an Chief Carmen Best, ablack avoid their use except in retaliation for a first attack. Thus cation process. Along two amorphous powercalled “sci- woman, was forced to resign. supplies of chemical weapons were sent to Europe in case months remain to throw ence.” That statementrequires This week,Rochester,N.Y., Po- Germany made the first move. How the pandemic other legal monkey wrenches an apology to the scientists liceChief La’Ron Singletary, That plan went horribly wrong in Bari, Italy,onDec.2, intowhat’sleftofthe election whoworld-wide have been also black,resigned with a 1943,when German planes bombed the Allied port, sinking and protests are system. conducting debateand discus- bitter statement:“As aman of 17 ships and killing morethan 1,000 servicemen and floating the U.S. But here’s the really dyna- sion about the virus’sthreat integrity, I will not sit idly by hundreds of civilians.Morethan 800 were hospitalized, mitemail-in metric: Polling todayversus the need to re- while outside entities attempt some rescued from waters reeking of amysterious oily into a political crisis. done by TheWall Street Jour- sume normal human life. to destroy my character.” sludge, with burns,blistersand internal injuries. When nal suggests66% of Trump Arewereally going to al- Their careers, a testament sailorsbegan dying,Stewart Alexander,anAmerican military voters plan to vote in person, low a national political crisis to racial advancement, are doctor,was called in to investigate. He soon discerned that oblivious to the laws of but nearly 75%ofBiden voters caused by ademonstrably collateral damage, tossed mustardgas had been asecret postal-deliverygravity,are al- saythey’ll mail it in. Arguably, flawed voting system to just, away in aday without defense cargoaboardone of the Ameri- lowing ballotstobeput in the we are going to have parallel youknow, sort of happen? A from anyone.The complexities canships.The bombing released mail just days beforeNov.3. elections for the same office. half year on, the pandemic has of their jobs aren’t discuss- it intothe air and also intothe They mayormay not showup Not even close to arguable is short-circuited independent or able.Instead, liberals and water, whereitmixed with high- by Election Day, but so what? that both Donald Trump and helpful input from much of manyothers—in and out of test fuel from exploded ships. Postal serviceexpertshave JoeBiden will claim each won thenation’s leadership on politics—hide behind the vir- While some casualties were due warned of the risks of mailing his election.Dueling inaugura- protecting the election. tue of the moment, intimi- to vapor alone,the most severe ballotswithin seven days of tions,anyone? Portland’sper- Several reasons mayex- dated by social media and the casualties and deaths came from Nov.3.But hardly anyone is manent political street-fight- plain the national outbreak of social-justicesentimentsof the mixtureofmustardinoil. listeningtothem. Amid the ing could be coming to a nonfeasance. millennials. Sincenoone wasaware of the maelstrom of statevoting pro- neighborhood near you. One is “Trump.” Aftermar- Between the pandemic and toxic agent, victims weren’t cedures,lawsuitsare being Theexcuse forrolling the inating for three years in an- protests, we have fallen intoa washed or decontaminated, filed to challengeexisting election helplessly onto the tipathyfor “Trump,” many cultureofsilencethis year. actions that might have savedthem, deadlines.Afederal judgetold rocks is,ofcourse ...the elites—in business, academia Nowitlooks as if we will non- and were wrapped in blankets Georgia that if aballot is pandemic. and the media—arewilling to chalantly let the mail-in vote that allowedfurther absorption, postmarked beforeElection It’sworth noting howmuch let the system rip to getrid of messfloat apresidential elec- compounding the damage. Day, it has to be counted of essential America is being him. In turn, he’shappy to tion over the falls intoapolit- “Of all the various officials who knewabout the toxic gas, whenever it shows up. subsumed beneath the pan- oblige the rancor. In the Cold ical crisis. Stock up on water none had felt capable of releasing the classified information In Pennsylvania, some offi- demic’sunchanging conven- War, this wascalled mutual wings. to medical personnel,” Ms.Conant writes,calling this silence cials want ballotscounted tional wisdom. assured destruction. Write [email protected]. a“concerted Allied effort to coverupthe presenceofpoison gasinthe harbor.” Men died, she adds,because “medical personnel and those rendering firstaid at the scene did not have adequateinformation.” Biden Hasthe Edge as the Final StretchBegins But Dr.Stewart’sinvestigation turned up something else: Thenitrogen mustardattacked whiteblood cells; the firstto By Karl Rove Trump’s handling of Covid-19 are part of the campaign, not they’ll spring Mrs. Pelosi disappear were the whitecells in the lymph organs (i.e., andmoreabout who will be the campaign itself. Elections from the trap she created for lymphocytes). His findingsadded critical evidencetowhat verything is alittle off better at restarting the econ- aren’t truly settled by memo- herself. other scientistshad been investigating in the lab: the possi- E about this election, even omy. Team Trump would like rable debatemoments, like Then there’sthe end of the bility that nitrogen mustard’stoxic effectsmight be harnessed its traditional fall kick- that, as four August polls Michael Dukakis’s cold- government’sfiscal year on to target cancer cells—whiteblood cells running wild in the off.Itisn’t only because coro- found the president retains blooded answerin1988 to a Sept. 30.With no budget in body and invading healthytissue.Although the Allies tried to navirus wiped out gigantic La- theadvantage on who would question about whether he’d place, ashutdown is possible. have the recordsofthe event at Bari sealed, Dr.Alexander bor Daycelebrations for do abetterjob on the econ- favor the death penalty if his Will everyone realizeit’sin wasable to disseminatehis findingsbeforehefaded from candidates to attend. omy, by an average of 49% to wifewereraped and killed, or their interest to passacon- the scene,choosing privatemedical practiceafter the war. Labor Day, the firstMonday 43%. Gerald Ford’s proclamation in tinuing resolution to fund the Ms.Conant tends to go on tangents(e.g.,anillnessthat in September,fell on the latest Then there’sMr. Biden’sre- a1976debatethat “thereisno government? Or will Mrs. struck Winston Churchill while he wasplanning his possible date, Sept. 7, while lianceonappeals to national Soviet domination of Eastern Pelosi convinceherself that Mediterranean strategy), which distractsfromanotherwise Election Day, the Tuesday af- unity. A new ad says: “This is Europe.” These moments Mr.Trump will be blamed, compelling narrative, and the book has rather toomuch terthe firstMondayinNo- our chancetoput the dark- merely accelerated each candi- even if she makes impossible medical jargonfor the layreader.But she never wavers from vember,will be on the second- nessofthe past four yearsbe- date’sslide as missteps demands? her central thesis: that the Bari victims were unconscionably earliest possible date, Nov. 3. hind us, to end the anger, the chewed up valuable days. Therewill also be asurprise, harmed by aconspiracyofsilenceand obfuscation among So even the campaign’sfinal insults, division, violence and perhaps several. ThereMr. Bi- American and British officials,all the way up to Churchill and stretch will be truncated. Still, startfresh.” Such calls reso- denhas atactical advantage. Dwight Eisenhower. Intent on keeping secret the chemical- it’s a good time to take stock nateonadeep level with He can keep his lead No,not his jaw-dropping $364 weapons stocks—and the accidental harm they had caused— of the race. manyAmericans,especially million August fundraising these officials failed to admit the existenceofAllied chemical Trump partisans don’t be- when the countryisasdivided by pitching unity and haul. Team Biden is moredisci- weapons or the findingsofDr. Stewart. Thecover-up lieveit, but national polls as it is now. surviving the debates. plined, although sometimes continued long afterthe warwas over. showformer Vice President Yetappeals to unifyhave stubbornly so,asinits long si- JoeBiden continues to be been most effectivewhen tied But Trump has time. lenceascities burned and loot- ahead. Theracehas tightened, to aclear direction. Forexam- ersrampaged. The story of how the poison gases of though, especially in battle- ple,Ronald Reagan wonby Mr.Trump’scampaign World War I led to midcentury ground states.Anxious Demo- urging Americans to unitebe- Therewill be other impor- manager recently said which- cratsare wondering if this hind an economic program to tant pointsbetween nowand ever candidatewins moreof breakthroughs in cancer treatment. could be the sixth contest in restoreprosperity and apolicy early November.SenateRe- the remaining days wins the historyand second in arow in of “peace through strength.” publicansare readying an- contest. On MondayMr. which the Electoral College Mr. Biden’s unity appeal is other Covid relief package. Trump gaveanimpromptu 45- Ms.Conant is no stranger to the dark decisions made in winner loses the national pop- a pledge to restore normality While WhiteHouse chief of minutebriefing on agazillion wartime.Among her previous books is “Man of the Hour” ular vote. to the presidency. That maybe staff Mark Meadows mar- subjects, yethedelivered afo- (2017), abiographyofher grandfather James B. Conant, a Shifting concerns about sufficient; witnessDemocratic shaled Republicans to keep cused environmental speech scientist and longtime president of Harvard. As apivotal figure Covid-19 mayturn the race suburban yard signs proclaim- working on moreaid, Speaker TuesdayinFlorida. If the in defense research, he playedakey role in pushing forward even more in Mr. Trump’s di- ing “I’m So Gonna Vote.” Then NancyPelosi has refused to president isn’t focused like the Manhattan Project, which developed the atomic bomb; rection. ASept. 7NBC/Survey- again, the Trump campaign’s negotiateand made outra- Tuesday, the occupant of the as a young Armychemist during World WarI,hehad worked Monkey poll found that 52% emphasis on lawand order geously expensivedemands. Oval Office is set to change. on the very poison gases that areatthe heart of this story. saythe pandemic is moreofa has raised questions about This gaveMr. Trump aline of In an interviewatthe time “Man of the Hour” waspub- health crisis, down from 56% whether Mr.Biden is weak on attack,perhaps likePresident Mr. Rove helped organize lished, Ms.Conant recalled howher father had, at times, in aJuly 7survey,while 47% this essential issue and, more HarryTruman had with the the political-action committee called her grandfather amassmurderer.But her owntalks said it’s more of an economic broadly,too weak to resist the “donothing” Republican Con- American Crossroads and is with her grandfather,she said, made her understand howhe crisis, up from 43% in July. pull of his party’s left wing. gressin1948. But if Senate author of “The Triumph of and his compatriotssaw lethal weapons as anecessaryevil; If this trend continues, the Also,the debates start Republicans fail to marshal 51 William McKinley” (Simon & troubling moral questions were pushed aside in the interests election will be lessabout Mr. Sept. 29 in Cleveland. These votesfor areasonable bill, Schuster, 2015). of overcoming an enemythat had to be vanquished. “The Great Secret” is another reminder of howcold the calculations of World WarIIwereand of howmanyweresacrificed in the pursuit of avictoryfor which anyalternativewas unthinkable. Don’t Squander Our Victory Over Tyranny Ms.Conant ultimately shifts gearstothe postwarmedical research—at what is nowMemorial Sloan Kettering and By MauriceR.Greenberg to ignoreorminimizeviolence should be made to minimize dict? If not, who becomes pres- other institutions—that led to ageneration of cancer drugs. and lawlessnessrather than mail-in ballots. That will involve ident on Inauguration Day? Theresearch sagahas been coveredinother works,notably hose of us who served standupfor the rule of law. advanceplanning to ensuresafe What ashame it would be if Siddhartha Mukherjee’s“TheEmperor of All Maladies” (2010), T in World WarIIproudly That is adereliction of duty.It in-personvoting.Itmay also re- the world’sleading democracy but she does acreditable job of pulling the highlightstogether took part in an Ameri- putsour countryinjeopardy. quiresome newthinking,such proves incapable of conducting and keeping her focus on the less-celebrated figureswho can-led effort to save the Our great democracycan’t be as keeping the polls open over afair,orderly election with a came out of the chemical-warfarecomplex. world from tyrannyand op- sustained if the people we en- several days and allowing vot- valid outcome.Iwould hope Themost fascinating of them is Col. Cornelius Rhoads, a pression. Oncethe Allies were trust to protect it areunwilling erstoavoid long lines by sign- we cansavethe countryfrom brilliant but arrogant and overzealous scientist who fully victorious,Americalaunched or unable to do so. ing up forspecific times to cast that kind of embarrassment grasped the importanceofDr. Stewart’sfindings. Although his apostwareffort to export our ballots. andthe potential civil unrest career ended in ignominybecause of arant against Puerto values of freedom, democ- We must take all measures that could ensue. Ricans and allegations—stoked by ajesting comment he had racy,the rule of law, due pro- As a World War II possible to ensurethe integrity Those of us who served in made—that he had deliberately given his PuertoRican patients cess,and free enterprise.The of our elections.Every Ameri- World WarIIwereprepared to cancer,Rhoads wasanearly champion of fighting cancer with result wasgreater respect for veteran, I’m worried canshould be wary of the mo- payany pricefor the country. I nitrogen mustards.And he pioneered the concept of “bench- human rightsand morethan by political violence tivations of those advocating wasrecalled, as manyothers to-bedside research,” which allows doctorstodrawconstantly 70 yearsofglobal stability and forwide-scale,mail-in voting were,when the Korean War on newclinical evidencetotreat patients. prosperity,which liftedcount- and electoral chaos. acrossthe country. It is un- brokeout. We never questioned It is clear from “The Great Secret” that what happened in lessmillions out of poverty tested and would likely over- the need to serveand protect Italy in December 1943 is aterrible tragedy,one fortoo long and despair. whelm the system. Do we have what we stood forasanation. suppressed, but in the end, as Ms.Conant observes,itdid Today, those same Ameri- Another immediatethreat to the ability to verifythe out- produce“ahugeset of datafromamost unfortunategroup canvalues areunder wide- the countryisthe call forna- come of that massivevote? Mr. Greenberg is CEO of of human subjects, awar dividend no doctor ...could ever scale attack in the streetsof tionwide mail-invoting.Obvi- Will the winner be recognized, C.V. Starr &Co. He served as a have dreamed of.” the U.S.,while manyofour ously,consideration must be or will it take an indefinite U.S. Army platooncommander leadersstand idly by.They given during this pandemic to time and divisivecourt battles in World War II and acom- Ms. Landro, aformer Wall Street Journal assistant have made the calculation that the protection of the vulnera- to establish aresult? Will the pany commander and captain managing editor and health columnist, is the author of it is politically advantageous ble.But otherwise,efforts losing party accept the ver- in Korea. “Survivor: Taking Control of Your Fight Against Cancer.” P2JW254000-2-A01800-1------XA

A18 | Thursday, September 10, 2020 ** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Sturgis Statistical Misfire Voting forthe Czar,for the BetterorWorse

oly Hell’sAngels.Last month’smotor- 100,000) and fewerdeaths and cases per capita Prof.Ruth Wisseskips over afun- the 1970s,guided by Sen. Scoop cycle rally among the deplorables in than itsneighborsNebraska and North Dakota. damental detail about immigration Jackson, and we have largely pros- H Sturgis, South Dakota, contributed to Covid patientscurrently occupy 3% of state in “Vote forthe Czar,It’sImpor- peredhere. Iamcurious to know tant” (op-ed, Sept. 1): Most people whyProf. Wisseand her family 266,796 Covid-19 cases and hospital beds and 6% of inten- Blaming a South usually trytoleave places when life ended up in Canada and not the U.S. $12.2 billion in public-health sive-careunits. So it seems gets functionally intolerable,not be- Were they dreaming of aparliamen- costs—or so claims anew Dakota rally but giving that attendees at least didn’t cause of some idealist political tary government with abicameral study widely floggedbythe expose the society’s vulnera- dream. Forthe majority of people legislature? media. Hereisanother exam- protesters a Covid pass. bletothe virus even if they immigrating from point Atopoint Let’sbeprudently conservative ple of how flawed statistical were putting themselves at B, it is survival—not socialism—that and not conflatethe reasons forim- models can generate grossly risk. usually makes them leave their migration with the way that the des- exaggerated projections. Wherethe study jumps off the rails is linking land, their placeofbirth and their tination countries aregoverned: Theannual 10-dayrally with liveperfor- all of the relativeincrease in virus cases in family’s home. They don’talways intersect and the mances, races and bike shows drew 460,000 counties with attendees compared to those Did the 1924Johnson-Reed Act lines of policydon’t always inform Americans from around the countrytothe without rally participants. Themodelersmulti- hamper Jewish literaryhistorian one another. Max Erik’sability to leave Poland YULI MASINOVSKY small town of Sturgis (population: 7,000). South plied the percent increase in cases forcounties and obligehim to go east, rather Seattle Dakota is among the few states that never im- with attendees by their pre-rally cumulative than to America, whose immigration posedashelter-in-placeorder or face-mask cases to getatotal of 263,708 additional policywas avowedly xenophobic in IviewProf. Wisse’sinsightfularti- mandate. It has also let restaurants and bars cases—266,796 including South Dakota’sin- those yearstoward folks from cle moreasanimportant historyles- operate without restrictions. crease. Southern and Eastern Europe,as son rather than amessageurging Manyinthe media and various health sages But many“high inflow” counties likeLos An- well as Asia? those historically disenfranchised to warned that the motorcycle rally represented geles,Maricopa (Arizona), Clark (Nevada) and As anaturalized U.S. citizen my- vote for“Czar Trump the First.” a“worstcase scenario” fora“super-spreading” El Paso were experiencing flare-ups beforethe self,fromthe former Soviet Union Couldn’t the same article been writ- event. It would be surprising if the rally didn’t rally.These counties mayhaveshared other (and coincidentally from Prof. tenfour yearsago, on the heels of lead to at least some new Covid cases. But it’s characteristics like higher population density Wisse’sown hometownofCher- President Obama’seight yearsinof- impossible to knowhow manybecause there’s that contributed to their increases.Therecould novtsy), Ilearned very early on that fice,asacall to maintain the Demo- yougowherethey’ll take you, not cratic status quo and vote forSecre- no data on how many attendees or their close be other“endogenous” variables—for instance, necessarily whereyou want to go. tary Clinton? contacts later tested positive. counties with more people who attended the My family benefited from the intelli- LAWRENCE SCHNEIDER Never fear,the modelersasalways arehere. motorcycle rally mayalso have had populations gent American immigration policyof Lincolnshire, Ill. SanDiegoState University’s Center forHealth less observant of social distancing. Economics &PolicyStudies sought to quantify Thestudy’s authorsnonethelessassign each the rally’s Covid impact in South Dakotaand na- of these 266,796 Covid cases a public-health Help Africa’s Contribution to Global Health tionwide by analyzing the (anonymous) cell- cost of $46,000—ergo $12.2 billion—though the phone data of attendees. They then compared vast majority of all virus cases aremild or mod- “Sub-Saharan Africa Masks Scope tional organizations. In its next emer- case trends in counties with high, moderateand erate. Talk about acase study in statistical of Crisis” (Aug. 31) provides a power- gency Covid-19 supplemental bill, the low numbers of attendees. overreach—and double standards. ful glimpse into the devastating im- U.S. Congress must reaffirm Amer- pact of Covid-19. U.S. investments in ica’s global leadership by investing in They found that cases increased by 3.6to3.9 Anotherstudy by the same authorscon- Africa over the past several decades $20 billion for global health services, per 1,000 in South Dakota in the three weeks cluded that President Trump’s rally in Tulsa in have saved millions of lives and cre- vaccines and other priorities, includ- afterthe rally,translating to between 3,185 and June didn’t lead to an increase in cases. It was ated healthier communities. But the ing $4 billion for the Global Fund’s 3,441 morecases statewide.Toput this number ignored by the media, which has dismissed the Global Fund to Fight AIDS, Tubercu- Covid-19 Response Mechanism. in perspective, NewYork statehas recorded as meresuggestion that this summer’s nationwide losis and Malaria has warned that if Development assistance isn’t sim- manycases in the last week even with itsstrin- Black Lives Matterprotestsmay have contrib- such programs continue to be dis- ply a so-called soft-power instrument gent public-health rules. uted to outbreaks. Who knew the deplorables rupted by the pandemic, deaths from of subtle persuasion or a humanitar- South Dakotastill has among the lowest per of Sturgis were more vulnerable to the virus these three diseases could as much as ian imperative. America will never be capitadeath ratesinthe country(19 per than progressives? double. safe from Covid-19 if the pandemic It’s time we recognize that global rages around the world. health security is national security. BILL FRIST, M.D. The ability of other countries to pre- Nashville, Tenn. Trump’s Latest Judicial List pare for and respond to outbreaks di- Dr. Frist was Senate majority rectly affects our own health security leader 2003-07 and is aboard onald Trump’s 2016 list of potential Su- amid his confirmation last year. and compels us to rethink how we member of Friends of the Global preme Court nominees helped solidify At the same time the list includes Adminis- approach development assistance, co- Fight Against AIDS, Tuberculosis D conservativesupport forhis campaign, tration lawyersKateTodd and Steven Engel, operation, innovation and interna- and Malaria. and as President he’sfollowedthrough. Mr. who aretalented but lack atrack record.Daniel Trump’smark on the federal judiciary—includ- Cameron, the 34-year-old Attorney General of ing two Supreme Court Justices and 53 appel- Kentucky—the firstAfrican-American to hold latejudges—is one of his notable successes.On that position—gaveaknockout speech at the Nancy Pelosi’s Bad and Shameful Hair Day Wednesdayhis campaign released 20 morepo- Republicanconvention but isn’t yetqualified for tential Supreme Court nominees.And while aseat on the nation’shighest court. Regarding your editorial “Madame Like you, I don’t care if Mrs. Pelosi Speaker Gets a Haircut” (Sept. 3): It wore a mask or not in the hair salon. thereare strong picks,the list also shows that Then thereare the names attracting the most doesn’t matter whether House The real issue, which she had to have the campaign has traded some legal seriousness headlines: GOP SenatorsJosh Hawley,Ted Cruz Speaker Nancy Pelosi was set up known about, is that she shouldn’t forpolitical signaling. and TomCotton. These areambitious political when she got a haircut at a closed sa- have been there in the first place, as Start with the good: Thenew list includes figuresplanning potential 2024Presidential lon and was shown not wearing a it was closed by government fiat, de- Paul Clement,the appellatelitigator known for runs.NoSenatorshavebeen appointed to the face mask. It is the principle. Speaker priving the owner and stylists of his stellar Supreme Court oral arguments. Greg- Supreme Court in the modern era, and their in- Pelosi now looks like a hypocrite and needed income. This is just another oryKatsasofthe D.C. Circuit Court of Appeals, clusion seems intended to raise the profile of should have known better. No one example of elitist hypocrisy run Kyle Duncan of the FifthCircuit, and Allison Mr.Trump’sSenateallies morethan givevoters owes her an apology. It is she who amok. Jones Rushing of the Fourth Circuit arestrong an idea of the judges he would choose. owes the salon owner, as well as the JEFF FELMAN constitutionalist judges.The list adds to the This moreovertly political list maybeinpart American people, an apology for put- Cleveland ting her own selfish needs above WhiteHouse’salready-existing list, which in- areaction to conservativedisappointment at those of everyone else and for put- Was this an example of “white cludes judicial talentsAmy Coney Barrettand the Supreme Court the last term. Chief Justice ting the hair salon in jeopardy. privilege”? Amul Thapar,who would be leading contenders John Robertsbroke with textualists and sided JOANN LEE FRANK BERNICE SCHOTTEN if Mr.Trump wins asecond term. with liberals on some of the most high-profile Clearwater, Fla. Sioux Falls, S.D. Yetthe list excludes some of the most tal- cases,including the Bostock case rewriting the ented young conservatives on the federal 1964 Civil RightsAct and on abortion. TheChief bench, either because they areinsufficiently wantstomaintain the Court’s“legitimacy” and The Federal Role in Anti-Covid-19 Supplies pluggedintothe WhiteHouse or don’t have non-politicalimage, but one unfortunateresult ahigh political profile.These include Neomi maybethat conservatives take amoreopenly “‘TryGetting It Yourselves’: How had the idea to outsource to or fed- Raoofthe D.C. Circuit, an expert on the ad- politicized approach to nominations. Administration SowedSupply eralizealogistics firm. That ministrativestate;Andrew Oldham, astrong Thefutureofthe Supreme Court is again at Chaos” (PageOne,Sept. 1) includes would’vetaken some guts and ac- this sentence: “It isn’t possible to countability,both of which arelack- conservativeintellect on the FifthCircuit in stakeonNov.3,especially with two liberal Su- knowwhether amorecentralized ing in our federal government’sre- Texas; and Steven Menashi, aSecond Circuit preme Court Justices in their 80s.Mr. Trump’s federal response to the coronavirus sponse to the pandemic. judgewho wassubject to asmear campaign list underscores the stakes. pandemic would have worked bet- RYAN GABLE ter.” Yetthe article basically makes Palatine, Ill. the case that centralized federal lo- West Virginia’s Drug Deal gistics support wasneeded and nec- Can youimagine the chaos that essarybut didn’t happen. Thesto- would’veresulted from the federal vaccine might end the Covid-19 crisis, action suit againstCVS and other chains last ries that spawned from letting the government’sattempt to allocate but there seems to be no cure for the month claims they discriminated against patients states battle each other and the fed- supplies between the states? Every A pandemic of abusive litigation. In the in pain when they declined to fill or delayedfill- eral government forsupplies aresad Democratic governor would have latestspateoflawsuits, the ing aprescription. Thetrial and, at the same time,fodder for whined about the exceptional needs A Republican AG teams “SaturdayNight Live” skits. At the of their state, and lawsuitswould plaintiff bar is teaming up lawyersstand to win whether outset of this crunch, someone in flowntoundo President Trump’s with stateand local officials in up with trial lawyers to the pharmacies dispense or the Trump administration must have plans.Nothing he did would’vebeen ashakedown of pharmacies withhold opioids. acceptable in this eraofpoisoned and retailersdespitelittle evi- shake down business. Elsewhere, stateagencies politics. dence of wrongdoing. have complained that phar- Any Real Craftsman Should W.T. MCSWAIN Acase study is West Vir- macies that withhold opioids Know to Use the Right Tool Williamsburg, Va. ginia, whereAttorney General Patrick Mor- areinterfering with the doctor-patient rela- risey has filed lawsuitsagainst Walmart and tionship.Georgia lawmakersare considering a The photo you selected to high- There’splenty of blame to go CVSfor contributing to the state’sopioid bill that would prohibit companies likeWal- light David A. Shaywitz’s review of around. U.S. corporations had out- scourge.Healleges that “asindividual distrib- mart and CVSfrom“implementing policies and Lee Vinsel and Andrew L. Russell’s sourcedthe manufactureofneeded “The innovation Delusion” (Bookshelf, medical supplies to China, and the utors” both reaped billions by supplying “far procedures that restrict the quantity of con- Sept. 2) is ironic. The photo features H1N1 flupandemic during the Obama moreopioids to their retail pharmacies than trolledsubstances dispensed or restrict the a mechanic tightening the flange for administration depleted astockpile necessarytomeet alegitimatemarket.” Wal- prescriber.” an industrial high-temperature expan- that wasnever replenished. mart declined to comment on the litigation, Mr. Morrisey filed similar opioid lawsuits sion joint with a Crescent wrench CAROL NOWICKI butCVS spokesman MikeDeAngelis called against RiteAid and Walgreens earlier this year, (turned backward) and Channellock Castro Valley, Calif. West Virginia’scase “misguided” and said “we and he says these cases “are narrowly tailored pliers. A well-trained craftsperson intend to defend the companyagainst the alle- to hold entities responsible foralleged wrong- would use a set of closed-end gations in the complaint.” doing” and that outsourcing the work to trial wrenches followed by a torque Pepper ... Walmart and CVSdidn’t push opioids on lawyersafter acompetitive-bidding processen- wrench. And Salt their customers. Nor did they break the law sures “the legal coststoWest Virginia arealso As a retired CEO of a manufacturer when they distributed opioids to their pharma- much lower.” of mechanical seals and former board THE WALL STREET JOURNAL member of the Hydraulic Institute, I cies, which fill valid prescriptions written by Several stateAGs and hundreds of cities and have observed the craftsmanship state-licensed doctors and often approved by counties have filed similar litigation against training gap we have in our chemical- the state-run Medicaid or federal Medicarepro- opioid distributors and dispensers, and their process industries. Selecting the right grams.But under Mr.Morrisey’s novel legal plaintiff attorney partnerswill take abig cut of tool, using it correctly and taking theory of public nuisance, it doesn’t matter if anysettlements. Conservatives have long criti- pride in maintenance and reliability the companies acted lawfully.They canbeheld cized such lawsuitsfor unjustly penalizing busi- practices is a rewarding way to wor- liable if someone somewhere suffered. nesses forengaging in legal economic activity, ship the right god, not the “wrong It’snot obvious howWalmart and CVS so it’stroubling to see aRepublican AG likeMr. gods” the review references. should have ascertained precisely what quan- Morrisey join the hustle. THOMAS R. GROVE tity of these prescribed opioids “meet a legiti- Meanwhile, Congresshas failed to shield Knoxville, Tenn. mate market.” Maybe these companies should businesses from Covid-related liability,and the Lettersintended forpublication try to hire Goldilocks, since they’ve also run plaintiff firms are salivating. Several of these should be emailed to [email protected]. into trouble for declining to fill prescriptions same firms recently received loans under the Please include your city, stateand deemed suspicious. Paycheck Protection Program. So the taxpayers telephone number.All letters aresub- Doctorshavesued Walmart fordefamation af- aresubsidizing these wealthyeconomic preda- ject to editing,and unpublished letters “For security, our signs must be cannot be acknowledged. teritrefused to fill their prescriptions.Aclass- tors. Only in America, alas. at least eight characters long.” P2JW254000-4-A01900-1------XA

THE WALL STREET JOURNAL. **** Thursday, September 10, 2020 | A19 OPINION Fintech Can Come Out of the Shadows Never Trump, Now More By Brian P. Brooks York alone oversaw113 state-li- And Charles W. Calomiris censed money transmitters,18non- bank lending companies,92sales fi- Than Ever fitlends likeabank and pro- nancecompanies,and other cesses paymentslikeabank,is companies,some of which might it abank? Maybe not, depend- qualifyasnational banks. Regula- By Walter Olson ing on the outcome of acase tory assessmentsalone earned Al- I our yearsago Iwas a“Never pending in the Second U.S. banymorethan $100 million. Circuit Court of Appeals.Inthe law- State regulatorsare not fighting F Trump” voter. Now, I’m more suit,New York financial-services su- our authority because stateregula- set than ever in that view: No perintendent Linda Lacewell claims tion is safer or moreeffectivethan Trump,doubled. That’seventhough acompanycan’t be abank unlessit federal regulation. State-chartered Ifar prefer his economic policies to acceptsdeposits, no matterthat it financial companies fail moreoften those of the Democrats. I’vewritten offersother services—consumer than national banks,and experience manytimes to defend his administra- loans,credit cardsorpayment pro- roughly double the losses when tion’spolicies against unfair attacks cessing—that banks have tradition- they do.Neither arestatessuing us from theleft, and I’veapplauded his ally offered. This claim is legally and to defend amoreefficient system of judicial appointments. But Iwon’t historically wrong,aswell as risky. financial services.Does anyone be- vote forhim, forreasons of Constitu- Consumer protection and the safety lievethat anational lendingcom- tion and character. and soundnessofour financial sys- KLEIN pany or aglobal-paymentsproces- No modern presidenthas shown VID

temare at risk if it succeeds. DA sor works betterbybeing regulated so little care fororgrasp of howgov- TheOfficeofthe Comptroller of by 50 stateauthorities,rather than ernment works—for instance, what the Currencydetermines which Twothingsaccount forthis great Theclaim that banks must take by operating under one regulatory powers the president does and companies qualifyfor chartersas unbundling of banking,fromthe fi- depositscontradictsboth bank his- framework? doesn’t have.None have found it as national banks or federal savings nancial supermarketsofthe 1990s tory and bank law. Depositsweren’t TheNew York lawsuit is are- hard to put the nation’swell-being associations and supervises the ac- to the specialty fintech boutiques of an important source of funding for minder that consumer preferences abovehis own, on matters as basic as tivities of those banks to ensurefair today. First, technological changes chartered U.S. banks in the early evolveand the market and itsregu- setting aside the interestsofhis fam- access to financial services and the have created newfintech competi- 19th century. In the 20th century, latorystructuremust evolvetoo.It ily business. safety and soundnessofAmerica’s tors that canform banking transac- credit-cardbanks funded them- took the Supreme Court in 1870to federal banking system. Thecom- tions.Second, customer behavior is selves primarily through securitiza- clarifythat national banks mayis- mitment to safety and soundness adapting quickly to the newtech- tion of receivables rather than de- sue certified checks—highly contro- Mr. Trump erodes public hasarecord: National banks fail nologies.Manycustomers—whether posits. Banks have always been versial then but takenfor granted less oftenthan state-chartered consumerswith minor credit blem- defined by the types of services now. In the late1960s,atthe dawn trust and embarrasses banksand lose lessmoney when ishes,orsmall retailers—have voted they provide—paymentsand lend- of the computer age, our agency his office. Join me in they do. with their feet and takentheir busi- ing—andthe specific instruments again fought all the way to the high nesstospecialized (and often they usetoperform those services court to establish that banks could not voting for him. cheaper) marketplacelendersand necessarily changeovertime. offerdata-processing services.In Firms that makeloans and payments providers. Given that banks competefor the early 1990s,the justices held Traditional bank lending and sourcesoffunding with firms that that bankscould offer variable an- Especially vital is that apresident processpaymentsshould paymentshaveearned lowornega- earn high ratesofreturn, compete nuities because those products set aside personal interest in rela- be charteredand regulated tivereturns in recent years, com- with global debt marketsfor cus- served the same purpose as savings tions with foreign powers.Heshould paredwith returns of 50% to 150% tomersseeking to borrow money, accounts. In each of these cases,the present aunited front with his do- as national banks. forspecialized fintech providersin and competewith technologycom- forces of the status quo fought mestic political rivals against foreign payments, bank and capital markets panies to provide customer ser- change, but progressprevailed to meddling in U.S. politics,and he technologies,information services, vices,banks must adapt or die.Ina allowthe federal banking system to should refrain from using U.S. lever- Unfortunately,the OCC’sability andpayroll services. market economy, customerswill ob- evolvetomeet the needs of the cus- ageoverweaker countries to seek to provide quality supervision Technological change, customer tain loans and receivethe payment tomersbanks serve. personal electoral advantage. In the shrinks as morebanking activity preferences and market perfor- and other financial services they As one federal court put it in the Russiaand Ukraine affairs, it’strue migrates to shadowbanks.Before mancetell us that unbundling is in- need in the manner they choose. late1970s,“the National Bank Act that some of his opponentswent be- thefinancial crisis,national banks evitable—services that banks have Thequestion is whether they will did not freeze the practices of na- yond the available evidenceincharg- conducted the majority of consumer historically provided will increas- receivethem on safeand supervised tional banks in their nineteenth ing him with misconduct. But even lending and virtually all payment inglybeoffered by specialty firms, banking platforms or will resort to centuryforms.” Forthat same rea- shorn of exaggeration, his conduct activity in the U.S. But the past de- oftenwith afintech flavor.Does lightly regulated shadowbanks. son, we will fight the battle over fell short of what Americans should cade witnessed dramatic change. By that mean that services that for- So whyare NewYork and other fintech charterssocustomerscan expect. 2018 banks’ shareofpersonal loans merly were subject to federal super- states fighting the OCC’sauthority choose the financial services they At the start Iwas happy to allow fell to 28% while fintech’sshareof vision will nowoccur predominantly to charter national banks that en- want and we canensuresafety, the man ahoneymoon, thinking the that market rose to 38%. Fintech in the shadowbanking sector,away gage in manycorebanking services soundness, and fairnessasthey do shockofgreat responsibility might unicorns such as Square, PayPal and from the safety and soundnessour but happen not to take deposits? so. lead him to put away childish things, Stripe have similarly captured a agencycan provide? Only if the They could simply be protecting that he might matureasdid Shake- largeand growing segment of the NewYork lawsuit succeeds in pre- turf. Or they could be worried about Mr. Brooks is acting comptroller speare’sHal (in “HenryIV”)and ban- payments businessthat national venting the federal banking system losing the money they earn from li- of the currency. Mr. Calomiris is ish his internal Falstaff.Mr. Trump banks previouslydominated. from adapting. censing shadowbanks.In2019,New chief economist of the OCC. didn’t change. He won’t changenow. I’m no foreign-policyintervention- ist, but it is wrong to envy the meth- ods of overseas strongmen. Friends Seoul Cracks Down on Dissent Against North Korea who plan to vote forhim don’t deny the lack of impulse control, the vin- By Joshua Stanton ing Mr.Moon’spolicies. agreementswith Pyongyang to tran- Seoul out on itssuppression of free- dictivemeannessofspirit, the Niag- And Sung-Yoon Lee New bills in the National Assem- scend “differences in ideologyand dom. Congressshould increase fund- araoflies.Don’t fuss so much about bly—whereMr. Moon’sparty holds a systems,” and achieve“independent ing forradio transmission into the man himself,they say. Followthe outh Koreaisthe second-great- supermajority—would criminalize reunification led by Koreans”—a North Korea. And President Trump policies. S est threat to human rightson the expression of unsanctioned phrase North Koreauses to mean canuse the presenceof29,000 U.S. But the presidency—unlikethe the Korean Peninsula. Presi- views about Korean history, punish- “independent of the U.S.” troops,which most South Koreans Senate, whereself-absorbed talkers dent Moon Jae-in ordered acrack- able by up to seven years in prison. support, as leverage. Rather than de- cansail by foryearswithout notice— down in July on activistsprotesting TheChosun newspaper also reports manding Seoul paymorefor Ameri- has executiveresponsibility.Itis North Korean dictator Kim Jong Un’s that the party plans to amend exist- Seeking accommodation, canprotection, aprospect Koreans chargedwith delicaterelations with crimes against humanity.South Ko- ing inter-Korean relations laws to would naturally resist, Mr.Trump rival foreign powers,and with re- rea’snational police have undertaken criminalize acts that “endanger the the government audits could jolt South Korean voters out of sponding to crises. politically driven auditsofmorethan physical integrity or lifeofSouth human-rights groups and complacencybywithdrawing more When the crisis came as apan- 100 human-rightsorganizations,and Koreans.” By bowing to Pyongyang’s ground troops underthe rubric of demic,adifferent president, con- the president is pushing fornew threat to fire on South Koreans who seeks to outlaw speech. “forces realignment.” scious of his limitations,might have laws to criminalizespeech. send messages acrossthe border, In the interest of freedom, democ- stepped back to let AnthonyFauci Mr.Moon has staked his legacyon Seoul gives Pyongyang an incentive racy,and peaceinKorea, America and Deborah Birx do the talking.But improving relations with Pyongyang, to makemorethreatsofviolence Most South Koreans do not sup- must break the silencethat the cen- Mr. Trump has bluffed his way but in practicethat’smeant taking andact on them, as it has in the port Mr.Moon’sbid to merge South sorsinSeoul and Pyongyang seek to through lifeclaiming to knowmore cues from itsvicious dictatorship.On past. and North Korea. But he’sdeter- enforce. than the experts. He needs to be the June 4, Kim Jong Un’s sister Kim Yo Mr. Moon’s ultimate objective is minedtomakeithappen, as were groom at everywedding and the in- Jong denounced South Koreans who reunification with the North by his predecessorsRoh Moo Hyun Mr. Stanton, aWashington law- fant at everychristening. use balloons to send leafletsacross 2045—and he’swilling to accept (2003-08) and Kim Dae Jung.This yer, blogs at FreeKorea.us. Mr. Lee Stories abound of howzanyideas the demilitarized zone.Calling them terms unlike those of the 1990 Ger- will surely be an issue in the coun- is an assistantprofessor at Tufts arequietly tamped down, or ignored “human scum” and “mongrel dogs,” man reunion. He plans to ask the Na- try’s2022presidential election. University’s Fletcher School of entirely,byappointees around the Ms.Kim demanded that Seoul “make tional Assembly to ratifyaseries of Meanwhile, the U.S. ought to call Diplomacy. agencies.But that’snot astable situ- alaw to stop the farce.” Hourslater, ation.Intime he will insert moreper- Seoul said it would ban the leaflet sonal loyalistsintoagencyjobs. campaigns.Policeraided activists’ Rememberthe “character counts” offices,and the Unification Ministry, Adventures of the Bad Boy Bowling Gang conservatives? Theclassicistswho which oversees relations with North went back beyond the Federalist Pa- Korea, revokedthe operating li- By Gregg Opelka thanks to my grandparents’ recent principal’soffice. He no doubt wanted perstothe Greeks and Romans to censes of two organizations. movetoFlorida, Iwas the proud to head off another Bad BoyBowling ground conservatism in civitas and Mr.Moon has also used Korea’sil- ad therebeen apandemic in owner of what had been their gor- Gang ditching the next day. virtue? Whothought deeply about liberal “criminal defamation” law, un- H the1970s,when Iwas 16,a geous whiteCadillac with large tail This can’t be good,Ithought, the dangerstothe republic from a der which truth is no defense.Hehas happy tragedy that happened fins.Itmay not have been amuscle trembling.Iwas escorted intothe man on horseback,ademagogic flat- filed at least 10 defamation lawsuits, during my junior year of high school car, but it oozedstyle.Weagreed I principal’sinner sanctum, wherehe tererofthe people,who preaches “I personally or through surrogates, might not have occurred at all. would park at the back of the school wassmoking acigarette.The silent alone canfix it”? against opponentsduring his politi- Spring is the time of year—espe- parking lot half an hour before pauses while he inhaled only height- “But he fights.” He is alitigious calcareer,including three in April cially at an all-boys Jesuit high classesweretostart. Iarrived ened the unbearable suspense.In man who has openly boasted of using 2017, the month beforehewas school in Wilmette,Ill.—when a promptly at 8a.m. When the full co- front of him layapile of our losing lawsuitstoharm his critics. elected and took office. Sincethen, young man’sfancyturns to two hort had appeared, we surreptitiously school’sfamiliar pink absentee slips, Yes, apresident needs some combat- lawmakersfromhis party have de- things: girls and cutting class. I’d (as much as is possible in abig white six in all. He placed the pile in front ivespirit, but it should be discern- manded that Google Koreatakedown been somewhat of an exception, a Caddy) rolled out of the parking lot of me and utteredone unforgetta- ing—especially when aimed at fellow political commentaries they deem model student, until three friends toward our destination. ble,terrifying phrase: “Separatethe Americans—and giveway in due sea- “fakenews” and used taxprobes to andIdecided one FridayinMarch TheRecreation Bowl, fondly real from the fake.” Gingerly I son to aspirit of reconciliation. target opponents. Policehaveeven to ditch class. known as TheRec,was the local 12- placed one notetothe side.Saying We don’t knowwhen the next cri- investigated campus postersparody- Ourplan wassimple.Atthe time, lane bowling alley three miles away. nothing, he glared at me through sis will come.Itmight be aclose elec- It didn’t open until 10 a.m., so we azureringsofsmokeuntil Iguiltily tion in which Mr.Trump needs to ac- had to kill time at the nearby placed all six notes in the “fake” cept the decision of the judiciary. We McDonald’s. Oncethe den of iniquity pile. might need national unity.Instead, PUBLISHED SINCE 1889 BY DOWJONES&COMPANY unlocked itsdoors, we snaggeda Everyday forthe remaining eight this man’stweetsare the ground Rupert Murdoch Robert Thomson lane and spent four blissful hours weeks of the school year, my fellow glassinthe national milkshake. Executive Chairman, News Corp Chief Executive Officer, News Corp shooting strikes,spares and alot of truantsand Ifaced JUG, short for Ahigh degree of social trust is Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher gutter balls.Sojoyfulwereweto “JusticeUnder God.” An hour before needed both foradynamic economy Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: have escaped our imprisonment, we and afterschool, we had the plea- and forthe rule of law. But as legal Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; didn’t care who wonthe games.Our sure of cleaning classrooms and re- scholarOrin Kerr putsit,“the presi- Jason Anders, Chief News Editor; Louise Story, Chief Natalie Cerny, Chief Communications Officer; usually cutthroat, competitivena- moving trash from the football dent’ssignaturemoveistoattack the News Strategist, Product &Technology Officer Kamilah Mitchell-Thomas, Chief People Officer; EdwardRoussel, Chief Innovation Officer; tures melted away in the warm af- stands.That wasthe last time Icut legitimacyofeveryone and everyin- Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer terglowofour successfulescape. classinhigh school. stitution who is not in lockstep with Features &Special Projects; Andrew Dowell, Asia; Eventually,when we could incon- Not until Ithought about the him.” AnthonyGalloway, Video &Audio; Brent Jones, OPERATING EXECUTIVES: Culture, Training &Outreach; AlexMartin, Print & Jason P. Conti, General Counsel; spicuously make after-school ap- school kids of 2020—manyofwhom Some offer the “Flight 93 election” Writing; Michael W. Miller, Features &Weekend; TracyCorrigan, Chief Strategy Officer; pearances,Idropped my classmates can’t return at all to their comrades, theory, in which everyfour yearswe Emma Moody, Standards; Shazna Nessa, Visuals; Frank Filippo, Print Products &Services; off at their homes,then droveto their chessclubs,their dances,their facealast-chance, bet-the-country MatthewRose, Enterprise; Michael Siconolfi, Kristin Heitmann, Chief Commercial Officer; Investigations; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; mine.Overthe weekend, we each sporting events—did Irealizewhat abyss.Idon’t buy it. Our countryhas Thomas SanFilippo, Customer Service; concocted phonynotes from our Ihad really learned from my bowl- asystemofrotation in office. The GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; motherssaying their sons had been ing truancysomanyyearsago:I’d other party gets itsturn, and the Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; ill on Friday. gladly suffer through even the con- countrysurvives.Itwill surviveDon- Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International We should have leftitatthat, but finement of an all-boys Jesuit class- ald Trump,too.But the country WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; nothing emboldens likesuccess.We room if it meant Icould be with my should not have to facefour more LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head decided to repeat the experiment, not pals. yearsofhim.

EDITORIAL AND CORPORATEHEADQUARTERS: onceortwicebut forthe next five 1211 Avenue of the Americas, New York, N.Y., 10036 Fridays.One Thursdaymorning Iwas Mr.Opelka is amusical-theater Mr. Olson’s books include “The Lit- Telephone 1-800-DOWJONES summoned from biologyclasstothe composer-lyricist. igation Explosion.” P2JW254000-0-A02000-17FFFF5178F

A20 | Thursday, September 10, 2020 THE WALL STREET JOURNAL.

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S&P 3398.96 À 2.01% S&P FIN À 0.91% S&P IT À 3.35% DJ TRANS À 1.48% WSJ $ IDX g 0.35% LIBOR 3M 0.250 NIKKEI (Midday) 23156.49 À 0.54% See more at WSJ.com/Markets RailroadRejects $20Billion Offer Mall

BY CARA LOMBARDO Kansas City rejected that offer Without commenting on the shut many U.S. stores,but vol- dustrial productsupfromfac- Owners AND MIRIAM GOTTFRIED after earlier brushing back a offer,Kansas City Southern said umes have been steadily re- tories south of the border into bid that wasbelow$200 a at an industry conference turning.Kansas City Southern Texas and the Midwest and Kansas City Southern has share,the people said. Thetwo Wednesdaythat it wasre-es- said that itsvolumes,which haul American farm goods back To Buy rejected aroughly $20 billion sides aren’t in discussions. tablishing the financial guid- bottomed out in early May, to Mexico. It also runs arail takeover offer from agroup of Themost recent offer,which ance it withdrew earlier this have returned to pre-pandemic link along the Panama Canal. investors, arguing that the bid TheWall Street Journal firstre- year in the early days of the levels.Still, itsthird-quarter Likeother large railroads in undervalues the railroad opera- ported last week without quan- coronavirus pandemic nowthat volumes aredown6%todate North America, Kansas City Penney tor, according to people familiar tifying it, represented aroughly visibility has improved. It now and revenues aredown14%. Southern is in the midst of im- with the matter. 35% premium to Kansas City expects2020 earningsper Kansas City Southern is the plementing anew operating Global InfrastructurePart- Southern’s sharepricebefore shareroughly in line with last smallest of the five major plan that calls forrunning Mall owners Simon Prop- ners and the infrastructurearm the Journal reported that the year’s. freight railroads in the U.S. The fewer, longer trains on atighter erty Group Inc.and Brookfield of private-equity giant Black- firms were contemplating abid Therail industrysuffered a companyplays akey role in schedule.The overhaul will re- Property Partners LP agreed stone Group Inc.had offered in lateJuly,when the stock was sharpdropinvolumes earlier U.S.-Mexicotrade,with anet- quirefewerlocomotives and to acquire J.C. Penney Co.out Kansas City Southern $208 a already rising on speculation of this year as the pandemic work acrossboth countries.Its railcarsand has boosted the of bankruptcy for$800 million, share, some of the people said. apotential takeover. slowedtrade and temporarily trains bring autos and other in- company’sprofits and shares. including debt, keeping the be- leaguered department-store chain aliveamid the coronavi- Agauge of howfar and fast big Nasdaq stocksmove has Share-price ruspandemic. Stocks pulledback from whatits usersregardasveryoverbought. performance By Suzanne Kapner 80% Nasdaq 100 relativestrength index* And Alexander Rebound, Gladstone 80 Apple 60 Simonand Brookfield, J.C. Penney’s landlords,have Led by reached an agreement in prin- 40 cipletobuy the chain, which 70 ▲OVERBOUGHT filed forchapter 11 in May after Highfliers 20 the pandemic shut down nones- sential shopping acrossthe 0 Nasdaq 100 country. BY ANNA ISAAC If approved in bankruptcy AND PAUL VIGNA 60 court, the deal would prevent –20 the closureofhundreds of loca- U.S. stocks rebounded aftera Jan. Sept. tions acrossmalls and shopping three-session selloff in big tech- centersthat facerising vacan- nologystocks that pushed the cies due to Covid-19. Monthly change in Nasdaq CompositeIndexinto 50 Agroup of lendersincluding correction territory. Tesla market value H/2 Capital Partners LLC, Thestocks that drovethe $200 billion Sculptor Capital Management downturn—Apple, Microsoft Inc., Brigade Capital Manage- and Amazon.com,among oth- 150 ment LP and Sixth Street ers—led the bounceback as well, 40 Partners have signed on, bet- all climbing at least 3.7%. Those 100 ting that Penney canmake shares began retreating last money selling clothing,cosmet- week aftersoaring this year, 50 ics and cookware despitethe benefiting from the stay-at- starkchallenges facing Ameri- 0 home orders implemented to 30 canretail. slowthe pandemic. Thelandlords will own Their gains pulled the Nasdaq ▼ OVERSOLD –50 about490 of Penney’s remain- CompositeIndexup293.87 ing 650 stores outright, aper- –100 points, or 2.7%, to 11141.56,re- son familiar with the matter covering some of the losses it 20 –150 said. suffered during itssteepest They will lease160 other 2017 ’18 ’19 ’20 three-daydropsinceMarch. 2017 ’18’19 ’20 stores plus distribution centers TheDow Jones Industrial Av- *14-day RSI from the lenders, which will eragerose 439.58points, or Source:FactSet ownthose assetsinreturn for 1.6%, to 27940.47, and the S&P forgiving some of Penney’s $5 500gained 67.12 points, or 2%, STREETWISE | By James Mackintosh billion in debt. to 3398.96. Both indexesare still Thecompanyhad about 850 lowerfor September. locations at the time of its TheNasdaq logged43record bankruptcy filing and has closes this year,the most recent Tech Investors Should Worry About closed some forgood. aweek ago. Itsfall from arecord Sincethe coronavirus began intocorrection territory—ade- spreading,bricks-and-mortar clineofatleast 10% from are- What Happens After Lockdown Ends retailershavebeen among the cent high—was the fastest ever. hardest hit as authorities lim- Despitebeing down more ited social gatheringsand shop- than 7% over the past week,the Theplunge growth stocks: aswitch in of its value from last week’s rise, the most popular stocks persstayedhome fearing con- Nasdaq is holding on to a24% in technology sentiment, achangeinthe high, the general tech down- should fall back to Earth. So tagion. Combined with gain in 2020. stocks re- economic outlook and ahit draft worsened by its plan to far, at least, the fall has competition from Amazon.com “Thingscalmed down alot,” versed on to fundamentals. raise $5 billion from share- merely taken the froth off; Inc., the pandemic hastened a said FawadRazaqzada,anana- Wednesday, The switch in sentiment holders and failure to join the Nasdaq 100, S&P tech reckoning formanyretailers lyst at ThinkMarkets. “Wegot but Big Tech has been under way for a the S&P 500. sector and Russell 1000 struggling to adapt to changing the correction we should have is still down week now, and hit the best- Therewereplenty of growth indexes are roughly shopping habits. had afew weeks ago. Nowinves- heavily from the peak earlier performing tech stocks (and warning signs that the mar- back to where they were a Retailbankruptcy filings tors areasking whether they this month. Is their incredi- similar disrupters) hard. At ketwas getting excessive, es- month ago. quickly piled up this year as ap- should buy the latest dip.” ble runatanend? If not, its low on Friday, Apple, the pecially in options,asthe Upward momentum in parel companies including Pen- So far, few investorsappear what could triggerthe end? largest company by value, last Streetwise column dis- markets can turn into down- ney,Neiman Marcus Group Ltd. PleaseturntopageB2 Thingsthat canbreak was down just shy of 20% cussed. One example: Tesla ward momentum, and Big and J.Crew Group Inc.turned to stocks generally divide into from the previous week’s wasup74% in August alone. Tech could fall truly out of chapter 11, hoping to restruc-  Short selling proves costly for three,and each holds dan- high. Electric-car maker It shouldn’t be a surprise favor. But sentiment on its turetheir debtsand weather some investors...... B9 gers forBig Tech and similar Tesla has lost almost a third that after such an explosive PleaseturntopageB2 PleaseturntopageB2 More Firms Pledge INSIDE NBCUniversal, in Shake-Up, To AddBlack Directors Taps Chief forTVProduction

BY ANNE STEELE the end of September to sign or veto the bill. “Wedon’t typi- BY JOE FLINT Anew group of U.S. compa- cally comment on pending leg-

nies is pledging to add aBlack islation,” the governor’s press NBCUniversal has over- JOURNAL director to their boards within officesaid afterthe bill passed. hauled itstelevision-produc- REET

the next year to diversifyand “Ifand when abill reaches the tion unitsunder Pearlena Ig- ST help acceleratemoreinclusion governor’s desk,itisevaluated bokwe,afast-rising executive LL in corporateAmerica. on itsmerits.” who has been promoted to WA THE

ZillowGroup Inc., Next- If signed intolaw in Califor- BUSINESSNEWS chairman, Universal Studio R

door.com Inc., HopSkipDrive nia—which two yearsago suc- Companies report Group,the companysaid FO Inc.and Heritage-Crystal cessfully mandated seatsfor success creating Wednesday. GER Clean Inc.are among public women on corporateboards— ThemoveputsMs. Igbokwe and privatecompanies signing thebill could prompt legisla- NBA-style bubbles to over NBCUniversal’svarious on to the BoardChallenge, a tive effortsinother states,as protectstaff. B3 content production arms,an

pledgefor boards to add a well as legal challenges.About important role as the unit is ODUCTIONMANA

Black director within one year. adozenother states,including relied upon to develop content /PR

In addition to those 17,more Colorado,Maryland, Illinois forthe company’svarious VIS DA

than 20 othercompanies with andNew York,havesinceen- platforms including the NBC Y

Black directors, including acted or areconsidering board- broadcast network,cable AND Nordstrom Inc., United Air- diversity legislation. channels such as USAand Pearlena Igbokwe,the newchairman of Universal Studio Group, helped linesHoldings Inc.and WW “I’m adding my voiceand Bravo and the new streaming launch shows including NBC’s‘The Good Place’ and ‘Superstore.’ International Inc., have joined Zillow’s voicetothis growing service Peacock. Ms. Igbokwe the group and pledged to use chorus to not be passiveand to will also oversee production of Shell said. Shell, who succeeded Steve their resourcestoaccelerate increase diverse representation shows that Universal makes Bonnie Hammer, aveteran Burkeaschief executiveear- diversity efforts. at thehighest level,” Zillow for other companies. She will executivewho had been chair- lier this year. Theeffort comes about a Chief ExecutiveRich Barton report to NBCUniversal Chief man of the unit, has been Mr.Shell has pushed to week after California lawmak- said. Executive Jeff Shell. named vicechairman of NBC- streamline much of its opera- erspassed abill that would re- Aboardseat opened up at “Our television studios are Universal and will serveasan tions and reduceredundancies quirepublicly traded compa- thereal-estatelistingscom- FINANCE key growth engines forthe adviser to the company’senter- throughout the company. Spe- nies based in the statetohave panyinApril, beforeGeorge Real-estate investor company, and Pearlena is ide- tainment operations,also re- cifically,Mr. Shell wantstodo at leastone director from ami- Floyd’s death in policecustody Starwood loses seven ally suited to lead them. She porting to Mr.Shell. away with the fiefs that have nority community by the close in Minneapolis on May25 has extraordinarytasteand is Themoves are part of a existed at NBCUniversal’s ca- of 2021. touched off aracial reckoning of itsmalls aftera well-respected within NBCU, continuing realignment at the ble, broadcast and streaming California Gov.Gavin in the U.S. bond default. B5 and throughout the global Comcast Corp.-owned enter- platforms.Rather than each Newsom, aDemocrat, has until PleaseturntopageB5 creativecommunity,” Mr. tainment company under Mr. PleaseturntopageB5 P2JW254000-5-B00200-1------XA

B2 | Thursday, September 10, 2020 ***** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS WATCH

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

A G Nvidia...... B5 Alphabet...... B2 General Motors.....A5,B4 P Altimeter Capital Global Infrastructure Pacific Retail Capital Management...... B5 Partners...... B1 Partners...... B5 Amazon.com...... B1 Golden East InvestorsB5 Pinterest...... B5 Apple...... B1,B9 Guild Esports...... B9 Procter & Gamble...... B5 ASML...... B9 H S AstraZeneca...... A6,B2 Heritage-Crystal Clean Simon Property GroupB1 AT&T...... B5 ...... B1 Slack Technologies.....B2 B HopSkipDrive...... B1 SoftBank...... B9 Bayerische Motoren I Sony...... B3 Werke...... B4 InterContinental Hotels Spielwarenmesse...... B4 Blackstone...... B1 Group...... B2 Starwood Capital Group Boardlist...... B5 J ...... B5

Bristol-Myers Squibb.B5 T S Brookfield Property J.C. Penney...... B1 Juul Labs...... A3 Tesla...... B1,B4 NEW Partners...... B1 G ByteDance...... A1 K Tiffany...... A1,A8,B2,B10 Toyota Motor...... B4

C Kansas City Southern B1 OOMBER U Cheniere Energy...... B3 L /BL United Airlines...... B1 Comcast...... B1 Lucid Motors...... B4 D LVMH...... A1,A8,B2,B10 V MORRIS UL

Daimler...... B4 M Valence...... B5 PA Volkswagen...... B3,B4 DTE Energy...... B3 Messe Berlin...... B4 VID W DA E - F Microsoft....A1,B1,B3,B9 The airline said it expects scheduled capacity to fall about 70% for the third quarter and passenger revenue to drop by roughly 85%. WW International...... B1 Eastman Kodak...... B9 N easyJet...... B2 Nextdoor.com...... B1 Z UNITED AIRLINES ond quarter as sales fell because Donna Karan, Calvin Klein and The companyisalso exploring Facebook...... A1 Nordstrom...... B1 Zillow...... B1 of store closures, though digital other apparel brands on Wednes- similar initiatives in Germanyand Carrier Reaches Pilot demand rose. dayreported alossof$14.9 mil- the U.S. Deal, Cuts Outlook The clothing retailer on lion, or 31 centsashare, forits —Dave Sebastian Wednesdaypostedalossof fiscal second quarter thatended INDEX TO PEOPLE United Airlines Holdings Inc. $13.75 million, or alossof8cents July 31. In the same period last NAVISTARINTERNATIONAL and its pilots announced aprelim- ashare, compared with aprofit of year,G-III earned aprofit of $11.1 A Guiony, Jean-Jacques.A8 Mattiusi, Alexandre....B4 inary agreementthatcould pause $64.98 million, or 38 centsa million, or 23 centsashare. Truck Maker Blames Arnault, Bernard.A8,B10 H P plans to furlough morethan share, in the year-ago period. Sales fell to $297.2 million Pandemic forLoss Athey, James...... B2 Hammer, Bonnie...... B1 Plenge, Steve...... B5 2,800 pilots. Sales fell 15% to $883.5 million. from $643.9 million. G-III said it B Heithecker, Jens...... B4 R Details of the deal weren’tre- Digital demand rose 48%, the expects sales to fall 28% to 33% Navistar International Corp. Barton, Rich...... B1 Hicks, Ken...... B2 Rawlinson, Peter...... B4 leased. Other carriers have struck companysaid. during the second half of its cur- reported alossfor the July quar- Beckham, David...... B9 Hirst, Tomas...... B9 Razaqzada, Fawad...... B1 deals with unions to avoid or de- Aerie’sdigital demand more rent fiscal year,compared with terasitsold fewertrucksand Belloni, Antonio...... A8 I S layforcedcuts, at leastfor pilots. than doubled, while the American the same period in 2019. parts because of the Covid-19 Bunker, Nick...... A2 Igbokwe, Pearlena...... B1 Shell, Jeff...... B1 United also forecaststeeper- Eagle segment’srose21%. Other —Micah Maidenberg pandemic. Burke, Steve...... B1 J Soltau, Jill...... B2 than-expected declines in passen- retailers also have seen online The truck maker on Wednes- C Sternlicht, Barry...... B5 ger revenue and scheduled capac- strength. MCDONALD’S daypostedthird-quarter net loss Jones, Oliver...... B2 Sun, Sean...... B2 ityfor the thirdquarter. The —Dave Sebastian of $37 million, or 37 centsa Clegg, Nick...... A1 K T airline said it expects scheduled Burger Chain Tests share, compared with anet profit D Kick, Ernst...... B4 Taylor, Lyndon...... B5 capacitytofall about 70% forthe Reusable Cups in U.K. of $156 million, or $1.56 ashare, Deason, Mark...... B5 Källenius, Ola...... B4 Tunis, Ryan...... B10 thirdquarter and passenger reve- G-III APPAREL in the year-earlier period. Krpata, Petr...... B9 F - G W nue to drop by roughly 85%. Store Closures Hurt McDonald’s Corp. said it is Sales fell 44.94% to $1.68 bil- Farah, Roger...... A1 L - M Winterkorn, Martin....B3 —Dave Sebastian joining with TerraCycle’scircular lion. Grossman, Mindy...... B5 Lisboa, Persio...... B2 Wishom, Andrea...... B5 Apparel Maker’s Sales packaging service, Loop, to test “Our fiscal thirdquarter AMERICAN EAGLE reusable cups forhot beverages opened during the middle of G-III Apparel Group Ltd. at select U.K. restaurants in 2021. manystay-at-home orders and Joshua Sussbergsaid during a Clothing Retailer swung to alossinits most re- Customers would giveasmall ended with sections of the econ- Landlords hearing Wednesdayinthe U.S. PostsQuarterly Loss cently completed quarter as sales deposit forthe Loop-createdcup, omybeginning to reopen, and our BankruptcyCourt in Corpus fell 54% amid store closures and which theywould return to cer- results certainly reflect this,” Chief Christi, Texas. American Eagle Outfitters Inc. shifting consumer demand. tain restaurants forwashing and ExecutivePersio Lisboa said. To Acquire Thedepartment-storechain swung to alossfor the fiscal sec- The companybehind DKNY, reuse afterward, McDonald’ssaid. —Dave Sebastian will exit from bankruptcy with an enterprise value of $1.75 bil- J.C. Penney lion, he said. expect the three booststoturn increasingly competing with Finally,the old industries TheWall Street Journal re- Tech Sector intoamajor drag forBig Tech. each other.Sofar this hasn’t might eventually gettheir act ported in August that Simon Thework-from-home impulse done significant damageto together.The video-streaming ContinuedfrompageB1 and Brookfield were the leading will fade,eveniffewerofusgo earnings, because the markets wars arepart of afightback by the downturn. Others, such as contenderstoacquirePenney Faces Peril intothe officethan before. Old forvideo and music streaming, Disney and the cable compa- NewYork &Co. and Lord & in abankruptcy auction. industries will offer great—if cloud services and online ad- nies againstNetflix and Ama- Taylor,are liquidating. They beat outcompetition temporary—growth in arecov- vertising have been expanding zon, and while it isn’t obvious Penney had struggled long from private-equity firm Syca- Post-Virus ery. And stronger economic so quickly.But one daythey that Netflix has lost ground, it beforethe health crisis as vari- morePartnersInc.and Saks growth means higher Treasury will either competeaway each is at least arisk.The cargiants ous leadersshiftedstrategies. FifthAvenue owner Hudson’s yields (even with the Federal other’s fat profit margins,or arefinally pushing back In itsheyday, it wasknown for BayCo.,according to people fa- ContinuedfrompageB1 Reserve’sdovishness), which we will enter atechnologydys- against Tesla with decent elec- good quality and value and was miliar with the matter. ownisunlikely to do more typically hitsthe highest-val- tric models,too,with General the placemiddle-classconsum- Wells FargoBank NA has than correct part of the rapid uedstocks hardest. MotorsonTuesdayinking a erswent to buy apromdress, agreed to supply $2 billion in gains. Even the fundamentals of After a recovery, the deal with newcomer Nikola. firstsuit or home décor. exit financing to help liftPen- Theeconomic outlook is a the big tech stocks aren’t as Traditional publishershave “For manyyears, J.C. Penney ney out of chapter 11, Mr.Suss- bigger danger,asithas an in- great as they were.The China rest of the market been lobbying governmentsto wasAmerica’sdepartment bergsaid. creasingly strangelink to tech trade warhas morphed intoa should catch up to force Alphabet’s Google to pay store,” said KenHicks,the re- Thecompanywas flirting stocks.They thrived in lock- technologywar,which leaves fornews, with some success in tailer’s former president and with collapse as recently as late down from atriple boost: We manyofthe leaders(especially Apple and its peers. Australia and partsofEurope. chiefmerchandising officer. August when talks between its all moved our lives online,the Apple and the chip makers) ex- Theeconomic and funda- “But they fell off the map.” landlords and lendersbroke collapse of the economymeant posed. Antitrust regulators mental threatsare forthe fu- LoyalPenney shopperssaid down. their growth had rarity value, have finally wakedfromtheir ture,though. Theimmediate they were overjoyedthe chain Thecompanydressed mid- and lowerTreasuryyields me- slumber,while taxauthorities topia with strictly defined mo- risk is that sentiment gets alot will stay in business. dle-classAmerican families for chanically pushed up the valua- in Europe aretrying their nopolies.The firstisgood for worse. Isuspect we’realmost “Thereisnot one thing that morethan acenturybut ran tion of stocks with adecent hardest to grab some of the customersbut hurtssharehold- done with blowing froth off the storehas that Idon’t need,” into problems over the past de- profit outlook. profitsofthe tech multination- ers, while the second is terrible tech stocks,eventhough valua- said Cherie Corso, who visits cade.Penney never regained its When bad news on the als.The software companybe- forsociety—and while every tions remain very high. But I the Penney storenear her home footing afterafailed makeover economymakes astock out- hind popular game Fortnitehas investor wantstobuy abusi- am hopeful that the economy in Pelham, N.Y. at leastoncea by former Apple Inc.executive perform, good news probably opened up another front, using nessprotected by what Warren will keep improving, making week forshoes,dresses,towels, Ron Johnson did away with dis- means it will underperform. So the courtstotry to break Ap- Buffettmemorably called a the longer-run outlook better sheetsand makeup.“I’m so countsand popular in-house far we haven’t had much good ple’scontrol of apps. “moat,” historyisfull of mo- forthe rest of the market than happy they aren’t going out of brands.Former Home Depot news,but if we do we should Thetech disruptersare also nopolies that grew fat and lazy. forApple and itspeers. business.” Inc. executiveMarvin Ellison, Penney’s deal means contin- who is nowCEO of Lowe’s Cos., ued employment formost of its brought back appliances when “Thereare varying degrees of 70,000 employees.Italso he took the reins at Penney and Highfliers truth to that.” marks Simon’sthirdacquisition lost focus on apparel, the Meanwhile,the natureand in four yearsofabankrupt ten- chain’scorebusiness. Jill Sol- timing of afurther fiscal stimu- ant in partnership with Brook- tau, whohas been CEO since Help Stocks lus forthe U.S. economyremains field afterthe property owners 2018,has refocused on apparel. aconcern of investors. Senate teamed up to purchase apparel Penney entered bankruptcy Republicans proposed a new, retailersForever 21 Inc.inFeb- proposing to split itsretail op- Rebound smaller package of coronavirus ruaryand Aéropostale Inc.in erations and itsreal-estate aidTuesdayaimed at unifying CIGARS 2016. holdings intoseparatebusi- the party and bolstering it politi- In recent months,Simon, in nesses.The companywas seek- ContinuedfrompageB1 cally.Talks with Democratsre- 5 particular,has been activein ing bidderstotakecontrol of to be betting the latest selloff main at astandstill, with both bankruptcy acquisitions,team- an operating companythat will be arepeat of March when parties blaming the other forthe ing up with brand licenser Au- would hold Penney’s intellec- marketsplunged as it became lack of progress. $ thentic Brands Group LLC to tual property and most of its clearthe coronavirus pandemic “It wasn’t quitethe cliff edge only buy apparel retailers Brooks stores.That is in essencewhat would batterthe economy. that people were suggesting it BrothersInc.and LuckyBrand happened, with Simon and Still, manycaution that the might be.The recovery has con- Dungarees LLC out of chapter Brookfield taking control of the economyisstruggling to re- tinued, albeit slowly,” Oliver 11. operating companyand the cover, the fateoffurther house- Jones,senior marketseconomist Simon, the biggest U.S. mall lender groupowning some hold stimulus is unclear and the at CapitalEconomics said. 5 owner,and Brookfield arepay- properties. presidential election is likely to “Thereare expectations that at ing roughly $300 million in —Andrew Scurria increase market volatility. some point there’ll still be some- cash and assuming $500 mil- and Miriam Gottfried Sean Sun, aportfolio man- thing,evenifthe timing isn’t so lion in debt, Penney lawyer contributed to this article. ager at Thorn- clear anymore.” WEDNESDAY'S burgInvest- In corporatenews, shares of MARKETS mentSlack Technologies bucked the Management in tech rally,falling $4.08,or14%, SanteFe, N.M., said the recent to $25.24after the messaging selloff is an example of the mar- companyreported billingsfor ket’susual giveand take.The the latest quarter fell short of toptech stocks remain quite expectations.Shares of Tiffany profitable and, combined with fell $7.85, or 6.4% to $113.96af- the Federal Reserve’sdetermina- ter LVMH said it wasbacking CIGAR.com is here to prove how serious we are about earning your trust and respect. 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THE WALL STREET JOURNAL. Thursday, September 10, 2020 | B3 BUSINESS NEWS NBA’sBubble Gets aTryout In Other Fields

Utilities, filmmakers of distance. No players have tested pos- see success isolating itive while in the bubble so staff to avoid virus, far. Comparable setups have worked similarly well for the but cost is a hurdle National Hockey League, the Women’s National Basketball BY SHARON TERLEP Association and some other professional sports. Months beforeLeBron That is in contrast to Major James entered apandemic- League Baseball, which, like safebubble at Disney World to other sports, is playing in resume the NBAseason, De- empty ballparks but decided troit utility worker Teresa Em- against staging the season in a eryspent two weeks seques- self-contained bubble.The tered with her co-workers as season began with an outbreak the newcoronavirus spread on the Miami Marlins’ roster, around them. and games have been post- GY Ms. Emery and her crew at poned almost everyweek ENER DTE Energy Co.worked 12- since play began in late July. TE N/D

hour days, then returned to a Theearly returns in profes- TO nearby hotel wherethey re- sional sportshighlight the ceived food, laundryservice challengefacing U.S. compa- HOUS

and medical care.Contact with nies: Even the most extensive MARK each other outside of work workplacesafeguards canbe DTEEnergy workers in Detroit during the early weeksofthe pandemic. Crewsput in 12-hour days,then isolatedinahotel without their families. wasprohibited, and they undone by decisions employ- weren’t allowedtosee friends ees makeintheir downtime. workersisolating at home,a Dwayne Johnson film, “Red except during scenes. No one which point DTErealized that and family. “You cansignificantly mini- Cheniereteam offered to de- Notice,” will start filming this tested positiveover11days of all the restrictions and ser- “I think it washarder on mize risk, but those individu- liversupplies to families to month in what the actor de- filming,Mr. Perrysaid in an vices provided to itsown my husband,” said Ms.Emery, als aregoing to go home,” said help them stay home. scribed on Twitterasa“quar- interview with CNN. workersneeded to apply to 60 yearsold, who recalled be- Deborah Roy, president of the “Conventional wisdom antined bubble.” Mr. Johnson DTE’selectric utility unit, anyone within the bubble. ing toobusy to ruminate American Society of Safety would lead youtobelievethat said in an Instagram post last which provides service to 2.2 Out of several hundred much over missing her family. Professionals. people would getcabin fever,” week that he and his family million Michigan residents, workerssequestered, only a “They took care of everything In the spring, Texas-based said Greg Pearson,chief exec- had tested positive for firstisolated workersinlate couple became ill, likely with forus.” natural-gas exporter Cheniere utiveofthe security and risk- Covid-19 severalweeks ago March. Tracking symptoms thevirus,and they didn’t in- Most traditionalcompanies Energy Inc.set up two “isola- management firm FocusPoint but that they had recovered andkeeping workerssepa- fect anyone else.Despitebeing can’t cut off their employees tion camps” forhundreds of International Inc., which put ratedwas even morecritical in cut off from manyofthe regu- from theoutside world. But workersatsites in Corpus together and oversawthe the absenceofregular lar resources, Ms.Emery’sse- experts say there are lessons Christi and Sabine Pass. Over setup. “Everybody wasup- Workers at one gas Covid-19 testing,which wasn’t questered team restored in the successes of such bub- aroughly 45-dayperiod, no beat, thereweren’t toomany yetwidely available.Bythe powerfollowing amajor storm bles that could shape how worker contracted the virus. occasions wheretempers exporter were found time DTEsequestered itsfirst within 24 hourstosome some companies ramp back up Workerslived in complexes flared or people gotfrus- upbeat rather than workers, cases were surging in 50,000 people,which DTEsaid as U.S. coronavirus cases con- set up specifically forthe com- trated.” Detroit. set acompanyspeed record tinue to climb. pany. Everyemployeewas Aside from logistical chal- getting cabin fever. Thecompanymoved work- for restorations. The22National Basketball screened and tested beforeen- lenges and potential resis- ersintoempty hotels,had Ms.Emerysaid she and her Association teams that moved tering, said Tom Myers, Che- tancefromworkers, cost is a meals delivered to their rooms all-women crew struggled at to Orlando,Fla., in early July nierevicepresident forhealth big hurdle forcompanies con- or offices and placed carts at times to be apart from family, aren’t allowedtoleave the andsafety.Employees,includ- sidering abubble.Some of the and were no longer conta- the end of the hotel hallways but found some unexpected Disney World campus without ing manywho volunteered for same principles,however, can gious.ANetflix spokesman de- containing daily staples from perks in the work bubble, permission. They must wear the assignment, rotatedinand be applied, said Ms.Roy,of clined to provide details on linens to shampoo.Medical namely freedom from respon- masks except when they are out weekly and, in between, the safety professional associ- the setup. workersperformed health sibilities at home. playing basketball, eating or were directed to self-isolate ation.Among them: providing Filmmaker Tyler Perryset checks on each worker and at- “Not having to go home and outdoors. Sequestered in along with their families. workerswith food and medi- up what he dubbed “Camp tended to any medical needs. cook and do laundry,” she three hotels,players aresub- Medical personnel on staff calscreening on-site, and Quarantine” within his Atlanta The operation cost about $15 said. “When youdon’t have all ject to regular testing and fre- not only monitored forthe vi- making sureemployees have studiostoshoot season two of million, DTE said. those outside responsibilities, quent temperaturechecks. rus but also ensured workers protectiveequipment and are comedy-drama series “Sistas.” Early on, an employeeat working a12-hour shiftand They cansocializewith other didn’t have to leave forrou- kept apart. Cast and crew were tested ev- one of the hotels housing then just coming home was players while keeping 6feet tine medical care.For the Netflix Inc.’scoming eryfour days and wore masks workerstested positive, at actually easier.” VW’s Ex-CEO Must Stand Trial Over Emissions Scandal

BY WILLIAM BOSTON they greatly exceeded allow- that the former CEO had dam- able toxic emissions during aged Volkswagen, which could BERLIN—Fiveyearsafter normal road use,inVolks- have led to exorbitant fines. Volkswagen AG admittedto wagen’s own admission. Mr.Winterkorn became rigging diesel-poweredvehi- Afterreviewing an April CEO of Volkswagenin2007 cles to cheat emissions tests, 2019 indictment of Mr.Win- and launched a drive to cata- OurItalian18ktgold the former CEO, Martin Win- terkorn and four unnamed se- pult the German manufacturer terkorn, wasordered Wednes- nior executives involved in de- to become the world’sbiggest alligator bangle daytofacetrial on chargesof veloping the diesel engines, automaker.One element of defrauding customersina the District Court of Braunsch- that drivewas to expand sales case that could shed newlight weig said Wednesdaythere in theU.S.through new“clean Setyourselfapart with this on one of Germany’slargest wasa“substantial probability diesel” vehicles. eye-catching alligatorbraceletin corporate scandals. of conviction” of Mr. Winter- Volkswagencarried out the It was on Mr. Winterkorn’s korn based on the evidence deception fornearly adecade luxurious18ktgold. This Italian-crafted watchthat Volkswagen, realiz- provided in theindictment until agroup of post-graduate ing itsnew “clean diesel” vehi- and ordered him to face trial. studentsin2014measured bangle showcases exceptional cles couldn’t meet tough U.S. In astatement, Mr.Winter- emissions from several diesel emissions standards,pro- korn’sattorney made no com- vehicles foraresearch project detailing in attention-grabbingshine. ceeded to install illegal soft- ment about the fraud charge, and discovered Volkswagen’s ware to enable them to pass butwelcomed the court’sdeci- diesel engine emittedmuch emissions testseventhough sion not to pursue charges higher levels of nitrogen oxide particles during normal driving than during treadmill tests. Thediscoveryprompted the U.S. Environmental Protection Agencytobegin investigating. In September 2015,the U.S. government chargedVolks- wagenwith violating U.S. law, including defrauding the U.S. GES government and U.S. consum- IMA ers. Volkswagenpleaded guilty to the chargesand has paid GETTY morethan $30 billion in fines, SE/ penalties and compensation for consumers.

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1 7" length. ⁄4"-1" wide.Hinged. Xbox Series X Priced at $499 Also available in 8" $1,595 Shown larger for detail. BY DAVE SEBASTIAN MicrosoftonTuesdaysaid been working on next-genera- the XboxSeries S, another con- tion consoles afterprevious Microsoft Corp.has priced sole it plans to release on Nov. versions,the MicrosoftXbox itsXbox Series Xgame console 10, will sell for$299.The Xbox Oneand SonyPlayStation 4, at $499,Xboxsaid on Twitter Series Sissmaller than prior were released in 2013. Ross-Simons Item #869123 on Wednesday. models andlacks adisk drive. Microsoftsaid it is taking To receive this special offer, use offer code: GATOR110 Thecompanyhas said the Thestrategyisadeparture preordersfor the two Xbox XboxSeries Xwill feature en- from Microsoft’sprevious ef- consoles starting Sept. 22. 1.800.556.7376 or visit ross-simons.com/gator hanced graphics,increased fortstoplacethe latest tech- Shares of Microsoftrose processing powerand storage nology advancementsintoa 4.3% on Wednesdaytofinish at In collaboration with the Italian Trade Agency,the Ministry of Foreign andtechnologies such as ray single system at launch. $212.29,astechnologyshares THE EXTRAORDINARY Affairs and International Cooperation and Confindustria -Federorafi tracing,which produces much TheRedmond, Wash., tech enjoyedarebound. Thestock is ITALIAN JEWELRY morerealistic images. giant and Sony Corp.havelong up about 34% so far this year. P2JW254000-4-B00400-1------XA

B4 | Thursday, September 10, 2020 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Europe’s Trade Shows Limp Back Challenging Tesla,

Trade shows and exhibitions that were shut down by the Lucid Motors Sets pandemic arenow cautiously relaunching in Europe in adress rehearsal forwhat showorga- Debut of Its Sedan nizers hope will be abroader resumption of fairsnextyear. But judging by the shows BY BEN FOLDY coming in 2022. LikeTesla, Lucid plans to By William Boston in California-based Lucid Mo- sell itsmodels directly to cus- Berlin and Eric Sylvers tors Inc.revealedaproduc- tomers, bypassing the tradi- in Milan tion-ready version of its first tional dealership network,and model, as the battle to domi- expectstoopen anew retail that arebeginning to take natethe autoindustry’sfuture and servicelocation in Beverly place, the pandemic has heats up between Silicon Val- Hills, Calif., later this month. brought about lasting changes. ley andmore-established car Mr.Rawlinson said that This year’s shows in Europe, companies. while there have been pricier oftencombining alimited phys- On Wednesdayevening,the electric models released in re- ical event with an online com- 13-year-old companyshowed cent years, Tesla still holds a ponent, areunlikely to be highly S itslatestiteration of the Lucid commanding lead and thereis

profitable.But organizerssay NEW Air, a luxury sedan it plans to room for more competition. G they will servetotest what start selling in early 2021 after “Wesee just howfar ahead works and what doesn’t ahead yearsofstruggling to raise Tesla is,” he said. “They are of next year,when they expect OOMBER funding. five yearsormoreahead of

some economic normalcytore- HM/BL Lucid is among awaveof everyone else,and the shock is

turn and some travel restric- DA electric-vehicle startups get- the gapisnot being closed.

tionstobelifted, even as the BIA ting closer to releasing their Thegap is growing as we CO

coronavirus continues to loom. JA firstmodels,looking to chal- speak.” “One thing is forcertain; Last year,the consumer electronics showinBerlin had 2,300 exhibitors. This year 150 startups attended. lenge traditional auto makers TheLucid Air debuted as therewill be hybrid trade like GeneralMotors Co.and tougher auto-emissions regu- shows in the futurethat will exhibitorsand 600,000 people ings this year, he said. industryleaderssaid they Volkswagen AG that arein- lations arepushing carmakers take placeinthe real world but attended the showacrossdoz- Global revenues fortrade missed the rubbing of elbows. vesting billions in the technol- to add more battery-powered will also be bolsteredbydigital ens of halls throughout Ber- fair and exhibition organizers “Digital works,ofcourse,but ogyand Tesla Inc., acompany models to their lineups,and media,” said Ernst Kick,chief lin’ssprawling ICCconvention fell by two-thirds in the first the luxurybusinessisstill the that continues to dominatethe investors, excited by Tesla’s executiveofSpielwarenmesse center.Participantsincluded half of 2020,and 39% of the businessofhuman touch,” said scene forhigh-pricebattery- eG,which organizes an annual household names such as Sony companies hosting shows suf- Ola Källenius,chief executiveof powered cars. toyfair in Nuremberg, Germany. Corp.and Robert Bosch GmbH. fered a loss, according to the automaker Daimler AG, which BackedbySaudi Arabia’s ThepriciestAir is Thestakesare high not just Thepost-lockdown version UFI, the global association of makes Mercedes-Benz cars. sovereign-wealth fund, Lucid fororganizersand participants, wasattended by 150 startups, the exhibition industry. “Whenever we getpast corona is taking aim at the luxuryend expected to delivera but forhotels and restaurants manyofwhich arelittle known. Mr.Heithecker also oversees we will return to shows.” of the market with the Air, batteryrangeof that depend on fairsfor alarge Among them, Meater,amaker other exhibitions such as an an- TheWomen’sFashion Week hoping to not only carve into shareoftheir business. of digitalcooking thermome- nual boat show, which takes shows in Paris and Milan this Tesla’s market share but also morethan 500 miles. In Germany, home to sev- ters that canberead via an placeinNovember,and the monthwill take place, though attract more conventional se- eral large international fairs, app; and Satisfyer, aGerman Green Week,afood and agricul- some eventswill be digital and dan buyersfrom BMW AG, restaurantsand hotels have sextoy manufacturer that has tural fair in January, which he anyone attending in person Daimler AG’s Mercedes-Benz suffered a56% decline in reve- developed an app to allow has canceled forsafety reasons. will have to wear afacemask. and other premium brands,its recent stock market success, nue sincethe lockdowns in physically separated partners “Wehavetoscale down and AlexandreMattiussi,founder executives say. arepouring money intothe March, according to the De- to have remotefun. Around test what will work,” he said. and creativedirector of AMI, Chief ExecutivePeter Rawl- technology. hoga restaurant and hotel in- 1,000exhibitorstook part in Thetrade showisaEuro- the French designer,said his inson said that based on the Tesla’smarket value has dustry association. IFA’s online show. pean invention going back to companywould be part of the company’sown testing,the nearly quadrupled this year, Germany’sIfo economic re- Closed to the general pub- France’sweekslong Champagne catwalk forthe firsttime to priciest Air is expected to de- making it the world’smost search institutepublished asur- lic,the halls were blanketed in fairsinthe Middle Ages.The makeastatement: “In this pe- liver a battery range of more valuable auto maker ahead of veyofGerman industryon spookysilenceinterrupted ev- industrial revolution sharpened riod, morethan ever,weare in than 500 miles,adistancethat GM, Toyota Motor Corp. and Wednesdaythat provided evi- ery30minutes by adystopian the focus on technologyand need of human connection.” would beat current competi- Volkswagen. denceofthe shiftaway from public-service announcement fairsstarted to expand in the China postponed AutoChina, tors,including the longest- The Air also arrives as the physical fairs. Nearly half of the in German and English re- U.S.,wheresome 10,000 typi- itsbig autoshow, originally set rangeversion of the Tesla marketplacefor electric cars is survey’s respondentssaid they minding attendees to keep cally take placeeach year. to take placeinApril. It is now Model S. TheEnvironmental expected to become increas- would reducetheir participa- theirdistance, wash their Modern trade fairshavebe- scheduled to begin Sept. 26. Protection Agency hasn’t cer- ingly crowded in the coming tion in such shows and 65% said hands and wear their masks. come deeply embedded in the TheU.S.will be atrade tified that range yet. years, with dozens of new they would invest instead in de- “Thisisnot the IFA,” said way companies interact with show desert this and early Thefirst, fully loaded four- plug-in models planned, veloping digital presentations. Jens Heithecker,executivedi- customersand suppliers. When next year. The annual Detroit door Air will start around includingmanyaimed at In Berlin last week,IFA,the rector of the Messe Berlin the pandemic forced the can- Motor Showwas canceled this $160,000 afterfactoring in wealthier buyers. Investorsare biggest consumer electronics GmbH, which stages the show cellation of this and next year’s year and expectstoresume in federal subsidies.The com- excited by the startups,sev- shows outside the U.S.,opened and other exhibitions.The GenevaMotor Show, organiz- 2021. LasVegas’smassiveCES panywill release cheaper ver- eral of which went public this with amuch smaller exhibi- scaled-back version would hit ersand carmakersmoved consumer electronics show sions throughout the year with year and have seen their valu- tion.Last year,around 2,300 the company’ssales and earn- their presentations online,but will be held online in January. aroughly $70,000 version ations soar.

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THE WALL STREET JOURNAL. Thursday, September 10, 2020 | B5 BUSINESS & FINANCE Default CostsStarwood SevenMalls NBC Parent Taps New BY ESTHER FUNG malls,the newoperatorssaid. earningscall that itsretail real- Thenew operatorsdeclined to estateinvestmentsare asmall Real-estate investor Star- sayhow much they bid. portion of the firm’sportfolio, TV Leader wood Capital Group has lost However, they said in an in- which the websitesaid is more control of seven malls aftera terviewthat they plan to re- than $60 billion in assetsunder recent debt default, surrender- structurethe mortgages on management. Starwood still ContinuedfrompageB1 ing properties the firm ac- these malls and will look to re- JOURNAL owns other malls. channelorservicehaving its

quired for$1.6billion seven position some of these proper- REET TheStarwood malls fell vic- ownprogramming unit, Mr. yearsago. ties.That includes finding re- ST tim to trends that have bat- Shell envisions one unit creat- Thelossofthe malls is re- placementsfor the department LL teredshopping centersfor ing content forall the NBCUni- WA lated to bonds Starwood issued stores or converting the malls years, including asupply glut versal platforms. THE

in Israel and defaulted on dur- to other uses,such as apart- R andrising e-commerce sales. One position Mr. Shell still FO

ing the spring.When alocal rat- mentsoroffices. A In 2018,aStarwood subsid- has to fill is that of a content ingsfirm downgraded the debt “There is great familiarity iaryissued debt on the TelAviv chief, who would be the arbi- ONK earlier this year,ittriggeredan with these assetsand we see Stock Exchangeand raised 910 terofwhich NBCU platforms

accelerated payment clause that value.These assetswill be sur- CZERW millionshekels ($268 million) get which shows. also enabled the bondholdersto vivors,” said StevePlenge, man- to refinancethe seven malls in Thecompanyhas been in

seizecontrol of the assets. aging principal of Pacific Retail. MICHAL California, Indiana, Ohio and negotiations with Susan Apartnership between Pa- Starwood representatives A mall in Covina, Calif., is in the portfolio that changed owners. Washingtonstate.But Star- Rovner, who previously was a cific Retail Capital Partners, said lenderstypically replace wood’sbond pricefell by as topcreative executiveatAT&T based in El Segundo,Calif., and managerswhen they take over “The uncertainty surrounding arecommittedtomaking the much as 88%beforegetting Inc.’sWarner Bros.Television, NewYork-based real-estatein- assetsfollowing adefault. tenant performance, anchor best of achallenging situation suspendedfromtrading in forthat role.Adeal is ex- vestment group Golden East “The impact of Covid on the stability and capital markets on behalf of our investorsand June.Starwood struggled to pected shortly,people familiar Investors wonabidding con- retail sector has been unprece- has caused our strategyfor our our lendersaswell.” makemortgagepaymentson with the mattersaid. Ms. test among six parties—includ- dented,” said Mark Deason, assetstocontinue to evolve. Starwood Chief Executive the malls and defaulted on Rovner’sresignation from ing Starwood—totakeoverthe managing director at Starwood. We remain very engaged and Barry Sternlicht said in arecent these bonds this year. Warner Bros.was made public by the studio Tuesday. That position will work Racial or ethnic makeup of derrepresented minorities at technologysector.Boardlist is roles,including in government, closely with Frances Berwick, Firms to Fortune 500 companies’ toplevelsofmanagement point afounder of the BoardChal- the military, the nonprofit another senior executive who newboardappointments to a2018 report from consult- lenge, along with tech invest- world or academia. will head business affairs and ing giant McKinsey &Co. that ment firm Altimeter Capital Quotas—especially when deal-makingfor NBCUniver- Add Black 5% Black found companies with diverse Management LP and Valence, mandated likeinthe California sal’s content operations. 4% 10% boards are43% morelikely to anetworking platform aiming legislation—arecontroversial, Ms.Igbokwe will nowover- 5% Asian achievehigher profits. to increase economic opportu- with critics saying they violate see one of the biggest TV pro- Directors 8% Manydiversity effortsinthe nity forBlack professionals. equal-protection provisions of duction factories in the indus- Hispanic corporateworld have focused On race,“companies have the law. They could also lead to try. In her previous role,she 5% on gender equality,said Lyn- been well-intentioned but not concerns among boardcandi- helped launch shows including ContinuedfrompageB1 don Taylor, who leads execu- intentional,” Mr.Taylor said. dates of color about tokenism. NBC’s“TheGood Place” and “Not to be lost is the in- Other tive-search firm Heidrick & That haschanged in recent Companies looking to attract “Superstore” and Netflix’s 1% creasing importancethat Zil- Struggles’sdiversity and inclu- months,with morecompanies diversetalent need to define “Russian Doll.” Before joining lowplays in turning on the White sion practice. Women ac- identifying racial diversity as a whydiversity and the perspec- NBCUniversal, Ms.Igbokwe lightsoffairnessinthe real-es- 86% 76% counted for44% of newboard blindspot in their boardmem- tiveofaBlack director areim- wasaprogramming executive tate business, which has along appointmentslast year—a re- bership,hesaid. portant to them and then link at thepremium cable channel historyofstructural racism,” cord—and areprojected to take Boards tend to find newdi- that to their businessstrategy Showtime,whereshe helped said Mr.Barton, who has prom- 50% of newdirectorships by rectorsfromafamiliar pool: and measureoutcomes over develop the hits “Dexter” and ised to fill the position with a 2022,according to the firm’s other companyboardmem- time,Mr. Taylor said. “Nurse Jackie.” Blackdirector.“It’sabout in- research. bers,CEOs and other C-level “Candidates will ask,” he ForMs. Hammer,the ap- creasing representation at the At the same time,the share executives.Among directors said. “They want to know, pointment to vicechairman is toptobetterreflect society.” of racially and ethnically di- appointed to Fortune 500 ‘What is it that Ican bring to the latest high-ranking role she Executives saythey hear versedirector placements, boards,72% had previous pub- the boardthat’simportant?’ ” has held at the company. An from employees who want to 2009 2019 however, remained flat at 23% licboardexperience, half were WW Chief ExecutiveMindy executivewith four decades in see people from diverse back- Source:BoardMonitor U.S. 2020 forathirdstraight year,ac- current or former CEOs,and Grossman, who signed her the industry, she washeavily grounds at the toptohelp en- cording to Heidrick &Strug- morethan 20% were current or companyontothe BoardChal- involved in the creation of Pea- couragemorepeople of color Black woman to itsboard. gles.AppointmentsofBlack di- former chief financial officers, lenge, said thereisnolack of cock,NBCU’sstreaming service. and those in the LGBTQ com- Bristol-MyersSquibb Co., rectorsslipped to 10% in 2019 according to Heidrick &Strug- Blackexecutive-level talent. She also oversawNBCUniver- munity to raise their hands for Procter &Gamble Co.and from ahigh of 11% in the prior gles. “Wedon’t have apipeline sal’scable network portfolio. promotions and career ad- Nvidia Corp.also added Black two years. “We’re saying broaden the problem. It’sabout commit- Thetitle of vicechairman vancement. directorstotheir boards this In all, about 66% of Fortune aperture,” Mr.Taylor said. ment and resolve,” she said. waslast held by movie execu- Facing claims from former summer. 500 companyboardmembers “Think about capability and WW,whose boardalready tiveRon Meyer,who waslet employees of discrimination Agrowing body of research arewhitemen and 18% are competencyand not title.” He countsBlack directors—includ- go last month after failing to and payinequity, Pinterest Inc. makes abusinesscase fordi- whitewomen; 9% areBlack is encouraging companies that ing Oprah Winfrey—among its disclose to his superiors that last month appointed veteran versity.For instance, manyad- men and women, according to areseeking diversity to look to ranks,said it wantstohelp he had paid a settlement to a media executiveAndrea vocatesfor greater inclusion of Boardlist,amarketplacefor people who have demonstrated bring moreBlack voices to the woman with whom he had a Wishom as adirector, adding a people of color and other un- diverse boardtalent in the leadership outside of corporate table. consensual affair years ago.

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B6 | Thursday, September 10, 2020 THE WALL STREET JOURNAL.

MUTUAL FUNDS Data provided by

Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD NOTICE TO READERS 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 Mutual-fund statistics were delayeddue to aproduction issue at the USLgVa 32.06 -0.64-16.0 Contra 16.36 -0.53 20.1 GlBondAdv p 9.82 +0.01 -5.0 PGIM Funds Cl Z EqIdxInst 24.24 -0.71 3.9 TxMCapAdml172.70 -5.23 5.1 Welltn 43.47 -0.69 1.6 source.Prices displayedinthis table reflect Tuesday’sclosing values. Dodge & Cox ContraK 16.39 -0.53 20.2 Guggenheim Funds Tru TotalReturnBond 14.91 ... NA VANGUARD ADMIRAL TxMIn r 13.19 -0.13 -5.8 WndsrII 34.90 -0.88 -3.4 Balanced 94.00 -1.57 -5.2 CpInc r 9.97 -0.07 0.2 TotRtnBdFdClInst 29.81 +0.04 11.9 PIMCO Fds Instl USGroAdml 146.77 -6.30 31.7 VANGUARD INDEX FDS Up-to-date mutual-fund data canbefound online at WSJMarkets.com. 500Adml 308.45 -8.79 4.5 Income 14.79 -0.02 7.1 DivIntl 42.41 -0.31 4.7 Harbor Funds AllAsset NA ... NA BalAdml 41.04 -0.69 5.9 ValAdml 41.20 -0.75-10.4 IdxIntl 16.83 -0.21 -5.1 Intl Stk 36.76 -0.79-15.7 GroCo 29.46 -1.19 37.9 CapApInst 99.04 -4.71 30.7 HiYld 8.78 -0.03 0.4 CAITAdml 12.28 ... 3.2 WdsrllAdml 61.92 -1.56 -3.4 SmValAdml 48.46 -1.16-17.0 Stock 168.73 -4.38-10.7 GrowCoK 29.52 -1.19 38.0 Harding Loevner InvGrdCrBd 11.15 ... NA CapOpAdml r160.06 -4.86 1.5 WellsIAdml 67.08 -0.40 2.9 TotBd2 11.58 +0.01 6.8 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. DoubleLine Funds InvGrBd 12.28 ... 8.1 IntlEq 24.19 -0.22 NA TotRt 10.95 ... 7.8 DivAppIdxAdm 34.41 -0.61 2.7 WelltnAdml 75.07 -1.20 1.6 TotIntlInstIdx r112.59 -1.37 -5.0 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese CoreFxdIncmI 11.26 ... NA LowP r 45.81 -0.82 -8.5 Invesco Funds Y PIMCO Funds A EMAdmr 36.04 -0.69 -1.9 WndsrAdml 63.20 -1.42-11.6 TotItlInstPlId r112.61 -1.38 -5.0 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, TotRetBdI NA ... NA Magin 11.81 -0.38 15.8 DevMktY 44.97 -0.77 -1.4 IncomeFd 11.75 -0.02 NA EqIncAdml 71.01 -1.37 -9.2 VANGUARD FDS TotSt 81.99 -2.39 3.8 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r Edgewood Growth Instituti OTC 16.05 -0.70 25.5 JPMorgan I Class PIMCO Funds I2 ExplrAdml 98.34 -2.00 1.2 DivdGro 30.65 -0.46 1.2 VANGUARD INSTL FDS apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not EdgewoodGrInst 47.47 -1.35 NA Puritn 24.85 -0.49 10.0 CoreBond NA ... NA Income 11.75 -0.02 NA ExtndAdml 95.12 -3.30 ... INSTTRF2020 24.93 -0.26 3.4 BalInst 41.05 -0.69 6.0 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; Fidelity SrsEmrgMkt 20.69 -0.48 0.3 EqInc NA ... NA PIMCO Funds Instl GNMAAdml 10.77 +0.01 3.5 INSTTRF2025 25.48 -0.32 3.0 DevMktsIndInst 13.21 -0.13 -5.8 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. 500IdxInstPrem115.88 -3.30 4.5 SrsGlobal 12.50 -0.17 -5.1 JPMorgan R Class IncomeFd 11.75 -0.02 NA GrwthAdml 114.06 -4.49 22.1 INSTTRF2030 25.76 -0.38 2.5 DevMktsInxInst 20.65 -0.20 -5.8 Contrafund K6 17.23 -0.54 19.1 SrsGroCoRetail 24.76 -1.00 39.5 CoreBond NA ... NA Price Funds HlthCareAdml r 89.95 -0.99 5.4 INSTTRF2035 26.03 -0.43 2.1 ExtndInst 95.11 -3.31 ... ExtMktIdxInstPre 63.79 -2.22 ... SrsIntlGrw 18.43 -0.15 5.2 CorePlusBd NA ... NA BlChip 151.01 -5.52 21.4 HYCorAdml r 5.82 -0.02 1.1 INSTTRF2040 26.28 -0.48 1.5 GrwthInst 114.07 -4.49 22.1 Tuesday, September 8, 2020 IntlIdxInstPrem 40.18 -0.38 -6.5 SrsIntlVal 8.81 -0.08-11.0 Lord Abbett A DivGro 53.24 -1.17 0.5 InfProAd 28.23 +0.05 9.1 INSTTRF2045 26.47 -0.53 1.1 InPrSeIn 11.50 +0.02 9.2 Net YTD Net YTD Net YTD MidCpInxInstPrem 22.59 -0.48 -3.9 TotalBond 11.53 +0.01 7.5 ShtDurIncmA p 4.18 ... 1.4 EqInc 26.83 -0.67-15.2 IntlGrAdml 128.42 -4.45 24.9 INSTTRF2050 26.52 -0.53 1.1 InstIdx 298.12 -8.49 4.5 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SAIUSLgCpIndxFd 18.05 -0.51 4.4 Fidelity SAI Lord Abbett F EqIndex 88.74 -2.53 4.4 ITBondAdml 12.68 ... 9.1 INSTTRF2055 26.63 -0.53 1.2 InstPlus 298.14 -8.49 4.5 American Century Inv SmCpA p 63.53 -1.10 8.0 LargeCapValue 12.64 -0.24 -6.8 SeriesOverseas 11.04 -0.10 2.4 TotalBd 11.01 ... 6.9 ShtDurIncm 4.18 ... 1.5 Growth 87.55 -3.04 19.4 ITIGradeAdml 10.65 -0.01 8.6 LifeCon 21.73 -0.17 4.3 InstTStPlus 70.18 -2.04 3.9 Ultra 67.23 -2.93 28.9 TxExA p 13.47 ... 2.7 ClearBridge SmCpIdxInstPrem 19.12 -0.39 -8.9 Fidelity Selects Metropolitan West HelSci 87.30 -1.30 7.2 LTGradeAdml 12.04 -0.01 13.2 LifeGro 36.53 -0.64 1.9 MidCpInst 47.41 -1.07 -1.8 American Funds Cl A WshA p 45.62 -0.97 -4.2 LargeCapGrowthI 64.13 -2.19 17.4 TMktIdxInstPrem 93.70 -2.76 3.7 Softwr r 24.11 -0.86 25.4 TotRetBd 11.64 +0.01 7.7 LgCapGow I 53.28 -1.80 NA MidCpAdml 214.62 -4.85 -1.9 LifeMod 29.52 -0.37 3.1 MidCpIstPl 233.83 -5.29 -1.8 AmcpA p 35.18 -0.80 6.6 Baird Funds Columbia Class I USBdIdxInstPrem 12.58 +0.01 7.2 First Eagle Funds TotRetBdI 11.63 ... 7.8 MidCap 98.34 -1.90 3.2 MuHYAdml 11.74 ... 2.3 PrmcpCor 26.69 -0.61 -4.4 SmCapInst 73.04 -1.60 -7.4 AMutlA p 41.35 -0.82 -3.9 AggBdInst 11.88 +0.02 7.6 DivIncom I 23.16 -0.56 -4.1 Fidelity Advisor I GlbA 56.84 -0.63 -1.9 TRBdPlan 10.94 ... 7.8 NHoriz 75.44 -1.17 27.1 MuIntAdml 14.72 ... 3.5 STAR 29.02 -0.49 6.8 STIGradeInst 11.00 ... 4.3 BalA p 28.84 -0.38 2.5 CorBdInst 12.20 +0.01 7.4 Dimensional Fds NwInsghtI 36.42 -1.16 11.4 FPA Funds MFS Funds Class I R2020 22.73 -0.28 2.9 MuLTAdml 12.10 ... 3.8 TgtRe2015 15.78 -0.11 4.0 STIPSIxins 25.56 +0.01 3.5 BondA p 14.12 +0.01 9.4 BlackRock Funds 5GlbFxdInc 10.87 ... 1.3 Fidelity Freedom FPACres 31.28 -0.68 -4.7 Growth I 150.03 -5.26 18.0 R2025 18.30 -0.26 2.9 MuLtdAdml 11.23 ... 2.6 TgtRe2020 33.63 -0.34 3.4 TotBdInst 11.66 +0.01 7.2 CapIBA p 58.87 -0.66 -5.3 HiYBlk 7.51 ... 0.4 EmgMktVa 24.57 -0.23-13.9 FF2020 16.22 -0.17 3.2 Franklin A1 ValueI 40.53 -0.78 -8.3 R2030 26.58 -0.45 2.6 MuShtAdml 15.95 ... 1.6 TgtRe2025 20.44 -0.26 3.0 TotBdInst2 11.58 +0.01 6.9 CapWGrA 51.80 -1.03 ... 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Biggest 1,000 Stocks | WSJ.com/stocks Net Net Net Net Net Net Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg CapitalOne COF 70.57 0.21 Deere DE 215.52 5.28 FirstSolar FSLR 71.70 2.33 s KSCitySouthern KSU 185.47 0.30 Novartis NVS 88.22 0.89 Rollins ROL 55.51 1.66 Total TOT 38.57 0.56 How to Read the Stock Tables Footnotes: CardinalHealth CAH 49.54 0.27 DellTechC DELL 66.84 2.69 FirstEnergy FE 29.14 0.01 Kellogg K 66.53 0.19 NovoNordisk NVO 66.65 1.82 RoperTech ROP 399.90 5.95 ToyotaMotor TM 131.13 -0.10 The following explanations apply to NYSE, s-New 52-week high. Carlisle CSL 124.30 1.96 DeltaAir DAL 31.76 -0.78 Fiserv FISV 96.43 1.44 KeurigDrPepper KDP 29.52 0.66 Novocure NVCR 85.45 3.36 RossStores ROST 93.47 -0.12 TractorSupply TSCO 141.58 4.82 NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Carlyle CG 25.61 0.64 DentsplySirona XRAY 44.23 0.56 FiveBelow FIVE 125.28 2.59 KeyCorp KEY 12.55 0.03 NuanceComms NUAN 30.19 1.26 RoyalBkCanada RY 74.03 1.27 TradeDesk TTD 433.04 12.95 Market listed securities. Prices are composite dd-Indicates loss in the most recent CarMax KMX 105.15 0.53 DeutscheBank DB 9.42 0.01 Five9 FIVN 117.31 5.47 KeysightTechs KEYS 92.89 -0.50 Nucor NUE 46.06 0.47 RoyalCaribbean RCL 70.11 -1.40 Tradeweb TW 54.83 1.87 quotations that include primary market trades four quarters. Carnival CCL 17.66 -0.63 DexCom DXCM 401.68 12.49 FleetCorTech FLT 234.96 3.05 KilroyRealty KRC 56.27 -0.16 Nutrien NTR 38.02 1.11 RoyalDutchA RDS.A 28.52 0.49 TraneTech TT 117.07 0.88 as well as trades reported by Nasdaq BX FD-First day of trading. Carnival CUK 14.65 -0.49 Diageo DEO 137.98 3.33 Floor&Decor FND 72.00 1.76 KimberlyClark KMB 151.45 2.48 NVIDIA NVDA 508.60 32.08 RoyalDutchB RDS.B 27.00 0.57 TransDigm TDG 500.93 -1.00 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing CarrierGlobal CARR 30.13 0.56 DigitalRealty DLR 147.58 3.27 FomentoEconMex FMX 56.61 0.78 KinderMorgan KMI 13.22 -0.03 RoyalGold RGLD 132.74 4.17 TransUnion TRU 86.10 3.08 Cboe, NYSE National and Nasdaq ISE. standards Carvana CVNA 179.86 -1.14 DiscoverFinSvcs DFS 55.04 -0.07 FordMotor F 6.97 -0.06 KingsoftCloud KC 31.84 -0.03 O P Q RoyaltyPharma RPRX 38.84 -0.20 Travelers TRV 113.63 0.74 The list comprises the 1,000 largest lf-Late filing s CaseysGenStores CASY170.26 -3.87 DiscoveryA DISCA 23.06 0.56 Fortinet FTNT 117.11 1.69 KinrossGold KGC 9.17 0.63 Ryanair RYAAY 82.66 0.85 Trex TREX 141.21 2.89 OGE Energy OGE 31.08 0.23 companies based on market capitalization. q-Temporary exemption from Nasdaq Catalent CTLT 84.80 1.73 DiscoveryC DISCK 20.92 0.53 Fortis FTS 41.00 0.76 KirklandLakeGold KL 54.53 2.74 SAPSAP 162.45 7.76 Trimble TRMB 50.11 0.97 ONEOK OKE 26.48 0.33 requirements. s Caterpillar CAT 152.69 4.17 Disney DIS 133.36 -0.84 Fortive FTV 75.66 2.01 s Knight-Swift KNX 46.52 1.11 S&P Global SPGI 351.78 11.12 Trip.com TCOM 29.64 -0.55 Underlined quotations are those stocks with OReillyAuto ORLY 476.28 5.87 t-NYSE bankruptcy Celanese CE 106.44 2.28 DocuSign DOCU 211.79 6.16 FortBrandsHome FBHS 82.55 1.15 KoninklijkePhil PHG 47.69 0.69 SBA Comm SBAC 313.36 7.57 TruistFinl TFC 37.83 -0.08 large changes in volume compared with the OakStreetHealth OSH 46.75 0.12 v-Trading halted on primary market. Centene CNC 57.35 0.19 DolbyLab DLB 66.03 1.07 FoxA FOXA 28.20 0.51 KoreaElcPwr KEP 8.57 0.04 SEI Investments SEIC 51.10 0.58 Twilio TWLO 233.11 6.95 issue’s average trading volume. OccidentalPetrol OXY 11.07 0.01 vj-In bankruptcy or receivership or CenterPointEner CNP 19.53 0.16 DollarGeneral DG 197.45 5.05 FoxB FOX 28.29 0.45 KraftHeinz KHC 31.65 -0.11 SK Telecom SKM 22.56 0.22 Twitter TWTR 39.56 1.37 Okta OKTA 200.49 3.36 Boldfaced quotations highlight those issues being reorganized under the CentraisElBras EBR 6.92 0.16 DollarTree DLTR 91.81 1.98 Franco-Nevada FNV 150.37 5.40 Kroger KR 35.18 0.56 SS&C Tech SSNC 60.17 0.80 TylerTech TYL 329.63 4.22 OldDomFreight ODFL 199.04 4.76 whose price changed by 5% or more if their Bankruptcy Code, or securities CenturyLink CTL 10.86 0.21 DominionEner D 79.64 1.44 FranklinRscs BEN 20.40 -0.16 L Brands LB 28.59 -0.33 StoreCapital STOR 28.35 0.64 TysonFoods TSN 61.24 -0.33 Ollie'sBargain OLLI 91.53 1.51 previous closing price was $2 or higher. assumed by such companies. CeridianHCM CDAY 77.74 1.24 Domino's DPZ 382.07 5.75 FreeportMcM FCX 16.14 0.42 LHC Group LHCG 207.28 6.19 SVB Fin SIVB 256.23 2.85 UBS Group UBS 12.32 0.30 OmegaHealthcare OHI 32.76 0.56 Cerner CERN 71.57 1.53 Donaldson DCI 47.53 1.30 FreseniusMed FMS 42.37 0.91 Line LN 50.64 -0.07 Salesforce.com CRM 250.43 9.16 UDR UDR 34.45 -0.17 Omnicom OMC 53.00 -0.83 CharlesRiverLabs CRL 209.89 6.94 Dover DOV 111.51 3.37 LKQ LKQ 31.74 -0.38 Sanofi SNY 51.63 1.25 UGI UGI 33.54 0.19 ON Semi ON 21.82 0.89 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and CharterComms CHTR 613.28 16.78 Dow DOW 49.23 1.30 G H I LPL Financial LPLA 80.39 0.78 SareptaTherap SRPT 130.49 1.51 Uber UBER 35.01 0.69 OneConnectFinTech OCFT 19.37 -0.14 changes in the closing prices from 4 p.m. the previous day. CheckPoint CHKP 119.79 2.35 DrReddy'sLab RDY 60.78 2.11 L3HarrisTech LHX 180.84 1.23 Schlumberger SLB 18.61 0.23 Ubiquiti UI 161.86 1.38 GCI LibertyA GLIBA 80.16 1.87 OpenText OTEX 43.25 0.82 Chegg CHGG 68.02 2.01 DraftKings DKNG 40.38 3.37 LabCpAm LH 175.72 1.99 SchwabC SCHW 35.03 0.37 UltaBeauty ULTA 235.40 2.15 GDS Holdings GDS 75.26 2.76 Oracle ORCL 56.95 1.63 Wednesday, Sept. 9, 2020 Net Net Chemed CHE 496.22 4.58 Dropbox DBX 20.36 0.48 LamResearch LRCX 300.91 -1.81 ScottsMiracleGro SMG 162.06 4.63 Unilever UN 60.93 2.58 GFLEnvironmental GFL 19.74 0.43 Orange ORAN 11.30 0.55 Stock Sym Close Chg Stock Sym Close Chg CheniereEnergy LNG 49.33 -0.44 DukeEnergy DUK 82.59 1.86 LamarAdv LAMR 65.60 1.15 Sea SE 142.03 4.03 Unilever UL 62.11 2.44 Net GSXTechedu GSX 78.59 0.17 Orix IX 64.00 0.20 CheniereEnerPtrs CQP 34.44 0.25 DukeRealty DRE 37.92 0.27 LambWeston LW 61.40 0.30 Seagate STX 46.23 0.54 UnionPacific UNP 192.86 4.20 Stock Sym Close Chg Galapagos GLPG 127.84 5.37 OtisWorldwide OTIS 62.08 1.45 AmerisourceBrgn ABC 96.20 0.84 BeiGene BGNE 240.23 3.07 Chevron CVX 80.03 1.06 Dun&Bradstreet DNB 25.06 0.44 LasVegasSands LVS 50.84 -0.83 SealedAir SEE 39.24 0.74 UnitedAirlines UAL 36.03 -1.25 Gallagher AJG 103.23 2.15 OwensCorning OC 65.71 1.03 Ametek AME 99.35 2.36 Berkley WRB 63.53 1.22 Chewy CHWY 61.50 0.70 Dunkin' DNKN 75.73 0.68 Lear LEA 120.25 1.97 SeattleGenetics SGEN 148.38 1.90 UnitedMicro UMC 3.97 0.23 A B C Gaming&Leisure GLPI 37.76 0.63 PG&E PCG 9.11 -0.11 Amgen AMGN 245.57 4.39 BerkHathwy B BRK.B 219.63 1.83 ChinaEastrnAir CEA 23.69 1.29 DuPont DD 57.93 1.11 Leggett&Platt LEG 43.17 0.58 SempraEnergy SRE 120.95 1.86 UPS B UPS 159.80 3.35 Amphenol APH 106.78 1.72 BerkHathwy A BRK.A 3297602560.00 ChinaLifeIns LFC 11.94 0.01 Gap GPS 17.47 0.17 PLDT PHI 29.57 0.57 ABB ABB 26.39 0.61 Dynatrace DT 40.01 1.42 Leidos LDOS 87.17 0.62 SensataTechs ST 43.09 2.08 UnitedRentals URI 175.89 3.52 AnalogDevices ADI 115.46 2.53 BerryGlobal BERY 52.75 1.45 ChinaMobile CHL 35.06 0.65 Garmin GRMN 101.14 1.78 PNC Fin PNC 109.91 -0.39 AcadiaPharm ACAD 37.90 -0.30 ENI E 17.96 0.38 Lennar B LEN.B 59.95 1.66 ServiceCorp SCI 44.62 0.35 US Bancorp USB 36.53 -0.19 Anaplan PLAN 58.10 1.32 BestBuy BBY 108.85 3.59 ChinaPetrol SNP 44.26 -0.28 Gartner IT 131.28 2.68 POSCO PKX 39.08 0.75 ADT ADT 10.72 0.40 EOG Rscs EOG 41.86 1.03 Lennar A LEN 75.79 2.42 ServiceNow NOW 458.20 15.06 UnitedHealth UNH 312.02 4.77 AngloGoldAsh AU 29.38 1.48 BeyondMeat BYND 138.17 3.70 ChinaSoAirlines ZNH Generac GNRC 183.95 9.15 PPD PPD 33.70 0.15 AECOM ACM 37.98 0.71 31.58 2.08 EPAM Systems EPAM 318.92 9.57 LennoxIntl LII 273.42 4.33 ShawComm B SJR 18.76 0.44 UnivDisplay OLED 170.27 4.35 AB InBev BUD 57.20 1.46 BigCommerce BIGC 91.50 -3.84 GeneralDynamics GD 146.17 -0.79 PPG Ind PPG 125.34 4.35 AES AES 17.54 0.13 ChinaTelecom CHA 33.22 0.62 E*TRADE ETFC 52.94 1.06 LiAuto LI 15.80 0.01 SherwinWilliams SHW 694.43 25.13 UniversalHealthB UHS 111.22 1.90 AnnalyCap NLY 7.45 0.07 Bilibili BILI 45.10 0.71 GeneralElec GE 6.16 0.02 PPL PPL 27.75 -0.07 Aflac AFL 37.04 0.10 ChinaUnicom CHU 7.05 0.18 EastmanChem EMN 79.80 2.26 LibertyBroadbandA LBRDA 137.44 2.84 ShinhanFin SHG 24.04 -0.21 VEREIT VER 6.96 0.09 Anthem ANTM 267.42 1.16 Bill.comBILL 88.31 4.29 GeneralMills GIS 59.98 0.46 PRA HealthSci PRAH 100.18 2.34 AGNC Invt AGNC 14.20 0.04 Chipotle CMG 1321.03 21.28 Eaton ETN 102.56 2.08 LibertyBroadbandC LBRDK 139.48 3.32 Shopify SHOP 949.31 31.91 VF VFC 68.00 0.10 Aon AON 203.63 5.63 Bio-Techne TECH 250.03 4.49 Chubb CB 122.22 1.11 GeneralMotors GM 31.95 -0.43 PTC PTC 88.60 1.89 VICI Prop VICI 23.77 0.49 ANGI Homesvcs ANGI 12.91 0.75 eBay EBAY 53.44 1.91 LibertyGlobal A LBTYA 21.97 -0.13 s Sibanye-Stillwater SBSW 13.44 0.85 ApartmtInv AIV 36.07 -0.73 Bio-RadLab A BIO 501.49 22.67 ChunghwaTel CHT 36.63 -0.13 Genmab GMAB 35.93 1.29 Paccar PCAR 84.96 1.47 VailResorts MTN 218.90 1.40 Ansys ANSS 320.05 11.44 Ecolab ECL 203.00 5.12 LibertyGlobal C LBTYK 21.61 -0.10 SimonProperty SPG 68.86 -1.19 ApolloGlbMgmt APO 45.33 0.69 Biogen BIIB 272.51 3.61 Church&Dwight CHD 94.04 2.14 Genpact G 38.83 0.41 PackagingCpAm PKG 104.51 1.03 Vale VALE 11.32 0.28 ASETech ASX 4.20 0.14 Ecopetrol EC 11.19 0.18 LibertyFormOne C FWONK 37.10 -0.55 SiriusXM SIRI 5.71 0.09 Apple AAPL 117.32 4.50 BioMarinPharm BMRN 74.49 ... ChurchillDowns CHDN 176.43 4.43 Gentex GNTX 26.70 0.23 PagSeguroDig PAGS 37.26 -0.08 ValeroEnergy VLO 47.75 -0.98 ASML ASML 359.37 12.02 EdisonInt EIX 51.54 0.17 LibertyFormOne A FWONA 34.24 -0.63 Skyworks SWKS 137.61 6.77 ApplMaterials AMAT 55.20 -0.43 BioNTech BNTX 62.32 2.49 Ciena CIEN 41.97 -0.11 GenuineParts GPC 99.67 2.11 PaloAltoNtwks PANW 238.40 4.47 VarianMed VAR 173.20 -0.11 AT&T T 29.37 -0.14 EdwardsLife EW 84.84 2.68 LibertyBraves A BATRA 19.54 -0.03 SlackTech WORK 25.24 -4.08 Aptargroup ATR 117.89 1.83 BlackKnight BKI 82.26 2.69 Cigna CI 174.03 0.05 Gerdau GGB 3.87 0.20 PanAmerSilver PAAS 35.77 1.89 Vedanta VEDL 6.94 0.27 Azek AZEK 35.10 -2.21 ElancoAnimal ELAN 28.47 0.37 LibertyBraves C BATRK 19.60 0.10 Smartsheet SMAR 48.15 0.14 Aptiv APTV 85.65 0.99 BlackRock BLK 560.18 7.64 CincinnatiFin CINF 78.84 -0.31 GileadSciences GILD 64.51 0.37 ParkerHannifin PH 207.09 3.98 VeevaSystems VEEV 270.93 7.41 AbbottLabs ABT 105.81 2.97 Elastic ESTC 102.06 2.28 LibertySirius C LSXMK 35.26 0.23 SmithAO AOS 48.25 0.99 Aramark ARMK 28.77 0.83 Blackstone BX 51.61 0.47 Cintas CTAS 325.93 7.15 GSK GSK 39.75 0.78 Paychex PAYX 75.78 1.49 Ventas VTR 44.24 0.41 AbbVie ABBV 91.63 1.41 ElectronicArts EA 128.70 4.40 LibertySirius A LSXMA 35.36 0.25 Smith&Nephew SNN 40.95 0.79 ArcelorMittal MT 12.86 0.49 Boeing BA 160.78 -0.30 CiscoSystems CSCO 40.13 0.13 GlobalPayments GPN 169.15 2.26 PaycomSoftware PAYC 280.17 7.66 VeriSign VRSN 200.33 3.52 Abiomed ABMD 277.93 9.74 EmersonElec EMR 68.70 0.94 EliLilly LLY 151.97 2.66 Smucker SJM 115.76 1.60 ArchCapital ACGL 31.55 0.55 BookingHldgs BKNG 1871.07-20.53 Citigroup C 51.40 0.36 Globant GLOB 173.63 7.96 Paylocity PCTY 141.80 2.48 VeriskAnalytics VRSK 182.96 4.87 Accenture ACN 238.91 6.26 Enbridge ENB 31.73 0.61 LincolnNational LNC 35.75 -0.07 Snap SNAP 23.65 0.96 ArcherDaniels ADM 46.05 0.83 BoozAllen BAH 85.90 2.12 CitizensFin CFG 27.13 0.51 GlobeLife GL 81.60 0.08 PayPal PYPL 194.60 8.65 Verizon VZ 60.04 0.08 ActivisionBliz ATVI 79.59 3.41 EncompassHealth EHC 63.71 -1.19 Linde LIN 251.15 8.10 SnapOn SNA 150.45 2.78 AresMgmt ARES 39.36 0.88 BorgWarner BWA 42.29 0.68 CitrixSystems CTXS 141.53 2.88 GoDaddy GDDY 77.05 0.62 Pegasystems PEGA 125.16 5.15 VertxPharm VRTX 263.04 4.43 Adobe ADBE 479.46 17.33 EnelAmericas ENIA 7.21 0.01 LiveNationEnt LYV 57.24 -0.57 SOQUIMICH SQM 32.63 0.59 arGEN-X ARGX 227.67 5.67 BostonBeer SAM 801.12 10.03 Clarivate CCC 28.45 0.75 GoldFields GFI 13.40 0.85 Peloton PTON 91.17 5.57 ViacomCBS B VIAC 28.71 ... AdvanceAuto AAP 154.35 2.62 EnergyTransfer ET 6.06 0.01 LivongoHealth LVGO 128.03 4.93 SolarEdgeTech SEDG 193.56 4.51 AristaNetworks ANET 211.81 4.62 BostonProps BXP 85.51 -1.07 Clorox CLX 220.00 7.00 GoldmanSachs GS 202.22 -0.26 PembinaPipeline PBA 24.57 0.54 ViacomCBS A VIACA 31.21 0.10 AdvMicroDevices AMD 81.91 3.22 EnphaseEnergy ENPH 67.71 2.66 LloydsBanking LYG 1.32 ... SolarWinds SWI 19.66 0.29 ArrowElec ARW 78.42 2.69 BostonSci BSX 41.53 0.61 Cloudflare NET 34.01 1.07 Graco GGG 59.13 1.26 PennNational PENN 58.15 2.84 Vipshop VIPS 16.70 -0.20 AgilentTechs A 97.93 2.79 Entegris ENTG 64.80 2.29 LockheedMartin LMT 385.24 5.01 Sony SNE 77.48 1.47 AscendisPharma ASND 144.22 1.09 BrightHorizons BFAM 135.98 0.67 Coca-Cola KO 50.19 0.38 Grainger GWW 361.28 11.12 Pentair PNR 44.86 1.18 Visa V 204.06 3.94 AgnicoEagle AEM 83.12 3.69 Entergy ETR 98.37 0.42 Loews L 35.81 0.18 Southern SO 52.85 ... AspenTech AZPN 125.95 2.36 BristolMyers BMY 59.08 0.55 Coca-Cola Euro CCEP 44.88 0.76 Grifols GRFS 16.30 0.43 Penumbra PEN 203.52 5.37 Vistra VST 18.42 0.57 AirProducts APD 303.27 8.75 EnterpriseProd EPD 17.40 0.36 LogitechIntl LOGI 69.55 2.67 SoCopper SCCO 46.87 1.07 BritishAmTob BTI 34.88 1.21 Cognex CGNX 62.90 2.28 Grubhub GRUB 69.76 1.24 PepsiCo PEP 137.11 1.56 VMware VMW 140.13 5.65 AkamaiTech AKAM 108.94 4.83 Assurant AIZ 121.35 1.04 Equifax EFX 167.70 3.88 Lowe's LOW 159.53 5.79 SouthwestAir LUV 39.22 -1.28 CognizantTech CTSH 66.41 0.81 PerkinElmer PKI 114.25 2.24 Vodafone VOD 14.38 0.30 Albemarle ALB 95.42 2.28 AstraZeneca AZN 53.64 -1.07 Broadcom AVGO 360.03 9.49 Equinix EQIX 753.42 12.37 GpoAvalAcc AVAL 4.98 0.04 lululemon LULU 323.93-25.87 ColgatePalm CL 77.57 1.93 Perrigo PRGO 48.77 0.52 Splunk SPLK 196.55 4.66 VornadoRealty VNO 34.70 -0.84 Albertsons ACI 13.88 0.70 Athene ATH 36.40 0.41 BroadridgeFinl BR 136.38 4.04 Equinor EQNR 15.52 0.61 GuardantHealth GH 95.01 4.04 Lyft LYFT 29.87 -0.23 ColumbiaSportswr COLM 88.26 -0.23 PetroChina PTR 32.90 0.37 Spotify SPOT 244.93 4.91 VoyaFinancial VOYA 49.06 -0.05 Alcon ALC 55.70 0.47 Atlassian TEAM 171.37 2.45 BrookfieldMgt BAM 32.92 0.47 Equitable EQH 20.00 0.09 Guidewire GWRE 111.76 1.43 LyondellBasell LYB 72.69 2.61 Comcast A CMCSA 44.60 0.79 PetroleoBrasil PBR 8.66 0.26 Square SQ 144.21 5.10 Vroom VRM 57.20 0.97 AlexandriaRlEst ARE 162.88 0.89 AtmosEnergy ATO 96.65 0.53 BrookfieldInfr BIP 46.14 1.40 EquityLife ELS 64.51 0.78 HCA Healthcare HCA 133.81 1.28 CommerceBcshrs CBSH 56.50 -0.37 PetroleoBrasilA PBR.A 8.57 0.25 StanleyBlackDck SWK 157.60 2.00 VulcanMatls VMC 121.66 -0.71 AlexionPharm ALXN 108.28 0.09 Autodesk ADSK 232.78 8.42 BrookfieldPropREIT BPYU 10.98 0.01 EquityResdntl EQR 56.84 -0.55 HDFC Bank HDB 49.85 0.38 M N SABESP SBS 9.44 0.35 Pfizer PFE 36.18 0.25 Starbucks SBUX 85.86 0.45 Alibaba BABA 273.15 3.13 Autohome ATHM 85.95 1.38 BrookfieldRenew BEPC 51.17 0.80 ErieIndemnity A ERIE 220.58 9.51 HD Supply HDS 41.89 2.60 ConagraBrands CAG 35.81 0.66 M&T Bank MTB 101.16 -1.10 PhilipMorris PM 80.47 1.44 StateStreet STT 65.79 0.24 W X Y Z s AlignTech ALGN 323.92 14.70 Autoliv ALV 78.48 0.95 Brown&Brown BRO 45.40 1.21 EssentialUtil WTRG 39.94 -0.01 HP HPQ 19.70 0.25 ConchoRscs CXO 48.80 1.17 MGM Resorts MGM 23.11 -0.06 Phillips66 PSX 57.87 -0.09 SteelDynamics STLD 29.34 -0.04 Alleghany Y 540.33 6.26 ADP ADP 137.26 1.37 Brown-Forman B BF.B 81.14 2.19 EssexProp ESS 218.51 -3.06 HSBC HSBC 21.21 0.34 ConocoPhillips COP 34.46 0.40 MKS Instrum MKSI 107.63 0.56 Pinduoduo PDD 84.65 2.94 Steris STE 163.02 4.00 WEC Energy WEC 97.77 2.18 Allegion ALLE 98.69 0.69 AutoZone AZO 1233.00 21.51 Brown-Forman A BF.A 73.21 1.23 EsteeLauder EL 218.51 2.49 HUYA HUYA 27.05 0.86 ConEd ED 72.91 0.11 MPLX MPLX 17.39 -0.15 PinnacleWest PNW 72.63 -0.55 STMicroelec STM 29.38 2.42 WEX WEX 153.83 0.59 AlliantEnergy LNT 53.78 1.13 Avalara AVLR 121.37 3.41 Bruker BRKR 39.28 0.42 Etsy ETSY 112.71 2.15 Halliburton HAL 15.06 0.25 ConstBrands B STZ.B 190.01 2.13 MSCI MSCI 348.69 9.05 Pinterest PINS 35.51 1.48 StoneCo STNE 50.66 0.85 W.P.Carey WPC 69.31 0.44 Avalonbay AVB 156.34 -2.12 Bunge BG 45.85 0.63 EverestRe RE 213.59 2.04 HartfordFinl HIG 39.48 -0.07 Allstate ALL 92.54 1.29 ConstBrands A STZ 189.93 2.17 MagellanMid MMP 36.99 -0.37 PioneerNatRscs PXD 96.60 2.24 Stryker SYK 205.41 5.33 WPP WPP 41.08 0.59 Avangrid AGR 49.05 0.60 BurlingtonStrs BURL 212.19 -2.62 Evergy EVRG 52.70 0.59 Hasbro HAS 78.37 0.28 AllyFinancial ALLY 24.11 -0.10 Cooper COO 319.20 1.00 MagnaIntl MGA 48.57 0.83 PlainsAllAmPipe PAA 6.91 ... SumitomoMits SMFG 5.79 -0.02 Wabtec WAB 68.39 0.75 Avantor AVTR 22.00 0.92 CBRE Group CBRE 48.53 0.90 EversourceEner ES 85.79 0.53 HealthcareAmer HTA 26.43 0.10 AlnylamPharm ALNY 123.06 0.07 Copart CPRT 103.04 1.47 ManhattanAssoc MANH 94.04 2.61 PlainsGP PAGP 7.12 0.02 SunComms SUI 143.74 0.83 t WalgreensBoots WBA 35.35 -0.75 AveryDennison AVY 116.35 2.29 CDW CDW 110.55 -1.17 ExactSciences EXAS 76.10 1.45 HealthpeakProp PEAK 28.10 0.35 Alphabet A GOOGL 1547.23 23.63 Corning GLW 33.07 1.31 ManulifeFin MFC 14.80 0.40 Polaris PII 93.93 -0.18 SunLifeFinancial SLF 42.01 1.04 Walmart WMT 139.89 1.44 BCE BCE 43.28 0.62 CF Industries CF 32.33 0.31 Exelixis EXEL 21.14 0.44 Heico A HEI.A 88.68 -1.28 Alphabet C GOOG 1556.96 24.57 Corteva CTVA 28.74 0.44 MarathonPetrol MPC 31.77 -0.56 Pool POOL 302.42 9.30 SuncorEnergy SU 14.08 0.09 WarnerMusic WMG 28.66 0.21 BHP Group BHP 54.23 1.18 CGI GIB 70.79 2.84 Exelon EXC 36.67 0.25 Heico HEI 108.61 -0.88 Alteryx AYX 112.16 1.97 CoStar CSGP 803.51 11.39 Markel MKL 1049.65 19.81 PostHoldings POST 86.02 -0.21 SunRun RUN 55.24 3.35 WasteConnections WCN 100.10 1.40 BHP Group BBL 44.66 1.05 CH Robinson CHRW 99.01 3.29 Expedia EXPE 99.23 -0.04 HenrySchein HSIC 64.77 1.03 AlticeUSA ATUS 26.71 0.36 Costco COST 346.43 7.57 MarketAxess MKTX 458.67 9.05 PrincipalFin PFG 41.85 -0.24 Suzano SUZ 8.91 0.25 WasteMgt WM 112.56 2.10 BP BP 20.32 0.17 CME Group CME 168.01 1.86 ExpeditorsIntl EXPD 89.55 3.09 Herbalife HLF 49.74 0.79 Altria MO 43.79 0.72 CoupaSoftware COUP 260.48-16.22 Marriott MAR 102.01 -1.97 Procter&Gamble PG 138.15 2.21 SynchronyFin SYF 25.60 0.07 Waters WAT 206.24 1.87 B2Gold BTG 6.67 0.30 CMS Energy CMS 61.69 1.19 ExtraSpaceSt EXR 110.82 2.79 Hershey HSY 147.72 2.20 AlumofChina ACH 6.03 0.03 Credicorp BAP 130.84 1.15 Marsh&McLen MMC 116.75 3.27 Progressive PGR 94.67 2.86 SyneosHealth SYNH 59.77 1.36 Watsco WSO 236.87 5.66 Baidu BIDU 119.40 0.09 CNA Fin CNA 31.64 0.45 ExxonMobil XOM 37.95 -0.23 Hess HES 46.95 1.25 Amazon.com AMZN 3268.61118.77 CreditAcceptance CACC 361.14 -1.23 MartinMarietta MLM 203.45 -3.48 Prologis PLD 100.98 2.18 Synnex SNX 125.21 2.41 Watsco B WSOB 237.50 -3.50 Ambev ABEV 2.33 0.01 BakerHughes BKR 14.12 0.13 CNH Indl CNHI 8.48 0.14 F5Networks FFIV 123.30 1.16 HewlettPackard HPE 9.46 0.03 CreditSuisse CS 10.76 0.31 MarvellTech MRVL 39.45 1.90 Proofpoint PFPT 105.45 0.91 Synopsys SNPS 205.33 6.34 Wayfair W 258.31 6.23 Amcor AMCR 11.01 0.24 Ball BLL 81.62 1.07 CNOOC CEO 106.24 1.23 FMC FMC 107.91 2.27 HighwoodsProp HIW 35.81 -0.05 Cree CREE 59.73 1.67 Masco MAS 57.95 1.95 PrudentialFin PRU 68.28 0.46 Sysco SYY 61.42 1.94 Weibo WB 34.13 -0.12 Amdocs DOX 57.35 0.21 BancoBilbaoViz BBVA 2.94 0.03 CRH CRH 37.17 1.14 Facebook FB 273.72 2.56 Hill-Rom HRC 89.06 0.57 CrowdStrike CRWD 128.18 2.55 Masimo MASI 221.42 5.88 Prudential PUK 30.17 0.24 WellsFargo WFC 23.84 -0.13 Amedisys AMED 230.66 3.43 BancoBradesco BBDO 3.75 0.02 CRISPR Therap CRSP 85.25 3.79 FactSet FDS 332.67 10.07 Hilton HLT 90.39 -1.51 CrownCastle CCI 161.29 2.79 Mastercard MA 339.64 9.76 PublicServiceEnt PEG 53.43 1.43 T U V Welltower WELL 60.89 0.84 Amerco UHAL 377.62 14.28 BancodeChile BCH 16.60 -0.33 CSX CSX 76.66 1.40 FairIsaac FICO 419.70 13.38 Hologic HOLX 59.23 1.63 CrownHoldings CCK 75.50 1.09 MaximIntProducts MXIM 66.96 1.60 PublicStorage PSA 216.72 2.77 WestPharmSvcs WST 272.57 9.95 Ameren AEE 78.38 0.98 BancSanBrasil BSBR 5.63 0.05 CVS Health CVS 59.53 ... Farfetch FTCH 26.20 0.18 HomeDepot HD 277.04 7.78 TAL Education TAL 74.28 1.63 CubeSmart CUBE 32.11 0.40 McCormickVtg MKC.V205.11 6.57 PulteGroup PHM 44.60 1.41 WesternDigital WDC 36.55 0.10 AmericaMovil AMX 12.37 0.38 BcoSantChile BSAC 15.32 -0.35 CableOne CABO 1822.12 29.85 Fastenal FAST 45.23 1.52 HondaMotor HMC 25.29 -0.06 TC Energy TRP 46.29 1.26 WesternUnion WU 22.69 0.08 Cummins CMI 212.07 8.01 McCormick MKC 202.69 5.17 Qiagen QGEN 49.33 1.08 AmericaMovil A AMOV 12.21 0.30 BancoSantander SAN 2.21 0.03 CabotOil COG 18.58 0.70 Fastly FSLY 84.37 3.29 Honeywell HON 165.75 1.48 TD Ameritrade AMTD 37.88 0.40 WestlakeChem WLK 62.43 0.98 CureVac CVAC 55.21 -1.70 McDonalds MCD 215.71 2.13 Qorvo QRVO 122.71 8.60 AmerAirlines AAL 13.05 -0.58 BanColombia CIB 29.59 0.45 CadenceDesign CDNS 104.34 3.90 FederalRealty FRT 79.39 -0.88 HorizonTherap HZNP 72.51 2.81 TE Connectivity TEL 98.05 2.65 WestpacBanking WBK 12.51 0.09 CyrusOne CONE 76.12 0.10 McKesson MCK 152.31 2.38 Qualcomm QCOM 114.02 4.25 AEP AEP 79.91 0.93 BankofAmerica BAC 25.51 0.03 CaesarsEnt CZR 50.28 0.34 FedEx FDX 225.75 4.70 HormelFoods HRL 50.67 0.42 Telus TU 18.11 0.27 WestRock WRK 32.40 0.46 MedicalProp MPW 18.32 0.37 QuantaServices PWR 52.23 0.87 AmerExpress AXP 103.78 0.11 BankofMontreal BMO 61.40 0.86 CamdenProperty CPT 91.44 0.40 Ferrari RACE 189.42 3.58 DR Horton DHI 70.07 2.06 TIM Part TSU 14.41 0.56 Weyerhaeuser WY 28.69 0.60 D E F Medtronic MDT 106.66 2.08 QuestDiag DGX 107.05 -0.35 AmericanFin AFG 67.75 1.58 BankNY Mellon BK 35.89 -0.15 CampbellSoup CPB 45.59 0.37 FiatChrysler FCAU 11.32 0.16 HostHotels HST 11.65 0.01 TJX TJX 54.76 -0.54 MelcoResorts MLCO 18.38 -0.08 Quidel QDEL 152.70 0.71 WheatonPrecMet WPM 54.81 2.97 AmHomes4Rent AMH 29.20 0.76 BkNovaScotia BNS 42.10 0.68 CIBC CM 78.99 0.75 DISH Network DISH 33.17 0.14 FidNatlFin FNF 33.57 0.85 HowmetAerospace HWM 17.12 -0.18 T-MobileUS TMUS 113.20 1.63 MercadoLibre MELI 1057.34 34.81 Whirlpool WHR 171.82 3.50 AIG AIG 29.15 0.26 Barclays BCS 5.39 0.03 CanNtlRlwy CNI 104.19 2.54 DTE Energy DTE 119.71 1.63 FidNatlInfo FIS 148.50 2.80 HuanengPower HNP 15.87 -0.01 TRowePrice TROW 129.24 1.28 Merck MRK 84.88 1.55 R S Williams WMB 21.02 0.54 AmerTowerREIT AMT 252.42 5.61 BarrickGold GOLD 30.46 1.26 CanNaturalRes CNQ 18.44 0.60 Danaher DHR 201.94 5.79 FifthThirdBncp FITB 21.12 0.12 Huazhu HTHT 44.55 1.14 TaiwanSemi TSM 79.40 2.08 MetLife MET 38.28 0.40 Williams-Sonoma WSM 89.87 3.49 AmerWaterWorks AWK 143.20 2.43 BauschHealth BHC 16.16 0.03 CanPacRlwy CP 294.53 7.74 Darden DRI 88.58 -0.54 58.com WUBA 55.70 -0.05 Hubbell HUBB 141.36 2.66 RELX RELX 23.33 0.63 TakeTwoSoftware TTWO 158.59 2.37 WillisTowers WLTW MettlerToledo MTD 975.82 28.20 209.19 6.06 AmericoldRealty COLD 37.81 0.08 BaxterIntl BAX 82.86 1.57 Canon CAJ 16.44 0.10 Datadog DDOG 81.98 2.00 FirstAmerFin FAF 52.84 1.28 HubSpot HUBS 284.11 9.40 RH RH 321.08 9.14 TakedaPharm TAK 18.06 0.09 Wipro WIT 4.35 0.07 MicrochipTech MCHP 101.45 -1.43 Ameriprise AMP 150.10 0.59 BectonDicknsn BDX 235.57 1.51 CanopyGrowth CGC 16.36 0.77 DaVita DVA 87.97 2.97 FirstRepBank FRC 109.49 -0.62 Humana HUM 408.22 2.85 RPM RPM 83.25 2.12 TandemDiabetes TNDM 108.71 2.93 MicronTech MU 45.15 0.12 Wix.comWIX 262.28 12.50 JBHunt JBHT 138.05 2.66 RaymondJames RJF 73.56 0.25 Target TGT 147.55 3.55 Microsoft MSFT 211.29 8.63 Workday WDAY 210.75 2.17 HuntingtonBcshs HBAN 9.79 0.07 RaytheonTech RTX 59.58 0.33 TataMotors TTM 9.67 0.04 MidAmApt MAA 116.44 0.76 WynnResorts WYNN 82.95 0.27 t HuntingIngalls HII 141.35 -0.41 RealPage RP 57.72 0.51 TeckRscsB TECK 11.74 0.42 MiratiTherap MRTX 139.91 3.76 XP XP 47.38 1.68 HyattHotels H 57.25 -0.78 RealtyIncome O 64.63 0.63 TeladocHealth TDOC 200.77 7.92 MitsubishiUFJ MUFG 4.12 -0.02 XPO Logistics XPO 87.56 2.05 IAA IAA 53.03 1.08 RegencyCtrs REG 40.87 -0.10 TeledyneTech TDY 312.47 -0.42 ADVERTISEMENT MizuhoFin MFG 2.68 -0.01 XcelEnergy XEL 70.59 1.48 ICICI Bank IBN 10.18 -0.04 RegenPharm REGN 571.15 9.26 Teleflex TFX 389.47 7.53 MobileTeleSys MBT 8.94 0.23 Xilinx XLNX 100.39 2.70 IdexxLab IDXX 374.16 9.97 RegionsFin RF 11.46 0.09 Ericsson ERIC 11.14 0.28 Moderna MRNA 56.90 2.56 XPeng XPEV 18.07 0.34 IHS Markit INFO 78.03 1.44 TelefonicaBras VIV 9.42 0.34 MohawkInds MHK 94.09 1.55 ReinsGrp RGA 102.22 5.21 Xylem XYL 83.41 2.06 ING Groep ING 8.30 0.15 RelianceSteel RS Telefonica TEF 3.92 0.08 YamanaGold AUY 6.31 0.28 The Marketplace MolinaHealthcare MOH 175.50 0.42 105.80 1.93 IPG Photonics IPGP 164.89 3.89 TelekmIndonesia TLK 19.36 -0.23 MolsonCoorsB TAP 37.52 -0.24 RenaissanceRe RNR 179.05 3.08 Yandex YNDX 62.58 1.45 IQVIA IQV 161.06 3.27 10xGenomics TXG 113.00 4.73 To advertise: 800-366-3975orWSJ.com/classiﬁeds MomentaPharm MNTA 52.17 0.01 Repligen RGEN 147.13 2.81 YumBrands YUM 93.39 -0.29 IcahnEnterprises IEP 49.42 0.50 Tenaris TS 10.78 -0.05 YumChina YUMC Mondelez MDLZ 57.50 1.11 RepublicSvcs RSG 95.16 1.87 53.20 0.88 Icon ICLR 180.51 4.12 TencentMusic TME 16.35 0.55 ZTO Express ZTO 32.60 0.86 MongoDB MDB 215.58 4.86 ResMed RMD 174.68 3.26 IDEX IEX 179.69 3.68 Teradyne TER 76.87 1.34 ZaiLab ZLAB 78.50 2.23 MonolithicPower MPWR 246.56 3.93 RestaurantBrands QSR 55.81 0.01 IllinoisToolWks ITW 195.14 4.25 Tesla TSLA 366.28 36.07 ZebraTech ZBRA 255.11 5.85 AUCTIONS BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES MonsterBev MNST 82.74 2.64 RexfordIndlRealty REXR 46.86 0.67 Illumina ILMN 347.00 6.05 TevaPharm TEVA 8.88 ... Zendesk ZEN 96.37 1.44 Moody's MCO 288.41 9.71 ReynoldsCnsmr REYN 32.48 0.45 Immunomedics IMMU 42.24 1.73 TexasInstruments TXN 139.68 3.64 Zillow C Z 82.32 1.66 MorganStanley MS 51.06 0.89 RingCentral RNG 259.26 -1.03 ImperialOil IMO 15.03 0.18 Textron TXT 38.53 0.26 Zillow A ZG 82.27 1.78 Morningstar MORN 159.49 4.46 RioTinto RIO 61.93 1.06 Incyte INCY 91.51 1.78 ThermoFisherSci TMO 418.32 13.02 ZimmerBiomet ZBH 140.20 1.92 378 Mosaic MOS 17.97 0.48 RitchieBros RBA 56.98 0.82 Infosys INFY 12.75 0.08 ThomsonReuters TRI 76.95 1.63 Zoetis ZTS 158.91 5.40 )!&#!*.- '##",($$% MotorolaSol MSI 153.57 1.08 RobertHalf RHI 52.41 0.56 IngersollRand IR 35.42 0.95 3M MMM 165.70 2.53 3' $0028 .6"4825 Mylan MYL 15.25 -0.39 RocketCos. RKT 23.39 0.65 ZoomVideo ZM 389.65 38.77 ".0%/)* !(/),&, 1$''+# !(0/) 2/&-& +!"'"&!"# +/-(*'-*). Insulet PODD 212.44 7.87 TiffanyTIF 113.96 -7.85 MyoKardia MYOK 110.49 3.29 Rockwell ROK 224.57 3.65 ZoomInfoTech ZI 32.99 0.41 Intel INTC 49.62 0.71 Toro TTC 81.53 1.40 5"11"+ 4+2"24"0!23-/ !H>& &AM ?--; N->-;JS0 FN"JJ-; A?9HJ J&- +NA("S"J0 "%!'%$* 0,,)& %, .*,($, *$) ,-*)(!*-% NICE NICE 220.65 6.20 RogersComm B RCI 42.12 0.20 Zscaler ZS 134.19 1.02 .+!% 0#-/& .&(*,)/)# 8%#1#/% 9+ (S9?AS MH77S0 >&A";M3*RC#' 8:= J&- JNA<- FAN= InteractiveBrkrs IBKR 47.89 -0.51 Roku ROKU 161.18 -1.45 TorontoDomBk TD 48.39 0.75 Zynga ZNGA 8.46 0.15 *,'%-,0+, -,' #!%/' *',1$2%+,. 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Chicken Soup 9.5% Nts 25 CSSEN 9.5 .48 Sep30 /Sep15 F- QA0 ?- A?S-J9&-S73 B&AJ-G-N 9;-OM%S9?AS $?++,)0$&.0)6 !&0-< .? =50?50.09; 5;7,;3.3: JacobsEngg J 92.80 2.18 Nike NKE 114.90 2.18 P9HN>";( NAJ"9;AS- FAM?-+9N-*RC#'$8:= "J "M >S-AN (,3. ;)/?< 8&3.2=&$;! ;)A05?)+;)." ;+%5&$;3 JamesHardie JHX 22.11 0.55 Nikola NKLA 42.37 -7.68 J&AJ N-G"-F";( J&9M- <->"M"9;M "M ;9F AQAJJ-N Foreign *("+#!)+(! '&&'%!$(*!, &8-;>0%-; 3$4;!,-; &)! %; &%-; .? &$. JazzPharma JAZZ 140.93 2.66 NiSource NI 22.11 0.14 9+ HN(-;>03*9MJM A;< G9SHQ-M &AG- >&A;(-<= J&J JNJ 149.70 2.44 Nokia NOK 4.14 0.04 China Petroleum ADR SNP 5.4 1.02317 Nov13 /Oct15 J&- MH77S0 >&A";;-JF9NU "M H;&-ASJ&0=A;< J&- @0.4?,. 6,0!&)$;: '?30.0?) -?$&.;! 0) .4; JohnsonControls JCI 41.21 0.47 NomuraHoldings NMR 5.10 0.06 DRDGOLD ADR DRD 2.3 .20717 Q Oct08 /Sep25 ! ("#%+#" &%!$%# )' *"#% ! *(# -)%%('! ";>N-AM";( J-;M"9;M ?-JF--; T9NJ& ,Q-N">A 6DPL JuniperNetworks JNPR 23.23 0.47 Nordson NDSN 189.82 3.88 ENI ADR E 4.8 .28397 SA Oct08 /Sep22 *A;AAHM- +9N ASANQ3 B- F9NU 75,5'" *42)%.51,4 KB Fin KB 31.66 0.59 NorfolkSouthern NSC 212.30 5.55 KE Holdings BEKE *>,,16A "A@A>E /#,3A3A501 *390<1A1 >S9M-S0 F"J& >HMJ9Q-NMJ9&-S7 J&-Q >AS>HSAJ- !,45&4 &4*- '4&$+4& %) 45.79 1.72 NorthernTrust NTRS 81.09 -0.52 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and J&- JNH- >9MJ +9N *&";-M- M9HN>";( A;< J&-; &-S7 #65",)'3%041)'-4'(/)+ KKR KKR 34.96 0.70 NorthropGrum NOC 339.41 4.85 KLA KLAC 174.46 -0.01 NortonLifeLock NLOK 23.05 0.46 ratio; SO: spin-off. .%>:B -@EA1, AB@6 3AB1, =@AA1,?1E J&-Q N-$97J"Q"/- J&-"N 9G-NASS MH77S0 >&A";M3 E&- 97J"Q"/AJ"9; Q9<-S HM-M Q-JN">M A;< ";JA;("?S-M .*B@,C1E 1<1:A,?: :@, ?6 )9?6>A1E J9 &-S7 >HMJ9Q-NM<-J-NQ";- J&-"N A>JHAS >9MJM A;< N"MUM AM >9Q7AN-< J9 A>HNN-;J$MJAJ- 9;$ FRANCHISE New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 3, <1EE M&9N";(Q9<-S3 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ,P!% &AM -MJA?S"M&-< DP= *A;A<"A;= A;< .!6@--1:A14 =5 B1@AD:3<4 R1RCM RCM 16.49 0.6 HuntingIngalls HII 138.61 -0.3 !-1">A; QA;H+A>JHN";( +A>"S"J"-M F"J& A-N9M7A>-= The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE Ranpak PACK 10.10 6.0 IBEX IBEX 9.57 -2.1 .$3+,1 B@2@,4 AHJ9Q9J"G-= Q-<">AS= A;< ";A7A?"S"J"-M 8".E2CBD9 @??@"#!EB#% American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low RenewableEnergy REGI 44.42 12.0 IMPAC Mortgage IMH 1.22 -7.8 A;< >A7A>"J03B-MJA;< N-A<0 J9 MH779NJ 09HN &@=67'A>// +-@7'=>/5 ,1@ 2;*?C in the latest session. %CHG-Daily percentage change from the previous trading session. 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(31E 63A 41C,@41 ;D ,101@A14 >E1 $ABB1-@A ,@=67'A>// 52-Wk % 52-Wk % 52-Wk % StarPeakEner STPK.U 10.20 1.1 LAIX LAIX 2.01 -0.4 08 ",08($-3!5(:'.0(0*)0:%-@*D%8D2(:*6:: Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg StewartInfo STC 46.81 1.3 NACCO Inds NC 19.85 -2.9 +D44/*0$ :6BBD=81D6=,/:8&D4)=(:' :8=08/-(* /=@6/5 2.(K?A6%- (!1!/DB-!+7 ARYASciencesAcqIII ARYA 11.84 4.2 *')"( $+$!%$,!#&++ dMY Tech II DMYD.U 10.24 1.1 KSCitySouthern KSU 200.00 0.2 TrilliumTherap TRIL 14.15 43.7 OpiantPharm OPNT 7.35 -5.8 AccelEnt ACEL 13.85 4.4 E.MergeTech ETACU 10.06 0.2 KintaraTherap KTRA 1.60 10.3 TriumphBncpPfdC TBKCP 25.85 0.4 QurateRetailAWi QRTAV 6.12 -32.0 %@&@ *D.4A) Akouos AKUS 28.19 4.5 8iEntsAcqnRt JFKKR 1.19 18.6 Knight-Swift KNX 47.44 2.4 Tupperware TUP 22.50 5.9 RaMedicalSys RMED 0.23 -3.3 AlignTech ALGN 328.84 4.8 EssaPharma EPIX 7.87 3.5 KuraOncology KURA 27.51 4.9 WernerEnterprises WERN 47.43 2.1 RiceBranTech RIBT 0.40 -0.8 *=DD2;!/"# &' 888,4 ArtiusAcqnWt AACQW 1.98 -3.0 ExOne XONE 16.43 16.6 LandcadiaII A LCA 18.89 9.0 WescoPfdA WCCpA 28.05 1.6 RiverNorthRt OPPr 0.01 117.0 2?.8B"F 8@"D.A9 AzurePowerGlbl AZRE 28.99 0.3 NOTICE OF SALE FiestaRestaurant FRGI 12.85 4.1 LandcadiaII LCAHU 21.10 6.5 WorkhorseGroup WKHS 23.88 10.5 ScorpioBulkers SALT 12.27 -0.5 (%*35) ,C &A5E.<5C ($+,6A5C,$ 6A5 2$+<8 '5A225<=5<>$5$E,AC" ForumMergerII FMCI 26.95 7.4 YucaipaAcqn YAC.U 10.26 0.7 SeanergyMaritime SHIP 0.39 0.2 BrilliantAcqnRt BRLIR 0.29 55.4 MrCooper COOP 21.29 3.5 D/; $##A@CE,C0 $C! >$45A++ 2<5=,#<28 &41@7 DE ;7BB) ForumMergerIIWt FMCIW 9.83 7.5 SilenceTherap SLN 19.00 -2.6 CCNeubergerII PRPB.U 10.27 0.3 NanoXImaging NNOX 47.00 7.8 FusionAcqnWt FUSE.WS 0.92 1.2 Lows Spire SR 55.03 -0.8 7EC"!BDE+7:= ;DC+ EC"!B7 @BD7< +'11= GXAcquisitionWt GXGXW 2.25 -2.4 @9??DCC7:= B9<-)C7,? 7?6B9577E0 #"8,7CA,D:A"BE= 6",C<7,E+D6E= ''*.E= @9,69,"CD9OO 4>G9KG/ 7;BB >M *>/G90K CastleBiosci CSTL 52.32 2.9 GMHIW NomadFoods NOMD 25.25 0.3 AshfordHosp AHT 2.32 -15.0 TorchlightEner TRCH 0.25 5.3 !704F(? 34* 2/)846?+07*(4! 7%*6(6- 25. (6?7*) $7BB7, DE ">"DB"!B7 C9 "EEDEC ;DC+ C,"G +FFB ?><&G %>C9K ChinaYuchai CYD 17.80 6.1 GrafIndustrial GRAF 31.77 2.3 NurixTherap NRIX 30.49 2.7 ConsldWater CWCO 11.15 -1.0 TuanChe TC 1.05 ... 7?6B95?77: ;DC+D< C+7 CohnRobbins 10.13 0.1 HibbettSports HIBB 36.87 5.6 $3 ':43!F 4* **(6;F, ((*7#? #46?%#? 0*737**7!C CRHC.U OaktreeAcqnWt OAC.WS 2.17 6.4 CypressEnvl CELP 2.10 -1.8 22ndCentury XXII 0.55 -4.6 D??7:D"C7 ",7" !AC E+9AB: <9C !7 ?9>7: 9AC 94 C+7 '0>K:9 JG9 EBI JG A&6M>/ @# BB8BE D8 Holdings DEH.U 10.21 -0.2 HighCapeCap CAPAU 10.33 0.1 OceanFirstPfdA OCFCP 26.90 0.5 Espey ESP 15.97 -1.4 UTStarcom UTSI 1.18 -8.2 $*4;7*F6(?+F7*(47, /230 D8 Wt DEH.WS 0.99 10.6 HolicityUn HOLUU 10.77 0.9 Ontrak OTRK 80.50 16.4 Genfit GNFT 4.61 -3.8 VOC Energy VOC 1.27 -10.5 DarlingIngred DAR 34.43 4.2 IES Holdings IESC 32.83 1.4 PretiumResources PVG 13.44 6.4 HPX Wt HPX.WS 0.90 -4.3 VarexImaging VREX 10.37 0.3 "%&/!(/' #.0+$ &,$"+&&, !./*)'*& ,$""(0'0)!./+)"#)%.-'.0 3F)B2..)$88BB "K-6=,NJ!/>O91<6M DiamondPeak DPHC 21.68 12.4 InsuAcqnII INAQU 11.00 -2.3 Pro-Dex PDEX 32.98 7.2 HothTherap HOTH 2.14 -1.3 WalgreensBoots WBA 35.23 -2.1 DiamondPeakWt DPHCW 8.15 16.1 InnovSolSuprt ISSC 7.91 2.2 PropSolnsWt PSACW 0.37 12.5 HoustonAmEner HUSA 0.94 1.0 YatraOnline YTRA 0.55 -5.1 P2JW254000-0-B00700-1------XA

THE WALL STREET JOURNAL. Thursday, September 10, 2020 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 27940.47 s439.58, or 1.60% Trailing P/E ratio 27.43 19.49 3398.96 s67.12, or 2.01% Trailing P/E ratio * 37.92 22.95 11141.56 s 293.87, or 2.71% Trailing P/E ratio *† 36.55 23.75 High, low, open and close for each P/E estimate * 26.70 17.36 High, low, open and close for each P/E estimate * 25.64 18.06 High, low, open and close for each P/E estimate *† 32.01 21.75 trading day of the past three months. Dividend yield 2.20 2.23 trading day of the past three months. Dividend yield * 1.77 1.93 trading day of the past three months. Dividend yield *† 0.76 1.03 All-time high 29551.42, 02/12/20 All-time high 3580.84, 09/02/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 29000 3550 12100

27500 3400 11450

26000 3250 10800

24500 3100 10150 Session high DOWN UP 65-day moving average 65-day moving average Session open Close 65-day moving average t 23000 2950 9500 Close Open t 8850 Session low 21500 2800 Bars measure the point change from session's open 20000 2650 8200 June July Aug. Sept. June July Aug. Sept. June July Aug. Sept. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 859,930,159 15,007,522 Major U.S. Stock-Market Indexes 28206.21 27704.54 27940.47 439.58 1.60 29551.42 18591.93 3.0 -2.1 8.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 612,205,910 10,859,542 Transportation Avg 11349.92 11093.07 11244.98 164.11 1.48 11451.51 6703.63 4.5 3.2 6.2 Most-active issues in late trading Decl. volume* 237,625,980 4,040,735 Utility Average 819.26 804.40 809.51 10.88 1.36 960.89 610.89 -5.0 -7.9 2.7 Volume After Hours Issues traded 3,090 272 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 34767.69 34211.32 34527.94 679.38 2.01 36434.12 22462.76 12.2 4.5 10.7 Advances 2,250 185 Apple AAPL 7,983.2 117.98 0.66 0.56 411.90 116.80 Barron's 400 719.38 709.27 715.29 11.81 1.68 752.15 455.11 3.2 -2.3 3.8 Declines 783 81 SPDR S&P 500 SPY 6,942.9 339.81 0.02 0.01 340.20 338.99 Unchanged 57 6 General Electric GE Nasdaq Stock Market 6,353.3 6.16 ... unch. 6.17 6.14 New highs 37 3 Nasdaq Composite 11217.69 10970.45 11141.56 293.87 2.71 12056.44 6860.67 36.4 24.2 20.5 ICICI Bank ADR IBN 6,312.1 10.26 0.08 0.79 10.26 10.18 New lows 16 4 Nasdaq 100 11480.37 11197.13 11395.85 327.59 2.96 12420.54 6994.29 44.5 30.5 24.4 iShares MSCI Emg Markets EEM 6,128.9 44.22 ... unch. 44.22 43.89 Closing Arms† 1.22 0.69 Altria Group MO 4,909.6 43.79 ... unch. 43.92 43.75 S&P Block trades* 4,861 144 Intel INTC 3,955.3 49.80 0.18 0.36 49.90 49.56 500 Index 3424.77 3366.84 3398.96 67.12 2.01 3580.84 2237.40 13.3 5.2 11.4 Nasdaq NYSE Arca Noble Energy NBL 3,692.4 9.62 0.10 1.05 9.62 9.51 MidCap 400 1888.79 1864.18 1880.52 25.35 1.37 2106.12 1218.55 -4.3 -8.8 3.0 Total volume*3,521,912,896 260,536,134 SmallCap 600 883.24 872.10 879.29 8.79 1.01 1041.03 595.67 -9.8 -13.9 1.6 Percentage gainers… Adv. volume*2,661,050,830 204,442,129 Decl. volume* 828,104,118 55,659,345 Other Indexes SelectQuote SLQT 197.0 22.90 2.85 14.21 23.88 20.05 Issues traded 3,505 1,417 Russell 2000 1532.91 1505.09 1526.48 21.89 1.45 1705.22 991.16 -3.1 -8.5 2.9 RH RH 498.7 365.00 43.92 13.68 395.00 311.24 Advances 2,370 1,201 NYSE Composite 12969.46 12803.74 12885.80 197.73 1.56 14183.20 8777.38 -1.5 -7.4 2.7 Capri Holdings CPRI 106.4 19.18 1.22 6.79 19.34 17.96 Declines 1,054 202 ANGI Homeservices ANGI 342.4 13.48 0.57 4.42 13.48 12.91 Value Line 471.05 463.46 468.84 5.38 1.16 562.05 305.71 -12.2 -15.1 -3.1 Unchanged 81 14 Overstock.com OSTK 161.3 71.91 2.97 4.31 72.88 68.50 NYSE Arca Biotech 5256.82 5194.12 5230.24 75.08 1.46 6142.96 3855.67 17.4 3.2 7.7 New highs 52 4 NYSE Arca Pharma 668.08 656.20 662.59 9.77 1.50 675.64 494.36 13.4 1.4 7.0 ...And losers New lows 26 1 KBW Bank 77.05 76.03 76.56 0.10 0.13 114.12 56.19 -23.7 -32.5 -5.3 GameStop Cl A GME 2,028.7 6.60 -0.75 -10.20 7.73 6.30 Closing Arms† 0.70 1.93 § PHLX Gold/Silver 155.18 149.71 154.80 6.82 4.61 161.14 70.12 67.6 44.8 19.1 BigCommerce Holdings BIGC 620.6 87.00 -4.50 -4.92 94.50 83.10 Block trades* 14,684 1,346 § PHLX Oil Service 34.29 33.65 34.00 0.49 1.48 80.99 21.47 -53.1 -56.6 -35.2 Canadian Solar CSIQ 205.1 29.71 -1.26 -4.07 30.97 29.51 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2186.25 2135.33 2169.61 61.00 2.89 2370.18 1286.84 35.1 17.3 25.7 ZIOPHARM Oncology ZIOP 50.8 2.48 -0.10 -3.88 2.58 2.48 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 31.78 28.12 28.81 -2.65 -8.42 82.69 11.54 97.2 109.1 33.5 SRPT Sarepta Therapeutics 52.4 127.00 -3.49 -2.67 137.01 125.00 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 1.20 World The Global Dow 3057.55 36.37 –6.0 Intra-Cellular Therapies ITCI 31.86 13.43 72.87 43.56 6.75 212.7 Qurate Retail Series A Wi QRTAV 6.12 -2.88 -32.00 9.00 6.12 ... 1.34 DJ Global Index 435.18 5.77 0.3 Trillium Therapeutics TRIL 13.59 4.13 43.66 14.15 0.24 3690.8 MasterCraft Boat Holdings MCFT 18.12 -4.34 -19.32 23.53 4.90 -0.7 DJ Global ex U.S. 249.95 1.28 0.51 –5.2 Watford Holdings WTRE 22.30 4.43 24.79 28.90 10.86 -14.8 VivoPower International VVPR 7.90 -1.82 -18.72 14.84 0.59 485.2 Americas DJ Americas 788.76 15.67 2.03 3.7 Hall of Fame Resort Ent HOFV 4.59 0.84 22.40 12.31 3.58 ... NextDecade NEXT 1.91 -0.42 -18.03 6.78 1.12 -70.0 Brazil Sao Paulo Bovespa 101292.05 1241.62 1.24 –12.4 Amryt Pharma ADR AMYT 13.50 2.42 21.84 15.50 7.45 ... Kaspien Holdings KSPN 9.15 -1.97 -17.72 15.00 1.68 160.7 Canada S&P/TSX Comp 16383.60 284.08 1.76 –4.0 Precipio PRPO 2.86 0.50 21.19 8.00 0.55 15.5 ClearOne CLRO 2.30 -0.43 -15.75 3.54 1.32 2.2 Mexico S&P/BMV IPC 36157.96 86.53 0.24 –17.0 500.com ADR WBAI 4.05 0.70 20.90 11.50 2.51 -55.1 Lovesac LOVE 26.11 -4.81 -15.56 36.86 4.00 22.5 Chile Santiago IPSA 2599.01 –37.46 –1.42 –22.1 Wilhelmina International WHLM 3.20 0.55 20.75 12.92 2.32 -40.9 Nikola NKLA 42.37 -7.68 -15.34 93.99 10.20 315.0 Nuverra Envtl Solutions NES 2.67 0.44 19.73 6.45 0.94 -30.3 Ashford Hospitality Trust AHT 2.49 -0.44 -15.02 34.36 2.32 -92.4 EMEA Stoxx Europe 600 369.65 5.90 1.62 –11.1 Retractable Technologies RVP 6.47 1.05 19.37 13.65 0.85 660.3 Applied UV AUVI 6.39 -1.10 -14.69 12.99 5.14 ... Eurozone Euro Stoxx 365.00 6.19 1.72 –9.6 Belgium Bel-20 3362.40 59.17 1.79 –15.0 Materialise ADR MTLS 42.36 6.81 19.16 45.65 10.65 128.7 Applied Genetic Techs AGTC 5.26 -0.87 -14.19 10.42 2.29 42.2 Denmark OMX Copenhagen 20 1321.83 31.37 2.43 16.4 Community First Bcshs CFBI 7.78 1.25 19.14 12.05 5.36 -23.0 Slack Technologies WORK 25.24 -4.08 -13.92 40.07 15.10 ... France CAC 40 5042.98 69.46 1.40 –15.6 eGain Corp. EGAN 13.23 2.09 18.76 14.85 4.80 60.4 Net Element NETE 6.74 -1.00 -12.92 20.08 1.47 25.0 Vivint Smart Home Cl A VVNT Co-Diagnostics CODX Germany DAX 13237.21 268.88 2.07 –0.1 18.29 2.68 17.17 32.00 8.51 78.1 10.22 -1.48 -12.65 30.99 0.85 858.2 ExOne Co. XONE 16.20 2.31 16.63 16.43 3.55 73.6 Polymet Mining PLM 3.26 -0.42 -11.41 9.70 1.50 -10.6 Israel Tel Aviv 1324.83 0.27 0.02 –21.3 Italy FTSE MIB 19771.32 391.14 2.02 –15.9 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 552.05 11.26 2.08 –8.7 Russia RTS Index 1201.34 11.87 1.00 –22.4 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 55211.34 772.52 1.42 –3.3 Spain IBEX 35 7020.90 65.90 0.95 –26.5 Apple AAPL 172,154 1.6 117.32 3.99 137.98 53.15 FT Nasdaq Transportation FTXR 1,566 15772 23.75 2.13 25.36 12.20 Sweden OMX Stockholm 713.42 11.16 1.59 4.8 Superconductor Techs SCON 153,233 4396.8 0.35 44.92 0.91 0.12 Intra-Cellular Therapies ITCI 43,922 5835 31.86 72.87 43.56 6.75 General Electric GE Overlay Shares LC OVL Switzerland Swiss Market 10406.57 156.13 1.52 –2.0 108,770 29.0 6.16 0.33 13.26 5.48 613 3379 29.40 2.62 30.84 18.13 SPDR S&P 500 SPY 89,852 17.1 339.79 1.97 358.75 218.26 Watford Holdings WTRE 1,064 2691 22.30 24.79 28.90 10.86 Turkey BIST 100 1099.68 10.08 0.93 –3.9 NIO ADR NIO 89,806 -34.7 18.09 6.22 21.05 1.19 Trillium Therapeutics TRIL 34,093 2534 13.59 43.66 14.15 0.24 U.K. FTSE 100 6012.84 82.54 1.39 –20.3 U.K. FTSE 250 17594.93 –30.25 –0.17 –19.6 Slack Technologies WORK 84,919 387.9 25.24 -13.92 40.07 15.10 Janus S/MC Growth Alpha JSMD 308 2208 51.10 2.54 53.88 30.05 American Airlines Group AAL 78,748 -8.2 13.05 -4.26 31.67 8.25 Invs S&P 500 EW Cons Disc RCD 242 1559 103.87 0.80 113.01 55.72 Asia-Pacific Tesla TSLA 78,085 2.2 366.28 10.92 502.49 43.67 FT RBA Am Ind Renaissance AIRR 230 1465 26.35 0.77 29.69 16.58 Australia S&P/ASX 200 5878.60 –129.24 –2.15 –12.1 ProSh UltraPro Shrt QQQ SQQQ 75,215 152.1 24.60 -8.65 181.60 19.55 Janus SC Growth Alpha JSML 185 1450 47.36 1.52 50.73 28.03 China Shanghai Composite 3254.63 –61.79 –1.86 6.7 Invesco QQQ Trust I QQQ 63,076 46.8 277.88 2.94 303.50 164.93 LF Cap Acquisition Cl A LFAC 1,707 1392 10.58 0.09 11.85 10.05 Hong Kong Hang Seng 24468.93 –155.41 –0.63 –13.2 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least India S&P BSE Sensex 38193.92 –171.43 –0.45 –7.4 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23032.54 –241.59 –1.04 –2.6 Singapore Straits Times 2499.33 –5.43 –0.22 –22.4 Track the Markets South Korea Kospi 2375.81 –26.10 –1.09 8.1 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12608.58 –0.43 5.1 global stock indexes, bond ETFs, –54.98 currencies and commodities at Currencies Thailand SET 1293.40 –0.40 –0.03 –18.1 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Wed YTD chg Wed YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23176 0.02 Argentina peso .0134 74.7044 24.7 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1884 5.3075 32.0 Czech Rep. koruna .04457 22.439 –1.0 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7606 1.3148 1.2 Denmark krone .1586 6.3033 –5.4 notes and bonds major U.S. trading partners Chile peso .001304 766.80 3.7 Euro area euro 1.1804 .8472 –5.0 A consumer rate against its New car loan Colombiapeso .000269 3710.66 13.1 Hungary forint .003308 302.28 2.4 Ecuador US dollar 11unch Iceland krona .007119 140.47 16.0 benchmark over the past year 2.50% Bankrate.com avg†: 4.17% 8% Mexico peso .0468 21.3659 12.9 Norway krone .1109 9.0179 2.7 Uruguay peso .02349 42.5750 14.6 Poland zloty .2657 3.7634 –0.8 First Command Bank 2.75% One year ago 2.00

Euro Asia-Pacific Russia ruble .01328 75.313 21.3 5.00% Fort Worth, TX 888-763-7600 t 4 s Sweden krona .1144 8.7430 –6.7 1.50 Australian dollar .7282 1.3732 –3.6 New car loan Switzerland franc 1.0960 .9124 –5.7 First Savings Bank of Hegewisch 2.75% China yuan .1463 6.8333 –1.9 t 4.50 0 Turkey lira .1335 7.4911 25.9 Chicago, IL 773-646-4200 1.00 Hong Kong dollar .1290 7.7508 –0.5 Ukraine hryvnia .0359 27.8500 17.6 Tradeweb ICE India rupee .01364 73.310 2.7 4.00 Think Mutual Bank 2.99% UK pound 1.3001 .7692 2.0 Wednesday Close 0.50 –4 s s Indonesia rupiah .0000676 14785 6.5 Prime rate Rochester, MN 800-288-3425 t Yen WSJ Dollar index Japan yen .009418 106.18 –2.3 Middle East/Africa t 3.50 First FSB of Mascoutah 3.00% 0.00 –8 Kazakhstan tenge .002340 427.38 11.9 Bahrain dinar 2.6521 .3771 0.01 Macau pataca .1252 7.9860 –0.4 Egypt pound .0634 15.7826 –1.7 Mascoutah, IL 888-415-3279 1 3 6 1 2 3 5 7 10 20 30 2019 2020 3.00 month(s) years Malaysia ringgit .2397 4.1715 2.0 Israel shekel .2943 3.3976 –1.6 O N D J F M A M J J AS Cambridge Savings Bank 3.24% New Zealand dollar .6684 1.4961 0.7 Kuwait dinar 3.2688 .3059 0.9 maturity 2019 2020 Cambridge, MA 888-418-5626 Pakistan rupee .00601 166.403 7.4 Oman sul rial 2.5973 .3850 ... Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0206 48.627 –4.1 Qatar rial .2746 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7318 1.3665 1.5 Saudi Arabia riyal .2666 3.7510 –0.01 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008439 1184.92 2.6 South Africa rand .0602 16.6077 18.6 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00 Sri Lanka rupee .0054233 184.39 1.7 Yield (%) 52-Week Total Return (%) Taiwan dollar .03414 29.292 –2.1 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.25 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03197 31.280 5.1 WSJ Dollar Index 88.28 –0.31–0.35 –1.44 Libor, 3-month 0.25 0.25 0.23 l 2.16 -1.06 U.S. Treasury, Barclays 2476.380 0.510 0.470 1.910 0.400 7.63 5.01 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.23 0.23 0.23 l 0.78 -0.04 Five-year CD, annual yield 0.65 0.65 0.65 l 1.62 -0.80 U.S. Treasury Long, Barclays 4853.610 1.340 1.260 2.370 0.980 15.29 10.59 Commodities 30-year mortgage, fixed† 3.07 3.08 3.03 l 4.22 -0.66 Aggregate, Barclays 2276.870 1.150 1.110 2.460 1.020 6.96 4.99 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.58 2.58 2.54 l 3.57 -0.41 Fixed-Rate MBS, Barclays 2227.990 1.180 1.140 2.690 0.930 4.60 3.57 Jumbo mortgages, $510,400-plus† 3.12 3.11 3.06 l 4.71 -1.12 DJ Commodity 617.50 7.25 1.19 647.86 433.70 1.77 -3.86 High Yield 100, ICE BofA 3164.476 4.611 4.286 10.740 4.235 1.440 3.643 Five-year adj mortgage (ARM)† 3.30 3.28 3.06 l 4.78 0.08 TR/CC CRB Index 147.08 1.08 0.74 187.39 106.29 -15.34 -20.84 Muni Master, ICE BofA 587.385 1.026 1.037 3.441 0.838 4.479 3.826 New-car loan, 48-month 4.17 4.18 4.17 l 4.65 1.11 Crude oil, $ per barrel 38.05 1.29 3.51 63.27 -37.63 -31.75 -37.68 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 903.771 4.690 4.578 7.480 4.523 4.472 3.752 Natural gas, $/MMBtu 2.406 0.006 0.25 2.862 1.482 -5.72 9.91 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1944.70 11.70 0.61 2051.50 1452.10 30.13 27.98 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Plus, deeper money-flows data and email delivery of keystock-market data. Available free at WSJMarkets.com P2JW254000-0-B00800-1------XA

B8 | Thursday, September 10, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Soybeans (CBT)-5,000 bu.; cents per bu. Dec 222-190 223-290 220-190 221-020 –1-13.0 969,691 Dec 1.0921 1.0996 1.0912 1.0989 .0057 9,086 Sept 974.25 979.50 973.00 979.75 6.75 161 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Australian Dollar (CME)-AUD 100,000; $ per AUD Contract Open Nov ... 981.75 968.50 978.75 5.75 393,861 Sept 178-090 178-190 177-070 177-120 –18.0 6,135 Open High hi lo Low Settle Chg interest Sept .7203 .7288 .7192 .7271 .0055 105,358 Soybean Meal (CBT)-100 tons; $ per ton. Dec 176-160 177-000 175-170 175-230 –18.0 1,146,632 Dec .7205 .7291 .7194 .7273 .0054 37,744 Copper-High (CMX)-25,000 lbs.; $ per lb. Sept ... 311.70 ... 310.90 3.70 554 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN Sept 2.9935 3.0360 2.9910 3.0400 0.0275 2,663 Dec ... 319.90 s 313.50 318.10 3.50 180,881 Sept 139-220 139-235 139-130 139-150 –3.0 28,496 Sept .04578 .04683 .04554 .04664 .00075 74,661 Dec 3.0175 3.0575 3.0030 3.0515 0.0265 139,051 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 139-160 139-200 139-070 139-095 –3.0 3,305,015 Dec .04535 .04635 .04508 .04615 .00073 75,592 Gold (CMX)-100 troy oz.; $ per troy oz. Sept 33.28 33.40 33.28 33.21 –.36 929 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec ... 33.55 33.05 33.21 –.19 186,763 Euro (CME)-€125,000; $ per € Sept 1926.90 1946.20 1924.60 1944.70 11.70 216 Sept 125-287 125-297 125-257 125-270 –.5 49,435 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 1.1774 1.1836 1.1753 1.1809 .0027 541,281 Oct 1932.00 1949.30 1918.80 1946.80 11.70 61,388 Dec 126-002 126-017 125-290 125-305 –.7 3,165,931 Nov ... 12.52 12.44 12.44 –.02 9,915 Dec 1.1799 1.1859 1.1778 1.1833 .0027 140,086 Dec 1939.40 1957.80 1926.30 1954.90 11.70 413,059 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Jan'21 12.59 12.64 12.59 12.58 –.01 245 Feb'21 1945.80 1965.00 1934.60 1962.40 11.50 37,891 Sept 110-131 110-132 110-127 110-128 –.2 49,559 April 1950.20 1969.20 1938.60 1966.90 11.10 20,222 Wheat (CBT)-5,000 bu.; cents per bu. Index Futures Dec 110-144 110-147 110-137 110-141 –.2 1,940,119 June 1952.00 1972.70 1950.60 1970.60 11.20 9,337 Sept 533.50 536.50 533.25 534.00 .75 96 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini DJ Industrial Average (CBT)-$5 x index Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec ... 549.50 541.50 543.75 –.50 225,051 Wheat (KC)-5,000 bu.; cents per bu. Sept 99.9125 99.9125 99.9100 99.9125 .0025 130,122 Sept 27376 28196 27185 27972 447 71,903 Sept ...... 2294.00 12.80 244 Sept 476.50 476.50 471.50 473.25 1.75 35 Oct 99.9200 99.9200 99.9150 99.9200 .0000 234,450 Dec 27275 28071 27066 27851 449 1,433 Oct …… …2297.70 12.80 ... Dec ... 475.00 466.50 471.00 1.50 148,026 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index Dec 2290.40 2326.00 2269.90 2318.20 12.40 9,102 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 100-170 100-220 100-090 100-120 –6.0 54,581 Sept 3345.70 3399.70 3296.30 3400.30 64.80 36,317 March'21 2318.40 2323.00 2318.40 2322.20 12.50 175 Sept 138.925 139.450 137.225 138.400 –.550 2,926 Dec 102-230 102-270 102-160 102-190 –6.0 40,366 Dec …… …3389.90 64.80 2 Platinum (NYM)-50 troy oz.; $ per troy oz. Oct 139.825 140.200 137.250 138.250 –1.600 16,238 Eurodollar (CME)-$1,000,000; pts of 100% Mini S&P 500 (CME)-$50 x index Sept ...... 923.10 14.70 17 Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 99.7575 99.7575 99.7500 99.7525 –.0025 1,422,236 Sept 3315.25 3424.00 3295.50 3400.25 64.75 2,580,018 Oct 903.60 928.00 899.00 924.90 14.60 42,453 Oct 105.375 105.550 103.700 104.700 –1.075 90,773 Dec 99.7050 99.7050 99.6900 99.6950 –.0050 1,033,397 Dec 3305.00 3413.75 3285.50 3390.00 65.00 124,063 Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 109.650 109.850 108.125 109.150 –.975 82,626 March'21 99.7950 99.7950 99.7850 99.7900 …992,598 Mini S&P Midcap 400 (CME)-$100 x index Sept 26.580 26.910 26.580 26.955 0.091 1,566 Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 99.8050 99.8100 99.8000 99.8050 …919,379 Sept 1845.20 1888.40 1829.60 1879.20 25.50 56,323 Dec 26.905 27.180 26.565 27.083 0.092 137,943 Oct 60.050 61.725 59.775 61.375 1.475 77,261 Dec 1870.00 1881.30 1826.70 1873.40 24.70 34 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 58.600 59.975 58.400 59.850 1.175 69,768 Oct 36.79 38.45 36.16 38.05 1.29 269,778 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Currency Futures Mini Nasdaq 100 (CME)-$20 x index Sept 11006.00 11478.75 10935.25 11392.75 332.25 243,827 Nov 37.18 38.78 36.60 38.41 1.22 251,632 Sept 883.00 910.90 875.00 900.00 25.00 248 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Dec 11011.00 11464.50 10924.75 11379.75 332.00 6,708 Dec 37.71 39.22 37.11 38.87 1.16 273,526 Nov 583.50 641.50 583.50 592.40 –20.10 2,457 Sept .9438 .9454 .9410 .9416 –.0015 123,315 Milk (CME)-200,000 lbs., cents per lb. Mini Russell 2000 (CME)-$50 x index March'21 39.06 40.41 38.54 40.18 1.07 127,633 Dec .9453 .9465 .9421 .9428 –.0014 26,967 Sept 16.90 16.93 16.32 16.62 –.23 4,088 Sept 1495.40 1533.40 1479.60 1524.20 16.50 500,678 June 40.04 41.38 39.66 41.19 0.97 182,385 Canadian Dollar (CME)-CAD 100,000; $ per CAD Dec ...... 42.49 0.87 201,252 Oct 18.80 18.82 18.28 18.48 –.33 4,395 Dec 1491.20 1529.40 1476.40 1520.50 16.70 2,604 Sept .7554 .7607 .7542 .7597 .0034 103,309 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Cocoa (ICE-US)-10 metric tons; $ per ton. Mini Russell 1000 (CME)-$50 x index Dec .7553 .7609 .7544 .7599 .0034 33,083 Oct 1.0861 1.1130 1.0658 1.1061 .0293 107,787 Sept 2,664 2,664 2,664 2,631 7114 Sept 1874.10 1895.70 1845.20 1881.60 37.20 8,543 British Pound (CME)-£62,500; $ per £ Nov 1.0998 1.1295 1.0843 1.1228 .0276 58,663 Dec 2,558 2,572 2,539 2,562 7104,280 U.S. Dollar Index (ICE-US)-$1,000 x index Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept 1.2978 1.3023 1.2885 1.2991 .0002 142,459 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 93.54 93.67 93.13 93.26 –.18 17,362 Sept 131.15 131.40 130.40 129.65 –3.15 247 Oct 1.1049 1.1292 1.0933 1.1193 .0165 106,744 Dec 1.2981 1.3029 1.2892 1.2997 .0001 52,690 Dec 93.55 93.64 93.10 93.24 –.18 12,277 Dec 131.00 132.05 127.60 128.85 –3.25 115,465 Nov 1.0843 1.1149 1.0749 1.1066 .0219 67,901 Swiss Franc (CME)-CHF 125,000; $ per CHF Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Sept 1.0896 1.0967 1.0882 1.0959 .0056 43,358 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Oct 12.07 12.17 11.93 12.03 –.01 291,317 Source: FactSet Oct 2.367 2.480 2.328 2.406 .006 189,891 March'21 12.75 12.78 12.55 12.67 –.01 307,427 Nov 2.861 2.927 2.822 2.873 –.019 211,184 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Dec 3.204 3.250 3.173 3.241 .006 100,715 Nov 26.85 26.85 26.85 26.85 –.05 1,933 Bonds | wsj.com/market-data/bonds/benchmarks Jan'21 3.312 3.369 3.292 3.361 .009 130,918 Jan'21 26.75 26.75 26.75 26.77 –.03 1,947 March 3.153 3.207 3.134 3.201 .014 102,119 Cotton (ICE-US)-50,000 lbs.; cents per lb. April 2.841 2.868 2.820 2.862 .004 78,707 Oct 63.05 63.33 63.05 63.35 .16 125 Tracking Bond Benchmarks Dec 63.88 64.33 63.40 64.20 .18 123,480 Agriculture Futures Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Sept 115.85 115.85 115.85 115.85 –3.75 21 highs and lows for different types of bonds Corn (CBT)-5,000 bu.; cents per bu. Nov 117.10 118.85 114.25 115.50 –2.25 6,817 Sept 349.75 351.25 348.50 350.00 –1.00 1,296 Total Total Dec 360.75 361.25 358.00 360.25 –1.50 802,330 Interest Rate Futures return YTD total Yield (%) return YTD total Yield (%) Oats (CBT)-5,000 bu.; cents per bu. close return (%) Index Latest Low High close return (%) Index Latest Low High Dec 269.50 269.50 266.00 267.75 –.75 4,744 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% March'21 267.25 269.00 266.00 267.75 –1.00 308 Sept 220-020 220-300 218-000 218-080 –1-12.0 27,419 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays 2276.87 6.8 U.S. Aggregate 1.150 1.020 2.460 2227.99 3.7 Mortgage-Backed 1.180 0.930 2.690 U.S. Corporate Indexes Bloomberg Barclays 2170.60 3.3 Ginnie Mae (GNMA) 0.660 0.290 2.660 Cash Prices | wsj.com/market-data/commodities Wednesday, September 9, 2020 3363.47 6.9 U.S. Corporate 1.970 1.820 4.580 1316.78 3.9 Fannie mae (FNMA) 1.370 1.110 2.690 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future 3062.73 5.8 Intermediate 1.320 1.230 4.400 2020.93 3.8 Freddie Mac (FHLMC) 1.360 1.080 2.710 months. 4954.77 8.8 Long term 3.030 2.730 4.930 587.39 3.8 Muni Master 1.026 0.838 3.441 Wednesday Wednesday Wednesday 691.28 7.4 Double-A-rated 1.470 1.300 3.360 415.30 4.1 7-12 year 1.016 0.771 3.447 Aluminum, LME, $ per metric ton Wheat - Hard - KC (USDA) $ per bu-u 4.8100 Energy *1744.0 886.23 5.9 Triple-B-rated 2.350 2.210 5.350 472.16 4.2 12-22 year 1.499 1.224 3.690 Copper,Comex spot 3.0400 Wheat,No.1soft white,Portld,OR-u 5.2850 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Iron Ore, 62% Fe CFR China-s 127.2 Food High Yield Bonds ICE BofA 454.96 3.2 22-plus year 2.239 1.765 4.123 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.700 Shredded Scrap, US Midwest-s,m 235 468.67 0.4 High Yield Constrained 5.548 5.151 11.400 Global Government J.P. Morgan† Metals Steel, HRC USA, FOB Midwest Mill-s 541 Beef,carcass equiv. index Fibers and Textiles choice 1-3,600-900 lbs.-u 183.34 407.78 -6.9 Triple-C-rated 11.962 10.735 19.071 612.83 5.1 Global Government 0.580 0.390 1.060 Gold, per troy oz select 1-3,600-900 lbs.-u 167.57 3164.48 -0.9 High Yield 100 4.611 4.235 10.740 865.99 7.8 Canada 0.750 0.590 1.740 Engelhard industrial 1943.00 Burlap,10-oz,40-inch NY yd-n,w 0.6200 Broilers, National comp wtd. avg.-u,w 0.6398 Butter,AA Chicago 1.5000 Handy & Harman base 1947.20 Cotton,1 1/16 std lw-mdMphs-u 0.5885 424.23 0.7 Global High Yield Constrained 5.465 4.893 11.310 411.39 2.8 EMU§ 0.273 0.143 0.794 Cheddar cheese,bbl,Chicago Handy & Harman fabricated 2161.39 Cotlook 'A' Index-t *70.70 167.50 Cheddar cheese,blk,Chicago France LBMA Gold Price AM *1920.60 Hides,hvy native steers piece fob-u n.a. 215.75 323.54 -1.5 Europe High Yield Constrained 3.831 2.464 8.183 781.80 3.0 0.040 -0.160 0.430 Milk,Nonfat dry,Chicago lb. 104.25 LBMA Gold Price PM *1910.95 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp U.S Agency Bloomberg Barclays 546.97 2.1 Germany -0.340 -0.740 -0.050 Krugerrand,wholesale-e 2026.86 1.2329 Grains and Feeds Coffee,Colombian, NY Maple Leaf-e 2046.35 1.7879 1862.85 5.2 U.S Agency 0.540 0.480 2.040 294.94 -1.1 Japan 0.300 0.040 0.320 Eggs,large white,Chicago-u 0.8050 American Eagle-e 2046.35 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 14.35 1623.50 3.9 10-20 years 0.410 0.350 1.950 609.80 2.3 Netherlands -0.250 -0.540 0.080 Mexican peso-e 2357.79 Bran,wheat middlings, KC-u 96 Hams,17-20 lbs,Mid-US fob-u 0.59 Austria crown-e 1913.31 20-plus years U.K. Corn,No. 2 yellow,Cent IL-bp,u 3.4700 Hogs,Iowa-So. Minnesota-u 62.81 4267.49 11.8 1.540 1.170 2.480 1085.30 8.0 0.600 0.390 1.180 Austria phil-e 2046.35 Corn gluten feed,Midwest-u,w 106.2 Pork bellies,12-14 lb MidUS-u n.a. 2880.79 5.4 Yankee 1.510 1.430 3.500 903.77 2.5 Emerging Markets ** 4.690 4.523 7.480 Silver, troy oz. Corn gluten meal,Midwest-u,w 401.7 Pork loins,13-19 lb MidUS-u 0.7987 Engelhard industrial 26.9000 Cottonseed meal-u,w 233 Steers,Tex.-Okla. Choice-u n.a. *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Handy & Harman base 26.7900 Hominy feed,Cent IL-u,w 95 Steers,feeder,Okla. City-u,w n.a. ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Handy & Harman fabricated 33.4880 Meat-bonemeal,50% pro Mnpls-u,w 183 LBMA spot price *£20.4200 Oats,No.2 milling,Mnpls-u 2.9275 Fats and Oils (U.S.$ equivalent) *26.6750 Rice, Long Grain Milled, No. 2 AR-u,w n.a. Corn oil,crude wet/dry mill wtd. avg.-u,w 43.5000 Global Government Bonds: Mapping Yields Coins,wholesale $1,000 face-a 20604 Sorghum,(Milo) No.2 Gulf-u,k 5.3525 Grease,choice white,Chicago-h 0.2650 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 310.90 Lard,Chicago-u n.a. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in LBMA Platinum Price PM *901.0 Soybeans,No.1 yllw IL-bp,u 9.5950 Soybean oil,crude;Centl IL-u 0.3350 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Platinum,Engelhard industrial 921.0 Wheat,Spring14%-pro Mnpls-u 6.7300 Tallow,bleach;Chicago-h 0.3150 Palladium,Engelhard industrial 2285.0 Wheat,No.2 soft red,St.Louis-u 5.5675 Tallow,edible,Chicago-u n.a. Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; 0.125 U.S. 2 0.141 t l 0.145 0.137 1.597 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; K=Prices are now in $ per bushel *Data as of 9/8 0.625 10 0.701 s l 0.678 0.568 1.646 Source: Dow Jones Market Data 5.750 Australia 2 0.252 t l 0.255 0.268 0.869 11.1 11.0 -72.8 2.500 10 0.903 t l 0.983 0.837 1.039 20.3 30.5 -60.7 | Borrowing Benchmarks wsj.com/market-data/bonds/benchmarks 0.000 France 2 -0.628 t l -0.625 -0.590 -0.769 -76.9 -77.0 -236.6 s l Money Rates September 9, 2020 0.000 10 -0.163 -0.191 -0.216 -0.276 -86.4 -86.9 -192.2 0.000 Germany 2 -0.687 s l -0.703 -0.681 -0.854 -82.8 -84.8 -245.1 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 0.000 10 -0.460 s l -0.492 -0.507 -0.585 -116.1 -117.0 -223.0 guide to general levels but don’t always represent actual transactions. 1.000 Italy 2 -0.097 t l -0.081 -0.071 -0.329 -23.8 -22.6 -192.6 Week —52-WEEK— Week —52-WEEK— 0.950 10 1.028 t l 1.046 0.934 0.955 32.7 36.8 -69.1 Inflation Latest ago High Low Latest ago High Low July index Chg From (%) 0.100 Japan 2 -0.132 s l -0.135 -0.124 -0.316 -27.3 -28.0 -191.3 level June '20 July '19 Low 0.0500 0.0500 2.0000 0.0100 Commercial paper (AA financial) Bid 0.100 10 0.030 t l 0.038 0.010 -0.255 -67.1 -64.0 -190.1 0.0500 0.0500 2.1000 0.0100 90 days n.a. 0.15 2.53 0.04 U.S. consumer price index Offer 0.0900 0.0900 2.5000 0.0500 0.400 Spain 2 -0.455 s l -0.458 -0.417 -0.536 -59.6 -60.2 -213.3 All items 259.101 0.51 1.0 Libor Treasury bill auction 1.250 10 0.341 s l 0.328 0.277 0.231 -36.0 -35.0 -141.5 Core 267.703 0.53 1.6 One month 0.15125 0.15475 2.05700 0.14925 4 weeks s l 0.090 0.080 2.025 0.000 Three month 0.25025 0.25125 2.16413 0.23375 0.500 U.K. 2 -0.078 -0.130 -0.007 0.439 -21.9 -27.5 -115.8 International rates 13 weeks 0.115 0.105 1.945 0.000 Six month 0.28525 0.28775 2.08525 0.28525 4.750 10 0.238 s l 0.191 0.140 0.591 -46.3 -48.7 -105.4 26 weeks 0.125 0.115 1.870 0.080 Week 52-Week One year 0.41475 0.42500 2.07413 0.41475 Source: Tullett Prebon Latest ago High Low Secondary market Euro Libor Corporate Debt Prime rates Fannie Mae One month -0.554 -0.547 -0.360 -0.621 U.S. 3.25 3.25 5.25 3.25 Three month -0.518 -0.505 -0.142 -0.539 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in 30-year mortgage yields Six month -0.497 -0.474 -0.052 -0.498 Canada 2.45 2.45 3.95 2.45 that same company’s share price. 30 days 1.912 1.866 3.388 1.751 One year -0.416 -0.383 0.008 -0.441 Japan 1.475 1.475 1.475 1.475 60 days Investment-grade spreads that tightened the most… 1.975 1.926 3.403 1.804 Secured Overnight Financing Rate Policy Rates Spread*, in basis points Stock Performance 0.09 0.09 5.25 0.01 Euro zone 0.00 0.00 0.00 0.00 Other short-term rates Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Switzerland 0.00 0.00 0.50 0.00 Value 52-Week Week 52-Week Latest Traded High Low Australia and New Zealand Banking … 2.625 Nov. 9, ’22 6 –18 16 ...... Britain 0.10 0.10 0.75 0.10 Latest high low ago Wells Fargo WFC 3.450 Feb. 13, ’23 74 –17 63 23.84 –0.54 Australia 0.25 0.25 1.00 0.25 DTCC GCF Repo Index Call money Treasury 0.125 34.600 6.007 0.002 Credit Suisse Group Funding … 3.800 June 9, ’23 54 –16 65 … … Overnight repurchase 2.00 2.00 4.00 2.00 MBS 0.130 78.100 6.699 0.011 Principal Financial PFG 3.300 Sept. 15, ’22 30 –15 n.a. 41.85 –0.57 U.S. 0.08 0.10 3.40 -0.07 BPCE BPCEGP 4.500 March 15, ’25 147 –11 n.a...... U.S. government rates Notes on data: Valero Energy VLO 2.700 April 15, ’23 75 –9 76 47.75 –2.01 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Verizon Communications VZ 5.150 Sept. 15, ’23 32 –9 33 60.04 0.13 0.25 0.25 2.75 0.25 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is Bank of America BAC 3.875 Aug. 1, ’25 58 –8 64 25.51 0.12 as of September 8, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- Federal funds funds rates are Tullett Prebon rates as of 5:30 p.m. ET. …And spreads that widened the most Effective rate 0.0900 0.0900 2.3600 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; High 0.1000 0.1000 3.0000 0.1000 Tullett Prebon Information, Ltd. HSBC Holdings HSBC 4.250 Aug. 18, ’25 170 12 158 21.21 1.63 Lloyds Banking LLOYDS 4.550 Aug. 16, ’28 134 11 112 ...... Macquarie Bank MQGAU 3.624 June 3, ’30 225 11 n.a...... Exchange-Traded Portfolios | WSJ.com/ETFresearch Mitsubishi UFJ Financial MUFG 1.412 July 17, ’25 79 8724.12 –0.48

Closing Chg YTD Apple AAPL 0.750 May 11, ’23 16 611117.32 3.99 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Alaska Airlines ALK 4.800 Aug. 15, ’27 386 6387 40.67 –2.24 Wednesday, September 9, 2020 Closing Chg YTD SPDR S&PMdCpTr MDY 343.05 1.36 –8.6 Santander UK SANUK 2.875 June 18, ’24 51 6n.a...... SPDR S&P 500 SPY 339.79 1.97 5.6 Closing Chg YTD ETF Symbol Price (%) (%) SPDR S&P Div SDY 95.53 0.96 –11.2 Nomura Holdings NOMURA 3.103 Jan. 16, ’30 159 5155 ...... ETF Symbol Price (%) (%) iShMSCI EAFE EFA 64.92 1.87 –6.5 TechSelectSector XLK 116.46 3.26 27.0 CommSvsSPDR XLC 60.87 1.20 13.5 iShMSCIEmgMarkets EEM 44.22 1.49 –1.4 UtilitiesSelSector XLU 59.82 1.32 –7.4 High-yield issues with the biggest price increases… CnsmrDiscSelSector XLY 147.97 1.89 18.0 iShNatlMuniBd MUB 115.92 0.07 1.8 VanEckGoldMiner GDX 42.34 4.34 44.6 CnsStapleSelSector XLP 65.09 1.45 3.4 iShPfd&Incm PFF 36.27 0.86 –3.5 Bond Price as % of face value Stock Performance VangdInfoTech VGT 309.10 3.16 26.2 FinSelSectorSPDR XLF 24.89 1.01 –19.1 iShRussell1000Gwth IWF 216.75 2.81 23.2 VangdSC Val VBR 114.11 1.10 –16.8 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg FT DJ Internet FDN 188.25 2.50 35.3 iShRussell1000 IWB 188.88 2.01 5.9 VangdSC Grwth VBK 210.12 1.78 5.7 GSActiveBetaUSLC GSLC 68.50 2.07 5.9 iShRussell1000Val IWD 120.72 1.22 –11.5 L Brands LB VangdExtMkt VXF 127.80 1.92 1.4 9.375 July 1, ’25 116.000 8.63 116.730 28.59 –1.14 HealthCareSelSect XLV 105.80 1.77 3.9 iShRussell2000 IWM 152.13 1.51 –8.2 VangdDivApp VIG 129.24 1.85 3.7 Teva Pharmaceutical Finance Netherlands … 3.150 Oct. 1, ’26 90.479 1.07 92.170 … ... IndSelSectorSPDR XLI 77.56 1.54 –4.8 iShRussellMid-Cap IWR 57.49 1.32 –3.6 VangdFTSEDevMk VEA 41.76 1.73 –5.2 InvscQQQI QQQ 277.88 2.94 30.7 iShRussellMCValue IWS 82.57 1.16 –12.9 Carnival CCL 6.650 Jan. 15, ’28 85.780 0.89 83.200 17.66 –3.44 VangdFTSE EM VWO 43.83 1.29 –1.4 InvscS&P500EW RSP 110.03 1.16 –4.9 iShS&P500Growth IVW 233.56 2.58 20.6 VangdFTSE Europe VGK 54.46 2.39 –7.1 CF Industries CF 5.150 March 15, ’34 121.500 0.79 n.a. 32.33 0.97 iSh3-7YTreasuryBd IEI 133.52 ... 6.2 iShS&P500Value IVE 115.13 1.16 –11.5 VangdFTSEAWxUS VEU 51.51 1.70 –4.2 iShCoreDivGrowth DGRO 40.50 1.55 –3.7 iShShortCpBd IGSB 54.95 0.02 2.5 Royal Caribbean Cruises RCL 5.250 Nov. 15, ’22 91.250 0.75 90.500 70.11 –1.96 VangdGrowth VUG 227.73 2.76 25.0 iShCoreMSCIEAFE IEFA 61.26 1.78 –6.1 iShShortTreaBd SHV 110.70 ... 0.2 VangdHlthCr VHT 202.40 1.96 5.6 Prime Security Services Borrower PRSESE 5.750 April 15, ’26 110.563 0.69 110.750 ...... iShCoreMSCIEM IEMG 52.91 1.30 –1.6 iShSilver SLV 25.18 1.74 51.0 VangdHiDiv VYM 82.92 1.16 –11.5 iShCoreMSCITotInt IXUS 59.12 1.63 –4.5 iShTIPSBondETF TIP 126.46 0.06 8.5 Dish DBS … 5.875 Nov. 15, ’24 105.470 0.62 106.250 … … iSh1-3YTreasuryBd SHY 86.48 0.01 2.2 VangdIntermBd BIV 93.51 0.04 7.2 iShCoreS&P500 IVV 341.18 1.96 5.6 Netflix NFLX 4.875 April 15, ’28 115.311 0.60 115.625 500.19 –1.35 iShCoreS&P MC IJH 187.95 1.39 –8.7 iSh7-10YTreasuryBd IEF 121.67 –0.05 10.4 VangdIntrCorpBd VCIT 96.08 0.10 5.2 iShCoreS&P SC IJR 72.44 1.13 –13.6 iSh20+YTreasuryBd TLT 163.30 –0.27 20.5 VangdLC VV 157.91 1.99 6.8 iShS&PTotlUSStkMkt ITOT 76.29 2.01 5.0 iShRussellMCGrowth IWP 167.42 1.70 9.7 VangdMegaGrwth MGK 186.26 3.01 27.9 …And with the biggest price decreases iShCoreUSAggBd AGG 118.22 –0.01 5.2 iShUSTreasuryBdETF GOVT 27.92 –0.07 7.6 VangdMC VO 176.04 1.61 –1.2 iShSelectDividend DVY 84.52 0.79 –20.0 JPM UltShtIncm JPST 50.81 –0.02 0.8 VangdMBS VMBS 54.40 –0.02 2.3 American Airlines AAL 3.750 March 1, ’25 49.750 –1.25 48.000 13.05 –4.26 iShEdgeMSCIMinEAFE EFAV 68.58 1.62 –8.0 PIMCOEnhShMaturity MINT 101.94 0.02 0.3 VangdRealEst VNQ 81.70 0.99 –12.0 Transocean RIG 6.800 March 15, ’38 17.625 –0.63 n.a. 1.05 2.94 iShEdgeMSCIMinUSA USMV 64.32 1.55 –2.0 SPDR BlmBarcHYBd JNK 105.20 0.75 –4.0 VangdS&P500ETF VOO 312.21 1.97 5.5 Nokia Oyj NOKIA 3.375 June 12, ’22 102.527 –0.43 n.a...... iShEdgeMSCIUSAMom MTUM 144.60 3.09 15.2 SPDRBloomBar1-3MTB BIL 91.53 –0.01 0.1 VangdST Bond BSV 83.04 0.04 3.0 iShEdgeMSCIUSAQual QUAL 104.66 1.60 3.6 SPDR Gold GLD 183.05 0.97 28.1 VangdSTCpBd VCSH 82.93 0.05 2.3 Bombardier BBDBCN 5.750 March 15, ’22 87.561 –0.39 89.000 ...... iShGoldTr IAU 18.60 1.03 28.3 SchwabIntEquity SCHF 31.95 1.85 –5.0 VangdSC VB 154.55 1.44 –6.7 iShiBoxx$InvGrCpBd LQD 135.17 0.07 5.6 SchwabUS BrdMkt SCHB 80.63 1.95 4.9 VangdTotalBd BND 88.30 –0.07 5.3 Navient NAVI 6.750 June 25, ’25 103.322 –0.30 104.800 8.84 –1.28 iShiBoxx$HYCpBd HYG 84.68 0.79 –3.7 SchwabUS Div SCHD 56.60 1.18 –2.3 VangdTotIntlBd BNDX 57.96 –0.03 2.4 Genworth Financial GNW 7.200 Feb. 15, ’21 102.125 –0.25 n.a. 3.56 6.27 iShIntermCorpBd IGIB 60.96 0.02 5.1 SchwabUS LC SCHX 81.62 1.97 6.3 VangdTotIntlStk VXUS 53.31 1.70 –4.3 iShJPMUSDEmgBd EMB 113.53 0.50 –0.9 SchwabUS LC Grw SCHG 114.56 2.56 23.3 VangdTotalStk VTI 171.88 1.96 5.0 *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. iShMBSETF MBB 110.55 –0.05 2.3 Schwab US TIPs SCHP 61.58 0.03 8.7 VangdTotlWrld VT 81.78 1.83 1.0 Note: Data are for the most active issue of bonds with maturities of two years or more iShMSCI ACWI ACWI 80.70 1.96 1.8 SPDR DJIA Tr DIA 279.85 1.61 –1.8 VangdValue VTV 106.84 1.16 –10.9 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data P2JW254000-0-B00900-1------XA

THE WALL STREET JOURNAL. Thursday, September 10, 2020 | B9 HEARD ON THE STREET ASelloffWithout Shelter Is WorthPreparing For Is Europe the New U.S. stocks have dipped from ful, what canreplacethem? Not dollar paradoxically offerssome FAANG? Not So Fast their record highs,and while the gold, which sold off with the stock support: Atumble concentrated in fall has only erased amonth’sgains, market. Theyellowmetal didn’t U.S. tech stocks and without any thereisaninteresting—and worry- rally during the worstofthe crisis in meaningfulrally in U.S. govern- ing—trend that bearswatching: Not 2008,fell during the panicked mar- ment bonds might seem unlikely to European stock marketslook a Neweconomy* sectors, weight on much of anything is providing good ketinMarch, and is betterthought raise the greenback.But this year, bit morelikethe technology-rich the MSCI Europe stock index downside protection these days. of as a long-duration bond without the ICE U.S. Dollar Indexhas had a Nasdaq than they used to.Looks, To guardagainst falls in equities, yield.IfTreasuryyields aren’t mov- relatively strong negativecorrela- though, canbedeceptive. 40% most investorsown something with ing,gold isn’t likely to either. tion with the S&P 500,atminus On Tuesday, the Nasdaq Compos- achanceofrallying when stocks Another traditional havenasset, 0.7for the past 250 trading days. itefell again, taking the totaldrop 30 fall. That is thetraditional role of a the Japanese yen, isn’t functioning MorganStanley analystssuggest sincelast week’speak to 10%—so- mixed portfolio of bonds and stocks this is because much lowerU.S.in- called correction territory.Euro- But in this selloff, government terest rateshavemade the dollar a pean equities have fared better, fall- 20 debt hasn’t provided much sup- Most investors own morepopular funding currencyfor ing lessthan 2%. They even port. The 10-year U.S. Treasury carrytrades.But investorsshould be managedtopull off an impressive 10 yield sits at 0.70%, not far from its something with a aware that the relationship between contrarian rally on Monday, and level a week ago. chance of rallying when the greenback and stocks has been bounced back Wednesday. Looking at government bond inconsistent over the past decade. Investorsare watching closely for 0 markets where yields were already stocks fall. There are still some possibilities aGestalt switch. They were already Jan. Jan. Jan. Jan. Now much lower is instructive: German for domestic investors too. Buying questioning howlong ahandful of 2000 '10 '15 '20 10-year yields are down by about volatility options is one clear way tech giantscould lead U.S. markets 0.3 percentage points for the year, to limit the risk of sudden stock upward, and had started shifting *Deﬁned as technology,software, semiconductors, telecommunications, media, compared with about 1.2 percent- as expected either.Itisuplessthan slumps, although it can, of course, holdingsabroad, according to Bank retailing, health careand pharmaceuticals age points for 10-year U.S. Trea- 0.5% against the dollar sinceU.S. be costly, especially when many of AmericaMerrill Lynch’sAugust Source:Morgan Stanley surys. Japanese government bond equities peaked this month, and other investors are likely to want survey of fund managers. yields aren’t down at all. likegold, it dropped rather than the same protection. TheStoxxEurope 600 is down ropean tech stocks have underper- With little moreinthe way of di- rose with U.S. stocks in March. But bullish stock investors 12% this year,compared with a3% formed their U.S. peers. rect interest rate cutsexpected That mayinpart be down to Japa- should take note: Falling stock rise forthe S&P 500.The reason is Thegrowthprospectsofthe two from the Federal Reserve, Treasurys nese investors’ continued demand markets will be all the more pain- that European marketsare heavily biggest players,enterprise-software arelikely to be far lessreactiveto forforeign assets,keeping the yen ful when the protective ballast tilted toward “old economy” sectors giant SAPand semiconductor-equip- selloffs in stocks in the future. from appreciating toomuch. they have traditionally relied on likebanks,carsand energy compa- ment maker ASML,werealready far If government bonds aren’t help- Forinternational investors, the no longer works. —Mike Bird nies,with only about 30% of the lowerthan those of Netflix and Am- headline indexcomprising “new azon.com. Thepandemic’spotential economy” areas such as technology, to permanently boost online retail telecommunications and health and entertainment purchases wid- care.Inthe U.S.,itismorethan ens the gap. Amsterdam mayhost 60%. some promising startups,but U.S. OVERHEARD But “this leopardischanging its and Chinese incumbentsdon’t yet spots,” analystsatMorganStanley have much to fear.Nor does Euro- said in arecent report to clients. pean tech, in aggregate, offer a If youare astar making mil- 2027, up from $1.5 billion today. to negotiate pay—in the profitable Theweight of European new-econ- cheaper alternativetopotentially lions from sports, it is agood bet But investors beware:Sports English Premier League, wage bills omyindustries is growing at an ac- overvalued U.S. giants. thatthe club employing you clubs tend to be terrible companies areabove 60% of clubs’ reve- celerated pace. In the narrower Of course,the incipient rebound won’t—even if thatsport is play- to own. Players have outsizepower nues—and can often bypassem- EuroStoxx50index, technologyis in European equities relativetothe ing videogames. ployers through sponsorship deals. nowthe largest sector.Could this U.S. could easily continue if inves- On Wednesday, online gaming ManchesterUnited has given in- makeitanattractivealternativeto tors keep fleeing Silicon Valley firm Guild Esports announced vestors areturn of just25% since an overbought Nasdaq forgrowth- stocks or effortstofind aCovid-19 plans foraninitial public offering floating on the NewYork Stock minded investors? vaccine accelerate. on the London Stock Exchange. Exchange in 2012, compared with Not really.For astart, the rebal- Longer term, one region’spros- The companyisco-owned by for- 181% forthe S&P 500. ancing toward new-economysectors perity relativetoanother depends a mer soccerplayerDavid Beckham, Mr.Beckham’sexperienceasa is mostly due to the devastating im- lot on the growth potential of the and will use the cash raised to re- successful soccerplayer—and even pact of the Covid-19 crisis on the key industries it specializes in. In cruit professionals to competein moresuccessful object of sponsor- market value of traditional indus- this respect, Europe’srecent ad- popular games “Fortnite,” “Coun- ship—should have taughthim a tries.Upuntil January, the weight vances aresofar anumerical mi- ter-Strike: Global Offensive,” lesson worthyofKarl Marx: In elite of high-growth stocks on the MSCI rage.And if putting moremoney “Rocket League” and “FIFA.” Grand sports, labor almost alwaystrumps Europe indexhad been unchanged intothe region makes sense forin-

/REUTERS View Research expects the boom- capital. Taking the classwar to an foryears. What would signal agen- vestorsinthe short term, it is be-

TES ing businessofvideogame compe- online “battle royal” shouldn’tyield uine improvement in the outlook for cause of itsrelativeweaknessinthe YA titions to be worth $6.8 billion in adifferentoutcome. European marketsisn’t the region’s hype-prone technologysector rather old economydoing worsebut its than anyemerging strength.

ANDREW neweconomydoing better. YetEu- —Jon Sindreu MARKETS Pound Rises Against Short Sellers Pay Dearly for Bets

Dollar and the Euro BY MICHAEL WURSTHORN prices will rise or fall. Op- AND GEOFFREY ROGOW tions—contracts that give in- BY PAUL J. DAVIES British officials signaled that vestorsthe right to buy or sell AND CAITLIN OSTROFF they wouldn’t compromise U.S. stocks surgedWednes- shares at aspecific pricelater over some demands and were dayfollowing athree-daysell- on—can be cheaper than Thepound rose Wednesday happy to break off trade with- off,further exposing one truth shorting stocks. in NewYork,ending alosing out a new deal in place. of the nowfivemonth rally: Arecord28million options streak against the euroand “The U.K. is prioritizing do- It’sreally hardtomakemoney contractshavechanged hands dollar that sent theBritish mestic policy-making freedom betting against this market. on an averageday this year, currencytoits worstpercent- over near-term macroeco- Despite recent market tur- up 45% from 2019,according agedecline sincethe coronavi- nomic stability,” said Tomas bulence, the DowJones Indus- to Options Clearing Corp.data. rus market crisis in March. Hirst, European credit strate- trial Average, the S&P 500 in- One investor factoring heavily Investorsare fretting anew gist at CreditSights, aresearch dexand the Nasdaq Composite intothe activity is SoftBank about the economic pain from firm. areall still up at least 48% Group Corp.The Japanese the U.K.’s political divorce Leaving the EU without a from their March lows. Trad- conglomerate bought options from the European Union, tradedeal in placewould be erswho have given in to the tied to around $50 billion of

which will expected to add costsand po- temptation to go short—bor- ORS individual tech stock,The Wall CURRENCIES come on topof tentially hurt activity in both rowing shares,selling them Street Journal reported last ANKF

the slowdown exports and imports between and returning them in the fu- FR week. already inflicted by pandemic- the U.K. and Europe, Britain’s tureatwhat they hope to be a Optionscarryrisks,espe- ANA

related shutdowns. biggest trading partner. lowerpricesothey canpocket SUS cially with more-complicated In NewYork lateWednes- This week’sslide in the the difference—have often Kristjan Kullamägi lost $1.5 million on a Kodak wager. strategies that go by colorful day, the pound bought pound shows investorssud- paid a stiff price. names such as Iron Condor. €1.101453 but is still down denly waking up to Brexit “Lately,shorting has been a Shortinterestagainststocks gust, according to datafrom But straightforwardbets about3%against the euro risksafter along period in little morestressful,” said in each index S3 Partners. Mark-to-market against astock,called aput, over the past seven trading which other issues dominated. Kristjan Kullamägi, a32-year- accounting reflectsthe change limit the downside when days.The pound finished “Over the summer,you had old trader who lives in Stock- Russell 3000 S&P500 in value of an asset to reflect trades go south unlike short- higher against the dollar,at this big dollar weakness, holm. “Some of these tech $1.5 trillion its current fair-market value. ing a stock that continuously $1.3001, but is down about 4% which in asense waslifting all stocks have doubled and tri- Investorssay opportunities rises. in the past seven trading ses- theboatsand everything went pled.” for shorting have been scarce Joshua Rupnow, acarpen- sions. up against the dollar,” said Mr.Kullamägi, who has sincethe Federal Reserve ter, placed a 2018 bet against TheU.K. officially leftthe Petr Krpata, chief foreign-ex- been trading full time forhim- turned on astimulus spigot to Kodak that lefthim wary of EU in January, but all rules changeanalyst forEurope,the self fornearly adecade,was 1.0 support asset prices in the shorting stocks. over tradeand regulations Middle East and AfricaatING keeping an eyeonsmaller, Marchselloff.Short sellers He shorted the stock when were kept in placethrough the Bank. “You canalso arguethat more-volatile stocks for a po- only had a narrow window to Kodak unveiled acryptocur- end of this year so that the marketsbecame complacent in tential opening to short. He profit from the broad stock rencyventure on Jan. 9, 2018, two sides could trytohash terms of Brexit implications found one in lateJuly in market selloff that dragged that sent shares sharply out a permanent trade pact. and the risk for sterling.” shares of Eastman Kodak Co. 0.5 major stock indexesintotheir higher over two trading ses- Afresh round of negotia- Through much of the sum- Thecompany, which forde- fastest bear market on record. sions. Mr.Rupnow’sbroker tions over that future trading mer, as the dollar weakened cades wasahousehold name Wagers against stocks in froze his account after shares relationship began this week. broadly,investorsstopped in photography, had received the S&P 500 and the broader rallied above$10 and then putting on betsthat the pound preliminaryapproval from the Russell 3000 indexescollec- forced the liquidation of his would fall. Futures contracts Trump administration fora 0 tively stood at $1.1 trillion on holdings. AUCTION RESULTS turned bullish on the pound $765 millionloan to make 2019 2020 Friday. That is down from ear- He had lost about $35,000 Here are the results of Wednesday's Treasury auction. All bids are awarded at a single price at the versus the dollar in mid-Au- pharmaceutical ingredients. lier this year and on par with between the morning of Jan. 8 market-clearing yield. Rates are determined by the Note:Rolling 30-day window; As of Sept. 4 difference between that price and the face value. gust forthe firsttime since Thestock had tripled, and Source:S3Partners activity in 2019, according to and the forced sale on Jan. 10. NINE-YEAR, 11-MONTH NOTES April. Analystsexpect that will Mr. Kullamägi thought that a S3 data. “I went from owning a Applications $82,077,723,200 changethis week as investors newwaveofday traders $1.5 million. Nicole Boyson, afinance house and atruck to barely Accepted bids $36,438,927,500 price in Brexit risk again. would push the shares up “Itwas the dumbest thing professor at Northeastern Uni- getting by,” said Mr. Rupnow " noncompetitively $10,099,300 " foreign noncompetitively $0 Some analysts believe that some moreand that they I’ve ever done in my life,” Mr. versity,said most investors, of Bend,Ore., who is now37 Auction price (rate) 99.244492 theremight be little difference would then fall. He intended to Kullamägi said. “You never outside of professional money years old. (0.704%) Interest rate 0.625% between the U.K. striking a short 45,000 shares afew knowwhen they’ll stop.You managers, have no business Mr.Rupnowsaid he has ad- Bids at clearing yield accepted 51.77% deal and not striking one, be- hoursintoJuly 29’strading just have to get out.” shorting stocks.“Stocks can opted a more careful strategy Cusip number 91282CAE1 The notes, dated Sept. 15, 2020, mature on Aug. 15, cause any trade agreement is session but accidentally Mr.Kullamägi’strade would go up forever,” Ms.Boyson recently, focusing on just two 2030. likely to be extremely limited. clicked the wrong button and have likely nettedhim ahefty said. companies: Microsoft Corp. shorted all of his 90,000 payday if he had held on to his Stocks that climb higher and Apple Inc.Hesaid he IPO Scorecard shares,asplit-second mistake position. Kodak shares fell cansaddle short sellerswith huntsfor rebounds or quick Performance of IPOs, most-recent listed first he decided to stick with. That more than 50% in subsequent biglosses,said Ms.Boyson. declines in thosetwo stocks % Chg From % Chg From proved costly. trading sessions and aredown There are also rare instances and then uses options to bet Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day Kodak shares rose seven- roughly 80% from the July 29 in whichbrokeragesdemand on a move in the opposite di- IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close fold to roughly $60 asharein- peak. the return of shares they lent rection. Options,hesaid, en- Cohn Robbins Hldgs 10.01 0.1 ... INSU Acquisition II 10.26 2.6 ... CRHC.UT Sept. 9/$10.00 INAQU Sept. 3/$10.00 traday. TheNew York Stock Samuel Pierson, director of outtoashort seller,forcing able him to bet moreeasily in Industrial Acquisition 9.97 –0.3 ... CM Life Sciences 10.28 2.8 0.3 Exchangehalted trading of the securities financeatIHS investorstoclose their posi- both directions to limit his ITACU Sept. 9/$10.00 CMLFU Sept. 2/$10.00 stock morethan adozentimes Markit, said some Kodak short tions prematurely if they can’t losses. HighCape Capital Acquisition 10.06 0.6 –0.9 PainReform 6.58 –17.8 –2.4 as it tripped so-called circuit sellerswereeventually able to find another lender,she Plus,helikes being focused CAPAU Sept. 4/$10.00 PRFX Sept. 1/$8.00 breakers. Mr.Kullamägi was profit from the stock’sfall. added. on two companies with alot Tailwind Acquisition 10.02 0.2 0.2 Harbor Custom Development 6.03 0.5 –19.6 stuck for the ride. Short sellers in Kodak gained Some burned shortsellers of liquidity in their shares. TWND.UT Sept. 4/$10.00 HCDI Aug. 28/$6.00 He closed out his short af- about $23 million forthe week have found other ways to bet “I canmakesome money on BCTG Acquisition 10.20 2.0 –0.3 Burgundy Technology Acquisition 9.98 –0.2 ... ter deciding he was unable to ended Aug.3and were up against stocks, with more in- those two options alone,so BCTG Sept. 3/$10.00 BTAQU Aug. 27/$10.00 stomach the potential forfur- morethan $160 million in vestors piling into options to whytakeabiggerrisk?” he Sources: Dow Jones Market Data; FactSet ther losses.The trade cost him mark-to-market profitsinAu- placebetsonwhether stock said. P2JW254000-0-B01000-17FFFF5178F

B10 | Thursday, September 10, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY LVMH’s Weak Hand

GES Shows on Tiffany IMA GETTY

SE/ As reasons to walk away from tervention has no legal basis. It is deals go, LVMH has chosen a risky suing LVMH and hopes to get a one. Blaming politics for scuttling court ruling before the end of No-

ANCE-PRES its $16 billion offer for U.S. jeweler vember to force the Paris-listed FR Tiffany & Co. suggests the group to pay up. Tiffany’s share

ENCE luxury-goods company had no price fell 6.4% to $113.96, roughly AG better options. midway between the $135 offer S/ The Parisian business, owned by and its level before LVMH’s ap- Europe’s richest person, Bernard proach last year.

O-REYNOLD Arnault, said Wednesday that it The political intervention is received a letter from the French helpfully timed, even though government last week asking it to LVMH’s finance director says it

CABALLER hold off closing the Tiffany deal came as a shock. until January. The company has been trying to

ANDREW LVMH says it has no choice but get Tiffany back to the negotiating Damage ranges topped out at between $8 billion and $12 billion for insured losses from Hurricane Laura. to comply. That effectively scuttles table for months, according to a the deal under the current terms, person close to the deal. The im- which expire in November. The pact of the Covid-19 pandemic on French company has said it won’t luxury sales will make it tough to Storm Season Isn’t Over extend the closing date. generate value at the existing Politicians in Paris may be try- offer price. ing to strengthen their hand in ne- It isn’t clear whether LVMH Hurricane Laura spared insurers from the worst but investors need caution gotiations with Washington. The wants to walk away from the deal French government wants to altogether, or if this is an aggres- change how U.S. tech companies sive tactic to get a lower valua- Reinsurance stocks have held up down sharply in the past week but tober.California’sKincade and Getty are taxed and President Trump is tion. But using politics as a fairly well against the battering arestill up sincethe start of the wildfires last year started in lateOc- threatening to place tariffs on im- reason to step back seems like a winds of Hurricane Laura.They quarter,asare Europe’sSwissRe tober.Mr. Tunis of Autonomous ports of French luxury goods in last resort. might not fareaswell if another big and Munich Re. pointsout that some reinsurersmay retaliation. Tiffany has done a good job of storm threatens. Still, investorsshould be cautious also see relativelosses jump from Details of the letter aren’t pub- defending its shareholders’ inter- Even beforeLaura, it had been an about pouncing on the recent dips. further storm activity because of lic—even Tiffany hasn’t seen the ests—management renegotiated activeglobal catastrophe year,with This storm season comes in adiffer- policies protecting primaryinsurers original. But the U.S. company terms on the company’s debt ear- $27 billion worth of insured losses ent context, with the Covid-19 pan- from aggregatelosses. says the French government’s in- lier this year to make sure that in the firsthalf,upfromalong-term demic playing out in the back- Reinsurersdohavethe tailwind LVMH couldn’t use a covenant averageofabout $20 billion, accord- ground.Covid-19 has helped reduce of rising premium rates.But in or- Tiffanyshareprice breach as a reason to blow up the ing to Munich Reinsurance. How- global reinsurers’ severecatastro- der forthem to significantly benefit deal. There is no break clause in ever,manyreinsurershaven’t yet phelosscapacity from about $32 from these higher rates,they will $140 the original agreement that would recorded outsizenatural-disaster billion to $14billion, according to an also need to maintain or increase allow LVMH to pay a fee to walk losses in part because particular S&P Global Ratingsreport published their risk exposureatatough time. 130 away—although Tiffany does have U.S. events,likeMidwestern torna- Tuesday. Reinsurerstypically absorb TheNational Oceanicand Atmo- this option. does,tended to be coveredmoreby about 20% of acatastrophe’s in- spheric Administration said that 120 It is understandable that Mr. primaryinsurance, said Ryan Tunis, sured losses,S&P estimates. 2020’sAtlantic hurricane season has Arnault, a savvy deal maker, wants analyst at Autonomous Research. Amerely averageglobal catastro- hit several recordsfor this point in to avoid overpaying in the current Hurricane Laura’slosses phe lossyear of about $60 billion to the season. Plus,reinsurershave 110 climate. All French luxury compa- shouldn’t overwhelm reinsurers’ $70billion could turn intoacapital also reported walking away from nies are at risk of U.S. tariffs. But budgetsfor such events. Forecasts event—meaning that firms might businessafter counterparties in- 100 using political tensions as a reason forLaura’stoll vary,with damage have to do thingslikeissue debt, sisted on including Covid coverage. to walk away from Tiffany makes ranges topping out at between $8 buy protection, slash exposureor Investorscould still benefit over LVMH offer LVMH look more like an opportun- billion and $12 billion forinsured raise moreequity, according to S&P. alonger time with reinsurersthat 90 ist rather than an innocent losses.But they areshort of some So while Lauramay not have effectively managetheir present ex- bystander. initial talk of apotential $15 billion been as bad as feared, it isn’t the posureand still find waystogrow. 80 —Carol Ryan or moreevent. Shares of U.S.-listed end of the danger.One of the big ty- But in the near term, investors Oct. 2019 ’20 reinsurerssuch as RenaissanceRe phoons that hit Japan hardlast should be wary of potential turbu-  For more Heard on the Street, Holdingsand Everest Re Group are year,Hagibis,didn’t come until Oc- lence. —Telis Demos Source:FactSet turn to page...... B9

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