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****** MONDAY,APRIL 19,2021~VOL. CCLXXVII NO.90 WSJ.com HHHH $4.00

Last week: DJIA 34200.67 À 400.07 1.2% NASDAQ 14052.34 À 1.1% STOXX 600 442.49 À 1.2% 10-YR. TREASURY À 27/32 , yield 1.571% OIL $63.13 À $3.81 EURO $1.1982 YEN 108.81 Bull Run What’s News In Stocks Widens, Business&Finance Signaling  More stocks have been propelling the U.S. market higher lately,asignal that fur- Strength ther gains could be ahead, but howsmooth the climb might be remains up fordebate. A1 Technical indicators  WeWork’s plan to list suggestmoregains, stock by merging with a but some question how blank-check company has echoes of its approach in smooth theywill be 2019,when the shared-office provider’s IPO imploded. A1 BY CAITLIN MCCABE  Citigroup plans to scale

up its services to wealthy GES Agreater number of stocks

entrepreneurs and their IMA have been propelling the U.S. businesses in Asia as the market higher lately,asignal

bank refocuses its opera- GETTY that—if historyisany indica- tions in the region. B1 SE/ tor—moregains could be ahead. What remains up forde-  A Maryland hotel mag- bate, however, is how smooth natebehind an 11th-hour bid ANCE-PRES

FR the climb will be. to acquireTribune Publish- Indicatorsthat point to a

ing is working to find new ENCE stronger and moreresilient financing and partnership AG stock market have been hitting options after his partner ON/ LL rare milestones recently as the withdrew from the deal. B1 FA

T. continuing bull runhas once  BP plans to spend about again widened. In the past $1.3 billion to collect and TRICK week,stocks ranging from Unit- PA capture byproduct natural The Centersfor Disease Control andPrevention said the U.S. hit amilestone as almost 130 million people 18 or older,or50.4% edHealth Group Inc.toLBrands gas from Permian Basin oil of the total adult population, have received at leastone vaccine dose,while Johnson &Johnson’s shotremains under review. A2 Inc.toVulcan Materials Co.hit wells, with an announce- 52-week highs,joining 184 oth- ment expected on ending ersinthe S&P 500 that did the routine flaring there. B1 same.Those gains have helped extend the benchmark index’s  PenskeMedia agreed to WorryOverMistreating Clots rally forthe year to 11%—notch- acquirea50% stakein ing 23 recordsalong the way. South by Southwest, the Investorsand analystsoften tech, music and movie festi- look to technical indicatorsthat valinTexas that has been measurethe breadth of the hurt by the pandemic. B1 Drove Push to Pause J&J Shot market’srally forclues about  Two men died after a whereitisheaded next. Amar- Tesla vehicle that authorities ketisgenerally considered believewas operating with- BY THOMAS M. BURTON people said. Theofficials dug meeting to take the strongest looking at limiting the J&J healthier when morestocks are out anyone in the driver’s AND BETSY MCKAY intoaU.S.vaccine safety data- step: publicly recommend vaccine to older people and rising together,and signs of seat crashed in Texas. B2 base and identified the cases of pausingthe vaccine’suse could makepublic adecision strong participation aretypi- U.S. health authorities came great concern, but they de- while probing the adverse- as early as this week.Another cally viewedasasignal that a  The Consumer Product close to simply warning about bated what action to take. event cases, the people said. option is allowing a return to rally has legs. In contrast, a Safety Commission told ablood-clotting risk from By thenight of April 12, the Sincethe announcement, widespread use but with an market with poor breadth— people with young chil- Johnson &Johnson’s Covid-19 officials resolved that urgent theFood and Drug Adminis- added warning about the ben- such as the one in the late1990s dren or pets to stop using vaccine,but they decided to action wasneeded, the people tration has been studying efitsand risks.FDA officials near the peak of the dot-com Peloton treadmills after an recommend pausing use out of said. Four of six women in the otherreportsofadditional arewaiting to see what avac- bubble—indicates fewerstocks inquiry found dozens of concern doctorswould im- U.S. who developed the clots blood clotting among J&Jvac- cine advisorypanel to the CDC with larger market capitaliza- instances of injuries. B3 properly treat the condition, days aftervaccination had ini- cine recipients, but it hasn’t recommends,the people said. tionsare carrying the load. World-Wide people familiar with the mat- tially been given blood thinner confirmed whether anyreflect TheCDC panel, called the Lately,signs of strong ter said. heparin, according to the fed- the same phenomenon, the AdvisoryCommitteeonImmu- breadth have abounded, are- Over the previous four eral Centersfor Disease Control people said. Yetofficials are PleaseturntopageA6 PleaseturntopageA2  Growing concerns over weeks,U.S.health officials had and Prevention.Its use could growing more persuaded, the AlexeiNavalny’shealth have become alarmed about similar have worsened the patients’ people added, that the six  Americans abroad return for  Outlook: GDP set to soar, sparked calls for mass pro- blood-clotting conditions in Eu- condition, the people said. cases reported so far arere- a shot...... A6 jobs not as much...... A2 teststhis week acrossRussia rope involving aCovid-19 vac- That night, top U.S. health lated to the shot.  Chile sees Covid-19 cases,  GOP dangles infrastructure to demand the opposition cine from AstraZenecaPLC,the officials agreed during aZoom Health officials arenow deaths surge...... A8 consensus...... A4 leader’s release, with the U.S. warning there will be consequences if he dies. A1 Fatal Tesla Crash Investigated  U.S. health authorities Oil-and-Gas Landmen came close to simply warning about a blood-clotting risk from J&J’sCovid-19 vaccine, NowHunt forWind and Sun but decided to recommend pausing use out of concern doctors would improperly treat the condition. A1 Job to securedrilling rights shifts to deals to placeturbines, solar panels  Scientistsinthe U.K. plan to reinfect dozens of adult volunteerswho have BY REBECCA ELLIOTT He started around 2006, a couple of years recoveredfromthe virus to before the shale boom took off and pushed betterunderstand protection Carter Collum used to spend mornings prices for drilling rights in East Texas to from previous illness. A6 shoulder to shoulder with competitors in the more than $15,000 an acre from around record rooms of East Texas courthouses, $250. Successful landmen, racing to knock  Thepresident’s decision to hunting for the owners of underground natu- on doors ahead of rivals, earned six-figure pull U.S. troops from Afghan- ral-gas deposits. At night, he made house incomes. istan overrode recommen- calls, offering payments and royalties for “It was kind of like the Wild, Wild West,” ENGLE dations of topmilitarycom- J. permission to drill. said Mr. Collum, 39 years old. His predeces- T

manders, who feared it could OT

Mr. Collum worked as a landman, tracking sors in the field included former President SC underminesecurity there. A7 the owners of oil and gas trapped in rock George W. Bush and Aubrey McClendon, the Two men died after a Tesla vehicle that authorities believe  Sen. John Cornyn of Texas layers thousands of feet beneath the earth’s late fracking pioneer who co-founded Chesa- was operating without anyone in the driver’s seat crashed said he and his Republican col- surface and getting their signatures, a job PleaseturntopageA10 into a tree Saturday night near Houston. B2 leagues could support an infra- about as old as the American petroleum in- structurebill of around $800 dustry.  BP slots $1.3 billion for Permian flaring...... B1 billion, asum well short of Bi- den’s$2.3trillion proposal. A4  Thegunman in the shoot- The New York ing at aFedEx facility in In- U.S. Warns Russia WeWork Listing Plan dianapolis legally purchased Power Lunch two semiautomatic rifles after being detained by au- Over Navalny’sCare Echoes Its Failed IPO thorities and having one Is Back other gun confiscated. A3 BY ANN M. SIMMONS tion, his team said, adding, iii BY JEAN EAGLESHAM BowX’schairman described  The U.S. and China said “His lifehangsinthe balance.” AND ELIOT BROWN WeWork in acall with investors they would work together MOSCOW—Growing con- On Saturday, amedical trade New days, no as a$5billion revenue com- to set moreambitious goals cerns over the health of jailed union with ties to Mr.Navalny WeWork,which had one of pany, though that figure is a to tackle climatechange. A7 opposition politician Alexei cited the resultsofmedical jacket; cocktails the most spectacular IPO im- projection rather than acurrent Navalnyhavesparked calls for teststhey said they obtained plosions in recent years, is try- number.When describing We-  Mexico increased de- massproteststhis week in cit- from theactivist’slawyer as now on the menu ing to go public again—and Work’ssize, the company tentions and deportations ies acrossRussia to demand showing he wasatrisk of im- some of the factorsthat wor- counted unitsthat WeWork of migrants in March, and his release as well as a warn- minent kidney failure, which BY CHARLES PASSY ried regulatorsonthe firstdeal doesn’t owndirectly. said efforts against irregu- ingonSundayfromthe U.S. could lead to cardiac arrest. areback again. WeWork is predicting a lar migration continue. A8 that therewill be conse- U.S. officials warned Russia TheNew York powerlunch WeWork isn’t doing an ini- rapid recovery from the pan- quences if he dies. on Sundaythat therewould be is back,with newrituals forthe tial public offering this time, demicdownturn, which hit its CONTENTS Outlook...... A2 SupportersofMr. Navalny consequences if Mr.Navalny see-and-be-seen set: Makesure but merging with aspecial- businessparticularly hardbe- Arts in Review... A13 Personal Journal A11-12 BusinessNews...... B3 Sports...... A14 called for large-scale demon- dies.“We have communicated you’rethereonthe right day, purpose acquisition company, cause few people were using of- Crossword...... A14 Technology...... B4 strations to demand his re- to the Russian government tryout anew wardrobe and or SPAC. Rules around SPACs fices, much lessshared space, HeardonStreet... B10 U.S. News...... A2-6 lease amid fearsabout his de- that what happens to Mr. Na- Midtownisnolonger amust. are looser than for IPOs, giv- and because it wasstill on the Markets...... B9 Weather...... A14 teriorating medical condition, valny in their custody is their Businesspeople saythey are ingWeWork moreleeway to hook forlong-term leases.The Opinion...... A15-17 World News...... A7-9 setting the stagefor an escala- responsibility and they will be embracing the opportunity to tout its future. companyisalso using anew tion in the standoff between held accountable by the inter- meet with clientsand col- Theshared-officeprovider is profit measurethat shows > President Vladimir Putin of national community,’’national leagues over ameal onceagain. expected to merge with aSPAC higher margins than it claimed Russiaand an opposition security adviser Jake Sullivan “I’m sick of my owntuna called BowX Acquisition Corp. in late2019. movement that has struggled said on CNN. sandwich,” said Adam later this year.Asthe two enti- In the run-up to the IPO,the to break his hold on power. TheU.S.warning comes Schwartz,co-chief executiveof- ties promoted the deal to inves- Securities and ExchangeCom- Theactivist has been on a amid escalating tensions with ficerofAngelo Gordon, aNew tors,they painted an optimistic mission told WeWork to change s 2021 Dow Jones & Company, Inc. All Rights Reserved hunger strikefor almost three Moscow.President Biden made York-based investment firm. scenario forthe company’s certain profit and growth mea- weeks and is in critical condi- PleaseturntopageA7 PleaseturntopageA10 growth and profitability. PleaseturntopageA8 P2JW109000-2-A00200-1------XA

A2 | Monday, April 19, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Sarah Chaney Cambo ECONOMIC GDP SettoSoar, Hiring NotasMuch CALENDAR

Thursday: The European .S. employers might period of this year. That its previous levels. A long- Real GDP and employment, in March facing jobless Central Bank’s policy meeting is U have trouble hiring would lift output to nearly lasting shift to remote work change from fourth quarter spells of at least 27 weeks, expected to be fairly uneventful, workers fast enough 4% above its pre-pandemic could damp business at cafes 2019 up from 1.1 million in Febru- with officials likely leaving inter- in coming months to keep up level measured in the fourth and shops near offices. ary 2020. est rates and the pace of bond with the projected burst of quarter of 2019. “They’re very happy to 5% “The longer people remain purchases unchanged. “The tone economic growth. Meanwhile, the econo- see this surge as everything unemployed, the more those should be similar to that of Consumer spending at mists expect employers to reopens, but they still have skills do start to atrophy and March, with the ECB waiting to restaurants, hotels and sa- add 7. 1 million jobs in the 12 tremendous uncertainty over 0 then it’s harder for them to see how financing conditions de- lons is already starting to months ending in December what their revenue stream is get back into the labor velop and when the recovery be- FORECAST take off as the grip of the 2021, a gain of 5%. That going to look like,” said Ste- Real GDP force,” said Jay Bryson, chief gins in earnest,” economists at Covid-19 pandemic eases and would leave employment ven Blitz, chief U.S. econo- economist at Wells Fargo’s TD Securities said in a note. more people get vaccinated 1.6% lower than in the fourth mist at TS Lombard. –5 Corporate and Investment U.S. applications forunem- and draw on their stimulus quarter of 2019. Even after an employer Bank. ploymentbenefits in the firstfull checks and savings. Job growth will trail GDP posts a job opening, the hir- week of April fell to the lowest Employment But many economists ex- for two key reasons, econo- ing process can take weeks –10 he result could be bot- levelsincethe pandemic struck. pect economic activity to mists say. First, many com- or months. Meanwhile, the tlenecks that discom- Economists areforecasting an pick up faster than payrolls, panies will be reluctant to labor pool changed and T uptick in joblessclaims forthe fort consumers, at at least initially, for several hire workers until they are shrank during the pandemic. leasttemporarily,until labor week ended April 17, though the reasons, causing bottlenecks convinced the pickup in con- The share of Americans –15 demand and supply are overall levelisexpected to re- and wage pressures. sumer demand will endure. ages 25 to 54 who are hold- 1Q 2020 1Q ’21 brought intobalance. Forin- main near apandemic low. This happened last year Second, millions of workers ing or seeking jobs—called stance, lines at airport secu- The U.S. housing market has for many manufacturers that dropped out of the labor the prime-age labor-force Source:Labor Department; Bureau of Economic rity checkpointsthis summer been constrained by tight sup- Analysis; Wall Street Journal Economic experienced labor shortages force during the pandemic participation rate—was Forecasting Survey could grow long as workers plies and rising prices, and econ- as Americans working from and might take time to re- 81.3% in March, down from attempt to serveaninflux of omists are estimating a decline home ordered more furni- turn. 82.9% in February 2020, a happen overnight,” Federal travelers. Salons might re- in existing-home sales for ture, exercise equipment and loss of 1.9 million workers. Reserve Chairman Jerome quirehairdresserstolog lon- March as limited inventories other goods than before the conomists point to Many of those people Powell said at a press con- gerhourssothey canserve continue to hold back potential pandemic. This year, it is several forces behind dropped out of the labor ference last month. the manycustomerswho buyers. The market took off dur- likely to be the case particu- E The sharp fall in work- ing the summer of 2020 as buy- employers’ hesitancy force to care for children went ayear without ahair- larly for providers of ser- to hire. For one, it’s unclear while schools are closed. force participation shows no cut. Restaurantscould raise ers took advantage of low inter- vices requiring proximity to when the pandemic will end. Others have stopped looking signs of quickly reversing. wagestoattract workers, and est rates and the pandemic people, since they saw the Though vaccination rates are for work out of fear of con- Even though job openings as aresult, passonthe costs prompted demand for homes biggest drops in business rising, so too are the daily tracting or spreading the exceed pre-pandemic levels, through higher menu prices. with space to work remotely. and employment during the totals of Covid-19 cases in coronavirus. The $1.9 trillion Google Trends data show “Over the next few Friday: Surveys of purchas- pandemic and are poised to many parts of the country as Covid-19 relief bill enacted in worker searches for jobs on- months you could see really ing managers are expected to see the biggest rebound in variants of the virus spread March also sent new stimu- line declining. Daniel Zhao, strong demand, and you show that the U.S. economy demand this year. and business restrictions lus checks to many Ameri- senior economist at Glass- could get some of these continued to outpace its Euro- Economists surveyed by ease. cans and extended a $300-a- door, said this recent drop pressures…in terms of pean counterparts. While a rapid The Wall Street Journal proj- Further, many companies week jobless-aid supplement, “raises concerns that labor- wages, etc.,” said Mr. Bryson. vaccination program and more ect U.S. gross domestic prod- face uncertainties over which could also be deter- force participation may not But he added, “our sense is fiscal stimulus has boosted the uct—the value of all goods whether they will see perma- ring some people from seek- recover quickly even after it’s not like this is an upward services sector in the U.S., Eu- and services produced—will nently weaker demand due ing work. the pandemic is over.” spiral that’s going to last for rope’s service providers continue grow 6.4% this year, mea- to the pandemic’s effects. “It’s just a lot of people Long-term unemployment years.” to falter under tight restrictions sured from the fourth quar- For instance, business travel who need to get back to poses another hurdle. There —Gwynn Guilford and a larger share of unvacci- ter of last year to the same might never fully return to work, and it’s not going to were 4.2 million Americans contributed to this article. nated consumers.

Indexperformance, year to date from the American Association U.S. WATCH Bull Run of Individual Investors 15% showed. That marksthe high- S&P500 Equal est level since January 2018. In Stocks WeightIndex Extreme bullish sentiment S&P500 tends to appear near the end 10 stages of bull markets, noted Widens Jason Goepfert, president of Sundial Capital Research, 5 which is why, he said, it has ContinuedfromPageOne been unusual to see that oc- versal from much of the past curring at the same time that year when asmall group of technical indicatorsare point- large technologystocks drove 0 ing to further gains. S much of the market’sgains. 2021 April “It’shardtofind anyinstance NEW

Last week, the percentage of that’sremotely similar to this. G stocks in theS&P 500 trading Percentage of S&P500 NYSE advance-decline line† We’veseen extremes likethis stocks trading above

above their 200-day moving before in breadth readings, but OOMBER averages crossed 95%, rising moving averages* not coupled with amarket that

to the highest level sinceOcto- 100% 200-day moving average 200000 has been so strong,” he said. YLE/BL ber 2009,according to data In addition to moving aver- DO RY

through Thursday. Only during ages,investorsand analystssaid RO three other periods sincethe 80 they arealso watching other ASSEMBLED: Live music drew acrowdoverthe weekend at the Juke start of 2000 has that measure 150000 bullish indicators. TheNew York JointFestival in Clarksdale, Miss. The festival wasvirtual lastyear. surpassed and then hovered Stock Exchangeadvance-decline above95% forseveral days, 60 line—a popular cumulativeindi- HEALTH NORTH CAROLINA according to aDow Jones catorthat tracks the number of Half of AllAdults Got OldestAmerican, Market Dataanalysis based on 100000 all securities rising minus the current indexconstituents. 40 number falling on the exchange ACovid-19 Vaccine At Least115, Dies “It’ssoraretosee that,” said each day—has risen, hitting a Frank Cappelleri,adesk strate- 50-day moving average record last week,according to Half of all adults in the U.S. Awoman who grew up picking gist and executivedirector at datathrough Thursdaystarting have received at leastone cotton, gotmarried at 14 and went 20 50000 Instinet.“It shows howstrong at theend of March 2016. Covid-19 shot, the government on to become the oldestliving participation must have been Nov. 2020 '21 2019 '20'21 At the same time,the S&P said Sunday. American with morethan 120 over the last number of months 500 Equal Weight Index— Almost 130 million people 18 great-great-grandchildren has died *Analysis based on currentS&P 500 constituents †An indicatorofmarket breadth, forthat to occur.It’sasmall is the cumulativenumber of net daily advances. Data through April 15. which weightsevery company or older have received at least peacefully in her home, according sample size but typically has Sources: FactSet (indexperformance, moving averages); DowJones Market Data (advance-decline) equally,nomatterits size—has one dose of avaccine, or 50.4% to her family. only happened at abeginning on ayear-to-datebasis out- of the total adult population, the HesterFordwas either 115 or stageofalonger-term move.” tions todayare far different— Still, investorsand analysts pacedits traditional market- Centers forDisease Controland 116 years old depending on which Indeed, during the past leading some analyststoques- see manyareas forconcern. cap-weighted counterpart, an- Prevention reported. Almost 84 census report wasaccurate. Either three times that the indicator tion howmuch further the bull Some 32% of fund managers other signal that it isn’t only million adults, or about 32.5% of way, she wasthe oldestliving firstcrossed the 95% thresh- market canrun in the months surveyed by BankofAmerica heavily weighted stocks that the population, have been fully American when she died Saturday old—in May2013,September ahead. TheS&P 500 has al- Global Research in April said aredriving marketshigher. vaccinated. in Charlotte, according to the Ger- 2009 and December 2003—the ready surged87% from its that they viewabond market Fornow,the wide rally will The U.S. cleared the 50% mark ontology Research Group, which S&P 500 went on to post gains March 2020 trough. “taper tantrum”—meaning a likely help offset frothy senti- justaday after the reported trackssupercentenarians. It listed both six months and ayear af- Driving the powerful rally possible rise in Treasuryyields ment, said Liz Ann Sonders, global death toll from the corona- her age as 115 years and 245 days. terthe threshold wasbreached. have been massivelevelsof oncethe Fedindicates it will chief investment strategist at virus topped three million, accord- “She wasapillar and stalwart Similarly, market watchers stimulus from the Federal Re- tighten monetarypolicy—as the Charles Schwab&Co. But, she ing to totals compiled by Johns to our family and provided much tend to keep tabs on the per- serveand Congress, as well as biggest tail risk formarkets. noted, if participation begins Hopkins University, though the needed love,support and under- surprisingly strong economic Investorsare also closely to deterioratewhile sentiment actual number is believedtobe standing,” said her great-grand- data.Despiteearly expectations monitoring sentiment levels, remains elevated, “that is what significantly higher. daughter, Tanisha Patterson-Powe The S&P 500 has that the U.S. rebound would be which manyviewasoverly youwant to keep an eyeon.” The country’svaccination rate, Ms. Ford wasborn on afarm in lethargic,everything from em- stretched. In the past five “At this stage, what I’d ex- at 61.6 doses administeredper LancasterCounty,S.C., in 1905, if already surged ployment reportstoconsumer- months,investorshaveplowed pect to continue to see is aro- 100 people, currently falls behind youaccept the moreconservative 87% from its March spending indicatorshaveoften moremoney intoglobal stock tational series of pullbacks— Israel, which leads among coun- estimate of her age. She married come in betterthan expected. A funds on anet basis than they especially in places where tries with at leastfivemillion John Ford at age 14, and gave birth 2020 trough. faster-than-anticipated Covid-19 did during the prior 12 years therehas been toomuch spec- people with arateof119.2. The to the firstofher 12 children at age vaccine rollout and an eager combined, a Bank of America ulativeexcessorwherethe U.S. also trails the United Arab 15. The couple movedtoCharlotte, crop of individual investors analysis of EPFR datashow. fundamentals don’t support Emirates, Chile and the U.K., whereshe remained forthe rest of have also juiced markets. Meanwhile,earlier this month, rich valuations,” she said. “For which is vaccinating at arateof her life. Her husband died in 1963. centageofS&P 500 companies “The one thing we knowis nearly 57% of investorsre- nowIdon’t think there’sa 62 doses per 100 people, accord- “I justliveright, all Iknow, Ms. trading abovetheir shorter- that the stock market leads ported having abullish out- high risk of something where ing to Our World in Data, an on- Ford said when asked about the term 50-day moving averages [the economy] in recovery…and look forthe stock market over the bottomfalls out forthe line research site. secret to her longevity. and watch for when the num- the big,initial rip has likely al- the next six months, a survey broader market overall.” —Associated Press —Associated Press ber crosses 90%—another rare ready happened,” Mr.Lerner bullish sign. Stocks in the S&P said.“Thetechnicals still sug- 500 also surpassed that gest upside…but I’dexpect pe- CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL threshold last week. riodic pullbacks along the way.” (USPS 664-880) (Eastern Edition ISSN 0099-9660) During the past 15 instances While measures of strong (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) when that has happened, the breadth have historically pre- Health authorities in Chile News article on Saturday Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 indexhas likewise ended ceded gains six and 12 months on Fridayreleased the results about Russia expelling U.S. Published daily except Sundays and general legal holidays. higher one year later 14 of the ahead, historyhas shown they of astudy of 10.5 million peo- diplomatsincorrectly said he Periodicals postage paid at New York, N.Y., and other mailing offices. times,according to an analysis don’t preclude short-term set- ple,including recipientsand wasthe director of the Federal Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. by Keith Lerner,chief market backs along the way. nonrecipientsofthe vaccine, Bureau of Intelligence. All Advertising published in The Wall Street Journal is subject to the applicable rate card, strategist forTruist Advisory And outside the S&P 500, on the efficacyofSinovac Bio- copies of which are available from the Advertising Services Department, Dow Jones & Co. Services.The averageannual therehavebeen signs of weak- tech’s Covid-19 shot. In some Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not gain forthose 15 times,accord- nessinpartsofthe market editions Saturday, an article to accept an advertiser’s order. Only publication of an advertisement shall constitute final ing to his analysis: 16.4%. lately.Just afew weeks ago, about China’splan to approve Noticetoreaders acceptance of the advertiser’s order. Analystssaid both indica- manyofthe technologyand a foreign Covid-19 vaccine in- Wall Street Journal staff Letters to the Editor: Fax: 212-416-2891; email: [email protected] tors areoptimistic signs for growth companies that have correctly said the study wasof membersare working re- Need assistance with your subscription? By web: customercenter.wsj.com; By email: [email protected] the market—but notethey are long been investor favorites 10,500 people who received motely during the pandemic. By phone: 1-800-JOURNAL (1-800-568-7625) flashing at a starkly different draggedthe Nasdaq Composite Sinovac’s vaccine. Forthe foreseeable future, Reprints &licensing: time than in the past. Often intocorrection territory.Ulti- please send reader comments By email: [email protected] when such breadth milestones mately,however, owing to con- Christopher Wray is the only by email or phone, using By phone: 1-800-843-0008 arehit, the S&P 500 is coming tinued support from the Fed, director of the Federal Bureau the contactsbelow, not via WSJback issues and framed pages: wsjshop.com off a correction—a drop of at laggards—especially the growth of Investigation. AWorld U.S. Mail. Our newspapers are100% sourcedfromsustainably certified mills. least 10% from arecent high— stocks that continue to dazzle or a much bigger fall. investors—haven’t stayed down Readers can alert The Wall Street Journal to any errors in news articles by GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS In contrast, market condi- forlong. emailing [email protected] or by calling 888-410-2667. P2JW109000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** Monday, April 19, 2021 | A3 U.S. NEWS Indiana Gunman Had LegalRifles

Authorities detained TheBureau of Alcohol, To- bacco,Firearms and Explosives suspect, confiscated conducted atrace on the two shotgun at his home weapons used in the attack and found Mr.Hole purchased the before FedEx killings rifles legally in July and Sep- tember 2020,the Indianapolis JOURNAL

BY NORA NAUGHTON Metropolitan PoliceDepartment REET ST

AND LAURA KUSISTO said on Twitter. LL

Mr.Hole wasonthe radar of WA INDIANAPOLIS—Thegunman local authorities as having men- THE

in Thursday’sshooting herele- tal-health issues and risk factors R FO

gally purchased two semiauto- forviolent behavior.InMarch CE

matic rifles afterbeing detained 2020,his mother contacted law LLA

by authorities and having one enforcement to report he might WA othergun confiscated, police trytocommit “suicide by cop,” XINE

said,asthey trytodetermine according to Paul Keenan, the MA theshooter’s motives. special agent in charge of the Women gathered at a Sikh place of worship in Indianapolis to mourn victims of Thursday’s mass shooting at a FedEx facility. Brandon Hole,a19-year-old Federal Bureau of Investiga- former employeeofFedEx tion’s Indianapolis field office. law-enforcement official said. didn’t followthrough and obtain munity.The Sikh Coalition, a full investigation—including the Corp., killed eight people and Mr.Hole wastemporarily com- Indiana has ared-flag law the final court order that would national advocacygroup,said it possibility of bias as afactor,” injured several others,before mittedatalocal hospital for that allows police to seizea have ensured he couldn’t buy wasintouch with law-enforce- thecoalition said. taking his ownlifeatthe com- evaluation of his mental-health firearm from asuspect who is anotherweapon, said Allison ment and government officials, “Weare not ruling out any pany’sground facility here needsthat month by the India- considered to be adanger to Anderman, senior counsel at the pushingfor athorough investi- motiveatthis time,” Mr.Keenan Thursdaynight, policesaid. He napolis Metropolitan PoliceDe- himself or others. Anyseizure Giffords LawCenter to Prevent gation intothe shooter’s motive said.The Indianapolis Metropol- hadworked at the facility for partment, and policeseized a requires acourt hearing within GunViolence. and changes that would protect itan PoliceDepartment is lead- two months,fromAugust to Oc- shotgunathis residence, Mr. 14 days to determine the sus- Aspokesman forthe police minority communities. ing the investigation. tober 2020,according to FedEx. Keenan said. pect’s threat level. Afinding of department said officers can As with the Atlanta shoot- “The FBIcontinues to work Policehaveidentified those Based on itemsobserved in dangerousnessmight lead not initially confiscatethe weapon ingsinMarch—in which six of with IMPD andother lawen- who died in the shooting as Mr.Hole’sbedroom during the only to the seizureofthe fire- but the filing with the court has theeight victims were women forcement partnerstofind a MatthewAlexander,32years seizure, he wasinterviewedby arm, but to aban on obtaining to be done by the prosecutor’s of Asian descent—Thursday’s motivefor this senselessact of old; Samaria Blackwell,19; Ama- the FBI in April 2020 but wasn’t others. office. Aspokesman forthe shooting has sparked questions violence, and will be meticulous rjeet Kaur Johal,66; Jasvinder found to be arisk of racially It is unclear howMr. Hole Marion County Prosecutor’s Of- about whether the attack was and thorough in our investiga- Kaur,50; Sardar Jaswinder motivatedviolenceortohave wasable to purchase newguns fice said it is gathering informa- motivated by ethnic or religious tion and devoteasmuch time as Singh,68; Amarjit Sekhon,48; committedacrime.The shotgun just months afterhis original tion on the matter. animus. needed to find answers forthe Karli Smith,19; and John Wei- wasn’t returned to Mr.Hole be- firearm wasconfiscated. Among those who died were “Wefully expect that author- victims’ families,” Mr.Keenan sert, 74. cause he didn’t want it back,a It is possible local officials four membersofthe Sikh com- ities should and will conduct a said. ShootingsinTexas, Wisconsin LeaveSix People Dead

BY ELIZABETH FINDELL Wisconsin’sgovernor,Tony pened in an apartment com- seph Chacon identified the Evers, tweeted on Sundaythat plex on the northwestern side suspect as Stephen Nicholas Gunmen remained at large his “heart breaks” forthe peo- of the city,policesaid on social Broderick, 41 yearsold,and in Austin, Texas,and Kenosha ple of Kenosha, the same area media. said preliminaryinformation

AP County,Wis., aftereach killed whereapoliceofficer shot Ja- Policesaid that the killings indicated he is aformer law- three people in what policede- cobBlakeseven timesonAug. were an isolated domestic-vio- enforcement officer.Mr. Brod- scribed as targeted incidents. 23,paralyzing him and spark- lencesituation and that there erick’sname and agematched

-SENTINEL/ In Kenosha County,acon- ing weeks of protest and vio- wasnorisk to the general pub- a former Travis County Sher- frontation at a bar early Sun- lent unrest. lic.Policeshut down aportion iff’s Office detective who was

JOURNAL dayleftthree dead and two Mr. Evers tweeted that he of Highway 360 and advised arrested last year and accused people injured. Kenosha and his wifewere“thinking of residentstoshelter in placeas of sexually assaulting a child. UKEE County Sheriff David Beth said the families and loved ones af- they searched nearby areas for Chief Chacon urgedAustin WA that authorities were still fected and the entireKenosha the suspect. residents to check on friends

TI/MIL searching for a suspect. community as they grieveand Paramedics responded just who live in the area.

SIS “Wedonot believethis was grapple with yetanother before noon to the shooting, “Weare concerned that he

DE a random act,” Mr. Beth said. tragic incident of gunvio- which lefttwo women and a maytakeahostageand be him-

MIKE “Webelieveour suspect knew lence.” mandead, authorities said. self sheltering somewherewait- Officials on Sundayinvestigatedadeadly shooting in Kenosha, Wis. who he was targeting.” Theshooting in Austin hap- Austin interim PoliceChief Jo- ing forustoleave,” he said. Union BlocksCalifornia Plans ForMoreAffordable Housing

BY CHRISTINE MAI-DUC and Community Development In astate dominated by found California has ashortage Democrats, deferencetoorga- California legislatorspro- of 1.5million affordable rental nized labor isn’t novel. TheCal- posed morethan ahalf dozen homes forlow-income families. ifornia TeachersAssociation, major bills last year to address At the heart of the disputeis the state’slargest teachers

the state’saffordable-housing the Trades’ insistencethat pro- union, wielded immense power S crisis,which researcherssay is posals to incentivizehome in the debateoverwhen to re- PRES one of the worstinthe nation. building requirecertain num- open schools during the None of them passed. bersofconstruction workersbe Covid-19 pandemic.Nurses’ TED CIA

Most died or were withdrawn, graduates of apprenticeship unions hold sway over health- SO people involved in theprocesses programs that aremostly care legislation. In addition, lo- AS said, in large part because of union-run. Easing restrictions, calgovernmentsand neighbor- campaigns wagedagainst them they argue, makes adeveloper’s hood groups have opposed by the state’spowerful construc- land morevaluable and that manyhousing bills. LENNIHAN/

tion-workersunion. wealth should be shared TheTrades areamong Sac- MARK California’sState Building through labor protections and ramento’smost prolific donors. PS 179 in New York City, where officials are investing $120 million to expand K-12 summer school. and Construction Trades Coun- higher wages. They also say Since2015,the State Building cil, which represents450,000 that the standards,known as Trades and itsaffiliated local ironworkers, pipe fittersand “skilled and trained,” help com- unions have given morethan Districts Gird for Summer School other skilled laborers, has bat minimum-wageabuses in $90 million to statecandidates blocked numerous bills it says theconstruction industry. and campaigns,according to an BY JENNIFER CALFAS March approved morethan marketing and public relations. don’t guarantee enough work “You cannot build affordable analysis by California Target $122billion in aid forschools, In NewYork City,officials forits members. It contributes Book,anonpartisan stateelec- Educatorsnationwide are earmarking 1% forstatestouse are investing $120 million to tens of millions of dollarstopo- tion guide.About $16.6 million planning to makesummer to fund summer programs. expand summer school,offer- litical candidates and cam- ‘The Trades’ is one came from the main statewide school look morelikesummer Some districtsare allowing any ing afive-days-a-week summer- paigns,engages in aggressive umbrella organization led by camp this year. of itsstudentstoenroll in sum- camp-style program forK-12 lobbying,and pays foradvertise- of the main reasons Mr.Hunter,who said affiliated School districtsare aiming mer school at no cost. It isn’t students. Theprogram could be mentsthat portray opponentsas lawmakers struggle locals maketheir owncam- to enroll moresummer school just forthose who need to used by about 200,000 stu- lackeysofgreedy developers. paign decisions. studentsthan usual as they try makeupfailed classes. dents, officials said. Legislativeinsiderssay the to pass bills. Gov.Gavin Newsom, who to createnew learning opportu- Broward County Public Researchersatthe Rand success of the union known clashed with the Trades in 2019 nities and betterpreparethem Schools in Florida is offering Corp.who have studied how widely as “the Trades” is one of over bills to expand the number forthe year ahead. Educators academicsinthe morning and summer school studentsfareac- the main reasons Sacramento of housing projectsrequiring also hope that getting children activities through community ademically have found the most politicianshavestruggled to housing and addresspoverty by union wages, has attempted to in grades K-12 back intothe successfulsummer programs passbills streamlining con- driving construction workers broker deals between unions and classroom will help with the were voluntary, lasted the full struction approval and easing and their families intopoverty,” industryinthe past. This year he emotional and mental toll from dayand spanned at least five zoning restrictions.Research- said Robbie Hunter,president is seeking support from orga- months of remoteordisrupted weeks forfivedays aweek.They erssay those steps areurgently of the State Building and Con- nized labor as he fends off a schooling due to the pandemic. 200K included at least three hoursof needed to addressskyrocketing struction Trades Council. likely recall election.The Demo- Drawing on billions of dol- languageartsormath classes, real-estateprices and rents, as Builderssay apprenticeship crat’sofficedeclined to comment. larsinfederal aid, districtsare Number of students who could offered enrichment activities, well as homelessness. requirementsdriveupthe ex- Last May, days beforeakey expanding programs,lengthen- use New York City’s program had no morethan 15 studentsin “They’reagatekeeperfor pense of affordable-housing con- legislative deadline,the Trades ing half-days to full days,work- aclass, and were tuition-free. anysignificant legislation mov- struction in astate whereitcan objected to about ahalf dozen ing in partnership with commu- At West ContraCostaUnified ing through Sacramento” on cost as much as $700,000 aunit housing bills,some of which they nity organizations and adding School District, in the Richmond, housing,said Ben Metcalf,man- to build in dense,urban areas. had previouslysaid they wouldn’t activities likesports, field trips organizations likethe YMCAin Calif., area, summer school will aging director at the Terner They also arguethat the union- oppose,according to legislators, and debateclasses. the afternoon, said Daniel Gohl, be based in school buildingsso Center forHousing Innovation backed provisions could slowor staff membersand advocates. In newguidance, Louisiana chief academic officer.Further schools cantailor programs to at the University of California, halt construction of affordable Housing advocates saythey recommends schools create north in Jacksonville,Duval their students’ needs.Inthe Berkeley,and former head of homes in lower-income ruraland have unsuccessfully pushed for programs similar to summer County Public Schools will offer past, studentsweregrouped at the state’sHousing and Com- inland areas wherethereisn’t acompromise with the Trades camps forstudentsinkinder- rising first- through ninth-grad- central locations.The district munity Development agency. enough available union labor. that would allowlegislation to garten through eighth grade. ersasix-week,five-days-a- plans to bring back studentsto Despitethe state’srobust Housing advocates want the speed construction to passthis “In this pandemic,kids have week program with moreout- their classrooms on April 19 af- economy, about 7. 1million of ability to forgounion labor on year if it includes moreunion lost out on morethan just read- door activities and field trips. termorethan ayear of remote California’s40million residents projectswhereadeveloper jobs. ing and math,” said Louisiana “Rather than computers, learning,and leaderssee the liveinpoverty when factoring doesn’t getany bids that fulfill “Until we come to aresolu- State Superintendent Cade studentswill experiencemore summer as achancetohelp stu- in housing costs, according to the skilled and trained require- tion, it’sgoing to makehousing Brumley.“They’velost out in hands-on exploratorylearning dentsget reacclimated. the California Budget &Policy ments, or if those bids aresig- policyveryhardinCalifornia,” artand music and P. E. and so- in aprogram that feels like “I’m moreexcited forsum- Center.A2018 report by the nificantly higher than the low- said State SenateHousing Com- cial experiences and field trips.” summer camp,” said Tracy mer than the spring,” said chief state’sDepartment of Housing est alternative. mitteeChairman ScottWiener. Thefederal government in Pierce,the district’schief of academic officer RubénAurelio. P2JW109000-5-A00400-17FFFF5178F

A4 | Monday, April 19, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. U.S. NEWS GOP Dangles Infrastructure Consensus

Sen. Cornyn says core dent Biden’s meeting with plan beforepivoting to asec- Amajor Republican criti- ation,they have said they Democratswant to consider it lawmakersonMondaytopush ond, broader packagethat Dem- cism of the Biden administra- want to trytoreach abiparti- as an option for raising reve- of spending bill could his own $2.3 trillion plan. ocratspassalong party lines. tion’s framework is that it in- san agreement first. Reconcili- nue.Other DemocratslikeSen. pass, as Biden set to Republicans generally have “Then we show our people cludes some funding, such as ation also limits lawmakersto JoeManchin (D., W.Va.) have raised concerns that Mr.Bi- that we can solve their prob- $400 billion forcaring forse- passing provisions related to indicated they don’t support push $2.3 billion plan den’spackageistoo costly and lems” on abipartisan basis, nior and disabled Americans, the budget, likely preventing elements of the tax plan, call- hastoo manywhat they see as Mr.Coons said. “I think in the that they don’t believeshould them from approving some el- ing foramoremodest in- BY JOHN D. MCKINNON non-infrastructure elements. next few weeks we should roll be considered infrastructure. ementsofMr. Biden’splan, crease in the corporaterate, Asked on FoxNewsSunday up our sleeves and sit down Administration officials argue such as itsworker protections. for example. WASHINGTON—Asenior whether he could support an and find waysthat we can that such measures areimpor- Finding away to payfor SenateMajority Leader Republican senator said he infrastructurepackageofsupport to makethese criti- tant to the economy’sefficient the packagewill be acentral Chuck Schumer (D., N.Y.), how- and his colleagues could sup- around $800 billion, Mr. cally needed investments.” functioning,just as roads and issueinthe discussions be- ever,pledged to trytoadvance port an infrastructure bill of Cornyn said: “There is a core In Monday’s meeting with bridges are. tween Republicans and Demo- Mr. Biden’s package. around $800 billion, under- infrastructurebill that we lawmakers, Mr.Biden is ex- Republicans also aregener- crats. Republicans have “Our roads,bridges,high- scoring GOP interest in abi- could pass…So let’s do it and pected to discusshis ownplan, ally concerned about Mr.Bi- blastedthe proposed corpo- ways, public transit, airports, partisan fixfor the nation’s leave the rest foranother day including “highways, drinking den’splan to offset the cost of rate taxincreases,which in- housing, and electric grid are aging roads and patchybroad- and another fight.” watersystems,broadband and his packagewith corporatetax cluderaising the corporate all in need of an overhaul,’’ he band service. Sen. Chris Coons (D., Del.), the care economy,” White increases,saying they could rate to 28% from 21%, as a wrote in a tweet last week. “I ThecommentsbySen. John also on FoxNewsSunday, said House presssecretaryJen hurt job creation. nonstarter,with some instead will work…topassthe #Ameri- Cornyn (R., Texas) on Sunday that Democratsshould work to Psaki said last week. While Democratshavethe advocating forraising user canJobsPlan—a big,bold bill signal that SenateRepublicans find abipartisan agreement A bipartisan group of law- option of approving apackage fees, like the gas tax. that will createjobs,invest in are seeking a compromise on with Republicans on elementsof makers held acall on the issue along party lines using abud- While Mr.Biden is opposed infrastructure, and help com- infrastructure, ahead of Presi- the WhiteHouse infrastructure last week. getmaneuver called reconcili- to raising the gastax,some bat climate change.” Ohio’s Election Results Mask Broad Shifts

BY DANTE CHINNI “We’vealways had alot of in- dependent voters in Delaware On the surface, Ohio looks County,traditionally they would likeanisland of calm afterthe have leaned moreRepublican. turbulent 2020 election:Donald But the voters around herehave Trump wonthe stateby8.07 changed, become moremoder- pointsin2016 and wonitagain ate, and I’veseen those changes by 8.02 pointsin2020. even in myself,” said Karl Geb- But underneath those stable hardt, former chair of the Dela- results, the statesaw significant ware County Republican Party swingsatthe county level that who acknowledges he didn’t suggest forces areatwork re- vote forMr. Trump. making the electorate. Thechanging attitudes could Delaware County,just north be campaign challenges in the of Columbus,the statecapital, next election cycle,asboth par- movedaway from Mr.Trump ties plan their messaging and by 9percentagepoints. Pike campaign spending,said Ohio County,90minutes to the Republicanstrategist Jai south, moved toward him by 12 Chabria.“Donald Trump’sgoing points. to loom large forthe next elec- Rickie Grooms, above right, of Pike County,Ohio,voted forBarack Obama in 2008, and Republican candidateseversince. In Delaware Both have votedfor the Re- tion, everyone understands County,Brindi Hellinger,seen belowwith her granddaughter, votedfor Donald Trump in 2016 but forJoe Biden in 2020. publican candidatefor presi- that,” Mr.Chabria said. “But the dent in everyelection since next candidates that aregoing 2000,including 2020.But stark to be successfulare the ones demographic differences be- that understand wherethe tween them illustratelargerpo- Trump voters areand areable litical shifts in Ohio and beyond. to speak to it authentically.” Delaware County is growing, Recentshifts in Ohio have and Pike is shrinking.More extended far beyond Delaware than half the adult population and Pike.Nearly half of the in Delaware has acollegede- counties in Ohio shifted4per- gree.InPike, the figure is about centagepointsormoretoward 13%. Delaware’s median house- or away from Donald Trump in hold income is well over double 2020 compared with 2016,and that of Pike.The population in thereare some clear patterns in both counties is mostly white, the data. though Pike’s is moreso. And in Theseven counties in the the past few elections the two statethat shiftedmorethan 4 have changed places.Delaware, percentagepointsaway from oncesolidly GOP,voted forMr. Mr.Trump were abovethe

Trump by lessthan 7percent- state’saverage forcollegede- (2) agepoints, and Pike—oncea grees,and most were far above hotly contested battleground it. The34counties that shifted JOURNAL that RepublicanMittRomney toward Mr.Trump by more

wonbyasingle vote in 2012— than 4pointswerebelowthe REET ST

gaveMr. Trump a49-point state’saverage forbachelor’s LL

margin of victoryin2020. degrees,most far below. WA

Thetwo counties illustratea But in Pike and Delaware,the THE

broad trend in American poli- two biggest moversinthe state, R tics,particularly in the indus- area officials sense the sizeof FO

trial Midwest, whereMr. Trump the changes might makethem JIANG changed the political dynamics moredurable.

in abig way.Sincethe turn of “The daywill come,and I HAIYUN the century, poll datashowsub- thinkitwill be fairly soon, urbanand college-educated vot- when youwill see aDemocrat overseeing the county. group of strength forDemo- Democratic,also likely plays a the GOP’sfavor.Hesaid he has ershavetrended Democratic, representing Delaware County,” Behind the changes areamix crats, has climbed 5percentage role.Eric Howard,aPike felt the shiftinhis owncam- while ruralvoterswithout de- Mr.Gebhardt said, adding that of economic and political shifts pointstomorethan 54%. County native, said he votedfor paigning. grees have driftedtoward the thought wasinconceivable ade- in the nation’stwo main politi- Brindi Hellinger,aregistered Mr.Obama in 2008 but became “Thislast election, Iwould GOP. Mr.Trump seems to have cade ago. calparties,and the influenceof RepublicaninDelaware County, turned off by politics and hasn’t knock on doorsand introduce speeded that shift. What hap- Down in Pike,the storyisre- Mr.Trump. votedfor Mr.Trump in 2016, votedsince. myself,and the firstquestion, pens with the vote in Pike and versed. “IfIhad told youwe’d Delaware County’s popula- but his behavior pushed her to JerryMiller,one of the three before Icould finish, would be, Delaware in Ohio’s 2022guber- have three Republican county tion hasgrown by morethan vote forJoe Biden in 2020.“As Republicancommissionersin ‘Are youaDemocrat or aRe- natorial and Senateraces might commissionersinPike15years 20%since2010,and in that time went by it just gotmore Pike,said apartisan atmo- publican?’ ” he recalled. “I shed light on Mr.Trump’slong- ago, you’dhavelaughed me out time the percentageofthe pop- andmoreridiculous,” she said. spherethat has deepened as would tell them Iwas aRepub- term impact on American poli- of here,” said Tony Montgom- ulation with at least abache- Voterapathy, particularly people rely on nationalnews lican, and they’d just say‘Well, tics. ery, one of three Republicans lor’s degree,increasingly a among those who might lean media has reshaped politics in you’vegot my vote.’ ” Funds Flow to Republicans Who Vo tedtoImpeach Trump

BY JOHN MCCORMICK First-quartercampaign fundraising of the districtsrepresented by PAC of Sen. Mitt Romney (R., AND CHAD DAY Republicans who votedfor im- Utah) and the Republican Jew- Liz Cheney(Wyo.) peachment were wonbyMr. ish Coalition PAC. As they preparetofacepri- Adam Kinzinger (Ill.) Trump by 5percentagepoints ThreeRepublican candi- marychallengers, the 10 or moreinNovember and are dates filed fundraising reports House Republicans who voted Jaime HerreraBeutler (Wash.) unlikely Democratic takeover as part of running against Ms. to impeach then-President Raised targets. Cheney,the daughter of former Donald Trump afterhis sup- AnthonyGonzalez(Ohio) Theracefor Wyoming’ssin- Vice President Dick Cheney. Topfundraising challenger portersstormed the Capitol on PeterMeijer (Mich.) gleHouse seat is agood exam- Some of Mr.Trump’sstron- Jan. 6raised significantly ple of the dynamics at play. gest supportersinCongress moremoney during the first John Katko(N.Y.) The $1.5 million raised by the also recorded robust fundrais- quarter of 2021 than they did main campaign committeefor ing.Rep.Marjorie Taylor TomRice(S.C.) two years earlier. Rep. Liz Cheney of Wyoming, Greene (R., Ga.), an ally of Mr. Thegroup,leveragingthe Fred Upton(Mich.) the highest-ranking House Re- Trump who wasremoved from powerofincumbency, also publican who is contending her committeeassignments swamped their GOP primary David Valadao (Calif.) with impeachment-voteconse- this year over her past em- opponentsinalmost everyin- quences,represented almost braceofconspiracytheories, DanNewhouse(Wash.) stance during the first round five times what she raised in raised $3.2 million. Rep.Jim of fundraising since angering $0 million 0.51.0 1.5 the first quarter of 2019. Jordan (R., Ohio), who has Mr.Trump with their votes, Source:Federal Election Commission Note:Noone has filed to challenge Mr.Katko,and some challengers have notyet reported fundraising. Ms.Cheney, who survived strong ties to Mr.Trump, newFederal Election Commis- an effort by pro-Trump col- raised $2.1 million during the sion filings show. committees could also weigh with $31 million in the bank year’s elections. leagues to removeher from quarter. While all the incumbents in financially on some of the and has continued to raise Nine of the10incumbents her party-leadership post, had About 80% of Ms. Greene’s outraisedchallengerswho contests, and his endorse- money since then. already have primarychalleng- more than $1.4 million in her quarterly fundraising dollars filed campaign financere- ments could carry significant In aspeech earlier this year ers, in some cases multiple campaign account at the end came from contributions of ports, it is early in the two- weight with the party’s base. at theConservativePolitical ones.Some GOP strategists of March after the best fund- $200 or less, the sort of dona- year election cycle,and money ThePACsaren’t required to Action Conference, wherehe worrysuch party infighting raising quarter of her political tions Mr.Trump is effectiveat is just one factor in typically report their latest totals until called out all 10 by name, Mr. could undermine their pros- career. Some of her top dona- driving.Mr. Jordan’ssmall- low-turnout primaries. July,but one of them, Save Trump told his supporters to pectsoftaking back control of tions included $10,000 apiece dollar proportion wasnearly Mr.Trump’spolitical-action AmericaPAC,started the year “get rid of them all” in next Congressin2022, though half from theBelieveinAmerica as high. P2JW109000-0-A00500-1------XA

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A6 | Monday, April 19, 2021 THE WALL STREET JOURNAL. U.S. NEWS Americans Abroad Return for a Shot U.K. Set To Begin BY STU WOO LONDON—Frustrated by NewTest slowand uncertain vaccination drives around the world, some of the nine million Americans With Virus living abroad arecoming home to get their Covid-19 shots. Formany, the risks of a BY JENNY STRASBURG long journey home are worth thereward of avaccine that University of Oxfordscien- offersprotection and peaceof tistsplan to reinfect dozens of mind. But the trip also comes adult volunteerswith the coro- with the anguish and moral navirus in the second U.K. clini- ambiguity of leaving behind caltrial to study deliberate friends, colleagues and even Covid-19 infection in quaran- spouses who might not getac- tine—this time among people cess to a shot for months be- whohavealready recovered cause they don’t hold a pass- from the virus. port from the world’s Such “human challenge” tri- wealthiest country. als arecontroversial because “I’vedefinitely seen people they involveintentionally in- talk about vaccine tourism,” CHUMLEY fecting healthyhumans,and

said Chloe Zeitounian,a32- OOKE the U.K. is the only countryso

year-old American actor in BR far conducting them with London whovisited the U.S. Covid-19,researcherssaid. earlier this month. “That’sba- Thenew trial is focused on sically what I did.” JOURNAL; theboundaries of human im-

TheU.S.and U.K. are REET munity and the effectsofthe roughly on par in vaccination ST virus on the body from the mo- LL

rates,but recent supply dis- WA ment of reinfection. Betterun- ruptions have slowedBritain’s derstanding of protection from THE

rollout foryounger people. R previous illnesswill help fast- Thecountryisalso relying FO tracknew treatmentsand vac- TA

heavily on ashot developed by PA cines,Oxfordresearcherssay. ZA

the University of Oxfordand A The firstCovid-19 challenge

AstraZenecaPLC.Regulators UR study,led by Imperial College here have restricted people LA London infectious-disease re- under 30 from receiving it be- searchers, started in March BETTY

cause of apossible link to rare P: with ahandful of volunteers but potentially serious blood TO isolated inside London’sRoyal clots. Ms.Zeitounian preferred OM Free Hospital.That study re- FR to avoid that one, which isn’t ceived apledge of morethan distributed in the U.S. Chloe Zeitounian, above, showing her vaccination card in London. $45million from the U.K. gov- As she stood in line at a At right, Cheryl Walling, with her husband and grandchildren in ernment. New Orleans convention cen- Rota, Spain, plans to fly to Arizona to get vaccinated. Oxford’s trial is funded by terand learned it wasoffering theLondon-based Wellcome adose of the two-shot vaccine As of last month, herarea work outside the U.S., for ex- Trust, ahealthcare-focused from Moderna Inc., she called wasinoculating only people ample,and some regions re- charitable foundation. As many her British husband in London. over 70,soMs. Walling de- quirealocal identification as 64 people aged 18 to 30 will “Is what I’m doing right?” cided it wastime to risk a card. Others require nothing. be quarantined in staggered asked Ms.Zeitounian, who was three-leggedflight to getvac- In suburban Tokyo, KatCal- phases starting as soon as next in the U.S. to apply for a visa. cinated in Tucson. They plan lahan wasfed up with the gla- month, according to Helen Mc- She plans to gether second to depart on May15unless cial vaccination paceinJapan, Shane, an Oxfordvaccinologist dose on aU.S.businesstrip Spain offersshotsbeforethen. whereabout 1% of the popula- who is leading the trial. later this year unlessshe gets “We’reinthat vulnerable tion has gotten adose.The 37- In the late1700s,British doc- it in Britain first. age group,” she said. “We re- year-old civics teacher and torEdwardJenner applied ma- In the vaccine rollout’s ally need to get vaccinated.” union organizer has underlying terial from cowpoxand small- early days in the U.S.,there Rules on whocan getshots health conditions and felt in- poxlesions to children and were short supplies,booking vary by state, making it diffi- creasingly uncomfortable adultsand recorded the reac- difficulties and confusion over cult to sayfor surewhether an about taking progressively tions.The experimentspaved who could get a shot. But the American traveling back can crowded trains intothe city for the way formodern vaccines. U.S. drivehas accelerated, getone easily just by landing. meetingsthat had to be held in But in the Covid-19 pandemic, with 38% of adults having re- Manycountries,meanwhile, person. “I don’t feel comfort- the U.S. and other countries ceived at least one shot and restrict foreign travel. Eng- able going out,” she said. have steered clear of purposely 24% fully vaccinated. land, for example, forbids in- Then she sawthat New infecting healthypeople with Atipping point formany ternational vacations but al- Mexico, whereshe maintains the coronavirus.Critics argue expatscame when they saw lows residentstotravelabroad legal residency, wasavaccina- the risks aren’t justified, given President Biden set April 19 as with areasonable excuse,such tion leader. She checked that the broad presenceofnaturally the date all adults in the U.S. as businesstrips and funerals. appointments were plentiful, circulating virus and the success would be eligible forashot. Some Americans arealso and booked afive-week trip to of vaccines already available. Reinforcing theimageofwide- hesitant to return to the U.S. Albuquerque that starts later Some saynewervariantsmake spread access wasaparade of to getvaccinated because that this month. the older strain used in the U.K. friends back home sharing ju- might complicatetheir receiv- “NewMexicogot their stuff challengetrials lessrelevant. bilant vaccine selfies on Face- ing “vaccine passports” in together,and IknewI Proponentsargue thereisno book and Instagram. their residencecountries that wouldn’t be burdening anyfel- substitutefor the precision of “They’regetting vaccinated could be required forentry lowAmericans,” she said. controlled studies.They have right and left,” said Cheryl into restaurants or for travel. “Thereisashot with my name been used to study diseases in- Walling, a 61-year-old retiree On Facebook groups for on it.” year-old chief operating offi- the U.S. later this month, hap- cluding typhoid, malaria and in Spain, speaking of her com- American expats, people trade On aFacebook group for cerofaninterior-design com- pened to line up with business tuberculosis and to develop patriots back in Arizona. “I’m adviceonnavigating the local Americans in London, Matt pany. “Some people might say trips.Hesaid getting inocu- vaccines.With Covid-19,Prof. jealous. I’m so jealous.” and American requirements Heligman shared hisexperi- it’s jumping the queue.” lated helps protect the people McShane said, “Wedon’t know Ms.Walling and her hus- fortraveling to the U.S.,as enceofgetting his firstdose Mr.Heligman disagrees.His he encounterswhile traveling, whether someone has not been band retired to the beach town well as tips forbooking vacci- in the U.S. earlier this month. job requires frequent travel while also helping Britons. infected because they haven’t of Rotaayear agotospend nations.The appointment “I don’t getalot of thanks for between the U.K. and U.S.,and “That’s two doses I’m tak- been exposed or [because] they time with their daughter,their websitefor CVSHealth Corp., that because alot of people appointmentsfor both the ing that [England’sNational have protectiveimmunity.” U.S. Navy-serving son-in-law the big pharmaceutical chain just criticizemefor traveling,” firstand second dose,which Health Service] doesn’thave Controlling exposurewill help and two grandchildren. offering vaccines,doesn’t said Mr.Heligman, the 39- he will getwhen he returns to to administer,” he said. with those questions,she said.

cines less effective. The cam- public announcement, the peo- people familiar with thedis- their probe to J&J’s Covid-19 given to clotting patients. U.S. Feared paign had been picking up ple said. Theofficials,along cussions. vaccine. In one case,doctorsadmin- steam partly due to the launch with PeterMarks,the FDA’s Helping the decision mak- The J&J reports in the U.S. istered the medication to a48- of J&J’svaccine,which is eas- vaccines chief,decided that ing,the people said, were two came from the other source of year-old woman after finding ClotsBeing ier to store and requires only caution and safety should take sources for reports about the blood-clot cases: the Vaccine extensive blood clots in veins one dose. precedence, the people said. rare adverse events. AdverseEvent Reporting Sys- in her brain and abdominal TheFDA and CDC drew “It is imperativefor health- One source,the people said, tem. Doctorsand the public cavity,along with an alarm- Mistreated criticism from some health ex- care workerstoknowthat the washealth regulatorsinEu- report safety issues to the ingly lowcount of plateletsin pertsthat the joint recommen- treatment of these clotsisdif- rope.They had been looking three-decade-old database. her blood. dation would exacerbatefears ferent than our current stan- intoreportsofunusual clot- Thepeople filing reportsdon’t Despite the heparin, blood ContinuedfromPageOne among those already hesitant dardofcare,” Dr.Walensky ting cases involving another know whether the events are clotscontinued to form, ac- nization Practices,issched- to getvaccinated and set back said during aWhiteHouse vaccine,fromAstraZenecaand truly vaccine-related, but the cording to an account J&Jpre- uled to meet Friday to review apush to develop the commu- briefing last week. the University of Oxford, FDAand CDC investigate sented to the ACIP and ade- the pause, after putting off a nitywide immunity needed to Theprivatedeliberations based on asimilar technology these. scription of the case in the vote on howtoproceed during stop the virus from spreading. among topfederal health offi- as J&J’s. In March, health au- Thefirst report of ablood- NewEngland Journal of Medi- ameeting last week. Health and Human Services cials resulting in the recom- thorities in several countries clot case in a person who got cine. AnthonyFauci, President SecretaryXavier Becerra, CDC mended pause haven’t been re- on the continent restricted use the J&Jvaccine wasfiled Thewoman wasswitched to Biden’s chief medical adviser, Director Rochelle Walensky, ported before. This account of of the AstraZeneca-Oxford March 19, the people said. another blood thinner called said he expects J&J’s vaccine FDAActing Commissioner the rapid turn of eventsculmi- shot to investigateclotting By last Monday, VAERS had argatroban, along with intra- to return to use in the U.S. by Janet Woodcock and Dr.Fauci nating in the recommendation cases.This month, European six reports, all involving venous immune globulin, ac- Friday. “I believewe’ll be back weighed the implications of a is based on interviews with medicine regulators extended women. One had died, while cording to the J&J and NEJM with some sort of indication a otherswereorhad been in in- accounts. Her platelet count little bit different from before tensive care. improved substantially over the pause,” Dr.Fauci said Sun- The federal health officials the next five days, but she re- day on ABC. worried the risk of clotsmight mained critically ill early last Among the morethan seven be significantly greater than week.She had been vaccinated million people in the U.S. initially suspected, if the prob- two weeks before developing given J&J’sCovid-19 vaccine lem wasreally focused just on symptoms. before the pause, the total of younger women, one person Discussion shiftedtorec- six were reported to have de- said. About 1.5million women ommending apause,one of veloped cerebral-vein blood between ages 18 and 50 had the people said, after partici- clotsand also registered low gotten J&J’svaccine by that pantsdiscussed whether add- countsofthe colorlesscells in time, according to the CDC. ing awarning might trigger the blood known as platelets Giventhe blood-clot cases calls for stronger action. that help the blood to clot. involving people who got the One concern: the ACIP J&J has said it is aware of AstraZeneca-Oxford vaccine, might convene and counsel the blood-clot cases and work- the U.S. health officials also such action while the cases ing with health authorities. worried about these similar were probed further. Companyresearchersrecently vaccines, the people said. Thegroup quickly agreed sent alettertoamedical jour- At 8 p.m. last Monday, Mr. that if therewas going to be a nal saying therewasn’t evi- Becerrajoined other senior push forapause in afew days, dencetoestablish aconnec- health officials to discusswhat it would be safer to do so im- tion between the vaccine and to do, the people said. mediately to avoid possible OL

the adverse events so far. PO Afteraclinical reviewof newclotting cases,one of the Therecommended pause S the cases, participants in the people said.

disrupted a vaccination cam- PRES meetingdiscussed potential Such drastic action would paign that is racing to inocu- Y/ responses. One option was to also attract the kind of public

lateasmanyaspossible be- ALFIK warn doctorsagainst using attention that could prompt fore coronavirus variants R heparin, oneofthe people reporting of any other blood- AM emerge that could render vac- Anthony Fauci said he expects the J&J vaccine to return to use in the U.S. by Friday. said, since heparin was often clot cases. P2JW109000-6-A00700-1------XE

THE WALL STREET JOURNAL. ****** Monday, April 19, 2021 | A7 WORLD NEWS U.S.,China VowtoCooperateonClimate

Envoysaystalks, which bility of China “enhancing” the and Environment said in asepa- sions.The meeting is intended Beijing on climatechange, nu- commitmentsthat leader Xi rate post on itsofficial WeChat to build momentum ahead of a clear proliferation and the come amid tensions Jinping made last September, account that “China and the United Nations climateconfer- global pandemic response. between the countries, to reach peak carbon emis- United Stateswill strengthen enceinGlasgow,Scotland, in Theend of overseas coal fi- sions before2030 andto cooperation and work together November.Climatenegotiators nancing is almost certainly de- were productive achievecarbon neutrality— with other parties to address areseeking to set moreambi- cided, according to aperson fa- net-zerocarbon-dioxide emis- theclimatecrisis.” tious climategoals than those miliar with the discussions. In TheU.S.and China, the sions—by 2060. During his time in Shang- agreed to in the Paris climate recent months,Beijing has sig-

world’stwo biggest emitters of “This is the firsttime China hai, Mr.Kerry, the firstsenior GES pact,which aims to capaverage naled an increased willingness

greenhouse gases,said they has joined in saying it’sacri- Biden administration official IMA global annual temperaturerises to tackle climateissues,with would work together to set sis,” Mr.Kerrytold reporters to visit China, met face-to-face to 2degrees Celsius. China’smain economic plan- moreambitious goals to tackle in Seoul, aday afterwrapping with counterpart Xie Zhenhua GETTY If China makes amorero- ning agency, the National De-

climatechange, ararestate- up a four-day China tour to and talked to Vice Premier OUL/ bust pledgeonclimate, it may velopment and Reform Com- SE

ment of agreement at atime of meet with climateofficials.Mr. Han Zheng by video link,state Y choose to do so beforeMr. Bi- mission, nowdrafting aclimate heightened bilateral tensions. Kerry said that the Chinese news agencyXinhua reported. SS den’ssummit.Chinese leaders road map,according to people

delegation underscored that “Wetalked alot about coal,” EMBA on Sunday open their own in- familiar with the process. S.

By Sha Hua in Hong the climateissue must “bead- Mr. Kerry said. U. ternational meeting,the Bo’ao “It is an encouraging step Kong and Andrew dressed with urgency. And Mr.Kerry’sAsia trip comes John Kerry, the U.S. special Forum for Asia, on the south- towardscooperation amid great Jeong in Seoul they talked about ‘enhancing.’ beforePresident Biden hosts a envoy on climate change ern island of Hainan. geopolitical challenges,” Zou Ji, So the languageisstrong.” virtual climatesummit to Mr. Kerry’s visit took place aParis Agreement negotiator John Kerry, the Biden ad- Thejoint statement also said mark Earth Day, having invited day’sjoint U.S.-China statement amid heightened tensions be- forChina and the current presi- ministration’sspecial envoy on the U.S. and China would coop- the leaders of 40 countries to said only that both countries tween the two countries and dent of Beijing-based nonprofit climatechange, said Sunday eratetoprovide investment join the April 22-23 event. “look forward” to the summit. bilateral frictions over trade, Energy Foundation China, said that his meetingswith his andfinancing fordeveloping Mr.Xihasn’t formally con- At the end of the Earth Day technologyand human rights. of theU.S.-China negotiations counterpartsinShanghai were countries to shifttheir econo- firmed his attendance, but peo- summit, the Biden administra- But the Biden administration andjoint statement. productive, adding that the mies toward loweremissions. ple familiar with the matter tion is expected to announcea has also said it wantstocarve —Keith Zhai in Singapore two sides discussed the possi- China’sMinistryofEcology said he would participate. Sun- newgoal forreducing U.S. emis- out spacefor cooperation with contributed to this article. Biden Overrode Generals’ Advice On Afghanistan

President Biden’s decision mander in chief,reflected the to removeall U.S. troops from calculation that the potential Afghanistan rancounter to the forterrorist threatsinAfghan- recommendations of his top istan had diminished and that militarycommanders, who nothing less than a date cer- feared it could undermine se- tain for removing U.S. forces curity in the country. could avoid renewedfighting with the Taliban and an open- By Michael R. Gordon, ended militarycommitment. Gordon Lubold Senior administration offi- and Vivian Salama cials said Sundaythat shifting CK U.S. security priorities and a TO Gen. Frank McKenzie,the dispersed terrorist threat jus-

commander of U.S. forces in tify Mr. Biden’s decision. SHUTTERS theMiddle East, Gen. Austin “The terrorism threat has A/ “Scott” Miller,who leads NATO moved to other places,and we

forces in Afghanistan, and Gen. have other very important HABIBI/EP Mark Milley,chairman of the items on our agenda, including Joint Chiefs of Staff,all recom- the relationship with China,” mended retaining the current SecretaryofState Antony MULLAH

forceof2,500 troops while Blinken said on ABC’s“This GHULA stepping up diplomacytotry Week.” Afghan soldiers secure a base previously used by U.S. forces. President Biden plans to pull out of Afghanistan by Sept. 11. to cement apeaceagreement, TheWhiteHouse says it U.S. officials say. will guardagainst the risk of a officials say, however, that the call upon them to lead their and Iraqi negotiatorstosettle won’t be negatively affected,” Defense SecretaryLloyd Aus- newterrorist danger in Af- lack of asmall but capable forces,tolead their forces on an accord foracontinued said retired Gen. Joseph Votel, tin, himself aretired military ghanistan by maintaining war- military presence in Afghani- through this effort.” U.S. militarypresenceand Mr. who succeeded Mr. Austin as commander forthe region, planes and counterterrorism stan, including surveillance With the president’s order Obama’sdesirefor aclean end the head of the Central Com- shared the concerns of the se- capabilities at bases outside of drones,would greatlycompli- in effect, people involved in to the war led to the removal mand and whose thinking re- nior officers, cautioning that the landlocked country. cate any U.S. effort to project the planning said the military of all U.S. troops. flectsthe views of manyserv- withdrawing all U.S. troops “It’snot just about Afghani- forcefromair bases in the was hoping to pull troops out That wasfollowedbythe ing defense officials. would suspend what amounted stan anymore. Al Qaeda is in Persian Gulf, aircraft carriers of Afghanistan by early July. fall of Mosul,Iraq’ssecond- Mr.Biden challenged as- to an insurancepolicyfor main- Yemen. ISIS is in Syria and or possible bases in central Much of the military’s largest city,toIslamic State sumptions that had endured taining amodicum of stability Iraq.AlQaeda is in Somalia Asia. Even protecting the U.S. thinking has been shaped by militantsand the return of over manyyearsabout the in the country, the officials said. and Syria and manyother Embassy in Kabul, they say, the Obama administration’sef- thousands of U.S. advisersand U.S. role in Afghanistan. One Mr.Biden carefully weighed places,” national security ad- may prove to be a challenge. fortsin2011 to bring what it special operations forces three wasthat maintaining forces the military’sinput, officials viser Jake Sullivan said on “What I can tell you is that called a“responsible end” to years later. there gave the U.S. and its al- say, but was determined to CNN’s“State of the Union.” He this was an inclusive process the Iraq conflict by pulling “Our experienceinIraqin lies leveragewith the Taliban. bring involvementinAmerica’s added that, “we need to allo- and their voices were heard troops out from the country. 2011 would suggest that we As the White House saw it, longest-running wartoan end cate our resourcesinaway and their concerns taken into Topmilitaryofficials,in- maybetaking on ahigh-risk however, extending the de- by Sept. 11,the 20th anniver- that allows us to protect the consideration,” Mr.Austin told cludingMr. Austin, who was strategybyassuming that ter- ployment of U.S. troops risked sary of the 2001 terrorist at- homeland against avariety of reportersinBrussels on then the U.S. commander in rorist organizations won’t reigniting the U.S. fighting tacks that led to U.S. military threatsfromavariety of coun- Wednesday, while declining to Iraq,had drawnupplans to grow and expand, the Afghan with the Taliban. If that con- intervention in Afghanistan. tries and continents, not just explain his ownviews or those keep thousands of troops in government forces candefend flict grew,anadministration Thepresident’sdecision, his from Afghanistan.” of the generals.“But nowthat the countrytotrain Iraq’s their country, and our reputa- official said, even moreU.S. most important yetascom- Current and former military the decision has been made, I troops. But the failure of U.S. tion in the region and globally troops might need to be sent.

policyatthe Carnegie Moscow movement and threaten to ing their willingnesstotaketo Navalny Center.“It means they canar- triggeraconfrontation with the streetsinsupport of Mr. ticulateacounter opinion in security forces. Navalny had passed 460,700. this way.” On Friday, Russia’s general “Itwould mean they can’t Concerns TheKremlin didn’t respond prosecutor’s officesaid it had organize anything and people “Everything was always verytidy. to arequest forcomment about filed arequest seeking to out- who arecooperating with Then my family noticed how the planned protests, Washing- lawMr. Navalny’sAnti-Cor- them also areextremists,” the disorganized Ihad become.” Escalate ton’swarning of consequences ruption Fund and regional analyst said. “That is a prob- forRussia if Mr.Navalnydies, branches of his campaign, by lem.” —Theresa, living with Alzheimer’s or on thefailing health of the branding them as “extremist Mr.Navalnyhas complained ContinuedfromPageOne opposition politician. groups” under legislation typi- of poor treatment sincehis in- public on Thursdayretaliatory Last year,Mr. Putin used cally reserved forterrorist or- carceration in aRussian measures against Russia over his national legislaturespeech ganizations and violent reli- prison, where he is serving a election interference, the So- to make public sweeping con- gious sects. 2½-year prison sentenceafter larWinds cyberattack and other stitutionalamendmentsthat Theinitial detention of Mr. being convicted of violating malign activity.Inresponse, included a provision to allow NavalnyinJanuaryfor parole the parole conditions, includ- Russiasaid it would expel 10 himpotentially to remain in violations sparked the biggest ing when he wasrecuperating U.S. diplomatsand bar anum- power until 2036. popular protestsinRussia in in Germany after a near-fatal ber of senior U.S. officials from Mr.Navalnyled acampaign poisoning attempt last year. entering the country. to boycottthe July referen- He said therehas been a Theprotests, called for dum on the amendments, say- The opposition lack of medical attention for April 21 in the central squares ing the vote would be falsified what he described as debilitat- of Russian cities,would fall on regardlessofthe real outcome. leader has ing back pain and numbnessin the same dayMr. Putin is Mr.Putin claimed 78%of complained of poor his legs and one hand. scheduled to deliver his an- Russianssupported the mea- Prison authorities have re- nual addresstothe Federal sures,avictorymembersofthe treatment in prison. fused to allow Mr. Navalny to Assembly,Russia’snational opposition said have embold- be assessed by adoctor of his legislature. ened the Russian leader and his choice. They told TheWall Although the demonstra- allies to exert pressureonpo- Street Journal in written cor- tions arecalled forthe eve- tential challenges to his rule. nearly adecade.But the dem- respondence that the activist ning,following Mr.Putin’s TheEuropean Union ex- onstrations led to brutal police wasreceiving all necessary daytime speech, and the pressed deep concern about re- violence. medical assistance and being When something feels different, Kremlin hasn’t announced the portsofMr. Navalny’sdeclining Morethan 6,000 people treated like all other inmates it could be Alzheimer’s. topics the Russian leader health and called on the Rus- were detained, manywere in accordance with the law. Nowisthe time to talk. plans to cover, the prospect of sian authorities“to grant him fined and some of Mr.Na- Kremlin spokesman Dmitry violent clashes could under- immediateaccesstomedical valny’sclosest allies were put Peskov said in March that al- mine Mr.Putin’seffortsto professionalshetrusts.” under house arrest. They sub- though “atypical in terms of present adomestic agenda “The Russian authorities sequently decided to tempo- his worldview,” Mr.Navalny that highlights unity and sta- areresponsible forMr. Na- rarily halt demonstrations. was“responsible forhis deeds Visit bility,some analystssaid. The valny’ssafety and health in Mr.Kolesnikov said opposi- under the law,” likeany other demonstrations offer a direct the penal colony, to which we tion leaders likely decided to Russian citizen. alz.org/ourstories rebuff to the Kremlin leader, hold them to account,” it move ahead with demonstra- Mr. Navalny’s team said on they said. added, noting that EU foreign tions earlier than planned be- Sunday the opposition politi- to learn more “It’slikeananswertoPu- ministerswould discussthe cause of the prospect of Mr. cian was“being killed, in a tin. You say something to the mattervia videoconference Navalny’sorganization and af- scaryway,infront of all of nation and then we also send during a meeting on Monday. filiations being declared “ex- us,” anditwas time to act. amessagetothe nation as Therallies called fornext tremist groups.” “Wedonot knowhow long he well,” said Andrei Kolesnikov, week pose amajor test for By lateSunday, the number will be able to withstand,” his an expert on Russian domestic Russia’sbesieged opposition of signatures of those declar- team said. P2JW109000-4-A00800-1------XA

A8 | Monday, April 19, 2021 **** THE WALL STREET JOURNAL. WORLD NEWS Chile Gets Dose of Reality Mexico MovesAgainst Illegal Immigration People let guard down BY JUAN MONTES morethan 150 immigration of- after getting first shot ficers, Mexican officials said. of Chinese vaccine; MEXICOCITY—Mexicoin- “They areeverywherenow,” creased detentions and depor- Israel Flores, a 26-year-old cases and deaths surge tations of migrantsinMarch Honduran, said of Mexican im- as the government of President migration officers. Mr.Flores BY RYAN DUBE AndrésManuel LópezObrador had planned to take abus from steps up law enforcement Comitán in southern Mexicoto Several days afterreceiving against awaveofillegal immi- the U.S. border,but decided to his firstdose of a Chinese- gration that hascreated havoc wait in southern Mexicountil made coronavirus vaccine,Ro- forthe Biden administration. thingscalm down. “The way is drigoJordán fell ill and tested Detentions of Central Ameri- not clear anymore. Youhaveto positive for Covid-19. The 61- canmigrantsjumped 32% to be very carefulnow,” he said. year-old washospitalized near 15,800 in March from February, Authorities have installed his home in the Chilean capi- S and morethan doubled com- dozens of checkpointsinthe

tal, Santiago, fornine days PRES paredwith March of last year, southern states of Chiapas and

and needed supplemental oxy- TED according to datafromMexico’s Tabasco, Mexico’simmigration

gen to pull through. CIA immigration agencyshared with agency said. SO

AcrossChile—which has AS TheWall Street Journal. Depor- “We are reinforcing our mountedone of the world’s tations rose 61% from February presenceatthe border [with most rapid vaccination cam- FELIX/ to 9,400 last month, and were Guatemala],inorder to avoid paigns using the vaccine made up 65% from ayear earlier. children andteenagersbeing TEBAN

by Chinese drugmaker Sinovac ES Mexican officials said ef- used as passportstoget to the Biotech Ltd.—health authori- People waited to leave after receiving the Pfizer Covid-19 vaccine in Santiago, Chile, this month. forts against irregular migra- U.S.,” said FranciscoGarduño, ties arescrambling to deal tion arecontinuing in April af- the commissioner of Mexico’s with asurge in newinfections biatoIndonesia elsewhere— the results of Friday’s study. Jordán, abusinessman and termorethan 170,000 National Immigration Institute, and deaths. that have started to roll out The lower protection from prominent mountaineer who migrantswereapprehended at at arecent event in Chiapas. More than 7.6 million peo- the Sinovac vaccine. Sinovac’ssingle shot means has scaled Mt. Everest and the U.S.-Mexicoborder in Mexico’sactions mirror ple,half of Chile’sadult popu- On Friday, Chilean authori- the benefitsofthe vaccination maintained precautions after March, the highest number in those takeninrecent years: lation, have received at least ties released the resultsofa campaign could take longer his first vaccine dose. 15 years.The number of unac- When acrisis at the U.S. one vaccine dose, most made study of 10.5 million people, but health officials think some Independent public-health companied minors at the U.S. southern border erupts, the by the Chinese drugmaker, showing the vaccine was16% ef- level of herdimmunity will be expertssay the Chilean govern- border,most of them from U.S. asks Mexicotodomoreto making the country atesting fectiveagainst infection after reached by June or July. ment sent confusing messages Guatemala, Honduras and El stem the flow of migrants. ground foravaccine Beijing is one dose and 67% effectiveafter However, health profession- as it celebrated the vaccine Salvador, hit a record. In mid-2014, a surge in un- supplying to countries across asecond dose.The study also als saythe virus will probably rollout,byfar Latin America’s Theinflux of migrants, most accompanied children led the developing world. found it to be 80% effectivein be around indefinitely,given fastest, and eased social re- of them fleeing poverty,unem- President Barack Obama to ask Theproblem, public-health preventing death from Covid-19 the potential fornew variants, strictions to help the economy. ployment and violenceintheir Mexicototighten lawenforce- officials say, wasthat people two weeks afterasecond dose. manyofwhich arealready Millions of Chileans worn home countries,has led to ment. That year,detentions of in general overestimated the That is lower than the vac- prevalent in neighboring coun- out by the pandemic sawthat overcrowding at sheltersand migrants who were in Mexico effectivenessofthe vaccine af- cine made by Pfizer Inc.and tries likeBrazil.They warn as agreen light to travel overwhelmed U.S. immigration illegally hit an eight-year high. teronly one of the two recom- BioNTech SE, forexample.Re- that further restriction and within the countryduring the authorities,posing an early Thecurrent response also mended doses and moved to search published in February lockdowns could be required. Southern Hemisphere’s sum- challengefor President Biden. has echoes of 2019,when Presi- ease up on pandemic-control in the Lancet medical journal Despitethe surge,Chilean mer holidays.People flocked to Vice President Kamala Har- dent Donald Trump threatened restrictions too soon. found that one dose of the officials defend the vaccine, bars, restaurantsand crowded ris is expected to visit Mexico to impose tariffs on all Mexican “With one dose,weknow Pfizer and BioNTech vaccine saying it is effective after the beaches,manynot wearing and Guatemala in coming exportsifMexicodidn’t do the protection is very weak,” was 85% effective in prevent- full regimen of two doses and masks.Theater resumed, with weeks to discussways to ad- moretostopCentral American said Claudia Cortés, an infec- ing symptomatic disease 15 to is already helping to protect the virus sweeping through dressthe causes of the migrant migrants. Detentions soared tious-disease expert at the 28 days after being given, ac- the elderly, making this surge one play, infecting virtually all surge.Ms. Harris is serving as 40% that year from 2018. SantaMaria Clinic in Santiago, cording to apeer-reviewedob- less deadly. of the actorsand killing two. Mr.Biden’spoint person on “What we areseeing is a whereabout 10% of the servational study of about While severecases and infec- Jaime Mañalich, who was talks with Mexico, Guatemala, continuity,aninertia of Covid-19 patientsather hospi- 9,000 people in Israel. tions among older people have health minister at the start of Honduras and El Salvador. Trump’s strategy to use Mex- talhavereceived one shot. “It Researchalso found the been dropping,manyChileans the pandemic,said the full TheMexican government icoasakey tool to contain the wasnot clearly explained that vaccine’s efficacy to be 91.3% let their guarddowntoo soon, two-dose regimen must be has deployed along its south- influx of migrants,” said Tona- youneed two doses—that you up to six months aftergetting public-health expertssay. completed. “The fundamental ern border around 9,000 sol- tiuh Guillén, an immigration need to wait.” the second dose,Pfizerand Bi- “Asacountry, we trusted message is that the start of a diersand membersofthe Na- expert at Mexico’sNational It is a lesson forother oNTech said. that, because of the vaccine, vaccination campaign is avery tional Guard, amilitarypolice Autonomous University and countries—from Brazil to Co- In response to arequest for we were sort of out of it. But good thing,but youcan’t relax created in 2019 mainly to fight former head of the country’s lombia in Latin America; Ser- comment, Sinovac pointed to of course we aren’t.” said Mr. the health measures,” he said. organized crime,aswell as immigration agency. WORLDWATCH

CZECH REPUBLIC EGYPT Russians Expelled Train Crash Kills 11, Over 2014 Explosion Injures Nearly 100 The Czech Republic said it Apassenger train derailed Sun- wasexpelling 18 Russian diplo- daynorth of Cairo, killing at least mats it has identified as spies in 11 people, Egyptian authorities acase relatedtoahuge ammu- said. It wasthe latest of several nition depotexplosion in 2014. rail accidents in recent years. Prime Minister Andrej Babis Four train wagons ranoff the said Saturday the move is based tracksatthe cityofBanha, just on “unequivocal evidence” pro- outside Cairo, the railway au- vided by the intelligence and se- thoritysaid. The train wastrav- curity services that points to the eling to the Nile Delta cityof involvement of Russian military Mansourafromthe capital, the agents in the blast in an eastern authoritysaid. town that killed two people. The Health Ministry said be- Interior MinisterJan side the dead, at least98peo- Hamacek, who is also serving as ple were injured. Most suffered foreign minister, said the 18 broken bones, cuts and bruises. Russian embassy staffers were Train wrecksand mishaps are clearly identified as spies from common in Egypt, wherethe the Russian intelligenceservices /REUTERS railway systemhas ahistory of known as GRUand SVRand badly maintained equipmentand GHANY

were ordered to leave the coun- EL mismanagement. The govern- try within 48 hours. mentsaysithas launched a ABD The explosion, which took broad renovation and modern- placeonOct. 16, 2014 in adepot MED ization initiative. PresidentAbdel

in the town of Vrbeticewhere MOHA Fattah Al Sisi said in March 50 metric tons of ammunition Crowds gather around a train that derailed north of Cairo on Sunday, killing at least 11 people and injuring dozens more. 2018 thatthe government wasstored, claimed twolives. needs about 250 billion Egyp- Jennifer Bachus, chargé d’af- and companies, holding the SPACE TRAVEL ASoyuz spacecapsule carry- arrived on April 9; Americans Mi- tian pounds, equivalentto faires at the U.S. Embassy in Kremlin accountable forinterfer- ing NASA’s Kate Rubins and Rus- chael Hopkins, Victor Gloverand $15.95 billion, to overhaul the Prague, said the U.S. supported enceinlastyear’s presidential American, 2 Russians sians SergeyRyzhikov and Sergey Shannon Walker,and Japan’s run-down rail system. the Czech action. election and the hacking of fed- Return to Earth Kud-Sverchkov landed Saturdayin Soichi Noguchi, came aboardin Sunday’saccidentcame three The Czech announcement eral agencies. the steppes of Kazakhstan. November on the SpaceX Crew weeksafter twopassenger came twodaysafter the U.S. ARussian Foreign Ministry An American astronaut and Therenow areseven people Dragon Resilience, the firstISS trains collided in the provinceof said it wasexpelling 10 Russian spokeswoman said Moscow twoRussians have returned to aboardthe ISS: NASA astronaut docking under NASA’s Commercial Sohag, killing at least18people diplomats and imposing sanc- would respond to the move. Earth after six months aboard Mark Vande Hei and Russians Crew Program. and injuring 200 others. tions againstdozenofpeople —Associated Press the International SpaceStation. Oleg Novitskiy and PyotrDubrov —Associated Press —Associated Press FROM PAGE ONE

spokesman declined to com- reach multibillion-dollar annual WeWork a $5 billion revenue person close to WeWork said peared to be profitable.The WeWork ment. BowX didn’t respond to revenues in just afew years. company“just with their ex- includingthe India and China companyseems to be doing requestsfor comment. SEC rules limit companies isting capacity.” Revenue isn’t franchises gaveasense of the something similar today. SPACsraise money as ashell doing IPOs from making projec- projected to go over $5 billion reach of the portfolio. As manycompanies do,We- Plan Echoes companyinanIPO and then tions or talking publicly.Both ayear until 2023,according to Thegrowthforecast as- Work used ameasurethat ex- look foraprivatebusinessto arepermissible in SPAC deals. the company’s slides. sumes that occupancyofWe- cluded basic costssuch as ad- combine with, adeal that Backers of the SPAC process Thepitch describes the com- Work buildingsdoubles from ministrativeand marketing Past Effort transforms the target intoa have said the rules givestart- panyasa“massivegrowthop- 47%atthe end of last year to expenses,and focused on the public company. Manyofthese ups achancetochart their vi- portunity,” with “850+ loca- 95% in 2024.Mr. Mathrani said expected performanceofsites targetsare startups,often with sions to investors, which critics occupancycould rise further when they were up and running. ContinuedfromPageOne little revenue and no profits, have said is unnecessarily diffi- because the company’smem- Today, the companycalls the sures that it wasusing.The re- that have used optimistic pro- cult in IPOs. Shared office­space bership model means the same measure“maturebuilding mar- cent investor presentation by jections to promotetheir deals. WeWork’sproposed deal, spacecan be sold morethan gin,” which it putsat27% based BowX has“echoes of the com- SPACshavedisplaced tradi- valuing it at $9 billion includ- company plans to go once. “You canactually go over on 2019 figures. Under previous pany’sapproach in 2019,” said tional IPOs as the main route ing debt, is due to be votedon public by merging 100%,” he said. leadership,WeWork reported MinorMyers,alaw professor forprivatecompanies to list by BowX shareholderslater this In 2019,the SEC questioned significantly lowermargins for at the University of Connecti- on stock exchanges.SPACs ac- year.Trading in BowX on with a SPAC. that view. “Tell us howyour as- asimilar metric.Inafall 2019 cut who specializes in corpo- counted for75% of all IPOs March 26,the daythe deal was sumed workstation utilization investor slideshow, afterthe rate finance. “The SEC could from January through March, made public,was morethan rate of 100% is realistic,” the failed IPO and ouster of We- push back hardagain,” he said, morethan double their 35% 100times the volume the day agencyasked the companyina Work’sco-founder and CEO, unlessWeWork tones down sharefor the same quarter before, and the shares closed at tions,” morethan amillion letterreviewedbyThe Wall Adam Neumann, the company these claims in itsofficial fil- last year,according to data $11.71, up 13% from their $10.33 workstations and over 450,000 Street Journal. Theprediction said itsmature “location con- ings with regulators, expected provider Dealogic. opening.OnFriday, they fin- memberships.Those tallies in- wasdropped by WeWork. tributionmargin” was21% for later this month. TheSEC earlier this month ished at $12.07. clude WeWork’sChina and India WeWork has long been crit- buildingsopen morethan two AWeWork spokeswoman warned companies going public TheWeWork call with in- operations,which aren’t part of icized, including by the SEC yearsinthe firsthalf of 2019. said the company“will always through SPACs against making vestorsincluded itschief exec- the entity that is being merged beforethe IPO,for presenting Aperson close to the com- work with the SEC to ensure unrealistic projections.The con- utiveofficer,Sandeep Math- and aren’t included in itsfinan- itsnumbersinaway that con- panysaid WeWork has changed our disclosures comply with cern comes afterseveral young rani, and BowX’schairman, cial statements, according to verted itsloss-making busi- since2019,and the two metrics their requirements.” An SEC companies touted plans to VivekRanadivé,who called the small print on the slides.A ness intosomething that ap- aren’t directly comparable. P2JW109000-0-A00900-10F65F3178D

THE WALL STREET JOURNAL. Monday, April 19, 2021 | A9 WORLD NEWS Mourning Queen to Remain in Public Eye

BY MAX COLCHESTER foraroyal courtier who had I drop.’” the ability to perform public But he is adifferent character That toil has paid off. Polling been instrumental in planning Foryears, royalcourtiers ceremonies,often of afairy- from his mother.While the by YouGov shows that 79% of On Wednesday, Queen Eliz- her husband’sfuneral. She have braced forthe psycholog- tale character,while maintain- queen prides herself on acting Britons think the queen has abeth,newly widowedand still latertook aphone call from ical reckoning that the monar- ing her dignity,without any as asymbol, to the point of done a “fairly good” or “very officially in mourning,will Canadian Prime Minister Jus- chy—as well as the country— senseofpomposity or arro- being banal, PrinceCharles good” job as monarch. turn 95 years old. tin Trudeau. will facewhen the queen dies. gance,” said Robert Blackburn, has styled himself an activist Despitethe demise of Brit- Little fanfareisexpected. The monarch will continue It will be the severing of Brit- professorofconstitutional law on issues ranging from archi- ain’sempire, she remains head Sinceher husband, Prince her long record of public ser- ain’s last high-profile living tecture to badger culling. of stateof16countries,includ- Philip, died on April 9,the vice, palace officials say. link to itsage of empire and of “Under afutureKing ingCanada, Papua NewGuinea queen has undertaken aperiod Thequeen will continue to victory in World War II. Most Britons think Charles III, therefore, the andAustralia. Thegovernment of silence. Britain hasn’t heard undertakeceremonial events Britons under the ageof70 monarchyismorelikely to be- of one of them, Barbados,says from itslongest-serving mon- and lean on other senior mem- have grownupknowing only the queen has done come involved in public con- it intends to become arepublic arch but has merely observed bersofthe family to represent onemonarch. TheHouse of a ‘fairly good’ or troversy, which in turn could by November.How manyof her,most recently sitting her when she can’t. Perhaps the Windsor is the last European lead to questions being raised this group will remain after masked and alone as her hus- only noticeable changefollow- monarchytocontinue the ‘very good’ job. about the futureofthe monar- she is dead is unclear. band’scoffin wasloweredinto ing PrincePhilip’sdeath is that practice of coronation. Mark- chyitself,” Mr.Blackburn said. Thequeen is unlikely to re- the royal vault in St. George’s she will be increasingly based at ing her departureand the In Queen Elizabeth’slifetime, tire. She made avow at age21 Chapel at Windsor Castle. Windsor Castle while Bucking- anointment of her successor the British monarchycom- to serveher countryfor her Yet during that period she hamPlaceundergoes repairs, will be critical to that transi- at King’s College London. pleted itsevolution from an in- whole life. Abdication in Euro- has continued to do what she said Ingrid Seward,amonarchy tion and to maintaining the Thequeen sought to gradu- stitution that took from itssub- pean monarchies is rare.There has done for nearly seven de- expert and author of the book mysticism so vital to sustain- ally involveher eldest son and jectstoone that continually has have only been four in the cades as monarch: work. “PrincePhilip Revealed.” ing inherited power. heir,PrinceCharles,inrun- to giveback to earn itsplace. past century, according to the Four days afterPrince “She needs to keep going,” Paving the way to that mo- ning royalmatters afterher Today, the queen volun- Constitution Unit, a research Philip’sdeath, the queen at- said Ms. Seward. “Because as ment is delicate. Queen Eliza- diamond jubilee in 2012, which tarily pays income taxand group at University College tended aretirement ceremony she herself has said, ‘IfIstop, beth “has almost uniquely had marked 60 years of her reign. representsnumerous charities. London.

Britain’s Prince Philip Remembered in Ceremony Marking His Life and an Enduring Monarchy LONDON—The British royal Denmark on the island of Corfu family bade farewell to Prince in 1921, he served with distinc- Philip, the country’slongest-serv- tion in the RoyalNavyduring ing royalconsort,during acere- World WarIIand then married monyadapted to conform to the queen—then still Princess Covid-19 social-distancing rules Elizabeth. He had been by her but thatremained rich in symbol- side sinceshe became queen in ism thatspoketothe prince’sde- 1952. He died on April 9, aged 99. votion to the queen and his deep Despite the Covid-19 restric- attachmenttothe British military. tions, the monarchy still put on A masked Queen Elizabeth an elaborate funeral rich in pag- sat alone on Saturday, sur- eantry to mark his passing. rounded by empty seats in St. Members of the Royal Navy, the George’s chapel at Windsor Cas- Royal Marines, the British Army tle, and watched as her husband and Royal Air Force stood to at- of over 73 years was lowered tention in bright spring sunlight into the royal vault in a funeral on a pristine lawn at Windsor without precedent in the monar- Castle before the service, as mil- chy’s long history. itary bands played. At right, pall Because of the pandemic, bearers carrying the coffin con- only 30 members of Prince taining prince Philip’s remains Philip’s family, including three of entered St George’s Chapel. his relatives from German nobil- The ensuing tightly choreo- ity, were allowed to attend the graphed ceremony, minutely service in person. The mourners planned with large input from S outside the castle walls were Prince Philip himself, spoke to PRES urged not to congregate in the his full life. ZUMA April spring sunshine. Instead, The end of the funeral ends

the country was invited to tune an eight-day period of national WIRE/ in on television to commemorate mourning. Parliament will re- A

a prince born in Greece but who sume passing laws and schedul- ON/P dedicated his life to furthering ing on the British Broadcasting WS LA the British monarchy. Corp. will return to normal. NNY

Born aprinceofGreeceand —Stephen Fidler DA

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A10 | Monday, April 19, 2021 **** THE WALL STREET JOURNAL. FROM PAGE ONE

time and arestill likely to Group,the restaurant company Power work Mondays and Fridays behind Casa Lever, said office from home. occupancynumbersmay be Dinersare lingering over misleading.Evenifthe figures Lunches their food, almost as if the pe- arefar belowpre-pandemic lev- riod coming out of the pan- els,the people who arereturn- demic hasprompted them to ing to the workplaceare execu- Are Back appreciate the business lunch tives forwhom businessmeals as asocial occasion as much arealmost anecessity.“We’re as an opportunity to talk shop. seeing all the topbrass,” he ContinuedfromPageOne “It’s like they’re more hav- said of his dining crowd. Mr.Schwartz has dined lately ingbrunch than lunch,” said Other restaurateurspoint at some of MidtownManhat- Michael Coll, general manager to the large number of New tan’smost noted power-lunch of Nerai, an East Midtown Yorkers who have been vacci- spots, including Casa Lever. Greek restaurant. nated recently and aremore Mr.Schwartz’s recent lunch- Thereisalso the sheer nov- CHANIC comfortable dining out as a ME time companion at the upscale elty of meeting clientsand result, and saywarmer

Italian restaurant wasanother colleagues after a year of iso- THAN weather hasmade outdoor

topexecutive: Jonathan Me- lation. “You’re so happy to be JONA dining more popular. chanic,who chairsthe real-es- with people who don’t live Jonathan Mechanic, left, and Adam Schwartz ate at Casa Lever, a power lunch spot in Manhattan. “They miss the food. They tate department at Fried Frank, with you,” said Marlene Wal- miss dining out,” said Mario an international lawfirm head- lach, founder of Gleem Beauty, Greek restaurant Estiatorio businessdress code has 45% by September. Zeniou, director of operations quartered in the city.Asfar as askin-carecompanyhead- MilosinMidtownwith busi- shiftedinamorecasual direc- Some key NewYork spots at Estiatorio Milos, which also Mr.Mechanic is concerned, the quartered in the city. ness associates. tion to suit the neighborhood. forbusinessdining remain has alocation at Hudson days of virtual meetingscould Another shift: enjoying a With businesspeople still “There’snoneed to put on a closed. The Grand Central Oys- Yards. soon be numbered as the cocktail or a glass of wine as oftenworking from home in jacket,” he said. terBar attempted areopening On arecent weekday, Mr. powerlunch resumes itsplace part of the meal. That was different partsofthe city, NewYork’s officeoccu- at one point last year, only to Zeniou wasoverseeing his in the urban fabric. oncestandardinNew York thereisn’t as compelling a pancy is still low. In a survey reclose almost immediately Midtownspot, which was “In-person is way better power-dining circles but had reason to dine at the usual of major employers released in because of the limited re- filled indoors and outside, al- than anything,” said Mr.Me- changed in recent years with Midtownspots. Andrew Saba, March, the Partnership for sponse. beit at the state-mandated ca- chanic.“It’slikethe major an emphasis on meals as seri- an assistant vice president at NewYork City,anonprofit or- Executivechef Sandy Ing- pacity of 50% indoors. leagues versus sandlot ball.” ous and sober-minded affairs, the financial firm Alliance- ganization that represents berremains doubtfulabout As serversbrought out Therules of the game have say business people. Bernstein,has been taking cli- businessleaders, found that giving it another go until at plateafter plateofgrilled fish changed. Gatheringsare more “I’m looking forwardto ents to business meals at res- just 10% of officeworkersin least afew moremonths.“I or Greek salad, Mr.Zeniou ex- likely to occur on Tuesdays, having amartini” at lunch, taurantsinthe West Village Manhattanhavereturned. just don’t see it,” he said of pressed optimism. “I think Wednesdays and Thursdays, said Milton Pappas, a semire- because it has proved a more Even looking ahead, survey re- the foot traffic in the area. NewYork will come back since manyemployees haven’t tired venturecapitalist who convenient location. spondents said they expected Still, Gherardo Guarducci, much faster” than people ex- gone back to the office full has been dining at high-end There, the once-standard occupancywould reach only co-founder of SA Hospitality pect, he said.

Job to Book Thunder Ranch wind farm inin Noble County,, Okla. Landmen who used to track down the owners of oil-and-gas rights for fossil- fuel companies incrincreasingly now work to persuade ranchers to Oil Rights sign over landland for wind and solar farms. Belolow, Lee Grubb, inin black jackjacket, spoke to an Oklahoma landolandowner.. Evolves

ContinuedfromPageOne peake Energy Corp. These days,the jobs arego- ing dry. Landmen, afterriding the highs of the boom, face weakened demand forfossil fuels and investor indifference to shale companies afteryears of poor returns. Instead of oil and gas fields, some landmen aresecuring wind and solar fields,spotswherethe sun shines brightest and the wind blows hardest. Thedifferenceisshale wells eventually emptyand, in good times, that keeps landmen on the prowlfor newland and newcontracts. Wind and solar (2) energy never runout, limiting

demand fornew leases as well JOURNAL as landmen. REET

Renewable energy jobs are ST

growing in the U.S.,but last LL

year roughly three-quartersof WA

them were construction-related, THE R

according to consulting firm FO Wood Mackenzie. Even after N last year’s oil-field job losses, OW BR U.S. oil and gasproduction em-

ployment is likely to outnumber SHANE renewable energy jobs for roughly another decade,ac- Often, dozens of landmen Sky's the Limit Stout said. cording to the firm’sanalysis. were in the room doing the This month, he started as a Tami Hughes, one of the same thing.Ifyou gotupfrom Renewable energy jobs are full-time contract landman, relatively few female landmen, your seat,you leftyour yellow forecast to outpaceoil and gas helping identifyand secure contracts for an international legal pad facedowntoprevent around 2032. land forsolar farms.Opportu- oil companydivesting U.S. as- the next guyfromrubberneck- Employment projections nities for higher pay in fossil sets. In 2019,thereweremore ing, Mr. Collum said. 500 thousand fuels make returning one day than 100 landmen and support Then he chased leads.Ne- to the industry attractive, he staff on the project, she said. gotiations were often done at said, but “it’shardtosee Now, there are eight. a family’s kitchen table. Own- 400 when the next boom phase in “Ifthis job ends,Iprobably ersofoil or gasmineral rights oil and gas might be.” wouldn’t be able to getany- typically getanupfront pay- 300 Renewable U.S. benchmark oil prices thing else until the priceofoil ment plus apercentageofthe energy have rebounded to around $60 and gasrises,” Ms.Hughes,62, revenue.Mr. Collum focused 200 Oil and gas a barrel from a pandemic low said. his pitch on the likelihood his production of negative$37.63last April, Mr. Collum remembers the companywould drill wells that spurring companies to deploy 100 good times, when shale com- would deliver royalties and fi- additional drilling rigsand re- panies couldn’t find newde- nancial security.“Itried to sell sume some hiring. posits fast enough. They em- the future,” he said. 0 Yet employment in U.S. oil ployedsmall armies of 2022 ’25 ’30 ’35 and gas production has likely landmen who tracked down Note:Forecastreflects employmentinoil and peaked, according to Wood nieces,nephews and grand- Dry spell gas extraction and associatedservices, Mackenzie.The firm expects compared with the manufacture, installation children who owned the rights Starting around 2015,land- and operation of wind and solar facilities. industryjobs to increase some to underground minerals, man work began declining in Source:Wood Mackenzie 18% from 2021 through 2027, sometimesunbeknown to an oil-priceplungethat forced to around 424,000 positions, owners of the land above. many shale companies to cut drilling area. Last June, Chesa- what alandman is,you immedi- more familiar with oil and gas beforeslowly declining as Mr.Collum had his own back.Work slowedfurther peake, oncethe second-largest ately thinkoil and gas. And than wind or solar power. Part technology improves. epiphanyaround 2006 while when Covid-19 swept the U.S. natural gasproducer,filed over time,that’snot what of his job is educational. Wind Renewable energy and re- working as an assistant proat world, weakening oil demand forbankruptcy protection.De- you’regoing to think,” said Les- and solar leases generally of- lated fields areforecast to at- the Peach Tree Golf Club in andagain forcing companies vonagreed last fall to join terZitkus,president of the ferlessmoney up front but tract roughly 60% of the East Texas during atourna- to retrench. forces with WPX Energy Inc., a landman association and aGulf- steadier payments that could world’senergy investment ment foragroup of high-spir- The U.S. oil-and-gas indus- union engineered to weather port Energy Corp.executive. stretch for decades, he said. from 2020 through 2030, ac- ited landmen. At his parents’ try has been one of the hard- the pandemic price rout. LeeGrubb, an Oklahoma- “You’retrying to getevery- cording to the International house the next night, Mr.Col- est hit in the pandemic,shed- He, too, thinks back to the based landman, said he had one’sminds wrapped around Energy Agency, up from lum asked his dad what land- ding nearly 75,000 jobs last boom days.“Youdidn’t let the around 10 friends working as that,” Mr. Grubb said. around 48% from 2015 men did. year,orroughly 19% of posi- grassgrowunder your feet too landmen in 2014, when federal RickDePriest didn’t need through 2019. “Anybody that could tions, according to Bureau of long,” Mr.Edwards said. Now, datashowedU.S.oil and gas much convincing beforehe When shale driller Mara- breathe basically at that point Labor Statistics dataonoil- he said, “You canstepintoany employment at itshighest and his wifesigned up about a thon Oil Corp.laid off Mr.Col- could be a landman,” Mr. Col- and-gas extraction and associ- of these little old courthouses, level in recent decades.Only decade ago for wind turbines lum last spring,hefigured an- lum said. Weeks later,he ated services.Jobs involving and youmight be the only one two remain, including Mr.Ed- to be built on their roughly other oil-and-gas job would be joined the ranks. evaluatingand securing new that’s been there all week.” wards. The other works for a 450-acre property southwest hardtocome by.Hebegan He spent some of his early drilling locations,such as Fortwo years, he con- renewable energy company. of Oklahoma City.Together, taking online real estate yearsworking the Haynes- landmen and geologists, were tracted forarenewable-energy “It’skind of ashocker,” said thetwo turbines bring them classes,but he found aland- ville,anaturalgas field that among the firstcut when com- developer,signing up land- Mr. Grubb, 39. “It was one of about $20,000 a year, money man job at a small firm in his stretches from East Texas to panies scaled back. owners to host wind turbines the hottest oil and gasareas in the DePriestsplan to use to hometown of Tyler, Texas. northwest Louisiana. As acon- “There’s not much hope in andsolar panels.In2018,he the world forawhile,and supplement their retirement. Thecompany, Vernon E. tract landman forElPaso it, really,” said Garet Edwards, switched sides to represent there’snothing going on out “Low-impact income,” Mr.De- Faulconer Inc., operates exist- Corp., Mr.Collum would get a37-year-old landman based landowners in renewable and here now.” Priest said. ing wells rather than drilling assigned aregion to lease and in Oklahoma. “Oil and gas fossil-fuel energy deals. Even Mr.Grubb travels the newones,and Mr.Collum a rough budget. seems to be anever-ending that has slowed. He is consid- Southwest persuading ranch- works mostly from his desk. battle.” ering part-time work selling erstosign over land forwind Energy exploration He wasrecently scouting for Mr. Edwards belonged to a insurance to ranchers. and solar farms forEnel Green Jim Stout,alandman based properties to dispose of Dozens in the room generation of Oklahoma State Employment data for land- Power, aunit of the Italian in the Pittsburgh area, was wastewaterthat is produced Typically,hestarted by University graduates who manjobs isn’t broken out by utilityEnel SpA. He earns laid off in late 2019 from EQT along with natural gas. identifying either the largest jumped into the shale land the Labor Department. Mem- moreonaverage in renewables Corp., the largest U.S. natural He worries about finishing tractofland in that area or rush. He recalled the dayhe bership in the American Asso- than he did in oil and gas, gasproducer.Mr. Stout, 42, his career as alandman. “Man, the easy pickings, a family he drove more than seven hours ciation of Professional Land- where he could go a year or spentmorethan ayear piec- I’vegot three girls,” ages 8 already knew, forinstance. He from Oklahoma to NewMexico men tumbled around 20% last two with little or no land work ing together jobs that included and under,Mr. Collum said. “If conducted title searches with to persuade aretired preacher year.The organization re- when prices were low, he said. selling real estateand building they came to me and said, acourthouse computer and re- to sign. cently expanded itsdefinition He also travels more, clock- storage facilities. His income, ‘Hey,Daddy,Iwant to do what cord books,tracing who had Thedeal allowedDevon En- of landman work to cover re- ing around 60,000 miles a he said, fell by about half. youdo.’Would Isteer them bought, sold or inherited those ergy Corp. to edge out Chesa- newable energy. year making house calls.Many “The idea is don’t ever rely away from it? Yeah, Iprobably mineral rights over the years. peake forcontrol of aprized “For folks that even know of the people he visitsare on being in one job again,” Mr. would.” P2JW109000-2-A010A0-2------NS

THE WALL STREET JOURNAL. ** NY Monday, April 19, 2021 | A10A GREATER NEW YORK Struggling to Get Supplies Ya ng Is Top Pick Local pharmacies are Among KeyGroup crucial in vaccination drive but have trouble BY KATIE HONAN to Mr.McGuire, said, “The race is wide open, but the move- getting enough doses NewYork City mayoralcan- ment in this poll is consistent didateAndrew Yang is the top with what we areexperiencing BY YULIYA CHERNOVA choice among a crucial group on the ground.” of voters—registered Demo- Representatives forMr. In lateMarch, Alexander Kli- cratsage 50 and older,accord- Stringer and Ms.Wiley de- menko, 81 yearsold, settled on ing to a poll released Sunday. clined to comment. astool in his local pharmacyin Thepoll, by Siena College Thepoll surveyed New Sheepshead Bay, Brooklyn. A ResearchInstituteand senior- Yorkersage 50 and older by nursejabbed his arm with the citizens’ group AARP, showed phone and online from March

Johnson &Johnson Covid-19 JOURNAL that 24% of Democrats in the 29 to April 8. The531 regis- vaccine afterexplaining the agegroup saythe former pres- tered Democrats and 129 reg- REET

procedureinRussian. ST idential candidateand tech en- istered Republicans who were Mr.Klimenko, who takes LL trepreneur is their firstchoice surveyed arepeople who vote care of his health and regu- WA in the June 22 Democratic pri- consistently in general and

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than two months after he be- ADLER voters to rank as manyasfive Curtis Sliwa, aRepublican S

came eligible, even though he BES candidates. mayoralcandidateand founder lives in aneighborhood that in Lev Fuzaylov, right, has been providing Covid-19 shots at his Voorhies Health Pharmacy in Brooklyn. Brooklyn Borough President of the street-patrol group recent months has had one of Eric Adams and NewYork City Guardian Angels,was the top the highest Covid-19 death ing to aFebruarysurvey by Mr.Fuzaylov,ofVoorhies Philip Luk, owner of the re- Comptroller ScottStringer, rates in the city. the National Community Phar- Health Pharmacy, said obtain- cently established Phils Pill who arealso running formayor He hadn’t been sure where macistsAssociation, which ing vaccines has proven diffi- PharmacyinWoodhaven, in the Democratic primary, This year’s mayoral and howtosign up forthe represents21,000 independent cult. Glitches with the New Queens, said he has been try- were each the firstchoicefor vaccine,hesaid, so he put it pharmacies nationwide. York City Immunization Regis- ing to provide vaccines to his 13% of Democratsage 50 and primary is the first off until an acquaintance told Yetindependent pharma- tryalso prevented him from customers. On Feb. 1, Mr. Luk up,according to the poll. with ranked­choice him about availability at cies have struggled to obtain uploading required patient in- placed hisfirst order forthe Democratic candidateRay Voorhies Health Pharmacy. Mr. vaccines,frequently getting formation foramonth, he vaccine through an adminis- McGuire, a former vice chair- voting. Klimenkohad walked in and them later than other provid- said. Atechnical issue that the trator of the Federal Retail man at Citigroup,received 9% put his name on the list. “Ly- ers. About half of independent city has been working to ad- PharmacyProgram. For13 of first-choicevotes from ovatold me he will call me pharmacistsaround the nation dresshas been causing such straight weeks, his orders for Democratsinthis agecate- when they getashipment,” said that their vaccine supply problems,according to the vaccines were canceled with- gory,and candidateMayaWi- choicefor 40% of registered Mr.Klimenkosaid, using an has been inadequate, accord- health department. out a stated reason. ley,aDemocratic candidate Republicans age50and older. affectionateform of the first ing to an April survey by the Administering the shot is Mr. Luk finally got his first and former legal counsel to Five other Republican candi- name of Lev Fuzaylov, owner National Community Pharma- also labor intensiveand costly, batch of 100 doses of the J&J Mayor Bill de Blasio, had 7%, dates arerunning formayor in and pharmacist at Voorhies cists Association. Mr.Fuzaylov said. Medicare vaccine on April 1. By April 6 the poll showed. the largely Democraticcity. Health. A couple of days later Independent pharmacies in increased paymentsto$40 a he had administered all of Of the surveyed Democrats, Of theDemocratssurveyed Mr. Klimenko got the shot. NewYork City have received dose forthe J&Jvaccine in them and filled aseven-page 26% were still undecided. For in the poll, 85% said they were Community pharmacies like just shyof300,000 doses to mid-March from $28.But wait list with names of more Republicanvoters, 44% were either certain or very likely to Voorhies Health playacrucial date, compared with around Medicaid continued paying people seeking the vaccines. undecided. vote. Of the Republicans, 69% role in reaching NewYork 1.13 million at chain pharma- just $13.23 a dose, he said. Thefollowing week Mr.Luk Mr.Yang’sco-campaign said they were either certain City’s remaining unvaccinated cies,according to the city’s Mr.Fuzaylov wasfinally be- ordered300 moredoses.Soon manager,Sasha Ahuja, said, to vote or very likely to do so. population. health department. Large ginning to streamline the un- he learned that the neworder “The only poll that matters is “We’re still in a pandemic, By virtue of being local, as drugstorechains aregetting dertaking and planned to vac- wascanceled. “It’sdriving me theone on Election Day, and and it’salways difficult to pre- well as by the personal con- supply directly from the fed- cinatemorethan 70 people crazy,” Mr. Luk said. our strategyremains the dict howconditions in June nection they have with their eral government, while inde- with the J&J vaccine on April Companies that help the same—making sureasmany aregoing to affect whether patients, often in their native pendent pharmacies go 13 at an adult daycare center federal government deploy New Yorkers as possible hear people do or do not vote,” Dr. languages,small non-chain through thirdparties.The city in Sheepshead Baynear his vaccines to some independent Andrew’s message: Hope is on Levy said in an interview. pharmacies areable to serve has provided doses to about pharmacy. He called off the pharmacies say supply is im- the way.” “Amongst this agegroup,Yang those reluctant or unable to 200 independent pharmacies. immunization clinic when he proving but still isn’t meeting Aspokesman forMr. Adams has a decided advantage.” travel to mass-vaccination “Wehaveworked on capac- learned of the federal govern- demand. said: “This poll, like others, Beth Finkel, the NewYork sites or navigate online regis- itybuilding,readinessfor re- ment’scall to pause the ad- TheBiden administration undercountsBlack voters—but statedirector forAARP,said tration, as well as those hesi- ceiving vaccine and on alloca- ministration of the J&Jvac- announced on March 29 a Eric Adams will makesure voters 50 and older arethe tant to getthe shot. One in tion of vaccine to independent cine because of concerns over commitment to expand the their voiceisheard…because most consistent voting bloc. four Americans put their phar- pharmacies and we’regrateful potential side effects. number of pharmacies in the he is putting together an his- Oldervoterstypically are macy as their first or second forall they do to vaccinateNew “I didn’t expect it to be that Federal Retail Pharmacy pro- toric coalition of support to most concerned about afford- choice forwherethey would Yorkers,” aspokesman forthe much work,” Mr.Fuzaylov said gram to 40,000 from 17,000 by become the next mayor.” Lupe able housing,pedestrian safety liketoget vaccinated, accord- city’s health department said. of administering vaccines. Monday. Todd-Medina, asenior adviser and transit, Ms.Finkel said.

STATESTREET | By Jimmy Vielkind NEW ISSUE/REFUNDING ISSUE Republicans Make Their Case $1,032,000,000* State of Connecticut To Take On Cuomo in 2022 SpecialTaxObligation BondsTransportation

Two mem- Infrastructure Purposes bers of Con- 2021 Series A, B, andC gress, two former guber- natorial can- didates and OL PO

former New York City Mayor S Rudy Giuliani’s son will ad- /PRES

dress a gathering of Republi- GO can leaders in Albany on NTIA

Monday, as the state party SA OUD M.

starts to settle its ticket for PR November—of 2022. SICA

NYGOP Chairman Nick JES MICHAEL Honorable ShawnT.Wooden Langworthysaid in an inter- Nick Langworthy hopes a GOP candidate can defeat Gov. Cuomo. Treasurer of the StateofConnecticut view that his singular focus is defeating Gov. Andrew natorial nominees in 2018 come that kind of voter en- Cuomo in next year’s state- and 2014, respectively. Mr. rollment disadvantage.” Preliminary Pricing Dates wide elections, adding he Molinaro is also considering Mr.Langworthydismissed Retail OrderPeriod* Institutional Pricing* hopes for a consensus about a run for the U.S. House of this concern, saying voters April21,2021 April22,2021 his party’s candidates before Representatives, but an aide wouldn’t focus on Mr.Trump (notall bonds will be offeredfor retail) year’s end. “It is imperative confirmed he will attend the by the 2022election. He also that we get the ball rolling,” confab. Mr. Astorino said he said Mr.Cuomo,whether or ExpectedTa xStatus said Mr. Langworthy. is seriously considering an- not he is on the ballot, could Interest is federally tax-exempt (non-AMT) and state tax-exempt for Connecticut residents** Thereare nowmorethan other gubernatorial run. be an albatrossfor Democrats. twiceasmanyDemocratsin NewYork Republicans The incumbent governor Formore information on these Bonds, including the stateasRepublicans,and must also grapple with the has been accused of sexual the Preliminary Official Statement, please visit: the GOP hasn’t wonastate- legacyofMr. Trump.Helost harassment or inappropriate www.BuyCTBonds.com or call 877.552.8266 wide officesinceGov.George his nativestate in the 2016 behavior by five current and or contact anyofthe firms below. Pataki waselected to athird and 2020 presidential elec- former female aides. He has term in 2002. Republicans tions and is viewednegatively denied touching anybody in- also lost control of the state by about two-thirds of the appropriately and apologized Goldman Sachs & Co., LLC Senatemajority in 2018,ham- state’svoters, according to a if his behavior in the work- 917.343.7900 pering the stateparty’s efforts Siena CollegeResearch Insti- place offended anyone. to raise campaign money. tutepoll released last month. Federal prosecutors are BlaylockVan, Raymond RBCCapital SiebertWilliams U.S. Rep. Lee Zeldin, who However, the poll found that investigating the state’s poli- LLC James Markets Shank & Co., represents a district in east- the former president is cies on Covid-19 in nursing 877.591.7072 877.295.9116 800.243.2478 LLC ern Long Island, on April 8 viewedfavorably by about homes. Mr. Cuomo has said 800.334.6800 became the first major GOP roughly three out of four Re- he is cooperating with the Academy Securities BofA Securities Barclays Cabrera Capital candidate to declare a guber- publican voters surveyed. probe and that the state’s ac- 855.212.3239 888.768.6999 212.528.1115 Markets LLC natorial bid. His campaign Former Erie County Exec- tions were in line with fed- 800.291.2388 said he raised $1 million on utive Joel Giambrastarted eral guidance and crafted to Citigroup Drexel Hamilton, LLC Fidelity Capital Jefferies its first day of operations. In his political career as a Dem- preserve hospital capacity. 855.644.7252 212.632.0406 Markets 800.567.8567 January, Mr. Cuomo reported ocrat before joining the Re- Mr.Langworthyalso said 800.544.5372 he had $16.8 million in his publican Party in 1999. He Democratic policies,including J.P. Morgan Loop Capital Mischler Financial Morgan Stanley war chest. said he wished to be consid- the recently enacted state 855.231.8873 Markets Group, Inc. 888.454.3965 In addition to Mr.Zeldin, ered by party leaders be- budget that raised taxeson 888.294.8898 800.820.0640 Mr.Langworthysaid party cause he believed he had the wealthyby$4.3billion Oppenheimer & Co. Piper Sandler & Co. RiceFinancial Roosevelt & Cross leaderswill hear from U.S. crossover appeal that was and includes roughly $2 bil- 866.208.1368 800.552.0614 Products Company Incorporated Rep.Elise Stefanik, whose dis- important in a blue state. lion of unemployment bene- 888.740.7423 800.348.3426 trict includes the Adirondack Mr. Giambra—who led a fits for“excluded workers,” Park,and Andrew Giuliani, group of New York Republi- including immigrantsliving in SternBrothers TD Securities WellsFargo 800.466.5519 212.827.7171 Securities who worked as aWhiteHouse cans that campaigned for the countryunlawfully,would 866.287.3221 aide under former President Hillary Clinton in 2016—said help Republicans makethe Donald Trump. Aides to Ms. Democrats would attack Re- case against one-party rule. *Preliminary, subject to change. Stefanik and Mr.Giuliani con- publicans for their associa- “The left has overreached ** Beforepurchasing anyBonds, contact your tax advisor to determine anyapplicable federal, stateand local tax firmed they areconsidering tion with Mr. Trump. to a point where they are consequences. These Bonds may not be sold, nor may offerstobuy be accepted, prior to the time an Official Statement gubernatorial bids. “This is not Alabama. Joe trying to fundamentally is delivered in final form. Under no circumstances shall this announcement constitute an offer to sell As did Dutchess County Biden won by about two mil- transform our country and or asolicitation of an offer to buy, nor shall there be anysale of the Bonds in anyjurisdiction in which Executive Marc Molinaroand lion votes,” Mr. Giambra our state, and people have an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of anysuchjurisdiction. Bonds are subject to availability. The Bonds will only be sold by means former Westchester County said. “I don’t know how any had enough,” he said. of an Official Statement. Executive Rob Astorino, who Republican who was a were the Republican guber- Trump supporter can over- [email protected] P2JW109000-2-A010B0-1------NS

A10B | Monday, April 19, 2021 NY ** THE WALL STREET JOURNAL.

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CAREERS & LEADERSHIP PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, April 19, 2021 | A11

Soyoung level than anyother Kang, chief ethnic group of marketing women. Acrosseth- officer nic groups of both at beauty genders, white company workersadvance at eos higher rates, fol- Products. lowedbyLatino, Asianand Black workers. Among CEOs of S&P 500 com- panies, 3% are Indian and 2% are of other Asian descent, according to MyLogIQ, a data tracker. In in- dustries where Asian-Americans work in large numbers, such as tech, their numbers drop off at se- nior levels. NG

FO “There’s this idea that we’re

TE good workers, but not assertive NA enough to be leaders,” says Henry Fong, 46, LinkedIn’s vice president of legal. “We’re the worker bees, JOURNAL; the cogs in the machine.” REET At Facebook, for example, peo- ST

LL ple of Asian descent represent 44%

WA of employees and hold 25% of

THE leadership roles, according to the R company’s diversity report. Asians FO make up 6% of the U.S. population.

SENG “This is acommunity that’slong suffered from invisibility,” says Soyoung Kang,46, chief marketing ANDREW

P: officer at beauty companyeos TO Products. Ms.Kang says she only OM

FR recently shared stories about her ownexperienceasanAsian woman with colleagues.She has been BY TE-PING CHEN called racial slurs, including once when she wasegged while walking ayceeLai spent yearsin Asian‑Americans Push down the street. “It’scathartic,” Silicon Valley trying to she says of these discussions. avoid calling attention to Among those who have re- his ethnic identity. cently spoken out about experi- K Early in his career,if ForVisibilityatWork ences with racism is Kane Ma, 24, he leftwork to getbub- co-founder of startup Kamo Digi- ble tea, aTaiwanese drink,he’dtell talSolutions, who shared on his whitecolleagues he wasgetting Issues of race have come to the fore in many U.S. workplaces; LinkedIn about getting beaten up coffee.When co-workersmade in 2019 shortly aftergraduating commentsabout his race—such as now, more Asian employees say their needs should be heard, too collegeinChapel Hill, N.C.His as- suggesting that, as an Asian male, sailantsmocked him, he said, tell- he should be in coding rather than ing him to defend himself with sales—he would laugh them off. “When you’re treated as less minority” that belies the economic kung fu,and later boasted that “For the longest time, Asian- sticking out like than American.” challenges and discrimination “whitepeople have power.” Americans have felt like you can a sore thumb, Though many some face. Though Asians have the “It just felt right to speak up, to achieve the American dream so you try harder U.S. companies highest U.S. incomes of any ethnic let people know this kind of hate long as you shut up and aren’t to blend in,” have devoted sig- group, they also have the widest is real,” he says. seen,” says Mr. Lai, who worked at says Mr. Lai, 44. nificant resources level of income disparities among While recent hate crimes have Microsoftand software company “But this is a toward advancing all ethnicities, according to a Pew often targeted the elderly or espe- VMware before founding his own new generation, women and em- Research Center analysis of gov- cially vulnerable, racism affects data-analytics firm, Promethium, and we feel like ployees of color, ernment data. Asians across society, says Eric in 2018. we do have a employees of Asian employees also haven’t Toda, 36. “You walk into a room, But amid a wave of outrage and right to be Asian descent are been particularly demanding in and they assume I’m the IT guy, or sorrow prompted by a recent heard.” often overlooked corporate settings, Ms. Mok says. I go into a restaurant and they surge in verbal and physical at- Last month, in workplace di- A 2019 Asia Society survey of think I’m DoorDash,” says Mr. tacks against people of Asian de- 1,000 Asian- versity efforts, 2,685 U.S. corporate workers found Toda, a Facebook marketing execu- scent, that sentiment is changing American busi- says Anna Mok, that Asians and Pacific Islanders tive who signed last month’s ad. In among many Asian-American pro- ness leaders— president of As- tended to prefer more private his career, he says, some white fessionals. Since the Atlanta shoot- including Facebook executive Eric Toda. cend, an organi- forms of communication than their colleagues have said they don’t see ing last month in which six women YouTube co- zation that peers. “Maybe we believed in the him as Asian, intending that as a of Asian descent were among eight founder Steve works to en- model-minority myth, and that our compliment. killed, many Asian professionals Chen and Zoom Video Communica- hance the influence of Pan-Asian community didn’t need anything,” Some say that discussions of have talked at company town halls tions CEO Eric Yuan—pledged to business leaders. In her conversa- she says. racism and bias happening in about their experiences of racism donate $10 million to organiza- tions with executives at a range of While Asians aremorelikely many workplaces since George and what it means to be Asian in tions fighting Asian racism, an- companies, she says, she’s fre- than membersofother ethnic Floyd’s death last summer have U.S. workplaces and society. Some nouncing their commitment in a quently found their diversity and groups to be found in professional paved the way for Asian-Ameri- have pushed for donations from full-page ad in The Wall Street inclusion plans don’t specifically jobs and have collegedegrees,their cans to speak out about their ex- their employers toward issues fac- Journal in which they declared address Asians. numbersdropoff at executivelev- periences, too. ing Asian communities, while oth- themselves “angry and afraid.” The Ms. Mok notes that companies els, an Ascend analysis of 2018 gov- At DeltaAir Lines, forexam- ers have simply called for Asians group also called for more support often see the Asian community as ernment datafound. It also found ple,sinceMr. Floyd’s killing,Ran- to be more visible in the work- for Asian-American employees, prosperous and not requiring as- that Asian women drop off in jan Goswami, vicepresident of in- place. saying, “We are tired of being sistance, a perception of a “model higher numbersatthe executive PleaseturntopageA12

rolled in Michigan State’s two-year program in 2017. “From a financial standpoint, it’s less that we wanted a huge in- come, more that we wanted to be a single-income household so that my wife had the flexibility if she A Music Director Gets wanted to work, she could, if she wanted to focus on her music and An M.B.A. to Land a the kids, she could,” he said. Ms. Owens is a harpist. Graduate Job at Ford At Michigan State, Mr. Owens specialized in supply-chain man- agement. When he started looking BY PATRICK THOMAS for jobs, he had a tough time find- ing employers willing to take a itchell Owens was working chance on a former church musi- as the music director for a cian, he said. M “It wasreally difficult getting number of Catholic churches near Milwaukee when he companies to take me seriously. realized he just wouldn’t be able They couldn’t really look past my to earn a salary high enough to nontraditional background,” he support his two toddler sons. said. “Full-time M.B.A. programs Above: Mitchell Owens played for After getting a full scholarship aredesigned forcareer switchers. two of his children in 2019. Right: MAKING THE MOVE FROM MUSIC TO MOTORS to Michigan State University’s Eli But Iwas acareer switcher in in his home office last month. Broad College of Business’s full- all caps.” time M.B.A. program, he bet that Name: Mitchell Owens wanted it to be to support his He only had two interviews for the degree would help him shift rector position at a local Catholic Age: 35 family. internships during the first year of into a new, higher-paying role in church. “It was better than waiting his M.B.A. but landed a summer Location: Allen Park, Mich. The most important piece of business. Mr. Owens moved with tables,” he said. advice for changing careers: position at Ford Motor Co. After his family to East Lansing, Mich., After graduation, he gained a Education: Bachelor of music, “Figureout whatyour goal is. graduating in 2019, he was re- got a part-time job at a local master’s degree in vocal perfor- voice performance at Wayne Whatisthe north star that’sguid- cruited for Ford’s program that church, and took out about mance from Chicago’s North Park State University; Master’s degree ing you? Forme, it wasfamily.” provides a variety of rotational job $40,000 in federal loans to help University and another in theology in music at North Park Univer- assignments for college graduates cover his living expenses. from Marquette University in Mil- sity; Master’s degree in theology What would you do differently: during their first years with the JOURNAL It was a sharp turn from his waukee. While living in both at Marquette University; Master “Everything thatIhave encoun- company. These opportunities are original career dream: Mr. Owens, places with his wife, Anne Owens, teredinmylifeand all the deci- in multiple-skill teams that range REET of Business Administration at ST 35 years old and a Detroit native, and his first two children, Mr. Ow- Michigan State University sions I’ve made,eventhe bad from IT, human resources and fi- LL had fallen in love with music at an ens continued to work as a music ones,have ledmetowhereIam. nance. He currently works as a WA early age. After participating in ac- director at local churches. Former job: Director of music In thatsense,Iwouldn’t change a purchasing strategy analyst.

THE tivities like his school’s choir and Mr. Owens realized while work- thing because things have worked Mr.Owens,now afather of

R Aha moment: Realization his sal-

FO drama club, he decided to pursue ing in Milwaukee in 2016 that de- ary wasn’t going to be what he out.God has guidedmylife.” four,enjoys the opportunity to ro-

GEN it professionally. spite all his academic credentials tate positions at Ford and his new

HA “I wanted to perform for a liv- and experience as a music director, career in businessbut still finds ing,” he said. “I loved doing it, he was limited in how far he could time to do some part-time work NICK even starting in middle school progress in his career. He had also peaked professionally at the ageof He considered applying to law in music. ENS; when I started learning piano.” accumulated roughly $60,000 in 27,” Mr.Owens said. “The other big school, but instead settled on pur- “Things are coming together. OW He enrolled at Wayne State Uni- student loans and had two sons thing wasthe schedule.For church suing an M.B.A., which he figured There’s much more of an opportu-

ANNE versity in Detroit to study theater to support. musicians,your big times areweek- would give him broad enough nity for career advancement since : but switched to music after a year. “The two master’s degrees that I ends and holidays and several eve- business knowledge to pursue a I made the shift,” he said. “My old LEFT To earn money on the side, Mr. had, they weren’t really gonna help ningsaweek.That wasgonna be variety of careers. After getting a degree, that opportunity just OM

FR Owens took an assistant music di- me advancemuch. Ihad sort of really hardonour family.” full scholarship, Mr. Owens en- wasn’t there.” P2JW109000-0-A01200-17FEFF7178F

A12 | Monday, April 19, 2021 THE WALL STREET JOURNAL. PERSONAL JOURNAL. | CAREERS & LEADERSHIP Admit It: Yo u Miss Office Gossip If it’s practiced with kindness and tact, breaking down office rumors with colleagues can actually be healthy for workers

divulged the upshot WORK to Ms.Peck: People &LIFE feared her.The feed- RACHEL back spurred Ms. FEINTZEIG Peck to bakecookies forthe staff and host employeeroundta- hat’s the latest? bles,whereshe devel- Your guess is as oped amorecasual, good as mine. close rapport with Gossip, the workers. thread of whis- Nowleading W Vcheck Global, adue pered conversa- tion and conjecture that once diligenceand back- flowed through the workplace, has ground-investigation dwindled in our new network of companythat’sbeen home offices and half-empty head- working remotely quarters. Detached from many of during the pandemic, our work friends, forced to type Ms.Peck sometimes out most of our thoughts, we’re sees shootsofher old finding that gossiping feels risky, in-person gossip net- weird and hard. works sprouting up Serendipitous run-ins with col- on Slack channels. leagues from other departments Others have by the coffee machine—Did you forged new one-on- hear what happened in sales? Did one connections in you know she’s leaving?—have this strange, unifying been replaced by formal Zooms moment, and man- with little time for chitchat. Hy- aged to gossip via brid work schedules mean even phone or screen— when we’re in the office, many sometimes even find- others aren’t. Stuck on calls with ing it easier than the same five teammates, some- back in the office. times it feels like there’s simply no Of course,work- new information to be had. ersbroadcast gossip “Wealready knowwhat every- digitally at their own body has to say,” says JoeLabianca, relay positive news, like when you ent these days.How does one share current also serves to counter any peril. Robyn Pickering,ageochem- amanagement professor at the Uni- pass along that a co-worker aparticularly juicytidbit discreetly overly upbeat or sanitized formal istrylecturer at aCape Town, versity of Kentucky’sGattonCollege crushed it at a presentation. It while abiding by social distancing? corporate communications coming South Africauniversity,has been of Businessand Economics. also provides stress relief and in- “You’renot leaning in to whisper from on high. invited to privatechat rooms on Therosy and righteous among tellectual stimulation, helps us about something,” says Rachel Lee, “People suspect that in the C- Zoom calls that aim to mimic the us might saygood riddance. And gain influence and fosters inter- who started commuting back into Suiteorinthe senior offices they’re gossipy postmeeting debrief that surely at some employers there’s personal intimacy. the nonprofit whereshe works in making plans that impact other would oftenbubble up as folks nowlessdrama, and moretime “You hear the surface story and the Seattle area four days aweek peoples’ lives that they don’t really walked out of aconferenceroom. forwhatever we were hired to do. then you learn what the real story last fall. Beforethe pandemic,col- knowabout,” Ms.Halpern says. But the threat of accidentally But there’salot we miss. In are- was, and that’s the gossip,” says leagues from all different depart- “Gossip is acounterinsurgency.” dropping ajuicyprivatemessage cent survey of 504 employees and Gawain Kripke, an advocacy and mentswould come to chitchat dur- Information can flow in the intothe public chat boxlooms. businessownersbylaw firm Sey- policy consultant in Washington, ing their breaks.Gatheringcontext other direction, too. As a CEO, Ju- “It’s terrifying to me,” she says. farth Shaw, the topthing people D.C. Such chatter has helped the about thingslikepast restructur- lie Peck has found that folks aren’t Known for keeping a stash of reported longing forafter ayear 53-year-old connect the dots on ingscalmed her anxieties. exactly plopping down in front of chocolate cookies and tissues in of remotework was“in-person everything from why a vendor Now, Ms. Lee can go a half day her desk, spilling their feelings. her office for tête-à-têtes, she

A and ‘grown-up’ workplaceconver- landed a contract to colleagues’ without seeing anyone. She often She’s long relied on a handful of misses the camaraderie with col-

OV sations.” career ambitions. Back in the of- feels as if she’s going into meet- tapped-in people at the companies leagues and students. And yet it “We need to do it,” says Dr. La- fice, body language was usually a ings without really knowing how she’s led to bring her that intel. At took a pandemic for her to realize FEDOR

A bianca, who studies gossip, which crucial part of the exchange, key others in the organization feel a business she ran in Houston, it how much time all the conversa-

ETT researchers define as two people to establishing trust. about proposals and projects. was a longtime executive assistant. tions were taking. As a single par- YV speaking evaluatively about some- Nowit’sfair to wonder whether Gossip is an early-warning sys- “Everybody trusted her with ent to two young children, she’s BY one who’s not there. Dr. Labianca your co-worker is grimacing or tem, says Nancy Halpern, a New their deepest, darkest secrets,” Ms. been shocked by how much she’s ION

AT expands the concept to include ru- smirking under that mask as you York City-based leadership consul- Peck says.Itwas the executiveas- gotten done at home.

TR mors, like the threat of layoffs. spill the tea. Those trickling back to tant who helps executives navigate sistant who absorbed feedback “I was actually very produc- US

ILL It gets a bad rap, but gossip can the officesay the vibe is just differ- office politics. The verbal under- from the rest of the staff and then tive,” she says.

A Push for Visibility At Work

ContinuedfrompageA11 flight field operations,has dedicated weekly time at his all-hands meetingsfor colleagues to sharetestimo- nials and discussissues around diversity. 40 carats of sapphires “We’veseen people want to discussthingsmore, and in aparadeofroyal style feel empoweredtosay,‘We want to talk about it,’ ” he says.

Drapeyourselfinour undeniably Since December, nearly CHO

300 flight attendants have NET elegant necklace.The regalstyle JA worn pins indicating they ; have undergone diversity showcases agloriousprocession NANT

training and are happy to WY of 40.00ct. t.w. oval sapphires, talk with colleagues about such issues. BRIANA

set in shiningsterling silver. “What started being un- P: comfortable is now normal,” TO

Atruly head-turning design, OM

says Mr. Goswami, who is FR ourbluebeautywillbethe also executive sponsor of Part of the challenge for Asian professionals is speaking up, Delta’s affinity group for says Judy Lee, a Pinterest executive. crownjewel of your collection! Asian employees and partic- ipated in a recent town hall on anti-Asian hate. “We never asked for one With the rise in anti- before,” says Mr. Chan, now Asian hate crimes, more a leader with the group. Asian professionals say they “You’ve got to ask for some want to band together. Five things to get attention.” years ago, when Janet Cho Being asqueakywheel $ tried to interest Asian col- canbeespecially hardfor 895 leagues in joining the Asian Asian professionals who employee resource group at grew up in immigrant fami- Plus Free Shipping medical device company lies and were raised not to Medtronic, she says she got complain, says Judy Lee, only lukewarm responses. global head of experiential “Now I have folks reach- marketing at Pinterest. Ms. ing out, saying, ‘Hey, I want Lee’sfamily moved to the to be engaged, what can I U.S. when she wasthree do?’” says Ms. Cho, a senior months old. director in global communi- Janet Cho, a Medtronic She grew up focused on cations in the company’s di- executive. trying to succeed and pay Also available abetes unit. her parentsback fortheir in Ruby Theemployeegroup,she sacrifices,she says,and says,has been working with ously. “We used to make fun wascareful to avoid talking Medtronic leadership to of [it],” he says. “It was about racism. 40.00ct. t.w. Sapphire TennisNecklace in Sterling Silver bring in psychologiststofa- mostly about food, fun and Still, for Ms. Lee, 46, who 18"length. Double-latch safety.Box clasp. cilitatediscussions for some culture.” recently joined her com- Asian employees,hold lis- But lately,hesays,the pany’s Asian employee 44.50ct. t.w. Sapphire Tennis Necklace 20"$995 tening sessions with the group has flexed itsmuscle, group, the uptick in hate in- Also available in Ruby.Item #937050 CEO and circulateguides lobbying Verizon to donate cidents has been a wake-up formanagersonhow to talk to anti-Asian racism ef- call. She says Asian friends about anti-Asian violence forts. Thecompany, in turn, of hers have been spat on in with teams. has committed$10 million. the streets. scan heretovisit For years, Ed Chan, a 50- Thegroup is working with As a company leader, her Ross-SimonsItem #937051 year-old senior vice presi- Verizon to createaleader- silence, she says, had the ef- To receivethisspecial offer, use offercode: ROYALTY5 dent at Verizon Communica- ship-training program for fect of silencing other Asian 1.800.556.7376 or visitross-simons.com/royalty tions, says colleagues didn’t Asian employees,much like colleagues, too. take the company’s Asian one that existsfor Black “It’s never too late to use employee group very seri- colleagues. your voice,” she says. P2JW109000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, April 19, 2021 | A13 ARTS IN REVIEW (4) /MOMA NY RS, /A NY ION, AT UND FO CALDER

ARTREVIEW Alexander Calder: Artist, Engineer,Giant

BY LANCE ESPLUND

New York he opening gallery of the Museum of Modern Art’s “Alexander Calder: Mod- ern From the Start,” T which hosts a modest, black-and-white installa- tion of seven abstractions, is abso- lutely stunning. Playful, muscular, fantastical and serene, it’s among the most striking gatherings of Calder’s art I have ever seen. Here are a few of the American sculptor’s large-scale, black sheet- metal stabiles, such as the jovial “Devil Fish” (1937), which seem- ingly curtsies and flaps its many wings, fins, petals and elephant ears; the prancing, menacing “Black Widow” (1959), ready to seize you in giant pincers; and “Spiny (Maquette)” (c. 1939), whose silhouettes flit among sin- Alexander Calder in 1943, above; an installation view of ‘Alexander Calder: gle black beast, herd and parading Modern From the Start’ at the Museum of Modern Art, top; Calder’s clan. These all-black sculptures are ‘Sandy’s Butterfly’ (1964), right; and his ‘Lobster Trap and Fish Tail’ set off against stark white walls, (1939) seen above a staircase at MoMA, below as is “Snow Flurry, I” (1948), a suspended white mobile about eight feet tall and seven feet forms,scale and demeanor,but also artist and an engineer,magically across, commandeering the far our ground plane; they feel alive wedqualities of the industrial, ar- corner of the room. Drifting, flut- and demand that we not merely tistic and organic.Hewas equally tering, nearly invisible, “Snow consider them as works of art, but influenced by Jean Arp’sand Joan Flurry, I,” with its white metal that we interact with them. Miró’s biomorphic abstractions and planes—glinting, throwing a mir- MoMA curator CaraManes, Piet Mondrian’sinsistently flat, pla- tion will surprise even diehard seemingly distills and counterbal- rored-ball scattering of reflections with assistancefromcuratorial fel- nargeometries,the latterof Calder fans. After its opening ances elementsofearth and sky, and soft-gray shadows—conjures lows Zuna Mazaand Makayla Bai- which—afterarevelatoryvisit to salvo, the show, funneling you into heavinessand lightness, precarious- blizzard, discothèque and ethereal ley,has orchestrated aspirited, the Dutch painter’s Paris studio in a narrow corridor, becomes chron- nessand equilibrium—in forms that flocks of birds. synergistic environment from start 1930—Calder decided (in his ological. It includes Calder’s early conflatecraggyrock,highwireact, What’ssospecial about this to finish in this compact retrospec- breeze-driven mobiles and mecha- wire portraits, such as “Josephine surfing and solar system. show’sinitial installation is itsun- tiveofsome 70 sculptures,works on nized sculptures) to set in motion. Baker III”; ink drawings of the cir- “Swizzle Sticks” consistsofa rulinessand claustrophobia; and paper and pieces of jewelry, as well Drawnprimarily from MoMA’s cus; and toylike wood and wire hanging mobile of angled sticks, that itscrowded sculptures appear as film, photographs and ephemera. collection and augmented with sculptures of animals—all from the each of which is anchored by a to be in continual states of interplay It’sthe museum’sfirst major Calder loans from the Calder Foundation, 1920s and ‘30s. It small lead weight, and metamorphosis.The ceiling is showsince1969.Though smaller “Modern From the Start” begins then spills out mounted in front relatively lowfor these big works and certainly tardier than one of in the EdwardSteichen Galleries into a single large Astriking exhibition of abright red sporting long limbs and tentacles, America’sgreatestsculptorsde- and continues in the adjacent gallery filled with plywood rectan- crouching backs and arching leaves serves (especially one considered Goodwin and Stone Building a variety of later celebrates thesculptor gle.Initially, and blades,which givethe museum MoMA’s unofficial “house artist”), where, since1939,Calder’s com- masterworks. and his long association swaying slightly, the makingsofjungle,battlefield, it’scause forcelebration. missioned mobile “Lobster Trap One section is the sculpture circus and cage.Calder’s human-size Quintessentially modern, Calder and Fish Tail” has enlivened and devoted to Cal- withMoMA. feels moored sculptures sharenot just our space, (1898-1976), who trained as both an reigned over MoMA’s Bauhaus der’s endlessly in- there. But when a staircase.The ventivejewelry breeze gets it showresumes and cutlery: brass, spinning,the downstairsand silver,ironand steel eddies,spirals, sticks begin to bob and swivel, to outside in the insectsand birds that arealso tap, kiss, bounceand weave. The Abby Aldrich rings, necklaces,bracelets, sculpturemirrorsthe movementsof Rockefeller Sculp- brooches,buckles and utensils— swizzle sticks circling the rims of tureGarden, functional, wearable artworks that, glasses,and of revelersmoving whereyou’ll en- the subject of a2008-09 exhibition, around acocktail party.Not only counter the sculp- seldom see the light of day. Another that, but if youlisten closely,you’ll tures “Sandy’s area featureswood-and-wirewall hear the crossing and bumping of Butterfly” (1964), constellations from the 1940s— wood and lead—sounds reminiscent acarnivalesque mounted likestill-writhing animals, of the clink-and-tinkle ringing of combination of enormous bugsand trophyheads. toasting glasses. windmill, flower Here, too, arethree motorized This exhibition, a roaring toast and whirligig,and sculptures and the undulating,mul- to Calder, should become a perma- “Man-Eater With tisectioned metal “Candelabra” nent installation. It’s a tribute to Pennants” (1945), (1939), athrilling,vinelikemini- one of Modernism’s giants, and a an unapologeti- rollercoaster commissioned by living reminder of what made cally intimidating MoMA forits 10th-anniversarycele- MoMA modern—from the start. conflation of tree, bration dinner. anchor,flagship Included also aretwo of my fa- and farm machin- vorites,the crowd-pleasing “Gibral- Mr. Esplund, the author of “The ery—likestanding tar” and the rarely exhibited “Swiz- Art of Looking: How to Read under an alighted zle Sticks” (both 1936). “Gibraltar,” Modern and Contemporary Art” helicopter. aroughhewn-though-delicate, (Basic Books), writes about art Yet this exhibi- wood-and-wiretabletop sculpture, for the Journal. P2JW109000-4-A01400-1------XA

A14 | Monday, April 19, 2021 **** THE WALL STREET JOURNAL. SPORTS S PRES ZUMA WIRE/ A /P APLES ST RREN DA Real Madrid and Liverpool players line up before a UEFA Champions League match. Under current rules, teams qualify for UEFA competitions by finishing in the top spots in their domestic leagues. SoccerClubs Plan a‘Super League’

The proposal would seeEurope’s mostpowerful teams form their owntournamentseparatefromthe Champions League

BY JOSHUA ROBINSON open anew chapter forEuropean ances of automatic qualification, presenceand leave the Champions pean sports. football,” Manchester United co- but afew were also looking foran League behind forgood—though Whether or not the project can Asmall group of soccer’srichest owner and Super League vicepresi- ownership stakeinthe competition they would still hope to competein moveahead will depend heavily on clubs is making adivisiveplayto dent Joel Glazer said. itself,according to aperson familiar their domestic championships. itsability to survivelikely legal dramatically revamp the game’s Beforethe Super League reports with the matter. As it stands,the TheEnglish Premier League, challenges from UEFAand the vari- biggest stagebybreaking away were confirmed on Sundayevening, Champions League is UEFAprop- which only formed via itsown ous domestic leagues. from the traditional European UEFArushed to condemn what it erty with the Swiss-based organiza- breakaway in 1992 to become the Themovehas also generated tre- structures and setting up along-ru- called “a cynical project,” adding tion holding full discretion over richest soccerleague in the world, mendous ill will from the rest of mored Super League. that the super league format was prizemoney. also criticized the project. Six of its European soccer. Until this point, Theproposal would see the six “founded on the self-interest of a “For years, the Founding Clubs teams—Liverpool, Manchester the European Club Association, led most powerful teams in England, few clubs at atime.” Theorganiza- have aimed to improvethe quality United, Manchester City,Arsenal, by Juventus chairman Andrea Ag- plus six morefromSpain and Italy, tion also vowedtoban anyclubs and intensity of existing European Chelsea, and Tottenham—have al- nelli, had been the main agitator for form their owntournament sepa- that join the newleague from its competitions,” the 12 teams said in ready signed letters of intent to competition reform. But on Sunday, rate from the Champions League, owntournaments, including the join, along with Juventus,ACMilan, the ECAcame out against abreak- with guaranteed participation—and Champions League,and denytheir Internazionale,Barcelona, Atlético away,arguing that it would undo access to lavish television rights players the chancetorepresent Proposals for breakaway Madrid and Real Madrid. That the work it has tried to do in part- payments—year afteryear. their national teams. groupwould then expand to at least nership with UEFA. All of which leavesEuropean soc- Afterthe announcement became setups have rumbled 20,separated intotwo pools of 10, “A ‘closed super league model’ to cer’sgoverning body,UEFA, at odds official, UEFAreiterated itsthreat through Europe with organizerssaid. which media articles referwould be with some of itsmost valuable to ban players and clubs who have “The Premier League condemns strongly opposed by ECA,” the members. Tension has been mount- signed on to the Super League.Soc- some regularity. anyproposal that attacks the prin- group said. Agnelli resigned as ing foryearsoverhow to sliceupa cer’sglobal governing body,FIFA, ciples of open competition and chairman lessthan an hour after global television and commercial also expressed itsdisapproval. sporting merit,” it said in astate- the announcement. rightspie that is currently worth Talks between UEFAand the top ment. Proposals forbreakaway setups morethan $3.3 billion ayear.Super clubs had already led the organiza- ajoint statement. “And, in particu- Even U.K. Prime Minister Boris have rumbled through Europe with League organizers, however, have tion to accept anew format forthe lar,tocreateatournament in which Johnson chose to weigh in, joining some regularity in recent years, as framed it as away to generatemore lucrativeChampions League.The the best clubs and players cancom- his outragetothat of French Presi- the game’srichest clubs seek to revenue foranindustrybatteredby organization wasdue to unveil an peteagainst each other morefre- dent Emmanuel Macron. “Plans for maximizetheir shareofsoccer’s the pandemic.The teams will col- expanded 36-team format on Mon- quently.” aEuropean Super League would be enormous television payouts. lectively receiveaone-time pay- day, which would also increase the Under current rules,teams qual- very damaging forfootball and we “The motivation behind this so- ment of €3.5 billion ($4.18 billion) number of guaranteed games clubs ifyfor UEFAcompetitions by finish- support football authorities in tak- called superleague is not furthering forjoining,the statement said. playinthe tournament from 2024 ing in the topspotsintheir domes- ing action,” Johnson tweeted. sporting merit or nurturing the “By bringing together the best on and broaden their TV exposure. tic leagues,leaving them open to Thenew system would be mod- world’sgame—it is motivated by clubs and players in the world to Yetthe topclubs were still not the vagaries of one bad season. But eled moreclosely on the NFL or nothing but cynical greed,” the UK- playagainst each other throughout thrilled by the arrangement. Not in aSuper League,the founding Major League Baseball than any- based Football Supporters’ Associa- the season, the Super League will only had they sought greater assur- memberswould be apermanent thing that currently existsinEuro- tion said on Sunday.

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THE WALL STREET JOURNAL. Monday, April 19, 2021 | A15 OPINION When to Invest in a Stupid Idea BOOKSHELF | By Andrew Stuttaford

When I read Because almost everytime,no When marketsoverpay, they’re It could work.Ihope it does ColdWar that technol- one believes in the future. voting that all that good stuff work.But unlesssomething ogycan con- That’sthe time to invest. Until is practically guaranteed to radical changes,Ithink it will struct an im- everyone believes it and then happen.Hugeexpectations are take along time forthe com- ageofyour some.Then it’sprobably time built intomanystock prices. panytobeworth $50 billion Cosmonaut facefrom to sell. Entrepreneurs, naturally, again. INSIDE your DNA,my Think of the 2007 iPhone love the overhype stage—al- Thereare plenty of over- VIEW initial reac- introduction. Typing on glass, most free money thrownat hyped thingstochoose from, Beyond tion was: areyou kidding me? So many them at billion-dollar valua- manywith zero revenue.Some By Andy That’sthe stu- white-collar warriorshurdling tions.But it’sthe most danger- maybesuccessful, otherscer- By Stephen Walker Kessler pidest thing through airportswerethumb- ous time forinvestors. HBO tainly won’t: Air taxis (Archer (Harper, 502 pages, $29.99) I’veever writing on BlackBerrys—a ka has ashownamed “Euphoria.” and Joby). Hydroponic vertical heard. Fortunately,I’vehad a Crackberrys.Takeaway my farms (AeroFarms). Space eadersofStephen Walker’s fine newaccount of lifetime of stupidest-things- keyboard, even though it’stiny travel (Momentus). Gamestop’s R howYuri Gagarin, a27-year-old Soviet air-force I’ve-heardthings(likeBleep) and painful to use? Over my When no one believes turnaround. major (he waspromoted from lieutenant while became reality.Likethe dead body.Well, we knowhow My adviceisalways to in- circling the Earth), became the firstman in spacewill Kübler-Rossstagesofgrief— that turned out. BlackBerryis in the future, that’s an vest in the fog. When everyone discover quiteabit about Gagarin the man, but agreat denial, anger,bargaining,de- nowworth $5 billion. Apple a opportunity. When else is incredulous,look for deal more about the program that put him into orbit 60 pression, acceptance—technol- bit more. scale.Usually,noone else can yearsago, on April 12, 1961. ogy goes through similar Same forelectric cars.It’s everyone does, sell. see it. Squint hard, but don’t VascodaGama, Gagarin wasnot. Forall his skill, phases. my God-given right to guzzle makestuff up.Ifyou cansee toughness, unflappability and courage, he wasnoexplorer. My phases of techno-hype: gasand shiftgearswith aban- somethingthat everyone dis- In away,hewas merely the most important of all the fauna Incredulous. Will never hap- don. Idon’t want acar that It’sabout teen drug use,but no misses,and that will get that the Sovietsshot intospace. Thefirst astronautshad pen. Dread. I’ll tryit. Booster. works likeahigh school elec- matter; the show’sbest line is cheaper over along period of relatively little control over their capsules; the firstcosmo- Overhype.Failed expectations. tronics lab with abattery and by the main character,Rue: time,maybe decades,buy in nautshad far less. On to the next paradigm. Un- afan. No way.Yet batteries got “Everytime Ifeel good, Ithink cheap and go along forthe Gagarin’svalue was derstand these beforeplunking cheaper,and rangewent up. it will last forever...but it long ride.Otherswill eventu- primarily symbolic.Hewas money intopassing fancies. It wasn’t that long agothat doesn’t.” ally overpay. not only the embodiment of We knowthe famous will- everyone wasdubious of au- Expectations eventually get On the flip side,when the humanity’s scientific never-happen predictions. tonomous cars. The 2005 dashed. Reality bites.Stocks fogclearsand we’vemoved progress, but aliving IBM’sThomas Watson: “I think Darpa Grand Challengesaw come down. Even if the market from theacceptancetohype, demonstration that the thereisaworld market for Stanley,aStanfordrobot, win or product ends up successful, it’stime to unload your shares Sovietsoffered abetter, maybe five computers.” Digi- $2 millionina132-mile self- I’venoticed that overhyped to those latetothe party.One faster path to the future than tal’sKen Olsen:“Thereisno driving race.But on real stocks canreturn to their peak hint is that stocks arenow the U.S. His mission wasto reason anyone would want a streetswith bicyclistsand old values,but five to 10 years worth twicegross domestic return alive, uninjured—and computer in their home.” ladies? No way.Well, we’renot later.That’salong time to wait product. Youmight sell early. sane.Tothat end, during his Funnynow,but not unreason- thereyet, but it’scertainly ac- forhype to become real. So what? No one ever lost training Gagarin, likeother able at the time. cepted that it will happen. Take Quantumscape,which money taking aprofit. But aspiring cosmonauts, was I’ve learned to harness Thestock market allocates went public via aSPACand please,knowwhich phase subjected to almost every those knee-jerk denials when I capital to those ideas it be- produces solid-statelithium we’rein—don’t be the last one brutality—physical and knowthat technologyperfor- lieves arewinners. Remember metal batteries.Bill Gates and in the pool. Instead, start psychological—that his doctors mancewill increase and costs investing guru Benjamin Gra- Volkswagenare investors. In hunting forthe next wave no could think up. decrease.Classic scale.I’m ac- ham’sstock market as ashort- 2020 it hadnorevenue and onebelieves in. Liketheir American counterparts, the firstSoviet space- tually suspicious of thingsthat runvoting machine,long-run lost more than $1 billion. But constructing aface men had to be advertisementsfor the system in which they aren’t controversial from the weighing machine? So where Quantumscape had apeak val- from DNA?That’ll never hap- were raised, but moreso. They had to fit, not just literally start. Iliveinthose denial arewenow—especially amid a uation of $50 billion last De- pen. Well, maybe ... (Gagarin, at 5-foot-5,was two inches shorter than the phases—ask my wife. Why? Fed-fueled feeding frenzy? cember.Now it’s$13.5 billion. Write to [email protected]. maximum height allowed), but politically and personally. With his dazzling smile,charm, cheerfulnessand peasant background, Gagarin waspicked as the firsttofly,overhis friend Gherman Titov,who wasmorecerebral, moreofa The Castros Still Run Cuba loner,moreindependent-minded, the son of ateacher.As Mr.Walker notes in “Beyond,” “Gagarin knewhow to cast By Marcell Felipe figure could attempt to seize iron. Titov knewhow to recitePushkin,” a“suspiciously powerfromthe newgenera- bourgeois” displayoferudition. What’smore, “Gagarin had aúlCastroannounced tion of Castros.Ifsuch afig- two healthydaughters. Titov’s only infant child had recently R his resignation as chief ureissavvy enough to align died and nowhehad no children, ableak narrativefor a of Cuba’sCommunist with the dissident movement would-be supreme representativeofthe Soviet state.” Party on Friday. ManyU.S.me- and the Cuban-American com- That said,the runner-up was, on balance, the stronger

dia outletscharacterized the GES munity,this could yield real character, and thus Titov, though only 25, was thought

moveasthe “end of an era” of IMA change. moresuitable than Gagarin to cope with the next mission— communist rule on the Carib- In asecond scenario,the 17 orbits rather than one (Gagarin’s flight was over in bean island. This is false. For GETTY civilunrest that has plagued under two hours, Titov’s took morethan aday). This may, manyyearsCuba has not re- SE/ the regime forthe past year however, have been alesser ordeal than the one that Mr. ally operated as a communist could lead to crowdsovertak- Walker describes well: Titov’s lifelong burden of only having or socialist state. Instead it ing the regime.Noone can been second intoorbit, foreverBuzztoGagarin’sNeil. ANCE-PRES

hasbeen ruled by amilitary FR rule this scenario out or pre- The story of the early space race (and particularly, dictatorship that concentrates dict when it might happen. perhaps, to a Western audience, its lesser-known Soviet ENCE

its power within a cartel-like AG In athirdscenario,the side) is of such intrinsic interest that it would be difficult chain of command of hard-line Alejandro Castro Espín in Havana, February 2009. crumbling Cuban economyand to make it dull, and Mr. Walker, a documentary filmmaker Castrofamily membersand pressurefromthe dissident as well as a writer of nonfiction, does not. On the contrary, loyalistsand generals who Callejas,Mr. Castro’sformer Americanshavenever heard community could forcethe re- he tells his tale with verve, and he includes a mass of fiercely shield theirwealth son-in-lawand the father of are the real rulers of Cuba. gime to negotiateand avoid a detail, some technical, much of it—the depiction, say, of and status—as well as each his grandchildren. Mr.López Fortunately,President Bi- violent end. This is admittedly “Cape cookies” in Florida hoping to meet an astronaut at other. Callejas leadsGaesa, amili- den and SecretaryofState the least likely scenario. the Cocoa Beach Holiday Inn bar—decidedly not. And then Many analysts are focused tary-run conglomeratethat AntonyBlinken areconsulting No matterwhat the head- there’sthe sagaofthe “creepily lifelike” Ivan Ivanovich, on whetherCuban President controls about 75% of the Cu- with and listening to Sen. Bob lines suggest, political change the firstmannequin in orbit ... Miguel Díaz-Canel will inherit ban economy, including hotels, Menendez, the Democratic is not imminent in Cuba. The Switching his attention back and forth between the U.S. Mr.Castro’sleadership posi- construction companies,ship- Party’s topCuba expert in island still marches to the beat and the U.S.S.R.,Mr. Walker chronicles the Cold Warcontest ping companies,hard-cur- Congress. Mr.Menendez of the Castrofamily’s drum. A to be the firsttomaster manned spaceflight. Theresult is rencytransmitters and cur- knows these names well. In a system of free and fair elec- not exactly asurprise,but “Beyond” unexpectedly maintains Raúl’sresignation as rencyexchanges.In2018,a statement, he said that the re- tions with respect forcivil the suspense.Similarly,Gagarin’sflight is transformed into former State Department offi- gime is playing a“symbolic rights and the rule of law can acliffhanger,eventhough we already knowthat “Yura” head of theruling cial told aSenatesubcommit- little game of musical chairs” come only when Cuba’smili- made it back home.Just howclose it came to disaster was CommunistParty teethat Cuban militaryper- and “the U.S. government tary dictatorship is eradicated not revealed until afterthe Soviet collapse. sonnel under Mr.López must remain firmly on the and aconstitution based on changes nothing. Callejas’s command were “di- side of theCuban people in democratic principles takesits rectly involved” in trafficking their fight for freedom.” place. Yuri Gagarin, thefirstman in space, held cocaine from Venezuela. U.S. engagement with the Anything lessisashow symbolic value forthe SovietUnion, which tion as party secretary, Another key figure is Mr. Cuban government should staged forthe Castroregime’s which—on paper, at least—is Castro’sson, Col. Alejandro come only afterthe regime apologistsinthe international claimed to offer abettersystemthan theU.S. the highest office in the land. CastroEspín, apowerful mem- implements real democratic community.Asalways,they This is a distraction, as is Mr. ber of the Cuban intelligence reforms.Cuba is currently ex- will demand the lifting of Díaz-Canel, who wasinstalled apparatus.Hemaintains a periencing itsworst economic sanctions against the regime That Gagarin’s orbit was also a triumph for a totalitarian by Mr. Castro in 2018 as part closerelationship with the crisis sincethe collapse of the that has oppressed the Cuban empire is not something that Mr. Walker stresses, but he of a faux transition of power. Kremlin and wasdirecting Soviet Union, when the Castro people for 62 years. does not need to. The oppressive, paranoid style of the In Cuba, the Castrofamily Cuba’sspy agencies at the regime itself almost collapsed. Soviet regime is evident enough in his narrative, as are leads with an iron fist, and the time of the 2019 sonic attacks This time thereisnoFidel and Mr. Felipe is founder of the the strangetwiststhat it created. SergeiKorolev was, party and government follow against U.S. and Canadian dip- no revolutionaryideology. All Initiative for Democratic and morethan anyone else, responsible for the astonishing suit. Even the Communist lomatsinCuba, which arestill that’s left is a dictatorship. Economic Alternatives for series of early Soviet successes in space—and is, in many Party’s online motto,#Somos- unexplained. What would political Cuba, a project of the Inspire respects, the most intriguing individual in this book. The Continuidad—“weare conti- These Castro family mem- changeinCuba look like? It America Foundation. Kremlin considered him of such importance that his nuity”—implies the regime is bersand loyalistslikeJosé will most likely happen in one identity was shrouded in secrecy so deep that very few determined not to change. Machado Ventura, RamiroVal- of three ways. In the firstsce- Mary Anastasia O’Grady is knew who he was. Thekey figure of Cuba’ssi- désand other Cuban military nario,asthe old military away. Some 20 yearsbefore, Korolev had been adifferent kind lent eliteisGen. Luis López officials whose names most guarddies,ayounger military of nonperson. He wasworking on rockets, but afterhis arrest during the Stalinist terror, confessed, after torture, to “sabotage” and wassent to mine gold in Kolyma, perhaps theworst of all the Gulag’shells.Korolev’s lifewas almost Biden ‘Stimulus’ Will Deaden Innovation certainly savedbyhis transfer to a sharashka,alaboratory within the Gulag,wherehis engineering expertise could be By Alexander William been produced. Production sult is lost growth. sourcesthat could have been deployedinthe serviceofthe state. He waseventually Salter growsastechnologyand pro- Mr.Biden’splan also invested elsewhere. What Mr. released and given anew job in adepartment dedicated to duction processes improve. largely directsresources Biden proposes amountstoa developing missiles for the military. Among those freed resident Biden’s$2.3 Such improvement requires away from uses that would great manySolyndras.That’s with Korolev wassomeone who had denounced him to the P trillion infrastructure saving and investing rather increase productivity.Im- an enormous amount of pro- secret police. That mannow became,for atime,his boss: plan has manyecono- than consuming. provementsinroads and ductivecapital to squander. TheSoviet Union waswhat it was. mistsexcited forareturn of Theearly details on Mr. bridges mayboost howmuch Mr.Biden positions himself In captivity,Korolev had, Mr.Walker relates,“learned to old-school Keynesian splurg- Biden’sinfrastructureplan companies canproduce, and as the inaugurator of aNewer compromise wherenecessary, to exploit othersifrequired, ing.“Fiscal policyisback,” aren’t promising in terms of hencegrowth, by making it NewDeal and aGreater Great and sometimes to lie,cheat and deceivetoget his ownway. Nobel laureateJoe Stiglitz incentives forsaving and in- easier to movelabor and Society,but there’snothing He learned to be pragmatic and political.” As “the chief of cheered. “That will create vestment. Thebill includes goods acrossthe nation. But neworgreat aboutthe politi- chief designers” of the U.S.S.R.’s strategic missiles,Korolev moredemand and that should significant taxincreases on that’saminority of the bill’s cization of investment. Policy explained that his R-7, the firstICBM, could also be used givepeople moreconfidence spending; other expenditures makershavetried many to launch asatellite intoorbit ahead of the Americans. to invest.” But economic will have the oppositeeffect. times,and it’sclear that all He knewthat NikitaKhrushchev,the Soviet leader,would growth—which even Mr. Keynesians have it Take the proposal to invest in the financing in the world take delight at the prospect of humiliating the U.S.,and Stiglitz would likely agree is expanding clean energy and won’t boost productivity if it Khrushchev agreed to support this effort as long as it did not the best way to fight pov- backward:Growthis electric-vehicle charging sta- isn’t channeled correctly. detract from the work on missiles.Korolev performed this erty—comes down to supply, drivenbyproduction, tions.This is arather elastic More-efficient producers, not balancing act brilliantly,piggybacking off amilitaryprogram notdemand. And the Biden interpretation of infrastruc- partisan spending,createeco- to pursue his dream of space travel. This led to Sputnik, plan could stifle the innova- not consumption. ture,and awealth-wasting nomic flourishing.Though and then, afteraremarkably brief period, to Gagarin. tion that drives it. one besides. the president’splans will con- By comparison, NASA,acivilian agency, handicapped Whether public or private, Thegovernment is not sume plenty,they’ll produce by U.S. shortcomings in rocketry as well as the pressure of spending doesn’t cause corporations,which would good at picking investments. only disappointment. being in the public eye, was more cautious. It struggled to growth. Mr.Stiglitz and his also hurt households and in- President Obama promised keep up, and achieved too little, too late. That changed allies have it backward:Con- vestors. Thepresident and smartgreen projects. What Mr.Salter is an associate after Gagarin circled the planet. Less than two months sumption is downstream from histeam deservecredit for we gotwas the Solyndrade- professor of economics in the later, President Kennedy committed the U.S. to putting a production. Growth is about attempting to payfor the bacle,which consumed hun- Rawls College of Business at man on the moon. A new race was on. increasing the supply of plan. But raising taxes, espe- dreds of millions of taxpayer Texas Tech University and a goods over time; youcan’t cially on businesses,weakens dollarswhile producing little fellow at TexasTech’s Free Mr. Stuttaford is the editor of National Review’s spend if the goods haven’t incentives to invest. There- of value.Those dollarsare re- Market Institute. Capital Matters. P2JW109000-0-A01600-1------XA

A16 | Monday, April 19, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Biden’s Defense Budget Squeeze Why Was Daunte Wright Shot by the Police?

resident Biden’sbudget proposal in- budget says the Administration will make“exe- Regarding your editorial “The The26-year policeveteran seem- cludes record spending fornearly every cutable and responsible” investmentsinthe Shooting of DaunteWright” (April ingly couldn’t tell the differencebe- P corner of government, but there’sone big fleet, but the ostensibly bipartisan goal of 355 14): As aparent and educator,Itry to tween aTaser and agun. That could preparemychildren and studentsto be arookie mistakebut not one a exception: national defense. ships remains remote. More money for the function in the world as it is,not as I seasoned officer would likely make. Even as global threatsrise,no- Perhaps the Administration wish it to be.Inthe killingsof Theguesshereisthat she panicked tably from China, Mr.Biden is welfare state means will wring money from the DaunteWright and George Floyd, because ablack man wastaking off. squeezing the Pentagon. Army afterits withdrawal both men resisted arrest. Both men His prior record and transgressions Few in the media have no- less for the Pentagon. from Afghanistan. But the died in the aftermath. Iamnot writ- areirrelevant—those arefor the ticed, but the White House is modest savingsaren’t enough ing to debatewhat should or could courtstodeal with, not forapolice proposing afiscal 2022Penta- to compensate for an overall have been. As one who seeks to pre- officer,yet another one who killed a gonbudget of $715 billion. That’sa1.6%in- spending decline.The current fleet simply can’t pareyounger people forthe longest black man. crease from 2021’s $704 billion, but it’s a cut meet U.S. commitments in the Indo-Pacific in and most productivelifepossible,I STEVEN MORRIS in the military’sspending powerassuming addition to the Mediterranean and Persian Gulf. conclude that resisting arrest canes- Mt. Pleasant, S.C. likely inflation of more than 2%. Non-defense TheNavyhas aging submarines to upgrade and calateintoasituation resulting in death. And death is final. What wasthe trajectoryofthis domestic discretionaryspending will surge 16%, the Congressional Budget Officesaid last month GAETANO LAROCHE tragedy? Wright had allegedly with the Education Department rising 41%, that “required maintenanceisprojected to ex- Wright,Wyo. choked and threatened awoman Health and Human Services 23% and the Envi- ceed the capacity of the Navy’s shipyards in 25 with afirearm while trying to steal ronmental Protection Agency21%. of the next 30 years.” It seems highly unlikely that officer her rent money.When he was With Mr. Biden proposing a separate $2.3 To itscredit, the WhiteHouse budget outline Kim Potter intentionally killed Wright. stopped on the road, astandardre- trillion for“infrastructure,” you’dthink the mentions money for long-range weapons “to Obey-or-die policing is the issue.Po- cord check revealed the outstanding Pentagon would be included. Aircraftand naval bolster deterrence and improve survivability licing methods toooften result in es- warrant and obligated policeto ships arecertainly morejustified as public and response timelines.” One of the People’s calation and death forminor offenses, placeWright under arrest. From works than subsidies to buy Teslas. Mr. Biden Liberation Army’s assets is its large arsenal of prompting accusations of racism. Dur- therehevigorously resisted arrest, is making aconscious statement about his precision missiles designed to destroy Ameri- ing arrests, policeappear to have no diving intohis car, and in the heat party’s political priorities: butterand morebut- can ships in the Pacific. More American long- tolerancefor panic,bad judgment, of the moment, an officer made a mental illness, drug-induced behavior tragic mistake. ter, but less for guns. rangefires—especially if they areportable and or simple mistakes.When an unarmed Wright should be alivetoday. But iii ground-launched—can help the balanceof arrestee panics and runs,heshould let us not forget that his behavior set This marks areturn to the downward de- power at relatively low cost. be recaught, not shot. Noncompliance this series of eventsinmotion, leav- fense spending trend of the Obama years. De- Yet some of the Pentagon funds will also go during an arrest foraminor offense ing death and destruction in its fense spending as ashareofGDP fell to 3.1% in to “mitigate impacts of climate change.” That should never escalatetodeath. wake. fiscal 2017from4.7%in2010,evenasthe mili- leaves even fewer resources for core fighting WILLIAM GOLDMAN STAN VANTIEM tary’s missions increased. Shrinking defense led capabilities.Washingtoncan’t ask the military Palos Verdes Estates, Calif. Franklin, Tenn. to areadinesscrisis that wasshowing up in to deter emboldened great powers and fight cli- more accidents and deficiencies in deployable mate change on a declining real budget. ships and air units. iii TheTrump Administration and GOP Con- The blunt truth is that the U.S. is no longer MLB Hypocrisy and the Racist CastroRegime gress stopped the decline, and 2020’s defense certain to win agreat-powerwar.Russia is Regarding Mary Anastasia society wassilenced when questions outlays were estimated at 3.3% of GDP before surging forces near Ukraine and China’s mili- O’Grady’s “Baseball Says Cuba ‘Sí,’ were raised, and the dictatorship or- the pandemic shock.But the Biden budget will tary maneuvers in the Western Pacific are at a Georgia ‘No,’ ” Americas, April 12): ganized a“heroes of the blue” social- again force risky trade-offs between military newlevel of intensity.“Thesignal given by the Antonio Castro, a son of the late dic- media campaign to promoteits offi- readinessand investment in the technologyand militarydrills is that we aredetermined to stop tator Fidel Castro, is the vice presi- cers.Does Major League Baseball wish weapons of the future. Taiwan independence, and stop Taiwan from dent of the Cuban Baseball Federa- to continue itscollaboration with this TheU.S.hasn’t spent lessthan 3% of itseco- working with the U.S. We are doing it with ac- tion. Major League baseball was racist and repressivepolicestate? nomic output on defense sincebeforethe Sep- tion,” a Chinese government spokesman said directly involved with him in the ne- JOHN SUAREZ tember 11 attacks.But in the 1990s the U.S. mili- last week. gotiations to “garnish [Cuban ball- Center for a Free Cuba tary did not facepeer competitors. Nowthe U.S. If American defense investment stagnates as players’] salaries and send the dollars Falls Church, Va. back to the dictatorship,” as Ms. national defense strategyrightly sees an eraof China’sgrows,the U.S. will lose awar over Tai- O’Grady writes. If not for the prior These double standards areanold resurgent great powercompetition, but without wan. That would be costly in ways Americans U.S. administration, MLB would be story. Paul Robeson, nowrevered as a the resources to meet the challenge. This mis- can’t imagine,asAsian allies recalibratede- trafficking Cuban players, who are civil-rights icon, waslong an apolo- match increases the risk of miscalculation and cades-long defense and trading relationships predominantly black, to enrich a dic- gist forStalin. Theslightest blemish war, as China seeks regional militarydomi- with the U.S., and American bases in Okinawa tatorship whose nomenklatura is pre- on America’sracial record is worth a nance. Russia, Iran andlesser powers likeNorth and Guam are put at risk. dominantly white. protest march while the murder of Koreaalso threaten allies and the U.S. homeland Barack Obama never financed his pivot to TheMLB washappy to ignorethe millions is asmall affair unworthyof with missiles and cyber hacking. the Asia-Pacific, and Mr. Biden may make the murder of young black Cubans by Cas- mention. It is this special brand of The gap between strategy and resources is same mistake. ThePresident anticipates imme- tro’spoliceand the silencing of Cu- absurdity that gives CEOs license to most evident in the navalchallengeinthe West- diatepolitical benefitsfromgigantic domestic bans who speak out. Ahigh-profile ex- lectureusonGeorgia voting rights ernPacific.China has scaled up itsnavytomore social spending,but the perils of shortchanging ample wasthe extrajudicial killing of while doing businesswith amurder- ablack youth this past summer.Han- ous regime likethe Chinese commu- than 350 modern ships, while the U.S. is stuck defense could become apparent sooner than he sel E. Hernández, 27,was shot in the nists. Even in times of privation, we in the wateratroughly 300.The Chinese figure thinks. Fortunately Congress gets a vote, and back by policeonJune 24,2020.Civil seem to produceaninexhaustible doesn’t include asizable covert maritime mili- it canprotect the national interest by overrid- supply of hypocrites and useful idiots. tia that is an extension of its navy. The Biden ing his short-sighted plan. CONAN M. WARD Psychology of the Online Princeton, N.J. The Fate of Alexei Navalny Censor: Covid-19 Edition Regarding Jay Bhattacharya’s EmployersWant to Hire. he contest between freedom and dicta- “Alexeyisdying now. Given his condition, it’s “Masks for Children, Muzzles for Bad Policy Getsinthe Way torship continues on manyfronts, and amatterofdays,” Mr.Navalny’sspokeswoman News,” (op-ed, April 14): How ironic that high-tech companies, always Regarding your editorial “TheVac- T the most stirring is the courageofindi- KiraYarmyshsaid on Facebook. looking to ride the wave of the next cine Jobs Boom Arrives” (April 3): viduals risking their lives by resisting oppres- TheWhiteHouse warned Sundaythat there new thing, are so cautious when it Public policies aredemotivating and sion. JimmyLai and other Hong Kong demo- would be “consequences” if Mr.Navalnydies, comes to science. One wonders how disincentivizing workerstoreturn to cratshavebeen jailed at China’sinsistence, and President Biden said Saturday that his compliant YouTube and Twitterstaff their jobs.Mycompany, asmall staff- whilethe Kremlin is slowly squeezing the life treatment is “totally,totally unfair.” But Mr.Bi- are in following the consensus guide- ing and recruiting agency, has seen a out of AlexeiNavalnyinprison. den sent Mr.Putin mixed signals last week by lines that they so vigorously enforce. 53% decrease in job applications since The44-year-old critic of Vladimir Putin inviting the autocrat he has called a“killer” for Do they really think there is no truth the second week of March—the same has been languishing in Russia’snotorious aleader-to-leader summit even as Mr.Na- outside these guidelines, which have week the Biden administration ex- IK-2 prison sinceMarch 11 on trumped up valny’shealth wasweakening in prison. changed so often and at times seem tended federal unemployment benefits. chargesofviolating his parole on aprevious Thefreeworld—if we canstill use that locu- to reflect political considerations? Recoveryisimpossible without hiring. phonycharge.Hedared to recoverinGer- tion in the AgeofWoke—needs to find itsvoice Their paternalism is likely to cause Newfederal unemployment bene- untold lasting harm. fits and stimulus checks,the extension manyafter nearly dying afterhewas poi- again on behalf of courageous dissenterslike LARRY EISENBERG, M.D. of eviction and foreclosuremoratori- soned by government agents. But he bravely AlexeiNavalnyand JimmyLai. They should be- Los Angeles ums,the refusal of some union groups returned to Russia, wherehewas arrested come global household names,asAlexander to return to work,and overly cautious and imprisoned. Solzhenitsyn and Andrei Sakharov were during Support for extended lockdown messaging from elected officials have Mr.Navalnyhas been on ahunger strikeaf- the Cold War. And let’shope the WhiteHouse practices has become a sort of weird, all contributed to the problem. Ihave terbeing denied treatment forother ailments. is serious about “consequences.” weenie Woodstock with endless op- spoken with restaurants, distributors, portunities for criticizing, shaming, other small-businessownersand rep- censoring and canceling. Amazingly, resentatives from public institutions. The Salvadoran Who Wants to Stay many of the most fervent supporters All of them faceunprecedented chal- are young people who have seemingly lenges hiring enough workerstomeet ose Santos Sanchezand his wifecame to as being in, and maintaining,lawfulstatus.” forsaken youthful rebellion for slavish demand. This compels managerstore- conformity. Common sense will have fuse orders—preventing the return to the U.S. illegally in the late1990s from El In the ThirdCircuit’sview, this languageonly an uphill struggle in this fight. normalcysought by all. J Salvador.After severeearthquakes shook makes adifferencefor TPS recipientswho came TOM PARONIS Employers understood the restric- their nativecountryin2001, legally and canclear the first Brooklyn, N.Y. tions and messaging during the worst theU.S.granted Temporary Amid chaos back home, bar of having been admitted. of the pandemic.Following the devel- ProtectedStatus to let them he received ‘temporary’ Imagine,say,aSyrian who ar- opment of effectivevaccines and de- stay and work.Two decades rived with astudent visa and Education Reform Can’t crease in Covid mortality ratessince later, they’d liketoget out of U.S. status—in 2001. gotTPS when acivil warbroke IgnoreWhat’sBeing Taught January, however, the situation immigration limbo,and on out at home.Inhis Supreme changed. Our elected officials need to Monday the Supreme Court Court brief,Mr. Sanchezar- In “Covid Provides a Rare Chance halt the policies that discouragework- will hear their case (Sanchez v. Mayorkas). gues that dividing TPS recipientsbythe legality to Transform Public Education” ersfromreturning to work and reas- (Cross Country, April 10), Bobby Jin- surethem that it is safetodoso. Mr.Sanchezhas worked as amechanic fora of initial entry“makes little sense” and creates dal and Joe Ricketts focus only on JOANNE SANDERS yacht manufacturer in NewJersey.The couple’s “arbitrary” outcomes. the location and organizational struc- President, BOLT Staffing Service youngest son wasborn in the U.S. and is an Amer- Does it?Illegally crossing the border is a ture of education, overlooking its Sonoma, Calif. ican citizen. In 2014Mr. Sanchezapplied forper- crimeand aharrowing endeavor. Last month a content. This includes such heavily manent residency, along with his wife. But the 9-year-old girl drowned in the Rio Grande.Hu- politicized subject matter as gender government said his illegal entryall those years man smugglerspay money to drug cartels.As fluidity, critical race theory, anticapi- Pepper ... back had made him ineligible,because he’d“never the government’sbrief says,“Congresscould un- talism, multiple truths, socialism, And Salt been admittedintothe United States.” derstandably have been moresolicitous of per- secularism and the inherent evils of That verdict wasupheld by the ThirdCircuit sons who entered the countrylegally and subse- America. U.S. education has already THE WALL STREET JOURNAL Court of Appeals,inaunanimous opinion by quently found themselves stranded herebecause been transformed for many decades, JudgeThomas Hardiman.The statutebook says of an unexpected crisis in their home country, producing massive indoctrination. A retransformation is called for. certain aliens canapply forresidency, provided by preserving their existing opportunity to ad- SAMUEL FRAZER they were “inspected and admittedorparoled just status while they remain.” Fort Myers, Fla. into the United States.” Although Temporary YetMr. Sanchezdeserves adefinitiveresolu- Protected Status allows Mr.Sancheztostaylaw- tion, as do otherslikehim who have sometimes CORRECTION fully in the U.S.,itisn’t the same thing.“Agrant spent decades as our neighbors, co-workersand of TPS does not constituteanadmission,” the fellowtaxpayers.Granted a“temporary” status court said. “Asits name suggests, this protection that kept being extended, they found jobs,got Louis E. Sola is a federal maritime is meant to be temporary.” married, had children, built lives in America. It’s commissioner. His first name was This legal analysis is persuasive, unlikeacon- aprecarious existence: President Trump moved misstated in the April 16 Potomac trary2013 opinion from the Sixth Circuit. That to end the TPS designation forElSalvador be- Watch column. ruling couldn’t stand to quotethe U.S. Code fore the judiciaryintervened. Lettersintended forpublication should withoutadmonishing in afootnote“that using Thedereliction hereisonCapitol Hill, since be emailed to [email protected]. Please the term ‘alien’ to refertoother human beings abetterimmigration policywould include a include your city, state and telephone is offensiveand demeaning.” It leaned on apro- compromise that letsMr. SanchezstayinAmer- number.All letters aresubject to “This flight is overbooked, vision saying that “forpurposes of adjustment ica. This week he will gethis dayincourt. What editing,and unpublished letters cannot but we can put you on standby for be acknowledged. of status,” aTPS recipient “shall be considered he needs is his dayinCongress. a flight that goes somewhere else.” P2JW109000-0-A01700-1------XA

THE WALL STREET JOURNAL. Monday, April 19, 2021 | A17 OPINION Drug Safety Not Every ‘Serious Crisis’ Is Alike Is FDA’s Job, By Rahm Emanuel colleagues might want to take adif- ferent tack.Polls suggest that Demo- Not CDC’s ou never want a seri- cratsare favoredtowin the guberna- ous crisis to go to torial racesinVirginia and New waste,” asagesaid Jersey this November—bellwether By Scott Gottlieb ‘Y during the Obama elections the party in the White transition in 2008. Housetends to lose.Republicans he Biden administration made Themedia’szeal to comparetoday’s wonboth in 2009,inpart because T areasonable decision last week crisis to the Great Recession has the bank bailout waskryptonite—Mr. to pause the rollout of Johnson spurred journalists to ignore a cru- Obama took apolitical hit to save &Johnson’s Covid vaccine while it in- cial corollarytothat lawofpolitics: the economyfromfreefall. By con- vestigates reportsofrareblood clots. Not everycrisis deals the White trast, 41%ofRepublicans support But it wasasurprise,and the path House the same hand. For reasons I Mr.Biden’sCovid-relief packageand forwardiscloudy.Regulatorsneed a don’t understand, punditsseem to be 1in4back his infrastructurebill. clear processfor evaluating issues unable to appreciate, much less ex- Punditsshould be debating whether, that crop up,and the Food and Drug plain, how timing, substance, land- as seems increasingly clear to me, Administration should lead it. scape and legislativepolitics all obstructionism is as effectiveanap- GES Alldrugs and vaccines have rare frame an administration’sfreedom to proach for Republicans in the wake IMA side effects, not all of which canbe respond. Covid-19 and credit default- of Mr.Trump’sdestructivetenureas

ferreted out in clinical trials.The swaps don’t elicit the same kinds of GETTY it was before he came along. FDAcollectssafety information after reactions or responses from the pub- President Biden speaks on the American Jobs Plan, April 7. Thedivergent impactsofthe two lic. To illuminate what’s happening parties’ disparateeconomic agendas today, youneed to do morethan has been Mr.Biden’sunique burden. hesiveDemocratic Caucus,all but has become tooobvious to refute. Clear lines of authority comparepolicyoutcomes—you need That said,hepresides over acountry three of whose membersare from Messrs. Biden and Obama, not to to dig deeper. steeped in empathy—that’sone of states he won. Because a filibuster- mention Mr. Clinton, each inherited would make it easier Consider the different contexts of the key reasons he wonand is the proof majority is such adaunting aRepublican recession and delivered to resolve the Johnson & the crises of 2009 and 2021. Not that rightleader forthe moment. His goal, conventional wisdom is that it Democratic prosperity. George H.W. it isn’t terrifying to take powerwhen burden is to sustain the nation at a would be futile to try. Twelve years Bush,George W. Bush and Donald Johnson complications. the economyisshedding 500,000 moment of mourning—toseek relief ago, Democratshad amuch larger Trump each leftofficewith the econ- jobs per month, but on the day Joe after years of division. Mr. Obama’s majority,but 13 Democratic senators omy in tatters. Biden wasinaugurated Americahad wastoprevent asecond Great De- hailed from states Mr.Obama had So rather than compare how dif- approval and is chargedwith making lost nearly 500,000 lives—perhaps pression—topull the nation back lost, and those senators needed the ferent Democrats responded to dif- decisions about howtobalancethe half of which could have been saved. from theprecipiceofaneconomic political cover of bipartisanship. In ferent crises at different times in dif- risks and benefitsofmedical prod- That distinctionhas deep political abyss.Neither challengeiseasily other words, the legislative dynam- ferent contexts,focus on what’s ucts.This is an essential part of the implications.IfAmericaduring overcome, they aren’t remotely the ics were entirely upside-down. really at issue: Is the WhiteHouse drug-safety system, and so is the Covid is awash in asense that we’re same. Which bringsustothe most im- making the most of the opportunity FDA’sauthority to makeadjustments in this together—think of the crowds portant similarity.Ifthe crises fac- afforded by this particular crisis? to aproduct’srecommended use. that cheered hospital staffs last ing Messrs. Obama and Biden had Are Republicans making a strategic But nowitisn’t clear who will spring—12yearsago, the country Biden faces a national entirely differentDNA,one thing politicalblunder by responding to have the final word.The Centersfor wasriven with anger.Lehman Broth- connectsthem—Minority Leader yetanother Democratic administra- Disease Control and Prevention has erscollapsed only two months be- mood, political climate Mitch McConnell. Unlikemany tion with out-and-out obstruction been thrust intoanew and challeng- fore BarackObama’s victory. The and policy challenges other GOP leaders—Bob Dole and despitechanging circumstances? ingrole of judging asafety question, electorate wasn’t looking for empa- Bill Frist in the Senate, Bob Michel And arethe battles nowbeing waged as well as howand when the vaccine thy; voters rightfully wanted Old nothing like those in 2009. and John Boehner in the House— between Democratsand Republicans should be restored to use.The dis- Testament justice. Mr.Obama had to Mr.McConnell has chosen to be less consequential, in earnest, than comfort of the CDC’sadvisers seemed restoretrust in the financial mar- maximally obstructionist. Theques- thebattlebetween the pro-Trump evident at an emergencymeeting kets,savethe autoindustryfromit- Which bringsustothe politics.In tion is whether astrategythat and anti-Trump wings of the GOP? convened last week.The panel ad- self,and stimulatethe economyina away that’sinfuriatinglyfacile,pun- worked in an eraofbank bailouts journedwithout adecision. nation hungry for retribution. dits try time and again to compare will be effectiveinatime of public- Mr. Emanuel was asenior adviser We need athorough, predictable Mr.Biden washardly bequeathed Mr.Biden’srelief strategytoMr. health crisis and all the vulnerabili- to President Clinton and chief of processtoassessemerging dataon the generalized prosperity that Bill Obama’sstimulus plan when the two ties it has exposed. staff to President Obama. He repre- vaccines and advise doctorsontheir Clinton lefttoGeorge W. Bush or Mr. presidentsfaced political hurdles I’m rarely inclined to givethe GOP sented Illinois’s Fifth Congressional benefitsand risks.That’sthe FDA’s Obama handed to Donald Trump. that were entirely distinct. Mr.Biden political advice, but the early returns District, 2003-09, and served as historical mandate. Putting the issue Healing the scars of the Trump era faces a50-50 Senatewith amoreco- suggest that Mr. McConnell and his mayor of Chicago, 2011-19. beforethe CDC confused the process and slowedthe decision. Covid vaccines areunder espe- cially intense scrutiny, but it isn’t un- Why Would Biden Want a Summit With a ‘Killer’? common forthe FDAtorecommend narrowing or suspending use while By Garry Kasparov whose health wasdeteriorating even with concessions,guaranteeing not President Obama’scatastrophicRus- lookingintoasafety issue.Some- beforehebegan ahunger striketo peacebut further aggression. It’sthe sia appeasement policies as secretary times the risks turn out to be remote he Biden administration protest his treatment in prison. same pattern that has already cost of state, is roaming about the globe or canbemitigated by changing how T brought adramatic changein Such blundersseem inexplicable, morethan 14,000 lives in Ukraine,as with his newclimate-envoy title.He the product is used. This dynamic re- America’stone toward Russia especially considering the strong sanc- well as the 298 innocentsaboardMa- recently met in India with Russian viewprocess allows regulatorsto and Vladimir Putin. In March Presi- tions the U.S. announced two days laysia Airlines Flight 17,the passen- Foreign Minister SergeiLavrov. If take newinformation intoaccount. dent Biden bluntly and accurately later.Inaseries of statementsfollowed gerjet Mr.Putin’sforcesshot down Mr.Kerryhas influencewith Mr.Bi- If the agencyneeds advice, it can called Mr.Putin “a killer,” indicat- by arareBiden pressconference, the in 2014. On Friday, Mr. Putin an- den—and if he still has his rare gift ask itsown vaccine advisorycommit- ing he sawnoneed to be diplo- U.S. assigned clear blame on Russian sweredMr. Biden’scall forde-escala- forgetting nothing forsomething— tee. Thecommitteemight propose matic about the leader of aregime intelligenceservices forthe Solar- tion by criminalizing Mr.Navalny’s he maybepromoting worthless additional counseling to doctorsand that has repeatedly attacked U.S. Winds cyberattack,attemptstointer- political organization and blocking “green deals” with Russia and China patientsonwhat to watchfor and interests—and, as last week’ssanc- fere with the 2020 election, and the entrance to the Sea of Azov,further in exchange for things they care howtotreat side effectsorrecom- tions announcementsmade clear, continued occupation of Crimea. cutting off Ukraine. about, likesummits, pipelines and mend thevaccine’suse be narrowed theU.S.itself. Along with targeting individuals taking human rightsoff the table.A while surveillancecontinues. But tone doesn’t count formuch and companies involved in thoseac- struggle between geopolitical realists Large, rigorous trials acrossgeog- unlessit’sbacked by consistent ac- tions,the U.S. moved to block Ameri- The new administration and appeaserscould become another raphies,populations and viral vari- tion, which had been lacking.Mr. Pu- caninstitutions from participating in splitinthe Biden WhiteHouse,along antshaveshown the Johnson & tin is no master strategist, but he the Russian sovereign-debt market. has changed the U.S. tone with the expected policytug-of-war Johnson vaccine’soverall benefit. reads people well and senses weak- This is asignificant step beyond the on Russia, but that’s worth between moderates and progressives. Thevaccine is administered in asin- nesswith animal cunning.Mr. Biden usual tit-for-tat games that Mr.Putin Mr.Biden says he wantsa“predict- gle dose and easier to storethan hastowalk the walk aftertalking so is happy to playwith the U.S. and nothing without action. able” relationship with Mr.Putin, but Pfizer’sand Moderna’s, making it an much talk,orMr. Putin will assume Europe.Hecares nothing forRussia that’sexactly what he has.Mr. Putin important part of the Covid arsenal, that thenew U.S. administration is or itspeople—but he caresagreat attacks; the West retaliates weakly, especially in low- and middle-income as fecklessasthe previous two. deal about powerand money. The mixed messages from the then offersconcessions fordialogue countries. On April 13,Messrs. Biden and Pu- With that in mind, if the U.S. is se- WhiteHouse areevenmoretroubling until Mr.Putin attacks again. In the past week,however, it has tin spokeonthe phone forthe sec- rious about deterring Mr. Putin, because their source is unknown. The It’s pleasant to talk about diplo- been associated with at leasteight ond time.The WhiteHouse readout thereshould also be targeted sanc- Tuesdayphone call took placewhile macy, but diplomacyhas never cases in which patientsdeveloped includes Russian hackingand elec- tions,including asset seizure, on his SecretaryofState AntonyBlinken changed the behavior of adictator. unusualand dangerous blood clots tion interferenceand is strong on oligarch cronies,their families and andDefense SecretaryLloyd Austin TheU.S., combined with itsallies in triggeredbythe destruction of plate- Ukraine,whereMr. Putin is again theircompanies.Ifyou support Mr. were abroad, which leads me to won- the free world, has the ability to lets. Most cases have been in women amassing forces. Putin’smafia dictatorship and profit der whose idea it wastoundermine threaten an overwhelming response under 50 who were vaccinated in the Then comes the final sentence, from it, youshould also paythe price thesanctions with asummit offer. to Mr.Putin’sinvasions,hacking, past two weeks. likethe twist in ahorror movie. when he oversteps. On Friday, WhiteHouse presssecre- election meddling and assassina- Thecondition, which maybethe “President Biden ...proposed asum- On Wednesday, the U.S. canceled tary JenPsaki said the invitation tions. What it hasalways lacked is result of an immune reaction, is seri- mit meeting in athirdcountryinthe the deployment of two ships to the “wasn’tprecooked or preset.” Was thewill to do so. ous and requires special manage- coming months.” Asummit? With a Black Sea, wherethey were headed this asynapse firing off some Cold ment. TheFDA needed to alert doc- killer? In one stroke, Mr.Biden gave to keep an eyeonMr. Putin’smilitary Warnostalgia, or arethereother Mr. Kasparov is the chairman of tors and patientstokeep alookout. Mr.Putin exactly what he craves, buildup in and around Ukraine.Again voices in Mr.Biden’sear? theHuman Rights Foundation and Supply of the Johnson &Johnson equal status with the president of the Mr.Putin the aggressor is rewarded John Kerry, one of the agentsof theRenew Democracy Initiative. vaccine ramped up in the past few United States. Even if it never comes weeks,somorecases could emerge in to pass, the invitation sends the mes- the next week or two. sagethat Mr.Putin is irreplaceable, Barring significantnew findings, still worthyofthe support of the oli- Common Humanity in a Royal Loss Johnson &Johnson’svaccine should garchs and elites whose fortunes he return to use soon. TheFDA’s expert guarantees.President Trump was By Bob Greene Philip were wedin1947and lived decade,spoken to saygoodnight. staff arethe right people to collect rightly lambasted forgranting Mr. amid grandeur andrenown. But no Nowvanished. andanalyze the dataand figure out Putin the 2018 Helsinki summit, he silencewill have set in by one is powerful enough to keep the Themusic at the services over howtouse the vaccine safely. which did nothing forU.S.interests now. silenceatbay.When the husband or the weekend wasmajestic and soar- and agreat deal forMr. Putin’s. This T Queen Elizabeth II sat by wifeofalifetime is gone,that si- ing and somber.But thereisanother Dr. Gottlieb is aresident fellow at would be no better. Calling it diplo- herself on Saturdayatthe funeral of lencecan seem loudest when you bit of music,writteninthe 1950s the American Enterprise Institute macyignores that diplomacyissup- her husband, removed from her aresurrounded by others. for“My Fair Lady” andset in Lon- and was commissioner of the Food posed to have apoint. family membersbecause of Covid It’sthe thingsthat suddenly are don, that mayspeak moreinti- andDrug Administration, 2017-19. Theending of the readout wasalso restrictions.Therehad been music no longer there: mately and lastingly of what surviv- He serves on the boards of Pfizer and notable forfailing to mention Russian during the procession, and bells, ing spouses find themselves Illumina. opposition leader AlexeiNavalny, and the sound of marching feet, but missing. now, with only 30 guests permitted Anyone who’s faced the Thesong wasabout something in the cavernous chapel, her eyes seemingly simple,about two people peered over the topofthe obliga- death of a loved one can becoming accustomed to each oth- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY tory mask and she had to know, as understand what Queen ers’ faces: “Her smiles,her frowns,/ Rupert Murdoch Robert Thomson she has always known, that millions Her ups,her downs /Are second na- Executive Chairman, News Corp Chief Executive Officer, News Corp of other eyes were staring back. Elizabeth is going through. turetomenow /Likebreathingout Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher She has long been required to and breathing in ...” Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: shareevery public moment with the When Queen Elizabeth returned Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; world, so thereshe was, doing it Thesight of that distinctive home from theservices Saturday, Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; again, as her husband of morethan handwritingonanoteleftona when her children and grandchildren News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; 73 yearswas takenfromher pres- night table.Itdoesn’t matterifthe and staff at last lefther by herself, Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer encefor the last time.Inthe U.K. note is on engraved palacestatio- shewould not be the firstwidowor Andrew Dowell, Asia; AnthonyGalloway, Video & therewas amoment of silenceob- nery or on an old grocery-storere- widowerwhose automatic instinct, at Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; served forhim, and by extension for ceipt—the curves of the letters the end of such along day, would be Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; her,but she wascertainly aware caught out of the corner of your eye to replaythe eventsofthe hoursjust Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; that the real silencelay ahead. arelikeahello.Until they’regone. past with the person who has always Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News Anyone who has lost alongtime Thesound of adoorknob turning, been theretolisten. Thomas SanFilippo, Customer Service; husbandorwifeunderstands.Any and the knowledgeofwhat the first “I’vegrown accustomed to the GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; adult child who has sat with afa- syllable of avoicewill sound likeas trace/Ofsomething in the air ...” Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; ther or mother at the funeral forthe soon as the person takesthe initial That is what won’t go away.The Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International spouse who is being laid to rest step intothe room. privatememoryofthose traces is WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: knows what that impending silence Thelook of the veins on the back what fills the silence. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head feels like. of ahand; the raised eyebrow when

EDITORIAL AND CORPORATEHEADQUARTERS: And it makes no difference in the midst of acrowd,tosignal a Mr. Greene’s books include “And 1211 Avenue of the Americas, New York, N.Y., 10036 whether youwereborn intoroyalty, jokeonly the two of youare in on. You Know You Should Be Glad: A Telephone 1-800-DOWJONES or in arural shack.Elizabeth and Thesame few words, decade after True Story of Lifelong Friendship.” P2JW109000-0-A01800-1------XA

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© 2021 Dow Jones & Company. All Rights Reserved. ***** THE WALL STREET JOURNAL. Monday, April 19, 2021 | B1

Last Week: S&P 4185.47 À 1.37% S&P FIN À 0.72% S&P IT À 1.06% DJ TRANS À 0.01% WSJ $ IDX g 0.76% LIBOR 3M 0.188 NIKKEI 29683.37 g 0.28% See more at WSJ.com/Markets Citigroup TargetsWealthy ClientsinAsia

Goal is to raise assets nesses in the region. won’t be easy.Citigroup’sas- the bank’slargest revenue and would exit from itsconsumer Singapore, Hong Kong,London TheNew York-based bank in- setsunder management for profit contributor outside of franchises in 13 overseas mar- and the United Arab Emirates, under managementin tends to recruit 1,100 private such clientsgrewbyjust 18% North America. kets, 10 of which areinAsia. the bank’swealth hubs.Mr. area to $450 billion as bankersand relationship man- from $255 billion in 2015.Other Thethird-largest U.S. bank They includemainland China— Babej declined to detail howthe agersaswell as 1,200 technical global banks,including JPMor- by assetshas long been the wherethe bank has had companyintends to exit from it cuts retail banking and operational staffersin ganChase &Co. and HSBC only American companywith a branches since2007—India, itsconsumer operations in the Hong Kong and Singapore, as Holdings PLC,are also trying to sizable retail banking network South Koreaand Australia. That other markets, saying the bank BY JING YANG part of aplan to increase assets getabiggershareofthe same acrossAsia. Citigroup also has means Citigroup will divest it- sees no need to do afiresale of under management forclients market, particularly in China. afull-fledged institutional busi- self of most of its223 branches those assets. HONG KONG—As Citigroup in Asia to $450 billion by 2025, “It’saverybold move, ade- nessthat ranges from invest- and 17.2 million individual ac- “We’vegot enormous value Inc.moves to shed most of its according to PeterBabej, chief cisivemoveand adifficult ment bankingand corporate countsacrossAsia. in thesefranchises and great consumer-banking operations executiveofCiti Asia Pacific. move,” Mr.Babej said in an in- lendingtotreasuryand trade “There’ssome areas where, demand from otherparties,” across Asia, it plans to scale That representsa50% in- terviewFriday. The57-year-old solutions.Each quarter,the increasingly,you just need so Mr.Babej added. up what it sees as amore-lu- crease from theroughly $300 longtime investment banker, bank’sAsian network handles much scaleand youcan’t play Thestrategyshiftisone of crativeendeavor: serving the billion that Citigroup currently who started running Citigroup’s transactions totaling about $30 in all of them,” Mr.Babej said. the firstbig changes under Citi- rising number of wealthyen- manages forwealthypeople in Asia operations in October trillion, according to Mr.Babej. Citigroup will maintain con- group Chief ExecutiveJane Fra- trepreneursand their busi- Asia.Achieving the newtarget 2019,oversees aregion that is Last week,Citigroup said it sumer-banking operations in PleaseturntopageB2 TwoFactors AreMaking NewCarsScarce Tribune Pursuer’s

Reduced production caused by chip shortage –6.7% Partner Pulls Out Production Increaseddemand estimates Loss by weather,other material in North and ashortage of keyparts shortages and ademand –6% America likesemiconductors arecausing increase Of Bid for Chain forthe first quarter shopperstofind feweroptions when of 2021 theyvisit dealership lots. BY LUKAS I. ALPERT ahead with the bid. Mason Slaine, a Florida in- 3.96 Thenumberofvehicles available on dealers’ lots areatthe lowest levels in years... 3.46 A Maryland hotel magnate vestor who had earlier offered behind an 11th-hour bid to ac- $100 million for the bid, said million U.S. light-vehicle inventory million 4million vehicles March 2021 quire Tribune Publishing Co. in an interviewSundaythat he vehicles 2.4million vehicles is working to find newfinanc- had been contacted by Mr.Bai- DECEMBER APRIL ing and partnership options num’scamp and that he re- FORECAST FORECAST afterhis partner withdrew mained interested in possibly from thedeal, people familiar taking part. with the matter said. Aspecial committeeset up SwissbillionaireHansjörg by Tribune’sboardpreviously Wyss,who had pledged to had recommended sharehold- contributeover$500 million ersaccept Alden’soffer of $635 to the $680 million bid forthe million, but had said it would 2019 ’20 ’21 newspaper company, had a likely consider the competing ... partly because demand has bounced back faster than expected.Sales since change of heart after review- $680 million bid led by Mr.Bai- March 2020 have taken lessthan ayear to return to pre-recession levels ing Tribune’sfinances,the num to be superior if Messrs. compared with the 2008 financial crisis,which took morethan 5years. people said. Bainumand Wyss stood by it Mr.Wyss’s decision dealt a following the due diligencepro- Recovery in new-vehicle sales in the U.S.* blow to ChoiceHotels Inter- cess and it remained fully fi- The2008-09 financial crisis Current recovery, national Inc.Chairman Stewart nanced. ThedepartureofMr. 11 months Bainum’smovetooutbid hedge Wyss from the bid throwsthat 20 million vehicles 66 months to recover to apre-recession level fund Alden Global Capital LLC, intoquestion and increases the 15 the people said, though they chancethat Alden will emerge said Mr.Bainum remains com- as the winner without having mittedtofinding waystomove PleaseturntopageB4 10

Recession 5 2007 ’08 ’09 ’10 ’11 ’12 ’13 2019 ’20 ’21 BP Slots$1.3 Billion Overall demand forsemiconductorshas increased during the pandemic. Manufacturersare waiting longer forchips.Adding to automakers’ woes ForPermian Flaring wasawinterstorm in Texasthatforcedchemical plants to shut down. Average lead time forsemi- Production of plastics conductors,U.S.manufacturers material and resin, indexed† BY CHRISTOPHER M. MATTHEWS gastoreducethe fossil fuel’s 95 days Feb. 2021 120 carbon footprint and contribu- 95.4days BP PLC has been one of the tions to climatechange. 90 110 companies most responsible BP has pledged to reinvent 85 forthe burning of unwanted itself as acleaner energy com- 100 naturalgas in the busiest U.S. pany, saying it will let itsoil 80 oil field. Now, it is trying to andgas fuel production fall 90 clean up itsact. 40% by 2030 and ultimately 75 TheBritish oil giant plans sell morerenewable energy 70 80 Feb. 2021: 79.8 to spend about $1.3billion to than oil while reducing itsnet build a massive network of carbon emissions to zero.But 65 70 pipes and other infrastructure to financeits ambitious trans- 2016 ’17 ’18 ’19 ’20 ’21 2010 ’15 ’20 to collect and capturenatural formation, BP is counting on gasproduced as abyproduct continuing revenue from oil from oilwells in the Permian and gasproduction. Basin of Texas and NewMex- “Wewill be producing oil Semiconductor In 2000 2020 ico. It plans to announceMon- and gasfor decades,but it will prices,asashare daythat it will eliminaterou- be a certain kind of oil and of total carcost 18% 40% tine flaring of natural gasin gas,” said Dave Lawler, the the oil field by 2025. chairman of BP AmericaInc. BP’sinvestment reflectsthe “It’sahighly profitable barrel growing pressurebig oil com- and it’saresponsibly produced *Seasonally adjustedannualized rate Sources: WardsIntelligence(inventory); U.S. Bureau of Economic Analysis (recovery); Electronic Components Industry Association panies facefromregulators, barrel.” †2012=100,seasonally adjusted (lead time); St.Louis Federal Reserve(plastics production); Deloitte analysis of IHS data (shareofcar cost) investorsand buyersofnatural PleaseturntopageB2 Bond Star Pimco Tries INSIDE Publisher PensketoBuy 50% To Change Its Culture Of South by Southwest Festival

BY JUSTIN BAER The bond manager's assets CK TO have bounced back afterits BY LUKAS I. ALPERT This year, organizers ran a couldn’t be learned. Money manager Pacific In- co-founder's 2014 departure. shortened virtual event only SXSW began as alocal mu-

vestment Management Co.wore SHUTTERS PenskeMedia Corp., the but said they intended to sic festival and has sinceex-

$2.5 trillion A/

itscutthroat reputation as a EP publisher of magazines like bring the event back in person panded into film and technol- badgeofhonor foryears. Pimco’sassets Rolling Stone,Billboardand in 2022. ogy, and has become a major Ambitious young people under management BUSINESSNEWS Variety,agreed to acquirea Penskewill makeastrate- global event. Thefestival have long flocked to Pimco’s 2.0 Performancevenues 50% stake in South by South- gic investment in the closely bringshundreds of thousands Southern California trading struggle as federal aid west, the tech, music and held company, SXSW LLC,in of people from around the floor with dreams of working movie festival, people familiar return fora50% stakeinthe world to Austin every March, alongside some of the bond 1.5 program gets offto with the matter said. business, the people said. The pumping some $355 million market’s brightest investors. rough start. B3 TheTexas festival, one of eventhad been owned by its intoits economy, festival orga- They mightenduresharp el- the largest and best known in founderswho created the fes- nizers have said. bows,long hoursand fickle 1.0 the U.S., was dealt a financial tival in 1987. Thefestival had grownto management decisions on their blowlast March afterbeing They will continue to man- generate around $100 million way to the top, but the dazzling canceled at the last minuteby ageand operatethe festival, in revenue everyyear on its paydays made it all worthwhile. 0.5 Austin, Texas,city officials though Penskewill ownthe ownand had been profitable Thefirm’sethos began to due to the outbreak of the cor- largest stake, the people said. forthe 10 yearspreceding last shiftin2014, afterits star in- onavirus pandemic. “It’sbeen an incredibly year’s cancellation, one of the vestor,Bill Gross, exited follow- 0 Organizerssaid at that time tough period forsmall busi- people familiar with the mat- ing squabbles with his col- that their insurancepolicies nesses,SXSWincluded,” ter said. leagues.But the discorddidn’t 2012 ’14 ’16 ’18 ’20 didn’t cover cancellation due SXSW’s chief executiveand co- Penske Media was founded end with Mr.Gross’s departure. Source:the company HEARD ON THE to a pandemic. They believed founder,Roland Swenson,said in 2004 by JayPenske, the Separately,recent lawsuitsal- STREET the cancellation would cost in astatement. “When [Penske heir to the automotive, truck- leging gender discrimination hauled howemployees areeval- Newdenim hype looks them millions of dollars, rais- founder] JayPenskecame to ing and racing fortune of Pen- and harassment brought the re- uated, promoted and trained, ing questions about the future us with interest in becoming a ske Corp., founded by his bil- turn of an uncomfortable spot- hiring consultant McKinsey& likeastretch forLevi’s of the festival, which is also partner,itwas atruelifeline lionaire father, Roger Penske. light on Pimco’sinner workings. Co. to conduct regular work- and Lululemon. B10 known as SXSW or simply for us.” PenskeMedia has sincegrown In recent years, Pimcoover- PleaseturntopageB9 “Southby.” Theterms of the deal PleaseturntopageB5 P2JW109000-4-B00200-1------XA

B2 | Monday, April 19, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A H Netflix...... B10 Deadly Tesla Crash Brings Probe Alden Global Capital...B1 Hawaiian Electric NextEra Energy...... B9 Allianz SE...... B9 Industries...... B9 Nike...... B10 BY REBECCA ELLIOTT AstraZeneca...... A1,A6 HSBC Holdings ...... B1 P B I Peloton Interactive.....B3 Twomen died afteraTesla BowX Acquisition...... A1 Innergex Renewable Penske Media...... B1 vehicle that authorities believe BP...... B1 Energy...... B9 Plug Power...... B9 wasoperating without anyone Prosus...... B4 C J in the driver’s seat crashed S intoatreeSaturday night Canadian Pacific Johnson & Johnson....A1 Squarespace...... B5 north of Houston. Railway...... B5 JPMorgan Chase ...... B1 Carnival...... B5 T One of the men wasinthe K frontpassenger’s seat and the Choice Hotels Tencent Holdings...... B4 Kansas City Southern B5 International...... B1 Tesla...... B2 otherwas in the back seat of Citigroup...... B1 L TreeHouse Foods...... B5 theTesla, which wastraveling D L Brands...... A1 Tribune Publishing...... B1 at high speedalong acurvebe- fore it hit atreearound 11:25 Daqo New Energy...... B9 Levi Strauss...... B10 U p.m. local time,Harris County Delivery Hero...... B4 Lululemon Athletica.B10 UnitedHealth Group...A1 Precinct 4Constable Mark Her- M E V man said in an interview. Encavis...... B9 Mail.ru Group...... B4 Vulcan Materials...... A1 “Our preliminaryinvestiga- Expedia Group...... B2 McKinsey & Co...... B1 W tion is determining—but it’s F N Walmart...... B5 notcompleteyet—that there FuelCell Energy...... B9 Naspers ...... B4 WeWork...... A1 wasnoone at the wheel of that vehicle,” the constable said. “We’realmost 99.9%sure.” INDEX TO PEOPLE It took emergencyrespond- ersabout four hoursand ENGLE J.

roughly 32,000 gallons of wa- T B Hunter, Robbie...... A3 O OT

tertoput out the fire that en- SC Babej, Peter...... B1 J Oakland, Steve...... B5 gulfed the electric vehicle, Police outside Houston believe the car had no driver when it crashed, killing the two people inside. Bainum, Stewart...... B1 Juenger, Todd...... B10 P Constable Herman said. High- Bezos, Jeff...... B4 L Penske, Jay...... B1 voltagebatteries likethe ones responded to requestsfor foruse with afully attentive self-driving” risk giving driv- C Lerner, Keith...... A2 R used in Teslas canreigniteaf- comment. driver,who has their hands on ersafalse sense of the vehi- Cappelleri, Frank...... A2 M Ranadive, Vivek...... A8 terbeing damaged, even after Tesla tells drivers using its the wheel and is prepared to cle’s abilities. D Mathrani, Sandeep.....A8 S firefightershaveextinguished advanced driver-assistance take over at anymoment,” “They areintentionally, afire, according to the Na- system, known as Autopilot, to Tesla says on itswebsite, not- foreseeably creating unneces- Dijk, Bob van...... B4 Mattison, Kevin...... B4 Slaine, Mason...... B1 Metcalf, Ben...... A3 tional Transportation Safety pay attention to the road and ing that the featuresdon’t sary risks to the public,” said G Sonders, Liz Ann...... A2 Myers, Minor...... A8 Swenson, Roland...... B1 Board. be prepared to take control of makethe vehicle autonomous. Jason Levine,executivedirec- Goepfert, Jason...... A2 N W Authorities were still inves- the vehicle.Italso says that Some safety advocates have tor for the Washington-based H Navalny, Alexei...... A1 Wyss, Hansjörg...... B1 tigating whether the front driving with the Autopilot sys- said that the companydoesn’t Center for Auto Safety. passenger air bag deployed temengaged is safer than do- do enough to keep drivers Tesla has told federal offi- and whether the vehicle’s ad- ing so without it. from depending too much on cials that it doesn’t believeit from 13% in the second half of vanced driver-assistance sys- Tesla also has been rolling the features or using them in needs to limit wheredrivers BP Allots 2019,according to Rystad. Mr. temwas enabled at the time out an upgraded suiteofassis- situations for which they are areallowedtouse itsassis- Lawler said the portion has of the crash. tancefeatures on alimited ba- not designed. They also have tancesystembecause the ve- fallen to 2% this year. Neither Tesla Inc.nor the sis,asystemitcalls “full self- criticized the companyfor the hicle is under the driver’s $1.3 Billion Still, BP continues to flare. In National Highway Traffic driving.” languageituses to describe its control. Januaryitasked Texas regula- Safety Administration,the “Autopilot and full self- features, saying that terms —Ben Foldy tors to grant 121 exceptions al- topU.S.autosafety regulator, driving capability areintended such as “Autopilot” and “full contributed to this article. ForFlaring lowing it to burn moregas than regulations permit through April 2022. By contrast, Exxon ContinuedfrompageB1 andChevron burned 0.9% and Expedia CEOSeesTravelBoom Coming Theburning of gas, known 0.4%oftheir gas, respectively, as flaring,isprevalent in the in the second half of last year, Permian because most produc- according to Rystad. BY CHIP CUTTER WSJ: Howisthe vaccine rollout back and the moment will erstheredrill formoreprofit- Mr.Lawler acknowledged affecting travel bookings? change, so I don’t expect that able oil and oftenincinerate thereismorework to be done PeterKern became chief ex- Mr.Kern:You see the shift, home rental will be as domi- thegas that comes as aby- but said that by 2025 BP will ecutiveofficer of Expedia and it goes geographybyge- nant as it feels right now. product. They do so because only burn “deminimis” Group Inc.last April, during ographybased on consumer thereisn’t enough infrastruc- amountsofgas and won’t need the travel industry’sworst cri- sentiment, what people believe When do youexpect thatto turetopipe and processall of flaring permit exceptions. sis in decades. they candoand when. I’m happen? the gas so it can be sent to Fossil fuel companies have It wasaprecarious mo- sureyou knowpeople who’ve I don’t know when we will market. Flaring is also neces- made hugebetsonnaturalgas ment: Calls to the company’s gotten the vaccine,and they’re find the new normal. But you saryinemergencies,when op- as abridgetoacleaner energy call centerssurged immediately like, “Oh, my God. have to think this summer,a eratorshavetorelease gasto future, noting that it emits BOSS 500% as consumers Whereshould we go?” It’sjust lot of hotels will come back relievepressurebuildups. morethan 50% lesscarbon di- TALK canceled flightsand whether people feel comfort- strongly.

Butflaring has come under oxide than coal when burned hotel rooms.Expe- able setting adate. EXPEDIA As we movecloser to more increasedscrutinybecause it forpower. But activists, regu- dia burned through cash in is- PeterKern thinksvaccinations pervasivevaccines,people will resultsinsizable greenhouse latorsand othershavebegun suing refunds.Toweather the Arethereparts of the U.S. will fuel the desiretobook trips. be like, ‘I’m going to do that gasemissions. paying more attention to the downturn, the companymoved whereconsumers have more because Ilikethe pool bar.I BP has morework to do in burning of gasaswaste at to raise about $4 billion in confidence to book trips? of aprofit driver will Vrbo be likegoing to the gymatthe the Permian than itsbig-oil drilling sites,and gasleaks capital last spring. Thepartsofthe country going forward? resort.’All those thingsthat counterparts. As recently as along the supply chain from BarryDiller,the company’s that demonstrated they are We’re very ambitious with seem crazy maybe today, in a 2019,itburned ahigher pro- wells to powerplants, as evi- chairman, had tapped Mr. lessconcerned about the virus Vrbo.You can’t take credit for few months aregoing to seem portion of the gasitpro- dencethat gas’strueenviron- Kern,Expedia’s52-year-old generally have higher book- the tailwinds.These compa- quitelike, ‘I can’t wait to do duced—about 15%—than all mental footprint is consider- vice chairman and a longtime ings. Chalk it up to politics or nies that benefited from that.’ but one other producer in the ably larger. media and private-equity exec- perspectiveorexperienceor Covid, they act likethey in- Permian, according to dataan- Flaring hasbegun to in- utive, to help runExpedia’s whatever, but that’s what we vented nuclear physics,cold What about business travel? alytics firm Rystad Energy, crease in the Permian this year daily operations beforeap- see.It’sapersonal comfort fusion or something.Itjust Look,businesstravelwill and far morethan rivals such as producersresume drilling pointing him CEO last spring. question, so if you’renot wor- fell in your lap,and you certainly take longer to come as Exxon Mobil Corp.and in response to recovering de- While cutting thousands of ried about the virus generally, shouldn’t be tooproud of that. back.Weare seeing that Chevron Corp. mand. Colin Leyden, adirector jobs,the companyisalso gear- if youliveinastate where What do you do with it? acrossthe world. But as travel Beforethe pandemic gutted at theEnvironmental Defense ing up forananticipated re- they’remorecomfortable tak- This moment has given us a comes back,wewill quickly demand foroil and gasand Fund, said companies should bound in travel. Alongside the ing off restrictions,you’re real opportunity.The demand have aphenomenon where, in forced cutbacks in production, commit to eliminating routine Expedia brand, the company likely also morecomfortable is so high that we are invest- your industry, when you’re companies were flaring about flaring as astarting place. owns Orbitz and Travelocity, about travel. ing much moreheavily in mar- able to travel, somebody’s go- $1.2 million worth of gas every “The idea youcan drill an alongwith Vrbo,anAirbnb keting,insupply,inall ele- ing to getonaplane and dayinthe Permian. That is oil well with no destination for Inc. rival. Vrbo has been apandemic ments, so we don’t lose that someone’sgoing to go have roughly enough gastomeet the the gashas to stop,” Mr.Ley- Mr.Kern recently spoke bright spot for Expedia as con- moment. And we’re getting a that face-to-facemeeting,and daily needs of Nebraska or densaid. with The Wall Street Journal. sumers sought to book longer lotmoreusers. Ialso believe that meeting is going to be West Virginia. Burning that While large companies in- Here are edited excerpts: staysclose to home. Howmuch hotels will come screaming more impactful. much gasresulted in roughly as cluding Chevron, Exxon and BP much carbon emissions as driv- have promised to end routine ing morethan six million cars flaring in coming years, many $6 billion forayear,according to an anal- smaller,privately held compa- Citi Eyes Citigroup's ysis of datafromthe U.S. Envi- nies haven’t made such operating SAVE ronmental Protection Agency. pledges.Privateoperatorsin 5 income from Thefirst phase of BP’sproj- the Permian accounted for Asia’s consumer $ ect is afacility known as about 25% of gasproduction in banking 100 4 Grand Slam which along with a the second half of 2020 but Rest of nearby water-processing plant were responsible for55% of Wealthy the world began operating in June and wellhead gasflaring,according Asia cost $300 million. Spread to Rystad. 3 Reg. $29999 | SALE $199 99 across50acres hidden behind BP bought itsPermian as- ContinuedfrompageB1 North dunes and cattle guards near setsin2018 from BHP Group ser,who took the topjob at the America the Texas-NewMexicoborder, Ltd. for$10.5 billion and inher- companylast month.InJanu- 2 the plantsare amazeofnearly ited some of the most carbon- ary, the bank said it would com- 4,000 tons of steel equipment intensivewells in the region. bine itsprivatebank that tar- 1 and pipe that centralizes the Even afterBPbegan operating getedultrarich individuals with collection of oil and gasand the wells in March 2019,their morethan $25 million in assets itsbyproducts, and processes flaring remained among the and awealth-management busi- 0 the different fuels so they can worstuntil about ayear ago. nessfor individuals with up to 2017 ’18 ’19 ’20 ’21 be sold. Mr.Lawler said BP won’t $10 million in assets. Thetwo Note:2021datafor the firstquarter.Citigroup Several similarplantsare drillany well in the Permian were previouslyrun separately, includes results from Europe, Middle East and planned, ultimately processing unless it has access to agas and the combination would also Africa in its Asia consumer-banking results. nearly all of BP’sPermian pro- pipeline.Toensurethereis enable Citigroup to catertocli- Source:the company duction. minimal flaring of itsgas,the entsthat fall in between the Can’tHear Theinvestment already ap- companyhas also chosen to two groups. management, Mr.Babej hopes it pearstobemaking an impact. build and operateits own “You’vegot to pick your could yield the bank moreinsti- Voices On TV? BP burned about 3.5% of the gathering and processing in- spotsand really focus on the tutional clients, too, and gasitproduced in the second frastructureinstead of relying things whereyou have unique “changethe entireclient rela- New AccuVoice® AV157 Speaker uses half of 2020, down sharply on thirdparties. advantages,” Mr.Babej said. tionship from amoretransac- patented hearing aid technology to create “Asia has the biggest growth tional one to alifetime partner- 12 levels of dialogue clarity. potential acrossthe world. For ship-typerelationship,” he said. the firm, it’scritical to getAsia Asia accounted for18% of Flat-screen TVs use tiny speakers with tinny sound. So many people right.” Citigroup’sglobal operating in- have to use closed-captioning to watch amovie or sporting event. Theregion has adispropor- come from institutional clients Our patented hearing aid technology lifts voices out of the soundtrack tionately high percentageofthe in the firstquarter,thanks in and clarifies them. The result is remarkable. The AV157 has 12 levels of voice boost –incase you need extra clarity.Only 17" wide, it fits world’sultrawealthyindividuals part to stock and bond offer- just about anywhere. Hookup is simple –one connecting cord. and is benefiting from an ex- ingsthat itsinvestment bank panding middle classand rising arranged formanyChinese JOURNAL affluence, thanks to faster- companies that raised funds “It’sLike AHearing Aid YouPlug Your TV Into.” Techhive REET growing economies and the offshore.Attimes in the past, ST

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THE WALL STREET JOURNAL. **** NY/NE Monday, April 19, 2021 | B3 BUSINESS NEWS Regulator Warns of Peloton ProductRisk

Those with children or leased a home video of an in- mills pose the same risk as cussions with Peloton before stop using the product imme- safety messages during cident in which achild was Peloton’s. It said it is aware of issuing itsinaccurateand mis- diately,” the commission said classes. pets advised against pulled under one of the ma- 39 incidentsinvolving the ma- leading pressrelease,” the in its report. Best knownfor stationary treadmill; maker calls chines while playing with a chines, including the death. company said. Treadmill accidentsare bicycles, Peloton unveiled its ball before freeing himself. APeloton spokeswoman TheCPSC, the federal common though deaths are treadmill-style machine in warning inaccurate Peloton called the agency’s said the companybelieves “the agency charged with protect- rare,according to government 2018.That machine,atfirst advisory“inaccurateand mis- consequences of not following ing U.S. consumers from dan- data. Therewere22,500 emer- called the Tread, is nowcalled BY SHARON TERLEP leading,” and said the tread- warningsand safety instruc- gerous products, said that dur- gency-room visitstied to the Tread+ afterPeloton intro- mills are safe when users fol- tions areconsistently gravefor ing itsinvestigation it found a treadmills in 2019, according duced a pared-down, less-ex- Afederal safety agencyhas low safety recommendations, all motorized treadmills.” case in which a child became to the CPSC. Therewere17 pensiveversion slated to begin told people with young chil- which include keeping children The company said it asked entrapped by the machine deaths related to treadmills selling in the U.S. this year. dren or petstostopusing and petsaway from the ma- the agencytoaddressthe mat- while it wasinuse by apar- between 2018 and 2019. Demand forPeloton’sinter- Peloton Interactive Inc. chine and removing the ma- terwith ajoint statement that ent, which led it to conclude Peloton said that in March, net-connected equipment has treadmills. chine’ssafety key when it isn’t emphasized the need forusers that locking the divide with a it learned of the accident in surged over the past year as Themovebythe Consumer in use to prevent itsbelt from to follow safety instructions. safety key when not in use which the child died and noti- the pandemic closed gyms and Product Safety Commission moving. “Peloton is disappointed isn’t sufficient. fied the CPSCwithin aday.In prompted manypeople to comes afterits investigation TheCPSC’sreport didn’t that, despite its offers of col- “In light of multiple reports addition to sending direct work out at home. Customers into the death of achild in- specify how or whether Pelo- laboration, and despitethe of children becoming en- messages to Tread+ owners have waited weeks fordeliver- volving oneofthe machines ton’streadmills aremoredan- fact that the Tread+ complies trapped, pinned, and pulled advisingthem to adhereto ies due to the strong demand turned up dozens of instances gerous than other models.The with all applicable safety stan- under the rear roller of the warningsand followsafety in- and supply-chain problems of injuries.Aspart of the agencysaid it is investigating dards, CPSC was unwilling to product, CPSC urges consum- structions, the company now that the company has sought warning,the commission re- whether other types of tread- engageinany meaningfuldis- erswith children at home to has itsinstructorsdeliver to address. Performance Ve nues Struggle as Aid Plan Gets OfftoBad Start

BY AMARA OMEOKWE lion rescue package approved OperatorsGrant. TheSBA said by CongressinDecember,aims it needed time to build the ini- Thousands of performance to provide grantsofupto$10 tiative from scratch. venues thought they had million per business. Those effortsfollowedcriti- reached the end of along wait Live-eventsbusinesses have cisms of the SBA’sother pan- forrescue funds from afederal struggled to operateamid demic-relief initiatives,such as program designed to help stateand local government re- the Paycheck Protection Pro- them survive the coronavirus strictions on large social gath- gram and the Economic Injury pandemic. erings, and as Americans have Disaster Loan program. Gov- They were wrong. practiced social distancing for ernment watchdog agencies TheSmall BusinessAdmin- fear of contracting the virus. have found evidenceoffraud istration opened the program— Jobs figuresreflect the hard- andabuse in both programs. a$16 billion initiativemeant to ships facing the industry.While Livevenues had hoped their offer grantstoconcert halls, employment in the arts, enter- wait would mean asmooth theatersand museums—on tainment and recreation indus- processoncethe grant pro- April 8, but shut down the ap- tryhas increased this year,La- gram opened. Instead, on plication portal hourslater,cit- bor Department datashow launch day, businessowners ing technical glitches.AnSBA therewerestill roughly 708,000 reported they had difficulty spokeswoman said the agency fewerjobs in the sector during registering foraccountsonthe wasworking to test the appli- March 2021 than in February application portal and encoun- cation portal’sfunctionality, 2020,just beforethe pandemic tered error messages. and aiming to reopen it by the accelerated in the U.S. “Itwas chaos,” said Chris end of this week. “Everyday,every hour that Bauman, president of Zenith “Weknowthis funding is ticks by is one daycloser to Music Group, which operates urgently needed now and are death, and that is the case for venues including the Patio doing all we cantoreopen manyvenues acrossthe coun- Theater in Chicago. with the greatest amount of try,” Stephen Tyler,amanaging TheSBA ultimately didn’t certainty as possible,” the partner at TowerTheatrein accept anyapplications on spokeswoman said. Oklahoma City,said of the grant launch day, the SBAspokes-

Manysmall and indepen- program’sdelayedopening. UMAN woman said. dently operated music venues Revenue at TowerTheatre, a BA Asenior SBAofficial said the

and other performing-arts concert and eventsspacethat CHRIS initial portal problems had been spaces saythey need the holdsabout 1,000 people and The company that operates Chicago’s Patio Theater encountered ‘chaos’ trying to apply for a grant. resolved, but the agencywas money to stay afloat in an in- shows films,was down 95% be- stillworking to addressissues dustry that has been hit hard tween March and December “Ifthis goes on long whole segment of the indus- three months to ready itself to that could be caused by high by the Covid-19 pandemic.The 2020 compared with the same enough, it is absolutely realis- try,” he said. start the program, officially numbersofapplicantsaccess- program, part of a$900 bil- period in 2019,Mr. Tyler said. tic that this could crush this TheSBA took morethan known as the ShutteredVenue ing the siteatonce.

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B4 | Monday, April 19, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY & BUSINESS WSJ.com/Tech

local backersineach of the Blow Dealt company’smarketslikeFlorida, NaspersGrapplesWithIts Pennsylvania and Connecticut. Mr.Bainum has received in- To Bid for terest from buyersinvarious Tribunemarkets. Mr.Slaine,a technologyinvestor from Flor- Successful BetonTencent Tribune ida who holds aminority stake in Tribune,told TheWall Street Journal in March that he BY ALEXANDRA WEXLER Shareperformanceof ContinuedfrompageB1 waswilling to offer $100 mil- Naspersand Tencent to sweeten its offer. lion to support Mr.Bainum’s JOHANNESBURG—Africa’s Thecommitteewas sent effort in return forthe Orlando largest listed company, 100% TencentHoldings formal noticeofMr. Wyss’s Sentinel and SunSentinel in Naspers Ltd., is wrestling with Naspers decision on Saturday, people Fort Lauderdale.Hewasn’t in- an unusual problem: It made familiar with the matter said. cluded in the initial bidding one unbelievably good invest- 75 Mr.Bainum, abillionaire group. On Sunday, Mr.Slaine ment that has nowbecome a whose companyoperates said he hadbeen contacted by headache. brands likeEcono Lodgeand Mr.Bainum’scamp and that he 50 Naspersbought athirdof ComfortInn, had planned to remains interested in possibly Tencent Holdings Ltd. in commit $100 million of his own joining the bid. 2001, years before the opera- 25 money to the bid. He is satis- Mr.Bainum has said that if tor of the WeChat messaging fied with the due diligence, his bid is successful, he in- app became China’s most-valu- GES some of the people said. tends to invest in the Balti- IMA able publicly listed company. 0 The battle between Mr.Bai- morepaper and eventually do-

The stake itself is now valued ETTY num and Alden to acquire nate it to a nonprofit trust he /G

at over $100 billionmorethan ER Tribune—home to the Chicago would create, people familiar

the market value of Naspers, AY -25 Tribune,BaltimoreSun, New with the matter have said. He FR despitethe company’sother May2019'20 '21 York Daily News and other originally hadreached aside

profitable businesses in areas KEVIN U.S. metronewspapers—could deal with Alden to acquirethe likeonline classifieds,pay- Tencent operates China’s popular WeChat messaging app. Source:FactSet help shape the future of local Sun for $65 million as part of ments and retail. news in America, an industry the hedge fund’s takeover ef- Thedifferencehas pre- likely one of the greatest ven- companyishopeful that will Analystshaveattributed that is in steep decline. Alden fort, but the arrangement fell sented Naspersexecutives ture-capital investments of makethe businesses easier for the persistent valuation gulf to has shown an appetite for ac- apart and Mr. Bainum moved with the enigma of determin- modern history. NowTencent, investorstovalue,headded. afew issues.One is that hold- quisitions,betting scale and to launch his own bid. ing howtounlock value for the world’slargest videogame Prosus’ portfolio excluding ing companies consistently efficiencyare the path forward Mr.Wyss had envisioned shareholders without cashing companybyrevenue,has a Tencent had a20% internal trade at adiscount to their forstruggling papers, but crit- building the Chicago Tribune out on one of the world’smost market capitalization equiva- rate of return during the six underlying businesses. ics sayits aggressivecost-cut- intoanational brandthat successfultech companies. lent to $780 billion. months that ended Sept. 30. Second is a dividend-with- ting is only accelerating the would compete with the New Theproblem has become more Earlier this month,Amster- The size of Naspers on the holding taxthat Naspers demise of local papers. York Times and Washington acuteasthe gapwidened to dam-listed internet conglomer- JohannesburgStock Exchange would need to payshould it Another option is to sell to Post. But he told Mr.Bainum newlevelsinthe past year, ate Prosus NV,which is major- has become aconstraint for sell itsstake in Tencent and wealthybenefactors. That was that after reviewing the com- when the coronavirus-induced ity owned by Naspersand local index-tracking funds, distribute the proceeds to in- the fateofthe WashingtonPost, pany’sfinances it appeared rally in tech stocks pumped up houses the company’sinterna- which can’t hold toomuch of a vestors—a scenario that which wassold to Amazon.com that that would be toodiffi- valuations of Tencent and tional internet assets, sold single stock.While manyof Naspers executives have said Inc.founder Jeff Bezos. cult, the people familiar with other tech companies. $14.6billion of shares in the the companies listed on the is unlikely. Anybuyer would be staring the situation said. “I don’tthink there’sase- Chineseinternet giant. The exchange have shrunk during Another reason for the dif- at agrim financial picturefor nior person at the group level sale, itssecond reduction in the pandemic,Naspersshares ferenceisthat investorscan local papers. Over the past 20 that isn’t involved in thinking threeyears,cut itsstake to have been boosted by Tencent, also gain direct access to Ten- years, annual newspaper ad- through this problem and 29%, currently valued at about and the companynow com- cent shares through Tencent’s vertising revenue has plum- working on it,” said Basil $226 billion. prises more than 25% of the Hong Kong listing. meted by 70%, or $34 billion, Sgourdos, chief financial offi- Themarket capitalization of benchmark JSE SWIX Index. Nasperstook action to ad- according to estimates by the ceratNaspers. Mr.Sgourdos Naspersis1.53trillion South That meanswhen Naspers dressthe valuation gapin PewResearch Center,asread- said executives are exploring African rand, equivalent to goes up,manySouth African 2019,when it created Prosus ershavemoved online and more than 10 ideas to reduce about $107 billion. investorsneed to sell their to hold itsinternational as- digital ad dollarshaveincreas- thevaluation gap, but he de- “We’re not happy where it stock,which canwiden the sets—the stakeinTencent, ingly been spent on tech gi- clined to elaborateonwhat is,” Bob van Dijk, chief execu- discount of Naspersrelativeto alongwith investmentsin antslikeGoogle and Facebook. options they are considering. tiveofNaspersand Prosus, Tencent. tech companies such as Rus- Morethan 1,800 newspapers Issues that anysuccessfulcan- said of the valuation gap. “It’s “It is creating concentration sian social-media operator have closed since2004,ac- CK

didate will need to overcome apriority…totakefurther issues for many fund manag- Mail.ruGroup Ltd., German cording to research by the TO include tax, regulatory, bal- steps to address it.” ers,” said Kevin Mattison, food-deliverybusiness Deliv- University of North Carolina. ancesheet structureand debt. Mr.van Dijk said the near managing director at Avior eryHero and U.S. online mar- If the effort by Messrs. Bai-

“With each idea and un- $15 billion windfall from the Capital MarketsinCape Town, ketplaceLetgo. num and Wyss had been suc- SHUTTERS A/

packingit, youlearn some- latest Tencent stock sale South Africa. To help narrow Themoveinitially narrowed cessful, they planned to break EP thing,” Mr.Sgourdos said. would be used to scale and ex- the gap, Nasperscould show the gap but not for as long as up Tribune—with Mr.Bainum T/ “That’sveryvaluable [intellec- pand the company’sonline positive contributions from executives had hoped. keeping the BaltimoreSun and

tual property] in finding the classifieds,payments, food de- other businesses in their earn- “What we didn’t knowis Mr.Wyss taking control of the GOMBER final solution.” livery, retail and education ings, spin off one or two of that Covid would happen, and ChicagoTribune.The pair had

Nasperspaid $34 million businesses,aswell as look for thoseassetsorpay special we’d be back in this position in envisioned sellingthe rest of ANDREW forits initial Tencent stake, mergers and acquisitions.The dividends, he said. six months,” Mr.Sgourdos said. Tribune’sseven properties to Stewart Bainum still seeksdeal.

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THE WALL STREET JOURNAL. ***** NY Monday, April 19, 2021 | B5 BUSINESS & FINANCE Supplier Misses Out on Grocery Revival

Maker of store-brand recent yearsinvested heavily in ping generated adecade’s such storebrands,saying worth of e-commerce sales in product lost share as higher-quality andunique asingle year,according to pri- supermarket chains store-branded productshelp re- vate-label consulting firm Day- cruit shoppersand keep them mon Worldwide. gained during crisis coming back.They arealso Price comparisons—where moreprofitable forretailers. private-labelfoods oftenwin BYANNIE GASPARRO Grocerystorestypically consumerswhen set side by don’t operatetheir ownfacto- side on shelves next to more Grocerysales boomed ries,relying instead on Tree- expensivebranded products— throughout the pandemic.One House and other thirdparties canbeharder forconsumers of supermarkets’ biggest and to makeitems.For years, the to do online,said Daymon’s least-known suppliers missed formula worked: Heading into senior vicepresident of strat-

out. the pandemic,sales of store- S egy advisory, Aimee Becker. TreeHouse Foods Inc., branded goods grew at twice Privatebrands’ shareof based in Oak Brook,Ill., is the the rate of name-brand prod- PRES grocerysales inched down last

nation’slargest maker of ucts, helped by grocery ZUMA year to about 18% of sales— store-brandfoods.Its low chains’ push to sell moreof ending adecadelong rising

prices and variety helped them and improvetheir profit LEVINE/ streak,according to market

makeitagrowing threat to margins. B. research firm Nielsen. Tree- packaged-food giants such as Covid-19 changedall that. Houselost shareincereals,

Kraft Heinz Co., General Mills Stay-at-home orders and res- RICHARD cookies and other categories. Inc. and KelloggCo. taurant closures shiftedthe TreeHouse Foods makes 30 kinds of food for dozens of retailers such as Whole Foods. In 2020,TreeHouse’soverall When Covid-19 disrupted bulk of consumers’ food shop- comparable sales rose 2.7%, the U.S. food sector,however, ping toward grocerystores. ecutiveMiguel Patricio said in Thegreater availability of label products, he said. behind othergrocery players TreeHouse’sstrengths became National brands,likeKraft February. “That’ssomething national food brands during TreeHouse’sbranded rivals likeKraft Heinz,wherereve- liabilities,the company’stop Heinz,General Mills and Kel- we don’t see vanishing when the pandemic helped them win also gotaboost as consumers’ nue by that measurerose 6.5%, executives said, preventing it logg, quickly enlisted third- the pandemic is over.” moreshelf spacefromprivate- shifttoonline groceryshop- and Albertsons,upabout 12%. from benefiting as much as party factories to make more other grocerysuppliersduring of their productsand help the pandemic.Overthe past meet higher demand. In their year,TreeHouse ranintomore ownplants, they stopped mak- capacity constraints and sup- ing certain products to maxi- ply-chain problems than well- mizebestsellersand keep knownbrands because of cor- manufacturing lines moving. onavirus outbreaks. Cost cuts TreeHousecouldn’t do ei- HOWDOYOU had to be delayedwhile labor, ther.The company, Mr.Oak- packaging,ingredientsand land said, makes a fraction of freight got pricier. the dozens of flavorsand sizes MANAGE RISK Not prepared to market its that national brands do,so productsonline,TreeHouse therewerefeweroptions to fell behind as more consumers cut back in order to gain effi- took their groceryshopping to ciency. Thecutsmade by Tree- THROUGH e-commerce platforms. House cost it market share. “Wehad built this supply In frozenwaffles,Tree- chain designed fortremendous House temporarily cut flavors BOTH CHAOS efficiencybut very lowvolatil- likechocolatechip,tofocus on ity,” TreeHouse Chief Execu- making the basics.The leading tiveSteve Oakland said.“When brand, Kellogg’sEggo, sus- ANDCALM? the pandemic hit, we had com- pended production of more plexity meet volatility.” obscure varieties and contin- Thecompanyfaces pressure ued selling popular flavorslike from an activist investor. Mr. chocolatechip.TreeHouse’s Oakland said he is investing in frozen-waffle sales took a hit technologyand slimming as a result, Mr. Oakland said. down operations,aiming to re- TreeHouse couldn’t hire verseTreeHouse’sfortunes as third-party manufacturers to the pandemic eases. increase production because it TreeHouse makes 30 kinds wastoo expensiveand compli- of food fordozens of retailers, cated, given the manyretailers sold under storebrands like TreeHouse serves,former Walmart Inc.’sGreat Value TreeHouse executives said. macaroni and cheese and Whole “Private label lost share in Foods’ 365 Everyday Value or- many, manycategories, and ganic ground coffee.Those su- that is good news forbig permarket giantsand othersin brands,” KraftHeinz Chief Ex-

In 2012, Mr.Penskeac- Penske quired Variety and two years later bought Women’sWear Daily and other fashion publi- Buys 50% cations from Condé Nast. In recent years, the com- panyhas acquired Rolling Of Festival Stone,astake in luxurymag- azine the Robb Report and thecompanybehind ART- ContinuedfrompageB1 News. intoaportfolio of publications Last year,PenskeMedia focused on the music,enter- expanded itsportfolio by tainment and film industries. merging with MRC, the par- JayPenskesees the po- ent companyofthe Holly- tential digital partnerships wood Reporter,Billboardand between the festival and his Vibe. music and entertainment It also created aseparate publicationsasadriver of jointventurewith MRCfor long-term growth, one of the the development of film and people said. television projects. CORPORATEWATCH

KANSAS CITY SOUTHERN ties and Exchange Commission. Squarespace said it had about Revenue Falls Amid 73.8 million class A common Lower Volumes shares and roughly 64.8 million class B shares outstanding as of Kansas City Southern said March 31. its revenue for the first quarter Squarespace, which recently fell because of lower volumes, a raised about $300 million at a lower fuel surcharge and fluctua- valuation of $10 billion, said in tions in foreign currency. January that it had filed confi- The railroad on Friday posted dentially with the SEC for an earnings of $153 million, com- IPO. The company will apply to pared with $151.8 million in the list its shares on the New York prior year. Revenue fell to $706 Stock Exchange under the sym- million from $731.7 million. bol SQSP. Carload volumes fell 1% from —Colin Kellaher a year ago, the company said, citing winter weather and linger- CARNIVAL Youcan’t controlthe changing ing network congestion. tide of themarkets, but we can Canadian Pacific Railway Aida Cruises to Sail Ltd. has agreed to acquire Kan- From May to October help younavigateit. CMEGroup sas City Southern in a transac- helps youmanage risk and tion valued at about $25 billion Carnival Corp.’s Aida Cruises that would create the first said it would offer new seven- captureopportunities across all freight-rail network linking Mex- day cruises out of Greece from majorasset classes.Wedeliver ico, the U.S. and Canada. May 23 to Oct. 24, the latest nearlyone billion datapoints —Dave Sebastian cruise operator to plan a restart as sailings out of the U.S. re- daily,informingthe insight you SQUARESPACE main suspended. need to refine your trading Carnival’s German unit on Fri- Platform Files day said the cruises would de- strategy.For takingadvantage For Direct Listing part from Corfu and travel of opportunities in allmarket through the Greek islands to environments… CMEGroup. Website-building platform Crete and Rhodes, as well as Squarespace Inc. filed for a di- Katakolon (Olympia) and Piraeus rect stock listing, becoming the (Athens). latest high-valued company to The cruise line’s AIDAperla VISIT CMEGROUP.COM/ACTION forgo the traditional initial public ship would sail on seven-day offering process. voyages around the Canary Is- Derivatives arenot suitable forall investors and involvethe risk of losing The New York company, lands through June, Aida said. morethan the amount originallydeposited and anyprofit youmight have made.This communication is not arecommendation or offer to buy,sell which provides tools for con- Aida said it canceled remain- or retain anyspecific investment or service.Copyright ©2020 CME Group sumers and businesses to create ing voyages for April and May. Inc. Allrightsreserved. websites and online stores, “Cruises in other destinations didn’t specify a number of are unfortunately not possible at shares that it was registering in this time,” the cruise line said. the filing Friday with the Securi- —Dave Sebastian P2JW109000-0-B00600-1------XA

B6 | Monday, April 19, 2021 THE WALL STREET JOURNAL. CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo Prem12 Mo Prem12 Mo measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not Angel Oak FS Inc Trm FINS 18.82 17.81 -5.4 7.1 Nuveen Taxable Muni Inc NBB 22.45 22.68 +1.0 5.0 BR MH CA Qly Fd Inc MUC 15.96 15.15 -5.1 4.1 Blackstone/GSO FR EI T 24.04 NA NA 5.0 buy their shares back from investors who wish to cash Gab Utility GUT 4.41 7.01 +59.0 24.6 BlRck Core Bond BHK 15.93 15.61 -2.0 5.3 PIMCO Corp & Inc Oppty PTY 14.29 18.88 +32.1 8.5 BR MH NJ Qly MUJ 16.10 15.06 -6.5 4.8 Blackstone/GSO FR EI T-I 24.64 NA NA 5.0 in their holdings. Instead, fund shares trade on a stock exchange. NA signifies that the information is not GAMCOGlGold&NatRes GGN 4.08 3.69 -9.6 28.0 BR Credit Alloc Inc BTZ 15.38 14.71 -4.4 6.8 PIMCO Corp & Inc Strat PCN 14.45 17.88 +23.7 7.7 BR MH NY Qly MHN 15.19 14.22 -6.4 4.4 Blackstone/GSO FR EI U 25.10 NA NA 5.0 available or not applicable. NS signifies funds not in J Han Finl Opptys BTO 37.31 39.03 +4.6 117.4 Insight Select Income INSI 21.39 19.92 -6.9 3.8 PIMCOHilnco PHK 5.93 6.95 +17.2 8.9 BR MuniYld CA MYC 16.41 15.14 -7.7 3.5 Blstn Commnty Dev 9.94 NA NA 3.1 existence for the entire period. 12 month yield is Neuberger Brmn MLP & EI NML 5.54 4.29 -22.6 96.2 InvescoBond VBF 20.75 19.36 -6.7 3.5 PIMCO IncmStrFd PFL 10.64 12.03 +13.1 8.9 BR MuniYld CA Qly MCA 16.25 15.02 -7.6 4.2 BNYM Alcntr Glb MS Cr Fd 103.86 NA NA 7.0 computed by dividing income dividends paid (during CLIFFWATER CL FD;I the previous 12 months for periods ending at month- Nuv Dow 30 Dyn Overwrite DIAX 17.91 16.73 -6.6 33.9 J Han Income JHS 15.96 15.32 -4.0 5.4 PIMCO IncmStrFd II PFN 9.40 10.44 +11.1 9.3 BR MuniYld MI Qly MIY 15.90 15.30 -3.8 4.2 NA NA NA 6.7 end or during the previous 52 weeks for periods NuvCorEqAlpha JCE 16.64 15.80 -5.0 44.1 MFS Intmdt MIN 3.80 3.64 -4.2 9.0 Putnam Mas Int PIM 4.40 4.20 -4.5 7.5 BR MuniYld NJ MYJ 16.16 15.00 -7.2 5.0 CNR Strategic Credit 10.69 NA NA 8.1 ending at any time other than month-end) by the FedProj&TrFinanceTendr 9.92 NA NA 2.6 Nuveen Nasdaq 100 Dyn Ov QQQX 28.35 28.41 +0.2 44.1 Western Asset Inf-Lk Inc WIA NA 13.03 NA 5.9 Putnam Prem Inc PPT 4.87 4.69 -3.7 7.8 BR MuniYld NY Qly MYN 14.55 13.70 -5.8 4.3 latest month-end market price adjusted for capital Schrdrs Opp Inc;A 26.32 NA NA 2.3 gains distributions. Depending on the fund category, Nuv Real Est JRS 10.86 10.04 -7.6 48.6 Western Asset Inf-Lk O&I WIW NA 12.49 NA 3.1 Wells Fargo Multi-Sector ERC NA 12.55 NA 9.0 EVCAMuniBd EVM 12.73 11.75 -7.7 4.2 Schrdrs Opp Inc;A2 NA NA NA 0.6 either 12-month yield or total return is listed. Nuveen Rl Asst Inc & Gro JRI 16.67 15.42 -7.5 54.6 Westn Asst IG Def Opp Tr IGI NA 21.23 NA 3.8 World Income Funds Eaton Vance NY Muni Bd ENX 13.49 12.39 -8.2 4.2 Source: Lipper Schrdrs Opp Inc;I NuvS&P500DynOvFd SPXX NA 17.29 NA 45.8 Loan Participation Funds InvCaValMuIncTr VCV 13.72 13.19 -3.9 4.3 26.32 NA NA 2.4 Abrdn AP IncFd FAX 4.69 4.27 -9.0 8.0 Schrdrs Opp Inc;SDR 26.36 NA NA 2.5 Friday, April 16, 2021 NuvSP500BuyIncFd BXMX 14.61 14.00 -4.2 38.9 Apollo Senior Floating AFT NA 15.19 NA 6.4 InvPAValMuIncTr VPV 14.34 13.12 -8.5 4.5 BrndywnGLB Glb Inc Oppts BWG NA 12.20 NA 7.1 Invesco Sr Loan A 6.47 NA NA 3.7 52 wk ReavesUtilityIncome UTG 34.40 34.67 +0.8 22.6 BR Debt Strategy DSU 11.66 11.01 -5.6 7.3 InvTrInvGrNYMu VTN 14.51 13.19 -9.1 4.1 Prem Ttl EtnVncStDivInc EVG NA 13.39 NA 6.8 Invesco Sr Loan C 6.49 NA NA 3.0 Tortoise Enrgy Infra Crp TYG Nuveen CA AMT-F Qual MI NKX 16.86 15.70 -6.9 4.1 Fund (SYM) NAV Close /Disc Ret 32.51 25.35 -22.0 98.9 BR F/R Inc Str FRA 13.96 12.92 -7.4 6.9 MS EmMktDomDebt EDD 6.87 6.14 -10.6 6.8 Invesco Sr Loan IB 6.47 NA NA 3.9 Nuveen CA Val NCA 10.84 10.29 -5.1 3.1 VAGIAI & Tech Opptys AIO 29.38 27.92 -5.0 79.9 BlackRock Floatng Rt Inc BGT 13.55 12.47 -8.0 6.9 PIMCO Dyn Crd & Mrt Inc PCI 20.34 23.06 +13.4 9.3 Invesco Sr Loan IC 6.47 NA NA 3.8 General Equity Funds NuveenCAQtyMuInc NAC 16.26 15.13 -6.9 4.3 VDivInt&PremStr NFJ 16.30 14.52 -10.9 47.6 Blackstone Strat Cr BGB 14.63 13.39 -8.5 7.7 PIMCO Dynamic Income PDI 24.79 29.10 +17.4 9.4 Invesco Sr Loan Y 6.48 NA NA 3.9 Adams Diversified Equity ADX 22.34 19.27 -13.7 45.9 Income & Preferred Stock Funds Eagle Point Credit ECC NA 12.30 NA 8.0 NuvNJ Qual Muni Inc NXJ 16.73 14.73 -12.0 4.6 Boulder Growth & Income BIF PIMCO Dynamic Inc Opp PDO NA 20.59 NA NS Pioneer Sec Inc 9.95 NA NA 4.4 15.64 13.29 -15.0 42.2 CalamosStratTot CSQ 17.43 18.31 +5.0 77.7 EtnVncFltRteInc EFT NA 14.12 NA 5.2 Nuveen NY AMT/Fr Qual MI NRK 15.08 13.76 -8.8 4.1 Central Secs CET 46.38 39.03 -15.8 44.4 PIMCO Income Opportunity PKO 23.51 27.14 +15.4 8.6 High Yield Bond Funds CohenStrsLtdDurPref&Inc LDP 25.99 26.68 +2.7 28.5 EV SenFlRtTr EFR NA 14.00 NA 5.6 Nuveen NY Qual Muni Inc NAN 15.62 14.44 -7.6 4.3 Griffin Inst Access Cd:A NA NA NA 5.9 CohenStrsCEOppFd FOF 13.76 13.77 +0.1 46.0 PIMCO Stratg Inc RCS NA 7.42 NA 8.6 CohenStrsSelPref&Income PSF 26.74 29.27 +9.5 31.3 EVSnrIncm EVF NA 6.66 NA 5.8 Nuveen OH Qual Muni Inc NUO NA 15.84 NA 3.5 Griffin Inst Access Cd:C NA NA NA 5.9 EVTxAdvDivIncm EVT NA 27.02 NA 58.4 Templeton Em Inc TEI 8.47 7.57 -10.6 1.8 CohenStrsTaxAvPreSecs&I PTA 25.80 25.25 -2.1 NS FT/Sr Fltg Rte Inc 2 FCT 12.72 12.25 -3.7 9.9 Nuveen PA Qual Muni Inc NQP NA 14.40 NA 4.5 Griffin Inst Access Cd:F NA NA NA 5.9 GabelliDiv&IncTr GDV 27.99 24.91 -11.0 64.0 Templtn Glbl Inc GIM 5.89 5.44 -7.6 0.8 FirstTrIntDurPref&Inc FPF 24.56 24.50 -0.2 34.9 FT/Sr Fltg Rte 2022 TgTr FIV 9.63 9.41 -2.3 2.2 Nuveen VA Qlty Mun Inc NPV 15.35 16.45 +7.2 3.4 Griffin Inst Access Cd:I NA NA NA 5.9 Gabelli Equity Tr GAB 6.61 7.00 +5.9 76.3 WstAstEmergDebt EMD NA 13.66 NA 8.6 JHanPrefInc HPI 20.45 20.91 +2.2 31.4 Highland Income HFRO 13.45 11.35 -15.6 8.3 PIMCO CA PCQ 14.18 18.13 +27.9 4.3 Griffin Inst Access Cd:L NA NA NA 5.9 GeneralAmer GAM 48.93 41.87 -14.4 50.3 Western Asset Gl Cr D Op GDO NA 17.94 NA 6.8 PIMCOCAMuniII PCK 9.09 9.08 -0.1 4.2 JHPrefIncII HPF 20.16 21.34 +5.9 40.1 InvDYCrOpp VTA 12.13 11.53 -4.9 7.9 National Muni Bond Funds PIMCO Flexible Cr I;A-1 NA NA NA NS JHancockTaxAdvDiv HTD 24.94 23.95 -4.0 36.9 52 wk PIMCO Flexible Cr I;A-2 NA NA NA 7.2 HnckJPfdInco III HPS 18.02 18.38 +2.0 35.9 InvSnrIncTr VVR 4.59 4.19 -8.7 6.1 AllBerNatlMunInc AFB 15.50 14.42 -7.0 4.3 Liberty All-Star Equity USA 8.09 8.67 +7.2 77.5 Nuveen Credit Strat Inc JQC Prem Ttl PIMCO Flexible Cr I;A-3 NA NA NA NS J Han Prm PDT 14.76 15.63 +5.9 36.0 NA 6.57 NA 14.7 BlckRk Inv Q Mun BKN 16.72 18.82 +12.6 4.4 Liberty All-Star Growth ASG 8.53 9.13 +7.0 89.5 NuvFloatRateIncFd JFR Fund (SYM) NAV Close /Disc Ret PIMCO Flexible Cr I;A-4 NA NA NA 7.4 LMP CapInco SCD NA 13.31 NA 56.9 NA 9.64 NA 6.2 BlackRock Muni 2030 Tgt BTT 26.97 25.90 -4.0 2.9 Royce Micro-Cap Tr RMT 13.51 11.79 -12.7 107.6 NuvFloatRteIncOppty JRO NA 9.51 NA 6.1 General Equity Funds PIMCO Flexible Cr I;Inst 9.49 NA NA 8.1 Nuveen Pref & Inc Opp JPC 9.79 9.58 -2.1 32.6 BlackRock Muni BFK 14.75 15.04 +2.0 4.5 Royce Value Trust RVT 21.27 18.81 -11.6 90.5 Nuveen Senior Income NSL NA 5.61 NA 6.7 Alternative Strategies:I 6.16 NA NA 41.6 PionrILSBridge NA NA NA 0.0 Nuveen Fd JPS 9.79 9.80 +0.1 33.0 BlackRock Muni II BLE 15.13 15.13 0.0 4.7 Source Capital SOR 49.08 44.67 -9.0 47.6 High Yield Bond Funds BOW RIVER CAPTL EVGN;I NA NA NA N WA Middle Mkt Inc NA NA NA 7.1 Nuveen Pref & Inc Term JPI 24.95 25.18 +0.9 34.5 BlckRk Muni Inc Qly BYM 15.93 15.57 -2.3 4.2 Tri-Continental TY 37.42 33.64 -10.1 54.7 AllianceBernGlHiIncm AWF 12.92 11.98 -7.3 6.6 Specialized Equity Funds Other Domestic Taxable Bond Funds Nuveen TxAdvDivGr JTD 17.23 15.43 -10.4 34.4 BR MuniAssets Fd MUA 14.76 15.15 +2.6 4.1 Specialized Equity Funds Barings Glb SD HY Bd BGH 17.66 16.35 -7.4 7.8 CIM RA&C A 25.53 NA NA NS Alternative Credit Inc:A 10.90 NA NA 6.5 TCW Strat Income TSI NA 5.64 NA 9.6 BR MuniEnhanced MEN 12.42 12.08 -2.7 4.5 Aberdeen Glb Prem Prop AWP 6.50 6.25 -3.8 52.3 BR Corporate HY HYT 12.08 11.82 -2.2 7.9 CIM RA&C C 25.34 NA NA NS Alternative Credit Inc:C 11.02 NA NA 5.7 Convertible Sec's. Funds BR MuniHoldings Qly MFL 15.31 14.47 -5.5 3.9 Alternative Credit Inc:I 10.92 NA NA 6.7 Adams Natural Resources PEO 17.00 14.78 -13.1 62.4 BlackRock Ltd Dur Inc BLW 17.03 16.93 -0.6 7.0 CIM RA&C I 25.59 NA NA NS AdvntCnvrtbl&IncFd AVK NA 18.50 NA 66.6 BR MH Qly 2 MUE 14.29 13.43 -6.0 4.4 Alternative Credit Inc:L 10.90 NA NA 6.2 ASA Gold & Prec Met Ltd ASA 25.49 22.06 -13.5 75.1 BNY Mellon Hi Yield Str DHF 3.32 3.10 -6.6 8.3 CIM RA&C L 25.47 NA NA NS CalamosConvHi CHY 16.28 15.82 -2.8 73.9 BR MuniHoldngs MHD 17.31 16.35 -5.5 4.5 Alternative Credit Inc:W 10.89 NA NA 6.5 BR Enh C&I CII 21.08 20.24 -4.0 55.0 Brookfield Real Asst Inc RA 20.22 21.98 +8.7 11.5 GS Real Est Div Inc:A 10.03 NA NA 12.4 CalmosConvOp CHI 15.42 15.13 -1.9 78.9 BR MuniVest Fd MVF GS Real Est Div Inc:C 10.02 NA NA 11.5 Am Beacon Apollo TR:T 10.12 NA NA 1.6 BlackRock Energy & Res BGR 9.42 8.59 -8.8 35.2 CrSuisHighYld DHY NA 2.40 NA 8.1 9.97 9.44 -5.3 4.3 VAGI Conv & Inc II NCZ 5.71 5.14 -10.0 60.6 BR MuniVest 2 MVT GS Real Est Div Inc:I 10.47 NA NA 12.6 Am Beacon Apollo TR:Y 10.22 NA NA 2.3 BlackRock Eq Enh Div BDJ 10.34 9.80 -5.2 51.8 DoubleLine Inc Sol DSL NA 18.01 NA 9.1 15.61 15.40 -1.3 4.5 VAGI Conv & Inc NCV 6.37 5.81 -8.8 63.5 GS Real Est Div Inc:L 10.03 NA NA 12.1 Am Beacon SP Enh Inc:T 9.58 NA NA 2.9 BlackRock Enh Glbl Div BOE 13.01 11.98 -7.9 40.8 DoubleLine Yld Opps DLY NA 19.58 NA 7.3 BR MuniYield Fd MYD 15.28 14.73 -3.6 4.6 VAGI Dvs Inc & Conv ACV NA 33.65 NA 81.1 GS Real Est Div Inc:W 10.18 NA NA 12.4 Am Beacon SP Enh Inc:Y 9.70 NA NA 3.4 BlackRock Enh Intl Div BGY 6.74 6.23 -7.6 37.9 First Tr Hi Inc Lng/Shrt FSD 16.49 15.22 -7.7 8.7 BR MuniYield Qlty MQY 16.58 16.20 -2.3 4.5 BlackRock Hlth Sci Tr II BMEZ 29.43 27.24 -7.4 49.1 VAGI Eqty & Conv Inc NIE 32.54 29.42 -9.6 51.7 BR MuniYld Qlty2 MQT 14.59 13.96 -4.3 4.4 NexPointRlEstStrat;A 17.21 NA NA 37.3 Angel Oak Str Crdt:Inst 23.00 NA NA 8.1 First Trust HY Opp:2027 FTHY 21.25 20.08 -5.5 NS BR Credit Strat;A BlackRock Hlth Sciences BME 46.54 48.80 +4.9 26.1 World Equity Funds BR MuniYld Qly 3 MYI 15.39 14.33 -6.9 4.0 NexPointRlEstStrat;C 17.39 NA NA 36.3 10.50 NA NA NS IVY HIGH INCOME OPP IVH 15.11 13.62 -9.9 8.1 BR Credit Strat;Inst 10.50 NA NA 5.3 BlackRock Res & Comm BCX 9.58 9.16 -4.4 78.4 Aberdeen Emg Mkts Eq Inc AEF 9.98 8.63 -13.5 59.5 BNY Mellon Muni Bd Infra DMB 14.69 14.74 +0.3 4.5 NexPointRlEstStrat;Z 17.39 NA NA 37.6 Aberdeen Tot Dyn Div AOD KKR Income Opportunities KIO NA 15.88 NA 8.8 BlackRock Mlt-Sctr Oppty 88.75 NA NA 7.7 BlackRock Sci&Tech Tr II BSTZ 40.47 38.80 -4.1 112.8 11.06 9.78 -11.6 46.7 BNY Mellon Str Muni Bond DSM 8.38 8.00 -4.5 4.6 PREDEX;I 25.49 NA NA 2.0 BlackRock Capital Alloc BCAT NexPointStratOppty NHF 19.55 11.52 -41.1 7.9 PREDEX;T 25.62 NA NA 1.9 BlackRock Mlt-Sec Opp II 91.54 NA NA 7.6 BlackRock Sci&Tech Trust BST 54.25 59.46 +9.6 98.8 21.54 21.85 +1.4 NS BNY Mellon Strat Muni LEO 8.74 8.63 -1.3 4.9 Calamos GloDynInc CHW Nuveen CI Nov 2021 Tgt JHB 9.48 9.37 -1.2 3.4 PREDEX;W 25.61 NA NA 1.9 Carlyle Tact Pvt Cred:A NA NA NA 6.5 BlackRock Utl Inf & Pwr BUI 25.03 25.69 +2.6 50.4 10.08 10.74 +6.5 88.7 DWS Muni Inc KTF 12.76 11.82 -7.4 4.1 China CHN Nuveen Crdt Opps 2022 TT JCO 8.31 8.75 +5.3 6.7 Principal Dvs Sel RA A 26.79 NA NA 36.7 Carlyle Tact Pvt Cred:I NA NA NA 7.0 CBRE ClrnGlbRlEst IGR 8.96 8.20 -8.5 58.4 32.20 28.75 -10.7 56.5 EVMuniBd EIM 14.24 13.47 -5.4 4.4 EV TxAdvGlbDivInc ETG Nuveen Global High Inc JGH 16.96 15.65 -7.7 7.0 Principal Dvs Sel RA Ins 26.85 NA NA 36.9 Carlyle Tact Pvt Cred:L NA NA NA 6.6 CLEARBRIDGE ENGY MDS OPP EMO NA 19.12 NA 124.0 NA 19.98 NA 64.3 EVMuniIncm EVN 14.29 13.85 -3.1 4.0 EtnVncTxAdvOpp ETO NA 28.26 NA 51.6 PGIM Global High Yield GHY NA 15.10 NA 8.4 Principal Dvs Sel RA Y 26.95 NA NA 37.2 Carlyle Tact Pvt Cred:M NA NA NA NS ClearBridge MLP & Midstm CEM NA 23.97 NA 95.9 EVNatMuniOpp EOT 22.03 22.68 +3.0 3.4 Carlyle Tact Pvt Cred:N NA NA NA 7.0 FirstTr Dyn Euro Eq Inc FDEU 14.96 13.22 -11.6 43.8 PGIM High Yield Bond ISD 17.09 15.84 -7.3 8.0 SharesPost 100;A 40.91 NA NA 35.6 ChnStrInfr UTF 26.49 29.51 +11.4 56.7 InvAdvMuIncTrII VKI 12.27 12.04 -1.9 4.6 Carlyle Tact Pvt Cred:Y NA NA NA 6.8 Gabelli Multimedia GGT 9.30 10.30 +10.8 90.0 PGIM Sh Dur Hi Yld Opp SDHY 19.98 NA NA NS SharesPost 100:I 41.25 NA NA 35.9 Cohen&SteersQualInc RQI 14.94 14.47 -3.1 58.8 Invesco MuniOp OIA 7.83 7.95 +1.5 4.8 CION Ares Dvsfd Crdt;A NA NA NA 5.5 Highland Global Alloc HGLB 11.11 8.78 -21.0 97.0 PioneerHilncmTr PHT 9.63 9.55 -0.8 8.1 SharesPost 100:L 40.58 NA NA 35.2 Cohen&Steers TotRet RFI 14.30 14.94 +4.5 44.2 InvescoMuOppTr VMO 13.73 13.42 -2.3 4.6 USQ Core Real Estate:I CION Ares Dvsfd Crdt;C NA NA NA 5.5 India Fund IFN 22.84 20.92 -8.4 64.3 Wells Fargo Income Oppty EAD NA 8.53 NA 8.1 24.86 NA NA 1.1 CohenStrsREITPrefInc RNP 25.53 24.83 -2.7 48.4 InvescoMuTr VKQ 13.75 13.33 -3.1 4.6 USQ Core Real Estate:IS 24.88 NA NA 1.1 CION Ares Dvsfd Crdt;I NA NA NA 5.5 Japan Smaller Cap JOF NA 9.47 NA 39.9 WstAstHIF II HIX NA 7.00 NA 8.5 Columbia Sel Prm Tech Gr STK 32.77 33.45 +2.1 85.7 InvescoQual Inc IQI 13.85 13.20 -4.7 4.7 Versus Cap MMgr RE Inc:I 27.64 NA NA NE CION Ares Dvsfd Crdt;L NA NA NA 5.5 Korea KF NA 45.27 NA 93.4 Western Asset Hi Inc Opp HIO NA 5.14 NA 7.6 DNP Select Income DNP 9.74 10.25 +5.2 3.8 Western Asset Hi Yld D O HYI InvTrInvGrMu VGM 14.16 13.81 -2.5 4.6 Versus Capital Real Asst 25.88 NA NA 9.0 CION Ares Dvsfd Crdt;U NA NA NA 5.5 LazardGlbTotRetInc LGI 21.11 19.95 -5.5 66.0 NA 15.41 NA 7.3 Duff&Ph Uti&Infra Inc Fd DPG 14.22 13.96 -1.8 56.9 Other Domestic Taxable Bond Funds InvescoValMunInc IIM 16.82 15.95 -5.2 4.6 Wildermuth Endwmnt:A 13.57 NA NA 0.3 CION Ares Dvsfd Crdt:U2 NA NA NA NS EtnVncEqtyInc EOI MS ChinaShrFd CAF 25.58 22.58 -11.7 34.6 CION Ares Dvsfd Crdt;W NA NA NA 5.4 NA 17.74 NA 43.2 Apollo Tactical Income AIF NA 15.22 NA 6.6 MAINSTAY:MK DEFTR MUN OP MMD NA 22.22 NA 4.6 Wildermuth Endwmnt:C 13.03 NA NA -0.6 EtnVncEqtyIncoII EOS MS India IIF 26.28 22.67 -13.7 66.2 CNR Select Strategies 11.56 NA NA 0.0 NA 22.92 NA 57.4 Ares Dynamic Crdt Alloc ARDC NA 15.29 NA 7.7 NeubrgrBrm NBH 15.32 16.26 +6.1 4.7 Wildermuth Endowment:I 13.66 NA NA 0.0 EVRskMnDvsEqInc ETJ New Germany GF 23.87 21.00 -12.0 85.1 First Eagle Crdt Opps A 26.29 NA NA NS NA 10.92 NA 29.6 BlackRock Mlt-Sctr Inc BIT 18.45 18.26 -1.0 8.2 Nuveen AMT-Fr Mu Val NUW NA 16.70 NA 2.8 Income & Preferred Stock Funds ETnVncTxMgdBuyWrtInc ETB Templeton Dragon TDF 24.77 22.83 -7.8 62.5 First Eagle Crdt Opps I 26.28 NA NA NS NA 16.15 NA 35.8 BlackRock Tax Muni Bd BBN 24.57 25.00 +1.8 5.5 Nuveen AMT-Fr Qlty Mun I NEA 15.99 15.02 -6.1 4.6 A3 Alternative Inc 9.98 NA NA 1.2 EtnVncTxMgdBuyWrtOpp ETV Templeton Em Mkt EMF 21.56 19.64 -8.9 68.2 FS Credit Income;A NA NA NA 5.3 NA 15.92 NA 30.7 DoubleLine:Oppor Crdt Fd DBL NA 19.67 NA 8.6 Nuveen AMT-Fr Mu CI NVG NA 17.19 NA 4.7 Calamos L/S Eqty and DI CPZ 22.74 20.35 -10.5 43.2 EvTxMnDvsEqInc ETY Wells Fargo Gl Div Oppty EOD NA 5.49 NA 50.6 Destra Multi-Altrntv;A FS Credit Income;I NA NA NA 5.6 NA 13.43 NA 40.6 EVLmtDurIncm EVV NA 12.63 NA 9.5 Nuveen Dyn Muni Opp NDMO 15.89 NA NA NS 11.54 NA NA 2.2 EtnVncTxMgdGlbB ETW Destra Multi-Altrntv;C 11.01 NA NA 1.5 FS Credit Income;T NA NA NA 5.1 NA 10.61 NA 45.3 Prem12 Mo Franklin Ltd Dur Income FTF 9.41 9.17 -2.6 6.8 Nuveen Enh Muni Val NEV NA 16.72 NA 4.3 EVTxMnGblDvEqInc EXG NA 9.52 NA 50.6 Fund (SYM) NAV Close /Disc Yld Destra Multi-Altrntv;I 11.79 NA NA 2.4 FS Credit Income;U NA NA NA 5.0 J Han Investors JHI 18.72 18.42 -1.6 7.7 Nuveen Int Dur Mun Term NID NA 14.33 NA 3.6 FS Credit Income;U-2 NA NA NA NS First Trust Energy Inc G FEN 14.16 13.94 -1.6 36.4 U.S. Mortgage Bond Funds Destra Multi-Altrntv;T 11.19 NA NA 1.7 MFS Charter MCR 8.68 8.56 -1.4 8.1 Nuveen Mu Crdt Opps NMCO 14.97 14.64 -2.2 5.1 GL Beyond Income 0.49 NA NA NE First Tr Enhanced Eq FFA 20.20 19.59 -3.0 56.5 BlckRk Income BKT 6.10 6.10 0.0 6.7 Variant Altrntv Inc:Inst 26.96 NA NA 8.4 Nuv Muni Credit Income NZF NA 16.54 NA 4.7 KKR CREDIT OPPTY;D 25.00 NA NA NS FirstTrMLPEner&Inc FEI 7.97 7.13 -10.5 50.7 Invesco HI 2023 Tgt Term IHIT 9.16 9.31 +1.6 6.4 Variant Altrntv Inc:Inv 26.98 NA NA 8.2 NuvMuniHiIncOpp NMZ NA 14.71 NA 5.1 KKR CREDIT OPPTY;I 27.94 NA NA 5.6 Gabelli Healthcare GRX 14.86 12.97 -12.7 37.3 Investment Grade Bond Funds Convertible Sec's. Funds Borrowing Nuveen Muni Val NUV 10.73 11.22 +4.6 3.3 Calmos Dyn Conv and Inc CCD 31.58 32.08 +1.6 84.3 KKR CREDIT OPPTY;T 27.69 NA NA NS Nuveen Quality Muni Inc NAD 16.35 15.32 -6.3 4.5 World Equity Funds KKR CREDIT OPPTY;U 26.70 NA NA NS Benchmarks Nuveen Sel TF NXP NA 17.70 NA 3.1 ACAP Strategic:A 26.14 NA NA 29.6 Lord Abbett Cred Opps Fd 10.86 NA NA 6.0 New to the Market wsj.com/market-data/ Nuveen Sel TF 2 NXQ NA 16.49 NA 3.1 ACAP Strategic:W 19.32 NA NA 30.6 Lord Abbett Cred Opps Fd 10.87 NA NA 6.7 Lord Abbett Crd Op:U 10.87 NA NA NS bonds/benchmarks PIMCO MuniInc PMF 13.25 14.44 +9.0 4.4 CalamosGlbTotRet CGO 15.48 15.96 +3.1 76.8 IPO Scorecard PIMCOMuniIncII PML 12.43 14.88 +19.7 4.7 CPG Cooper Square IE A NA NA NA NS Palmer Square Opp Inc 18.72 NA NA 5.3 Pimco Muni III PMX 11.39 12.50 +9.7 4.4 CPG Cooper Square IE I NA NA NA NS Thrivent Church Ln&Inc:S 10.67 NA NA 2.6 World Income Funds Performance of IPOs, most-recent listed first Money PioneerHilncAdv MAV 12.37 12.11 -2.1 4.7 Primark Priv Eq Inv:I 12.56 NA NA NS Destra Int&Evt-Dvn Crd:A 27.32 NA NA 2.2 % Chg From % Chg From April 16, 2021 PioneerMunHiIcmT MHI 13.20 12.63 -4.3 4.6 VirtusTotalRetFd ZTR 9.46 9.39 -0.7 26.1 Destra Int&Evt-Dvn Crd:I 27.32 NA NA 2.4 Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day Rates Putnam Mgd Inc PMM 8.33 8.50 +2.0 4.7 Prem12 Mo Destra Int&Evt-Dvn Crd:L 27.30 NA NA 2.0 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Fund (SYM) NAV Close /Disc Yld Putnam Muni Opp PMO 14.01 13.93 -0.6 4.9 Destra Int&Evt-Dvn Crd:T 27.26 NA NA 1.9 Akoya Biosciences 26.05 30.3 ... Esports Tech 25.35 322.5 –30.4 Key annual interest rates paid to RiverNorth Flx Mu Inc II RFMZ 20.49 20.01 -2.3 NS Loan Participation Funds National Muni Bond Funds AKYA April 16/$20.00 EBET April 15/$6.00 borrow or lend money in U.S. and RiverNorth Mgd Dur Mun I RMM 20.34 19.25 -5.4 5.9 1WS Credit Income;Inst NA NA NA 5.0 Ecofin Tax-Adv Soc Impct 9.43 NA NA 4.4 Biomea Fusion 18.60 9.4 ... Karat Packaging 18.12 13.3 –2.4 international markets. Rates Western Asset Mgd Muni MMU NA 13.26 NA 4.1 AlphCntrc Prime Merid In 9.79 NA NA 9.2 PIMCO Flex Mun Inc;A-3 11.73 NA NA 2.2 BMEA April 16/$17.00 KRT April 15/$16.00 Westn Asst Mu Def Opp Tr MTT NA 21.20 NA 2.9 Axonic Alternative Inc NA NA NA 4.6 PIMCO Flex Mun Inc:A1 11.73 NA NA NS below are a guide to general levels Single State Muni Bond Blackstone/GSO FR EI D 24.12 NA NA 5.3 PIMCO Flex Mun Inc;A2 11.72 NA NA NS Recursion Pharmaceuticals 31.30 73.9 ... TuSimple Hldgs 39.95 –0.1 –0.1 but don’t always represent actual BlackRock CA Mun BFZ 16.07 14.59 -9.2 3.2 Blackstone/GSO FR EI I 24.08 NA NA 5.5 PIMCO Flex Mun Inc;Inst RXRX April 16/$18.00 TSP April 15/$40.00 11.72 NA NA 2.9 transactions. agilon health 30.00 30.4 –3.2 Alkami Technology 42.13 40.4 –2.0 AGL April 15/$23.00 ALKT April 14/$30.00 AppLovin 61.00 –23.8 –6.4 Coinbase Global 342.00 36.8 4.2 Inflation Insider-Trading Spotlight APP April 15/$80.00 COIN April 14/$250.00 March index Chg From (%) Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys March Sources: Dow Jones Market Data; FactSet level Feb. '21 new information about the prospects of a company. Insiders are required to report large trades to the SEC '20 within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Other Stock Offerings U.S. consumer price index Refinitiv on April 16, and year-to-date stock performance of the company Secondaries and follow-ons expected this week in the U.S. market All items 264.877 0.71 2.6 KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer Core 271.713 0.38 1.6 CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner None expected this week I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: International rates unknown VP: vice president Excludes pure options transactions

Week 52-Week ADVERTISEMENT Latest ago High Low Biggest weekly individual trades Based on reports filed with regulators this past week Prime rates The Marketplace U.S. 3.25 3.25 3.25 3.25 No. of shrs in Price range ($) $ Value Canada 2.45 2.45 2.45 2.45 Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) To advertise: 800-366-3975orWSJ.com/classifieds Japan 1.475 1.475 1.475 1.475 Policy Rates Buyers COMMERCIAL REAL ESTATE Euro zone 0.00 0.00 0.00 0.00 Apr. 14 Evergy EVRG C. Wilder DI 2,269 49.87 113,177 63.29 14.0 Switzerland 0.00 0.00 0.50 0.00 Apr. 13 NantHealth NH P. Soon-Shiong CEOI 1,689 2.96 5,000 2.58 -20.1 %$$.')"#- &+"( ,!*#-( Britain 0.10 0.10 0.10 0.10 Australia 0.10 0.10 0.25 0.10 5`)K?) =Kc)FE=!-) =#K=WEF)? VKF% VK2K``) @G)A!-K?N XF-L EA KF K'P`!K=)EA?;I?!+!KAZ=#)A)E'NEF Apr. 9-13 Spark Networks LOV J. Lewis BI 82 7.04-7.61 602 6.75 26.9 I)#K`' E' 37<:_>1 213@1_[X_2 XX U731[@[_<@5X1@V VV_3N VVEAAE^)AL Federal funds XF -EFF)-=!EF ^!=# =#) U)YYKF!F) VEKFN =#) U)YYKF!F) >EAAE^)A#K? %AKF=)+ =E =#) 2)-;A)+ 5KA=ZK Effective rate 0.0700 0.0700 0.1000 0.0600 Apr. 14 A. Bolles CEO 910.61 95 PA?= DA!EA!=Z `!)F EF =#) XF=)A)?=? D;A?;KF= =E =#K= -)A=K!F 5`)+%) KF+ 2)-;A!=Z @%A))G)F= +K=)+ K? E' Apr. 14 J. Morberg CFO 210.64 21 UKZ,(N ,J."NK?KG)F+)+ KF+ A)?=K=)+ IZ =#K= -)A=K!F @G)F+)+ KF+ 3)?=K=)+ 5`)+%) KF+ 2)-;A!=Z High 0.1000 0.0800 0.1500 0.0800 @%A))G)F= +K=)+ K? E' W;F) *JN ,J,JL 1#) 2)-;A)+ 5KA=Z!?E'')A!F% =#) XF=)A)?=? 'EA?K`) !F -EFF)-=!EF Low 0.0300 0.0500 0.0600 0.0000 Apr. 13 J. Morberg CFO 210.18 20 ^!=# =#) 'EA)-`E?;A) EF =#) D`)+%) E' ?;-# XF=)A)?=?L 1#) U)YYKF!F)VEKF !? ?;IEA+!FK=) =E KGEA=%K%) Bid 0.0700 0.0500 0.1000 0.0100 `EKF KF+ E=#)A EI`!%K=!EF? KF+ `!KI!`!=!)? E' =#) UEA=%K%) >EAAE^)AEAE=#)A^!?) K'')-=!F% =#) DAED)A=Z Apr. 12 Super League Gaming SLGG M. Keller DI 17 6.06 103 5.58 97.2 R%$& 82<%4": -".%!'" Offer 0.0800 0.0800 0.1100 0.0500 1#) ?K`) E' =#) XF=)A)?=? ^!`` I) ?;Ie)-= =E K`` KDD`!-KI`) =#!A+DKA=Z -EF?)F=? KF+ A)%;`K=EAZ Apr. 13 Greenwich LifeSciences GLSI S. Patel CEO 336.98 100 33.64 -7.8 KDDAE9K`?N !' KFZL /!=#E;=`!G!=K=!EF =E =#) 'EA)%E!F%N D`)K?) =Kc)FE=!-)=#K= =#)A) KA) ?D)-!P- Treasury bill auction A)C;!A)G)F=? 'EAKFZ DE=)F=!K` ?;--)??';`I!++)A!F-EFF)-=!EF ^!=# EI=K!F!F% !F'EAGK=!EF KF+ I!++!F% Apr. 12 Cyclo Therapeutics CYTH F. Ostronic D 57.00 35 7.05 62.1 EF =#) XF=)A)?=?N !F-`;+!F% I;= FE=`!G!=)+ =EN (.Q =#K= )K-#I!++)AG;?= -EGD`Z ^!=# =#) A)?=A!-=!EF? 4 weeks 0.010 0.010 0.150 0.005 KDD`!-KI`) =E =#) ?K`) E' =#) XF=)A)?=? ;F+)A =#) XF=)A-A)+!=EA @%A))G)F= +K=)+ K? E' UKZ,(N ,J." IZ 13 weeks 0.020 0.020 0.280 0.015 Apr. 9 RAPT Therapeutics RAPT W. Robbins D 1* 20.92-21.24 30 20.87 5.7 KF+ KGEF% =#) 2)-;A)+ 5KA=ZN =#) #E`+)A E' =#) U)YYKF!F)VEKF KF+ =#) #E`+)A E' =#) 2)F!EA VEKF 26 weeks 0.040 0.035 0.290 0.035 R%$& 8/%6<:#:A)== 3E?)FI)A% O. ,.,Mf.,M&d,$H IA)==LAE?)FI)A%BKGLe``L-EG One year 0.29238 0.28575 0.98650 0.27588 Apr. 12 Square SQ J. Dorsey CEOI 100 256.64-262.44 25,925 256.10 17.7 Euro Libor Apr. 12 CarMax KMX T. Folliard D 185 131.01-131.86 24,337 129.97 37.6 BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES One month -0.578 -0.576 -0.365 -0.607 Three month -0.545 -0.544 -0.142 -0.574 Apr. 9-12 Senseonics Holdings SENS D. Roeder DI 9,846 2.12-2.39 22,185 1.89 116.8 Six month -0.525 -0.529 -0.052 -0.543 Apr. 9 Facebook FB M. Zuckerberg CEOI 68 310.92-314.62 21,238 306.18 12.1 &#'' $)!'%! $7=-4= %0. :"',?(/22," One year -0.498 -0.503 0.008 -0.511 ')(, *$%+0/!-(#.-&!#" ).+#+! Apr. 8M. Zuckerberg CEOI 68 310.90-315.08 21,232 '+., #7)95: (/7--$;)4- 623@&1 0.01 0.01 0.13 0.01 @=4B@9-0-2 ?A =C388-C A9--0-2 7-=46 61 D19/ * Half the transactions were indirect **Two day transaction A.2%=D "0D?>?06D A-B4-343; :'?/D/< ;F98A1+A=4/E *,,9?5=6?14A ?4593/-> Value 52-Week p - Pink Sheets A#0!8,,<5 *CE//9/6> @67E=61/1 )4;22 !& (=99=A6 +1C ,91I 6C35?+8<<5 (8?<> !>06/ (8?<1?6C4 (//E4$0>>04 &001 #46-C-A6-/ ,=C6?-A 149H DTCC GCF Repo Index Buying and selling by sector 20+-'1 7(05 .7)8))/ ."-+, 904>78,3-==,587>00.106 +*,<;,(<8;2( 4-! 60#-* $)%*&91$)**-3&,3%& Treasury 0.008 56.500 0.151 -0.008 MBS 0.014 35.472 0.169 0.002 Based on actual transaction dates in reports received this past week "12> %26/C!=?1.#C26<) *2!<54 Notes on data: %$&(': 307B9-7;;; Sector Buying Selling Sector Buying Selling U.S. prime rate is the base rate on corporate $!<5> @;BA-;9A+;;- loans posted by at least 70% of the 10 largest Basic Industries 07,168,782 Finance 46,108 93,308,058 THE MARKETPLACE U.S. banks, and is effective March 16, 2020. Other prime rates aren’t directly comparable; Business services 24,601 22,782,564 Health care 024,372,763 ADVERTISE TODAY lending practices vary widely by location; .$5+4$8,+/6/ *72-,/2"+,3/ Discount rate is effective March 16, 2020. Capital goods 00Industrial 08,714,669 (800)366-3975 $4,6/ .$/06,1$/,- Secured Overnight Financing Rate is as of April Consumer durables 01,507,830 Media 04,419,810 !5<0 !,56>+5<401 10,)1)7- @.3 =081/ 15, 2021. DTCC GCF Repo Index is Depository Formoreinformation visit: Trust & Clearing Corp.'s weighted average for !08/5704 #878-0907, )7 "<860 Consumer nondurables 243,330 18,676,041 Technology 196,142 201,506,625 wsj.com/classifieds overnight trades in applicable CUSIPs. Value !8<0/ 2@;39 &($:'*2@39 traded is in billions of U.S. dollars. Federal-funds Consumer services 9,443,872 88,735,178 Transportation 0191,886 rates are Tullett Prebon rates as of 5:30 p.m. ET. *?4),04 %)7876)8

THE WALL STREET JOURNAL. Monday, April 19, 2021 | B7

Jacob Sanchez Diagnosed with autism

Lack of speech is asign of autism. Learn the others at autismspeaks.org/signs. P2JW109000-0-B00800-1------XA

B8 | Monday, April 19, 2021 THE WALL STREET JOURNAL. MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market More on page B6 Last Year ago Last Year ago 34200.67 s400.07, or 1.18% last week Trailing P/E ratio 30.47 19.04 4185.47 s56.67, or 1.37% last week Trailing P/E ratio * 45.51 22.10 Public Offerings of Stock High, low, open and close for each of P/E estimate * 21.02 20.61 High, low, open and close for each of P/E estimate * 23.82 20.75 the past 52 weeks Dividend yield 1.74 2.73 the past 52 weeks Dividend yield * 1.39 2.13 IPOs in the U.S. Market All-time high All-time high 34200.67, 04/16/21 4185.47, 04/16/21 Initial public offerings of stock expected this week; might include some offerings, U.S. and foreign, open to institutional investors only via the Current divisor 0.15198707565833 33500 4100 Rule 144a market; deal amounts are for the U.S. market only Symbol/ Pricing Expected primary Shares Range($) 31000 3800 pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s) 4/22 3/5 Agiliti Inc AGTI 26.3 18.00/ BofA Securities, GS, MS, 200-day moving average Provider of medical N 20.00 BMO Cptl Mkts, equipment and solutions. Citi, Jefferies, 28500 3500 UBS, KeyBanc 4/20 3/17 DoubleVerify Holdings Inc DV 13.3 24.00/ GS, JPM, Barclays, Holding company. N 27.00 RBC Cptl Mkts, 26000 3200 Truist Financial Corp Week's high 200-day moving average 4/21 3/19 KnowBe4 Inc KNBE 11.8 16.00/ MS, GS, BofA Securities, 23500 2900 Software-Computer, Nq 18.00 KKR, Citi, UBS DOWN UP Traditional & Other. Monday's open Friday's close Software company t engaged with security awareness training and Friday's close Monday's open 21000 2600 integrated phishing 65-day moving average t platform. 65-day moving average Week's low 4/20 3/22 SkyWater Technology Inc SKYT 5.8 12.00/ Jefferies, Cowen & Company LLC, 18500 2300 U.S. investor-owned, Nq 14.00 Piper Sandler independent, pure-play technology foundry that Bars measure the point change from Monday's open offers advanced semiconductor 16000 2000 development and A M J J A S O N D J F M A A M J J A S O N D J F M A manufacturing services. Zymergen Inc ZY JPM, GS, BofA Securities, Primary 4/21 3/23 13.6 28.00/ NYSE weekly volume, in billions of shares t Science and material Nq 31.00 Cowen & market t Composite innovation company that Company LLC, develops and UBS 36 Track the Markets commercializes materials with a unique technology 24 Compare the performance of selected platform that combines global stock indexes, bond ETFs, biology, machine learning 12 and automation. 0 currencies and commodities at wsj.com/graphics/track-the-markets 4/20 3/24 NeuroPace Inc NPCE 5.3 15.00/ JPM, MS, WFS, SVB Leerink A M J J A S O N D J F M A Developer and Nq 17.00 manufacturer of *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index implantable devices for the treatment of neurological disorders by responsive Major U.S. Stock-Market Indexes Nasdaq Composite brain stimulation. UiPath Inc PATH MS, JPM, BofA Securities, Latest Week 52-Week % chg s 152.16, or 1.09% 4/20 3/25 21.3 43.00/ Software-Computer, N 50.00 Credit Suisse, High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Traditional & Other. Barclays, WFS Dow Jones Software company engaged with robotic Industrial Average 34256.75 33545.84 400.07 1.18 23018.88 l 34200.67 11.7 process automation 34200.67 41.1 11.6 platform. Transportation Avg 15081.22 14738.68 14919.55 1.22 0.01 7761.00 l 14969.58 81.2 19.3 12.0 14100 Utility Average 927.06 886.70 923.71 32.04 3.59 744.49 l 923.71 12.1 6.8 10.1 Lockup Expirations Total Stock Market 43795.22 42970.96 43735.05 592.92 1.37 27478.69 l 43735.05 51.6 11.5 16.3 Below, companies whose officers and other insiders will become eligible Barron's 400 1005.95 988.14 1004.09 12.66 1.28 557.81 l 1004.09 71.7 17.8 11.6 13900 to sell shares in their newly public companies for the first time. Such Nasdaq Stock Market sales can move the stock’s price. 13700 Nasdaq Composite 14062.50 13783.95 14052.34 152.16 1.09 8263.23 l 14095.47 62.5 9.0 25.2 Lockup Offer Offer amt Through Lockup expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision Nasdaq-100 14050.38 13747.63 14041.91 196.86 1.42 8403.00 l 14041.91 59.0 9.0 28.1 13500 April 19 Oct. 21, ’20 McAfee MCFE 20.00 758.5 21.9 180 days S&P 9 12 13 14 15 16 Oct. 20, ’20 Datto Holding MSP 27.00 561.0 –11.4 180 days 500 Index 4191.31 4114.82 4185.47 56.67 1.37 2736.56 l 4185.47 45.6 11.4 16.1 April April 22 Oct. 19, ’20 Helix Acquisition HLXA 10.00 100.0 1.9 185 days MidCap 400 2727.46 2652.48 2721.08 50.56 1.89 1490.58 l 2721.08 74.3 18.0 12.7 DJ US TSM Oct. 21, ’20 Guild Holdings Co GHLD 15.00 153.0 –7.9 180 days SmallCap 600 1352.73 1315.66 1347.95 13.39 1.00 692.66 l 1397.66 86.5 20.5 11.9 s 592.92, or 1.37% Oct. 22, ’20 Foghorn Therapeutics Inc FHTX 16.00 120.0 –28.1 180 days Other Indexes last week Oct. 21, ’20 BCLS Acquisition Corp BLSA 10.00 125.0 3.3 180 days l Russell 2000 2273.15 2208.20 2262.67 19.20 0.86 1185.09 2360.17 84.1 14.6 13.1 Oct. 22, ’20 Acies Acquisition Corp ACAC.U 10.00 200.0 –1.0 180 days l NYSE Composite 16207.10 15902.16 16186.29 229.92 1.44 10706.44 16186.29 44.4 11.4 8.6 Sources: Dealogic; WSJ Market Data Group Value Line 663.38 648.56 662.21 8.42 1.29 368.54 l 662.21 71.6 16.4 5.9 44000 Off the Shelf NYSE Arca Biotech 5590.00 5346.04 5549.74 122.64 2.26 5021.50 l 6319.77 7.1 -3.3 6.5 None expected this week NYSE Arca Pharma 708.84 688.66 707.91 13.83 1.99 613.07 l 725.03 9.3 2.7 9.9 43500 KBW Bank 124.63 120.79 123.01 -0.22 -0.18 62.74 l 124.01 75.7 25.6 4.9 Public and Private Borrowing PHLX§ Gold/Silver 150.05 140.33 149.16 5.40 3.76 104.28 l 161.14 43.0 3.4 21.1 43000 PHLX§ Oil Service 54.69 50.19 51.91 0.089 0.17 25.80 l 63.89 98.5 17.1 -29.9 Treasurys PHLX§ Semiconductor 3284.85 3200.46 3253.08 -41.45 -1.26 1588.70 l 3305.43 90.7 16.4 34.7 Monday, April 19 Thursday, April 22 Cboe Volatility 17.91 15.38 16.25 -0.44 -2.64 16.25 l 45.41 -57.4 -28.6 -0.6 42500 9 12 13 14 15 16 Auction of 13 and 26 week bills; Auction of 4 and 8 week bills; announced on April 15; settles on April 22 announced on April 20; settles on April 27 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data April Tuesday, April 20 Auction of 5 year TIPS; International Stock Indexes Commodities and Auction of 52 week bill; announced on April 15; settles on April 30 Currencies announced on April 15; settles on April 22 Latest Week 52-Week Range YTD Region/Country Index Close % chg Low Close High % chg Last Week YTD A Week in the Life of the DJIA World MSCI ACWI 704.94 1.47 460.91 • 704.94 9.1 Close Net chg % Chg % chg MSCI ACWI ex-USA 348.16 1.52 233.77 • 350.01 6.6 Alook at how the Dow Jones Industrial Average component stocks did in the DJ Commodity MSCI World 2953.35 1.49 1932.25 • 2953.35 9.8 831.70 26.27 3.26 13.68 past week and how much each moved the index. The DJIA gained 400.07 Refinitiv/CC CRB Index 193.21 6.47 3.46 15.15 points, or 1.18%, on the week. A$1change in the price of any DJIA stock = MSCI Emerging Markets 1348.69 1.38 878.24 • 1444.93 4.4 6.58-point change in the average. To date, a$1,000 investment on Dec. 31 in Americas MSCI AC Americas 1626.00 1.45 1043.44 • 1626.00 10.8 Crude oil, $ per barrel 63.13 3.81 6.42 30.11 each current DJIA stock component would have returned $33,717, or again Canada S&P/TSX Comp 19351.32 0.64 13940.06 • 19351.32 11.0 Natural gas, $/MMBtu 2.680 0.154 6.10 5.55 of 12.39%, on the $30,000 investment, including reinvested dividends. Latin Amer. MSCI EM Latin America 2405.10 2.92 1502.06 • 2546.61 –1.9 Gold, $ per troy oz. 1779.00 35.70 2.05 -6.03 The Week’s Action Brazil Sao Paulo Bovespa 121113.9 2.93 75330.61 125076.63 1.8 Pct Stock price Point chg $1,000 Invested(year-end '20) 3 • U.S. Dollar Index 91.54 -0.63 -0.68 1.79 chg (%) change in average* Company Symbol Close $1,000 3.91 14.71 96.78 UnitedHealth Group UNH $391.01 $1,119 Chile Santiago IPSA 3396.76 0.59 2423.14 • 3396.76 18.87 WSJ Dollar Index 86.37 -0.66 -0.76 1.62 3.48 11.50 75.66 Goldman Sachs GS 342.31 1,303 Mexico S&P/BMV IPC 48726.98 2.31 33892.28 • 48726.98 10.6 Euro, per dollar 0.8346 -0.006 -0.67 1.95 2.84 4.30 28.29 Travelers TRV 155.95 1,117 EMEA Stoxx Europe 600 442.49 1.20 324.31 442.49 10.9 • Yen, per dollar 108.81 -0.86 -0.78 5.32 2.77 8.85 58.23 Home Depot HD 328.08 1,243 Stoxx Europe 50 3417.15 1.31 2700.62 3417.15 9.9 • U.K. pound, in dollars 1.38 0.013 0.99 1.28 2.72 6.76 44.48 Amgen AMGN 255.71 1,121 Eurozone Euro Stoxx 444.38 1.32 305.48 • 444.38 11.8 Euro Stoxx 50 4032.99 1.36 2760.23 • 4032.99 13.5 52-Week 2.44 1.54 10.13 Dow DOW 64.68 1,179 Austria ATX 3232.74 1.38 1994.63 • 3232.74 16.3 Low Close(l) High % Chg 2.26 5.13 33.75 Honeywell HON 232.11 1,096 1.91 4.89 32.17 Microsoft MSFT 260.74 1,175 Belgium Bel-20 3978.43 0.93 2899.51 • 3978.43 9.9 DJ Commodity 433.70 l 836.48 71.57 France CAC 40 6287.07 1.91 4273.13 • 6287.07 13.3 1.75 3.89 25.59 Visa V 226.41 1,037 Refinitiv/CC CMD 106.29 l 195.13 56.07 Germany DAX 15459.75 1.48 10249.85 • 15459.75 12.7 1.52 1.16 7.63 Merck MRK 77.47 955 Greece Athex Composite 898.63 0.78 564.93 • 905.31 11.1 Crude oil, $ per barrel -37.63 l 66.09 245.54 1.50 2.21 14.54 American Express AXP 149.99 1,249 Israel Tel Aviv 1631.97 –0.21 1275.23 • 1645.98 8.9 Natural gas, $/MMBtu 1.482 l 3.354 52.88 1.37 0.79 5.20 Verizon VZ 58.28 1,014 Italy FTSE MIB 24744.38 1.29 16451 24761 11.3 1.36 0.71 4.67 Cisco CSCO 52.80 • Gold, $ per troy oz. 1676.20 l 2051.50 5.32 1,198 Netherlands AEX 716.80 0.48 495.76 • 716.80 14.8 1.13 2.61 17.17 Caterpillar CAT 233.36 1,289 Portugal PSI 20 5016.48 –0.01 3863.20 • 5282.02 2.4 U.S. Dollar Index 89.44 l 100.47 -8.26 0.94 0.50 3.29 Coca-Cola KO 53.68 987 Russia RTS Index 1497.05 5.59 1012.15 • 1552.81 7.9 WSJ Dollar Index 84.56 l 94.38 -7.77 0.88 1.16 7.67 Apple AAPL 134.16 1,013 South Africa FTSE/JSE All-Share 68698.78 2.24 47628.87 • 68775.06 15.6 0.69 1.60 10.53 McDonald’s MCD 233.08 1,093 Spain IBEX 35 8613.50 6411.8 8657.7 6.7 Euro, per dollar 0.8112 l 0.9278 -9.23 0.56 • 0.65 0.88 5.79 Procter & Gamble PG 137.25 992 Sweden OMX Stockholm 921.13 2.05 570.08 921.13 19.9 • Yen, per dollar 102.72 l 110.72 1.19 0.61 0.99 6.51 Johnson & Johnson JNJ 162.24 1,037 Switzerland Swiss Market 11262.97 0.22 9390.27 11262.97 5.2 • U.K. pound, in dollars 1.21 l 1.41 10.72 0.59 0.83 5.46 Walmart WMT 140.61 980 U.K. FTSE 100 7019.53 1.50 5577.27 • 7019.53 8.7 0.29 0.58 3.82 3M MMM 198.58 1,146 Asia-Pacific MSCI AC Asia Pacific 208.63 1.045 141.1 220.6 4.4 • 0.27 0.63 4.15 salesforce.com CRM 231.91 1,042 Australia S&P/ASX 200 7063.50 0.98 5217.1 7063.5 7.2 • 0.04 0.04 0.26 Chevron CVX 102.96 1,236 China Shanghai Composite 3426.62 –0.70 2808.53 • 3696.17 –1.3 WSJ.com –0.34 –0.63 –4.15 Walt Disney DIS 187.26 1,034 Hong Kong Hang Seng 28969.71 0.94 22930.14 31084.94 6.4 • –0.84 –1.14 –7.50 Nike NKE 134.31 951 India S&P BSE Sensex 30028.98 52154.13 2.3 48832.03 –1.53 • Real-time U.S. stock quotes are Japan Nikkei Stock Avg 29683.37 –0.28 19137.95 30467.75 8.2 –1.58 –2.14 –14.08 IBM IBM 133.59 1,075 • available on WSJ.com. Malaysia FTSE Bursa Malaysia KLCI 1608.38 –0.24 1369.85 • 1684.58 –1.2 –1.62 –0.88 –5.79 Walgreens WBA 53.30 1,349 Singapore Straits Times 3201.76 0.54 2423.84 • 3209.74 12.6 Track most-active stocks, new highs/ –1.66 –4.18 –27.50 Boeing BA 248.18 1,159 South Korea Kospi 3198.62 2.13 1879.38 • 3208.99 11.3 lows, mutual funds and ETFs. –1.91 –2.98 –19.61 JPMorgan Chase JPM 153.30 1,222 Taiwan TAIEX 17158.81 1.81 10288.42 • 17158.81 16.5 All are available free at –5.14 –3.51 –23.09 Intel INTC 64.75 1,307 Source: FactSet; Dow Jones Market Data WSJMarkets.com *Based on Composite price. DJIA is calculated on primary-market price. Source: Dow Jones Market Data; FactSet. Consumer Rates and Returns to Investor Benchmark Yields and Rates Currencies U.S. consumer rates Selected rates Treasury yield curve Forex Race A consumer rate against its 5-year CDs Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. U.S.-dollar foreign-exchange rates in late New York trading benchmark over the past year notes and bonds major U.S. trading partners US$ vs, US$ vs, Bankrate.com avg†: 0.47% Fri YTD chg Fri YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Lone Star Bank 0.71% 2.50% 16% Vietnam dong .00004335 23068 –0.1 Five-year CD yields 0.80% Houston, TX 713-358-9400 Americas t 2.00 Euro s Argentina peso .0108 92.8002 10.3 Europe Colorado Federal Savings Bank 0.75% 0.60 Tradeweb ICE 8 Brazil real .1790 5.5879 7.6 Czech Rep. koruna .04623 21.629 0.7 Greenwood Village, CO 877-484-2372 Friday Close t 1.50 Canada dollar .7995 1.2508 –1.8 Denmark krone .1611 6.2062 1.9 0.40 TAB Bank 0.75% 0 Chile peso .001423 702.80 –1.1 Euro area euro 1.1982 .8346 2.0 1.00 s Ogden, UT 800-355-3063 Yen Colombiapeso .000278 3603.01 5.3 Hungary forint .003316 301.59 1.5 Federal-funds Ecuador US dollar 11 Iceland krona .007910 126.43 0.20 One year ago 0.50 –8 s unch –1.1 target rate CFG Community Bank 0.82% Mexico peso .0502 19.9298 Norway krone .1195 8.3697 t WSJ Dollar Index 0.2 –2.4 t Baltimore, MD 888-205-8388 Uruguay peso .02259 44.2750 4.5 Poland zloty .2638 3.7914 1.6 0.00 0.00 –16 Russia ruble .01323 75.609 2.1 M J J A S O N D J F MA First Internet Bank of Indiana 0.96% 1 3 6 1 2 3 5 7 10 20 30 Asia-Pacific 2020 2021 Sweden krona .1185 8.4356 2.5 Indianapolis, IN 888-873-3424 Australian dollar .7736 1.2927 –0.6 2020 2021 month(s) years Switzerland franc 1.0872 .9198 3.9 China yuan .1534 6.5209 –0.2 maturity Turkey lira .1239 8.0720 8.5 Yield/Rate (%) 52-Week Range (%) 3-yr chg Hong Kong dollar .1287 7.7715 0.2 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Ukraine hryvnia .0357 28.0500 –1.1 Interest rate Last (l)Week ago Low 0246 8High (pct pts) India rupee .01342 74.540 2.1 UK pound 1.3840 .7225 –1.3 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Corporate Borrowing Rates and Yields Indonesia rupiah .0000687 14565 3.7 Japan yen .009190 108.81 5.3 Middle East/Africa Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Spread +/- Treasurys, Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002324 430.26 2.1 Bahrain dinar 2.6525 .3770 –0.01 Libor, 3-month 0.19 0.19 0.18 l 1.11 -2.17 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1248 8.0111 0.3 Egypt pound .0638 15.6781 –0.4 Money market, annual yield 0.08 0.10 0.08 l 0.32 -0.28 Malaysia ringgit .2424 4.1260 2.6 Israel shekel .3050 3.2790 2.1 U.S. Treasury,Barclays 0.950 0.970 -4.52 4.51 Five-year CD, annual yield 0.47 0.47 0.44 l 0.86 -1.21 New Zealand dollar .7146 1.3994 0.5 Kuwait dinar 3.3171 .3015 –0.9 U.S. Treasury Long,Barclays 2.200 2.260 -16.32 7.12 30-year mortgage, fixed† 3.09 3.19 2.83 l 3.62 -1.35 Pakistan rupee .00653 153.250 –4.4 Oman sul rial 2.5974 .3850 unch Aggregate,Barclays 1.510 1.560 30 29 85 -0.22 5.02 Philippines peso .0207 48.345 0.7 Qatar rial .2746 3.641 ... 15-year mortgage, fixed† 2.39 2.47 2.32 l 3.25 -1.53 Fixed-Rate MBS,Barclays 1.670 1.750 8775 0.10 3.98 Singapore dollar .7495 1.3343 1.0 Saudi Arabia riyal .2666 3.7508 –0.02 Jumbo mortgages, $548,250-plus† 3.09 3.20 2.85 l 3.70 -1.60 South Korea won .0008955 1116.65 2.8 South Africa rand .0699 14.3128 –2.6 High Yield 100,ICE BofA 3.628 3.664 291 278 753 15.119 5.526 Five-year adj mortgage (ARM)† 3.14 3.13 2.85 l 3.32 -1.26 Sri Lanka rupee .0051813 193.00 4.2 Muni Master,ICE BofA 0.920 15 14 41 5.120 5.000 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.04 4.04 4.02 l 4.44 0.18 0.831 Taiwan dollar .03538 28.266 0.6 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 4.764 4.909 312 311 591 14.651 4.658 Thailand baht .03205 31.200 3.9 WSJ Dollar Index 86.37 –0.09–0.11 1.62 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 Sources: Tullett Prebon, Dow Jones Market Data P2JW109000-0-B00900-1------XA

THE WALL STREET JOURNAL. Monday, April 19, 2021 | B9 MARKETS

STREETWISE | By James Mackintosh In Clean Energy, Stock Mania Is to Blame

In the in- This should push up stock S&PGlobal Clean Energy Index* Old index Newindex portant caveats. It is possi- panies in itsclean-energy in- tense debate prices. And sure, they abso- ble the stocks that weren’t in dex, we’vealready seen some about how lutely smashed it. U.S. fuel Maximum the ETF rose because of the big moves.Itisexpanding much index cell firm Plug Power and corporatestake prospect of being included at from 30 to 81 memberson investing dis- Chinese polysilicon producer some point in future—ex- Monday, with atargetof100 torts the mar- Daqo New Energy more Median actly as happened with Tesla if enough qualify. ket, one index looks like a than tripled from the end of corporatestake last autumn when the car The mere act of changing prime candidate: the S&P August to the funds’ January company finally made a has hit the stocks already in Global Clean Energy index. It high, while another five 0% 5101520profit and became eligible the 30-stock index, which is badly designed and has far more than doubled and 17 Pricechange since2019 for the S&P 500. Given the the ETFs will have to sell too much money chasing its rose more than 50%. The in- cap of 30 stocks, though, it some of to buy the new 30 holdings, many of which dex’s worst performer still 200% is hard to see why this members. Those new stocks are small and hard to trade. came in well ahead of the should be the case. have in turn benefited; since The weird thing is: It S&P 500. 150 the night before the consul- seems not to have much of But before we conclude t is also possible that the tative list was published on an effect at all. The problem that index money really iShares Global new money going into March 12, the median stock isn’t the index, it’s the mania overpowered the best efforts 100 I Clean Energy ETF the ETFs was the pri- in the index is down 2.7%, for clean-energy stocks. of stock pickers to price the mary driver of prices, but while the nonmembers with prospects of these compa- 50 that other similar stocks the highest scores, the most oney has poured into nies, we have to account for were dragged up as a result. likely to be added, are up two iShares ETFs the broader rush into clean- S&P500 Shareholders could, for ex- more than 4%. M 0 that track the index. energy shares. Solar, wind ample, sell Plug Power (in The wider eligibility also Combined with the gains for and hydrogen stocks soared the index) to the ETF and in- means the index will be less the stocks they hold, the after the election of Joe Bi- stead buy FuelCell Energy pure, at least in S&P’s view, -50 funds quintupled in value den as president, on the ex- (not in the index) to main- as more stocks previously re- over roughly five months to pectation of a broad shift 2020 '21 tain their exposure to hydro- jected for not being clean $14.2 billion at their January away from fossil fuels. *Assuming $15billion portfolio,asofApril 2 gen stocks. enough are included. peak, before falling back to Luckily, S&P has provided Sources: S&P Global (index); FactSet (pricechange) Other company-specific As with environmental, about $10 billion. a perfect natural experiment factors could have led to the social and governance Alot of money in asmall as it attempts to fix the series of attempts to mend formed better, whether or stocks that weren’t included scores, the meaning of portfolio means they had to problems with its overly-nar- the index. not they were in the index, rising more purely by “clean” is questionable. The buy big stakes in manyof row index. Only 30 can get in, so than stocks ranked as eligi- chance. However, a median fund has higher carbon emis- their holdings. Between them, there were 19 top-scoring ble, but less clean—compa- gain of 99% in dollar terms sions per dollar invested and the funds ownroughly 10% of he 30 clean-energy stocks that didn’t get picked. nies such as NextEra Energy from August to the January per dollar of revenue than four stocks,German solar and stocks are selected And they actually rose more or Hawaiian Electric. Prices high, against 74% for those the S&P 500. It can’t be wind powerproducer En- T over the period than those in appear to have risen due to based on a score for in the index, is an awful lot helped by holding Chinese cavis,Canada’s InnergexRe- how clean they are. As of Oc- the index. It is hard to the mad rush into all clean- of good luck. companies that use cheap newable Energy and two tober, more than twice as square this with the idea energy stocks, which caused Thefinal caveat is that Xinjiang coal-fired power to Brazilian utilities.They hold many were eligible, of which that money flowing into the both the cleanest stocks to changestoindexesfre- make the energy intensive significant stakes in many 49 scored the maximum pos- index led to the outsize perform the best and the quently lead to temporary ingredients of solar panels. others, and had to buy heav- sible, according to data pub- gains for clean-power stocks. clean-energy ETFs to soar. shifts in prices.AsS&P But that’s a whole other ily as money poured in. lished by S&P as part of a Top-scoring stocks per- There are a couple of im- broadens the number of com- problem.

THE TICKER | MARKETEVENTSCOMING THIS WEEK

Monday Philip Morris LamResearch 6.61/3.98 Earnings expected* International 1.40/1.21 Las Vegas Sands Estimate/Year Ago Procter &Gamble (0.27)/(0.02) Earnings expected* AT&T 0.78/0.84 Estimate/Year Ago 1.19/1.17 NextEra Energy Danaher 1.76/1.05 Coca-Cola 0.50/0.51 0.58/0.60 HCA Healthcare Crown Holdings 1.37/1.13 Verizon Wednesday 3.32/2.33 International Business Communications Machines 1.69/1.84 1.29/1.26 Intel 1.14/1.45 EIA status report Snap (0.21)/(0.21) M&T Bank 3.00/1.93 Previous change in stocks in Union Pacific 2.06/2.15 Prologis 0.37/0.70 millions of barrels Thursday United Airlines Holdings (7.05)/(2.57) Crude-oilstocksdown5.9 EIA report: natural-gas Friday Gasoline stocks up 0.3 Previous change in stocks in Distillates down 2.1 billions of cubic feet New-home sales Tuesday up 61 Feb.,previous 775,000 Mort. bankers indexes Existing-home sales March,expected 893,000 Earnings expected* Purch., previous Feb.,previous 6.22mil. Estimate/Year Ago down 1% Earnings expected* March,expected 6.03mil. Refinan., previous Estimate/Year Ago Abbott Laboratories down 5% Initial jobless claims American Express 1.27/0.65 Previous 576,000 1.61/0.41 Johnson &Johnson Earnings expected* Expected 608,000 Gentex 0.49/0.36 2.34/2.30 Estimate/Year Ago Honeywell International Lockheed Martin Anthem 6.38/6.48 Leading indicators 6.31/6.08 Crown Castle Feb.,previous up0.2% 1.80/2.21 International 0.53/0.38 Kimberly-Clark 1.93/2.13 Netflix 2.97/1.57 March,expected up0.9% NIEL/NETFLIX

Regions Financial DA * FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in 0.48/0.15 M parentheses) u Adjusted for stock split LIA Note: Forecasts are from Dow Jones weekly survey of economists Schlumberger 0.18/0.25 Ascene from Netflix’sprogram, ‘Bridgerton.’The companyisexpected to post earnings of $2.97 ashareonTuesday.

former female employees sued with high work thresholds/ex- dividual comments, recommen- tors split 30% of the firm’san- proved since2017, the firm said. Pimco the firm over the past three pectations and high reward,” dations and opinions from em- nual profit, with Allianz keeping Current and former Pimco years, alleging discrimination, the report said, according to ployees which led to advances the rest. Pimcodoesn’t disclose employees said the firm’sbase harassment and retaliation. one of the people.“Manyflour- Pimcomade to performanceas- itsprofit, but arough estimate in Newport Beach, Calif., a Revamps Twenty-one women, including ish in this environment, but it sessment, manager training and of its2020 earningssuggests wealthycommunity morethan six of the plaintiffs,signed a does notfit everyone.” inclusion and diversity,among morethan $500 million went to an hour’s drivefromLos An- January letterimploring the Pimcoremains one of Wall manyother things,” aPimco itstop 77 executives. geles,might have insulated Culture firm to improveits treatment of Street’sbiggest and most-suc- spokesman said. Thefirm sought to narrow Pimcofromsome cultural women.Pimcosettled one of cessfulbond investors, with a Pimco employees say large the paygap by handing out changes that swept through the lawsuitswithout admitting deep pool of managerswhose gaps in pay between its man- stockoptions that vest over many U.S. industries. ContinuedfrompageB1 or denying wrongdoing.The insightsmovemarketsand hold aging directors and everyone time,according to people famil- In 2020,29% of the firm’s placesurveysand appointing an firm appealed ajudge’sdecision central bankers’ attention. else areasignificant source of iar with the matter. Theclimb senior U.S. staff identified as employeeombudsman. It to keep asecond complaint out Pimcoin2016 hired Mr.Ro- the tension. Recurring ques- to the toplevel remains daunt- an underrepresented minority, sought to narrow the wide gaps of arbitration. Pimcorecently man, an ex-Goldman Sachs tionsonhow Pimcodecides ing; seven of about 250 execu- Pimco said. A decade ago, the in paybetween topexecutives filed aresponse to athirdlaw- Group Inc.banker who turned promotions reflect suspi- tivevicepresidentswerenamed figure stood at 18%. Aquarter and those arung or two below. suit that included claims from around theLondon hedge-fund cions of favoritism and sexism. managing director this year. of itsU.S.officersidentified as “Pimcotodayisdifferent five other women. firm Man Group, to lead the Some employees knewwhat Pimcosaid it has aimed to women, up from 14%, accord- from Pimco10yearsago,” “Pimcopromptly investi- firm out of afinancial malaise they were signing up forwhen makeits promotions more ing to Pimco. Chief ExecutiveEmmanuel Ro- gates and responds appropri- afterthe departureofMr. Gross. they joined Pimco. “I went transparent. Leadership,values Pimcoexecutives said the re- man said. ately to allegations of miscon- He and investment chief Dan therenot because Iwanted a and other management skills cent addition of portfolio-man- In some ways, the chal- duct,” aspokesman said. “As Ivascyn would help complete cushyplace,” one former Pimco arenow factored intothose de- agement teams in NewYork and lenges confronting Pimco are soon as these claims were Pimco’scomeback,regaining executivesaid. “It’sthe Yan- cisions,which arevettedby an officeinAustin, Texas,were playing out across many cor- brought to our attention, theclient money that leftthe kees,and it selectsacertain committees and checked forbi- designed in part to help bring porations as agenerational Pimco engaged a highly expe- firm’sfunds afterMr. Gross’s type of person. Yougot there ases.Its McKinsey surveys in ayounger and morediverse shiftforcesareckoning over rienced, third-party expert to exit. Thefirm ended 2020 with and made money.…Everything showemployees’ views on cer- set of candidates.They said workplace conditions. conduct an independent re- $2.21 trillion in assets. else was, like, ‘details.’ ” tain key areas,including their they were considering expand- Thelong-held presumption view of these matters.” Still, some of the cultural is- Thefirm’smanaging direc- work environment, have im- ing to an additional U.S. city. that working in financeislessa Theinvestigator found no sues lingered. Threeyearsago, job than an endurancetest fora evidenceofdiscrimination, ha- an anonymous employeewrote select few has made it difficult rassment or retaliation, and alettertoAllianz SE,Pimco’s Cash Prices | wsj.com/market-data/commodities Friday, April 16, 2021 to root out some inequities. wrotethat the firm’shandling parent company, criticizing “off These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— But today, younger employ- of those complaintswas ap- the book” social eventsfor the separate from the futures price on an exchange, which reflects what the commodity might be worth in future ees arelesswilling to accept propriate, people familiar with favoredfew and limited career months. that trade-off. Moreover,pen- the mattersaid. Thereport, opportunities forothers. It dis- Friday Friday Friday sion systems and other large in- which wascompleted last missed the firm’sdiversity ef- Energy Aluminum, LME, $ per metric ton *2328.0 Wheat - Hard - KC (USDA) $ per bu-u 6.3925 vestorsare morefocused on the month, recommended Pimco fortsassuperficial. “The more Copper,Comex spot 4.1800 Wheat,No.1soft white,Portld,OR-u 6.7000 cultureatfirms they hireto clarifytostaff howitmakes things change, the morethey Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.700 Iron Ore, 62% Fe CFR China-s 177.9 Food managetheir money. decisions on promotions. remain the same,” the employee Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.100 Shredded Scrap, US Midwest-s,m 432 Steel, HRC USA, FOB Midwest Mill-s 1389 Beef,carcass equiv. index At Pimco, seven current or “It’satype-A environment wroteina2018 lettersent to Metals Fibers and Textiles choice 1-3,600-900 lbs.-u 222.49 Oliver Bäte,Allianz’s chairman. Gold, per troy oz select 1-3,600-900 lbs.-u 213.10 Engelhard industrial 1775.00 Burlap,10-oz,40-inch NY yd-n,w 0.7275 Broilers, National comp wtd. avg.-u,w 0.9995 “Manyofthe cultural chal- Butter,AA Chicago 1.8500 lenges that afflicted the firm Handy & Harman base 1774.45 Cotton,1 1/16 std lw-mdMphs-u 0.8146 Handy & Harman fabricated 1969.64 Cotlook 'A' Index-t *91.50 Cheddar cheese,bbl,Chicago 169.00 Cheddar cheese,blk,Chicago beforeSeptember 2014are still LBMA Gold Price AM *1748.00 Hides,hvy native steers piece fob-u n.a. 178.00 Milk,Nonfat dry,Chicago lb. 121.50 LBMA Gold Price PM *1757.20 Wool,64s,staple,Terr del-u,w n.a. very much there.” Coffee,Brazilian,Comp 1.2519 Krugerrand,wholesale-e 1851.20 More recently, the January Coffee,Colombian, NY 1.8330 Maple Leaf-e 1869.00 Grains and Feeds Eggs,large white,Chicago-u 0.8650 2021 letterurged Pimcoto American Eagle-e 1869.00 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.85 Mexican peso-e 2154.15 narrow the gaps in payand in- Bran,wheat middlings, KC-u 155 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1747.76 crease promotions forwomen Corn,No. 2 yellow,Cent IL-bp,u 5.8150 Hogs,Iowa-So. Minnesota-u 100.94 Austria phil-e 1869.00 Corn gluten feed,Midwest-u,w 177.3 S and people of color,and said it Pork bellies,12-14 lb MidUS-u n.a. Silver, troy oz. Corn gluten meal,Midwest-u,w 611.4 Pork loins,13-19 lb MidUS-u 1.1187 NEW waspast time to appoint its Engelhard industrial 26.1500 Cottonseed meal-u,w 455 Steers,Tex.-Okla. Choice-u 120.25 G firstBlack managing direc- Handy & Harman base 26.0750 Hominy feed,Cent IL-u,w 168 Steers,feeder,Okla. City-u,w 163.13 tor. TheWall Street Journal Handy & Harman fabricated 32.5940 Meat-bonemeal,50% pro Mnpls-u,w 345 LBMA spot price *£18.5900 Oats,No.2 milling,Mnpls-u 3.8975 Fats and Oils OOMBER reviewed both letters. (U.S.$ equivalent) *25.5850 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Degummed corn oil, crude wtd. avg.-u,w 60.2500 /BL “The individual who wrote Coins,wholesale $1,000 face-a 20933 Sorghum,(Milo) No.2 Gulf-u 7.4713 Grease,choice white,Chicago-h 0.5000 GOR this anonymous letterin2018 Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 396.00 Lard,Chicago-u n.a. RE LBMA Platinum Price PM *1189.0 Soybeans,No.1 yllw IL-bp,u 14.3800 Soybean oil,crude;Centl IL-u,w 0.5843 CG suggested Pimcoemployees be Platinum,Engelhard industrial 1203.0 Wheat,Spring14%-pro Mnpls-u 7.8175 Tallow,bleach;Chicago-h 0.5300 MA surveyed anonymously,but Palladium,Engelhard industrial 2785.0 Wheat,No.2 soft red,St.Louis-u 6.8000 Tallow,edible,Chicago-u n.a. KE

LU Pimcohad already conducted ‘Pimco today is different from Pimco 10 years ago,’ Chief anonymousemployeesurveys, KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 4/15 Executive Emmanuel Roman said. gathering morethan 10,000 in- Source: Dow Jones Market Data P2JW109000-0-B01000-1------XA

B10 | Monday, April 19, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY New Denim Netflix Is Chill About Hype Looks Pandemic’s End Like a The Covid-19 pandemic helped Percentage of U.S. respondents who JOURNAL Netflix solidify its place on the TV useeach streaming service REET dial. The streaming company now

Stretch ST Netflix LL needs to show it can stay there—

WA profitably. Prime Video

THE Netflix was one of the first tech Levi’s, Lululemon go in R companies to show a distinct ben- Hulu FO

JR. efit from the pandemic. The com- opposite directions Disney+

DO pany added a record-breaking 15.8

RA million net new paid subscribers HBO VA

Jeans are in, leggings are out. AL in last year’s first quarter as the

As investorsweigh the prospects A. coronavirus outbreak sent people Peacock SÉ

of areturn to normal, shareprices JO rushing home with little else to do. AppleTV+ of denim maker Levi Strauss have Levi’s,inits recent earnings call, said it seesthe startofanew denim cycle. Netflix will report first-quarter re- soared about 45% year to date, sults on Tuesday, and the results Discovery+ while the stock of legging jugger- Share-priceperformance roughly 34% forthe 12 months are expected to look tame by com- CBS/Paramount+ naut Lululemon Athletica has de- ended in February, according to data parison, with both the company 50% 02% 0406080 flated by 6.9%. Therebalancing from the NPD Group.That could go and Wall Street projecting about LeviStrauss might be missing afew nuances. 40 both ways—it could presageahuge six million new paid subscribers. Note:Online survey of 3,100 U.S. adults As amultiple of forwardearnings, boom in newdenim sales if manyin The company has long warned Source:Morgan Stanley shares of Lululemon arenow trading 30 that 34% segment need to switch up that the pandemic pulled forward roughly wherethey were beforethe their wardrobes.Conversely,itcould subscriber growth, which means tures—one of the few studios left pandemic,while Levi’sistrading 20 mean skinnyjeans have staying comparisons will likely remain without its own streaming outlet. higher. Is the denim businesssud- poweralongside wider fits. challenging all year. Wall Street That deal covers domestic rights denly morepromising than it was 10 Fashion trends canbefickle,and currently expects Netflix to add to Sony’s theatrical movies, plus beforeCovid-19? Apparel companies companies canadjust to newfads. about 25% fewer new paid sub- some of its older library, and is 0 think so.Levi’s,inits recent earnings Lululemon With that in mind, it is important to scribers this year than last, ac- valued at more than $1 billion over call, said it wasseeing the start of a gaugeabrand’srelativerecord. Mr. cording to FactSet. its lifespan, according to people -10 Athletica newdenim cycle—away from skinny Sole notes that denim sales have A slower-growing Netflix is only familiar with the deal cited by The jeans to ahigh-rise,looser fit. The -20 been growing by low-single-digit a real problem to an investor base Wall Street Journal. Netflix is also thinking is that as consumersstart percentages in recent years, while that has come to value streaming paying $450 million for the rights resuming normal life, they will find -30 sportswear has growninthe middle businesses on subscriber additions to two sequels to the popular mur- their wardrobe of tight fitting jeans 2021 April single digits. Levi’sisone of the alone. But at nearly 204 million der mystery “Knives Out,” accord- in need of an upgrade. most recognizable apparel brand paid subscribers and climbing, ing to a report by Variety. Another reason investorsare Source:FactSet names,but the company’ssales Netflix is already way ahead of its Analysts thus expect more price bullish is that denim is seen as the growth hasn’t stood out from the rivals on that score. And the com- bumps ahead for the service. Todd perfect bridgefromthe comfort- This cycle might be different; crowd.Beforethe pandemic,its five- pany itself seems ready for a new Juenger of Bernstein, who tracks able clothes consumersgot used to Levi’s could do better because it is year compound averagegrowthrate story. It told investors in its last Netflix pricing, predicted in a note while staying home and the dress- known and sought for its classic forrevenue was3.9%, roughly in line report that external financing to to clients widespread increases ier outfits they used to wear,ac- styles, which happen to match with the industry. Meanwhile,Lulu- fund operations is unlikely to be this year. Netflix has also been ex- cording to JaySole,analyst at UBS. what customers currently want. lemon is acategoryuntoits own: Its necessary in the future. It also perimenting with ways to clamp Yetthat still doesn’t seem to be Levi’snoted in itsearningscall averageannual growth rate over the said it expects to break even on a down on password sharing, which enough of areason to jump ontothe that men’srelaxed fits,which the comparable period was17%, well free-cash-flow basis this year—af- could result in more subscribers if Levi’sbandwagon—at least not yet. companyoncethought of discontin- abovethe sportswear category’s av- ter burning cash for the past eight. freeloaders decide to pay up. That While interest in the newdenim fit uing because they were becoming so erageand morethan double that of That won’t be easy. Content is hardly a given, but a recent sur- is undeniably there, it is trickier to unpopular,grew50% in the most re- Nike.After growing almost 11% in costs continue to soar, and the vey by Morgan Stanley of U.S. forecast exactly which brand con- cent quarter compared with ayear the past fiscal year,Lululemon ex- emergence of other streaming ri- streaming users found that 58% sumerswill turn to.The skinny-jean earlier.But other brands arebetting pects to see itstop line rise an addi- vals owned by established Holly- use Netflix—the highest of any cycle,which Levi’sreferenced in the on the trend too, so it isn’t obvious tional 26% at the lowend of itsfore- wood studios will limit some streaming service—and that Net- same earningscall, kicked off around that Levi’swill be the clear winner. cast,which it tends to outperform. of the library content Netflix flix also was ranked as having the 2005.While the popularity of that And despitetalk of anew denim While the newdenim trend is can access. best original content. Not a newfit might have helped boost cycle,skinnyjeans still endurein certainly eye-catching,for investors It was therefore little surprise bad place for Netflix to test its denim sales overall, it did little to popularity—they made up the larg- it is no time to ditch Lululemon in that the company just signed a staying power. help Levi’sexpand sales at the time. est shareofwomen’sjeans sales at favorofLevi’s. —Jinjoo Lee multiyear deal with Sony Pic- —Dan Gallagher

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