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***** THURSDAY,DECEMBER 3, 2020 ~VOL. CCLXXVI NO.131 WSJ.com HHHH $4.00

DJIA 29883.79 À 59.87 0.2% NASDAQ 12349.37 g 0.05% STOXX 600 391.69 g 0.1% 10-YR. TREAS. g 4/32 , yield 0.948% OIL $45.28 À $0.73 GOLD $1,825.70 À $11.60 EURO $1.2118 YEN 104.41 On Capitol Hill, Another Joust Over Fed Lending Measures Covid-19 What’s News Vaccine Cleared Business&Finance For Use PS imposed temporary Ushipping restrictions on some large retailerssuch as In U.K. Gap and Nikethis week,an early sign that the pandemic- fueled online shopping sea- West’s first approval son is stretching delivery networks to their limits. A1 for emergency use  TheHouse unanimously opens door for limited approved legislation that distribution in days threatens atrading ban on shares of Chinese compa- LONDON—TheU.K.became nies over concerns that the firstWestern nation to their auditsaren’t suffi- grant emergency-use authori- ciently regulated. B1 zation foraCovid-19 vaccine,  Senate Republicans’ bid clearing ashot developed by to confirm Shelton as aFed- Pfizer Inc.ofthe U.S. and BioN- eral Reservegovernor ap- Tech SE of Germanytobedis- pearsunlikely to succeed tributed in limited numbers nowthat anew Democratic within days. senator has been seated. A2 OL PO S  Amazon.comisinexclu- By Bojan Pancevski, sivetalks to purchase pod- Jenny Strasburg SH/PRES and Jared S. Hopkins

cast startup Wondery, as NA

the technologygiant G

GRE Thetwo-shot vaccine is also pushes further intothe BUMPS:Federal ReserveChairman Jerome Powell and Treasury Secretary Steven Mnuchin appeared Wednesdaybeforea being reviewedbythe Food growing audio sector. B1 Housepanel, whereMr. Mnuchin defendedhis decision to letasuiteofemergency lending programs expireatyear’send. A4 and Drug Administration in the  Dyal is in talks to merge U.S.,whereasimilar authori- with Owl Rock,part of a zation could come this month complicated deal with a and arollout beforeyear-end. special-purpose acquisition TheU.K.green light on companythat would take the Virus-Aid TalksPick Up Speed Wednesdaypunctuates a asset managerspublic. B1 monthslong sprint by the two drugmakers, which teamed up  TheS&P 500 rose 0.2% to BY KRISTINA PETERSON chamber’s Democratic leader, lievethat with good-faith nego- lion. But on Tuesday, anew bi- this year and then pulled arecordinachoppy trading said that anew,bipartisan tiations we could come to an partisan group unveiled a ahead of two other Western session. TheDow also Democratic leaderssignaled $908 billion coronavirus relief agreement.” $908 billion relief proposal, de- pharmaceutical companies, added 0.2%, while the Nas- Wednesdaythey were prepared proposal released Tuesday Democratshad coalesced signed to help buoyworkers each with itsown promising daq slipped 5.74 points. B10 to reducetheir demands forthe should serveasthe starting earlieraround a$2.4trillion and businesses through March. shot. Vaccines typically take  Some investors arebetting next round of coronavirus re- point fortalks to trytoresolve bill passed in the House,which SenateMajority Whip John years to bring to market. the Fedcould start buying lief,fueling hopes that an months of disagreement with contains measures including Thune (R., S.D.)said Demo- It also marks akey milestone morelong-term Treasurys as agreement could be reached GOP leadersand the White funding forstate and local gov- cratic leaders’ call to center ne- in effortstotranslateapromis- soon as itsnextpolicymeet- with Republicans by year’s end House. ernmentsand food stamps, gotiations around the biparti- PleaseturntopageA8 ing,atrend that has helped to boost struggling businesses “Of course,weand others among others, which GOP pro- san proposal wasamoveinthe temper some recent selling. B1 and households. will offer improvements,” Mrs. posals have excluded. Republi- PleaseturntopageA4  CDC shortens quarantine for House Speaker NancyPelosi Pelosi and Mr.Schumer said in cans leadershaveproposed a virus exposures...... A8  SoftBank and itstech-fo- (D., Calif.) and Sen. Chuck ajoint statement, “but the need fraction of that; theirmost re-  Fed candidacy appears  U.S. hospitalizations for cused Vision Fund stand to Schumer of NewYork,the to act is immediateand we be- cent bill cost around $500 bil- unlikely to succeed...... A2 coronavirus top 100,000.... A8 win big if DoorDash’sex- pected IPO is as successful as the food-deliverycom- panyhopes it will be. B4 College-Loan Debt INSIDE China HasaFriend World-Wide Hits Parents Hard In Wall Street  TheU.K.became the firstWestern nation to grant emergency-use autho- BY ANDREA FULLER debt parentstook on through a rization foraCovid-19 vac- AND JOSH MITCHELL federal collegeloan program Trade deal disappointedmanyU.S. industries, cine,clearing ashot devel- called Parent Plus. oped by Pfizer and BioNTech Poor and middle-income Previously,the department but financial giants see opportunity to be distributed in limited parentsathundreds of col- released information on debt PERSONAL JOURNAL numberswithin days. A1 legeshavetaken on substan- levelsofstudentsatspecific Aguide to films and BY LINGLING WEI, BOB DAVIS Morgan Chase & Co.’s Jamie  Covid-19 hospitalizations tial debt—amountssometimes colleges and universities,but series rolling out AND DAWN LIM Dimon, there as chairman of in the U.S. set another record more than twice their annual notthe borrowing takenonby the Business Roundtable lob- as the number of coronavi- income—tohelp their children parentsonastudent’sbehalf. during the holiday In February 2018, Beijing’s bying group. ruspatients in the nation’s through school, newfederal TheParent Plus data“pro- season. A12-A13 chief trade negotiator was in Looking for allies in trade hospitals topped 100,000. A8 figures show. vides amorecompletefinancial Washington to try to avert a talks with the Trump admin-  The CDC cut the recom- Theschools with the largest pictureofhow recent graduates trade war. Before meeting istration, Mr. Liu dangled a mended quarantine period to parent-debt burdens aren’t have paid fortheir postsecond- his U.S. counterparts, he prize, the people say: Beijing seven to 10 days forpeople world-famous IvyLeague aryeducation,” the Education turned to a select group of offered to give U.S. financial

in the U.S. who have been ex- schools,aWall Street Journal Department said in astatement S American business execu- firms a new opportunity to

posed to the coronavirus. A8 analysis found. Rather,they in- Wednesday. NEW tives—mostly from Wall expand in China. clude art schools,historically Theamountsmay be bur- G Street. Shortly after the gather-  Democratic leaders sig- Black colleges,and small pri- densome formanyparents. At “We need your help,” Vice ing, Mr. Liu presented naled they were prepared to vate colleges whereparentsare nearly 150 colleges,parents OOMBER Premier Liu He told guests China’s position to the U.S. reducetheir demands for BL borrowing nearly six-figure typically took out loans worth gathered in a hotel near the side, including the financial the next round of coronavi- amountstofulfill their chil- $50,000 or more, the data BUSINESS White House, according to opening. Most other U.S. in- rusrelief,fueling hopes that dren’scollegedreams. show. At morethan 500 people with knowledge of dustries were disappointed. adeal could be reached with The home-appliance Forthe firsttime,the U.S. schools,the median amount the matter. They included The Trump administration Republicans by year-end. A1 industrymakes ahard Education Department, through they borrowedwas between BlackRock Chief Executive PleaseturntopageA10  TheSBA’s release of new pivot toward hygiene dataonPPP borrowers high- itsannual release of collegefi- $25,000 and $50,000. Larry Fink, David Solomon, nancial data, provided informa- Parentsofgraduates from amid the pandemic. B1 then Goldman Sachs Group’s  House passes delisting of lightshow money flowed tion Wednesdayonthe level of PleaseturntopageA6 second-in-command, and JP- China firms over audits...... B1 to both mom-and-pop busi- nesses and largerfirms. A4  Poor and middle-income Test for Tech: parents at hundreds of col- UPSPutsRestrictions leges have taken on sub- stantial debt to help their Wyatt Earp? children through school, On Retailer Shipments WE SEE newfederal figuresshow. A1 Ringo Starr?  Trump delivered aspeech BY PAUL ZIOBRO onavirus pandemic—a dy- from the WhiteHouse in iii which he insisted that he won namic that has shifted power WHAT the election and again de- Facial recognition United Parcel ServiceInc. significantly.UPS and rival imposed temporaryshipping FedEx Corp.have raised prices clined to concede to Biden. A6 meets its match in restrictions on some large re- and promised to hold mer-  Netanyahu’scoalition part- tailerssuch as Gap Inc.and chantstovolume agreements. nerswithdrew their support Old West photos Nike Inc.this week,anearly Thetemporarylimits, which OTHERS forthe government, raising the sign that the pandemic-fueled some driverssaid they haven’t prospect it could collapse and BY PARMY OLSON online shopping season is seen during previous holiday send Israel to afourth elec- stretching deliverynetworks seasons,are asign that UPS is tion in lessthan two years. A18 DennyRodman,anantiques to their limits. metering the flow of packages CAN’T.  Died: Valéry Giscard collector in Houston, made an Thedeliverygiant on Cyber intoits network to preserveits d’Estaing, 94, former exciting find on Facebook’son- Mondaynotified drivers performanceduring one of the line marketplaceinAugust. An acrossthe U.S. to stop picking busiest shipping weeks of the president of France. A18 old imageofthree men looked up packages fornow at sixre- year.The National Retail Fed- alot likethe infamous Dalton tailers—L.L. Bean Inc., Hot eration estimated that online CONTENTS Opinion...... A15-17 brothers, the Wild West bank Topic Inc., Newegg Inc.and shopping jumped 44%overa With end-through-end visibility,NETSCOUT Business News...... B3 Personal Journal A11-13 Capital Account.... A2 Sports...... A14 robbers. Macy’sInc., in addition to Gap recent five-daystretch that in- delivers consistent detection, prevention, Crossword...... A14 Technology...... B4 He bought the photo for and Nike—according to an in- cluded Black Friday and Cyber and analytics—across any application, any Equities...... B8 U.S. News...... A2-8 $100,wrote a35-pagereport ternal messageviewedbyThe Monday. Heard on Street.. B11 Weather...... A14 arguing forits authenticity, Wall Street Journal and con- UPS,without commenting cloud, and any data center. Markets...... B10 World News...... A9,18 then sent the report to Bob Ut- firmed by UPS workersindif- on anycustomer-specific di- goNETSCOUT.com ley,a91-year-old authority on ferent regions. rective, said the companywill > the outlaws of the period. He “Noexceptions,” the mes- pick up packages from custom- included afacial-recognition sage said. erswhose demand exceeded analysisthat showedstrong This year retailersare in- allocated spaceoncemoreca- evidenceofamatch. creasingly dependent on deliv- pacity becomes available. Mr.Utley wasn’t convinced. erycompanies to moveonline Shipping levels tend to jump s 2020 Dow Jones & Company, Inc. All Rights Reserved “Identifying people of genera- holidayorders, as storetraffic the week after Thanksgiving, PleaseturntopageA10 has plummeted during the cor- PleaseturntopageA9 P2JW338000-0-A00200-1------XA

A2 | Thursday, December 3, 2020 THE WALL STREET JOURNAL. U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip Biden Economic Repair Job Lacks Some Tools

JoeBiden her career in academia and The economy, though recovering, is still operating well short under 1%. By contrast, in disastersneed to be long-last- has been here government, including as of its productivepotential, and fresh stimulus could speed up 2008-09 they were around ing.” Thelaw’s support before. Twelve head of the Federal Reserve, the decline in unemployment. 3%, enabling the Fedtopush largely expired afterfour yearsago, as studying and managing the them lowerthrough large- months,leaving “a paralyzed Output gap* Unemployment rate† Barack balancebetween unemploy- scale bond-buying. Congressand president un- Obama’snewly ment and inflation. 2% RECESSION 14% Mr.Biden faces other ob- able to agree on action.” electedvicepresident, Mr.Bi- Today, it is clear which is Actual stacles neither Mr.Trump nor den inherited an economy the priority.Likethe financial 0 12 Mr.Obama did. In 2009,“we hile another eco- Without laid lowbyaonce-in-a-cen- crisis 12 yearsago, “The pan- stimulus gotcompletecooperation nomic collapse is un- turycrisis. demic and economic fall- from the outgoing adminis- W –2 10 likely,economists Thegood news is that, un- out…have caused so much With tration,” Mr.Furman said in project morestimulus would stimulus‡ likethen, the recovery from damagefor so many,” she –4 8 an interview. President hasten the drop in unemploy- the pandemic-driven eco- said Tuesday. “It’sessential George W. Bush, at Mr. ment, minimizing the harm to nomic contraction is under that we movewith urgency. –6 6 Obama’srequest, asked Con- workers’ long-term incomes way,and with vaccines about Inaction will produceaself- gresstorelease $350 billion and job prospects. to be approved,anend to the reinforcing downturn causing –8 4 of bailout funds that Mr. Republicans areopen to latest crisis is in sight. The yetmoredevastation.” Obama used to rescue banks morestimulus,just not as bad news forMr. Biden is –10 2 and carmanufacturers. much as Mr.Biden’steam is that while he and his team hen Mr.Biden took By contrast, TreasurySec- likely to think sufficient. Hav- want to acceleratethe recov- officein2009,the 2000 ’05 ’10 ’15 ’20 2015 ’20 ’25 retary Steven Mnuchinsaid ing blessed aballooning defi- ery, they maynot be able to W *Shortfall between actual vs.potential economic output given available labor,capital and technology. recession had been he will wind down market- cit under Mr.Trump by vot- do much about it. Monetary under way forayear and Assumes 4% growth, annualized, in the fourth quarter of 2020.†Figures areseasonally adjusted support programs funded by ing forsteep taxcutsand quarterly averages, 2021-2025are projections. ‡Assumes $1,200 stimulus checks, extended and policyislargely exhausted, would last five moremonths. enhanced unemploymentbenefits. the Cares Act on Dec.31and spending increases,Republi- and fiscal policyisatthe Economic output was5%be- Source:IHS Markit (unemployment); WSJanalysis of Congressional Budget Office told the Fedtoreturn around cans arepivoting to fiscal mercy of Congress. lowits potential. Unemploy- and Bureau of Economic Analysis data (output) $430 billion in unused funds. rectitude just as Mr.Biden In 2009,Democratscon- ment had topped 7%, on its Trump-appointed regulators takesthe reins. trolled the House and Senate. way to 10%. covery to dateisinpart is far from home free.Some arerushing to privatizeFan- “The Republican Party is, If Republicans win at least By contrast, the pandemic- thanks to hefty,bipartisan economistssay the current nie Mae and Freddie Mac, fundamentally,asmall gov- one of two runoffs in Georgia induced recession probably aid. The$2.2 trillion Cares surge of infections and re- which could weaken the sup- ernment party,” said JonLie- next month, they will retain ended last spring.The econ- Act and several other stimu- strictions on activity could port their mortgageguaran- ber,ananalyst forEurasia control of the Senate, where omyisoperating at about 3% lus bills together exceed the stall activity just as Mr.Biden tees provide to the housing Group and former aide to they will likely take aharder belowpotential, and unem- aid enacted during Mr. takesoffice. market. SenateMajority Leader Mitch line on deficitsthan they did ployment has dropped from Obama’sadministration. Pol- Meanwhile,heinheritsfar Thesame lowinterest McConnell. “Trump’scontri- under President Trump. 14.7%inApril to 6.9% in Octo- icymakerslearned from the lessinthe way of policytools. ratesthat have leftthe Fed bution wastomakedeficits Theemphasis Mr.Biden ber.The crisis is far from 2008-09 crisis “that it is criti- In Jerome Powell, Mr.Biden out of ammo makefiscal great again. Nowthat he’sout has placed on the recovery over,with infections and hos- caltodosomething large,” will be aided by aFed chair- stimulus moreaffordable and as leader of the party,that canbeseen from who he has pitalizations at or near re- Jason Furman, an economic man as eager to help as Ben potentially morepotent. The underlying policycommit- asked to steer it. If confirmed, cords,but several vaccines adviser to Mr.Obama, wrote Bernankewas then. But Mr. holdup isn’t the financing,it ment [tosmall government] Janet Yellen would be the have proved effectiveintrials this week in Foreign Affairs. Powell is largely outofam- is the politics.Mr. Furman rises up again.” If Republicans firstpracticing economist to and could be widely available Yetwhile the economyis munition. Short-term interest wrotethat the Cares Act retain the Senate, “It’sgoing serveasTreasurysecretary in by midyear. in bettershape than what Mr. ratesare already close to didn’t reflect another lesson to be really hardtodoany two decades.She has spent Thestrong economic re- Obama faced 12 yearsago, it zero,and long-term ratesare from 2009,that “responses to legislation.” CORRECTIONS  AMPLIFICATIONS Fed Candidacy Likely Hits Theyuan has been appreci- line on aU.S.Newsarticle estespark.com. An Off Duty ar- ating sinceJune.APageOne Wednesdayabout Mr.Barr’s ticle Saturdayabout backcoun- Dead End With New Senator article Wednesdayabout Presi- remarks incorrectly indicated tryskiing gavethe siteas dent-elect JoeBiden’seco- that he said therewas no evi- estes-park.com. nomic team incorrectly said denceofvoter fraud. BY NICK TIMIRAOS Kelly (D., Ariz.) wassworn in Collins of Maine and Mitt China’scurrencyhas been de- afterwinning aspecial election RomneyofUtah, votedagainst preciating. BancodoBrasil’s name Noticetoreaders Senate Republicans’ bid to Nov.3,defeating Republican the confirmation, as did all the wasgiven incorrectly as Banco Wall Street Journal staff confirm Judy Shelton as a Sen. Martha McSally. chamber’s Democrats and in- AttorneyGeneral William de Brasil in aWorld Watchar- membersare working remotely Federal Reserve governor ap- ThreeRepublicans areop- dependents. BarronTuesdaysaid the Jus- ticle Wednesdayabout abank during the pandemic.For the pearsunlikely to succeed now posed to Ms.Shelton’snomina- SenateMajority Leader ticeDepartment hasn’t found robberyinCriciúma, Brazil. foreseeable future, please send that anew Democratic senator tion. If Mr.Kelly voteswith all Mitch McConnell, who sup- evidenceofwidespread voter reader comments only by has been seated, denying Pres- SenateDemocratsand indepen- ported Ms.Shelton’sconfirma- fraud that could reversethe Theofficial Estes Park, email or phone,using the con- ident Trump’snominee the dents, who areopposed, she tion, changed his vote to “no” election’soutcome.The head- Colo., tourism siteisvisit- tactsbelow, not via U.S. Mail. votes needed for approval. would lack the necessarysup- to preservethe ability to bring The Senate voted Wednes- port forconfirmation so long up the nomination later. Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling day to advance the confirma- as all the 51 opposing lawmak- Republicans also could tryto 888-410-2667. tion of another of Mr.Trump’s confirm Ms.Shelton in the next Fednominees,Christopher term of Congressshould they Waller,the research director Judy Shelton win two Jan. 5runoff elections THE WALL STREET JOURNAL at theFederal ReserveBank of already is forSenateseatsinGeorgia. (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) St.Louis.The Senatevoted opposed by If Ms.Shelton isn’t con- Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 50-45toclear afinal proce- three Senate firmed, President-elect JoeBi- Published daily except Sundays and general legal holidays. dural hurdle beforeMr. Wal- Republicans to den would be able to fill the Periodicals postage paid at New York, N.Y., and other mailing offices. ler’s confirmation vote,which be a Fed vacancy after that. Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. is likely to occur Thursday. governor. Ms.Shelton has been a All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are available from the Advertising Mr.Waller,whose term longtime proponent of areturn Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. would runthrough January to the gold standard, which Letters to the Editor: Fax: 212-416-2891; email: [email protected] 2030,has attended meetings ersare able to vote. would limit the Fed’sability to of theFederal Open Market A Nov.17procedural vote to influenceinflation and employ- Need assistance with your subscription? By web: customercenter.wsj.com; By email: [email protected] Committeethis year in his ca- advanceMs. Shelton’snomina- ment. Republicans voiced mis- By phone: 1-800-JOURNAL (1-800-568-7625) pacity at the St.Louis Fed. He tion failed, 47 to 50,due to the givingsoverher public state- Reprints &licensing: headed the University of Notre absences of two GOP senators mentsand writings, including By email: [email protected] | Dame’seconomics department who would have voted in her anotable shiftaway from fa- By phone: 1-800-843-0008 beforejoining the regional Fed favor, RickScott of Florida voring tighter monetarypolicy WSJback issues and framed pages: wsjshop.com bank in 2009. and Chuck Grassley of Iowa. that some said indicated op- Our newspapers are100% sourcedfromsustainably certified mills. Republicans’ majority in the They were absent due to coro- portunism as she sought to se- GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS U.S. Senatefell to 52-48on navirus-related precautions. curePresident Trump’sfavor Wednesdaywhen Sen. Mark Twoother Republicans,Susan forthe nomination.

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Amid Dwindling Ridership, D.C. Metro Weighs Drastic Service Cuts GES IMA GETTY MODEVILLA/ SO Adrienne Pendant NecklacewithEnamel, Amethyst and Diamonds $1,295 CHIP Adrienne Drop Earrings withEnamel, Amethyst and Diamonds $495 CRISIS: The Metro Center station in Washington, D.C., was nearly empty during rush hour Wednesday. Facing a $494.5 million deficit as the pandemic keeps passengers away, Metro is proposing to end weekend service, close 19 stations and eliminate 2,400 positions. FOR OUR CONCIERGE SERVICE: [email protected] 347-748-6005 Supreme Court Weighs Making JUDITHRIPKA.COM d.

Jury-Case Decision Retroactive ve er es sr ht ig

BY JESS BRAVIN retroactively to other cases, convictions sat “comfortably if at most 1,600cases in the lr Al

thecourt asks whether it is not awkwardly with our case state could be affected. a. ur

WASHINGTON—TheSu- simply enforcing an old rule or law,” he said. “Ohyes,sir,” Mr.Belanger rd

preme Court on Wednesday establishing anew one.Old The1972case,however, said. “We’re really looking at Ve © weighed whether its decision rules apply to prior cases,but came from asplintered court; our estimates of maybe two to this year requiring juries to be newones do only if they in- only one justicesigned what three cases per prosecutor,” he unanimous to convict someone volve“bedrock” principles es- was viewed as its controlling said. of acrime should be applied sential to the accuracyand opinion. Mr.Belanger said TheLouisiana solicitor gen- retroactively. fairness of trials. such aprecedent should not eral, Elizabeth Murrill, dis- If amajority of the justices “You have something of a be held “tostand for...awa- agreed. sayyes,hundreds or thou- burden of establishing that the tered-down Bill of Rights.” “It doesn’t just affect those sands of convictions could be unanimous juryisnecessaryto Mr.Belanger argued that that were nonunanimous jury overturned. avoid an impermissibly large theApril decision, Ramos v. verdicts. It also has been In Louisiana, Oregon and risk of an inaccurateconvic- Louisiana, should be viewedas raised as aclaim to undermine Puerto Rico, criminal defen- tion,” Chief JusticeJohn Rob- alandmark in constitutional and attack plea agreements, dantscould be convicted even law, akin to Gideon v. Wain- and those areevenlargerin if the jurywasn’t unanimous wright,the 1963 opinion re- number,” she told the court. until the Supreme Court ruled Hundreds or quiring the government to Even accepting Mr.Belanger’s the practice unconstitutional provide adefense attorney for estimates,“[we] think 1,600 is in April. thousands of indigent defendantscharged an awfully lot of new trials.” Wednesday’s argument in- convictions could be with serious crimes. “What relevancedoes this volved fundamental questions Justice Samuel Alitocoun- have anyway?” said Justice regarding the origin and appli- overturned. teredthat, unlikethe 1963 de- Gorsuch. “Ifthis really were a cation of constitutional rights, cision, JusticeGorsuch’sRa- significant change and an im- putting on display the differ- mos opinion relied on what he portantone,wouldn’t we ex- ent concerns among individual believed was the framers’ un- pect there to be some burden justices—even those some- erts told Andre Belanger, the derstanding of the juryright for the state?” times considered ideological BatonRouge, La., lawyer argu- in 1791, when the Bill of Rights Wednesdays’case was bedfellows. ing for retroactivity. was ratified. brought by Thedrick Edwards, JusticeBrett Kavanaugh Thechief justicecited a TheRamos decision itself who was19and had no crimi- spokeofthe court system’s 1968 case that declined to ap- divided the court. Conserva- nal record when arrested by prejudices againstAfrican- ply retroactively athen-recent tives and liberals formed the BatonRougepoliceinconnec- Americans. JusticeStephen ruling that defendantswere majority through differently tion with several attacks near Breyer worried about forcing entitled to a jury trial, rather reasoned opinions, while Jus- Louisiana State University in THESTARDUSTEARCUFF authorities to retryorrelease than appearing only before a tice Alito dissented, joined in May 2006. Diamond andwhitegold, $33,500 hundreds of inmates; Justice judge, for serious crimes. wholeormost part by Chief He wasconvicted in Decem- Neil Gorsuch, who wrote JusticeClarenceThomas JusticeRobertsand JusticeEl- ber 2007—on some counts by April’s plurality opinion, sug- notedthat in 1972the court ena Kagan. 10-2votes,and othersby 745FIFTH AVENUE,12THFLOOR gested that concern wasirrel- had declined to say the Sixth JusticeBreyerhad concerns 11-1—of armed robbery, kid- evant. Amendment forbids convic- over the practical effect of ret- napping and rape 212.758.3388 •VERDURA.COM When considering whether tionswithout aunanimous roactivity. “Can the Louisiana He is serving alifesentence adecision on the rightsof jury.Until they specifically system handle that?” he without parole at Louisiana’s Original gouachebyDukeFulco di Verdura criminal defendantsapplies were repudiated in April, such asked, afterMr. Belanger said Angola state penitentiary. DHS’s Use of Phone Data Will Be Probed

BY BYRON TAU lier this year that several agencies within DHS were This Holiday... WASHINGTON—TheDepart- buying access to aproduct ment of Homeland Security’s in- made by acommercial broker, Give her the Stars ternal watchdog said it would acompanycalled Venntel Inc., open an investigation intothe of Herndon, Va., that con- useofmobile-phone surveil- tained location information on lancetechnologies to track millions of U.S. mobile devices, Americans without awarrant, drawnfromgames,weather the latest salvoinadebate apps andother common mo- within the U.S. government over bile applications. the legality of such techniques. Thedepartment also buys Thedepartment’sinspector software from Babel Street, general told five Democratic another vendor that sells loca- senatorsthat his officewould tion-data products, according initiateanaudit “todetermine to public records. if the Department of Home- Venntel and Babel Street land Security (DHS) and its didn’t respond to requestsfor componentshavedeveloped, comment. updated, and adhered to poli- Such dataiswidely used by cies related to cell-phone sur- the U.S. militaryand intelli- German Precision Since 1869 veillancedevices,” according genceagencies forintelligence to alettersent last week to gathering overseas,according The New ProMare Go %,=&"$;M =$=$;;1 1J) !"!"((;; Capitol Hill and shared with to public recordsand people >7=O7,$9 =7B0G.22 The Wall Street Journal. familiar with the matter, but With the ProMare Go, the ProMare family Thelettercame in response those agencies arelargely has now welcomed apractical addition to to arequest in October from barred from domestic moni- #$+"402- "3 M,7:5,;: Sens.Ron Wyden (D., Ore.), toring. the collection featuring aclever bidirectional 5,78 <";: P"(,;=402 Elizabeth Warren (D., Mass.), However, law-enforcement bezel that enables wearers to quickly mark Sherrod Brown (D., Ohio), Ed agencies have concluded that important moments in time. Markey (D., Mass.) and Brian they don’tneed awarrant to www.muhleglashutteusa.us Schatz (D., Hawaii) to probe obtain location dataonphones whether the purchase of com- within the U.S. because con- '=(( "O #&=,(7"@6O<8=M: Formoreinformation please contact: mercial cellphone dataon sumerstechnically canopt out FJ2.E/I2 K/0K D<"$7=<7C&,M=8=O=H<"& Americans forlaw-enforce- of such location tracking and AaronFaber-New YorkCity,NY|Brentwood Jewelry -Brentwood, TN | ment purposes was lawful. thedataisavailable forpur- ExquisiteTimepieces–Naples, FL |Joseph Gann -Boston, MA |Little >8"Q 78:'"((:<7,"$=7LN>*P*?*H'AL “DHS always has and will chase on the open market. Treasury Jewelers -Gambrills, MD |Martin Pulli -Philadelphia, PA | continue to cooperatefully TheTreasuryDepartment’s Orlando Watch Company -Winter Park, FL |Whittens Fine Jewelers - HandcraftedinNew York with OIG [OfficeofInspector inspector general is probing Wilmington, DE |Worthmore Jewelers -Atlanta, GA General] investigations,” said a the Internal Revenue Service’s Muhle Glashutte USA 727-896-4278 spokesman forthe department. use of the same datafor crimi- TheJournal reported ear- nal enforcement. P2JW338000-2-A00400-17FEFF5178F

A4 | Thursday, December 3, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ** THE WALL STREET JOURNAL. U.S. NEWS Mnuchin Defends Lending Programs’ End

BY NICK TIMIRAOS cision. Iwas merely imple- loan backstopsfor corporate, the House Financial Services Mr.Mnuchin also asked the that despitethe prospect that AND PAUL KIERNAN mentingthe Cares Act,” Mr. municipal and other credit Committee, before which Mr. Fedlast month to return vaccinations could boost the Mnuchinsaid, echoing com- markets, as well as aprogram Mnuchin and Federal Reserve around $170 billion that the economy by the spring,itwas WASHINGTON—Treasury mentshemade on Tuesday to support lending to small and Chairman Jerome Powell ap- Treasuryhad previouslycom- toosoon forthe Fedtocon- SecretaryStevenMnuchin de- beforethe SenateBanking midsizebusinesses and non- peared. mitted, and Mr.Powell had said sider pulling back itssupport. fended his decision to allowa Committee. profits, to expireonDec.31 TheFed issued arareobjec- he would do so even though “We’renot going to until we suiteofemergencylending Mr. Mnuchin also said that touched off apartisan fight tion to Treasury’sdecision last the Fedisn’t legally obligated. feel confident that it’snolon- programs to expireatthe end the programs weren’t needed over whether and howthe Bi- month, saying it would have Democratssparred with Mr. gernecessary,” he said. of the year against criticism anymoreand that the money denadministration should be preferred to extend the pro- Mnuchin, who at times leafed In addition to the emer- from Democratswho said he he hadn’t approved forthe allowedtouse the programs. grams until the pandemic cri- through alarge binder contain- gencyloan programs,the Fed hadmisinterpreted the law programs,aswell as other Republicans defended Mr. sis had passed. ing the Cares Act, over his legal this year has cut itsshort-term that enabled them. funds that wouldn’t be needed, Mnuchin’sdecision at Wednes- “Wewereconcerned that interpretation. “You’reclaiming benchmark rate to near zero At a House oversight hear- would be betterused on an- day’shearing and compli- the public might misinterpret falsely…what the lawsays,and and is purchasing $120 billion a ing on Wednesday, Mr. other pandemic relief bill. mented the Fedand Treasury [the Treasury’sdecision] as you’vegottenintoadisagree- month in Treasuryand mort- Mnuchin said the $2 trillion Mr.Mnuchin said he had ex- in theircrisis response. the Fedstepping back and ment with [Mr.Powell], who is gage-backed securities.The Fed Cares Act pandemic relief bill plained his reasoning and un- Democratssee the pro- thinking our work is done,” actually alawyer,” said Rep. believes that adding to itsasset that Congress approved on a derscored that his decision grams as apotential tool for Mr.Powell said on Wednesday Katie Porter (D., Calif.). portfolio,orbalancesheet, pro- bipartisan basis in March wasn’t politically motivated in the Biden administration to beforethe same committee. Legislativeproposals Repub- vides additional support to the didn’t allowhim to extend five arecent phone call with Janet deliver moreaid to hard-hit “Weneeded to send asignal to licans have made in recent economywhen interest rates emergencyloan programs.The Yellen, who is President-elect businesses,cities and states if the public to that effect.” months to rescind the lending arepinned near zero. Fedand Treasuryhad estab- JoeBiden’snominee to serve Congressdoesn’t act to ap- Mr.Powell, who has alaw programs in January2021 “The time will come to start lished thoseprograms with as the next Treasurysecretary. prove more spending. degree, declined to say if the wouldn’t have been necessary thinking about balance-sheet some of the $454 billion Con- He said she didn’t expressan “There is simply no justifi- Fedagreed with the Treasury’s if the Cares Act actually re- issues,” Mr.Powell said. “It’s gresshad made available in opinion during the call. able reason to take these tools reading of the law. “We don’t quired what Mr.Mnuchin said well intothe future. We know the law. TheTreasuryDepartment’s away,” said Rep.Maxine Wa- have arole in reading it,” he it had, Ms.Waterssaid. howtodoit, and that’sslowly “This wasnot apolitical de- decision last month to allow ters (D., Calif.), chairwoman of said. Separately,Mr. Powell said and carefully.” Stimulus Talks Gain Momentum

ContinuedfromPageOne right direction. “They’vegotten reasonable and Ithink that could help us gettoasolution,” he said. SenateMajority Leader Mitch McConnell (R., Ky.) didn’t comment on the Democratic leaders’ statement, but he said earlier in the daythat they were showing “a newwilling- nesstoengageingood faith.” GOP leadershaven’t yetpub- licly moved toward Democrats in the renewednegotiations. EarlierWednesday, Treasury SecretaryStevenMnuchin said the WhiteHouse backed the GOP offer released Tuesday. S NEW

That proposal,similar to Sen- G ateRepublicans’ previous $519 billion bill, includes more OOMBER

funding forsmall businesses, BL legalprotections forentities S/ operating during the pandemic

and aone-month extension of REYNOLD

expanded unemployment-insur- ANI EF

anceprograms that expireat ST the end of December.Itdoesn’t Senate Majority Leader Mitch McConnell at the Capitol Wednesday, as lawmakers worked to hammer out a virus-relief bill before the end of the year. include Democrats’ desired funding forstate and local gov- long agreed moreaid is needed, morefunding next year,aides afterbeing sworn in Wednes- would runthrough March.It and $180 billion foradditional ernments. manyfeel moreurgencynow. said,giving them apotential day, newSen. Mark Kelly (D., includes $160 billion in state unemployment insurance, in- “The president will sign the Legislativetime is running out, second shot at moreaid. Ariz.) said relief shouldn’t wait andlocal funding,sought by cluding $300 aweek through McConnell proposal that he put the pandemic is accelerating On WednesdayMr. Biden, a until next year.“Compromise is Democrats, and gives anod to March, aides said. forwardyesterday,” Mr. acrossthe countryand aslew Democrat, said that anyrelief always apositivething and we atop Republican priority: legal Lawmakershope to attach Mnuchin said Wednesday. Mr. of relief proposals approved packagepassed during the need abipartisan approach to protections forbusinesses and anycoronavirus relief to afull- Mnuchin said the WhiteHouse earlier this year areset to ex- lame-duck session “atbest is this,” he said. other entities.Lawmakerssaid year spending bill they aretry- wasreviewing the newbiparti- pireatmonth’send, including only going to be adownpay- Thebipartisan plan, initially they would provide ashort- ing to passbeforecurrent san proposal. President Trump unemployment insuranceand ment on what’sgoing to hap- unveiled with the backing of term suspension of liability funding expires on Dec.11. hasn’t weighed in on the dis- expanded paid family and sick pen early next year.” He said nine senatorsand the 50 mem- lawsuitsrelated to Covid-19 at Fewlawmakerswant to lin- cussions. leave. Anew Federal Reserve his transition team “isalready bersofthe Problem Solvers the stateorfederal level, giv- gerinthe Capitol beyond what On the Senatefloor Wednes- report said economic growth working on what Iwill put for- Caucus in the House,was also ing states time to put in place is necessary. House Majority day, Mr.Schumer said Mr. began to slowlast month in ward in the next Congressto drawing newsupport from their ownprotections. Leader StenyHoyer (D., Md.) McConnell “should not waste partsofthe Midwest and addressthe multiple crises we moreRepublicans.Sen. Shelley Theproposed packagealso said Wednesdaythat congres- the Senate’stime on another Northeast as coronavirus cases arefacing,especially the eco- MooreCapito(R.,W.Va.) said includes $288 billion forsmall- sional leadershoped to finish inadequate,partisan proposal, proliferated. nomic crisis and Covid.” Wednesdayshe would back it. businessrelief,including for up by the end of next week to and instead should sit down In part, Democratsare will- Some Democratswho Sen. Rob Portman (R., Ohio) the Paycheck Protection Pro- givelawmakerstime to quar- with Democratstobegin atrue, ing to scale back their demands weren’t part of crafting the bi- called it “within the rangeof gram, $16 billion forthe distri- antine before Christmas. bipartisan effort to quickly forthe next aid packagebe- partisan proposal signaled sup- what most people would sup- bution of acoronavirus vac- —Natalie Andrews meet the needs of the country.” cause they knowPresident- port forit, including Sen. Chris port” on FoxNewsWednesday. cine,$82 billion forschools, and Ken Thomas While most lawmakershave elect JoeBiden will push for MurphyofConnecticut. Shortly Thebipartisan proposal $25 billion forrental assistance contributed to this article. Disclosures Show Breadth of PPP Loans

BY AMARA OMEOKWE closed in August. TheSBA’s inspector general amid signs that the economic AND ANTHONY DEBARROS Thedataalso signal the dif- said in October therewere recovery is cooling as winter ficulty of tracking borrowerin- “strong indicatorsofwide- approaches.TreasurySecre- WASHINGTON—TheSmall formation in amassivepro- spread potential abuse and tary Steven Mnuchin, in Sen- BusinessAdministration’sre- gram wherethe responsible fraud in the PPP.” The watch- atetestimonyTuesday, also leaseofnew information on agencydidn’t issue loans di- dog counted tens of thousands called foradditional aid for borrowers under the Paycheck rectly.Financial institutions of companies that received small businesses. Protection Program highlights processed PPP borrowerappli- PPP loans forwhich they ap- Several of the congressional howmoney flowedtoboth cations and funded and dis- pear to have been ineligible, proposals have sought to ad- mom-and-pop businesses and bursed the loans,which are such as corporations created dresswhat some small-busi- largerfirms,and it raises ques- backed by the SBA. after the pandemic began. ness owners, advocates and tions about the agency’sability Morethan 900,000 records The PPP was a centerpiece lawmakerssay were flawsin to track key information about didn’t have information on how of the $2.2 trillion coronavirus the original program. Apro- aid recipients. manyjobs the loan supported relief bill known as the Cares posed packagefromSenate TheSBA’s disclosureTues- or reported zero jobs were sup- Act,which waspassed by Con- Majority Leader Mitch McCon- dayprovided the names,ad- ported, despitethe mandate gressinMarch. It offered for- nell (R., Ky.), forexample, dresses and precise loan that borrowers spend most of givable loans to small busi- would requirecompanies tak- amountsfor millions of PPP theirloan to keep workerson nesses and nonprofits, ing asecond PPP loan to dem- borrowers.The SBAhad previ- payrolls.Morethan 3,000 re- onstrate a reduction in gross ously issued some detailed in- cordsomit details on some part revenues. formation forPPP loans above of the borrower’saddress. Sev- Money flowed to That would be acontrast every $150,000,though the bulk of eral dozeninclude no business from PPP’sfirst iteration, the program’sloans were name. both mom­and­pop which lawmakershastily de- smaller than that. An SBAspokesman said businesses and signed in an effort to get Thenew datashowthat 609 cases whereinformation such money quickly to struggling one companies received the pro- as names and addresses are larger firms. businesses.PPP applicants gram’smaximum loan amount missing indicatealender didn’t were required to provide little of $10 million. Such aloan size provide those details to the documentation and only had deservesadecent would indicateafirm had a agency’ssystemorthe bor- to certifythat economic un- larger number of employees, rowerdidn’t provide the infor- independent contractorsand certainty made the loan re- place to live. sinceborrowers generally re- mation to the lender.Borrowers self-employed workers. quest necessarytosupport ceived funding that amounted weren’t required to provide in- “SBA’shistorically success- business operations. to roughly two and ahalf times formation on their applications fulCovid relief loan programs Those relatively low barri- their pre-pandemic average about the number of jobs sup- have helped millions of small ershelped spur an initial rush monthly payroll. ported or retained, the spokes- businesses and tens of mil- for the program, and some of Thedataoffer the most de- man said. lionsofAmerican workers the loans flowedtolarger, tailed look yetatthe govern- U.S. District JudgeJames when they needed it most,” an well-known brands that later ment’ssignaturecoronavirus Boasbergordered the release of SBAspokesperson said in a returned the funds afterpublic Learn moreat relief effort forsmall busi- the newinformation on PPP statement about the new dis- backlash. habitat.org. nesses,just as lawmakersagain borrowers in response to alaw- closures. Tuesday’sdisclosures consider whether to renewthe suit filed by news organizations Congressional lawmakers showedsome large restaurant initiative. Theprogram, which under the Freedom of Informa- have also touted the program’s chains were among those bor- started in April, had issued tion Act. Plaintiffs included success and issued proposals rowers that received the pro- morethan five million loans to- DowJones &Co.,publisher of to reopen it to offer further gram’smaximum loan amount taling $525 billion when it TheWall Street Journal. assistancetoailing businesses of $10 million. P2JW338000-0-A00500-17FFFF5178F

THE WALL STREET JOURNAL. Thursday, December 3, 2020 | A5

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A6 | Thursday, December 3, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS In Speech, Possible CIA Pick Met by Doubts Trump WASHINGTON—Some Dem- rector under President Barack use upon taking office,amove ing foreign agents. He has ocratic senatorshaveprivately Obama and is being actively later codified by Congress. strong support from former expressed concern to JoeBi- considered by Mr.Biden, ac- While some progressives topCIA officials,who oftenre- Reasserts den’stransition team about the cording to aperson familiar have said anyattachment to flect the views of the agency president-elect’sconsideration with thematter. UnlikeMr. the program should disqualifya workforce,and is their favored of intelligenceveteran Michael Morell, Mr.Cohen isn’t seen nominee forthe CIA post, more candidatetolead the spy Fraud Morell to lead the Central In- by progressives as someone moderatevoices in the party agency, former officials said. telligenceAgency, citing Mr. who has defended the interro- have argued that anyone quali- His supporterssay that Mr. Morell’sdefense of the spy gation program. fied to lead the spy agencyin- Morell playednoformal role Claims agency’sinterrogation tactics Mr.Cohen, apartner at the evitably has connections to it. in the interrogation program, afterthe Sept. 11, 2001, terror- WilmerHale lawfirm, spent “The only way youget and wasn’t even “read in”—or ist attacks,according to people much of his government ca- around that problem is picking aware of its existence—while BY ANDREW RESTUCCIA familiar with the matter. reer specializing in sanctions someone who has no history it was continuing. AND ALEX LEARY Within the past two weeks, and financial intelligence, /REUTERS with the CIA over the past 20 “The most successfuldirec- TS overseeing effortsatTreasury years,” aperson familiar with tors in the history of the CIA BER

WASHINGTON—President By Dustin Volz, to counter money-laundering, RO the conversations said. have had two characteristics,” Trump delivered alengthy Warren P. Strobel halt terrorist financing and A Thedebateisthe latest ex- apersonal relationship with speech from the White House SHU and Tarini Parti craftsanctions regimes on JO ample of Mr.Biden drawing the president and national se- on Wednesdayinwhich he in- Russia, NorthKorea and other Former CIA acting director pressure from factions of the curity expertise,said Marc sisted that he wonthe election Sen. Patrick Leahy(D.,Vt.) entities. He joined the CIA in Michael Morell DemocraticParty over his ad- Polymeropoulos, a senior CIA and again declined to concede and Sen. Martin Heinrich (D., 2015,long afterthe interroga- ministration’sleadership picks. officerwho retired last year to President-elect JoeBiden N.M.) voiced reservations tion program ended. Leahy, who has known Mr.Bi- Progressives have been push- and was involved in counter- lessthan two months before aboutMr. Morell, aformer Mr.Cohen is nowaleading den formorethan 45 years, ing formoreoftheir allies to terrorism operations.“Michael Inauguration Day. acting director of the CIA who candidateafter TomDonilon, a declined to comment. A gettop roles,while civil-rights Morell fits both.” Theaddress—which wasn’t had been widely seen by law- former national security ad- spokeswoman forMr. Heinrich groups and several lawmakers Mr.Wyden, aprogressive on Mr. Trump’s public sched- makersand former officials as viser to Mr.Obama, withdrew confirmed his officeexpressed remain unsatisfied with what Democrat whoserves on the ule and which he called atop contender forthe job, from consideration and Mr. concerns about Mr. Morell. they viewasalack of suffi- SenateIntelligenceCommittee, “maybe the most important these people said. Morell came under scrutiny, TheBiden transition team cientdiversity in the cabinet said last week he would op- speech I’veevermade”— Their doubtsadd to those the person familiar with the declined to comment. Through picksannounced thus far. pose Mr. Morell’s nomination marked the latest rhetorical publicly expressed last week matter said. aspokesman, Mr.Morell de- Whomever Mr.Biden se- because he has defended the escalation by the president as by Sen. Ron Wyden (D., Ore.), TheBiden team this week clined to comment. lectswould succeed Gina Has- CIA’s previous use of interro- he continues to contest the re- who said he would oppose Mr. sought additional feedback Theconflict over Mr.Mo- pel, the CIA’s firstfemale di- gation tactics that human- sults of an election he lost. Morell’snomination forthe from otherDemocratic sena- rell’spossible nomination is rector,who kept the lowest rightsorganizations and many Mr.Biden, meanwhile,is post, which has been left un- tors about Mr. Morell, includ- reviving an intraparty debate profile of any agency chief in legal scholarshavesaid moving forwardwith planning specified even as Mr.Biden ing from Sen. Mark Warner among Democratsregarding decades.She had moresub- amounted to torture. forthe WhiteHouse.Hehas has moved quickly to name (D., Va.), the topDemocrat on the CIA’s historyofenhanced stantial ties to the agency’s Mr.Morell in past media in- announced key cabinet offi- other senior national security the SenateIntelligenceCom- interrogation tactics,such as now-banned interrogation pro- terviews has defended the cials andhis team has begun personnel. mittee, who told the transition waterboarding and extreme gram, and those ties imperiled CIA’s methods.Inhis 2015 coordinating with the Trump Thebehind-the-scenes out- that Mr.Morell wasaqualified sleepdeprivation, treatment her eventual Senateconfirma- book,“TheGreat WarofOur administration. Mr.Biden’s reach came as other names candidateand that his defense that manyconsider torture tion. Time,” Mr.Morell said the transition team didn’t respond have emergedaspotential of the so-called enhanced-in- and were used in secrecy LikeMs. Haspel, Mr.Morell, most controversial interroga- to a request to comment. picks forthe job,including Da- terrogation program shouldn’t against terrorism suspects 62 yearsold, is aCIA veteran, tion technique—waterboard- “Ifweare right about the vid Cohen,aformer topTrea- be disqualifying,other people during the George W. Bush although his career centered ing—was effective in produc- fraud, JoeBiden can’t be pres- sury Department official who familiar with the matter said. administration. on intelligenceanalysis rather ing intelligenceonthe al ident,” Mr. Trump said in the later served as deputy CIA di- Aspokesman forSen. Mr.Obama banned their than recruiting and supervis- Qaeda terrorist network. 46-minuterecorded speech from theWhiteHouse Diplo- matic Reception Room as he ticked through aslewofstate- Biden ReadiesBroad Health-CareOverhaul ments that have been proved false or that his campaign hasn’t substantiated in court. BY STEPHANIE ARMOUR Mr.Trump asserted that he wonthe election “without ques- President-elect JoeBiden tion,” even though the Associ- hassaid he intends to focus ated Presssaid Mr.Biden would his health-carepolicyonare- receive306 ElectoralCollege boot of the Affordable Care votes, well over the 270needed Act andlaunch the firstfeder- to securethe presidency. The ally run health-care plan. But six most hotly contested battle- thefateofhis plans restson ground states have all certified which party has control of the their resultsfor Mr.Biden, and Senatefollowing Georgia’s Mr.Biden’slead in the national runoff elections in January. popular vote currently stands Mr.Biden’sboldest propos- at nearly seven million. als include lowering the age No evidence of widespread forMedicareenrollment to 60 voter fraud has surfaced, and from 65 andinstituting apub-

homeland-security officials in lic-option health plan. S early November called the Tackling the surge of coro- PRES 2020 contest “the most secure navirus cases will pose the election in U.S. history.” most immediatechallenge. Mr. TED OCIA

Federal officials have agreed Biden is focusing on the pan- SS

with stateelection authorities demic ahead of his inaugura- /A that they have seen no evidence tion with his owncoronavirus

that voting systems were tam- advisorygroup.Hehas already HARNIK pered with. Multiple federal used his role as president-

judges have dismissed Trump electtourgethe public to ANDREW campaign complaints, saying wear masks and social dis- Among Mr.Biden’sproposals is apublic-option health plan. If the GOP keeps controlofthe Senate,itwould most likely try to block thatgoal. they lacked proof of fraud alle- tance, and his transition team gations.Mr. Trump is pressing has begun working with the Thefateofthe Affordable the ACA,has said he wantsto than dealing with the fallout people in states that didn’t ex- legalclaims attempting to re- Trump administration’sDe- CareAct will be an issue early resurrect the law’spenalty on of millions of people losing pand Medicaid. versethe resultsinsome states. partment of Health and Hu- on. The Supreme Court heard people who go without cover- health coverage in apandemic. GOP lawmakersare also “To date, we have not seen man Services. argumentsNov.10on alaw- age, which could makeadeci- If the GOP keeps control of likely to rebuff Mr.Biden’scall fraud on ascale that could They have also been in con- suit from GOP-led states sion striking down the Obama- the Senate, it would most to expand subsidies forpeople have affected a different out- tact with the Centers for Dis- claiming the ACAisnolonger erahealth lawmoot. Congress likely work to block Mr.Bi- who buy health plans under come in the election,” Attor- ease Controland Prevention valid because Congresszeroed could also preservethe ACA den’s most ambitious health- the ACA. Mr. Biden will none- ney General William Barr told and Dr.AnthonyFauci, the na- out itspenalty on people who by raising the penalty for not care goal: Apublic option, thelesstry to reversesome of the AP on Tuesday. tion’s top infectious-diseases don’t have health insurance. A having insurancefrom$0to which would be agovernment- the Trump administration’s Thepresident’srhetoric has expert. decision is expected before $1, or seek legislation stating run program that retains pri- actionsthat undermined the drawn sharp complaints from Onceinoffice, Mr.Biden is June,which is typically the that the health lawdoesn’t vate health insurance. Premi- ACA, using executive and ad- Democrats, who sayitisdam- expected to use his executive end of the court’s term. rely on the penalty. umsfor people who buy into ministrativeauthority to undo aging faith in elections,and it authoritytomandatemasks Thehigh court could re- SenateRepublicans who theproposed Medicare-like waiversthat let states change is increasingly making Repub- on all federal property,and he mand the case back to the dis- have opposed the ACA might plan could be lower than pri- the way they implement the licans nervous heading into has said he plans to expand trict judge, leave the ACAasit balk at anymeasurethat vate plans sold on the individ- law. He is expected to curb ac- Januaryrunoff elections in drive-through Covid-19 testing is, or strike down parts or all would sustain it, but some ual market. He also wantsto cess to short-term health Georgiathat will decide con- and followguidancefrompub- of the law. GOP lawmakersmight wind up provide premium-free access plans that don’t comply with trol of the Senate. lic-health scientists. Mr.Biden, who supports backing such legislation rather to aMedicare-likeprogram for ACA consumer protections.

individually.Inmanycases,par- Parental Support said herhusband died of pan- dents—includingthose who ent loans dwarfwhat students creatic cancer in 2003.She said dropped out—borrowedame- Debt Load Parents at privatenonprofitcolleges who took out Parent Plus canborrow through the federal her daughter told her the only dian $52,500.Morebroadly, loans borroweddisproportionately high amounts. government, which is capped at way she could stay in school parentsofNew York University Mounts for about $31,000 fordependent Median parent loan amount,byschool, wasifshe borrowedfromthe graduates took out amedian students. Manyofthe borrow- among participantsatfour-yearcolleges Parent Plus program. $74,000 in Plus loans,among ersare low-income.Spelman Ms.Harris—a medical assis- thehighest in the country. Parents parentswhose children received Less than $25,000 $25,000 to $49,999 $50,000 or more tant who at the time wasearn- NewYork University has one Pell grants—typically reserved ing about $40,000 ayear—said of the smallest endowmentsper forpoor students—took out a Privatenonprofit she waslaid off during the re- student of topU.S.universities, ContinuedfromPageOne median $84,000through the 807schools cession that began in 2007 and but has nonethelessmade af- Spelman College, ahistorically parent loan program. declared bankruptcy.She said fordability apriority in recent Black school in Atlanta, bor- In astatement, Spelman For-profit thegovernment garnished her yearsbyrestraining tuition rowedamedian $112,000— President MarySchmidt Camp- 36 schools wagesand taxrefunds in recent growth and increasing financial morethan anyother school in bell said the school has been yearstorecover unpaid debt. aid, aspokesman forthe univer- the country, the datashow. working to addressthe issue. Public Starting about five yearsago, sity said. He added that the About half of Spelman parents “Werecognized howcrippling 462 schools Lourdes noticed high default school is committedtoprovid- take out the loans through Par- loans canbefor our families.As 02% 55075100 ratesonstudent loans among ingeducational opportunities ent Plus.Paying that back aresult of this reckoning,three former studentsand parents, forlow-income students. would cost morethan $1,200 a yearsago, the collegebegan an Note:The number of parents who borrow at some schools is small, particularly at some elite said financial aid director Callie Thenew datareflect the Par- colleges thatprovide substantial financial aid, and schools with the smallestborrowercounts were month, the datashow. In most aggressivecampaign to close excluded forprivacy.Numbers reflect pooled cohorts of academic years 2017-2018and 2018-2019 Zake. Theschool began offering ent Plus loans borrowedonbe- states,that is about the cost of that unfunded gapand reduce at predominantly bachelor’s-degree granting schools and exclude debt accrued at prior schools. aprogram that pays aportion half of studentswho graduated ahome-mortgagepayment. theneed forloans.” Source:Education Department of borrowers’loans if they earn in the 2018 and 2019 school These numbersdon’t include Through adonor campaign, under $47,000,Ms. Zakesaid. years. Thedatadon’t include the loans the student took out the collegeraised morethan public colleges and historically borrowing limitsand the cost of Ms.Harris wouldn’t qualifyfor loansthat parentsreceived $100 million in newfinancial Blackcolleges.Hehasn’t said tuition. “Our goals were to the aid because she took out her from privatelenders, and par- aid in the past three years, Ms. whether he would support makesureour children go to loans beforethe loan-repay- ents of graduatestudentscan’t Schmidt Campbell said. changes to lending programs collegetoget their degree so ment assistance program was borrow Parent Plus loans. Thedatarelease comes as such as Parent Plus. they could support themselves. put in place. Parentshavetaken on a policy makerscontinue to de- TheEducation Department That wasour mission in life,” Some low-income parents greater shareoftheir children’s batehow to provide relief to requires only ascant check of a said Sherina Harris,a56-year- arepaying topdollar to ensure collegecostsinrecent decades borrowers forrecordlevelsof parent’scredit historybefore old mother of three children their children cangotodream forseveral reasons.Tuition has college-loan debt. President- extending loans,and it performs from Toledo,Ohio. schools that scorehigh on col- risen far aboveinflation over elect JoeBiden, aDemocrat, has no assessment of their ability to Ms.Harris estimated she legerankings. Though some the past 40 years—and far said he would push to cancel repay. Theresult: Some parents borrowedabout $50,000 forher eliteschools,such as Harvard faster than household income, Order by $10,000 in student debt forev- have takenonamountsthey daughter to attend Lourdes Uni- University,waivetuition, room leading families to rely on debt 12/15 for Christmas! eryborrowerwith federal loans. have little hope of repaying, versity,aprivateschool in Syl- and boardfor poor families,not in general. Themedian debt Your Legacy He has also said he would for- student debt researcherssaid. vania, Ohio—about double the all offer breaks that areasgen- takenonbygraduates was BroughttoLife giveany student debt—among Theloans areoften tacked school’smedian debt load for erous.Among those that don’t: about $24,000 at the average Family Crest Rings -Research Included families earning under $125,000 onto financial-aid packages to parentsofabout $25,000 ac- NewYork University.There, four-year collegeinthe Jour- JOHN-CHRISTIAN.COM 888.646.6466 ayear—that coveredtuition at fill the gapbetween student cording to the data. Ms.Harris parentsoflow-income stu- nal’sanalysis. P2JW338000-5-A00700-1------XA

THE WALL STREET JOURNAL. ***** Thursday, December 3, 2020 | A7 U.S. NEWS U.S. WATCH GOP BucksTrump On Defense Bill

BY ANDREW DUEHREN 86-14, and the House version passed 295-125. WASHINGTON—SenateRe- “We’vealways had veto- publicans signaled opposition proof majorities on the to stripping social-media com- NDAA,” said Sen. MikeRounds panies of liability protections as (R., S.D.), amember of the part of an annual defense-pol- SenateArmed Services Com- icybill, pushing forwardwith mittee. “But then again, we’ve thelegislation despitePresi- never had real threatsofveto- dent Trump’sthreat to veto it ing the NDAA either.” unlessthey take that step. Democratswarned of the Mr.Trump on Tuesdaysaid consequences forthe military he would veto the defense leg- if the bill isn’t approved. islation if it didn’t repeal Sec- “There’salot of significant tion 230 of the 1996 Communi- policyissues there, too, which cations DecencyAct, which the longer we delaythe less

gives companies broad immu- prepared we arefor dealing S

nity forthe content they pub- with ouradversaries,” said PRES lish from usersontheir sites. Sen. Jack Reed (D., R.I.), the TED

Thedefense bill includes a3% topDemocrat on the Senate CIA

payraise forU.S.troops and Armed Services Committee. SO authorizes $740 billion formil- Republicans areset to buck AS itaryand national security pro- Mr.Trump on his demands for

grams next year.Ithas passed the annual defense bill in the fi- ENDOLA/ Congressevery year forde- nal weeks of his presidency. Re- AM

cades with bipartisan support. publican lawmakershaveshown ELISE Sen. Jim Inhofe(R.,Okla.), awillingnesstochallengeMr. GRANITE GRIT:New Hampshirelawmakers convened foranoutdoor session Wednesdayatthe UniversityofNew HampshireinDurham. chairman of theSenateArmed Trump’spositions on national Services Committee, said are- security throughout his term CENSUS BUREAU WASHINGTON FEDERAL RESERVE ECONOMY peal of thesocial-media immu- while staying aligned with the Delays Would Block nities wasn’t in the defense bill. president on other issues. Civil Servants Face Kaplan Sees No Need Recovery Picked Up Mr.Inhofesaid he told Mr. “Therewill be avoteona Immigrant Exclusion Losing Job Protection ForBroad Policy Shift In Fall, Then Hit Bump Trump that he opposed includ- defense authorization bill, I ing arepeal of Section 230 in expect it will be abig one Census Bureau schedules in- The Trump administration is Atop Federal Reserveofficial The U.S. economy’s recovery the legislation because it “has there, and Iwould hope we dicate the agency needs until moving forward with a last-min- said the centralbank will need to picked up to a “modest or mod- nothing to do with the military.” canget that signed intolaw, Jan. 23 to complete the 2020 ute push to ease hiring and fir- decide on howtocommunicate erate” pace this fall, while “I agree with his senti- and not have alot of drama count and transmit apportion- ing standards for many senior its intentions to continue buying growth began to slow in Novem- ments,” Mr.Inhofesaid. “We around it,” said Sen. John ment figures to the president, a federal workers, setting off a governmentassets but that ber in parts of the Midwest and oughttodoaway with 230. Thune (R., S.D.), the No.2Re- House committee said. clash with Democrats in Con- broader changes to its policy Northeast as coronavirus cases But youcan’t do it in this bill. publican in the Senate. The delay would prevent gress over whether civil servants stance, including by altering those proliferated, a Federal Reserve That’s not a part of the bill.” Section 230 has given online President Trump from excluding should maintain longstanding job purchases rightnow,weren’t report said Wednesday. Mr.Trump had previously companies broad immunity unauthorized immigrants from protections. needed. The Fed’s periodic compilation threatened to veto the defense from legal liability fortheir us- the decennial count of the popu- President Trump issued an Federal ReserveBank of Dal- of anecdotes from business con- bill if it included language re- ers’ actions and wide latitude lation that redistributes seats in executive order in October creat- las PresidentRobert Kaplan said tacts, known as the Beige Book, naming military bases named to policecontent on their sites. the House and votes in the Elec- ing a new category of federal thatafter getting through what said the expansion continued in afterConfederatecommand- It has drawnbipartisan criti- toral College. worker for career employees he expected would be adifficult most of the central bank’s 12 ers.Mr. Inhofesaid Tuesday cism in recent years,with Re- The House Committee on with influence over government three-to-six-month period forthe districts across the country. But that ameasurefromSen. Eliz- publicans accusing social-me- Oversight and Reform, controlled policy. Employees in the new economydue to the resurgence four regional Fed branches re- abeth Warren (D., Mass.)tore- diacompanies of abusing the by majority Democrats, obtained category, called Schedule F, of coronavirus cases,officials ported “little or no growth,” and name those bases would also provision to limit conservative three internal documents, re- would lose protections granted need to “start thinking about four noted that activity began to be included in the legislation. viewpointsontheir sites.Dem- viewed by The Wall Street Jour- to many federal employees, al- howwewanttobegin to taper slow in early November. If Mr. Trump does veto the ocratsargue that Section 230 nal, detailing the extent of the lowing agencies to more easily or communicate the composition “Firms’ outlooksremained pos- defense bill, Congressneeds a hasallowedcompanies to ig- bureau’s delays. fire the workers and hire new and the sizeofour asset pur- itive; however, optimism has two-thirds supermajority in norefalse and dangerous infor- It concluded that census offi- staffers outside the existing chases.” He added: “We’re going waned,” the report said. “Many each chambertooverride it. mation spreading online,and cials have identified at least 15 competitive civil-service process. to have to givesome clarification, contacts cited concerns overthe TheHouse and Senatehave President-electJoe Biden has anomalies in the data that af- Democratshave proposed leg- Ithink, in the nottoo distantfu- recent pandemic wave,mandated reached acompromise on called forrevokingit. fect more than one million cen- islation canceling the order,re- ture. Icould see whereatsome restrictions (recentand prospec- their two competing versions But lawmakers haven’t sus records. questeddocuments about its use pointwemightgiveguidanceon tive), and the looming expiration of the bill, clearing the way for agreed on howtoreplaceoral- A spokesperson for the Com- and pushed to include measures expressing the conditions under datesfor unemploymentbenefits passageofthe legislation terSection 230,and members merce Department didn’t re- in year-end spending legislation which we begin to taper,for ex- and formoratoriums on evictions through Congress. of both parties said repealing spond to a request for comment. blocking its implementation. ample.” and foreclosures.” The Senate version passed it nowwould be premature. —Janet Adamy —Andrew Duehren —Nick Timiraos —Paul Kiernan P2JW338000-5-A00800-1------XA

A8 | Thursday, December 3, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS CDC Shortens Quarantine for Virus Exposures

BY BETSY MCKAY sible. AND BRIANNA ABBOTT TheCDC officials encour- aged people to stay home and TheU.S.Centersfor Disease not travel forthe coming holi- Control and Prevention short- days. ened the recommended quar- Forpeople who do intend antine period to seven to 10 to travel, the CDC officials rec- days forpeople in the U.S. ommended people gettested who have been exposed to the one to three days beforetrav- newcoronavirus,updating its eling and three to five days af- S guidancetoreflect scientific terward. People should also PRES findingsonthe time it takes reducenonessential activities

TED for infections to develop. forseven days aftertraveling. CIA The new recommendation, If people don’t get tested fol- SO

AS which the CDC announced lowing travel, they should re- Wednesday, lowers the quar- duceactivities for10days,the REZ/

VA antine period from 14 days. agency said. AL

Z Aperson canend aself- Fortravelortoend aquar- quarantine at seven days after antine at seven days,people MUNO exposure if they test negative canuse either amolecular

ARDO and have no symptoms,the test, such as a laboratory-

EDU CDCsaid. Without atest, a based PCRtest,orarapid an- Family members wave to Barbara Farrior after a Thanksgiving drive-up visit at The Hebrew Home at Riverdale in New York City. person should self-quarantine tigen test, the agency said. for10days,and monitor Moleculartestssearch for themselves an additional four the virus’sgenetic material, days forsymptoms,the agency whileantigen testshunt for Next Step: Protect Elderly said. A 14-day quarantine pe- proteins that make up the vi- riod is still“the best way to rus. Both can diagnose an ac- reducerisk,” said Henry tiveinfection, though the lab- CVS and Walgreens care workersinthe initial roll- Nursing-home staff and resi- enceadministering influenza Walke, incident manager for oratory-based PCR tests tend out, but pharmacyworkersare dentshavebeen especially vaccines at nursing homes.CVS the CDC’sCovid-19 response. to be more precise. lay plans to vaccinate expected to come to nursing hard hit by the virus.Last runs itsown long-term-care Theagencyconsidersthe Those who arequarantining millions of residents homes and other adult-carefa- week the number of Covid-19 pharmacyoperation, Omnicare. shorter periods to be alterna- because they might have been cilities to deliver and adminis- deaths in the U.S. linked to Walgreens has astake in an- tives. exposed to the virus should in facilities across U.S. terthe vaccines to residents long-term-carefacilities sur- other long-term-carepharmacy TheWall Street Journal re- gettested five to seven days and, likely,staff. passed 100,000,nearly 40% of provider,PharMerica. ported on Nov.24that the after the exposure to end the BY JARED S. HOPKINS Thelong-term care rollout the country’stotal. Flu vaccines areeasier to CDC wascompleting recom- quarantine at seven days, the AND ANNA WILDE MATHEWS will be an early test of how Thereare around three mil- administer,coming in filled sy- mendations foranew quaran- CDC said. quicklyand efficiently CVS, lion beds in U.S. long-term-care ringes and stored at refriger- tine period of this length, after Theagencyalso recom- CVSHealth Corp.and Wal- Walgreens and governments facilities,according to the U.S. ated temperatures.The initial reviewing studies and itsown mends that people monitor greens BootsAlliance Inc.are candistributeCovid-19 vac- Centersfor Disease Control Covid-19 vaccines from Mod- modeling suggesting that themselves for symptoms for preparing to bring Covid-19 cines,acampaign expected to and Prevention. erna Inc., and Pfizer Inc.and shorter quarantines were pos- the remainder of the 14 days. shotstolong-term-carefacili- last months.They areworking partnerBioNTech SE, need to ties,but the effort will need to to address storageand trans- be shipped in subzero tempera- navigaterollout details that portation issues forvaccines Nearly 40% of U.S. tures and requiretwo doses, mayvarybystate,vaccines that that need to be kept at colder which means at least two trips U.S. Hospitalizations requiremorethan one dose and temperatures than vaccines for Covid­19 deaths are to facilities. potential reluctancebystaffers other diseases,aswell as con- linked to long­term­ About 1,000 CVSpharmacies to getthe novel shots. cerns that some residentsand will serveashubs to receive ForCovid Top100,000 An advisorypanel to the staffers maydecline the shots. care facilities. vaccines from the government U.S. government recommended Many details of the govern- or vaccine makers, with small BY MELANIE EVANS tientsfollownew coronavirus on Tuesdaythat residentsof ment plans remain unclear, teams of pharmacistsvisiting cases typically within afew long-term-carefacilities be in- just weeks beforedoses might 25,000 facilities,said Chris Thenation’s largest, longest weeks.Soaring cases nation- cluded with doctors, nurses start being shipped, said nurs- Nursing-home groups had Cox, aCVS executivewho is surge of Covid-19 hospitaliza- ally have accelerated beyond and health-careworkerstobe ing-home industryofficials, pushed fortheir residentsand overseeing the vaccination roll- tions set another record public-health agencies’ ability firstinline forvaccines.States, andexecutives with CVSand staffers to be included among out forthe pharmacychain. He Wednesday as the number of to rein in contagion by track- which will ultimately decide Walgreens. thosefirst to getthe vaccine, said CVSwantstodeliver the coronavirus patientsinU.S. ing infections to head off fur- howtoallocateCovid-19 vac- “There’salot of uncer- pointing to the losses caused firstoftwo doses within a hospitals surpassed 100,000. ther spread, said Jennifer cine supplies,don’t need to fol- tainty,” said RichardFeifer, by the pandemic and the rising month onceastate gives the Hospitalizations have been Nuzzo,anepidemiologist who lowthe guidelines,though they chief medical officer of Gene- number of Covid-19 cases in go-ahead, but said that process climbing formorethan two leads the Johns Hopkins Uni- usually do.But logistics and sis Healthcare Inc., the largest the facilities in recent weeks. will be sensitivesinceitisun- months,roughly double the versity Covid-19 Testing In- other aspectsofthe effort may U.S. nursing-home operator. Nursing-home companies clear when states will make length of upswingsinthe pan- sightsInitiative. “Wejust can’t differ among states,even Also,hesaid, “thereissomuch said they want their staffersto those calls. demic’sprior two surges, to keep up,” Dr. Nuzzo said. amongthose that broadly ac- local autonomy,” meaning be able to getthe vaccine at RickGates,asenior vice reach 100,226,Covid Tracking The number of new cases cept the panel’sconclusions. plans and timing will vary theirfacilities,atthe same president at Walgreens,said it Project data show. The influx reported has been disrupted Vaccines are on track for among states. time as residents, though toowas planning to set up vac- is widely expected to continue. by the Thanksgiving holiday. federal authorization this Still, elder-carefacility own- some states maynot choose to cine hubs around the country, Hospitals in some U.S. regions The figure Tuesday crossed month and could begin shipping ersaround the countryare lay- do this. likely around 800 to 1,000,to are already making trade-offs 180,000,Johns Hopkins Uni- within days of receiving clear- ing the groundwork forvac- TheU.S.government in Oc- distributeshotstoabout as staff and spacegrowscarce. versity datashow, an increase ance, U.S. officials have said. cines.Some arelaunching tober picked CVSand Wal- 23,000 long-term-carefacili- Doctorsand nurses saythey over the same dayaweek ear- CVSand Walgreens will deliver campaigns to inform residents, greens,which operateabout ties.Statesmay decide differ- arefearfulthe weeks ahead lier. most vaccine doses forthe na- families and staffers, with the 20,000 stores combined, to ad- ently on howthe vaccine will push hospitalsbeyond “This surge is getting tion’sapproximately 15,600 hope of persuading them to re- minister vaccinations at elder- should be distributed, he said, theirlimits, with the health- worse,” said Janis M. Or- nursing homes and 29,000 as- ceivethe shots. Nursing homes care facilities,though other and they canalso vary on how care workforce stretched thin lowski, chief health-care offi- sisted-living communities. oftenhavetoget consent pharmacies canparticipateas they prioritizethe doses.Be- aftermonths of repeated ceratthe Association of Hospitalsand other medical forms signed by family mem- well. cause of that, facilities in some surgesand widespread de- American Medical Colleges, clinics areslated to serveas bers, if residentsaren’t able to Public-health expertslikethe states mayget shotsbefore mand nationally. which representsmedical vaccination sites forhealth- do so themselves. plans,citing the chains’ experi- those in others, he said. NewCovid-19 hospital pa- schools and their hospitals.

U.K. Clears FDA Head Defends Emergency Approval Process WASHINGTON—Food and Vaccine Use Drug Administration Commis-

OL sioner Stephen M. Hahn de-

PO fended his agency’svetting ContinuedfromPageOne S processfor Pfizer Inc.’s

ing newvaccine technologyinto /PRES Covid-19 vaccine, saying a awidely available shot. It was thorough and meticulous re- developed, tested, authorized SIBLEY viewisneeded to assurea

andispoised to be distributed JOHN skeptical public of the vac- amid apandemic that has killed Prime Minister Boris Johnson, center, flanked by U.K. health officials, announced the emergency-use clearance on Wednesday. cine’ssafetyand effectiveness. morethan 1.4million people. In an interview with The TheU.K.’semergenceasthe the FDAinthe U.S. is planning and regulatory reviews. doses to arriveinBritain next Oxfordand AstraZeneca PLC. Wall Street Journal, Dr. Hahn firstWestern countrytoget a to reviewthe vaccine on Dec. Such meetings—designed to week.Hesaid the speed at China and Russia have been said his agency has had 150 vaccine is the result of fast work 10.The FDAcould authorize bolster confidenceinthe regu- which vaccinations will take vaccinating their populations people working days, nights by the country’sMedicines and soon after, and supplies should latoryprocess—requireexten- placewill depend on how with homegrownvaccines,too. and weekends in parallel HealthcareproductsRegulatory become available not long after sivetime and planning.Re- quickly the shot canbemanu- Pfizer in November said tri- teams to review the test Agency. Britain is transitioning that. Robert Redfield,director searcherssaid they might help factured at aplant in Belgium, als found itsvaccine to be 95% data submitted by Pfizer and out of the European Union, with of the federal Centersfor Dis- address people’s hesitancy to but the government is expect- effectiveinpreventing symp- German partner BioNTech SE. the exit fully kicking in on Jan. ease Controland Prevention, take vaccines. ing“manymillions” of doses tomatic Covid-19.Moderna said The FDA has also sched- 1. As amember of the bloc,au- approved arecommendation TheFDA is expected to make by theend of the year. days later itsvaccine,developed uled a meeting of an outside thorization of the U.K.’s new on Wednesdaymade by an ad- adecision on the Pfizer shot a People familiar with the with the same genetic technol- advisory committee for Dec. drugswereinthe past overseen visorypanel to provide initial few days afterthe Dec.10meet- mattersaid the U.K. might get ogy, showed94.5% efficacy. 10 to review the test data, by the European Medicines doses of the vaccine in the U.S. ing.The FDAscheduled the four million to five million Both vaccines use anew which Dr. Hahn said was an- Agency, the EU regulator. to health-careworkersand public meeting in November,in doses this year,but the num- technology,leveragingmRNA, other step taken to assure TheMHRAinthe past nursing-home residents. part to assurethe public it ber will depend on production short forthe molecular couri- the public amid concerns that worked closely with the EMA, Canada said it expectsto wasn’t being rushed by political andother potential regulatory erscalled messenger RNA that the FDA might rush approval. handling asignificant portion soon completeits reviewof considerations.Itisexpected to authorizations.The U.K. said it carrygenetic instructions to “We realize there is an is- of the Europe-wide portfolio the Pfizer vaccine,possibly by rule on avaccine from Mod- planned to use that limited cells.The shotsdeliver mRNA sue in the U.S. around vaccine of medicines and medical de- mid-December. erna Inc.shortly afteritmakes supply to start vaccinating that promptscells to makea hesitancy. There have been vices awaiting authorization. TheFDA and the EMA have acall on the Pfizer shot. nursing-home residentsand synthetic version of the spike concerns raised about the Brexit has meant the work defended their slowerap- FDACommissioner Stephen staff,and then moveonto proteinthat jutsfromthe sur- speed with which Covid-19 the MHRAdid forall of Eu- proach. Both agencies have Hahn told ABC News on Tues- other highly vulnerable groups. faceofthe newcoronavirus. vaccines have been devel- rope wasreduced significantly, rapidly compressed their own daythat the agencywould take That sets up the U.K. as a That triggers the immune sys- oped,” Dr. Hahn said. “This freeing up knowledgeable staff typical vaccine-approval time- the time necessarytoperform potential test case forhow dis- temtodefend against the virus. will meet our gold standard to movequickly when vaccine lines,and both areexpected to itsown analysis.Mr. Hahn was tribution of the vaccine might Theshot developed by Ox- of safety and efficacy that databecame available,re- make a decision on the Pfizer ordered to provide atimeline unfold in other countries.The ford and AstraZenecaworks the American people have searchersfamiliar with the vaccine this month. forapproval of aCovid-19 vac- National Health Service, Brit- likeamoretraditional vaccine, come to trust.” agencysaid. While drug au- At the FDA’s Dec. 10 public cine in ameeting on Tuesday ain’sstate-funded health sys- introducing aweakened virus, —Thomas M. Burton thorization forBritish citizens meeting, expert advisers will with President Trump’schief of tem, runs hospitals acrossthe in this case one found in chim- is still in most cases in the discussemergency-use autho- staff,Mark Meadows,people country, and has been tapped panzees,intothe body to trig- hands of the EMA until the rization of the vaccine.Scien- familiar with theeventssaid. to distributethe shots. gerimmunity.Itshowed an ef- in the U.S. and is expected to end of the year, the U.K. gov- tistsand other membersof TheU.K.has ordered 40 Pfizer and BioNTech joined ficacy rangeof62% to 90%, submit itsvaccine to the FDA ernment used along-held the public cansubmit com- million doses,enough to vacci- forces at the onset of the virus depending on the dosage. onceithas enough data. powertoauthorizeadrugfor mentsbeforehand. Thenext nate20million people.Health outbreak and edged ahead of TheU.K.has ordered itsreg- TheEMA has said it hopes emergencyuse,after the day, the EMA will host avir- SecretaryMattHancock said two other promising vaccine ulator to review that vaccine to authorizeatleast one of the MHRAsigned off on itssafety. tual public meeting to talk on Wednesdaythe countryis candidates,Moderna’sand one foremergencyuse,too.Astra- three vaccines by the end of Apanel of expertsadvising aboutvaccine development expecting an initial 800,000 developed by the University of Zenecaisstill conducting trials the year. P2JW338000-5-A00900-1------XA

THE WALL STREET JOURNAL. ***** Thursday, December 3, 2020 | A9 WORLD NEWS NorthKorea HacksCovid-19 Drugmakers Targets include big Western companies working on developing treatments for virus

BY ANDREW JEONG

SEOUL—North Korean hack- ershavetargetedatleast six

pharmaceutical companies in /REUTERS

the U.S.,the U.K. and South TTER Korea working on Covid-19 SA treatments,people familiar PHAEL

with the mattersaid, as the re- RA gime seeks sensitiveinforma- North Korean hackers are accused of targeting drugmakers tion it could sell or weaponize. including AstraZeneca, whose Covid-19 vaccine is handled at the Thefirms include previ- Serum Institute of India in Pune, left, and Novavax. ouslyunreported targetsin the U.S.:Johnson &Johnson ersseeking to infiltratecom- nage, they say.

and Maryland-based Novavax REUTERS panies working on Covid-19 North Koreahas made re- S/ Inc., which are working on ex- treatments, according to aU.K. peated claims that it has zero perimental vaccines, the peo- assessment this year. coronavirus cases. ARENHA

ple said. Thelist also includes SC North Koreahas become Amorelikely North Korean

three South Korean companies MA one of the world’smost elite use for stolen intelligence on with Covid-19 drugsinearlier global hacking outfits.Pyong- Covid-19 vaccines would be to clinical trials,Genexine Inc., ANCIS yang hasn’t commented on sell it to athird-party drug- FR Shin Poong Pharmaceutical Co. anyhacks involving Covid-19 maker,likely in China, said and Celltrion Inc., they added. It wasn’t known whether Shin Poong and Celltrion Novavax spokeswoman said the vaccine developers. RobertPotter, head of Internet North Korea had also tried the hackerssucceeded in swip- said they had received hacking companyisaware of the foreign Even if North Koreasuc- 2.0, a cybersecurity company infiltrating U.K.-based Astra- ing useful information. But attacks but hadn’t detected any threatsand is working with ceeded in pilfering Covid-19 based in Canberra, Australia, ZenecaPLC,whose vaccine, NorthKorea has coordinated damage, spokesmen from both “appropriategovernment agen- treatment details,the Kim Jong who monitorsPyongyang’s co-developed with the Univer- attacks on the six companies companies said. TheShin cies and commercial cybersecu- Un regime would have limited hacking behavior. sity of Oxford, has been shown sinceAugust, the people said. Poong spokesman said the at- rity experts.” Genexine is look- direct use forit, Pyongyang Anotheroption, he added, to be as much as 90% effective Theattacks contained digital tacks were carried out over ingintothe matterbut hasn’t watcherssay. would be to leverageknowl- and is seeking emergency ap- fingerprintsused in other North email. TheCelltrion spokesman found evidenceofany hacking With rudimentarymanufac- edgeofthe targeted compa- proval, the people said. On Korean campaigns against the said the attacks had acceler- attempt, aspokesman said. turing facilities and modest nies’networks from the at- Friday, Reuters reported that State Department and South ated in thesecond half of 2020. AstraZenecadeclined to health-careinfrastructure, it is tacks to demand payoutsin suspected North Korean hack- Korea’sunification ministry, Johnson &Johnson remains comment. doubtfulthe countrycould pro- return for restoring access to ershad tried to break intothe such as the use of the same IP vigilant against threatstoits North Korea, Russia, China ducetreatmentfromblueprints encrypted files or crash a systems of AstraZeneca. addresses,the people said. data, aspokesman said. A and Iran have all backed hack- obtained through cyber espio- company’s website. Europe CurbsProfitable Ski Tourism to Control Virus

European governmentstook restaurantsclosed until Jan. 7 ski trips.Alpine tourism wasa riod, including by ski tourists, thousandsofpeople could different ones,” said Marco astepcloser to shutting down and impose quarantine on trav- major spreader of coronavirus could lead to another rebound crossthe border to ski in Aus- Michielli, president of a tour- the Christmas ski season in elersfromEuropean countries infections in early 2020.After of contagion. tria or Switzerland. Switzer- ism association in the Veneto the Alps,inanattempt to pre- with high infection rates. Europe slowed infections to a Austria’sski lifts,which the land, wheresome resortsal- region in Italy’s northeast. Thedecision by Austria, trickle with strict lockdowns countryconsidersaform of ready are operating, plans to Without skiers, the Alpine By Ruth Bender Europe’sbiggest destination this spring,areturn to mass public transport, will open on open spotsoverChristmas regions of several countries in Berlin and Giovanni for international ski tourism, travel forsummer vacations Dec.24with limitsonthe with restrictions. facethe lossofvital income.In Legorano in Rome follows adiplomatic clash over contributed greatlytoaresur- number of users. Thehit to Italian ski resortsare in- manyAustrian and Swissski whether it is safetolet people gence in cases. Austria’sAlpine tourism in- censed that they must stay resorts, the Christmas and New vent vacationersfromreignit- ski the Alps.The measures Infections aredeclining in dustry during one of its busi- closed while their competitors Year period accountsfor about ing the continent’sCovid-19 makeski trips to Austria ef- much of Europe,but deaths est periods of the year is likely on Swisssides of the same 30% of winter tourism revenue. pandemic like last summer. fectively impossible for most from Covid-19 remain high. to be severe. mountain regions areopen for Tourism, sport and leisure PressurefromGermany, Italy Europeans. Many European governments Italy,Germanyand France business. account for15% of Austria’s and Franceled the Alpine na- Berlin, Rome and Paris have fear that an excessiverelax- won’t open their Alpine ski “It’s unthinkable that in It- grossdomestic product, ac- tion of Austria on Wednesday pressured Austria to join a ation of behavior during the lifts over the holiday, but have aly thereare some rules and cording to the country’s gov- to pledgetokeep itshotels and continentwide crackdown on Christmas and NewYear pe- expressed fear that tens of in othercountries thereare ernment. FROM PAGE ONE UPS Cuts Off Some Retailers

ContinuedfromPageOne S NEW

then slip abit until another G bigincrease in the week be- fore Christmas. OOMBER

“Weare happy with the /BL

performanceofour parcelde- TS liverynetwork following the DIL

higher cyber week demand,” a PHER

Gap spokeswoman said. TO “Knowing the unique con- CHRIS straints the industry is facing Delivery firms have had to hire tens of thousands of workers. this peak season,weworked with our carriersearly on to free shipping on all online or- on-timeperformanceduring collectively build astrategic dersfor membersofits paid the week of Thanksgiving was plan of execution.” Walmart+ service. By remov- 90.6%compared with 97.6%for ANikespokeswoman said ing athreshold of $35 forfree FedEx. the sportswear maker expects shipping, the program will be TheUPS spokesman said “the majority of these orders similar to Amazon Prime. that so farthe companyis to meet estimated delivery UPS said it is working pleased with how its network dates and are communicating closely with itslargest ship- has performed in handling re- with consumersany changes perstosteer volume to loca- cord volume. in delivery.” tions with available capacity According to ShipMatrix, Some shipping consultants and making surethat large UPS picked up 81% of packages said they expected such limits customersknowhow much on the daythey were ready be- would be imposed temporarily room is available. tween Nov.15and Nov.21, if retailers exceeded their al- “It is critical that UPS and compared with 95.4%for Fire andIce lowance for packages. Earlier itscustomersexecutethe plans FedEx’sGround network,which this year, delivery companies built through our collabora- handles most of the company’s red spinel ring were overwhelmed as extra tion,” aspokesman said. He e-commerce volume. trailers full of parcels arrived Some of the shipperswhose Covetablegem.Mesmerizing color. Naturallybeautiful. at some facilities andwaited pickups were restricted said to be unloaded due to the un- FedEx and UPS therehavebeen some delays This stunningoval-cut4.07-caratspinelexhibitsadesirable expected surge in e-commerce due to the high number of on- deep crimsoncolor rarely seeninthese gemstones.The and employeeabsences due to both prepared their line ordersbut that they were jewelisAGL-certifiedasuntreated, meaningits captivating the coronavirus. customers for tight managing them well. FedEx and UPS both pre- An L.L. Bean spokeswoman coloriscompletelynatural, anditisaccentedbyshield-cut pared their customers for capacity. said that while therehave white diamonds weighing 0.39 totalcarat.Spinels,especially tight capacity forthis holiday been delays forpickups at a examples as stunningasthisone,are increasingly rare and season, as consumers, fearful few of itsstores, UPS is “ac- of venturing out to stores due tively picking up packages highly sought after. Set in platinum and 18K rose gold. #31-1807 to the virus,are stocking up said UPS also wantstomain- from ourwarehouse facility on household essentials from tain the network forother cus- and our retail locations daily.” online merchants at the same tomers, including small- and “We’reactively working time the holidayshopping sea- medium-sizebusinesses and for with UPS to best managecus- son kicks off. medical shipments, including tomer deliveries,” aMacy’s Thecombination is ex- Covid-19 vaccine distribution. spokeswoman said. pected to createasurplus of FedEx and UPS for months Some retailersare warning as manyasseven milliondaily have been processing packages customerstoshop early and packages between Thanksgiv- at levelsmorecommon during expect longer deliverytimes ing and Christmas, according the Christmas season and this holiday season. to ShipMatrix Inc., asoftware were preparing to layeran- Abercrombie &Fitch Co. provider that analyzesship- other surge of ordersontop of tells online shoppers to place ping data. FedEx’sbig retail that. They have responded their orders by Dec. 4 if they 622 RoyalStreet,New Orleans,LA•888-867-9583 •[email protected] •msrau.com customersinclude Walmart with restrictions on capacity want items to arrivebyChrist- Inc.while UPS countsAma- and surchargestooffset mas using itsstandardship- Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. zon.comInc.among itsbiggest higher costs from hiring tens ping option. Aspokeswoman Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. shippers. of thousandsofworkersand said the dateis“to encourage Some retailers, meanwhile, renting extra equipment. early shopping given current continue to push formoreor- Datacollected by analysts challenges surrounding parcel ders. Walmart plans to offer at Citi showedUPS’saverage capacity.” P2JW338000-0-A01000-1------XA

A10 | Thursday, December 3, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

claims about newly found pho- memorabilia in SanAntonio. JesseJames,for hundreds of Old Photos tosofthe bad guys likeBilly Thesoftware works by mea- dollarsapiece. He says he tells the Kid and JesseJames and suring facial landmarks such potential buyerswhat the soft- famedlawmen such as Wyatt as thenose and mouth, turn- ware determined but to judge Test ID Earp andPat Garrett. ingthem intoa“face-print,” forthemselves whether the Daniel Buck, awriter then comparing it with others. photoisofthe famous figure. at True West magazine,has Expertsonthe technologysay Theauthenticity of Mr.Gui- Software two boxesinhis attic of what that forittohaveany chance jarro’sBilly the Kid find has he calls “bogus photos,” sent of making accuratematches of sincebeen questioned, includ- in by amateur collectors, some oldphotos,the images need to ing in a2016 coverstory ContinuedfromPageOne of whom used face-matching be of high resolution, with in True West, in which more tions agobyfacerecognition technology. He oncetried good lighting. than ahalf dozenauthorsand is almost always anon- some facial-recognition soft- “Ifyou have agrainy, black- academics raised doubts. starter,” he wroteback.“It’sa ware himself.“It confused Wy- and-whitephoto, you’ll likely “They aren’t experts,” says very long shot that these por- attEarp,George Custer,Pat match the photowith various Software gave a 76% likelihood that the photo on the right is of Mr.Guijarro, who has held on traitsare of the Daltons.” Garrettand Ringo people mistakenly,” Graf Dalton, an outlaw whose verified photo is on the left. to the tintype. Facial-recognition technol- Starr,” he says. says Zak Doffman, Despitethe skepticism from ogy, commonly used to unlock Mr. Rodman and who runs British fa- Such skepticism hasn’t dis- strongly suggested that Mr. historians, Mr. Rodman re- phones,open doorsand even other part-time col- cial-recognition com- couraged Steve Sussman, a Guijarro’sfind wasauthentic. cently planned to bring his surveil the unsuspecting pub- lectorssay the ex- panyDigital Barriers. former TV writer in Colorado Mr.Sussman dug intohis photoofthe Dalton brothers lic,isroiling the world of an- perts are Luddites. Still, he says,some of and collector of old photos. owntintype collection, run- to aface-recognition specialist tiquephotograph collecting. “They don’t trust the methodologies Five yearsago, he started us- ning the images through sev- in NewYork forananalysis. Hobbyistshaveturned to fa- newtechnology,” he used in facial recogni- ing facial-recognition software eral websites offering free, Mr.Buck,the True cial-recognition software to says.“They’realways tion canhelp buttress on scans he made of tintypes, face-matching scans,tosee if West writer,says he recently try to match faces in found skeptical.” He the case foramatch. atype of early photographic he had missed anypotential sawanother TV showinwhich photos to those of famous his- shopped his Dalton Deborah Rogal, di- imagerendered on metal. gems. facial-recognition software torical figures. brothersimageto rector of photographs He wasinspired by aNa- He nowregularly searches wascredited with identifying a Antiquities brokers, auc- other expertsinthe Billy the Kid at NewYork-based tional Geographic documen- fortintypes and other old pho- man in an antique ambrotype tioneersand historians,how- field, including edi- Swann Auction Gal- tary about aman, Randy Gui- tosoneBay, lookingfor famil- photoasAbraham Lincoln on ever,say such methods aren’t tors at OldWest magazines leries, putslittle stock on the jarro, who bought a$2tintype iar Old West faces to run his deathbed. dependable,and that the tech- and ahistoryprofessor at technology’spowertowork on at ajunk storeinFresno,Calif. through the sites.Hesays the Thebed, Mr.Buck noticed nologyhas loosed aflood of StanfordUniversity.Most said oldphotos.“We’restill looking In the documentary, facial-rec- scienceisn’t perfect, and he is right away,wasn’t the authen- bogus claims about the identi- it probably isn’t the Daltons. forthat additional supporting ognition software wasused to happywith amatch ratedasa ticated one on displayatthe fies of people in ordinaryold “Facial-recognition technol- evidence,” she says,such as trytomatch it with theonly 50% or higher confidence ChicagoHistoryMuseum. photos.Hobbyistsinterested in ogyishogwash” when it recordsofownership,acritical other known imageofBilly the level. He has sold images that “Not that it matters,” Mr. the 19th century American comes to old photos,says Kurt verification factor that histori- Kid, which had sold for$2.3 facial recognition determined Buck says.“It’snot Lincoln, ei- West have surfaced with House,abrokerofOld West ans call provenance. million in 2011. Theprogram could be Doc Hollidayand ther.”

some controversial initiatives Wall Street championed by the Chinese leadership. When index provider MSCI Stands By Inc.first considered including Chinese A-shares,which trade on themainland, in itsemerg- China ing-market indexes, which form the backbone of how manylarge institutions invest, ContinuedfromPageOne institutional investorswere rejected the offer as too nar- apprehensive given the poor rowand sent the Chinese insight intoChinese compa- packing. nies andrestrictions on the But Mr. Liu didn’t go home movement of capital. empty-handed. Theget-to- TheChinese government gether helped turn Wall Street lobbied heavily for the inclu- into one of the biggest cheer- sion.The other strong voice leadersfor adeal. In the trade wasfromBlackRock,people agreement that waseventually S involved in thediscussions

signed in January, China’s fi- NEW say. Thefirm started out op- G nancial opening stood out as a posing the movebut then prominent concession. threw its weight behind it af- America’smoney men have OOMBER ter Beijing made it easier for long held aspecial placein foreign investorstotrade Chi- Beijing’scorridorsofpower, SHEN/BL nese stocks.

but until nowtheir firms have QILAI Soon afterMSCIannounced had little to showfor it. The Larry Fink, chief executive of BlackRock, extolled China’s business potential via video link at a Shanghai forum in June. itsdecision in June 2017, Trump administration has BlackRock received approval tried to “decouple” partsof out its January promises, ac- China has become abigger part of major emerging-markets China’s asset-management foraprior application to start the two economies—a direc- cording to people close to the indexes, and the country’sasset-managementindustryhas grown industry aprivate-fund businessin tion that President-elect Joe industry. No group focused on rapidly,evenasthe role of foreign firms has remainedsmall. China forselect investors. Biden would have ahardtime banks and asset managers $20 trillion “BlackRock’ssupport forthe Weighting forBlackRock’s iShares Core MSCI reversing and mayembrace. signed the letter. MSCI decision on China cer- Emerging MarketsETF Thebroader U.S. business Chinese leadershavetime tainly helped,” recalls aChi- world also has soured on en- and again turned to Wall 100% 15 nese regulatory official. gagement with China. Street forassistanceinperi- Forsome of Mr.Fink’scrit- Wall Street, however, is go- ods of trouble.Inthe late ics,abig question is howhe ing all in. Sincethe signing of 1990s,when big Chinese banks 10 squares the firm’sfund invest- the trade deal, JPMorgan will struggled with bad debt, then- China mentsinChina with his role at getfull control of afutures Premier Zhu Rongji asked home as aself-appointed arbi- venture in which it had a mi- American investment bankers 75 5 ter of corporate behavior. Mr. nority stake.Goldman Sachs including former Treasury Fink has said that companies and MorganStanley became SecretaryHank Paulson, aris- that exploit workersorthe en- controlling ownersoftheir ing star at Goldman Sachs at 0 vironment won’t deliver last- Chinesesecurities ventures. the time, for help. 2007 ’10 ’15 ’20* ing shareholder returns.He Citigroup Inc., meanwhile,won Mr. Zhu backed the Ameri- Taiwan playedamajor role in getting alicense to act as asafe cans’ plans to sell to U.S. firms 50 Foreign participation in the BusinessRoundtable to keeper of securities held by stakes in the country’sbiggest China’s asset-management adopt itsAugust 2019 state- South Korea funds operating in the country. four state-owned banks,whose industry ment that acorporation And in August, BlackRock totalassets, he said then, 3% should serve all stakeholders. became the first foreign firm “couldn’t even match those of In June,then-Sen. Martha to win preliminaryapproval to one single U.S. bank,Citi- Others McSally and Sen. Kevin Cra- start a wholly owned mutual- bank.” 25 2 mer, both Republicans,sug- fund business in China, a po- As part of the concessions India gested in aletterthat Mr.Fink tential ticket to avast market negotiated by Mr.Zhu for is applying adouble standard, of largely untapped mom-and- China’sentryintothe World Brazil urging acloser look at why 1 pop investors. TradeOrganization in 2001, South Africa BlackRock isn’t “shining a Beijing agreed to liberalizeits Russia light of transparencyonthese financial sector.But American Thailand poorly-governed, secretive 0 Saudi Arabia 0 Long march banks, brokerages and others Malaysia Chinese companies.” Despitethe burst of activ- had to settle forbeing bit June 2017 Dec.DJune ’18 ec.DJune ’19 ec. June ’20 2011 ’15 ’20†

ity,skeptics wonder whether players.Foreign firms ac- *AsofJune 30 †For the firstquarter Beijing will ever let Wall counted for just around 1% of Note:Weighting data as of final trading dayofthe month Call for transparency Street gain more than a foot- China’s banking sector in the Sources: CFRA’sFirstBridge ETF Database (weighting); Oliver Wyman analysis (industry); People’sBank of China, Wind (foreign participation) To Mr.Fink,thereisno hold. They note that by delay- first quarter of 2020, accord- contradiction between his U.S. ing an opening fordecades, ing to research firm Cerulli Mr. Paulson and John Thorn- his giant asset manager to Rockoverthe long term, both and China messaging.Black- the Communist Party has en- Associates. ton, another former Goldman China’stop financial regula- forasset managersand inves- Rocksays itsgoal is to help abledChinese institutions it Chinese President Xi Jin- senior executive, as go-be- tors and executives.Hetold tors,” Mr.Fink said in aMarch improvecorporategovernance largely controls to thoroughly ping came to powerin2012 tweens with the Trump ad- them BlackRock should be a lettertoshareholders, “despite world-wide and advocatefor dominateevery sector in fi- promisingtogivemarketsa ministration. Chinese companyinChina, ac- the uncertainty and decou- shareholder disclosures it nance, from commercial and biggerrole in the economy. Afterthe February2018 cording to people with knowl- pling of global systems we’re thinks Chinaneeds forthe investment banking to private But he wasdeeply shaken by meeting,Mr. Liu turned to Mr. edge of the matter. seeing today.” country’smarketstoattract equity and asset management. the chaotic summer of 2015, Fink and BlackRock forideas Even if such talk was stan- “U.S. financial institutions’ global money. Wall Street firms have little when plunges in Chinese on howtoremakeChina’spen- dard Fink—BlackRock should expanding in China is consis- In aSept. 25 speech Mr. name recognition among aver- stocks drew global attention, sion system as arapidly aging be aGerman companyinGer- tent with the policygoals of Fink delivered virtually to a age Chinese savers. and put further market liberal- population threatens massive many, a Mexican one in Mex- the U.S. government,” Black- foruminShanghai, he called As lateand as limited as ization on hold. shortfalls in the years ahead. ico, and so on, he tells audi- Rock said in astatement. “A on Chinatopursue “greater theopportunity is now, for- The trade war presented a Mr.Fink didn’t have the ences when he travels—to his local presenceinthe world’s transparency and improved eign financial firms arehappy newopportunity forWall rootsinChina that some of his Chinese hostsitwas awel- second-largest economywill accounting standards to pro- to getwhatever perch they Street. Throughout the battle, Wall Street peersdid, but he come contrast to the hostili- help us better serve clients in mote investor confidence.” can: China is still the world’s Chinese leaderscounted on kept pushing the idea that ties from Washington. the U.S. and around the world In 2017, when Hong Kong- fastest-growing market forfi- Stephen Schwarzman, the bil- firms likehis could playa as they save forlong-term traded Chinese companies—in- nancial services,atatime lionaireco-founder of private- helpful role in the country. goals like retirement.” cluding Industrial &Commer- when their ownmargins are equity firm Blackstone Group, Accepting an award from ‘China ambition’ Mr.Fink,68yearsold, gota cial Bank of China and oil-and- getting squeezed at home. theNational Committeeon “LarryFink wearshis China firsttasteofChina’spotential gasgiant China Petroleum & Their long-term lobbying United States-China Relations ambition on his sleeve,” says in 2006,when BlackRock’sac- Chemical Corp.—proposed efforts—including taking Bei- at the Grand Hyatt New York PeterAlexander,managing di- quisition of Merrill Lynch’sas- charterchanges requiring jing’sside in some heated dis- hotel in November 2018,he rector at Z-Ben Advisors Ltd., set-management businessgave their boards to seek adviceon putes with the West—reflect talked about howthe two afund consulting firm in it a16.5% stakeinaventure major decisions from Commu- theireagernesstocrack the countries’ “fates areinter- Shanghai. with Bank of China. Thestake nist Party committees, Black- market. twined.” As executives dined BlackRock,likemanyother has risen in value to about Rockfunds votedinsupport, In July,morethan 40 on filet mignon with former big asset managers, can’t af- $400 millionfrom$4mil- as did manyother U.S. asset American trade groups,repre- Secretary of State Henry Kis- ford to ignoreChina. At home, lion—a return of some 38% an- managers. senting industries from agri- singer and Chinese Ambassa- the market is saturated and a nually, estimates Mr. Alexan- Critics of these charter cultureand pharmaceuticals to dor Cui Tiankai, Mr.Fink fee war is eroding profits. As der of Z-Ben. changes say they reduce S airlines,signed aletterurging praised the Chinese govern- BlackRock’sindex-mirroring In the early 2010s,Mr. Fink shareholder influenceand en- NEW

Beijing to do moretoimple- G ment forhaving liftedlarge funds have knit moreinves- urgedinternal task forces to trench the party’s role in cor- ment the trade deal,which partsofthe population out of tors’returns—and the firm’s aim for China. “The idea was: porate governance. also laid outpurchases of poverty.Heacknowledged that fortunes—moreclosely with Many clientscome to Black- “The party committees al- OOMBER

American airplanes, farm /BL manyinChina arestill poor, China, they have become con- Rockbecause they want global ready had arole in gover-

products, oil and othersthat ABU and said modern financial duitsfor greater Chinese inte- exposure. We need and should nance,” BlackRock says,adding

China hasn’t yet made in full. IW marketscould help China with gration in global markets. be in China,” said aperson that the changes “made that

Unlikeother business AKI its long-term objectives. “I continue to firmly believe close to the firm. moreclear and transparent” KA

groups,Wall Street is pleased TA While in Beijing in Novem- China will be one of the big- Over the following years, and were afuller accounting with howChina has carried Goldman CEO David Solomon ber 2019, he made a pitch for gest opportunities forBlack- BlackRock wasinfluential in of investment risks. P2JW338000-4-A010A0-1------NS

THE WALL STREET JOURNAL. **** NY Thursday, December 3, 2020 | A10A GREATER NEW YORK Vaccines for 170,000 in First N.Y. Delivery

The inoculations, set to of nursing homes and staff in norsaid he expectssome indi- versed an earlier mandatethat to resume in the state, Mr. climb,” Mr. Cuomo said. “The those facilities.The companies vidualswill decline to take the said the facilities couldn’t re- Cuomo said. good news is, the goal line is arriveDec. 15, will be will send the necessarysecond vaccine. fuse to accept patients from Thestate faces serious in sight and the goal line is a given to nursing-home doses of the shotsroughly Mr.Cuomo,aDemocrat, hospitals who had been diag- challenges in distributing vac- vaccine.” three weeks later to fully inoc- said he was following the ad- nosed with Covid-19. cines and building public buy- TheshareofCovid-19 tests staff and residents ulate those recipients. viceofafederal advisory Stephen Hanse,president of in forvaccination programs, in the statethat were positive Asecond tranche of vac- panel that on Tuesdayrecom- New York State Health Facili- the governor said. Given those reached 4.1% over aseven-day BY BEN CHAPMAN cines developed by Moderna mended that health-carework- ties Association and NewYork challenges,and the limited averageasofTuesday, state AND JIMMY VIELKIND Inc.isexpected later in De- ersand residentsoflong-term State Center for Assisted Liv- supply of vaccines, he said he officials said. It was1.6%on cember,state officials said. care facilities be the first to ing, said Wednesday that Mr. expectsacritical massofNew Nov. 1. NewYork expectstoreceive Both Pfizer and Moderna have receive vaccine doses. Cuomo’s vaccination plan Yorkerstobeinoculated by as New York City on Wednes- enough doses of aCovid-19 asked the Food and Drug Ad- Thegovernor said hospital- would safeguardnursing-home early as June or as lateas dayreported a4.8%positivity vaccine on Dec.15tobegin im- ministration to authorize use based health-care workers in residentsand staff throughout September. rate on aseven-day rolling av- munizing 170,000 people,Gov. of their vaccines, and the dis- the statewould be vaccinated the state. Thegovernor said the ar- eragethrough Monday, ac- Andrew Cuomo said Wednes- tributioniscontingent upon afterpeople who liveand Under the plan Mr. Cuomo rival of vaccines in New York cording to the most recently day. that approval. work in nursing homes. outlined,the majority of the offersboth hope and chal- released data. During a news conference, Theinitial number of doses NewYork nursing homes state’smorethan 19 million lenges as the state has seen a Therecent surge in cases is thegovernor said that the ini- won’t be sufficient to fully in- were hit hardbythe coronavi- residentswon’t receiveavac- sharp rise in the number of being fueled by residential tial batch of vaccines—manu- oculatethe 85,000 nursing- ruspandemic in the spring. cine for months. Covid-19 cases and hospital- gatherings—manyrelated to factured by Pfizer Inc.inpart- home residentsand 130,000 Afterthousands of deaths in Between 75%and 85% of izations in recent weeks. the holiday season—and may nership with BioNTech SE— facility staff in the state, offi- nursing homes and mounting residents must be vaccinated “That’sthe bad news; we begintoslowand reverseby will be distributed to residents cials said. However, the gover- criticism, thestate in Mayre- for normal economic activity have another mountain to mid-January, Mr.Cuomo said. Rockefeller Center Christmas Tree Is Lighted—With No Crowds N.J. Governor Asks People to Stay Put

BY J OSEPH DE AVILA Therewere3,287 people hospitalized in NewJersey due New Jersey Gov. Phil Mur- to coronavirus or suspected of phystrongly discouraged resi- having the disease,morethan dentsfromtraveling out of double the figure from Nov.1. statefor nonessential reasons Morethan 6,000 people were as Covid-19 cases continued to hospitalized in thestate at the mount in the region. end of April. When taking into Visitorsand residentsre- account Covid-19 patientsand turning to New Jersey should all other patients, about two- quarantine for 14 days, under thirds of all the state’shospi- thestate’s newest version of talbeds areoccupied, accord- itstraveladvisory,Mr. Murphy ing to the NewJersey Hospital said at a news conference on Association. Wednesday. New Jersey resi- The governor said it is too dentswho travel to Pennsylva- early to saywhether the nia, New York or Connecticut Thanksgiving holidaywould for work are exempt, he said. lead to an increase in cases, “No one should be traveling but the statewill have abetter out of statefor anything beyond sense over the next five to that which is essential foryour seven days.IfThanksgiving daily life—commuting to work travel resultsinasurge,he or seekingmedical treatment, said, “that will be asignificant forexample,” Mr.Murphysaid. concern, and we will have to During the summer,New revisit where we are.” Jersey,New York and Connect- Mr.Murphy’snew travel ad- CK icut began issuing joint-travel visoryfollows an executiveor- TO advisories asking people to der he signed Tuesdaytighten- self-quarantine for14days if ing restrictions on outdoor

SHUTTERS they were traveling from states gatheringsand shutting down A/ considered to be Covid-19 hot indoor sportstohelp curb the /EP spots. NewJersey,along with spread of the coronavirus.The

ENES NewYork,abandoned those ef- neworder reduced the maxi- SZ fortsafter nearly everystate in mum number of people allowed ON

JAS the U.S. began qualifying for at outdoor gatheringsfrom150 SILENT NIGHT: The more than 50,000 LED lights on the 88th Rockfeller Center tree, a 75-foot Norway spruce, were turned on the advisorylist amid ana- people to 25 people,excluding Wednesday in a ceremony that was televised with prerecorded performances but closed to the public due to Covid-19 precautions. tionwide surge. outdoor wedding ceremonies, Now, New Jersey is asking funerals,memorial services and all out-of-statevisitorsto religious and political activities. quarantine,although front-line Theorder suspends orga- health-careworkers, law-en- nized indoor sporting activi- NYPD Is Solving Fewer Crimes forcement and militaryper- ties for youths and adults be- sonnel will be exempt. ginning Saturday. Thestate reported 4,350 Thegovernor said aCovid-19 BY BEN CHAPMAN newCovid-19 cases on vaccine could be widely avail- Wednesdaywith a13.7% posi- able to the public in NewJer- More crimes are going un- tivity rate. The state’s seven- seyasearly as April and May. solved in New York City amid day average of cases reached “Wehavealong way to go. the coronavirus pandemic,ac- 4,050, morethan double the Thereisenormous complexity,” cording to NewYork Police figure from Nov.1.New Jersey he said. When the vaccine is Department data. is nowregularly reporting broadly available,the statewill NYPD recordsshowthat de- daily case counts that exceed be in “a far different place— tectives and officerssolved the daily figuresfromthe probably not ‘normal-normal,’ 26.3% of all serious crimes in spring,although the statehas but probably a‘newnormal’ the second quarter of this amuch largertesting capacity that we canmoreeasily live year,including murders, rapes, compared with April and May. with and getour arms around.” robberies,assaults, burglaries and thefts. The portion of such crimes solved by the NYPD fell by 26.5%compared with the same period in 2019, when officers and detectives solved 35.8%of those cases,according to

NYPD data. S Thesecond quarter of the year began April 1, just over PRES two weeks afterMayor Bill de TED

Blasio declared astate of OCIA SS

emergency for New York City /A in response to the pandemic.

Theportion of crimes WENIG

solved in the second quarter SETH also decreased compared with Police investigators dusted for fingerprints at the scene of a fatal shooting in Brooklyn last week. the previous quarter,before the virus struck,when 31.7% of of the year,which began in occurrences of crimes low than murders during the same pe- such crimes were solved by July. Third-quarter clearance with clearing criminal cases. riod last year. The number of the department. figures weren’t yet available. Joseph Pollini,aformer shooting victims in the city The NYPD refers to crimes “Clearance rates fell in the NYPD lieutenant commander has more than doubled. it solves as clearances and cal- second quarter due to the ef- and adjunct lecturer at John Meanwhile, the number of culates itspercentage-based fects of the pandemic, includ- JayCollegeofCriminal Jus- NYPD arrestsfor serious clearance rate using the Fed- ing an increase in police offi- tice, said fewersolved cases crimes has dropped by 12.9%, eral Bureau of Investigation’s cers going out sick and other and arrests can negatively af- falling from 38,786, for Jan. 1 Uniform Crime Reporting sys- officers being temporarily re- fect efforts to deter crime. to Nov.29, 2019,to33,768for tem, wherethe metric is based allocated to addresslootings the same period in 2020. on the number of crimes com- and large scale protests,” Sgt. Incoming Queens Borough mittedand the number of McRorie said. ‘Clearancerates fell President and outgoing City cases solved or closed through NYPD figuresfor the second Councilman Donovan Richards, exceptions. quarter showthat Brooklyn in thesecond quarter who chairsthe council’sCom- NYPD officials have cited a had the lowest clearance rate due to theeffectsof mitteeonPublic Safety,said number of factorsthat have of anyborough, with 24.9%of neighborhoods such as Far complicated investigations serious crimes theresolved. thepandemic.’ Rockaway,which he repre- amid the pandemic, including Staten Island had the highest sents, have seen aparticularly large numbersofofficers clearancerateofany borough, stark increase in violent missing work due to sickness. with 32.8% of crimes solved. crimes, as arrests and closed They also listed staffing Thedepartment’ssecond- “There’s a probability that cases have become lesscom- changes necessitated by offi- quarter figuresshoweda the person is going to go out monplace. cers’response to large-scale 50.9% clearance rate for mur- and commit morecrimes,” Mr. NYPD statistics forthe demonstrations following the ders. Aggravated assaulthad a Pollini said. Queens South Patrol Bureau, May25killing of George Floyd clearancerateof57%, the Violent crime in New York which includes FarRockaway, by Minneapolis policeasan highest clearance of any seri- City has increased in the showthat shootingsand impediment to police work. ous crime. months sincethe pandemic shooting victims have more NYPD spokeswoman Sgt. Larceny theft had the low- struck,asthe number of ar- than doubled this year, while JessicaMcRorie said the de- est clearance rate, at 11.6%. rests has fallen. murders have risen by 4.8%. partment is monitoring its NYPD Commissioner Der- From Jan. 1through Nov. “The point Imakeis, this clearancerates andseeing im- motShea has said that he is 29,the NYPD recorded 420 stuff hits close to home,” Mr. provement in the thirdquarter moreconcerned about keeping murders, compared with 304 Richards said. P2JW338000-2-A010B0-1------NS

A10B | Thursday, December 3, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK NYCStudentsVoiceDiversityConcerns WATCH CONNECTICUT BY LEE HAWKINS public meetingsonhow to choose students for hundreds Utility Rate-Increase Eighteen-year-old Aisha of schoolsthat screen appli- Rules Overhauled Baiocchirememberssitting in cants for acceptance. an auditorium with other stu- Schools Chancellor Richard Connecticut regulators im- dentsadmittedtothe High Carranzaalso has talked of re- posed what they called sweep- School of American Studies at vamping giftedelementary ing changes Wednesday to how Lehman College, feeling wooed programs,while expanding electricity rate increases are pro- by principal AlessandroWeiss, initiatives “to help the school posed and approved after an up- who assured them that the system better reflect the di- roar by customers over higher school was “elite without be- versity of New York City.” bills during the summer. ing elitist.” To support studentsofcolor The state Public Utilities Reg- Those assuring words at herschool, Ms.Baiocchi and ulatory Authority approved new prompted the biracial Latino classmateAnnaBelle Medina rules for electricity distributors and Asian then-eighth grader created an informational web- Eversource and United Illuminat- to choose that specialized site called The Outsiders ing. The changes will help pre- school over severalothers. Guide,which featuresessays, vent dramatic increases in bills, Thespeech helped ease her educational tips and other re- ensure rates more accurately re- anxietiesabout being one of sources. She also sitsonaneq- flect costs and decrease the like- thefew studentsofcolor at uity committeeand tutors lihood that the companies over- the competitiveBronx school. younger diverse students. charge consumers, the agency “That wassoattractiveto Afterthe initial recruitment said. Company officials said they me because it sounds likea speech at the High School of are reviewing the regulations. great thing in general, to go to American Studies, Ms. Baioc- —Associated Press agreat school withoutthe chi didn’t anticipate that she negativeimplications of a would experienceeverything NEW JERSEY great school,” Ms.Baiocchi from racist jokes to having said. white students and staff rou- State Police Recruit But in the four years since tinely confuse her with other Dies After Incident hearing that speech, Ms. students of color. Baiocchisays she has at times For the first two years she ANew JerseyState Policere- felt isolated at the predomi- didn’t raise her hand in class cruit who lost consciousnessdur- nantly white school. because she felt out of place ing atraining exercise has died, Today she pushes from in- and wasafraid to makeamis- the agency said Wednesday. side the school formoreracial GE take, she said. The departmentsaid Lucas

diversity,while acitywide stu- CHAR She said she is encouraged Homeijer,27years old, died

dent advocacygroup called KE that some of her white class- Tuesdayafter being hospitalized Teens Take Charge is pressur- TA mates volunteer for The Out- sincethe Nov. 25 incidentatthe

ing MayorBill de Blasio to TEENS sidersGuide and that the statepoliceacademyinSea Girt. clear the way formorestu- Astudentgroup called Teens Take Charge pushes formoreintegration of NewYork Citypublic schools. school’sadministration has He was“engaged in an active dentsofcolor to gain entrance recommended the websiteto countermeasures/boxing bout intoselectiveschools citywide. the federal Officefor Civil schools broken because there in districts. incoming students. with afellowclassmate” when Theteen group has filed a Rights, alleging that the city isn’t an acceptable balanceof Most of theschool system’s Ms. Baiocchi said the chal- he lost consciousness, policesaid. civil-rightscomplaint alleging Department of Education’suse studentsofdifferent races. studentsare Black or Hispanic, lengeinthe city’s admission’s —Associated Press that admissions screening is of admissions screens forpub- “We’realso dealing with while only about 16% are processistofind away to discriminatory. lic high schools violates the the practical reality of what white, according to the DOE, amendthe system without ex- Mr.deBlasio has yettoan- Civil Rights Act of 1964. we do in the middle of Covid and as of March about acerbating thedearth of diver- CORRECTIONS  nouncethe processfor entry That more than 20% of the with all admissions,” Mr.de 820,000 of NewYork City’s 1.1 sity. next fall to selectivepublic city’s public middle and high Blasio said in November.“So millionpublic-school students “I think we need to make AMPLIFICATIONS schools,after the coronavirus schools use admission we aregoing to come forward lived in poverty. surewedon’t abolish acertain made some elements of the screens—which allow schools with a plan to do the best we The city has yet to release type of school or admission previous system—including to set their own selection cri- cantoaddressthat in the here application timelinesand re- andthen end up with segre- In some editions Wednes- sitting forentranceexams— teria including attendance, and now.” quirementsfor September gatedschools anyway,” she day, an article about the unworkable for now. punctuality, grades and state The DOE has stressed that 2021, and the SHSAT has yet said. Chamber Music Society of Lin- Some screening advocates test scores—has “a profoundly it has publicly opposed the to be scheduled, though in Mr.Weiss, the principal, coln Center incorrectly re- areurging him to continue segregative effect on the sys- Specialized High Schools Ad- past yearsitwas held in early said: “I think it is important to ferred to Wu Han, the society’s giftedprograms,selectivead- tematlarge,and helps to missions Test (SHSAT)and November. have difficult conversations in co-artistic director,asMs. Han missions and the entryexam makeNew York City’s public haslaunched several initia- Themayor has long argued aspirit of honesty and mutual on second referencerather foreight specialized high schools the most segregated in tives to improve diversity, in- that the test should be support.” than Ms.Wu. An Oct. 29,2013, schools.Critics,meanwhile are the country,” the group says. cluding aprogram that priori- scrapped but hasn’t been able “Wehope to become the article about the society con- pushing foranoverhaul or Themayor’s officedidn’t re- tizes and targetslow-income to persuade Albanylawmak- kind of school in which all of tained the same error. elimination of the high-stakes spond to arequest forcom- and English-languagelearners ers, who govern access to at our studentsfeel included and admissions system. ment on the complaint, but Mr. in admissions and awarding leastthree of the exam high valued. We are not there yet, Readers can alert The Wall Street Journal to any errors in news articles Teens Take Charge filed a de Blasio has called the admis- grants that fund “compelling schools, to eliminate it. but Iknowweare on the way,” by emailing [email protected] or complaint in November with sions processfor selective ideas” that increase diversity District officials have held he added. by calling 888-410-2667. P2JW338000-0-A01100-1------XA

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 ‘Mariah Carey's Magical Christmas Special' premieres on Apple TV+ on Friday.

ing growth is tied to the way its sound pairswith holidaynumbers of anyera.That versatility helped “All IWant” proliferatealong with holidayplaylistsand the smart speakerspeople use to shuffle them. “She’ll be on pretty much any Christmas playlist, whether it’sa user-generated playlist or an algo- rithmic one,” says George Howard, aBerklee CollegeofMusic profes- sor and industryveteran who man- aged Carly Simon. Theresult is an annual reignition of the “network effect” that amplifies already popu- lar content, he says.

‘I really do live from Christmas to Christmas.’

Ms.Carey also creditsthe efforts of her “Lambily”—her family of fans known as“Lambs”—for putting “All IWant” on itspath toward No. 1with asocial-media campaign that encouraged people to stream the song nonstop and purchase digital downloads.“They didit. Iwasn’t

APPLE sitting at home maniacally trying to makethat happen,” the singer says. Music streams cantranslateto eye-poppingnumbers, such as the Mariah’sChristmasGets Bigger 658 million YouTube views forthe original “All IWant” video,shot in the style of ahome movie when the How the singer built ‘All I Want for Christmas Is You’ into an annual holiday juggernaut song wasfirst released. But streams—from services such as Spotifyand Pandora—generateless revenue than paymentsand licens- BY JOHN JURGENSEN ‘All IWantfor Christmas Is You’: AChartHistory Christmas Special,” premiering Fri- ing fees that add up each time a dayonthe Apple TV+ streaming tune gets playedonthe radio and navideo call before Number of times the song ranked in On-demand audio streams service. Thepartnership firsttook TV,and in stores,restaurantsand Thanksgiving,Mariah the Top50ofthe BillboardHot 100 in millions shape last February, she says— other venues.Onthat front, “All I Carey looks likeshe’son Peak position per year 150 shortly after“All IWant” became Want” likely generates manytimes Other positions in top50 aChristmas card come 100 the firstChristmas song in 60 years the amount of money it does from to life. Thesinger with 2012 ’13 ’14 ’15 ’16 ’17 ’18 ’19 to hit No.1,and beforecoronavirus streaming royalties,Mr. Howard es- O No. 1 50 19 No.1songsiswearing sent the entertainment industry timates,with Ms.Carey getting paid adress with the sparkle of snow Song hits No.1 intoadeep freeze. as acomposer,producer and per- forfirsttime 0 crystals,and her hair flowsoverher Thespecial wasshot earlier this former of the song. 2012 ’13 ’14 ’15 ’16 ’17 ’18 ’19 shouldersinfrosty waves. She’s 10 fall under Covid-safety protocols, Being the Queen of Christmas (a surrounded by giftwrapped pack- Most-streamedholidaysongs,2019 and featuresacelebrity lineup and moniker that arrived with the “All I ages,fuzzy pillows and glowing On-demand audio and video astory line about Santacalling on Want” onslaught of recent years) whitetrees. Ms.Carey to help recharge holiday means getting eyerolls from some “I’m sitting herewith eight trees ‘All IWant ForChristmas Is You’ cheer.With liveperformances still people.“Cynics and Scrooges,” she Mariah Carey in my house,” she says of the set- 20 off the table,the special gives Ms. calls them, who perceiveher Christ- ting forthe interview. “It’scom- 308.9 million Carey astand-in forthe runof mas routine as astrategyfor cash- pletely over the top.” ‘Rockin’Around the Christmas Tree’ Christmas-themed concertsshe ing in or compensating forawan- It’sanapt description forMs. Brenda Lee would normally do.Apple declined ing flow of newhits. Carey’s commitment to Christmas— 30 192.9 to comment forthis article. When she recorded her “Merry and the bountiful seasonal business “I really do livefromChristmas Christmas” album in 1994, it ini- that has become apillar of her ca- ‘Jingle Bell Rock’ to Christmas,” she says.She moni- tially seemed likeamovemore BobbyHelms reer.Her 26-year-old song “All I tors details from the color of tree suited to asinger on the wrong 162.5 Want forChristmas Is You” is the 40 lights(no yellow!) to crafting anew side of their peak,not one who had engine of one of the biggest holiday ‘Have AHolly Jolly Christmas’ transition from “Sleigh Ride” into released her thirdalbum, the hit machines of all time.The song, Burl Ives “Hark! TheHerald Angels Sing,” smash “Music Box,” just ayear off a1994Christmas album that ini- 151.8 which the singer says “isdefinitely earlier and wasstill very much on tially seemed likeariskydetour, amoment forme.” the way up.Recalls Ms.Carey in 50 ‘LastChristmas’ only simmered foryearsasastaple Wham! What makes “All IWant For the interview, “When Ifirst did it I of Christmas radio.But in the digi- Christmas Is You” aholidayear- thought, ‘AmIreally doing a Sources: Billboard(rank); 144.9 talera it has undergone amiracu- Nielsen Music/MRCData(streams) worm (writtenand produced by Christmas song now? This feels lous ascent, thanks to itsage-defy- Ms.Carey and Walter Afanasieff, very prematuretome.’ ” ing bop,the powerofholiday onceafrequent collaborator) is her Nowitseems prescient. The playlists, the multiplying effectsof Jennifer Hudson, and agirl-group Tree” and other latter-daystan- swinging,stair-run vocals and a clockwork return of “All IWant” the streaming ecosystem, and her production style that Ms.Carey dards likeWham!’s“Last Christ- throwback ’60s production style.It has been signaled by Ms.Carey in fans’ ritual dedication to the song. conceived as “a Supremes moment.” mas.” As of Thanksgiving this year, has gotten bumps in the past, in- recent yearswith cheekysocial-me- She has built afranchise around the “All IWant forChristmas Is her song had reappeared among cluding from acharming coverin dia poststhat hit right afterHal- tune in recent yearswith alternate You” snowballed to 309 million on- the morefleeting hitsonthe chart “LoveActually,” a2003 rom-com loween. Theearly start is “aninter- versions and videos,abook and an demand audio and video streams (most recently at No.14), where which itself became aholidayfa- esting phenomenon that I’m not animated movie forkids. last year,according to Nielsen Mu- it’salmost guaranteed to climb as vorite. Yet“All IWant” didn’t reg- even necessarily into,” says the This year’s big Christmas play: a sic/MRCData. That helped push it Christmas approaches. ister on the top-songschart until singer,who is reluctant to rush the TV special forApple,anaccompa- to No.1onBillboard’sall-genre In ayear when musicians on ev- 2012, when streaming started to buildup to her favoriteday of the nying soundtrack album, and anew Hot 100 songschart forthe first erylevel were forced to regroup, catchonwith listeners, and first year.“Iloveevery holiday. Not ev- take on alater yuletide composition time.Itgot streamed morethan Ms.Carey received atimely giftin counted toward the official ranking eryholiday—I’m not living for of Ms.Carey’s,“Oh Santa!” This chestnutslikeBrenda Lee’s the form of her Apple deal. It cen- of hit songs. Groundhog Day—but I’m just saying version featuresAriana Grande and “Rockin’ Around the Christmas ters on “Mariah Carey’s Magical Thesong’sexponential stream- I’m averyfestiveperson.”

They dissect every movie that the Christmas story. EarCandy: Hallmark Channel and its sister Theseries mixes interviews of network, Hallmark Movies & Mys- historians and theologians with teries, put out over the holiday scripted drama—such as a “Dr. Audiobooks, season—a hard-to-believe 40 de- Phil”-esque showhosted by Dr.Phi- buts this year. listine,who welcomes aman named In the reviewing trio, Brandon Joseph and ateenagewoman Podcasts Gray loves the genre, Daniel Pan- named Maryonhis showtoget to dolph puts up with it, and Daniel the bottomofthe idea thatshe’s Thompson can’t stand it. The epi- both pregnant and avirgin. “Well,” BY CHRIS KORNELIS sodes run 45 minutes to an hour, Marysays, “I’m warning you: it’sa usually four days a week, and un- strangeand…wonderfulstory.” The odcasts have become go-to en- pack such things as the plot, scen- next four episodes will be released Ptertainment for families trav- ery, actors and Christmas orna- forEaster. eling during the holidays, but ments. Regular segments include just because you’re forgoing the “All the Feels”—about what, if ‘The Life and Adventures wagon or 747 this year doesn’t anything, emotionally over- of Santa Claus’ mean you need to skip the pod- whelmed the reviewers. They also Audible casts. Mankind has a history of regularly host stars of the films, Over three hours, Tony Hale of gathering ’round a fire (or living such as Andrew Walker, who is “Veep” fame reads the L. Frank room) to listen to a story and more than happy to provide his Baum book published in 1902, two watch it with our minds. As pod- own candid thoughts on Hallmark yearsafter he began publishing his casts and audiobooks continue movies—including his own. (This ‘Eight Winter Nights’ terms it caused severalmen at “Oz” series.The Baum novelpres- their collision course with radio year, he stars in Hallmark’s Audible adjoining tables to weep openly.” entsanorigin storyfor the secular dramas—now often with produc- “Christmas Tree Lane.”) In this three-hour audio drama, Writer Liz Maverick and perform- side of Christmas thatisstarklydif- tion values that almost make them This is aseason of changeat free to subscribers of Amazon’s ersEva Kaminskyand Jason ferent than the one told in the pop- movies without pictures—it’s the Hallmark.After adust-up last year Audible and available now, Rachel Clarkeare veterans of the ro- ular stop-motion animation saga, perfect time to start an audio- in which acommercial featuring a misses out on Oz, the “new man” mance-novelgenre. “SantaClaus Is Coming to Town.” bingeing tradition. same-sex wedding waspulled and at a Hanukkah party—and her best In “Lifeand Adventures,” free to These four holiday options then returned to the air,parent friend nabs him. A year later, Oz ‘Top Story Tonight: Jesus!’ Audible subscribers, the title char- range from spare-no-detail analy- companyCrown Media Family Net- and said best friend are on the Spotify, Apple Podcasts, etc. acter is rescued as ababy, and then sis of Hallmark movies to a series works says it expanded itsefforts outs, and she enlistsRachel to This podcast by Jane Wells, awood nymph named Necile raises that imagines how contemporary to be “moreinclusiveofLGBTQ sto- nurse him back to health aftera who also works as a CNBC special him in amagical forest. Yearslater, GES media would have covered Jesus. rylines,charactersand talent, both leg injury. Oz instantlyenlists correspondent, imagines how so- when he’s given atour of the world IMA in front of and behind the camera.” Rachel, awordsmith, to help him cial media and 21st-century news of man, he discoverscapitalism and

ETTY ‘Deckthe Hallmark’ For example, “The Christmas gethis girlfriend back. “Giveme organizations would have covered mortality and decides to dedicate

/G Spotify, Apple Podcasts, etc. House,” which deals with a pair of the good stuff.The words,” Oz the life of Jesus. Each episode himself to the “care of the children TO Three men in South Carolina men looking to adopt, is the first implores her. “Thelast time we runs a little over half an hour, and of mankind and trytomakethem

CKPHO host this wildly popular podcast Hallmark movie to feature a same- had agroup dinner,you de- the first two, out now, focus on happy” and repaythe kindness TO

IS celebrating its third Christmas. sex couple in lead roles. scribed abrisket in such poetic the birth of Jesus—in other words, shown to him by Necile. P2JW338000-5-A01200-1------NS

A12 | Thursday, December 3, 2020 NY ***** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. ***** Thursday, December 3, 2020 | A13 PERSONAL JOURNAL. HOLIDAY ENTERTAINMENT

 Clockwise from top left: ‘A Suitable Boy,’ WHATTO ‘News of the World,’ ‘Wonder Woman 1984,’ ‘One Night In Miami,’ 'Sound of Metal,’ ‘The WATCHDURING Midnight Sky,’ ‘Bridgerton,’ ‘Mank,’ 'Soul,' ‘The Prom’ and ‘Ma Rainey’s Black THE HOLIDAY Bottom.’

stract shapes and cutemunchkin souls on their way to or from life. SEASON Acrankyone trying to avoid exis- tence(Tina Fey) gets tied to Joe, leading to odd-couple comedy. Pete Docter,Pixar’s chief cre- ativeofficer,directed the movie with help from co-writer Kemp ‘Wonder Woman,’Meryl Streep,George Powers (who also wrote“One Clooneyand even moreHollywood A-listers Night In Miami”). Forfamilies who seek out the Christmas Day arecoming to asmall screen near you release on Disney+, “Soul” could spark some interesting,possibly awkward, conversations about people’spurpose in life.

‘Bridgerton’ BY ELLEN GAMERMAN the sounds in the film—and the Netflix,Dec.25 AND JOHN JURGENSEN distortion and absenceofthem— needed to be as immersiveas ikesomanyrituals this Mr.Ahmed’sperformance. Super- Thenew eight-part series from year,Hollywood’sholiday vising sound editor Nicolas executiveproducer Shonda rollout is happening Becker,who helped craftthe Rhimes uses some sleight of mostly online.Frombig- soundscape of spacein“Gravity,” hand to mash 1800s England Lbudget movies to lure used stethoscope microphones to with 2020 culture. Arethe em- families over Christmas, record Mr.Ahmed’sbreathing, pire-waist dresses from Jane to serious-minded films to at- swallowing and other interior Austen’scloset or an aspirational tractaward nominations, noises that become morepro- Instagram feed? Classical instru- they’reappearing on digital nounced as Ruben’shearing mentsplaymusic that, on closer platforms,often at the same recedes. listening,turn out to be pop hits. time (or soon after) they debut Theuse of captions (including And society acceptsanintermin- in theaters. one that gives the movie itstitle) gling of Black and whiteroyalty It’satradeoff forfilmmakers is intended both fordeaf viewers and coupledom without anyRe- who knowfewerpeople will see and those who canhear,Mr. gencyEra gasps. their movies in the ideal setting Marder says:“Captions bring hear- Instead, the heaving bosoms they had envisioned. “The ing people closer to their aware- of “Bridgerton”—and thereare movie plays much betterona nessofsound itself and what we many—aresaved forthe stuff of big IMAXscreen,” says director take forgranted.” Thedirector la- early 19th-centurymarriagemar- PattyJenkins,whose “Wonder mentsthat the majority of the kets.Women areproperty,men Woman 1984” is hitting theaters movie’saudiencewon’t experience arerakes and everybody wants and IMAXscreens wherever it in cinemas designed forsuperior what they can’t have.Then the they’reopen on Christmas Day, sound. He suggeststhat unless plot twists. the same time it arrives in liv- viewers have top-notch home-the- “For us,the funwas the idea ing rooms on HBO Max.“Cer- ater sound at home,they should of an inclusiveversion of history,” tainly the experienceisfar bet- watch“Sound of Metal” while says Betsy Beers, an executive S terthe biggerthe TV and the wearing headphones. producer of the series,based on

UDIO betterthe sound. It hurtsalit- the romancenovels by Julia ST tle bit to think of people watch- Quinn. Some period touches felt AL ing it on their phone,but they ‘Mank’ toodowdyfor the showevenif do inevitably anyway.” In theaters; Netflix,Dec.4 they would have been accurate. UNIVERS Even with concerns about “Thereare no bonnetsinthe S; the futureofthe theatrical ex- world of ‘Bridgerton,’” says series UDIO

ST perience, thereisconvenience— Herman J. Mankiewiczhad along creator Chris VanDusen. “These

ON and abroad selection of proj- career in Hollywood beforeco- characterswerechic,they had the AZ ectsfromsome of Hollywood’s writing the 1941 classic “Citizen swagger and the style,they were AM biggest talents. Below, some Kane.” He is credited with dream- ‘A Suitable Boy’ ‘The Prom’ minds,” says Angie (Nicole Kid- films such as “The Secret of ‘The MidnightSky’ Trevor (Chris Pine), who ap- the celebrities of the time.When

TV+; highlightsfromthe films and ing up one of the best special ef- Acorn TV streaming service,Dec.7 In theatersDec.4;Netflix, Dec.11 man). They’resupposed to be Kells.” Main character Robyn is In theatersinDecember;Netflix, peared to meet afieryend in the someone is watching the show, series coming over the holiday fectsinmovie history, when black- ridiculous,but so tooare locals an English girl who follows her Dec.23 firstmovie.Newcomersinclude we wanted them to look at these APPLE entertainment season. and-whiteKansas turns to color in who boo them. father on his mission to hunt Kristen Wiig as avillain who charactersthe way the characters “The Wizard of Oz.” Director MiraNair wasshooting Thestory is set in the angst fac- Thestage musical on which down wolves outside their transforms intoacheetah. would be looking at themselves.”

NETFLIX; Yethebattled “A Suitable Boy,” an adaptation tory of high school, whereEmma “The Prom” is based does not walled city and tangles with a In apost-apocalyptic tale fitfor Thefilm, shot in 2018,was : doubts about his of aVikram Seth historical novel (JoEllen Pellman) has been include aromancebetween an shapeshifterher ownage.Un- our social-distancing moment, postponed from the summer, LEFT ownseriousness. set in 1951, when she mentioned barred from taking her girl- older woman and ayounger likethe marauding werewolves miles of physical and emotional causing worries that it might ‘News of the World’ OM

FR “Citizen Kane” was to her brother that she wasstag- friend to the prom. Agang of man. But the movie directed by in monstermovies,the wolf- spaceseparatethe charactersof seem stale if it held much longer. In theatersDec.25, streaming on

S; his bid to change ing an erotic dream sequence. “Glee” creator Ryan Murphy walkersembody the rebellious “The Midnight Sky.” Ascientist Putting it in cinemas nowcould demand in January

UDIO that. “Mank” shows “He said, ‘Erotic dream? But it’s pairsMs. Streep with ahigh spirit of aland that English col- portrayed by George Clooney is provide theater ownerssome ST the alcoholic aperiod film,’” recalls Ms.Nair. school principal playedbyKee- onistsare trying to tame. desperatetoprevent aspace much-needed revenue,says Ms. AL screenwriter dictat- “Likewe’reinstraitjacketsand gan-Michael Keyinacorsage- Thecontrasting looks of dif- crew from returning to Earth, Jenkins.“Thetheatersverymuch Civil Warveteran Capt. Kidd ing the firstdraft of chastity belts.” pinned lovestory.Ms. Streep ferent settingsand characters which has been ravagedbyan asked us to do this and Ibelieve (Tom Hanks), who travels the UNIVERS ascript—co-au- TheBBC One production is took other risks,including but “showwhat’sgoing on in their unexplained tragedy.Terminally in it forthat reason,” the direc- countryreading newspaper sto- thored by Orson Ms.Nair’s firstminiseries.It not limited to rapping over the internal worlds,” says director ill and isolated in an abandoned torsays.“Ihope we aresuper ries to rowdycrowdsfor aliving,

NETFLIX, Welles—that would is based on ahugenovel— closing credits, whereshe and studio co-founder Tomm Arctic station, Mr.Clooney’s Au- helpful to the theater businessas is amaster of early infotainment. X, bring newliterary even “War and Peace” is rhymes “newdrama” with “Mi- Moore. Thetownruled by an Kingsley Ben-Adir is Malcolm X in gustine also must care foramys- well as the film industryby He also is abrokenperson in MA subtlety to movie- thinner than this 1,488-page chelle Obama.” imperious Lord Protector ‘One Night In Miami.’  terious girl he discoversthere. showing people aredying to go need of healing,which begins

HBO making. paperback.“Ihavecarried a (based on Oliver Cromwell) is AstronautsplayedbyFelicity back to the movie theaterswhen when he helps an abandoned Director David torchfor the novel sincethe rendered with blockylines and Jones and David Oyelowo area they can.” whitegirl who had been kid- Amanda Seyfriedplays Marion Davies in ‘Mank.’  Fincher and his dayitwas brought intothe ‘Wolfwalkers’ geometric shapes emulating sexy,and explosive—and that of couple with ababy on the way, napped and raised by the Kiowa DISNEY+,

S, latefather Jack world,” says Ms.Nair,anIn- In theaters; Apple TV+, Dec.11 woodcut illustrations of the era. the ensemble, which includes but they keep their relationship at tribe of the Great Plains.

UDIO Fincher,who wrote dian-American filmmaker, But the wildernessbeyondand Colman Domingo, Michael Potts aremoveasthey trytofigureout ‘Soul’ TheKiowa people asked that

ST ‘Sound of Metal’ the script for“Mank,” related to whose movies include “Monsoon itscreaturesare drawnwith or- and Glynn Turman as Levee’s what happened to humanity back Disney+,Dec.25 only membersoftheir tribe play ON In theaters; Amazon, Dec.4 the notion of an artist whose best Wedding.” “It wasaportrait of a Forviewers used to the com- ganic swirls and sketchylines. bandmates. home.Ms. Jones’scharacter was Kiowa charactersin“News of the AZ work had not yetbeen required of time when we as acountryhad to puter-generated polish of Pixar “It imbues this energy and wild- not pregnant in the screenplay, World,” and that their endan- AM ,

TV him. In the early 2000s,ashis fa- find ourselves.” In ‘Wolfwalkers,’ humans inhabit and other animation giants, the nessand freenessthat aperfect but while shooting the actressan- Theanimation wizards at Pixar geredlanguagebefeatured, says In “Sound of Metal,” Riz Ahmed ther battled cancer,Mr. Fincher Thesagaoffour families is the bodies of wolves.  work of independent studio Car- line doesn’t have,” says co-di- ‘One NightInMiami’ nounced she wasgoing to have a consulted everyone from scien- director Paul Greengrass. Theac- ORN

AC plays ametal musician who brought up the screenplayon set four yearsafter India’s toon Saloon might look surpris- rector RossStewart. In theatersDec.25, Amazon, Jan. 15 baby.After considering digital tiststospiritual gurusduring the tressplaying the orphan studied

S: abruptly loses his hearing on their drives to chemo appoint- bloody partition and indepen- ingly—perhaps refreshingly— face-replacement and body dou- development of their exploration Kiowa.“Thereare about 300 liv- TO tour,then washes up in ahalfway ments. “It harkened to morenor- dencefromthe British. It re- self-absorbed Broadway per- raw. Thedirectorsof bles,Mr. Clooney,who directed of life’sessence. “Soul” centers ing fluent speakers,” says Pau- PHO house forrecovering addictswho mal times,” he says.“It waspretty volves around amother’s search formersled by Meryl Streep and “Wolfwalkers,” the studio’s lat- ‘MaRainey’sBlack Huddled together in amotel the film, decided to changeher on JoeGardner (Jamie Foxx) a lette Jiles,who wrotethe 2016

CABE, aredeaf. clear he wasnot going to survive foranappropriatematch forher James Corden aredesperatefor est hand-drawnfeaturefilm, use Bottom’ room in 1964, Muhammad Ali, character’s storyarc to include middle school band teacher novel on which the film is based.

MC Mr.Ahmed learned drums and this and see it.” last unmarried daughter. good press. They take up wordslike“scratchy” and In theaters; Netflix,Dec.18 Jim Brown, SamCookeand Mal- her pregnancy. whose big break as ajazzpianist “I washoping if people heardKi- sign languagetoplaythe drum- Yearslater,after his father Thesix-part series featuresa Emma’scause,storming small- “hairy” to describe the line colm Xare not yeticons of his- “The film demonstrates how is still eluding him in middle age. owa in the film they would get SEAN mer,Ruben, who struggles to died, Mr.Fincher wasfinishing Hindu-Muslim romancewhose town Indiana likethe troops at work forcertain characterswho tory.They’refour men hashing fragile we are, howfragile the Just as Joe’sabout to gethis some interest in helping save the BY cope.“Everything Ithought I his work on the Netflix series kissing scene against the back- Normandy. inhabit the bodies of wolves and Thedeath of Chadwick Boseman out their commitmentstoacivil planet is,how fragile lifeis,” shot he dies.Orclose to it, language.” ION

AT loved and everything that gave “Mindhunter” when atop Netflix drop of atemple recently out- “Weare liberals from Broad- humans. looms over the release of what rightsstruggle at acritical junc- says Mr.Oyelowo.“It speaks launching the movie intocar- Universal Pictures is releasing TR me meaning is gone,sowho am I executiveasked what he wanted ragedpoliticians in India. “Atits way,” announces Trent (Andrew Setin1650,the storypulls turned out to be the “Black Pan- ture, along with feelingsofambi- about connection being one of toonyspeculation about what the movie in cinemas on Christ- US

ILL now?” the actor said in an inter- to do next. “Mank” washis an- foundation is an eternal ques- Rannells) afterbursting intothe from the mythologyofIreland, ther” star’s final performance tion, duty,anger and fear. the only thingsofreal value that happens to us before, during and mas Day. It won’t stream until

TO view, summing up his character’s swer. Themovie idea he had bat- tion,” Ms.Nair says.“Is it possi- school gymina“NewYork whereCartoon Saloon was on film. He’sLevee,acocksure “One Night In Miami” is the we have.Tohaveafilm that re- afterour time on Earth. January. “They want to put aflag

PHO stateofpanic and anguish. tedaround for30yearshad fi- ble to be happy without making City” t-shirt. “Weare hereto founded 21 yearsago and went trumpeter who ratchetsupthe firstfeaturefilm directed by Os- minds us of that when so much Theexistential journey of in the sand,” Mr.Greengrasssays P:

TO Director Darius Marder says nally found ahome. othersunhappy?” open your heartsand your on to produceOscar-nominated tension during arecording ses- car-winning actressRegina King, is being stripped away is not a “Soul” covers arangeofvisual of the studio.“At acertain point, sion in Chicago, 1927.Viola Da- who says she tried to humanize bad thing.” styles.Fromthe realism of Joe’s youcan’t be in the theatrical mo- vis plays the tough title charac- the charactersbyzeroing in on big hands moving along apiano tion-picturebusinesswithout re- ter, ablues singer in astandoff their vulnerabilities.“That’saword keyboard, to anetherworld of ab- leasing films.” with Leveeand whiterecord- that youdon’t hear used in rela- ‘Wonder Woman 1984’ companymen over control of tion to these men, these luminar- In theatersand on HBOMax,Dec.25 her music. ies,” she says.“They just dropped ThepowerofBlack artistry theirlast names forme.” and the exploitation of it are Ali is still known as Cassius Thesequel to the 2017hit “Won- themes of “Ma Rainey’s Black on the night depicted in the film, der Woman,” this time set in the Bottom.” Thefilm follows based on areal gathering follow- 1980s eraofbig hair and break- 2016’s“Fences” as part of a10- ing his championship victory dancing,isarriving in theaters playcycle by August Wilson, over SonnyListon. In the screen- and simultaneously on HBO Max, with plans formoreadaptations playbyKemp Powers,adapted acoordinated release that from producer Denzel Washing- from the writer’s 2013 stageplay, marked amilestone foramajor tonand Netflix. Malcolm Xargues formore action movie.“Wonder Woman Themovie wasshot about a forceful actions against racism, 1984” is one of the season’sonly year beforeMr. Boseman died of likefor Cooketouse his voice would-be blockbustersthat has colon cancer.None of the actor’s forprotest instead of pop croon- not put off itspremiereto2021. colleagues knewhewas ill, says ing.Ms. King says she had been In the follow-up to “Wonder producer Todd Black.Likewise, looking forahistorical romance Woman,” which grossed more he thinks viewers will temporar- to direct, but this storyfit in a than $821 million worldwide,Gal ily forget Mr.Boseman’sdeath different way.“This,nodoubt, is Gadot returns as the Amazon when they getimmersed in his alovestory,” she says,“alove warrior of the title.She is re- electric performance—sly,funny, letterfor Black men.” united with loveinterest Steve TomHanks’Capt. Kidd musthelp an abandonedgirl in ‘News of the World.’  P2JW338000-0-A01400-1------XA

A14 | Thursday, December 3, 2020 THE WALL STREET JOURNAL. SPORTS

BY JOSHUA ROBINSON NFL Opts to ack in February, when the sportsworld was still wondering howse- PlowAhead Bvere an outbreak of something called Covid-19 might be,aColombian cy- With Games clist named Fernando Gaviria was finding out forhimself. Gaviria wasdoing his job,racing BY ANDREW BEATON bikes in the United Arab Emirates, when he became one of the firstin- WHEN THE NATIONAL FOOTBALL ternational athletes to contract the League’s owners gathered virtually coronavirus.The symptoms were in October, it was on the heels of a harsh enough to land him in hospi- Covid-19 outbreak inside the Ten- talfor two weeks.“Backthen we nessee Titans that derailed the knewverylittle about the virus,” league’s schedule. They discussed he wroteinanemail. what would become a principle of By the time Gaviria washealthy this season’s thorny finish: the enough to leave Abu Dhabi, his NFL’s long-held obsession with world wasamoreuncertain place. competitive fairness had to go by Thesportscalendar had been the wayside. scrubbed. Entirecountries were That decision came home to shutting down. But Gaviria’svirus roost over a surreal week that be- ordeal seemed to come with aper- gan on Thanksgiving with the sonal silver lining.Prevailing wis- postponement of a marquee game; dom suggested he’datleast be im- continued on Sunday with one mune forthe foreseeable future. team playing without a quarter- That futurelasted barely seven back; and concluded with an un- months.InOctober,Gaviria tested usual Wednesday game. positiveasecond time.His reaction “Health and medical decisions wassheer disbelief. Fernando Gaviria during the 5th stage of the 2020 Giro d’Italia. He withdrew after testing positive for Covid-19. have and will always take prece- “I wascompletely asymptomatic dence over competitive consider- and felt OK,” he wrote. ations,” commissioner Roger Good- His team ranaslewofbackup ell said Wednesday. teststobecertain—the implica- The CyclistWho Caught His remarks came just two tions of his apparent reinfection hours before the Baltimore Ravens were immense.Asecond case of and Pittsburgh Steelers were set to Covid-19 wouldn’t just makeGa- kickoff a game that had been post- viria ararity in sports. It would Covid-19 Twice poned three times because the Ra- makehim one of the most curious vens continued to register new cases in the world. positive tests for more than a That’sbecause the possibility of week. The outbreak left the Ravens contracting Covid-19 twiceremains Eight months after his first bout with the virus, Colombia’s to play against the NFL’s last un- one of the pandemic’sgreat mys- Fernando Gaviria tested positive again in October defeated team without MVP quar- teries,evenafter ayear and with a terback Lamar Jackson, their top vaccine on the horizon. Research- two running backs and a host of ershaveconfirmed only around 25 strains of Covid-19.The problem is “They tended to burn themselves that the one case washim. Again. other starters. cases of reinfection world-wide that tracking down Gaviria’sfirst out fast even though we were to- His spectacular bad luck came The Ravens-Steelers game was with perhaps 500 moresuspected, positivesample,now eight months tally unprepared forthem,” Tillett on the second rest dayofthe Giro supposed to be played on Thanks- according to Richard Tillett, the old and takeninthe United Arab said. “It wasaveryshort time d’Italia, after16stagesfromSicily giving night, until the cases forced University of Nevada biostatistician Emirates,isnolonger possible. frame that we had to study them in to the Alps.Gaviria had racedon a postponement until Sunday, and who described the firstU.S.rein- Agrowing body of evidence, the wild.” 40 different days sincethe season then Tuesday and then Wednes- fection this summer. however, suggeststhat reinfections But professional sportsthis year resumed in July without issue.He day. It wasn’t even confirmed that What makes Gaviria’scase more could become morewidespread in turned intopop-up Covid laborato- had been cleared repeatedly by the game would proceed until compelling is that he belongstoa the near future. ries.Their intense testing regimes negativetests. But Gaviria, one of shortly after noon Wednesday, just small population with generally ex- Recentstudies have shown that and controlled environmentscre- the firstpro cyclistsinthe world to hours before kickoff. cellent health—and access to fre- the body’s immune response to the ated easy-to-monitorpopulations contract Covid, nowseemed to be Yet this game wasn’t even the quent testing: professional athletes. virus—measured in levels of anti- with lessons to offer on transmis- the firsttodoittwice. starkest demonstration of the From the time he resumed compe- bodies and T-cells—tends to wane sion, isolation, and sanitaryproto- “That wasalittle bit moresur- NFL’s willingness to plow through tition in lateJuly until his second over time. cols.Those conditions also made prising than if somebody else had competitive inequity in order to positivetest on Oct. 19,the 26- cycling intoone of 2020s unlikely it,” Swart said. get in a game. On Sunday, the Den- year-old Gaviria underwent more success stories. Gaviria wasimmediately sent ver Broncos played the New Or- than adozenPCR tests, according Abodyofevidence Organizersmanaged to pull off intoisolation, wherehedisplayed leans Saints without a quarterback to his team. All of them came back the Tour de France, the Girod’Ita- no symptoms.Whether or not after one of their backups tested negative. suggeststhat reinfections lia, and the VueltaaEspana—three- that’stypical forreinfection is positive and the team’s other quar- Those resultsfurther point to could become more week stageraces around countries hardtosay,sinceexpertshaveyet terbacks were removed due to con- S reinfection rather than along-haul with rising case numbers—by hold- to find acommon thread in the tact tracing. They ended up using PRES

case that has draggedonfromFeb- widespread. ing them in roving bubbles after handful of confirmed reinfections receiver Kendall Hinton at quarter- TED ruary, according to Tillett. “With the season resumed this summer. they’vebeen able to examine. back. The Broncos lost 31-3, while OCIA

eight months in between and so Over the nine weeks of competi- “I cannot see apattern between Hinton completed one pass and SS /A

manynegativetests, it’splausible.” tion, 4,568 testswerecarried out, confirmed cases of reinfection and threw two interceptions. AR That frequencyoftesting is also “Wedon’t knowhow long it returning just 14 positives,accord- what kind of immune response they PUSK

what detected Gaviria’sapparent lasts,” said AkikoIwasaki, professor ing to cycling’sworld governing had prior to the second exposure, J. second infection. Were he not an of immunobiologyatYale Univer- body.And whenever acase cropped Iwasaki said. “It’spossible that eliteathlete, he probably wouldn’t sity.“Forseasonal coronaviruses, up,organizersdidn’t panic.They people who had reinfections had GENE have sought out atest on his own, reinfections do occur within ayear. simply sent the infected individuals lowlevelsofantibodies or T-cells. CK; TO considering he wasasymptomatic So Iwouldn’t be surprised that the home and retested those who had We just don’t have enough data.” and had been previouslyinfected. Covid immunity also doesn’t last been in contact with them without Thetwo datapointssupplied by

But because he wasonthe procy- very long when acquired from nat- aborting the race. Gaviria merely suggest reinfections SHUTTERS A/

cling circuit, the test came to him. ural infections.” “Wehad averystrict protocol could become morewidespread, ex- EP Under the standards laid out by Nonseasonal flavorsofcoronavi- and forthe most part it wasvery pertssaid. But forhim, they also O/ the Centersfor Disease Control and rusare much lessunderstood. Re- successful,” said Jeroen Swart, the underscorewhat he had already re-

Prevention,Gaviria is considered searchershavehad only fleeting head of medicine at Gaviria’sUAE alized back when he made his way ZENNAR merely a“suspected” case of rein- chances in the past to examine the Team Emirates.“We managed to out of an Abu Dhabi hospital eight CA LU

fection, not “confirmed.” TheCDC large-scale behavior of those simi- navigatethe entire[post-hiatus] months ago. P: requires aprocess known as ge- lar to Covid-19,such as severe season with only one case in arace “The virus,” he said at the time, TO OM

nomic sequencing forboth samples acuterespiratorysyndrome and scenario.” “isturning out to be moreserious FR to provethat they contain different Middle East respiratorysyndrome. Theproblem forGaviria was than we imagined.” Ravens quarterback Robert Griffin III

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THE WALL STREET JOURNAL. Thursday, December 3, 2020 | A15 OPINION A Covid Va ccine Peace Prize BOOKSHELF | By Tunku Varadarajan

This is the and asked, “Nowwhat do we one day, likemanna from Gov.Andrew Cuomo is wear- Odd Man Out, moment to do?” heaven. With the vaccines fi- ing out his welcome. putintonom- And the answerthe scien- nally arriving,the originators President Trump has ination the tist-advisers gave—an answer of the vaccines themselves largely disappearedintohis obvious recip- that will be remembered by ev- appear in the news as distant postelection challenges,but And Proud of It ient for2021’s erysentient man, woman and corporateentities with names officials of the Trump admin- WONDER Nobel Peace schoolchildthe world over— likeModerna, Pfizer, BioN- istration, notably Vice Presi- LAND Prize: the sci- was: “Wait foravaccine.” Tech, AstraZeneca, Johnson & dent MikePenceand the Salazar: The DictatorWho Refused to Die entistsatthe That wasit. Other than go Johnson. head of Operation Warp By Daniel pharmaceuti- home and minimizehuman But the storyofhow these Speed, Moncef Slaoui— By Tom Gallagher Henninger calcompanies contact, epidemiologistsand newvaccines came to us so whose expertise grew from (Hurst, 350 pages, $34.95) whose vac- public-healthofficials had no fast would makeathrilling threedecades with Glaxo- cines areabout to rescue the Plan B, CorDfor living with documentary. Theaccomplish- SmithKline—deservemore f Americans know of António de Oliveira Salazar at all, world from the catastrophe of this coronavirus pandemic. mentsofthese private-sector credit than they arereceiv- I most do so unwittingly—and thanks to “Casablanca.” SARS-CoV-2. Whether go-home-and- teams of scientistsisaculmi- ing forthe vaccines’ immi- Although never mentioned by name in the film, the Whoelse wasgoing to save stay-home wasthe most bal- nation of progressacrossde- nent deliverancefrom Portuguese dictator was its hero. His Portugal was us from Covid-19? Thean- anced strategyconceivable in- cades,not least the identifica- Covid-19. stubbornly neutral during World War II, which is why two swer, we’velearned across side the reality of this tion of messenger RNA 60 Recognizing that their of the movie’s characters risked their lives to fly from a nine long months,isnoone. yearsago. Today, biological task wasmorelikeD-Day colonial outpost of VichyFrancetothe safety of Lisbon. When the virus threat be- sciencehas so manymoving than businessasusual, they As the Nazis overran Europe, the Portuguese capital came clear last March, the po- The pharmaceutical partsthat it takesmultidisci- created apublic-privatepart- became asanctuaryfromwhich refugees escaped to America. litical authorities naturally plinaryteams to produce nership that actually worked, Salazar came to power in 1932, aged only 43, in an era turned forguidancetospe- scientists who created products likethe vaccines in large part by busting when Europe bristled with dictators. ThePortuguese cialistsinthe discipline these vaccines deserve heading this month to the through the bureaucratic strongman wasthe lone “benevolent autocrat” in acohort known as public health, and Food and Drug Administration sludgethat normally slows that comprised Hitler,Mussolini, Francoand Stalin. So specifically to professional the world’s gratitude. foremergencyapproval. anything.PresumptivePresi- reckons TomGallagher in “Salazar: TheDictator WhoRefused epidemiologistswho had Yes, much remains to be dent-elect JoeBiden should to Die,” alearned and lively biographyofaman who governed worked with previous viruses, learned about the demo- completethis good game Portugal for36years, running it “verymuch likeapunctilious such as AIDS or Ebola. In a complexvirus is,asusual, a graphic efficacyand durabil- plan, rather than reawaken head butler in charge of asprawling countryestate.” fortnight, epidemiologywas matterthat likely will never ity of these vaccines.But as the bureaucracies with ana- Salazar’s end came not from an uprising but from an effectively given unprece- be resolved. In the event, the the world confrontsthe bur- tional mask mandate. accident, in 1968. In oneof dented authority over the pandemic policies enacted ef- den of this winter’s resur- Thechances of aNobel those cosmic blows that can daily lives of the world’s fectively divided the U.S. and genceofthe virus,weshould PeacePrizebeing given to descend on men who lead citizens. much of the world’spopula- also recognizethe political anyone inside the for-profit lives of obsessivecaution, a In turn, these specialists tion into two crude catego- rescue these private-sector sector areabout zero.This deck chair in which he was took as guidancethe global ries: people who getapay- scientists have sent us. year’s went to the United Na- sitting (awaiting ahaircut) pandemic their profession un- check deposited in their bank People have been remark- tions’sWorld Food Pro- buckled and collapsed. His derstood—the Spanish flu account no matterwhat, and ably good at holding up their gramme.Inthe U.S.,the head hit astone floor,and outbreak from 1918 to 1920. those who don’t. side of the social-consent pharmaceutical industry, or he never fully recoveredhis Based on the evidencefrom Those who don’t have been bargain with public authori- “Big Pharma,” is most of the faculties.Hedied two years this 100-year-old pandemic, hammered without mercy by ties through the pandemic, time apunching bag for later,probably unaware, their advicetothe world’spo- the coronavirus.They may butthat is breaking down. Democraticand Republican Mr.Gallagher tells us,that he litical leadership was: Send not have died or contracted Afternearly ayear of chaotic politicians. wasnolonger ruling Portugal. your national populations Covid, butmanyhavebeen handling of the crisis by U.S. Reality check: Theintellec- Franco, his Spanish counter- home,and keep them there. wiped out—personally and fi- states and European govern- tual, technical and organiza- part, believed that Salazar’s And so they did. nancially.Nexttime epidemi- ments—notleast the specta- tional firepowerofthousands “only defect is probably his Oncethey’d done that, ology’sdaily briefersshould cle of public officials person- of men and women employed modesty.” Mr. Gallagher, an oncemost of the world’sfac- include ametric forlost sense ally violating their own by pharma is what made emeritus professor of politics at tories,schools,offices,busi- of purpose. directives—weare on the these savior vaccines happen the University of Bradford in the U.K., confirms this trait, ness and churches had been By now, the “vaccine” has edge of tipping intowide- in 10 months rather than without ever casting it in a negative light, describing emptied and oncemost of the been invokedsooften that it spread civil disobedience. years. They won’t ask forany- Salazar as “self-effacing, dedicated to his duties, shunning world wasstaying home,po- existsinthe public mind al- Thevaccines arearriving,by one’sgratitude,but they de- uniforms or bombastic displays.” Unlike Franco, who could litical leadership turned to most as an abstraction, as if one notable example,just as serveit. be apanjandrum, Salazar wassober and scholarly—and therepresentatives of science eventually it would showup the belligerent NewYork Write [email protected]. had he not been quite so dapper might even be considered a nerd. Although he enjoyed the company of women, he never married. Whispers that he had a sexual relationship with his housekeeper of five decades—Maria de Jesus The Election Went Down to Georgia Caetano Freire, or “Dona Maria”—could be said to have been silenced after a postmortem examination in 1981 By Karl Rove candidate carried Georgia for serveGod and the military.” boxestomatchingsignatures revealed that she died in a virgin state. the firsttime since1992. Their Aren’t therebetterways to on requestsfor mail-in ballots Salazar attended aCatholic seminary as ayoung man, merica’s political atten- defeated gubernatorial candi- explain Matthew6:24than to andmonitoring precinctsand but with his passion for politics, Mr. Gallagher writes, he A tion is now focused not datefrom2018,Stacey insult everyperson of faith tabulation rooms. had doubts that he could “maintain the humility that the on Washingtonbut Abrams,has built aformidable whohas worn our country’s Thepresident’strip to church demanded of itsshepherds.” He went to the Uni- Georgia, 700miles south, get-out-the-voteoperation. uniform? Georgia Saturdaywill be key. versity of Coimbra, Portugal’spre-eminent educational whereaJan. 5runoff election Andthe state’sdemographic Georgia Republicans have Rather than simply vent his institution, and rose to become aprofessor of economics, will decide that state’stwo changes favor Democrats. the stronger ground game: grievances,Mr. Trump must serving forfour yearsasfinanceminister in agovernment U.S. Senateseats—and with But Republicans have ad- 1,000field operatives and remind supportersthat no that had come to powerinamilitarycoup in 1926.Ifevera them, which party controls the vantages,too.InNovember thousands of volunteers have matterhow frustrated they are coup were needed, this wasthe time: Portugal’smonarchy upper chamber. Mr.Perdue received more already canvassed nearly a with November’s results, they had been toppled in 1910,and the chaotic Portuguese republic These runoffs are required votesthan anyRepublican in million voters.Only nowhave must turn out forMr. Perdue saw44governmentscome and go in the spaceof16years. by Georgia lawbecause no Georgia history, outpacing his Democratsstarted to canvas in and Ms.Loeffler.Otherwise,a Portugal faced economic collapse, but Salazar, with his Senatecandidatereceived 50% Democratic opponent, docu- Democratic Senatewould undo “good housekeeping,” pulled it back from the fiscal brink. of the vote in November.Since mentaryfilmmaker JonOs- many of the president’s ac- His commitment to national frugality wasexemplary: He Republicans on Jan. 3will soff,by88,098.Inthe other Sens. Perdue and complishments, advancea turned the heating down in his own office and worked with have 50 Senateseatswhile Senaterace, aspecial elec- very liberal agenda, and spend a blanket draped on his knees. Although a civilian, he was Democratswill hold 48,the tion primaryamong 21 candi- Loeffler are the last yearsinvestigating the Trump seen as the pillar of the military regime. Mr. Gallagher calls GOP cantakecontrol of the dates,Ms. Loeffler and the line of defense for administration’severy action him the “dictator of finance,” and in June 1932, Portugal’s chamber by winning one of otherRepublicans received with endlesssubpoenas. “would-be savior”—as Salazar had chosen to present the seats. But it appearsthere 47,808 morevotes than her conservatives. Democratsprepared the himself—was proclaimed its ruler. will be little ticket splitting. runoff opponent, the Rev.Ra- ground for such an appeal. In Both seatsare likely to go to phael Warnock,and the other November,when SenateMi- the same party. Democrats. person. Moreover,the number nority Leader Chuck Schumer Portugal’s strongman didn’t go in for If Democratswin both, they But Mr.Perdue and Ms. of requestsfor mail-in ballots proclaimed, “Nowwetake bombastic display or ideological extremes. will control the Senate, since Loeffler’s biggest advantageis is down one-thirdfromthe Georgia, then we change Vice President Kamala Harris the Democratsthey’rerunning general election, and agreater America!” he waswarning ev- Franco thought his only fault was his modesty. canbreak the 50-50 tie.IfRe- against. Both aredistinctly proportion of them have come eryPeach Tree State and con- publicans win both, they will left-of-center in astate that from Republicans,according servative that the only way to keep theSenateand be in an isn’t. Mr.Ossoff has aligned to GOP data analysts. stop the country’sradical Unlike Hitler and Mussolini, who stoked frenzied mass excellent position to halt the himself with Sen. Bernie Sand- Republicans worry, how- transformation is to elect the movements, Salazar strove (in Mr. Gallagher’s words) for Biden administration’smore ers, complimenting the Ver- ever,about President Trump’s Georgia Republicans. “the depoliticization of society, not the mobilization of the extreme proposals. mont socialist forhis views on attacks on Georgia’selection Thepresident candrive populace.” In the absence of an ideology that commanded What little polling there is health care and opposition to machinery, including Twitter that point home by convincing devotion, Salazar’s repression “was limited and controlled.” suggests it will be close. Each corporations. “His advocacy,” assaultsonthe state’sGOP supportersthat Mr.Perdue Although his secret police, the PIDE, could be suffocating, party’s base is motivated, and Mr.Ossoff gushed, “iswel- governor and secretaryofand Ms.Loeffler aretheir last it wasscarcely in the same malevolent league as the Gestapo while turnout will be down come,isnecessary, is appreci- state. They’reconcerned Re- line of defense.The nation’s or the OGPU,NKVDand other predecessorsofthe KGB. from November,itwill still be ated.” publicans will be convinced the fateduring the Biden adminis- Salazar described his ownideologyas“corporativist,” large.Both sides will also have Mr.Warnock has endorsed race is riggedand stay home, tration—plus much of Mr. anot entirely transparent credo by which Portugal would enough money. (As chairman the Green NewDeal. He may allowing Democratstowin. Trump’slegacyand his party’s be divided into sectors or guilds, all overseen by a no- of theGeorgia Battleground be to the leftofMr. Sanders, Republicans aremounting an future—maydepend on his nonsense state. The state would also act to correct “the Fund benefiting Sens.David having defended the Rev.Jer- industrial-sizeballot-integrity choice Saturday. excesses of individualism.” This hodgepodge of quasi- Perdue and Kelly Loeffler and emiah Wright’s anti-American effort to reassurethe grass- fascism, nationalism and paternalistic micromanagement the National Republican Sena- and anti-Semitic comments rootsthat their voteswill make Mr. Rove helped organize was soon known simply as “Salazarism.” torial Committee, I’m working anddeclared from his own adifference. Abattalion of GOP the political-action committee As shown by Mr. Gallagher, Salazar was as conscious of to ensure Republicans do.) pulpit that policehavealawyersare focused on every American Crossroads and is Portugal’s role in the wider world as he was of its modest Democratshavesome ad- “gangster and thug mentality” aspect of the election, from author of “The Triumph of sizeand apparent provincialism. His refusal to take sides vantages going intothe runoff. and “act likebullies.” He even newlyregistered voters and William McKinley” (Simon & in World WarIIstemmed from adesiretoprevent Portugal In November their presidential told parishioners, “You cannot cameras monitoring ballot drop Schuster, 2015). being dwarfed within the Axis or by the Allies, and he butted heads with the U.S. during the war. Bridling at “America’s disdain for small countries that stood in its way,” writes Mr. Gallagher, he resisted demands that he Some Acts of God Are Better Than Others authorize American naval bases on the Azores, Portuguese islands in the mid-Atlantic. He allowed bases on a short- By Bert Stratton even though the tree had andemergencyboard-up. farmers—for weeks until his term lease eventually but believed that he’d retained Portu- fallen from my neighbor’s My one saving grace—I re- insurancecompanyfinally gal’s self-respect. This view was borne out when Portugal Lakewood, Ohio property—a former funeral- peat—no waterleaks.Inthe paid. became one of the 12 founding members of NATO in 1949. nenormous oak fell home mansion turned office rental business, it’salmost al- I’veseen fire and I’veseen “The Americans in politics arechildlike,” Salazar oncesaid, A ontoone of the apart- building.The owner of that waysabout water. Watergoes rain. I’vesaved fire forlast. and Washington’santi-colonialism, especially in the Kennedy ment buildingsIown. building followedup: “Be- wherever it wants. It’snot Youget religion real fast era, incensed him. Although Portugal’sempirehad shrunk Therewas no waterdamage cause of the gale force carpet. when you’restanding in an afterBrazil’sindependencein1822, Salazar wasafierce or burst pipes at the building. winds,this is labeled an Act Amoonlighting fireman apartment that looks likea custodian of what wasleft. “The only hubris that he ever That wasthe beautiful part. oncedid some roof repair for burnt marshmallow. An el- displayed,” says Mr.Gallagher,“wasthe belief that he could Also,nobody washurt. Eigh- me and didn’t scope out the derlytenant lit his suiteup halt the winds of change” by clinging to Portugal’scolonies: teen windows were knocked I’ll take a fallen tree weather report toowell. A with acigar buttthat he in- Angola, Mozambique and Guinea-Bissau; and Goa, seized by out, plus therewas extensive over water damage or thunderstorm caught him and advertently leftsmoldering in India in 1961. Themodest civic enlightenment he showedto roof and gutter damage. The his crew way off guard. My an upholstered chair.Nobody his owncitizens was, alas,withheld fromhis colonial subjects. building is a1920s brick a fire anytime. tenantshad to choose be- died. Ididn’t let the smoker Inevitably the empirecame to abloody end afterhis death. cube,most likely constructed tween sleeping in soaked back.Hewas aniceguy,but Mr.Gallagher writes that Salazar “wasn’t afascist but by immigrant Italian masons. beds that night and going to Iwas afraid he’drelight. areactionary,” who sought to preservePortugal’snational Thebuilding took the tree hit of God. In Ohio that means ahotel. Ipaid forall those This time around, with the identity anddidn’t sharethe “revolutionary” goals of likeMarciano. theproperty the tree lands hotel rooms. fallen tree,I’m fairly calm. Hitler or Mussolini. He thought Nazism wasimmoral. My commercial property on is theproperty responsi- Then Ihad to deal with No waterdamage, no fire,no Some readers, among the moreunkind perhaps,may see insurancehas a$5,000 de- ble fordamages and cleaning the fireman. He called me the injuries.And I’vesaid “God” in this biographyanapologia of sorts. Most otherswill ductible.That’sunfortunately it up.” dayafter the flood: “Howyou repeatedly in businesscon- viewitinadifferent light: as the humane and open- high. “Unfortunately” as in Ithought to myself,“God doing?” versation.Not as profanity minded storyofaman whose legacyhas been erased but “Unfortunately,this wasan hasanOhio policy?” Iwas “Could be better,” Isaid. either. who could well be regarded as the most consequential act of God.” That’swhat the screwed. Thebuilding needs “I know what youmean,” minor statesman of the 20th century. insuranceadjustor told me. brickwork along the roof par- he said. Mr.Stratton is author of She also said the cleanup apet wall, gutter work,the 18 We went around like theblog Klezmer Guy: Real Mr. Varadarajan is aJournal contributor and afellow at and repair were all on me, newwindows,treeremoval that—likelaconic Midwestern Music &Real Estate. New York University Law School’s Classical Liberal Institute. P2JW338000-0-A01600-1------XA

A16 | Thursday, December 3, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Shelton and Fed ‘Independence’ Treating Covid PatientsEffectively, Safely

udy Shelton’s nomination to the Federal sumer-priceinflation that some predicted in 2010. Regarding Dr.Joseph Ladapo’s tives that arereported. Accepting ev- Reserve Board of Governorsremains in But neither did it spur the rapid growth typical “TooMuch Caution Is Killing Covid erynew claim of benefit that comes J limbo,with three SenateRepublicans hav- of previous recoveries.Growthwas much slower Patients” (op-ed, Nov.25): In my along as fact would betray the public opinion, he is correct. What he trust. ing declared their opposition. than the Fedpredicted, which Lamar Alexander misses doesn’tmention is that the reason TODD J. LORENZ, M.D. Their stated grounds is that meant slowwagegains forav- we physicians arereluctant to use Stanford SPARK Program Ms. Shelton is a threat to Fed the political nature of erageworkers, while asset these drugsisthe lack of tort reform Orinda, Calif. independence. That argument prices climbed to the benefit in that would giveussome protection is worth addressing,espe- the current Fed. particular of the affluent. from liability if later in the process Dr.Ladapo suggeststhat physi- cially as the Biden Administra- Ms.Shelton’ssupposed sin therewereaproblem with the cho- cians should be prescribing araftof tion prepares to take power. againstFed independenceis sen treatment. These organizations unproven and discredited remedies “I oppose the nomination of Judy Shelton be- that she warned against raising interest ratesas arerightfully fastidious about requir- forCovid-19 patientssick at home,to cause Iamnot convinced that she supportsthe the Trump-eraeconomybegan to benefit ordi- ing irrefutable data. Likemost gov- avoid burdening the health-caresys- independenceofthe Federal ReserveBoardas naryworkers, having opposed lowrates when Ba- ernment agencies they moveatagla- tem. Instead of saving lives,this much as Ibelievethe BoardofGovernorsshould,” rack Obama wasPresident. That’sanoversimpli- cial pace. They producealgorithms strategylikely would placefurther that lawyerswill use in court and stressonhospitals by delaying effec- Sen. Lamar Alexander said in arecent statement. fication of her views,asher main focus has long most juries will followinreaching a tivetreatmentand putting patients “I don’t want to turn over management of the been sound money and stable exchangerates.In verdict. Algorithms areguidelines, at risk of advanced disease and seri- money supply to aCongressand aPresident who anycase the Fedcame to agree with her soon not rules.After completing the 26th ous side effectsfromapoorly moni- can’t balancethe federal budget.” enough afteramarket revolt in late2018. grade in the processofbecoming a toredcocktail of drugs. Mr. Alexander is retiring at the end of this Janet Yellen,Mr. Biden’sTreasurynominee, cardiologist, maybe at times Ican ac- Dr.Ladapo notes that toomany Congressand on Wednesdayhegaveawise and wasinthe Fedsysteminone job or another for tually think critically and prescribe doctorsmischaracterizeevidence- entertaining farewell address(see nearby). But much of this era. So wasMr. Powell, who never what Ibelieveisbest formypatient. based medicine (EBM) by insisting on Ms. Shelton and Fed independence, we’re dissented when Ms. Yellen was the Fed Chair. RICHARD T. LESHNER, D.O., FACC on “certain and definitive” evidence sorrytosay he has it backward.The Fedneeds Nowboth arepushing morespending,with Mr. Newtown, Pa. that atreatmentworks.The reality Ms. Shelton’s voice because the Fed is already Powell all but saying that he will buy as much is that EBM requires solid evidence sacrificing its independence. debt as Treasurycan issue.And all this despite Physicians do want to see at least that aremedy is safeand effective, reasonable evidencethat drugshelp confirmed by high-quality clinical tri- Take Mr. Alexander’s point about Congress liquid financial markets, amuch faster eco- patientswith the diseases forwhich als.Small pilot studies and ahandful and the President failing to balancethe budget. nomic recovery than anticipated, and Covid-19 they areprescribed, but it is incor- of anecdotes aren’t enough to make True enough. But the Fedhas willingly become vaccines on the horizon. rect to statethat “certainty” is al- people guinea pigsfor unproven the chief enabler of that failure. By keeping in- This isn’t Fed “independence.” It is accom- waysrequired. It is true that the therapies. terest ratesnear zero formost of the last 11 modating the political classwith barely awhim- FDArequires “the totality of scien- ERIC LANG, M.D. years, and buying Treasurybonds and mortgage per of debate, much lessdissent. Mr.Trump will tific evidenceavailable” to grant full Winchester, Ky. securities in the trillions of dollars seemingly soon leavetownsohe’snothreat to the Fed. But marketing approval fornew drugs, without end, the Fed is reducing the cost of fi- if Ms.Shelton isn’t confirmed, Mr.Biden will fill but it also has the ability during the Iconcur completely with Dr. nancing federal debt. the Fedopening with someone who will fitright pandemic to grant emergency-use Ladapo and have personally evalu- This policyhas sometimes been warranted— in with the views of the Biden Treasury. How authorization to drugsfor which it is ated and treated over 1,000 patients “reasonable to believe” maybeeffec- with Covid-19 in my outpatient of- notably in the financial panic and recession of will that further the cause of an independent tive. That statushas been granted fice.I’vehad excellent resultsusing 2008-2009 and again amid the pandemic. But central bank? (and in the case of hydroxychloro- hydroxychloroquine early in apa- is it always warranted—and for as far into the These columns defended Fedindependence quine,withdrawn) forseveral drugs tient’sillness. future as the Fed can see? That’s close to the when it was challenged by Democratic popu- during theCovid-19 pandemic. In addition, an essential part of view of current Chairman Jerome Powell and lists, when Paul Volcker needed support to raise Thearticle cites several examples outpatient treatment is to have the otherFed governorswho have said they won’t ratesagainst jittery Republicans,and when of preliminarystudies that show patientsuse their ownpulse-oxime- change monetary policy until 2023. Donald Trumpwas pounding Mr. Powell. We what appearstobethe benefit of termachine and check their oxygen This is encouraging Congresstocarenot a know a threat when we see one. drugsintreating Covid-19.Perhaps four times aday:atmeal times and whit about spending restraint. That’salso true of Judy Shelton is no threat to Fed indepen- they will be proven to provide bene- at bedtime.They should keep the President Trump,who has long declared his pref- dence. If anything,she might be willing to point fits on some level, but those of us in machine on their finger forabout 15 erencefor lowinterest rates. But JoeBiden and out that afalling dollar is worth watching care- the clinical investigation community seconds beforethey evaluatethe ox- have learned not to jump on every ygen reading.Ifthe oxygen number his economic advisersare making clear that they fully,and that Modern MonetaryTheorymight early clinical trial with asea change is under 93 then they must go to the believethis bravenew eraofFed policymakes it not be the free lunch our current economic pol- in medical practice. Thefolly of that emergencyroom forhospital treat- possible forvast newspending at zero cost. This icy lords imagine. We hope Mr. Alexander re- approach has been well documented ment. They will have ashort course is Modern MonetaryTheoryinpractice, whether considers his opposition to Ms. Shelton pre- in the medical literature. As of Nov. in the hospital, not need aventilator or not the Fedand Congressadmit it. cisely to caution the Fed against giving up its 29,the websitewww.clinicaltrials.gov and getbettersoon. Theconsequences so far haven’t been the con- independence so easily. listed 2,295 clinical trials of treat- With this program my last hun- mentsofCovid-19 currently under dred patientsare all aliveand well. way.With this amount of investiga- IRVING KAUFMAN, M.D. Nasdaq vs. Warren Buffett tion, therewill be manyfalse posi- New Brunswick, N.J.

he morewethink about the newracial, man] and Ibelieveour four criteria areessen- gender and LGBTQ mandates forcorpo- tial if directorsare to do their job—which, by T rate directors that Nasdaq announced law, is to faithfully represent owners.Yet On Decriminalizing Small Amounts of Drugs on Tuesday, the more absurd thesecriteria areusually ig- It’s disingenuous of Seamus R. bent, so is the tree is inclined.” Can they seem. The famous investor on nored. Instead, consultants Fallon (“Oregon Drug Law Change Oregon not see the forest for the Howisacompanysup- what he looks for in a and CEOs seeking boardcan- Can Help Families,” Letters, Nov. 24) trees? posed to find out if aboard didates will oftensay,‘We’re to insist that two grams of cocaine is J. CHARLES SYKES candidateisgay if that isn’t corporate director. looking forawoman,’or‘a one-third the amount a drug dealer San Jose, Calif. already known? Is it supposed Hispanic,’ or ‘someone from would typically carry. What is the to hireprivatedetectives to abroad,’orwhat have you. It source for such a statement? Based Mr. Fallon’s letter highlights one of look into it? Once that person joins the board, sometimes sounds as if the mission is to stock on my experience as a high-school the unappreciated strengths of our teacher, few of the drug users in their federal republic when compared with does the company then have to broadcast his Noah’sark.Overthe yearsI’vebeen queried teen years are “drug dealers.” They most other countries: Individual or her sexual orientation in the annual report many times about potential directorsand are constant consumers, many on a states can run innovative political ex- so progressives canbesatisfiedthat the quota have yettohear anyone ask,‘Does he think daily basis, of stimulants of any kind. periments without central govern- is met? We could go on. likeanintelligent owner?’ Two grams of cocaine is easily quar- ment interference. When the success Foradose of sanity,wethought readers “The questions Iinstead getwould sound ri- tered for four classmates to afford a or failure of the experiment is evalu- might enjoyWarren Buffett’sviews on what he diculous to someone seeking candidates for, half-gram each, plenty to get amped ated, other states can follow (or looks forinadirector.The following is from the say, a football team, or an arbitration panel or up, behind some brewskis, especially avoid) the example as they wish. The legendary investor’s 2006 letter to sharehold- a military command. In those cases, the selec- for diminutive teen girls. None of the trial by Oregon should be monitored ers in Berkshire Hathaway’s annual report: tors would look forpeople who had the specific group is “a dealer” in the sense Mr. and compared with similar results “In selecting anew director,wewereguided talents and attitudes that were required for a Fallon proffers his straw man; they with a placebo (e.g., Washington by our long-standing criteria, which are that specialized job.AtBerkshire, we areinthe spe- are end-users for the dealers. state). Hard facts, not soft opinions, Oregon’s abandonment of its youth should guide the country as we deal board members be owner-oriented, business- cialized activity of running abusinesswell, and to the drug subculture, in looming with drug and overdose problems. savvy, interested and truly independent. . . . therefore we seek business judgment.” years of turmoil and despair, will CLYDE STAUFFER “Charlie [Munger, Berkshirevicechair- Nasdaq is nuts. show in time that: “As the twig is Cincinnati Special Counsel John Durham The Court, Coronavirus and the Constitution emocratshavetried to draw acurtain As President, Mr.Biden could still direct his Regarding your editorial “Fire- rights. All states take notice. Also, over the FBI’sRussia-collusion investi- Attorney General to fire Mr.Durham—but at a works Over Religious Liberty” (Nov. Justice Brett Kavanaugh has recently D gation sincetheir party’s role in that po- high politicalprice. Democratsdefended Mr. 27): The governor of New York and given notice that the Second Amend- liticized probe came to light. A Mueller’sspecial-counsel sta- mayor of New York City continue to ment issues may soon be revisited. Barr makes it harder for engage in a pattern of promulgating CHRISTOPHER R. WOOD Biden Administration will have tus as crucial to finding the unconstitutional orders, then with- Chester, N.J. aharder time burying the a Biden AG to bury the truth. andMr. Barrsaid this drawing them when the Supreme truth nowthat Attorney Gen- week that Mr.Durham should Court agrees to hear the case. It I am surprised that some of the eral Bill Barr has made U.S. At- truth about FBI abuses. be provided the protections of worked for Mayor Bill de Blasio on justices don’t see the difference be- torney John Durham aspecial “the same regulation.” gun control in New York State Rifle & tween individuals going quickly in counsel. Mr.Durham’sdecision to Pistol Association Inc. v. City of New and out of liquor stores, bike shops Mr.Barr on Tuesdayalerted Congresstohis accept special-counsel status suggestshewants York but not for Gov. Andrew Cuomo and professionals’ offices and large Oct. 19 decision, two weeks beforethe election, to see his probe through to the end. He has re- in Roman Catholic Diocese of Brook- groups of people gathering in close to grant Mr.Durham the status of aspecial coun- ceived much criticism, not least from Mr. lyn v. Cuomo. So much for that legal proximity for extended periods in sel. Mr.Durham has been investigating the deci- Trump,for not issuing indictmentsbeforethe gamesmanship with vital constitu- houses of worship where they inhale tional issues. and exhale forcefully when praying sion by the FBI and intelligenceagencies to tar- election.But that decision followedJustice Unfortunately for Gov. Cuomo in aloud and singing hymns. Don’t they getDonald Trump’s 2016 presidential campaign. guidelines.And he deserves the chancetotell the diocese case, the makeup of the understand how the Covid virus is Mr.Durham had planned to wrap up this sum- thepublic what he’slearned and whether laws Supreme Court changed and he now spread? mer,but the pandemic and newdiscoveries in- were broken in the worstFBI scandal sinceJ. has to dine on the proverbial crow ROBERT SOMMERS tervened. So Mr.Barr wanted to “provide him Edgar Hoover. despite his dismissive attitude about Jacksonville, Fla. and his team with the assurancethat they could We dislikespecial counsels because they are the court’s decision. Attempting to completetheir work,without regard to the out- typically insulated from political accountability, render the central issue in the case come of the election,” according to Mr.Barr’s let- though we advised Mr.Trump not to fire Mr. moot by withdrawing the offensive Pepper ... tertoCongress. Mueller. In this case we’d advise Mr.Biden not action will no longer be tolerated And Salt In other words, he wantstomakeitharder for to dismissMr. Durham forsimilar reasons since when a strong constitutional insult is the next AG to sack Mr.Durham. Under DOJregu- he is the only chanceAmericans will getofhold- involved. From the main unsigned THE WALL STREET JOURNAL opinion to the concurring opinions, lations, special counsels aren’t subject to “day-to- ing people accountable.Ending his probe will the majority has made clear it will no daysupervision” and canonly be removed for smack of acoverup. longer tolerate the offensive attempt “misconduct, dereliction of duty,incapacity,con- Mr.Durham plays it by the book,asheand Mr. to dodge the crucial constitutional is- flict of interest, or forother good cause,including Barrshowedbynot issuing indictmentsclose to sue. The temporary injunction handed violation of department policies.” the election. There’snoreason to think Mr.Dur- down by the Supreme Court was very Democratswereprime moversofthe FBI’s ham will abuse his special-counsel authority or important and clips Gov. Cuomo’s Trump-Russia probe,handing the bureau aficti- even that he hasany political motivation—in ability to promulgate offensive orders tious dossier that became the basis forsecret contrast to Mr.Mueller’s team of partisan prose- unreasonably restrictive of religious surveillancewarrants, yearsofmedia specula- cutorsled by Andrew Weissmann. tion, and special counsel Robert Mueller.Obama Democratsare criticizing Mr.Barr’s decision, Lettersintended forpublication should officials and Congressional Democratswerepart with House JudiciaryChairman JerryNadler be addressed to:The Editor,1211 Avenue of the Americas, NewYork, NY 10036, of the spectacle—including some who maywant saying Mr.Barr wantsto“settle old scores.” No, or emailed to [email protected]. Please to serveinaBiden Administration. Mr.Biden’s he wantsthe American people to knowthe truth includeyour cityand state. All letters AG will be under pressuretoprotect reputations so thereislesschancethat this will happen aresubject to editing,and unpublished by shutting down Mr.Durham beforehecan is- again. Mr.Durham is investigating to restorein- letters canbeneither acknowledged nor “When did children get the right to returned. sue indictmentsoranembarrassing report. tegrity to the FBI and JusticeDepartment. sue over non-payment of allowance?” P2JW338000-0-A01700-1------XA

THE WALL STREET JOURNAL. Thursday, December 3, 2020 | A17 OPINION Walter CanGOP Find Its WayonHealth Care? Williams, By Bobby Jindal based” purchasing in government programs to reducecostsand im- R.I.P. epublicans and Democrats provehealth outcomes,reducethe in Washingtonare stale- burden of pharmaceutical research mated on health care.Re- and development costspaid by By Donald J. Boudreaux R publicans long cam- American patients, expand the use of paigned on repealing the telehealth, end surprise billing,pro- mericahas lost one of itsgreat- Affordable CareAct and wonHouse motepriceand quality transparency, A est economistsand public in- and Senateseatsonthe issue in and makeiteasier forpatients to ac- tellectuals.Walter Williams 2010 and later.Democratsflipped cess and protect their health data. died Wednesdaymorning afterteach- the script in 2018 and attacked Re- Republicans could aim to preserve ing his final classatGeorge Mason publicansfor trying to undermine the existing privatehealth-caresys- University on Tuesday. He was84. the law’sprotections forpre-existing tem by making common cause with For40yearsWalter wasthe heart conditions.But fornow at least, a GES Democrats interested in protecting and soul of George Mason’sunique President Biden will be unable to IMA ObamaCare and opposing Medicare Department of Economics.Our de- passa“public option,” and Republi- forAll and other government-run GETTY partment unapologetically resiststhe cans will be unable to repeal the Af- plans. Such an alliance, born out of trend of teaching economics as if it’s fordable CareAct. Thequestion the CALL/ expediency, would enjoystrong sup-

aguide forsocial engineers. This re- GOP ought to ponder is: What does OLL port from lobbyists. -R

sistancereflectsWalter’s commit- it want to accomplish on health CQ • Do conservatives care more ment to liberal individualism and his care? Reps. Kevin Brady (R., Texas) and Greg Walden (R., 0re.) in 2017. about cost saving or coverage? Mr. belief that ordinarymen and women Mr. Biden may make changes on Obama marketed his plan as bending deserve, as his friend Thomas Sowell the margins.Hemight expand changesubsidies and Medicaid fund- conservatives have proposed con- the cost curvedown, knowing Amer- putsit, “elbowroom forthemselves ObamaCarebyadding special enroll- ing intomoremarket-friendly verting the exclusion intoafixed de- icans caredmoreabout affordability, and arefugefromthe rampaging pre- ment periods,banning short-term refundable taxcreditsand high-risk duction. Proponentsargue that these but then made coverage his real sumptions of their ‘betters.’ ” health plans,automating enrollment pools. changes would discourageinefficient goal. Theresult of this bait-and- forlow-income beneficiaries in It is easier politically to spend health-care spending and make the switch wasMedicaid expansion and states that haven’t expanded Medic- money differently than to spend less, code fairer toward people who don’t ACAplans with high deductibles and His research was rigorous, aid, or by making subsidies more or to trytooffset some of the getinsurancethrough employers. skinnynetworks.Ignoring the politi- generous.Republicans will likely spending with savings elsewhere in Unions want to preserve the exclu- calimperativetoreducecosts and he was one of the few continue challenging the lawin the budget. TheCongressional Bud- sion because they take credit forne- caused the resulting backlash and economists who know how court. get Officewon’t score enough sav- gotiating generous employer plans. prolongedfight to repeal Obama- Opposition to ObamaCareand a ingsthrough various fraud and Some conservatives worryabout de- Care. Most Americans liked their to engage with the public. single-payerhealth system kept Re- stabilizing apillar of the private doctors and coverage, but felt they publicans united but unprepared to health system. were paying toomuch. Mr.Obama act when they controlled the White Opposing the ACA is no • Do conservativesfight for aspi- wasmoresuccessfulatshifting costs Aonetime cabdriver who grew up House,House and Senatein2017. rational goals or negotiate for incre- to taxpayers than reducing costs. poor in Philadelphia, Walter knew TheGOP repealed the individual longer enough to win mental gains? Republicans could Democrats attacked Republicans injustice—andunderstood the way mandatepenalty,health-insurance elections. The party needs outline how to overhaul the health- successfully on health care in 2018 to fight it wasn’t by emoting but by tax, medical-devicetax and Cadillac care system along principles of pa- and 2020 and turned ObamaCare probing and learning.In1972he tax, but the Affordable Care Act re- its own vision of reform. tient autonomy. They could offer intoapolitical positivebyemphasiz- earned adoctorateineconomics mains largely intact. Conservatives policies to expand health savingsac- ing protections forpeople with pre- from theUniversity of California, must nowuse their time to prepare, counts, create portable coverage to existing conditions.They will repeat LosAngeles,wherehelearned to so they won’t be caught flat-footed wasteinitiatives to fund the signifi- encourageprofessional and geo- this political playbook until it stops look beneath surfacephenomena for next time they areincharge.Con- cant coverage subsidies manyRe- graphic mobility,allowinterstatein- working.Republicans,including deeper causes and consequences. sider three questions: publicans want to offer voters accus- surancecompetition and purchasing, President Trump, repeatedly prom- Hispioneering 1982 book,“The • Do conservatives continue fight- tomed to ObamaCare. Conservatives provide universal, affordable cata- ised they would provide protections State Against Blacks,” is an eloquent, ing for afull repeal of ObamaCare have thus suggested policies likeliti- strophic coverage,and reducethe without offering details. The media data-rich broadside against occupa- spending and taxes, or do they ac- gation reform, prescription-drug scope of government programs in fa- will measureRepublican plans tional licensing,taxicab regulations, cept current spending as the base- savings, premium support in Medi- vor of private coverage. These poli- against existing coverage levels. labor-union privileges and other line? Republicans have a history of care, and Medicaid savings through cies areunlikely to be enacted under Republicans must learn to win fine-sounding government measures saying they want to repeal Obama- block grantswith slowergrowth Mr.Biden, but the GOP canoffer a elections on health care,not merely that inflict disproportionateharm Care, but using some of the dollars rates and state flexibility. contrasting vision to voters. avoid losing.They canstart by figur- on blacks by restricting the employ- on other health-care priorities, and Alarge,and controversial, source Conservatives could instead seek ing out what they support, not just ment options and by driving up the spending the rest on balancing the of revenue would be reforming the to find common ground with Mr.Bi- what they oppose. costsofgoods and services. budget.Sens.Lindsey Graham and taxcode’sexclusion of employer- den on more-modest changes. They Theeconomics profession boasts Bill Cassidy proposed block-granting sponsored insurance. Whereas Presi- could writepolicies to discouragein- Mr.Jindal was governor of Loui- manyexcellent minds,but it has the law’sMedicaid spending to dent Obama tried imposing a40% dividuals from dropping privatecov- siana, 2008-16, andacandidate for precious few with the ability and in- states. Some Republicans have pro- excise taxonhigh-cost employer erageinfavor of taxpayer-subsidized the 2016 Republican presidential terest to do rigorous research and to posed redeploying ObamaCare’s ex- health plans—the Cadillac tax—some coverage, expand the use of “value nomination. engagethe public with itsresults. Milton Friedman wassuch ascholar, as is Thomas Sowell. Walter wasin their league.Fromhis appearanceon The White House Favors a Bridge to Recovery Friedman’sPBS program “FreeTo Choose” (1980) through his stintsas By Tyler Goodspeed outlays morequickly,asnothing lated closureorder or quarterly ing re-employment. guest host of Rush Limbaugh’sradio And Peter Navarro blows ahole in long-run fiscal sus- year-over-year revenue decline of By targeting income replacement program to his syndicated column, tainability likealarge,persistent more than 50%, and the credit only forthe most vulnerable households, Walter brought economic lessons to hanks to the underlying output gap. coveredthe wagesofworkersnot such household support would help lifeinaway few otherscould. T strength of the Trump econ- Additional economic aid should providingservices. ensurethat consumer spend- Behold his brilliant explanation of omyonthe eveofthis pan- contain at least three elements. Amoregenerous ERTC with ex- ing—70%ofU.S.output—is resilient howminimum wagespromoteem- demic,America’seconomic recovery First, small and medium-sizebusi- panded eligibility and an extension to potential labor market weakness ployment discrimination: “What to datehas exceeded even the most nesses and their employees would to net newhiring (rather than reten- in coming months. minimum wage laws do is lowerthe optimistic forecasts. With several benefitimmediately from reautho- tion of payroll employment) would Anew economic packagebased cost of,and hencesubsidize, racial mass-produced vaccines nowin rizing the highly successfulPaycheck help preserve quality job matches on these three elementsshould be preference indulgence. Afterall, if sight, it is essential that Congress Protection Program. This $669 bil- thoughtofnot as astimulus but as an employermust paythe same provideatimely,targetedand tem- lion program provided forgivable afiscal bridgebetween nowand the wage no matterwhom he hires,the poraryfiscal bridgetoensurethat loans to morethan five million busi- Federal relief so farhas widespread availability of avaccine. cost of discriminating in favorofthe American households and firms have nesses to support payroll costs. With several mass-produced vac- people he prefersischeaper.This is the support they need to keep the Recentestimates suggest PPP, exceeded expectations, and cines nowinsight, the argument for ageneral principle.Iffilet mignon recovery on pace. with an averageloan sizeofonly anew round could sustain additional measures to preserveem- sold for$9apound and chuck steak This year the U.S. economywas $101,000,may have supported as ployer-employee matches is strong. $4, the cost of discriminating in fa- hitbythe worstmacroeconomic manyas51million jobs,and saved growth until vaccinesarrive. If we learned anything from the voroffilet mignon is $5 apound, shock in almost acentury. Real as manyas13.6million. While the Great Recession, it is this: Thewide- thepricedifference. But if alaw grossdomestic product in the sec- availability of unspent PPP funding spread severanceofquality matches mandating aminimum pricefor ond quarter fell 31.4% at an annual suggestsmost firms that wanted a between employers and employees. between employers and employees chuck steak were on the books at, rate.Unemployment jumped to loan were able to obtain one in prior It would also support re-employ- canresult in aprotracted recovery, say, $7 apound, it would lowerthe 14.7%between Februaryand April as rounds,arecent survey by the Na- ment of workerspreviously laid off with both labor and goods markets cost of discrimination against chuck more than 20 million Americans lost tional Federation of Independent during the pandemic. operating at lessthan full capacity, steak.” jobs. Businesses found that 75%ofsmall An expanded ERTC appearsto and workersand firms forced to en- Observing dilapidated and aban- Thanks to unprecedented action businesses reported they would, if have strong bipartisan support. It’s gage in costly searches.Such apro- doned housing in NewYork and other by theTrump administration and they could, apply or consider apply- included in the Democratic “Heroes” tracted recovery canbeavoided by cities,Walter blamed rent control, Congress, the unemployment rate is ing forasecond PPP loan to avoid and the Republican “Heals” aid bills rapid action. whichdampens landlords’ incentive now6.9%. Real GDP growth is on layoffs.Congresscould easily pro- currently pending on Capitol Hill. Thereisalso this harsh reality to to maintain their properties and even pacetoend the year down by about vide this support by simply reautho- Third, President Trump has pro- consider: Alot of organizational creates an incentivetodestroy them 2percentagepoints. While substan- rizing the remaining $135 billion in posed additional support to house- capital—operational knowledgeand and collect insuranceproceeds. tial, that would be asmaller con- untapped PPP funds leftoverfrom holds similar to what wasoffered in efficiencies—is embedded in Amer- “Short of aerial saturation bombing,” traction than in 2008,and only one- the Cares Act. Cares.Single taxfilersreceived a ica’ssmall and medium-sizeenter- Walter observed, “rent control might fifthofthe drop predicted by the Second, an expanded Employee $1,200 rebate; married couples filing prises.Ifthese firms cannot survive be one of the most effectivemeans of Organization forEconomic Coopera- Retention TaxCredit would help jointly received twicethat; and ev- the coming months,then those jobs destroying acity.” tion and Development. prevent layoffs as we head intoa erychild added $500 to the rebate and all that organizational capital Theauthor of 13 books,dozens of This robust recovery notwith- winter of newrestrictions on busi- total. Unemployedworkersalso re- will be lost forever. academic papersand countlesspopu- standing,the U.S. still faces signifi- nesses.Anexpanded ERTC is impor- ceived asignificant supplement to lar essays, Walter was a scholar’s cant headwinds from the pandemic, tant because eligibility restrictions unemployment insurance. Both types Mr. Goodspeed is acting chairman scholar.Hewas one of America’s which has restructured transporta- in the original Cares Act likely lim- of support need acalibrated reload of the Council of Economic Advisers. most courageous defendersoffree tion, entertainment, hotels,restau- ited the uptake. To qualify, firms that strikes the right balancebe- Mr. Navarro is director of the Office markets, constitutionally limited rantsand commercial real estate. had to be subject to aCovid-19-re- tween income support and facilitat- of Trade and Manufacturing Policy. government and individual responsi- Adding to these structural woes is bility.Iwill misshim as afriend. The the prospect of renewed lockdowns world will misshim as atireless acrossthe 50 states. champion of American values. Timely,targetedrelief would do Notable & Quotable: Saving the Senate morethan sustain the swiftrecovery Mr. Boudreaux is aprofessor of eco- of the labor market. It would also Lamar Alexander (R., Tenn.), who trainroarsinthe other direction, It doesn’t take a genius to figure nomics at George Mason University. help realign federal receiptsand is retiring at the end of this term, this time to impose National Right out howtogum up the works of a speaking on the Senate floor Dec. 2: to Work,pro-lifeand gun-rights body of 100 that operates mainly by laws? unanimous consent. Here’smyview: Morethan ever,our country Is such back andforth and back It’shardtoget here, hardtostay PUBLISHED SINCE 1889 BY DOWJONES&COMPANY needs aUnited StatesSenatetoturn and forth what a fractured country here, and while you’rehere, you Rupert Murdoch Robert Thomson pluribus intounum, to lead the really needs? ought to trytoaccomplish some- Executive Chairman, News Corp Chief Executive Officer, News Corp American struggle to forgeunity That is why the framers created thing good for the country. But it’s Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher from diversity. . . . Divided govern- the Senate, to be the cooling saucer hardtoaccomplish something if you Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: ment offersanopportunity to share forthe passions that President don’t vote on amendments. Lately, Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; the responsibility—or the blame—for Washingtontalked about. And the the Senatehas been likejoining the Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; hard decisions, such as controlling filibuster—the right to talk your Grand Ole Opryand not being al- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; the federal debt. head offuntil youforce abroad lowed to sing. Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer Now, some advocateanother way agreement—is the pre-eminent tool Youdon’t have to eliminatethe Andrew Dowell, Asia; AnthonyGalloway, Video & to operate the Senate. End the fili- we use to force those passions into filibuster to restorethe Senatetoits Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; buster,the Senate’sbest-known tra- acompromise that most of us can traditional role of working across Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; dition. Don’t worryabout working vote forand that the countrycan party lines to solvebig problems. Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; across party lines. Pass everything live with. ...Wedon’t need achangeofrules. Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News with a majority vote. Alexis De Tocqueville, the young TheSenateneeds achangeofbehav- Thomas SanFilippo, Customer Service; Letthe passions of the people Frenchman who wandered through ior. And the behavior that needs to GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; roar through the Senate. If you’re a theUnited Statesin1831 and 1832 changefirst is forindividual sena- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Democrat: Abolish right-to-work and wrote the best book yet on de- tors to stop blocking amendmentsof Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International laws.Repeal limitsonabortion. Pass mocracy in America, saw two great other senators. If youare opposed to WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: restriction on guns. dangersfor the young country: Rus- something,you ought to vote no. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head This is very appealing—if youare sia and the tyranny of the majority. Whystopthe entirebody from con-

EDITORIAL AND CORPORATEHEADQUARTERS: in the majority of the moment. Ending thefilibuster would un- sidering the amendment? Why join 1211 Avenue of the Americas, New York, N.Y., 10036 Butwhat about when the other leash the tyrannyofthe majority to the Grand Ole Opryifyou don’t want Telephone 1-800-DOWJONES partyisincharge and the freight steamroll the rightsofthe minority. to sing? P2JW338000-4-A01800-1------XA

A18 | Thursday, December 3, 2020 **** THE WALL STREET JOURNAL. WORLD NEWS Bank Heists Test Brazil’sHardLine Netanyahu Rivals Bolsonaro’spledge to curb crime faces Push for setback with second big robbery in twodays Another

BY SAMANTHA PEARSON AND LUCIANA MAGALHAES Election

SÃOPAULO—Gunmen BY FELICIA SCHWARTZ armed with explosives sowed AND DOV LIEBER terror overnight in asmall city in northern Brazil, the latest in TEL AVIV—Israeli Prime aspateofviolent bank heists Minister Benjamin Netanyahu’s that have challenged President coalition partnerswithdrew Jair Bolsonaro’spromise to re- their support for the govern- storelaw and order. ment,raising the possibility Morethan adozenmen that it could collapse and send brandishing military-style as- the countrytoafourth elec- sault rifles stormed intoCam- tion in less than two years. etá, a sleepy riverside city of Apreliminaryreading of a

134,000 people in the Amazon GES bill introduced by theopposi-

on Tuesdaynight, and used IMA tion to dissolveparliament residentsashuman shields as passed 61-54 Wednesday, with they robbed a bank. One per- GETTY Mr.Netanyahu’scoalition part- son waskilled and another in- SE/ ners, the centrist Blue and jured in the 2½-hour attack. White party,voting forit. It Therobberscame away will need to passthree more ANCE-PRES

empty-handed because they FR votestobecome law, aprocess blewopen the wrong safe, ac- that likely will stretch intonext ENCE

cording to the stategovernor. AG week or longer.The parties Theonslaught came aday The aftermath of the robbery in Cametá on Wednesday. One person was killed and another was injured in the 2½-hour attack. could still reach acompromise afteragang of 30 men armed that could avert the collapse. with military-grade weapons Paulo stateand the neighbor- and terror and demand ade- selves against armed criminals. gaço,atype of banditrythat Thedissolution of the Knes- invaded the southern city of ing stateofMinas Gerais. tailed investigation,” Marina Therecent bank heistshave took placeinnorthern Brazil set, Israel’sparliament, would Criciúma in asimilar bank Opposition politicians took Silva, aleftist former presiden- followedapattern, security in the late19th and early 20th trigger a fresh election, likely heist, leaving morethan to social media Wednesday, tial candidate, wroteonTwit- expertssaid. Gunmen with centuries, experts said. in March. Theprospect of that $100,000 in bank notes scat- criticizing Mr.Bolsonaro’sad- teronWednesday. She said the semiautomatic assault rifles Public-safety expertsare di- underscores the continuous teredonthe city’s deserted ministration forthe heistsand countryshouldn’t be forced to typically trytocordon off a vided over the reason for the pressure Mr. Netanyahu faces streets as they fled. calling on the conservativeex- “surrender to the barbarity” of city in the dead of night by resurgence. Rafael Alcadipani, amid what may be his tough- Policesaid they areinvesti- army captain to take action. the criminal gangs. aresearcher at Brazil’sGetulio est political challenges to date: gating whether the crimes Mr. Bolsonaro, who served “Your government spokeso Vargas Foundation, said the managing the pandemic and were connected. While it is un- underBrazil’smilitarydicta- much about security…but I’m The country Covid-19 pandemic has created itseconomic fallout, while likely the same men carried out torship,won the 2018 presi- not seeing anything being done moredifficulties forthe coun- standing trial for corruption. both attacks,which took place dential election on the prom- to stop this,” avoter tweeted. shouldn’t be forced try’scriminal organizations Afterthree elections in the morethan 2,000 miles apart, ise of bringing law and order Mr.Bolsonarohasn’t com- to ‘surrender to the and drug gangs. “Thereare span of ayear,Mr. Netanyahu security expertssaid they to acountrygripped by en- mented. Thepresident’sson, fewer people in the streets to failed to cobble together come amid arise in bank heists demic violenceand corruption. Congressman Eduardo Bolson- barbarity’ of gangs. rob, for a start,” he said. enough support and in May in the country’ssmaller cities. Thenumber of murdersin aro, lashed out at critics,blam- Mr. Alcadipani said the at- joined aunity government In July,about 40 men used Brazil dropped in 2018 and ing the opposition leftist Work- tacks were also a symptom of with Blue andWhiteleader explosives to break intothree 2019,then rose to 26,000 in the ers’ Party forpassing legislation failingsinthe investigativeca- Benny Gantz. different banks in Botucatu, a firstsix months of this year, in 2003 that made it morediffi- holdingpoliceforcesatbay. pacity of the country’s police Ahead of Wednesday’svote, smallcity in the stateofSão about a7%increase compared cult to obtain legal weapons. Aftertaking residentshostage, forces. Mr.Gantz said his party would Paulo,following asimilar at- with the year-earlier period, Sincetaking office, Mr.Bol- they shower nearby buildings Mr.Bolsonarohas milita- support the measureintro- tack in MayonOurinhos,a according to the Brazilian Fo- sonaro has worked to reverse with bulletstogeneratewide- rized the country’ssecurity duced by Yesh Atid leader Yair two-hour driveaway.Local rumonPublic Safety,anongov- that legislation, passing decrees spread panic as they move in forces,bringing fellowmilitary Lapid, who split from Mr. presshavereported other cine- ernmental research group. to relax gunownership laws, on the local branch of a bank. men intohis administration, Gantz’s party when the latter matic bank heists over the past “The crimes in Criciúma calling it the only way forthe Such operations areamod- he said,while not investing joined Mr.Netanyahu’sgov- two yearsinother partsofSão and Cametáhavecreated panic “good guys” to protect them- ern reinvention of the can- enough in intelligence work. ernment. Iran Arms BolsterMaduro, U.S. Says Cotton Products From

BY MICHAEL R. GORDON attempt to deter sales of con- Chinese Firm Banned AND IAN TALLEY ventional weapons,including military jets, boatsand tanks. BY YUKA HAYASHI ministryspokeswoman Hua WASHINGTON—Iran has Iran and Venezuela have Chunying said during apress sent arms and dispatched para- long shared diplomatic ties, WASHINGTON—TheTrump briefing Wednesday. militaryoperatives to help Ven- but the Trump administration’s administration banned imports Theblanket ban on the com- ezuelan President Nicolás Ma- economic sanctions against the of cotton productsfromChina’s pany’sproductscould have a

duromaintain his hold on CK two countries encouraged them Xinjiang region, saying evi- significant impact on U.S. com-

power, the topU.S.military TO to strengthen relations.Bat- dencesuggeststhe products panies that rely on Chinese- commander forCentral and teredbythe Americans’ “maxi- aremade with the forced labor made appareland other prod- South Americasaid Wednesday. mum pressure” campaign, Iran of Uighurs. ucts. SHUTTERS

“Wesee agrowing Iranian A/ has been desperatetosell its TheDepartment of Home- Xinjiang produced 5million influenceinthere,” Adm. Craig petroleum products. U.S. and land Security said Wednesday metric tons of cotton in 2019, CE/EP

Faller,the head of the U.S. LA international sanctions against that U.S. Customs and Border or about85% of the totalpro-

Southern Command, told re- PA Venezuela have made that Protection officials would start duction of China, one of the top porters, citing the “alarming countryaneager buyer. detaining shipmentscontaining cotton-producing nations,ac- ORES and concerning” presenceof Tehran has been swapping cotton and cotton products cording to the National Bureau AFL

militarypersonnel from the MIR itsfuel forVenezuela oil, originating from the Xinjiang of Statistics of China. eliteQuds ForceofIran’sIs- Iran’sforeign ministermet with Nicolás Maduro, right, lastmonth. which it has sold through the Production and Construction Four trade associations—the lamic RevolutionaryGuard blackmarket, U.S. and West- Corps,astate-owned paramili- American Apparel &Footwear Corps.Tehran has used the strumental in providing sup- national sanctions aimed at ern officials say. Iran has also tary organization known as Association, National Retail forcetosupport Syrian Presi- port to “keep key elements of underminingMr. Maduro’s been paid in gold from Vene- XPCC. Federation, U.S. Fashion Indus- dent Bashar al-Assad and other Maduro’s militaryjust ready grip on power. zuela’s vast deposits, provid- U.S. and other Western gov- tryAssociation and Retail In- foreign allies and proxies. enough,” he added. “We’reconcerned about ing Tehran with a commodity ernmentshavecriticized Bei- dustryLeadersAssociation— Iran’sand Venezuela’smis- Adm. Faller’s commentson what we see…It’snot just oil that is difficultfor sanctions jing forhuman-rightsabuses of said theorder supplemented sions to the United Nations Iran come amid rising tensions shipments, it’sarms shipments monitors to track, they said. the Uighurs, who aremostly their ownenforcement efforts. didn’t respond to requestsfor between Washingtonand Teh- as well,” he said. “We saw an TheU.S.has disrupted Muslims. Theban, implemented comment. ran and represent ararein- uptick in that this year.Weare some of those fuel shipments, TheChinese Embassy in through a“withhold release or- Iran is just one U.S. adver- stance in which asenior U.S. watching the rate of change but Venezuela analystssay de- Washingtondidn’t respond to a der,” applies to “all cotton and sarybacking the embattled militaryofficial has publicly very carefully.” liveries continue.The flotillas request forcomment. cotton productsproduced by Venezuela leader.Thousands accused Iran of shipping arms Adm. Faller didn’t specifythe areoften accompanied by Ira- Beijing has denied allega- the XPCC and itssubordinate of Cubans have been “basically to Venezuela. arms that the U.S. says arebe- nian navalvessels,including tions of the abuse of the Ui- and affiliated entities as well as owning” the country’s intelli- TheU.S., he said, has ex- ing provided. In September,the an intelligenceship that U.S. ghurs. “So-called ‘human rights anyproductsthat aremade in genceserviceand guardforce pended considerable effort State Department sanctioned an officials say has been used to abuses’ in Xinjiang or ‘persecu- whole or in part with or de- that protectsMr. Maduro, trying to distinguish between Iranian defense unit it said had transport missiles to Iranian tion of ethnic minorities’ are rived from that cotton, such as Adm. Faller said. Hundreds of humanitarian cargo and ship- ties to the Maduroregime,in proxies in the Middle East, ac- centenarylies made by extrem- apparel, garments, and tex- Russianshavealso been in- ments that run afoul of inter- what U.S. officials said wasan cording to U.S. officials. ist anti-China forces,” foreign tiles,” DHS said. WORLDWATCH

HONG KONG clarify its public pronouncements, tral France, after contracting according to people with whom Covid-19. Leading Activist he spokeand areviewofhis Born in Germanyinthe wake Given Prison Term schedule. The calls, reported on of World WarI,Mr. Giscardd’Es- TuesdaybyThe Wall Street Jour- taing helped liberateParis from Joshua Wong, who emerged nal, break with the bank’sprac- the Nazis in the next world war from a 79-day street occupation ticeofdelivering information to and laterlaid the groundwork for in 2014 as the leading face of a all participants at the same time. the shared eurocurrency and new generation of young activ- Theyweremade to big investors helped integrateBritain into what ists who infuriated China’s lead- such as BlackRock Inc. and banks became the EU in the 1970s. ers, was jailed for more than a such as Goldman Sachs Group When he took office in 1974,

year on Wednesday for inciting CK Inc. and JPMorgan Chase &Co. Mr. Giscard d’Estaing began as

and organizing protesters who TO “Our standing approach right the model of a modern French besieged Hong Kong police now is to continue those calls,” president, a conservative with headquarters last year. Mr. Lane said in an interview liberal views on social issues. SHUTTERS

Magistrate Wong Sze-lai said A/ with Reuters published Wednes- Abortion and divorce by mu-

a deterrent sentence was neces- /EP day on the ECB’s website. tual consent were legalized un- sary to safeguard the public in- —Tom Fairless der his term and he reduced the RNER

terest as she imprisoned Mr. CO age of majority from 21 to 18. Wong for 13½ months. The 24- O FRANCE He lost his re-election bid in year-old Mr. Wong and two fel- TTE 1981 to François Mitterrand. MA low activists earlier all pleaded SNOW MILANESE: A man jogs in Italy’s business capital, hit by a surge in Covid cases in November. Giscard d’Estaing, At age 83, Mr.Giscardd’Esta- guilty to charges including incit- Ex-President, Dies ing published aromancenovel ing the rally that ramped up ten- the police force’s headquarters EUROPEAN CENTRAL BANK ing next week, he said Wednes- called “The Princessand the Pres- sions between protesters and on June 21, 2019, marked an es- day, continuing an unusual Valéry Giscard d’Estaing, the ident,” which he said wasbased police early in last year’s mass calation in the protests that Official Defends Calls communications practicethathas president of France from 1974 to on PrincessDiana. Askedabout uprising. Agnes Chow, who turns gripped Hong Kong through To Banks, Investors raised eyebrowsamong financiers 1981 who became a champion of the natureoftheir relationship, he 24 on Thursday, wept after be- 2019. The sentence comes amid and central-bank officials. European integration, died on said only: “Let us notexaggerate. ing sentenced to 10 months. Beijing’s hardening crackdown on The European CentralBank’s SinceMarch, Philip Lane, the Wednesday. He was 94. Iknewher abit in aclimate of a Ivan Lam, who is 26, received a the city’s pro-democracy move- chief economistplans to place chief economist, has spoken with Mr. Giscard d’Estaing’s office confidential relationship. She seven-month term. ment. privatecalls to banksand inves- some institutions after the bank’s said he died in his family home needed to communicate.” The demonstration outside —Natasha Khan tors after the ECB’spolicy meet- policy decisions, in an effort to in the Loir-et-Cher region, in cen- —Associated Press P2JW338000-4-B00100-1------XA BUSITENECHNOLOGY: DOORDSSASH TO DELIVER&FSOFTBANKINA WINNERANB4 CE

© 2020 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. Thursday, December 3, 2020 | B1

S&P 3669.01 À 0.18% S&P FIN À 1.05% S&P IT g 0.22% DJ TRANS À 0.42% WSJ $ IDX g 0.15% LIBOR 3M 0.231 NIKKEI (Midday) 26806.37 À 0.02% See more at WSJ.com/Markets AmazoninTalkstoBuy Podcaster Big Asset

Wondery, known for over $300 million, the people ing and negotiations could still domain forsuper-niche fare, Major players in the tech Managers said.Wondery’slast funding fall apart, the people said. true-crime content and pop- andmedia sectorshaveac- true-crime stories, round, in June 2019, valued the Closely held Wonderyisthe culturedissections,the format quired several other podcast would help tech giant companyat$100 million,The last large,independent pod- has exploded in recent yearsas startups in recent years. Spo- Discuss Wall Street Journal reported. caster on the market—and adestination forhigh-profile tifyTechnology SA bought grow in audio sector Wonderyisontrack to in- could present the final oppor- entertainment and political Gimlet Media, amaker of nar- crease revenue to morethan tunity foramajor tech or me- programming. rativepodcasts, in 2019 for BY BENJAMIN MULLIN $40million this year,accord- dia giant to buy itsway into Podcasting as awhole is at- morethan $200 million. New Merger AND ANNE STEELE ingone person familiar with the exploding field. Wondery’s tracting over 100 million York Times Co.inJuly said it thematter, with about 75%of investorsinclude venture-capi- monthly activelisteners, ac- would acquireSerial Produc- Amazon.comInc.isinex- that coming from advertising talfirms such as Waverley cording to Edison Research. tions,maker of the hit podcast BY MIRIAM GOTTFRIED clusivetalks to purchase pod- and the rest from licensing to Capital, LererHippeau Ven- U.S. ad revenue from pod- “Serial,” in adeal that could be AND CARA LOMBARDO cast startup Wondery, accord- TV,tosubscription services tures,Greycroft Partnersand casts, meanwhile,rose an esti- worth as much as $50 million ing to people familiar with the likeAudible and Stitcher Pre- Advancit Capital. mated 48% to $708.1 million depending on milestones and Dyal Capital Partners is in matter, as the tech giant mium andtoWondery’sown Amazon’sforay coincides last year,according to the In- performancemetrics,the Jour- talks to merge with Owl Rock pushes further intothe grow- premium subscription service, with agrowthspurt forthe teractiveAdvertising Bureau, nal reported. Capital Partners LP,part of a ing audio sector. which launched this summer. small but rapidly expanding andisprojected to exceed $1 Wondery, which is known complicated deal with aspe- Thetalks value Wonderyat Thedeal talks arecontinu- podcasting industry. Oncethe billionby2021. PleaseturntopageB4 cial-purpose acquisitioncom- panythat would take them public,the firms said Wednes- day. House Dyal and Owl Rock said they have been discussing adeal with aspecial-purpose acquisi- Passes tion companycalled Altimar Acquisition Corp. Thetransaction would value the combined asset managers Delisting at about$13 billion, according to people familiar with the matter. Of China As part of the deal, the firms could also raise addi- tional capital, as is oftenthe Firms case in mergers with blank- check companies likeAltimar. Thereare no guarantees the BY DAVE MICHAELS various parties will reach a AND ALEXANDER OSIPOVICH deal, especially given the addi- tional complexities posed by WASHINGTON—TheHouse effectively pulling off two unanimouslyapproved legisla- transactions at once.

tion on Wednesdaythat threat- /REUTERS Should it come together,it ens atrading ban of shares of would be the latest in aseries

Chinese companies,such as Ali- SENGER of asset-management deals and baba Group Holding Ltd., over combine one of the biggest concerns that their audits S-MES ownersofprivate-equity-firm aren’t sufficiently regulated. NEW stakes with an upstart credit The bipartisan mea- investor that has posted rapid

surepassed the Senate in May ON/THE growth financing deals for

and could quickly become law CARS manyofthe same private-eq- with President Trump’ssigna- uity firms. NIEL

ture. Thefight over China’sre- DA It would also fitintoan- sistancetoallowing overseas A Whirlpool worker attaches a cover to a washing machine. Companies see more demand from stay-at-home customers. other major theme in the world inspections of itscompanies’ of deals in 2020: SPACs, which audits has lasted foryearsbut have exploded in popularity reached afever pitchduring Home Appliances Boost Hygiene and offer an alternativetoan the Trump administration. initial public offering.They es- Under the measure, Chinese sentially go public without a companies and their auditors businessand then hunt forone would have three yearstocom- To Lift Sales During Pandemic to combine with. ply with the inspections before Altimar,sponsored by an af- atrading prohibition could take filiateofinvestment firm HPS effect. If abreakthrough looked Investment Partners LLC, unlikely,the companies would BY ELIZABETH KOH Growth in home-appliancesales forselected products,between Mayand August2020 went public in October. probably respond ahead of a Dyal forits entireexistence ban by either going privateor SEOUL—The roughly $500 Kitchen machines 99% has been aunit of Neuberger moving their listing to anon- billion home-applianceindus- Berman Group LLC,aprivately U.S. exchange. tryismaking ahardpivot to- held investment firm with $374 Food processors 53 U.S. regulatorsare working ward hygiene as the coronavi- Change in sales from billion of assetsunder manage- on another proposal that could ruspandemic shows no sign previous year ment, including $103 billion in allowChinese auditorstocom- of moderating. Washing machines 46 alternativeassets. ply with the inspection require- LG Electronics Inc.’srefrig- 20% Neubergerwould retain a ment without violating their eratorshavebeen retrofitted Espresso machines 39 LG Electronics* meaningful stakeinthe com- home country’slaws, which with sterilizing ultraviolet bined companyaspart of the limitthe sharing of informa- lightspreviously used in its 10 transactionbeing discussed tion.The Securities and Ex- waterpurifiers, while Whirl- Monitors 34 and intends to remain along- changeCommission could issue pool Corp.has touted washing term holder,the people said. 0 such aproposal this month, al- machines with built-in heating Laptops 31 Founded in 2011 by Lehman though it wouldn’t immediately that removes germs and aller- Brothersveterans Michael Rees take effect. gens from clothes. and Sean Ward,Dyalisthe Headsets 31 –10 Chinese firms have raised Samsung Electronics Co.is largest playerinthe market for Electrolux money from U.S. shareholders scooping up scientistswho minority stakes in privatein- foryears, but their auditorsvi- specialize in waterand air Air treatment 23 –20 vestment firms,including pri- olateafundamental investor quality,and BekoElectrical vate-equity firms,credit shops protection: China typically Appliances Co., aTurkish Waterfilters 14 Whirlpool and hedgefunds. won’t allowAmerican regula- manufacturer,recently rolled –30 It owns nonvoting stakes, tors to check their work.Chi- out “HygieneShield,” arange *Home appliances and air solutions division 1Q 2Q 3Q 4Q 1Q 2Q 3Q typically between 10% and nese companies including of appliances such as refriger- Sources: GfK SE (home-appliancesales); the companies (change in sales) 2019 ’20 20%, in morethan 40 firms in- Luckin Coffee Inc.have im- atorsand ovens equipped with cluding Silver Lake,VistaEq- ploded in accounting scandals disinfection drawers.Itisalso Indeed, hygiene is driving or gettextalertswhen the grade household productsor uity Partners, ProvidenceEq- over thepast decade,raising offering acleaning cabinet, a the home-applianceindustry’s laundrywas done. splurge on newpurchases. uity,Platinum Equity and Sixth awarenessofthe audit-inspec- stand-alone appliancethat re- extreme makeover.For de- But now, virus-wearybuy- “The Covid-19 situation is Street Partners. tion gap. sembles amicrowave oven but cades,firms sawsales grow ersare perking up every- notactually acrisis forus,” Last year,itpaid about $500 “Without this bill, the Chi- is designed to disinfect every- sluggishly,especially in lucra- where. Household appliances said Song Dae-hyun, the de- million fora20% stake in Owl nese have been just stonewall- dayitems such as walletsand tivemarketsinthe U.S. and arebreaking down faster than parting president of LG’s Rock. And in 2018,ittook a ing us,and we certainly mobile phones. Western Europe,churning out beforewith increased use as home appliances and air solu- stakeinHPS. shouldn’t makeiteasier fora According to Mark Choe, a apredictable cycle of dryers, people shelter at home,and tions division. “People now Dyal,which manages $21.9 Chinese companytoget Ameri- senior vicepresident at Sam- ovens and microwave ovens.A existing malfunctions have think of home as the safest billion in aggregatecapital cancapital than an American sung’sdigital appliances busi- push toward digitized “smart nowbecome moreintolerable. area—and they’reusing their commitments, has done deals company,” Rep.BradSherman nessdivision, “all of our prod- homes” failed to captivate As travel remains limited be- appliances morebecause at atorrid pace. Last year,it (D., Calif.), acertified public ac- uct development nowisbeing consumerswho sawlittle rea- cause of the pandemic, they’reathome.” finished raising a$9billion countant who sponsored simi- done through the lens of hy- son to track their milk levels wealthier consumersflush Even with pandemic fatigue fund—itsfourth such vehicle— larlegislation this year,said. giene.” through artificial intelligence with cash arechoosing to up- PleaseturntopageB2 PleaseturntopageB2 TheSenatelegislation was sponsored by Sens.John Ken- nedy (R., La.) and Chris Van Hollen (D., Md.). Treasury Yields Face Pressure INSIDE Mr.Trump is likely to sign thelegislation, Mr.Sherman added. He said on the House As Traders Expect Fed Buying floor Wednesdaythat hopes China would nowagree to are- gime to conduct inspections. BY SAM GOLDFARB leftinvestorsthinking the Fed the cost of borrowing forindi- House lawmakersincluded a might need to assume morere- viduals and businesses. J WS

statement that clarifies the Some investorsare betting sponsibility to support an econ- Minutes from the Fed’sNov. R bill’sintent. Theinstructions that theFederal Reservecould omyincreasingly buffeted by a 4-5meeting released last week FO don’t have the forceoflaw but start buying morelong-term surge in coronavirus cases. offered few clues about pros- OK CO direct the SEC to implement U.S. Treasurys as soon as its Treasury SecretarySteven pectsfor policychanges at the TIN

themeasurewithout harming next policymeeting,atrend Mnuchin’sdecision to not ex- central bank’snextmeeting on JUS American companies that do that hashelped temper some tend several emergencyFed Dec.15-16.Officials in early No- businessinChina and thus use recent selling and kept yields lending programs beyond Dec. vember didn’t think it wasnec- EDUCATION HEARD ON STREET Chinese accounting firms for from rising higher. 31 also leftthe Fedwith fewer essarytomakeimmediatead- Businessschools are Driverlesscarsare part of their annual audit. Onefactor influencing such alternatives to Treasurypur- justmentstotheir bond-buying becoming more coming but theywon’t Some critics of the legislation bets: the outcome of the Nov.3 chases foreconomic stimulus. program. But they “recognized have worried the bill could election, which resulted in the Buying bonds helps boost the that circumstances could shift selectiveabout their takeoverthe taxi wind up hurting U.S. companies strong possibility of divided economybyreducing longer- to warrant such adjustments,” admissions policies. B3 industry. B11 PleaseturntopageB2 government in Washingtonand term Treasuryyields,lowering PleaseturntopageB10 P2JW338000-4-B00200-1------XA

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

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

A Haitong International P Abercrombie & Fitch..A9 Securities...... B2 Pfizer...... A1,A8,B2 Actifio...... B3 Hillhouse Capital Management...... B2 R Alibaba...... A3,B1,B2 BY JOANNE CHIU Honda...... B11 Royal Caribbean...... B3 Alphabet...... B3,B11 Hot Topic...... A1 S Altimar Acquisition....B1 HPS Investment Amazon.com...A9,B1,B11 Samsung Electronics..B1 Partners...... B1 Apple...... B4 SoftBank...... B4,B11 Hyundai...... B11 Aptiv...... B11 Spotify Technology.....B1 I AstraZeneca...... A8 T iHeartMedia...... B4 AT&T...... B4 Tesla...... B11 Aurora Innovation.....B11 J Tiger Global Singapore B JD.com...... B2 ...... B2 Bank of America...... B2 K U Beko Electrical Kind...... B3 Uber Technologies....B11 Appliances...... B1 L UBS...... B2 BioNTech...... A1 United Parcel Service.A1 BlackRock...... B2 LG Electronics...... B1 L.L. Bean...... A1 V S C Lyft...... B3 Verizon Communications PRES Carnival...... B3 M ...... B3 TED CVS Health...... A8 Vision Fund...... B4 CIA Macy's...... A1 D Volkswagen...... B11 SO Mars...... A1 AS Daimler Trucks...... B11 Moderna...... A8 W Discovery...... B3 N Walgreens Boots DoorDash...... B4,B11 Alliance...... A8 Nature’s Bakery...... B3 HIEFELBEIN/

Dyal Capital Partners.B1 Walmart...... A9 SC Neuberger Berman.....B1 F Walt Disney...... B4 New Egg...... A1 Whirlpool...... B1 MARK FedEx...... A1 New York Times...... B1 JD Health operates China’s largest online retail pharmacy and provides other health services. Ford Motor...... B11 Nike...... A1 X G - H Norwegian Cruise Line Xiaomi...... B2 XPO Logistics...... B4 Gap...... A1 ...... B3 O Y - Z JD.Com Arm Raises $3.5 Billion General Motors...... B11 Genesis Healthcare....A8 Owl Rock Capital Yum China...... B2 Grubhub...... B11 Partners...... B1 Zoox...... B11 Thetelemedicine arm of Some investorshad been market capitalization of at 70.58Hong Kong dollars, or Chinese e-commerce giant concerned about Hong Kong’s roughly $76billion. the equivalent of US$9.10,per JD.com Inc.raised $3.5 billion status as amajor global finan- Therobust fundraising is share, and is scheduled to start INDEX TO PEOPLE in Hong Kong’slargest initial cial center during recent geo- solidifying Hong Kong’sstatus trading on Dec.8,according to public offering this year,tak- politicaltensions in the city, as amajor capital raising hub aterm sheet seen by TheWall B J Olney, Martha...... B11 ing proceeds from newlistings but Beijing wouldn’t want to forChinese companies amid Street Journal. Thecompany Briggs, John...... B2,B10 Jacobs, Brad...... B4 Ostrover, Doug...... B2 in the city to a10-year high. close “this important window strained relations between plans to use the funds raised C Jie, Lu...... B2 P JD Health International forinternational investorsto China and the U.S., and as to makeinvestmentsand ex- Calder, Brad...... B3 K Pacitti, Aaron...... B11 Inc., which operates China’s access China,” he said. American policymakershave pand itsbusiness. Itslisting largest online retail pharmacy Technologyfirms that listed sought to step up scrutinyof will likely also result in a Choe, Mark...... B1 Konstantinos, Chris..B10 Packer, Craig...... B2 D R and provides other health-care in recent yearshavealso been NewYork-listed Chinese firms. handsome payday forJD.com’s L services,priced itsstock offer- able to sell morestock. So far, Alibaba Group Hold- billionairefounder RichardLiu. Rabois, Keith...... B4 Derochowski, Joe...... B2 Lansing, Chris...... B3 ing at the topend of an indica- On Wednesday, Chinese ing Ltd., YumChina Holdings This week, the company Roach, Jonathan...... B10 H Lipschultz, Mark...... B2 tiverange, afterstrong de- smartphone maker Xiaomi Inc. and JD.com have been stopped collecting ordersfrom S Halpenny, Derek...... B10 Liu, Richard...... B2 mand forits shares from Corp.raised $4 billion via a among 10 U.S.-listed compa- institutional buyers a day Herzog, Norbert...... B2 Lynch, John...... B10 Simons, Thomas..B2,B10 investors. shareplacement and sale of nies that have added second- ahead of schedule,after the Hui Yik-bun, Edmond..B2 M - O Song, Dae-hyun...... B1 TheIPO,which could raise convertible bonds,about a arylistingsinHong Kong over deal wasmultiple times over- I Martin, Juan...... B3 Z up to $4 billion if underwriting week afterthe companyre- the past 13 months. subscribed, according to aper- Iyeki, Marc...... B2 Masayoshi, Son...... B4 Zaslav, David...... B3 banks exercise an option to ported a jump in global smart- Robeco’sMr. Lu said an in- sonfamiliar with the situation. buy additional stock afterit phone sales forthe three creasing number of U.S.-traded Thebuyersinclude investment startstrading,gives the Bei- months to September. companies returning to Hong funds that typically hold year-earlier period, NPD said. jing-based companyavalua- Xiaomi’sshares fell 7. 1% Kong or the mainland forsec- stocks forlong periods. Black- Appliances Demand forwashing machines tion of $28.5billion. Wednesdayafter the new ondarylistingswould help Rock Inc., Tiger Global Singa- with purifying steam func- Morethan 120 companies shares were sold at adis- them hedgeany risk of U.S. re- pore Pte. and Hillhouse Capi- tions grew 46% during the have raised $44.6billion counted price. Thestock has strictions on Chinese compa- talManagement Ltd. were Get Covid May-to-August period, while through IPOs and secondary morethan doubled in the year nies. among so-called cornerstone sales of air-treatment appli- listingsinHong Kong this year, to date, giving the companya JD Health fixedits IPO price investorsthat committedto ances surged23%, according the highest since2010 when buy up to $1.35 billion in stock Makeover from GfK SE, amarket re- the city loggednearly $68 bil- Hong Kong’sfive largestIPOsthis year,byfunds raised in the IPO. searcher. lion from newlistings, accord- Demand from individual in- Industry analystsforecast ing to Dealogic.Companies JD Health* $3.5 BILLION vestorswas also strong,ac- ContinuedfrompageB1 that thebreakneck pacemay from Chinahavedominated cording to Bright Smart Secu- vexing virus-prevention ef- slowsomewhat next year as the rankings, and makeupthe China Bohai Bank 2.1 rities Chief ExecutiveEdmond forts, two-thirds of global re- vaccine breakthroughs herald majority of Hong Kong’smore Hui Yik-bun, who said many spondentspolled in recent apotential end to the pan- than $5 trillion stock-market investors took out margin months prioritized staying demic,though GfK forecasts capitalization. Evergrande Property Services 1.8 loans to purchase JD Health home over leading anormal demand formajor home appli- Jie Lu,head of investments stock.The offering wasled by Shimao Services Holdings 1.3 life, according to Gallup sur- ances will still grow by 5% in forChina at Robeco, said Hong *Could raise up to $4 billion if an unitsofBank of America veyresultsreleased in mid- the firsthalf of 2021. Kong remains an important fi- over-allotmentoption is exercised Corp., Haitong International after the shares start trading. November. “The pandemic has changed nancial hub forChinese com- Nongfu Spring 1.2 Securities Group Ltd. and Months spentisolating in howconsumersthink about panies to raise capital. Source:Dealogic UBS Group AG. southern Spain prompted being at home,” said Norbert Jaime GómezMoreno to look Herzog, an expert on major foratop-of-the-line upgrade home appliances at GfK. benefit to both sides to have a Kong stock exchange, and itsri- deen StandardInvestments to keep his four-bedroom ForSamsung,LatinAmeri- Stage Set resolution that both sides can val, JD.com Inc., and online- warned that awaveofgoing- home clean. In April, Mr. canvacuum-cleaner sales have livewith.” gaming group NetEase Inc.fol- privatetransactions by Chinese GómezMoreno,a31-year-old morethan tripled in the first In the U.S.,audit supervision lowedsuit this year. companies could result in bad entrepreneur in the city of half of the year from ayear For China is handled by aspecial watch- Other Chinese companies deals forinvestors. Cádiz,splurgedonaroughly earlier.Inits home countryof dog,the Public CompanyAc- could respond to the threat of a “Webelievethat these $600 robot vacuum cleaner South Korea, demand fora counting Oversight Board, U.S. trading ban by going pri- transactions maybeatprices made by China’sXiaomi Corp. clothes steamer—about the Delistings which wasset up afterthe ac- vate.That concerns some in- that do not reflect the full It not only swept away dust sizeofaphone booth —has counting scandals that took vestorswho worrythat man- value of the companies in- but also scrubbed his floors, doubled, with advertisements down Enron Corp.and others agement teams could take their volved,with the transactions he said. nowprominently pitching its ContinuedfrompageB1 nearly 20 yearsago. TheSEC companies privateatalower representing atransfer of value “I spent moremoney be- disinfecting features. operating in China. oversees thePCAOB and ap- shareprice, benefiting insiders from minority investorstoac- cause it wasthe latest model,” Haier Smart Home Co., the KickingChinese companies pointsits boardmembers. who would buy out public quirers,” the U.K. asset man- Mr.GómezMoreno said. “Cer- Chinese companythat bought off U.S. exchanges would lead If the bill eventually results shareholders. In June,Aber- ager said in aletter to the SEC. tainly we went alittle crazy to General Electric Co.’sappli- to hugemovementsofcapital in an exodus of Chinese compa- have the cleanest and, above anceunit, tapped influencers and end an erainwhich fast- nies,itwould deal ablowto all, sanitizedhouse,without to hawk productsonlive growing Chinese firms flocked the NYSE and Nasdaq,which fingerprints, without viruses.” streams to juiceonline sales to NewYork to go public.More collect listing fees from such All the extraattention on as thepandemic forced many than 250 companies based in firms and benefit from their thedomestic front has also physical stores to close. ChinaorHong Kong arelisted trading volumes.Executives breathed newlifeintoexisting Domestic sales of itsair on U.S. exchanges,with acom- from both exchanges have criti- offerings. conditionersrose 27% in the bined market capitalization of cized the legislation, saying Thereare monthslong thirdquarter,while dish- morethan $2 trillion, according thereare lessdrastic waysto backlogsfor refrigeratorsand washer use in Europe soared to S&P Global Market Intelli- resolvethe dispute. by dryers in the U.S. Nationwide by 24%. In itsmost-recent gence. “The NYSE has consistently sales of kitchen appliances quarter,Haier reported a58% Thelegislation could give advocated forinvestor protec- such as airfryersand slow rise in overseas operating Washingtonmoreleveragein tions balanced with investor cookersshot up 40% from profit. negotiating with Beijing to re- choice, and we arehopeful this spring to the end of August, Amid the rising demand for solvethe standoff over audit legislation’stime horizon will Introducing an said the NPD Group, a market hygiene appliances,LGis inspections,and mayultimately allowfor aresolution that sup- Ergonomic Heat tracking firm. guaranteeing that some of its hasten adeal to allowChinese portsboth of these fundamental “There’sanew set of needs cleaning products with steam firms to maintain their U.S. list- needs,” said aspokesperson for and Massage being created as we speak,” functions “kill over 99.9%” of ings, said MarcIyeki, the for- the NYSE, which is owned by said JoeDerochowski, ahome- viruses” when sanitizing items mer head of Asia-Pacific list- Intercontinental Exchange Inc. Chair for Work industryanalyst forNPD. like facemasks. ingsatthe NewYork Stock Some largerChinese compa- and Home Growth is most dramatic It is also starting to sell Exchange. nies listed on the NYSE and forproductsused in the what it calls anew “wearable” “Three yearsisalot of Nasdaq have recently floated kitchen and forcleaning.From air purifier.Worn over the time,” Mr.Iyeki said. “You have shares in Hong Kong,giving mid-March to the end of Au- faceand made of plastic,the two interlocked economies and them aplacetogoifthey are gust, sales of vacuum clean- gadget has tinymotorsthat financial markets, and it would kicked off U.S. exchanges.Ali- ers, fans,humidifiersand wa- direct air through apair of be difficult to untangle them baba last year established a terfiltersgrew32% from the HEPAfilters. completely.Thereisagood secondarylisting on the Hong

turned to investorsoveraspe- co-founded GSOCapital Part- Based in NewYork,the firm Asset cific period. ners and sold it to Blackstone focuses on afast-growing area Because of that, they pro- GroupInc.; former KKR &Co. of the market known as direct duceafairly steady stream of partner MarcLipschultz and lending,inwhich nonbanks Managers fees,which could help the com- former Goldman Sachs Group makeloans to midsizecompa- bined companyappeal to pub- nies,manyofthem private-eq- %( 1-# *( /!& +$) 0-.'", licinvestors. uity backed, and hold them on Talk Deal Dyal has previouslyfloated Neuberger would their books. the idea of an IPO of one or Such lendershavebeen on moreofits funds as apossible retain a meaningful the rise sincethe aftermath of ContinuedfrompageB1 way to allowits investorsthe stake in the the financial crisis when banks and is already working on rais- option of monetizing their shed manyoftheir riskier busi- ing anew fund, according to holdings, TheWall Street Jour- combined company. nesses. people familiar with the mat- nal has reported. Yearsoflow interest rates ter. Thetransaction being dis- have led institutional investors Free Shipping&30Day Risk Free Trial Unliketypical private-equity cussed, however, is an IPO of such as pension funds to pour Save $100 Now! And, Use code Ergonomic funds,which tend to wind the management companyand Inc.banker Craig Packer. billions of dollarsintodirect- For Free X-Wheel Casters down afteradecade or so, wouldn’t alter the liquidity op- It hasshot up to $23.7 bil- lendingstrategies in hopes of *$50 per month based on purchase of $89999 for 18-months 0% interest Dyal’sfunds consist of perma- portunities forfund investors. lion in assets,which it man- reaping higher returns than nent capital, meaning the Owl Rock wasfounded in ages primarilythrough busi- traditional fixed-income securi- money doesn’t have to be re- 2016 by Doug Ostrover,who ness-development companies. ties would offer. P2JW338000-0-B00300-1------XA

THE WALL STREET JOURNAL. Thursday, December 3, 2020 | B3 BUSINESS NEWS Discovery Business Schools Get More Selective To Stream BY PATRICK THOMAS At the topseven schools, the Tips for Applying BE AUTHENTIC case candidates get shut out of interviewrequest rate has Its Cable Getting intoanM.B.A. pro- B-schools are seeing grow- top-tier programs. fallen by about 11% in the past gram might be tough in 2021, To M.B.A. Programs ing numbers of applicants with year and rejections have following an admissions cycle similar work experience in ju- APPLY ASAP jumped 10%fromayear ago. Shows that U.S. businessschools and nior roles at common M.B.A. The M.B.A. admissions cycle Applications rose at several consultants say is shaping up Here’s what admissions feeder firms such as McKinsey is typically divided into three schoolsthat made the main B- BY BENJAMIN MULLIN to be the most competitive in counselors and program admin- & Co., Goldman Sachs Group rounds, with deadlines through- school admissions testsop- recent memory. istrators say those considering Inc. and Amazon.comInc., ad- out the fall, winter and spring. tional this year,concerned Discovery Inc.said it would B-school applications for an M.B.A. program next fall missions coaches say. As a re- In a normal year, schools make that applicantswould face launch anew streaming ser- fall 2020 surgedatthe start of should know about the process: sult, many programs are look- most offers during the first and challenges taking exams on- vice that will include shows the pandemic as students ing more closely for soft skills second rounds, with fewer ap- line.Some,likethe University from all of itsmajor cable net- sought waystoride out aten- SHOWCASE EXPERIENCE and other personal traits, such plicants generally accepted in of North Carolina’s Kenan-Fla- works,amovethat follows the uous job market. Now, full- Many programs are offering as applicants’ motivation to later rounds. As the pandemic gler BusinessSchool and the media company’searlier strat- time residential M.B.A. pro- GMAT waivers in some cases, pursue a business degree. hit earlier this year, many University of Virginia’sDarden egyofoffering smaller,the- grams continue to report in a nod to the challenges of “I try to encourage people schools extended their third School of Business, plan to ex- matic plans catering to groups higher application volumes for pandemic exam-taking. Partly to just worry about putting and fourth-round deadlines for tend that practicefor 2021 ap- from foodies to home-im- next fall and expect to have as a result, admissions officers their authentic self into the ap- fall 2020 applicants, aiming to plicantsasthe pandemic provement enthusiasts. fewerspotstooffer than in say they’re putting more em- plication and really articulate give themselves larger pools in grinds on. TheUniversity of Thenew streaming service, yearspast, sinceschools have phasis on work experience, es- what they are trying to get out case fewer overseas students Michigan’sRossSchool of Discovery+, which will launch in allowedmanyinternational says and interviews to gain in- of the business-school process,” chose to defer. But that won’t Businesssaid in November—in the U.S. on Jan. 4, will cost students to defer enrollment sight into applicants. said Chad Losee, Harvard Busi- be the case again. the middle of itsapplication $4.99amonth with ads and due to virus-related travel re- UNC’s Kenan-Flagler school ness School’s managing director Some schools and admis- cycle—that it would offer test $6.99without, the company strictions. added an essay question this of M.B.A. admissions. sions coaches are now encour- waiversfor 2021 and that any- said. It will feature content from Prospectivestudents say year prompting students to Decisions could come down aging students to get applica- one who applied in itsfirst channels including TLC,Food they’realready feeling the share what they’ve learned more to personal stories than tions in as early as possible. round would be either admit- Network,DiscoveryChannel and crunch. about diversity, equity and in- test scores—for example, how Because of higher early-round ted or waitlisted. Animal Planet. JimmyLin applied several clusion after the surge in so- a candidate overcame a layoff application volumes, schools M.B.A. programs could get Theservicewill include li- months ago to six of the top- cial-justice activism this year. or got creative with their job could fill most of their seats af- another boost in applications braryprogramming licensed ranked full-time M.B.A. pro- “Westill receivemanytest during the pandemic, said Gra- ter the second round. Most in coming months from inter- from other companies,including gramsfor fall 2021. Five re- scores but we arelooking at ham Richmond, co-founder of second-round M.B.A. deadlines national studentswho had the BBC, A&E Networks and jected him. If Northwestern the whole thing, the holistic M.B.A. advisory firm Clear Ad- are in early January, but pro- held off applying because of Group Nine Media. University’s KelloggSchool of viewofanapplicant,” said Sarah mit. He encourages applicants spective students should check limits the Trump administra- Discoveryhas struck an Management doesn’t accept Perez, managing director of to cast a wide net to boost the individual schools’ deadlines. tion put on student visas. agreement with Verizon Com- himinthe coming weeks,he M.B.A. programs at the school. odds of having good options in —Patrick Thomas Some schools say they expect munications Inc.toprovide the says he’ll most likely apply theincoming Biden adminis- streaming servicefreetothe again in 2022. tration to ease those rules, wirelesscompany’sU.S.custom- Acybersecurity datascien- being the most competitive prospectivestudentstoget under 250 newstudentsthis lifting demand from abroad. ersfor ayear,with Verizon and tist in the SanFranciscoBay year ever forM.B.A. appli- their applications in early. past fall and doesn’t expect to Some programs areexpand- Discoverysharing the cost of Area, Mr.Lin said an M.B.A. cants,” said Jeremy Shinewald, Shelly Heinrich,the associ- increase itsclasssize. Applica- ing their 2021 classsizes.Har- thosesubscriptions,according will help him break into man- founder of admissions consult- atedean of M.B.A. admissions tions to itsfull-time M.B.A., vard BusinessSchool,which of- to people familiar with the deal. agement. He knew this year’s ing firm mbaMission. “I at Georgetown University’s Mc- which cancost nearly $200,000 fereddeferrals to anystudent Chief ExecutiveDavid admissions cycle would be wouldn’t be the least bit sur- Donough School of Business, with two yearsofliving costs who wanted one this past year, Zaslavis betting that Discov- tough, he said, and banked his prised if schools crush their re- said the school usually ac- andother fees factored in, are aims to enroll about 1,000 stu- ery, one of the biggest tradi- hopes on his several years of cordsfor application volume.” up about 29% forthe first dentsfor the next two years, tional TV companies,can com- work experience, his masters Mr.Shinewald said free round of 2021, she said. said Chad Losee, the school’s pete for subscribers with the in businessanalytics and a consultations at his firm, a Applications to U.S. “Itcan be nerve-racking for managing director of M.B.A. likes of ComcastCorp.’sPea- GMATexam scoreof750 out metric he uses to gaugestu- applicants,” Ms.Heinrich said. admissions.HBS enrolled a cock and Amazon.comInc.’s of 800. dent interest, were up about M.B.A. programs “They arenow thinking,‘Oh classofabout 730students Prime Video by offering most “I feel the importanceofthe 30% from July to September. are up for the first goodness, not only do you this past fall afteroffering de- of itscable-TV shows directly whole [application] package Spaceisalready limited in have deferrals who have se- ferrals,roughly 200 fewerthan to streaming subscribers. hasincreased,” he said. “The manyprograms,after some ad- time in five years. curedspotsinyour classfor itstypical 930 or so. Discovery’sstreaming strat- bar is higher forapplications.” mittedstudentsput off enroll- next year but your applica- Smaller programs oftenlack egyused to be radically differ- Applications to American ing earlier in the pandemic. tions arenow up significantly, resourcestoaccommodate entfromits rivals.Inaninter- M.B.A. programs rose forthe Thedeferral rate—the percent- and so what does that mean moreM.B.A.s, especially after viewlast year,Mr. Zaslavsaid firsttime in five years in 2020, ageofapplicantswho defer en- cepted moreapplications from for me?” some reduced class sizes fol- he wanted to package Discov- partly owing to schools’ loos- rollment divided by the num- itsthirdand fourth rounds in Thepercentageofapplicants lowing several years of fewer ery’sofferingsinto niche ening testing requirements and ber of accepted applicants—for yearswhen applications were that programs areinviting for applications.Penn State’s plans. would-be studentslooking to all studentsclimbed from 2% in down. This year,Georgetown interviews fell about 8% at the Smeal CollegeofBusiness He said Discoverymade the ride out the economic down- 2019 to 6% in 2020,according could fill most seatsafter its top16schools,and the rejec- plans to continue capping its decision to offer acomprehen- turn—circumstances expected to arecent report from the second round ends in January, tion rate rose about 7% com- M.B.A. classat60due to sive service after it surveyed to continue through the 2021 nonprofitGraduateManage- she said, because of the higher pared with ayear ago, accord- spacelimits, despiteseeing consumersand found they admissions cycle that began in ment Admission Council. early-round volume and its ing to datafromearly August double-digit deferrals—about wanted a one-stop nonfiction latesummer. Some schools and admis- more than 50 deferrals from to mid-November from M.B.A. triple what it usually gets—in streaming destination. “Everything pointstothis sionscoaches areadvising 2020.McDonough enrolled just advisorycompanyClear Admit. 2020s. BUSINESS WATCH

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B4 | Thursday, December 3, 2020 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech DoorDashtoDeliverSoftBank aBig Win

San Franciscocompany When SoftBank firstin- holdersbyramping up losses vested in DoorDash, the in search of growth. is gearing up to go startup had struggled to cob- DoorDash focused heavily public at a valuation ble together an earlier invest- on U.S. suburbs—eschewedby ment round, and wasfar be- Uber Eatsand Grubhub in fa- as high as $32 billion hind competitorsGrubhub Inc. vorofdense cities.With little and Uber Eatsinthe U.S.—bat- competition, DoorDash found BY ELIOT BROWN tling with Postmates forfourth surprisingly high revenue from place. families placing big orders. In SoftBank Group Corp.faced SoftBank pumped in $280 addition, DoorDash gaveprior- criticism ayear agowhen its million, part of a$580 million ity to expanding the number of strategy of pouring billions of round with other investorsin- restaurantsonits app,while dollarsintohighly unprofitable cluding Sequoia Capital, a Uber focused on restaurants startups became boggeddown main funder of DoorDash since with fast delivery. Uber execu- by some high-profile flops. G itsearly days.The $580 mil- tiveshavesinceacknowledged Soon, the Japanese con- IMA lion wasmorethan twicewhat that DoorDash’sbet wasthe glomeratemay have anotable DoorDash had raised in itsen- betterone. winner to flaunt: DoorDash GETTY tireexistence, and set the Uber backersinparticular Inc. TheSan Franciscofood- stagefor SoftBank to invest a have been frustrated by Door- deliverycompanyisgearing up ONICLE/ further $300 million over Dash’srise.Two yearsago, to go public in coming weeks CHR three subsequent funding they felt the company’snet- CO at a valuation as high as $32 rounds. work of driversand itsown

billion,itsaid in securities fil- ANCIS SoftBank executives “de- cash pile made it well-placed FR

ingsMonday. N servecredit forunderstanding to dominatefood delivery.

If the initial public offering is SA whyDoorDash wasthriving “It’sbeen sad to watchUber as successfulasDoorDash andwould ultimately prevail Eatsget outcompeted and out- hopes,itwould be ahugewin when virtually all other inves- innovated by DoorDash begin-

forSoftBank and itstech-fo- CHINN/THE tors misunderstood,” said ning in 2018,” said Emil Mi- UL

cused Vision Fund.The fund PA Keith Rabois,one of Door- chael, aformer topexecutive blanketed the deliverycompany A DoorDash driver picked up an order at Cafe Encore in San Francisco last month. Dash’searliest investors. with cash two yearsago—a At around the same time strategythat proved unwise rather than turning SoftBank’s Shareofsales among topmeal-deliverycompanies,monthly SoftBank backed DoorDash, it DoorDash focused with many of itsother invest- capital intoaweapon that van- also invested $7.7 billion in mentsbut helped fuel asuc- quished rivals,ratcheted up 60% Uber Technologies—and by ex- on U.S. suburbs— cessfulgrowthstrategyfor spending,resulting in larger tension Uber Eats. Uber execu- eschewed by Uber DoorDash. At the midpoint of losses.For some,the delugeof tives were frustrated that their 50 DoorDash’sexpected shareprice cash accentuated flawsintheir DoorDash largest investor would fund a Eats and Grubhub. range, SoftBank’s$680 million businessmodels.Other Soft- rival, people familiar with the investment would be worth $5 Bank-funded companies faced 40 matterhavesaid. billion. SoftBank,which firstin- further problems when Soft- Thecash injection proved vested in DoorDash in early Bank funded their direct com- pivotalfor DoorDash. It went at Uber who has been critical 2018,isits largest shareholder, petitors,too. 30 on an expansion blitz through of the companyrecently.“A with a24.9% stake. Late last fall, SoftBank Chief the rest of 2018,increasing the distant second placewill cost The$100 billion Vision ExecutiveMasayoshi Son ac- 20 Uber Eats number of towns and cities it Uber tens of billions of dollars Fund, by far the largest ven- knowledged some flawsinhis Grubhub served to around 3,000,from in market value over time.” ture-capital fund ever raised, judgment and began to pub- 600 early in the year.Its mar- Uber has said itsUber Eats spentmuch of itsnearly four- licly emphasizethe importance 10 ketshare, lessthan 20% at the businessisgrowing rapidly, year existenceflooding money- of profitability—a contrast to Postmates start of 2018,jumped to nearly and is the global leader in the losing startups with cash to his prior emphasis on revenue 30% by early 2019 from, ac- category,excluding China. 0 fund rapid growth. Theidea growth. Several companies in cording to research firm Sec- Still, DoorDash’sdominance wastocreatedominant market SoftBank’sportfolio trimmed 2018 ’19 ’20 ondMeasure. By early 2020, has held back Uber’s stock

leadersinnascent industries, staffand costs. Note:All monthly sales areindexedtototal U.S. consumer meal delivery sales among DoorDash cracked 40%, and price, analystsand investors with massiveprofits to follow. “Thereare alot of lessons these companies from January 2017 (=100) this fall it passed 50%. say. It is adouble-edged sword But over the past 18 learned,” Mr.Son told report- Source:Second Measure DoorDash reported aprofit- forSoftBank: While it is profit- months,the companyreported ersinAugust. able April-June quarter,thanks ingfromDoorDash’ssuccess,it billions in losses on manysuch In September,SoftBank re- than 75%overthe same pe- nialabor law, and itsshares in part to the pandemic-re- is also Uber’s largest investor. investments, as itsapproach ported the Vision Fund’sin- riod. arenow up morethan 45% lated boom in food delivery. It holds morethan 12% of the failed to produceresultsfor vestmentsincreased 11.5% Still, manyofthe Vision since2017. Othershaveper- DoorDash wasbetterposi- ride-hailing giant, astake startups including office-space sinceitwas launched in 2017— Fund’sinvestmentsare doing formed well during the pan- tioned than some companies in worth over $11 billion. provider WeWork Cos., on-de- trailing the broader stock mar- better than they were ayear demic,including Guardant SoftBank’sportfolio to make —Maureen Farrell mand dog-walking app Wag ketaswell as the overall ven- ago. Uber Technologies Inc., Health Inc.and 10x Genomics good use of so much cash. Its contributed to this article. Labs Inc.and car-rental com- ture-capital sector,according forone,has takenoff sincea Inc.,climbing morethan 30% largest initial competitor, panyFair Financial Corp. to CambridgeAssociates.The regulatoryvictorylast month andover80%, respectively, Grubhub,was publicly traded,  Heard on the Street: Loyal Many of these companies, Nasdaq Compositeisupmore that exemptsitfromaCalifor- sinceJune 1. andreluctant to upset share- diners reward DoorDash B11

and Walt DisneyCo. Logistics Giant to Split Its Businesses Amazon in Amazon Music moved into podcasting in September,look- ing to draw newlistenerswith BY JENNIFER SMITH company said. tors to compareboth entities’ lined aplanned acquisition Talks for 70,000 titles to start, including Thedeal is expected to performances against their bid. neworiginal, exclusiveshows XPOLogistics Inc., one of close in the second half of peers, he said. Theplanned spinoff nar- hosted by DJ Khaled, BeckyG, the largest providersofware- 2021, subject to various condi- XPO shares closed at rows XPO’sfocus to transpor- Podcaster Will Smith and Dan Patrick. housing,trucking and last- tions, including the refinanc- $110.01Wednesday, up from tation, wherethe company Thetech giant has some mile services in the U.S.,plans ing of XPO’s debt on terms to this year’s lowof$40.69in ranks among the largest U.S. catching up to do with Apple to split itself intotwo sepa- be approved by itsboard. Brad late March, when the corona- trucking players.XPO is the ContinuedfrompageB1 Inc.’sApple Podcasts, where rate,publicly traded compa- Jacobs would remain chairman virus pandemic hit the U.S. third-largest U.S. less-than- fortrue-crime podcastssuch most podcastlistenerstune nies anddropeffortstosell and chief executiveofXPO and XPO said in January it was truckload companyby2019 as “Doctor Death,” “Dirty in free,and Spotify, which off pieces of the business. serve as chairman of the new exploring strategic alterna- revenue,according to SJ Con- John” and “Over My Dead has been investing hundreds Thecompanyintends to company, which would have a tives and had hired Goldman sulting Group Inc Body,” wasthe sixth most-pop- of millions of dollarsinthe spin off itsglobal contract lo- separateboardand manage- Sachs Group Inc. and JPMor- XPO also has asizable last- ular podcast publisher in the format and sparked an arms gistics businesswhile keeping ment team. ganChase &Co. “torun four mile delivery business for big U.S. in September,according to race forprogramming and itstrucking and freight bro- Theplanned split follows a simultaneous auction pro- and bulkyitems,where de- audio analytics firm Podtrac, talent. kerage operations as a stand- strategic reviewXPO launched cesses” forall businessunits mand has surged as people with morethan 60 million While Amazon is joining a alone business, XPO said earlier this year to evaluate except forits less-than-truck- have ordered morefurniture downloads and streams of its competitivefield, executives Wednesday. the possible sale or spinoff of load division, which consoli- and exercise and officeequip- shows. have said the servicecan tack Thesplit would shiftcourse one or more business units. dates shipmentsfor multiple ment online during the coro- Publishersahead of Won- differently from rivals—as it from the growth strategy the “Our transportation and lo- customers onto single trucks. navirus pandemic.The com- deryincluded NPR, iHeartMe- haswith music streaming— Greenwich, Conn.-based com- gistics businesses areboth in- Mr.Jacobs said at the time pany’stransportation segment dia Inc.and the NewYork and bring in newpodcast lis- pany undertook between 2011 dustryleadersintheir own that XPO wastrading “well be- generated $2.68 billion in Times. teners, particularly through and 2015,when it used a rapid right and already outperform low the sum of our parts and third-quarter revenue,roughly Like many of its peers, itsvoice-activated home series of acquisitions to build thecompetition on key met- at asignificant discount” to its the same as in the prior-year Wonderyhas benefited from speakers. an operation that vaulted it rics,” Mr.Jacobs said in an in- peers, but that the company period. the growth of podcasting Amazon has the third-larg- into the top ranks of logistics terview. Separating the com- could also end up not selling Therush to e-commerce among listenersand advertis- est music servicebysubscrip- providersand provided $16.65 panyintotwo pure-play any segments. also has boosted XPO’scon- ers. Wonderygenerates reve- tions,behind Spotifyand Ap- billion in revenue last year. businesses would removewhat Thenoticefollowedachal- tract logistics business, which nue from advertising and li- pleMusic,and has drawnan Theplanned transaction he called “the conglomerate lenging period forthe com- provides warehousing and e- censing fees as well as from older listening base acrossthe would be tax-free to XPO discount in our stock,” unlock- pany,including a2018 short commerce fulfillment to cus- optioning the rightstoits pod- U.S.,inpart through the help shareholders, who would own ing “substantial equity value,” seller report that sent XPO’s tomerssuch as IKEA,Boeing caststomedia companies such of itsPrime subscription ser- stock in both companies,the and makeiteasier forinves- stock pricetumbling and side- Co. and Inditex SA’s Zara. as AT&T Inc.’sWarnerMedia viceand Echo speakers.

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B6 | Thursday, December 3, 2020 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. EssexProp ESS 248.70 2.16 HomeDepot HD 271.10 -4.00 LibertyGlobal C LBTYK 23.04 0.73 NomuraHoldings NMR 5.41 0.10 RossStores ROST 111.58 0.04 TradeDesk TTD 866.92 -23.21 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. EsteeLauder EL 245.32 -1.85 HondaMotor HMC 29.13 0.77 LibertyFormOne C FWONK 44.20 1.26 Nordson NDSN 197.53 -6.23 RoyalBkCanada RY 82.18 -0.48 Tradeweb TW 58.93 -1.05 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four Etsy ETSY 154.62 -0.05 Honeywell HON 208.00 1.80 LibertyFormOne A FWONA 39.78 0.90 NorfolkSouthern NSC 239.67 0.92 RoyalCaribbean RCL 80.64 2.35 TraneTech TT 144.34 -1.36 that include primary market trades as well as quarters. EuronetWorldwide EEFT 137.40 1.56 HorizonTherap HZNP 69.54 1.02 LibertyBraves A BATRA NorthernTrust NTRS 93.90 0.63 RoyalDutchA RDS.A 36.39 1.33 TransDigm TDG 594.84 1.24 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. 26.92 0.75 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing EverestRe RE 232.39 1.68 HormelFoods HRL 46.97 -0.56 LibertyBraves C BATRK 26.59 0.70 NorthropGrum NOC 298.77 -2.33 RoyalDutchB RDS.B 34.65 0.95 TransUnion TRU 93.38 0.28 Nasdaq ISE. standards Evergy EVRG 56.10 0.54 DR Horton DHI 69.27 -2.82 LibertySirius C LSXMK 41.22 -0.40 NortonLifeLock NLOK 18.59 0.36 RoyalGold RGLD 111.95 -0.55 Travelers TRV 134.04 0.63 The list comprises the 1,000 largest companies lf-Late filing EversourceEner ES 88.15 -0.07 HostHotels HST 14.90 0.39 LibertySirius A LSXMA 41.27 -0.17 NorwegCruise NCLH 23.40 0.46 RoyaltyPharma RPRX 41.78 -1.00 Trex TREX 73.85-1.28 based on market capitalization. q-Temporary exemption from Nasdaq ExactSciences EXAS 124.41 1.18 HowmetAerospace HWM 24.26 0.49 EliLilly LLY 145.16 -0.40 Novartis NVS 91.58 0.86 Ryanair RYAAY 106.60 0.74 Trimble TRMB 60.67 -0.06 Underlined quotations are those stocks with requirements. Exelon EXC 41.57 0.32 HuanengPower HNP 15.42 -0.08 LincolnElectric LECO 114.95 -1.05 Novavax NVAX 125.48 2.01 SAP SAP 122.50 -0.52 Trip.com TCOM 33.15 -1.26 large changes in volume compared with the t-NYSE bankruptcy Expedia EXPE 127.87 1.65 Huazhu HTHT 50.30 -1.13 LincolnNational LNC 51.35 1.45 NovoNordisk NVO 68.14 0.63 S&P Global SPGI 333.28 -1.04 TruistFinl TFC 47.56 0.04 issue’s average trading volume. v-Trading halted on primary market. ExpeditorsIntl EXPD 88.64 -1.11 Hubbell HUBB 157.20 -4.49 Linde LIN 251.00 -6.94 Novocure NVCR 130.22 3.25 SBA Comm SBAC 284.48 -4.30 Twilio TWLO 320.34 6.76 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being ExtraSpaceSt EXR 111.42 -2.24 HubSpot HUBS 386.16 -3.59 LithiaMotors LAD 290.33 -9.51 NuanceComms NUAN 42.20 -0.08 SEI Investments SEIC 54.85 0.38 Twitter TWTR 47.23 0.56 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, ExxonMobil XOM 39.94 1.44 Humana HUM 405.75 0.03 LiveNationEnt LYV 69.90 1.79 Nucor NUE 55.10 0.17 s SK Telecom SKM 24.04 0.43 TylerTech TYL 418.17 -13.95 previous closing price was $2 or higher. or securities assumed by such companies. F5Networks FFIV 164.26 0.32 JBHunt JBHT 135.03 -0.63 LloydsBanking LYG 2.03 0.03 Nutrien NTR 48.94 -0.52 s SS&C Tech SSNC 70.02 0.24 TysonFoods TSN 66.10 -0.66 s FMC FMC 118.16 -0.77 HuntingtonBcshs HBAN 12.83 0.33 LockheedMartin LMT 361.36 -3.63 NVIDIA NVDA 541.78 6.18 StoreCapital STOR 32.00 -0.39 UBS Group UBS 14.54 0.04 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Facebook FB 287.52 0.97 HyattHotels H 73.64 0.46 Loews L 42.57 0.01 SVB Fin SIVB 353.15 -2.02 UDR UDR 39.38 0.75 changes in the closing prices from 4 p.m. the previous day. FactSet FDS 336.15 -6.08 IAA IAA 59.88 -0.30 LogitechIntl LOGI 86.48 -1.74 O P Q Salesforce.com CRM 220.78 -20.57 UGI UGI 36.12 -0.01 FairIsaac FICO 476.01 -1.34 ICICI Bank IBN 13.27 -0.12 Sanofi SNY 50.62 -0.31 US Foods USFD 32.56 -0.26 Lowe's LOW 151.81 -1.59 ONEOK OKE 37.47 1.00 s Farfetch FTCH 55.91 1.25 IdexxLab IDXX 462.59 -5.27 SantanderCons SC 23.58 0.44 s Uber UBER Wednesday, December 2, 2020 Net Net LufaxHolding LU 15.10 -1.70 OReillyAuto ORLY 442.41 -11.15 53.09 3.46 Fastenal FAST 47.58 -0.94 IHS Markit INFO 92.55 -1.05 SareptaTherap SRPT 149.97 4.03 Ubiquiti UI Stock Sym Close Chg Stock Sym Close Chg lululemon LULU 372.60 -4.92 OakStreetHealth OSH 48.23 3.24 248.72 -2.49 Net Fastly FSLY 80.39 -1.31 s II-VI IIVI 69.70 0.95 Schlumberger SLB 21.64 0.57 UltaBeauty ULTA 282.00 2.47 LumenTech LUMN 10.50 -0.05 OccidentalPetrol OXY 15.89 0.76 Stock Sym Close Chg FederalRealty FRT 89.96 2.36 ING Groep ING 10.11 0.13 SchwabC SCHW 50.86 0.84 UltragenyxPharm RARE 117.98 0.60 BancoBradesco BBDO 4.37 0.08 Chubb CB 153.18 0.55 Lyft LYFT 43.40 3.79 Okta OKTA 230.21 -6.78 FedEx FDX 291.72 3.96 Invesco IVZ 16.76 0.30 ScottsMiracleGro SMG 169.24 -6.96 UnderArmour A UAA 16.32 -0.22 BancodeChile BCH 19.27 0.75 ChunghwaTel CHT 38.21 -0.05 LyondellBasell LYB 85.92 0.16 OldDomFreight ODFL 204.83 -6.21 A B C Ferrari RACE 214.77 0.38 IPG Photonics IPGP 207.69 -0.19 Sea SE 183.88 6.50 UnderArmour C UA 14.51 -0.18 BancSanBrasil BSBR 8.05 0.11 Church&Dwight CHD 86.26 -1.58 OmegaHealthcare OHI 36.83 0.48 FiatChrysler FCAU 15.97 -0.04 IQVIA IQV 170.04 -1.19 M N Seagate STX 61.20 0.91 Unilever UL 59.11 -0.66 ABB ABB 26.55 -0.12 BcoSantChile BSAC 18.77 0.56 ChurchillDowns CHDN 180.08 -2.80 Omnicom OMC 63.67 0.30 FidNatlFin FNF 36.24 0.22 IcahnEnterprises IEP 50.37 -0.02 Seagen SGEN 177.04 -0.37 UnionPacific UNP 203.56 1.16 AcadiaPharm ACAD 54.73 -2.06 BcoSantMex BSMX 5.47 0.08 Ciena CIEN 45.67 0.23 ON Semi ON 28.96 -0.31 FidNatlInfo FIS 148.59 -1.79 Icon ICLR 199.11 1.67 M&T Bank MTB 123.01 2.12 SealedAir SEE 45.65 -0.45 UnitedAirlines UAL 46.73 1.41 AECOM ACM 52.54 0.08 BancoSantander SAN 3.20 0.14 Cigna CI 212.01 4.50 OneConnectFinTech OCFT 21.80 0.73 FifthThirdBncp FITB 26.59 0.39 IDEX IEX 189.88 -5.26 MGMGrowthProp MGP 31.46 -0.09 SempraEnergy SRE 131.43 3.67 UnitedMicro UMC 7.28 -0.14 AES AES 21.16 0.56 BanColombia CIB 32.94 0.64 CincinnatiFin CINF 79.93 -0.07 OpenText OTEX 44.78 0.39 FirstHorizon FHN 12.85 0.22 IllinoisToolWks ITW 205.02 -5.04 MGM Resorts MGM 29.35 0.54 SensataTechs ST 49.00 ... UPS B UPS 168.83 0.87 Aflac AFL 45.31 0.61 BankofAmerica BAC 29.06 0.37 Cintas CTAS 360.91 1.83 Oracle ORCL 59.08 0.34 FirstRepBank FRC 131.68 0.27 Illumina ILMN 340.82 6.48 s MKS Instrum MKSI 143.29 3.29 ServiceCorp SCI 48.90 -0.92 UnitedRentals URI 231.40 -2.24 AGCO AGCO 91.87 -0.22 BankofMontreal BMO 75.32 0.73 CiscoSystems CSCO 43.89 0.35 Orange ORAN 12.98 0.20 FirstSolar FSLR 90.49 -0.57 ImperialOil IMO 17.62 0.09 MPLX MPLX 21.80 0.53 ServiceNow NOW 526.52 -13.07 US Bancorp USB 44.68 0.43 AGNC Invt AGNC 15.32 -0.02 BankNY Mellon BK 39.99 0.53 Citigroup C 57.20 1.73 Orix IX 76.20 0.01 FirstEnergy FE 27.32 0.15 Incyte INCY 82.27 -3.15 MSCI MSCI 416.16 1.66 ShawComm B SJR 17.78 0.14 UnitedHealth UNH 347.56 6.37 Ansys ANSS 334.93 -5.92 BkNovaScotia BNS 51.21 0.96 CitizensFin CFG 34.36 0.74 OtisWorldwide OTIS 65.69 -1.14 Fiserv FISV 115.52 -0.27 Infosys INFY 15.41 0.03 MagellanMid MMP 42.07 0.92 SherwinWilliams SHW 715.65 -27.61 UnitySoftware U 141.05 -6.18 ASETech ASX 5.45 ... Barclays BCS 7.82 0.12 CitrixSystems CTXS 127.31 1.72 OwensCorning OC 72.09 -1.12 FiveBelow FIVE 156.07 -6.05 IngersollRand IR 44.33 -0.47 MagnaIntl MGA 61.05 -1.04 ShinhanFin SHG 31.23 0.71 UnivDisplay OLED 232.11 1.35 s ASML ASML 451.00 1.76 BarrickGold GOLD 23.96 0.13 Clarivate CCC 27.00 -0.92 PG&E PCG 12.53 -0.16 Five9 FIVN 155.00 0.13 Inphi IPHI 150.05 -3.15 ManulifeFin MFC 17.39 0.18 Shopify SHOP 1079.44 10.38 UniversalHealthB UHS 132.01 1.17 AT&T T 29.09 0.22 BaxterIntl BAX 76.35 0.84 Clorox CLX 201.71 -1.50 PNC Fin PNC 141.38 0.66 FiverrIntl FVRR 199.89 3.00 Insulet PODD 255.07 -7.50 MarathonPetrol MPC 40.58 1.13 s Sibanye-Stillwater SBSW 14.87 0.32 VEREIT VER 7.23 0.06 AbbottLabs ABT 108.15 -0.34 BectonDicknsn BDX 241.87 3.22 Cloudflare NET 71.90 -0.39 s POSCO PKX 56.98 0.88 FleetCorTech FLT 263.81 -3.45 Intel INTC 49.90 0.34 MaravaiLifeSci MRVI 28.12 0.33 SimonProperty SPG 87.25 2.26 VF VFC 85.48 0.67 AbbVie ABBV 104.99 0.95 BeiGene BGNE 227.00 -19.49 Coca-Cola KO 52.11 0.07 PPD PPD 34.35 -0.48 Flex FLEX 16.810.10 InteractiveBrkrs IBKR 54.81 0.83 Markel MKL 991.72 -2.93 SiriusXM SIRI 6.43 -0.09 VICI Prop VICI 25.31 -0.21 Abiomed ABMD 265.25 -2.96 BentleySystems BSY 34.48 -0.62 Coca-Cola Euro CCEP 46.60 0.98 PPG Ind PPG 147.11 -2.00 Floor&Decor FND 80.70 -0.74 ICE ICE 106.56 -0.60 MarketAxess MKTX 540.78 -5.83 Skyworks SWKS 143.45 -0.55 VailResorts MTN 271.29 -2.05 AcceleronPharma XLRN 116.77 -3.24 Berkley WRB 67.28 -0.26 Cognex CGNX 76.02 -0.05 PPL PPL 28.53 0.17 FomentoEconMex FMX 77.59 1.53 InterContinentl IHG 63.49 -0.31 Marriott MAR 128.72 0.20 SlackTech WORK 42.71 -1.13 Vale VALE 15.33 -0.31 Accenture ACN 249.66 -2.61 BerkHathwy A BRK.A 3458801145.00 CognizantTech CTSH 78.12 -0.54 PRA HealthSci PRAH 111.49 -1.79 FordMotor F 9.20 -0.04 IBM IBM 124.62 1.46 Marsh&McLen MMC 116.02 -0.32 Smartsheet SMAR 56.10 -0.58 ValeroEnergy VLO 58.07 3.67 ActivisionBliz ATVI 79.15 -0.78 BerkHathwy B BRK.B 230.42 0.74 ColgatePalm CL 85.74 -0.52 PTC PTC 107.26 -1.27 Fortinet FTNT 122.88 0.24 IntlFlavors IFF 112.51 0.89 MartinMarietta MLM 273.46 -2.01 SmithAO AOS 54.87 -0.19 VarianMed VAR 174.26 0.07 Adobe ADBE 481.26 2.11 BerryGlobal BERY 54.26 -0.81 Comcast A CMCSA 51.05 0.03 Paccar PCAR 87.15 -0.13 Fortis FTS 39.86 -0.22 IntlPaper IP 49.86 0.01 MarvellTech MRVL 45.62 -1.02 Smith&Nephew SNN 40.12 -0.37 VeevaSystems VEEV272.40 -11.80 AdvanceAuto AAP 148.45 -4.16 BestBuy BBY 107.47 -1.39 Comerica CMA 52.02 0.86 PackagingCpAm PKG 131.98 0.04 Fortive FTV 69.65 -0.90 Interpublic IPG 23.20 0.41 Masco MAS 51.82 -2.01 Smucker SJM 114.87 -2.05 Ventas VTR 47.68 -0.34 s AdvMicroDevices AMD 93.74 1.11 BeyondMeat BYND 138.53 1.28 CommerceBcshrs CBSH 63.27 0.15 PagSeguroDig PAGS 47.97 -0.47 FortBrandsHome FBHS 80.18 -2.71 Intuit INTU 355.49 -1.33 Masimo MASI 254.53 1.46 s Snap SNAP 47.49 2.99 VeriSign VRSN 200.24 -0.51 Aegon AEG 3.76 -0.02 Bilibili BILI 61.79 0.97 ConagraBrands CAG 35.17 -1.12 PalantirTech PLTR 22.51 -3.16 FoxA FOXA 30.60 0.46 IntuitiveSurgical ISRG 751.28 17.63 Mastercard MA 340.22 1.34 SnapOn SNA 176.02 0.23 VeriskAnalytics VRSK 195.99 -4.15 AgilentTechs A 114.57 -0.79 Bill.com BILL 117.70 -6.14 ConchoRscs CXO 58.14 1.23 PaloAltoNtwks PANW 293.23 -1.60 FoxB FOX 30.05 0.35 Invitae NVTA 49.35 -0.82 MaximIntProducts MXIM 84.22 ... Snowflake SNOW 292.69 -12.95 Verizon VZ 61.36 0.78 AgnicoEagle AEM 69.08 0.28 Bio-Techne TECH 298.33 -6.61 ConocoPhillips COP 39.97 0.70 ParkerHannifin PH 270.11 -0.25 Franco-Nevada FNV 133.63 2.26 InvitatHomes INVH 28.88 -0.37 McCormick MKC 91.42 -2.22 SOQUIMICH SQM 45.91 -0.87 VertxPharm VRTX 226.70 -3.60 AirProducts APD 273.88 -9.30 Bio-RadLab A BIO 549.60 -7.68 ConEd ED 77.03 0.12 Paychex PAYX 92.82 -0.76 FranklinRscs BEN 22.49 0.13 IonisPharma IONS 51.31 0.19 McCormickVtg MKC.V 92.24 -1.04 SolarEdgeTech SEDG 273.50 -0.57 ViacomCBS A VIACA 37.30 -0.10 AkamaiTech AKAM 103.46 -0.75 Biogen BIIB 246.92 3.76 ConstBrands A STZ 204.99 -0.75 PaycomSoftware PAYC 419.60 3.89 FreeportMcM FCX 24.08 0.44 iQIYI IQ 22.85 0.25 McDonalds MCD 210.86 -5.28 SolarWinds SWI 22.68 -0.07 ViacomCBS B VIAC 36.37 0.01 Albemarle ALB 135.25 -0.63 BioMarinPharm BMRN 79.86 0.36 Cooper COO 334.61 0.57 Paylocity PCTY 194.77 -4.77 FreseniusMed FMS 42.11 -0.60 iRhythmTechs IRTC 192.21 -48.43 McKesson MCK 180.85 1.85 Sony SNE 92.62 -2.06 Viatris VTRS 17.13 0.11 Albertsons ACI 15.52 -0.26 BioNTech BNTX 121.09 7.08 Copart CPRT 113.30 -1.95 PayPal PYPL 212.56 -3.98 s Corning GLW IronMountain IRM 27.44 0.20 MedicalProp MPW 19.60 -0.11 SoteraHealth SHC 28.00 0.60 Vipshop VIPS 25.13 -0.27 Alcon ALC 63.19 -0.94 BlackKnight BKI 89.46 -2.14 37.80 0.42 G H I Pegasystems PEGA 127.80 -2.17 ItauUnibanco ITUB 5.77 0.04 Medtronic MDT 113.60 1.46 Southern SO 61.88 1.31 Visa V 210.18 -1.02 AlexandriaRlEst ARE 165.97 -2.14 BlackLine BL 118.73 -1.35 Corteva CTVA 38.27 -0.04 Peloton PTON 113.18 1.15 CoStar CSGP MelcoResorts MLCO 18.21 0.02 SoCopper SCCO 60.20 0.05 Vistra VST 18.87 0.09 AlexionPharm ALXN 122.75 0.60 BlackRock BLK 718.36 3.13 868.73 -20.15 s GCI LibertyA GLIBA 93.22 0.27 J K L PembinaPipeline PBA 25.64 0.33 MercadoLibre MELI 1522.86 1.20 SouthwestAir LUV 47.44 0.17 VMware VMW 141.32 0.57 Alibaba BABA 261.32 -2.69 Blackstone BX 61.60 1.18 Costco COST 383.50 -4.06 GDS Holdings GDS 90.47 -0.52 PennNational PENN 71.84 1.81 Merck MRK 81.83 0.28 Splunk SPLK205.91 -0.52 Vodafone VOD 17.03 0.19 AlignTech ALGN 505.48 5.38 Boeing BA 223.85 10.84 CoupaSoftware COUP 321.70 -6.86 GFLEnvironmental GFL 27.73 0.08 JD.com JD 84.38 -0.98 Pentair PNR 51.38 -0.16 MetLife MET 47.71 0.80 s Spotify SPOT 320.89 35.90 VornadoRealty VNO 39.72 0.42 Alleghany Y 593.34 2.59 BookingHldgs BKNG 2078.42 25.75 Credicorp BAP 161.30 4.00 GSXTechedu GSX 62.16 -2.22 Joyy YY 85.70 -2.64 PenumbraPEN 205.24 -11.14 MettlerToledo MTD 1139.75 -20.34 Square SQ 202.00 -1.00 VoyaFinancial VOYA 59.48 -0.03 Allegion ALLE 113.54 -1.46 BoozAllen BAH 88.54 -0.66 CreditSuisse CS 13.02 0.13 Galapagos GLPG 124.82 -2.37 JPMorganChase JPM 122.04 2.30 PepsiCo PEP 144.62 -1.45 MicrochipTech MCHP 137.38 0.41 StanleyBlackDck SWK 178.62 -3.30 VulcanMatls VMC 140.84 -2.51 AlliantEnergy LNT 53.82 0.45 BorgWarner BWA 38.61 -0.10 Cree CREE 89.69 -0.01 Gallagher AJG 116.43 -0.28 JackHenry JKHY 159.98 -1.36 PerkinElmer PKI 138.58 1.38 s MicronTech MU 69.11 2.03 Starbucks SBUX 98.91 0.09 Allstate ALL 103.68 -0.61 BostonBeer SAM 920.88 -45.65 CrowdStrike CRWD 141.84 -5.66 Gaming&Leisure GLPI 41.61 -0.28 JacobsEngg J 106.89 -1.84 PetroChina PTR 32.30 0.49 Microsoft MSFT 215.37 -0.84 StateStreet STT 74.06 1.80 W X Y Z AllyFinancial ALLY 31.05 0.01 BostonProps BXP 101.05 1.22 CrownCastle CCI 166.84 -3.96 Gap GPS 20.92 -0.73 JamesHardie JHX 28.46 -0.16 PetroleoBrasil PBR 10.19 0.09 CrownHoldings CCK 96.70 -1.62 MidAmApt MAA 123.73 -0.86 SteelDynamics STLD 37.16 -0.18 AlnylamPharm ALNY 129.47 -2.80 BostonSci BSX 34.15 0.50 Garmin GRMN 118.48 -1.32 JazzPharma JAZZ 144.55 1.42 PetroleoBrasilA PBR.A 9.92 0.14 WEC Energy WEC 95.76 0.16 Cummins CMI 227.18 -3.18 Middleby MIDD 137.25 -1.21 Steris STE 192.80 -1.13 s Alphabet A GOOGL 1824.97 29.61 BrightHorizons BFAM 165.24 -3.78 Gartner IT 154.10 0.15 J&J JNJ 148.14 0.69 s Pfizer PFE 40.80 1.39 WEX WEX 181.54 2.42 CureVac CVAC 102.66 5.53 MiratiTherap MRTX 226.47 -7.89 STMicroelec STM 40.65 -0.75 s Alphabet C GOOG 1827.95 29.85 BristolMyers BMY 62.18 -0.23 Generac GNRC 210.74 -2.28 JohnsonControls JCI 45.89 -0.38 PhilipMorris PM 78.07 1.04 W.P.Carey WPC 69.26 -0.89 CyrusOne CONE 68.51 -1.79 MitsubishiUFJ MUFG 4.40 0.02 StoneCo STNE 70.72 -2.59 Alteryx AYX 118.31 2.30 BritishAmTob BTI 35.99 0.26 GeneralDynamics GD 153.35 1.59 JonesLang JLL 135.21 1.30 Phillips66 PSX 64.43 2.55 WPP WPP 50.16 -0.13 MizuhoFin MFG 2.62 0.02 Stryker SYK 234.26 3.26 AlticeUSA ATUS 34.62 0.55 Broadcom AVGO 403.73 -0.84 GeneralElec GE 10.43 0.28 JuniperNetworks JNPR 21.64 -0.25 Pinduoduo PDD 144.06 7.52 Wabtec WAB 72.58 0.28 D E F MobileTeleSys MBT 8.50 ... SumitomoMits SMFG 5.98 0.13 Altria MO 40.02 -0.47 BroadridgeFinl BR 147.23 -1.22 GeneralMills GIS 60.22 -1.09 KB Fin KB 42.75 0.71 PinnacleWest PNW 82.89 0.54 WalgreensBoots WBA 39.84 1.38 Moderna MRNA143.00 1.99 SunComms SUI 142.20 -1.10 AlumofChina ACH 9.74 -0.09 BrookfieldMgt BAM 40.92 0.37 DISH Network DISH 36.98 0.84 GeneralMotors GM 44.58 -0.10 KE Holdings BEKE 62.67 -1.72 Pinterest PINS 68.01 -0.20 Walmart WMT 150.52 -2.12 MohawkInds MHK 124.76 -1.97 SunLifeFinancial SLF 44.29 0.14 Amazon.com AMZN 3203.53 -16.55 BrookfieldInfr BIP 49.74 0.13 DTE Energy DTE 128.75 2.51 Genmab GMAB 38.32 0.08 KKR KKR 39.22 0.30 PioneerNatRscs PXD 101.53 1.73 WarnerMusic WMG 29.93 0.63 MolinaHealthcare MOH 208.04 0.84 SuncorEnergy SU 16.22 0.43 Ambev ABEV 2.88 0.02 BrookfieldPropREIT BPYU 15.67 0.04 DadaNexus DADA 53.60 -2.81 Genpact G 40.94 0.27 KLA KLAC 256.32 -0.34 PlainsAllAmPipe PAA 8.30 0.20 WasteConnections WCN 101.69 -1.52 MolsonCoorsB TAP 45.29 -0.96 SunRun RUN 60.99 -1.50 Amcor AMCR 11.47 -0.06 BrookfieldRenew BEPC 73.94 -0.56 Gentex GNTX 33.04 -0.45 KSCitySouthern KSU 189.37 2.27 PlugPower PLUG 24.07 -0.40 Danaher DHR 224.80 -0.20 Mondelez MDLZ 58.14 -0.32 WasteMgt WM 117.13 -2.51 Amdocs DOX 66.00 -0.50 Brown&Brown BRO 45.07 -0.54 GenuineParts GPC 96.98 -4.69 Kellogg K 62.72 -0.96 Pool POOL 339.13 -13.97 Suzano SUZ 10.38 -0.63 Darden DRI 109.63 -0.88 MongoDB MDB 267.91 -7.39 Waters WAT 235.12 0.93 Amedisys AMED 247.43 -0.86 Brown-Forman A BF.A 74.07 -0.50 Gerdau GGB 4.47 -0.10 KeurigDrPepper KDP 30.08 -0.37 PrincipalFin PFG 50.86 1.24 SynchronyFin SYF 32.33 0.86 DarlingIngred DAR 47.94 0.09 MonolithicPower MPWR 320.83 1.03 Watsco WSO 221.53 -4.68 Amerco UHAL 424.99 3.49 Brown-Forman B BF.B 79.88 -1.72 GileadSciences GILD 61.13 0.01 KeyCorp KEY 15.95 0.11 Procter&Gamble PG 138.36 -1.01 SyneosHealth SYNH 62.44 -3.28 Datadog DDOG 93.50 -2.17 s MonsterBev MNST 86.26 -0.42 Wayfair W 242.69 -5.53 Ameren AEE 78.49 -0.02 Bruker BRKR 51.72 0.20 GSK GSK 37.40 -0.12 KeysightTechs KEYS 121.88 0.04 Progressive PGR 89.20 0.04 Synopsys SNPS 224.72 -5.30 DaVita DVA 108.36 -0.23 Moody's MCO 277.97 -1.23 Weibo WB 42.10 0.30 AmericaMovil AMX 14.75 0.02 Bunge BG 59.31 -0.16 GlobalPayments GPN 195.38 -0.60 KilroyRealty KRC 61.75 0.01 Prologis PLD 97.52 -2.68 Sysco SYY 72.75 -0.68 DeckersOutdoor DECK 269.19 4.74 s MorganStanley MS 64.02 0.74 WellsFargo WFC 28.87 0.81 AmericaMovil A AMOV 14.63 ... BurlingtonStrs BURL 226.23 5.65 Deere DE 259.00 3.87 Globant GLOB 185.22 -4.31 KimberlyClark KMB 138.34 -2.94 PrudentialFin PRU 78.68 1.57 Welltower WELL 62.48 -1.01 KinderMorgan KMI Morningstar MORN 202.04 -1.30 T U V AmerAirlines AAL 14.86 0.59 CBRE Group CBRE 61.85 0.21 DellTechC DELL 70.52 ... GlobeLife GL 95.13 0.69 14.34 0.24 Prudential PUK 32.80 0.20 WestPharmSvcs WST 275.39 3.38 GoDaddy GDDY 81.38 -0.17 KingsoftCloud KC 41.30 0.84 Mosaic MOS 21.24 -0.47 AEP AEP 85.87 0.66 CDW CDW 131.21 -0.81 DeltaAir DAL 41.07 1.11 PublicServiceEnt PEG 57.70 0.19 TAL Education TAL 70.01 -1.10 WesternDigital WDC 47.72 0.45 GoldFields GFI 9.23 -0.29 KinrossGold KGC 7.35 -0.11 MotorolaSol MSI 171.06 0.56 AmerExpress AXP 122.33 2.40 CF Industries CF 37.85 0.35 DenaliTherap DNLI 62.52 -0.02 PublicStorage PSA 224.52 -0.83 TC Energy TRP 44.99 0.48 WesternUnion WU 22.32 -0.28 GoldmanSachs GS 237.65 5.57 KirklandLakeGold KL 41.22 -0.06 NICE NICE 238.55 -3.25 AmericanFin AFG 90.15 -0.03 CGI GIB 74.14 0.14 DentsplySirona XRAY 53.36 2.75 PulteGroup PHM 41.55 -1.11 TE Connectivity TEL 115.86 1.22 WestlakeChem WLK 77.79 0.85 GoodRx GDRX 36.80 -0.01 Knight-Swift KNX 41.43 -0.90 NIO NIO 47.98 2.62 AmHomes4Rent AMH 28.80 -0.25 CH Robinson CHRW 92.30 -1.53 s DeutscheBank DB 11.58 0.13 Qiagen QGEN 47.74 -0.72 Telus TU 19.37 0.07 WestpacBanking WBK 15.18 0.12 Graco GGG 66.65 -0.82 KoninklijkePhil PHG 51.99 -0.73 NRG Energy NRG 33.60 0.24 AIG AIG 39.73 0.42 CME Group CME 181.88 2.72 DexCom DXCM 333.20 5.48 Qorvo QRVO 159.55 -0.23 TJX TJX 65.00 0.12 WestRock WRK 43.47 0.38 Grainger GWW 407.32 -5.82 KoreaElcPwr KEP 9.81 0.20 NVR NVR 3899.10 -95.12 AmerTowerREIT AMT 228.90 -6.93 CMS Energy CMS 61.79 0.28 Diageo DEO 155.88 -1.78 Qualcomm QCOM 149.98 -0.63 s T-MobileUS TMUS 133.14 -0.59 Weyerhaeuser WY 28.89 -0.38 Grifols GRFS 18.82 -0.43 KraftHeinz KHC 32.78 -0.36 NXP Semi NXPI 160.54 1.46 QuantaServices PWR AmerWaterWorks AWK 154.83 0.53 CNA Fin CNA 35.64 0.31 DigitalRealty DLR 132.16 -2.97 68.57 -1.39 TRowePrice TROW 146.51 1.01 WheatonPrecMet WPM 41.37 0.42 CNH Indl CNHI 11.08 -0.10 GuardantHealth GH 119.65 -1.58 Kroger KR 32.29 -0.72 Nasdaq NDAQ 129.36 -0.55 QuestDiag DGX 124.38 -1.30 AmericoldRealty COLD 33.84 -0.49 DiscoverFinSvcs DFS 81.69 1.54 TaiwanSemi TSM 99.54 -1.32 Whirlpool WHR 183.78 -10.02 CNOOC CEO 101.58 3.67 Guidewire GWRE 123.73 -0.23 L Brands LB 38.67 -0.23 Natera NTRA 90.76 -0.43 s Ameriprise AMP 193.44 3.19 DiscoveryB DISCB 31.48 -0.20 Quidel QDEL 198.98 10.03 TakeTwoSoftware TTWO 181.30 1.24 Williams WMB 21.65 0.75 HCA Healthcare HCA 152.60 0.69 Line LN 51.30 -0.36 NationalGrid NGG 57.89 0.55 AmerisourceBrgn ABC 103.12 0.93 CRH CRH 40.16 -0.22 DiscoveryA DISCA 28.37 0.70 TakedaPharm TAK 18.34 0.36 Williams-Sonoma WSM 110.15 -0.59 HDFC Bank HDB 69.73 -0.50 LKQ LKQ 35.84 -0.30 Natura&Co NTCO 18.83 0.03 R S Ametek AME 115.02 -2.22 CRISPR Therap CRSP 131.54 1.96 DiscoveryC DISCK 25.24 0.58 Tapestry TPR 28.48 0.12 WillisTowers WLTW 212.49 -1.60 CSX CSX 90.68 0.06 HD Supply HDS 55.83 0.04 LPL Financial LPLA 95.13 1.80 NatWest NWG 4.42 0.04 Amgen AMGN 226.56 1.48 s Disney DIS 153.61 4.17 RELX RELX 23.64 -0.06 Target TGT 176.41 -2.64 s Wipro WIT 5.37 0.14 CVS Health CVS 69.63 2.09 HP HPQ 22.82 0.44 L3HarrisTech LHX 191.54 -0.30 nCino NCNO 80.81 -2.18 Amphenol APH 131.09 -0.52 DocuSign DOCU 217.70 1.99 RH RH 454.43 0.53 TataMotors TTM 12.64 0.07 Wix.com WIX 251.34 1.61 CableOne CABO 2039.02 16.27 HSBC HSBC 27.78 0.49 LabCpAm LH 198.84 -2.62 NetApp NTAP 59.23 5.07 AnalogDevices ADI 140.66 -0.07 DolbyLab DLB 90.09 0.52 RPM RPM 87.11 -1.42 TeckRscsB TECK 16.68 0.29 Woodward WWD 115.34 1.83 CabotOil COG 17.05 -0.33 Halliburton HAL 17.61 0.57 s LamResearch LRCX 479.22 11.57 NetEase NTES 88.13 -1.85 Anaplan PLAN 69.50 0.76 DollarGeneral DG 217.54 -2.30 RaymondJames RJF 94.70 1.71 TeladocHealth TDOC 195.03 -0.16 Workday WDAY 225.43 -0.27 CadenceDesign CDNS 116.43 0.78 HartfordFinl HIG 45.46 0.03 LamarAdv LAMR 80.48 0.48 Netflix NFLX 503.38 -1.20 AngloGoldAsh AU 22.96 -0.01 DollarTree DLTR 111.63 -0.76 RaytheonTech RTX 71.94 0.71 TeledyneTech TDY 385.82 4.17 WynnResorts WYNN 105.13 2.77 CaesarsEnt CZR 68.50 0.66 Hasbro HAS 93.93 -2.26 LambWeston LW 72.63 -0.12 Neurocrine NBIX 97.17 2.34 AB InBev BUD 68.00 0.19 DominionEner D 80.28 0.12 RealPage RP 68.37 -0.51 Teleflex TFX 380.38 -0.09 XP XP 40.41 -0.04 CamdenProperty CPT 99.21 0.49 HealthcareAmer HTA 25.81 -0.28 LasVegasSands LVS 57.61 0.99 NewFortressEner NFE 42.66 0.31 AnnalyCap NLY 8.10 0.04 Domino's DPZ 387.83 -3.92 RealtyIncome O 60.78 0.41 Ericsson ERIC 12.25 -0.14 XPO Logistics XPO 110.01 -0.41 CampbellSoup CPB 49.07 -1.18 HealthpeakProp PEAK 29.50 -0.16 Lear LEA 144.68 -2.14 NewOrientalEduc EDU 157.96 -3.81 Anthem ANTM 318.45 4.55 Donaldson DCI 53.14 -0.22 RegencyCtrs REG 47.53 0.98 TelefonicaBras VIV 8.36 -0.49 XcelEnergy XEL 68.68 0.27 CIBC CM 85.10 -0.07 Heico A HEI.A 120.36 3.28 Leidos LDOS 103.10 1.46 NYTimes A NYT 45.17 0.41 Aon AON 209.08 -1.61 Dover DOV 122.29 -0.35 RegenPharm REGN 505.13 -8.94 Telefonica TEF 4.55 0.07 s Xilinx XLNX 147.11 1.31 CanNtlRlwy CNI 106.47 -0.11 Heico HEI 129.66 0.85 Lennar B LEN.B 57.05 -1.57 NewellBrands NWL 21.22 -0.22 ApolloGlbMgmt APO 46.00 0.69 Dow DOW 53.20 -0.33 RegionsFin RF 16.17 0.30 TelekmIndonesia TLK 23.28 0.56 XPeng XPEV 56.00 3.64 CanNaturalRes CNQ 23.44 0.30 HenrySchein HSIC 66.49 1.58 Lennar A LEN 71.20 -2.03 Newmont NEM 59.96 -0.25 Appian APPN 136.26 -0.84 DrReddy'sLab RDY 65.49 -0.35 ReinsGrp RGA 121.16 -0.17 10xGenomics TXG 144.81 -5.03 Xylem XYL 96.14 -0.93 CanPacRlwy CP 321.20 -1.77 Hershey HSY 149.25 -0.79 LennoxIntl LII 280.99 -7.36 s NewsCorp A NWSA 18.39 0.32 Apple AAPL 123.08 0.36 DraftKings DKNG 51.10 0.32 RelianceSteel RS 119.09 -1.15 Tenaris TS 15.95 0.14 Yandex YNDX 69.20 -0.85 Canon CAJ 18.72 0.62 Hess HES 49.11 1.35 LeviStrauss LEVI 18.87 0.09 s NewsCorp B NWS 18.44 0.19 s ApplMaterials AMAT 85.29 1.02 Dropbox DBX 20.11 -0.06 RenaissanceRe RNR 169.04 0.97 TencentMusic TME 16.44 0.03 t YatsenHolding YSG 16.00 -0.78 CanopyGrowth CGC 28.18 1.53 HewlettPackard HPE 11.52 0.32 LiAuto LI 34.75 -0.11 NextEraEnergy NEE 74.31 0.16 Aptargroup ATR 126.26 -1.56 DukeEnergy DUK 93.87 0.61 Repligen RGEN 187.00 -6.86 Teradyne TER 113.96 -1.16 YumBrands YUM 104.98 -1.36 CapitalOne COF 91.39 1.69 HighwoodsProp HIW 39.02 0.04 s LibertyBroadbandA LBRDA 160.21 0.27 Nike NKE 135.58 0.14 Aptiv APTV 121.00 -1.21 DukeRealty DRE 37.73 -0.87 RepublicSvcs RSG 95.75 -1.40 Tesla TSLA 568.82 -15.94 YumChina YUMC 56.62 -1.55 CardinalHealth CAH 55.65 1.62 Hilton HLT 106.75 1.91 s LibertyBroadbandC LBRDK 161.13 0.29 NiSource NI 24.62 0.13 Aramark ARMK 36.47 -0.21 Dun&Bradstreet DNB 26.92 -0.11 ResMed RMD 209.26 -2.35 TevaPharm TEVA 9.66 0.25 ZTO Express ZTO 29.02 0.27 Carlisle CSL 147.76 -0.06 Hologic HOLX 70.86 1.23 LibertyGlobal A LBTYA 23.99 0.78 Nokia NOK 4.06 ... s ArcelorMittal MT 19.85 0.42 Dunkin' DNKN 106.34 0.02 RestaurantBrands QSR 58.19 0.82 TexasInstruments TXN 162.72 -0.77 ZaiLab ZLAB 107.69 -1.24 Carlyle CG 28.86 0.19 ArchCapital ACGL 33.11 0.09 DuPont DD 63.96 0.43 s RingCentral RNG 329.18 23.33 Textron TXT 46.13 0.50 ZebraTech ZBRA 367.21 -4.96 CarMax KMX 96.47 0.33 ArcherDaniels ADM 49.49 -0.62 Dynatrace DT 38.04 -0.45 s RioTinto RIO 70.19 2.68 ThermoFisherSci TMO 478.89 7.79 Zendesk ZEN 132.40 1.04 Carnival CCL AresMgmt ARES 45.87 ... 21.16 1.01 ENI E 20.40 0.13 RitchieBros RBA 69.58 0.04 ThomsonReuters TRI 80.08 0.33 Zillow C Z 107.10 -0.09 arGEN-X ARGX 287.89 -1.49 Carnival CUK 18.97 0.79 EOG Rscs EOG 47.82 1.29 New Highs and Lows | WSJ.com/newhighs RobertHalf RHI 64.79 0.01 3M MMM 171.85 1.33 Zillow A ZG 111.88 0.96 AristaNetworks ANET 271.58 -1.42 CarrierGlobal CARR 36.83 -0.77 EPAM Systems EPAM 323.59 -5.23 RocketCos. RKT 20.10 -0.09 Tiffany TIF 131.33 -0.02 ZimmerBiomet ZBH 147.85 1.75 ArrowElec ARW 93.65 0.97 Carvana CVNA 225.45 -25.68 EastmanChem EMN 98.18 -0.60 Rockwell ROK 246.69 -0.27 Toro TTC 88.98 -1.61 Zoetis ZTS 158.95 -2.41 AscendisPharma ASND 168.25 -0.37 CaseysGenStores CASY 184.10 -1.89 Eaton ETN 118.92 -1.78 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American RogersComm B RCI 46.45 0.07 TorontoDomBk TD 54.77 0.10 ZoomVideo ZM 412.86 6.55 AspenTech AZPN 131.93 -1.89 Catalent CTLT 93.21 -2.56 s EatonVance EV 69.14 0.66 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest Roku ROKU 281.33 -4.38 Total TOT 43.82 0.39 ZoomInfoTech ZI 43.01 -4.92 session. %CHG-Daily percentage change from the previous trading session. Assurant AIZ 131.58 0.22 Caterpillar CAT 173.87 0.61 eBay EBAY 51.35 0.83 Rollins ROL 55.16 -2.38 ToyotaMotor TM 136.34 0.20 Zscaler ZS 146.79 -4.89 AstraZeneca AZN 53.39 0.41 Celanese CE 130.65 0.33 Ecolab ECL 219.14 -4.88 RoperTech ROP 418.01 -5.99 TractorSupply TSCO 136.77 -2.90 Zynga ZNGA 8.32 0.08 Athene ATH 45.80 0.75 Cemex CX 4.98 -0.04 Ecopetrol EC 12.13 0.12 Wednesday, December 2, 2020 Atlassian TEAM 227.99 3.93 Centene CNC 63.84 0.97 EdisonInt EIX 62.19 0.10 52-Wk % 52-Wk % 52-Wk % AtmosEnergy ATO 96.19 -0.45 CenterPointEner CNP 22.93 0.10 EdwardsLife EW 84.47 0.59 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Autodesk ADSK 277.06 -2.05 CentraisElBras EBR 6.41 0.26 ElancoAnimal ELAN 30.00 0.69 Borrowing Benchmarks Autohome ATHM 92.78 0.39 CeridianHCM CDAY 93.90 -1.14 Elastic ESTC 119.90 -0.90 GatosSilver GATO 7.53 -0.8 PrimeImpactI PIAI.U 10.14 0.2 Autoliv ALV 89.86 -0.73 Cerner CERN 75.47 0.10 ElectronicArts EA 129.54 2.30 Highs GenerationBio GBIO 55.72 6.6 PropertySolns PSACU 10.52 0.2 wsj.com/market-data/bonds/benchmarks GoldmanSachsPfD GSpD 24.49 0.1 PropSolnsWt PSACW 0.75 2.7 ADP ADP 171.58 -3.09 CharlesRiverLabs CRL 235.46 -1.80 EmersonElec EMR 75.90 0.13 AconS2AcqnA STWO 9.95 0.5 GreenVisionAcqn GRNV 10.29 -0.8 PublicStoragePfK PSApK 28.42 0.1 AutoZone AZO 1152.22 -12.62 s CharterComms CHTR 667.17 4.92 Enbridge ENB 32.17 0.83 ASML ASML 452.11 0.4 GreenwichLife GLSI 5.80 2.2 PulseBiosciences PLSE 19.70 19.1 Money Rates December 2, 2020 Avalara AVLR 168.23 -1.56 CheckPoint CHKP 118.12 -0.85 EncompassHealth EHC 79.92 0.07 AcaciaComms ACIA 70.24 0.1 HainCelestial HAIN 38.75 -3.2 PureTechHealth PRTC 48.00 5.1 Avalonbay AVB 169.28 1.83 Chegg CHGG 76.03 -2.37 EnelAmericas ENIA 7.51 -0.04 AciesAcqn ACACU 10.15 0.6 HimaxTechs HIMX 7.15 2.8 QAD B QADB 38.90 2.3 Avangrid AGR 46.86 -0.42 Chemed CHE 476.69 -3.31 EnergyTransfer ET 6.33 0.16 AdvMicroDevices AMD 96.37 1.2 HorizonAcqn HZAC.U 10.65 1.0 QAD A QADA 59.45 2.3 Key annual interest rates paid to borrow or lend money in U.S. and Avantor AVTR 27.18 0.03 CheniereEnergy LNG 57.38 0.64 EnphaseEnergy ENPH 127.93 -0.92 AequiAcqn ARBGU 10.08 ... HoulihanLokey HLI 66.46 -1.6 Radcom RDCM 10.70 8.5 Alcoa AA 22.46 2.5 AveryDennison AVY 150.84 -0.91 CheniereEnerPtrs CQP 38.92 1.04 Entegris ENTG 93.19 -0.81 HudbayMinerals HBM 6.88 1.2 Rapid7 RPD 76.46 1.1 international markets. Rates below are a guide to general levels but AlphaHlthcrAcqnUn AHACU 10.02 0.5 RiceAcqn RICE.U 10.50 0.8 AxaltaCoating AXTA 28.59 -0.62 Chevron CVX 89.87 2.42 Entergy ETR 108.61 -0.24 HudsonTech HDSN 1.77 0.6 don’t always represent actual transactions. Alphabet A GOOGL 1832.74 1.6 HyreCar HYRE 7.33 3.3 RingCentral RNG 329.95 7.6 AxonEnterprise AAXN 123.92 -1.34 Chewy CHWY 71.23 -4.11 EnterpriseProd EPD 20.10 0.54 Alphabet C GOOG 1835.65 1.7 II-VI IIVI 70.65 1.4 RioTinto RIO 70.76 4.0 BCE BCE 43.53 0.23 ChinaEastrnAir CEA 22.94 -0.26 Equifax EFX 164.61 -2.33 AltimeterGrwA AGC 12.48 -0.6 II-VI 6% Pfd IIVIP 300.32 2.2 RodgersSilicVal RSVAU 11.61 12.2 Week —52-WEEK— s BHP Group BHP 60.13 2.38 ChinaLifeIns LFC 11.63 -0.03 Equinix EQIX 690.62 -21.96 AlussaEnergyWt ALUS.WS 0.95 12.5 Identiv INVE 7.66 7.0 SK Telecom SKM 24.12 1.8 Inflation Latest ago High Low s Ambarella AMBA 87.04 8.9 SMTC SMTX 5.00 1.7 BHP Group BBL 49.50 2.35 ChinaMobile CHL 30.27 0.54 Equinor EQNR 16.11 0.39 IderaPharm IDRA 5.29 18.3 Oct. index Chg From (%) BP BP 21.07 0.83 ChinaPetrol SNP 47.18 1.54 Equitable EQH 26.58 0.21 Ameriprise AMP 193.86 1.7 Impinj PI 44.48 5.1 SS&C Tech SSNC 70.40 0.3 Baidu BIDU 143.70 3.44 ChinaSoAirlines ZNH 31.69 -0.15 EquityLife ELS 58.74 -0.38 AmicusTherap FOLD 23.60 2.7 IndlTechA ITAC 10.46 ... SanaraMedTech SMTI 39.48 11.6 level Sept. '20 Oct. '19 Other short-term rates Amrep AXR 7.22 17.9 SeaportGlb SGAMU 10.07 0.4 BakerHughes BKR 19.67 0.44 ChinaTelecom CHA 30.40 0.40 EquityResdntl EQR 60.36 1.37 InfinityPharm INFI 2.20 3.4 AnworthMtgPfdB ANHpB 24.49 0.3 InfuSystems 16.66 1.0 Sibanye-Stillwater SBSW 15.18 2.2 Ball BLL 94.00 -2.82 ChinaUnicom CHU 6.00 0.03 ErieIndemnity A ERIE 221.12 -3.88 INFU U.S. consumer price index Week 52-Week ApplMaterials AMAT 85.59 1.2 Inhibrx INBX 34.88 1.0 SilverSpikeAcqnWt SSPKW 1.20 26.6 BancoBilbaoViz BBVA 4.97 0.18 Latest high low Chipotle CMG 1297.00 -24.06 EssentialUtil WTRG 47.37 0.65 ArcelorMittal MT 20.02 2.2 InspireMedical INSP 192.20 0.9 SilvercrestAsset SAMG 13.76 -0.1 All items 260.388 0.04 1.2 ago ArcelorMittalNts 48.19 2.1 SilvergateCapital SI 40.43 11.2 MTCN IntelliaTherap NTLA 41.81 7.8 Core 269.328 0.10 1.6 Avaya AVYA 19.79 0.7 Investindustrial IIAC.U 10.15 0.6 Smith-Midland SMID 8.65 2.0 Call money AvidBioservices CDMO 9.58 8.2 IovanceBiotherap IOVA 42.25 ... Snap SNAP 47.50 6.7 BHP Group BHP 60.42 4.1 JMP JMP 3.48 7.9 SouthMtnA SMMC 14.49 5.2 International rates 2.00 2.00 3.50 2.00 ADVERTISEMENT BHP Group BBL 49.71 5.0 Joint JYNT 27.12 1.6 SouthMtnWt SMMCW 3.34 14.8 BeamTherap BEAM 57.93 4.3 SouthMountainUn SMMCU 16.00 10.3 KingswayFin KFS 4.39 28.7 Week 52-Week Commercial paper (AA financial) BioanalyticalSys BASI 7.00 3.1 KingswoodAcqn KWAC.U 10.15 0.5 SpartacusAcqnUn TMTSU 10.35 -0.4 BlueknightEnPtrsA BKEPP 6.18 2.0 KinsaleCapital KNSL 244.60 -0.6 SperoTherap SPRO 17.85 1.8 Latest ago High Low 90 days 0.20 n.a. 2.53 0.04 BluescapeOpps BOAC.U 10.35 -0.7 KymeraTherap KYMR 55.00 10.3 Spotify SPOT 330.87 12.6 The Marketplace BowXAcquisitionUn BOWXU 10.72 0.4 LamResearch LRCX 480.98 2.5 StifelFinancial SF 73.29 1.4 Prime rates Libor BroadcomPfdA AVGOP 1348.00 -0.4 Lands'End LE 25.90 1.5 StoneMor STON 1.87 -3.9 To advertise: 800-366-3975orWSJ.com/classifieds Broadstone BNL 18.47 0.4 LarimarTherap LRMR 24.65 1.6 Strats USC GJH GJH 10.59 0.8 U.S. 3.25 3.25 4.75 3.25 One month 0.15213 0.14550 1.80475 0.12663 StreamlineHlth STRM 1.91 11.2 BrookfieldFinNts BAMI 25.25 ... LibertyBroadbandA LBRDA 160.36 0.2 Canada 2.45 2.45 3.95 2.45 Three month 0.23050 0.23300 1.96050 0.20488 BurgundyTechWt BTAQW 0.84 -3.6 LibertyBroadbandC LBRDK 162.04 0.2 T-MobileUS TMUS 134.24 -0.4 CaliforniaRscs CRC 24.18 ... LightspeedPos LSPD 58.48 10.5 TPGPaceTechWt PACE.WS 1.77 18.2 Japan 1.475 1.475 1.475 1.475 Six month 0.25825 0.26000 1.92438 0.23375 AUCTIONS BUSINESSOPPORTUNITIES CambiumNtwks CMBM 29.70 8.8 LiveOakAcqnUn LOAK.U 14.45 1.2 TPIComposites TPIC 45.65 3.1 One year 0.33438 0.33738 2.01200 0.32763 CapitalOnePfdI COFpI 26.09 0.1 Lydall LDL 29.34 1.0 TailwindAcqn TWND.U 10.40 0.5 TowerSemi TSEM 25.96 -0.4 Policy Rates CapitalOnePfdK COFpK 26.02 0.7 MKS Instrum MKSI 143.62 2.3 Euro Libor CapitolInvtV CAP.U 10.05 0.5 MerrimackPharm MACK 7.10 59.1 TrepontAcqnI TACA.U 10.20 1.5 Euro zone 0.00 0.00 0.00 0.00 TridentAcqns 19.79 7.2 222>(A#'!%*5&8$A!;>&A" ,-%1%, )!",+' $,&1%,%!"%#,(!%),*% CerevelTherap CERE 15.29 1.8 MesabiTrust MSB 24.80 1.7 TDACU TriumphBncpPfdC TBKCP 27.00 ... Switzerland 0.00 0.00 0.50 0.00 One month -0.586 -0.578 -0.360 -0.621 2-')&$1+$ !,.,-0,& *$( "#.$/)+ ,'2(..# $2!( &(!41 (24+(3 0+( '!/2 !' CerevelTherapWt CEREW 4.00 7.0 MicronTech MU 69.39 3.0 Tronox TROX 13.98 4.0 "%-2( (2&*(*-,) 3.5 .% />2/%5'./.77.= $- CharterComms CHTR 669.90 0.7 MonsterBev MNST 88.46 -0.5 Britain 0.10 0.10 0.75 0.10 Three month -0.548 -0.544 -0.142 -0.552 $/[email protected]+ 72.6/. 488 (/??/ %260@/ :7,/,3 Vertiv VRT 19.58 ... "&.55 -.*'&'2'/5 &$*.2/1 %/.7 . 2$07'52 .7/. $- CoreMoldingTech CMT 12.04 8.9 Natuzzi NTZ 11.52 24.6 Overnight repurchase VesperHlthcrAcqn VSPRU 10.85 2.1 (.69;/, 791 [email protected]@./-.6<7!69+ #,?791 &,B7B/ $%/ $- $07 47/.2 2.-/59 !'752 *&.55 -.*'&'2'/5 Corning GLW 37.95 1.1 NavSightA NSH 9.89 0.1 Vonage VG 13.52 0.4 U.S. 0.10 0.08 1.65 -0.07 Secured Overnight Financing Rate '% .,/.02'-0& 5/22'%)9 07$-/55'$%.& 52.-- ,'2( DeerfieldHlthcr DFHTU 11.92 6.9 NavSightWt NSH.WS 1.35 4.4 #"F>AF= *FN @"H [)H CZB E"(+ &FJ %] &&DC? Y!%!$!"#$!### DeerfieldWt DFHTW 2.89 32.0 NewsCorp A NWSA 18.46 1.8 U.S. government rates "%)%%&!');($%&* XPEL XPEL 40.37 2.4 Denbury DEN 24.91 0.9 NewsCorp B NWS 18.53 1.0 Value 52-Week Xilinx XLNX 151.54 0.9 DeutscheBank DB 11.60 1.1 NexPointRealEst NREF 19.71 2.4 Discount YucaipaAcqnWt YAC.WS 1.34 6.2 Latest Traded High Low Digimarc DMRC 51.75 3.0 nLIGHT LASR 34.36 6.8 BUSINESSOPPORTUNITIES ZaniteAcqn ZNTEU 10.25 -0.6 0.25 0.25 2.25 0.25 CAREERS Diodes DIOD 70.36 1.1 OTR Acqn OTRAU 10.09 0.3 DTCC GCF Repo Index Disney DIS 154.01 2.8 OaktreeAcqnII A OACB 10.41 0.9 Lows elfBeauty ELF 22.62 2.6 OasisPetrol OAS 36.86 2.7 Federal funds Treasury 0.098 39.400 1.720 0.002 EasternBankshares EBC 15.09 0.2 OcularTherapeutix OCUL 18.86 4.3 "''&/%1$'& 2$-+.1$'& *"!/1$) %". -1#& AltimeterGrwA AGC 11.82 -0.6 Effective rate 0.0900 0.0900 1.6200 0.0600 MBS EatonVance EV 69.18 1.0 OlemaPharm OLMA 60.27 -2.0 FalconCapWt FCACW 1.35 -10.0 0.118 57.250 1.763 0.011 "@<1 =5 ')@.>1E B(@6?E;.>:5 %D>@>1 0- !-*(35$<'55 (79#'75 ElementSolns ESI 14.46 0.8 Oncorus ONCR 31.24 0.7 Fanhua FANH 13.96 1.3 High 0.1000 0.1000 1.6500 0.1000 Entravision EVC 3.05 ... OncoSecMedical ONCS 5.82 6.7 GoHealth GOCO 10.01 7.0 Low 0.0500 0.0500 1.5800 0.0100 *::1.>@6:1 $6D;E@6:1 '09.@657 5@66 -5>0: (=,;2@,,@, Evertec EVTC 38.97 2.5 Oppenheimer A OPY 31.09 -1.3 Histogen HSTO 1.23 -3.1 Notes on data: FMC FMC 120.21 -0.6 POSCO PKX 57.37 1.6 JianpuTech JT 2.46 -5.6 Bid 0.0800 0.0800 1.6000 0.0100 U.S. prime rate is the base rate on corporate @#1=E@D?@ A6D;E@6:1 :09.@657@64 &/> '/2.74 *<++/55/<)5 FTACOlympusWt FTOCW 1.40 8.7 ProgHoldings 59.90 6.9 PRG NabrivaTherap NBRV 0.36 -10.5 Offer 0.1100 0.1100 1.6300 0.0500 loans posted by at least 70% of the 10 largest @8)0<<5C08614 D;=DA4A@E5 0- #$ 7*53&3*53*: !(*:%0.:(% FtacOlympus FTOCU 10.25 0.5 Patterson PDCO 32.47 15.3 NorthernDynasty NAK 0.32 -5.0 Farfetch FTCH 56.79 2.3 Pearson PSO 8.97 ... Progenity PROG 3.27 -9.5 U.S. banks, and is effective March 16, 2020. *::1.>@6:1 $6D;E@6:1 '09.@6A1D7 $6:, C 10.8 &.04 %04@ A9=?,;)@ 5/6@, FateTherap FATE 61.35 0.5 PeoplesUtdPfdA PBCTP 31.01 0.4 PyxisTankersWt PXSAW 0.26 -1.7 Treasury bill auction Other prime rates aren’t directly comparable; 6305$ 98%*+$,35 "2%0+*+*- "4+*.3 ')1/ Fitbit FIT 7.29 0.4 PetrosPharm PTPI 4.99 121.7 Root ROOT 14.56 -13.5 4 weeks 0.080 0.080 1.620 0.000 lending practices vary widely by location; !" (@6?E;.>:5 '0;E> -0E >)1 &AD>EA:> 0- FiveStarSrLiving FVE 6.40 4.1 Pfizer PFE 41.41 3.5 SocialCapHedV Wt IPOE.WS 2.01 -7.8 Discount rate is effective March 16, 2020. #1=E@D?@7 '@D1 #0, 2+C//2+3 5@2) "@??@. -7@,=4@ ?0+ FreedomHolding FRHC 40.06 3.9 Phreesia PHR 44.99 -0.2 SocialCapHedosophiaHldgsCorp.IVWt IPOD.WS 2.51 -3.3 13 weeks 0.085 0.085 1.560 0.000 Secured Overnight Financing Rate is as of FriedmanInds FRD 6.52 1.6 PineIslandAcqn PIPP.U 10.20 0.5 TPGPaceBenWt 1.55 -62.0 !7<-475"2<0045+#)1:<+;#)=9:<+ TPGY.WS 26 weeks 0.090 0.090 1.570 0.080 December 1, 2020. DTCC GCF Repo Index is *@4 +C.@4E'F+@C!#@CF'#F fuboTV FUBO 29.21 2.5 PowerIntegrations POWI 74.29 1.4 VesperHlthcrA VSPR 10.01 -0.2 Depository Trust & Clearing Corp.'s weighted $/5/0 <.7 ,4!5/0482<0045+#)1:<+;#)=9:<+ GCI LibertyA GLIBA 93.39 0.3 PraxisPrecision PRAX 46.71 4.1 ViveveMedical VIVE 4.14 -6.1 GabelliEqPfdG GABpG 25.79 0.4 PrimeImpactI A PIAI 10.10 0.1 YatsenHolding YSG 15.18 -4.6 Secondary market average for overnight trades in applicable )"4')$(7+4"CC"E'C! %)/046 &0#045 3*#)#6# 3(.7<;4 CUSIPs. Value traded is in billions of U.S. dollars. #@BC1") .@4 F/" F4B1F"" Fannie Mae Federal-funds rates are Tullett Prebon rates as 30-year mortgage yields of 5:30 p.m. ET. ,%4"CC"E'C&:@1+C"))+7#@E Sources: Federal Reserve; Bureau of Labor COMMERCIAL REAL ESTATE Dividend Changes 30 days 1.895 1.887 3.362 1.751 Statistics; DTCC; FactSet; /=,-,./--.D? 60 days 1.920 1.913 3.370 1.804 Tullett Prebon Information, Ltd. Dividend announcements from December 2. &>>7 49>:5<<>9 3#@(J<-@5<< 01 G9<< $;40"&*"6)%.-8%6- 2042%0-"%. >84)%64?< 30R91 *1 (+";& =4+0 &0%*8#48% 8W 82 &UO7R Amount Payable / IPO Scorecard 8>93/&!9"=:+<>@I-HH5 *95= +W8P/A< +287828A6 "W/277W0A7\K ,;VV! Company Symbol Yld %New/Old Frq Record 8%5*/9* #%4).5. 8%(.90!$ 8+4)(3%4**5. 3 TGR0T *1 'UXX '9T/+287828A6 "W/6A7O 4O77W\U ,TR;8 Performance of IPOs, most-recent listed first /) "4-(% 79'5%*4%,5!$ 2(!15% %5!4/+5%$ 3 VR10 *' :UWA8$09T/ 4GQ +W826/.A.AO3?72AO3 Increased % Chg From % Chg From /) 7(9!154$! 67& %7A12O8172.82A/ 277X 'U762 ,V10! RGC Resources RGCO 3.0 .185 /.175 Q Feb01 /Jan15 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day 3 59*12O8XA$OUW27:A/ +. T/4OXUW\ *OA7 ,59!371 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close 0#) &#%,2' #8*'0.;'8. 3*8OSUO2/;7W\/ 099#7W:7O6/4O77W\U *OA7 ,;RG8 Stocks Capitol Investment V Spartan Acquisition II '#%$. &#%,2' 64462.,8#.? 3$7UUO8W: (8I ,TR;83.SUO2657O ,@GG! Viveve Medical VIVE 1:10 /Dec02 10.05 0.5 ... 10.34 3.4 0.4 *($$ *-(' "+#!#+,!%&"& 'UW2712 ?726UW 0A772K 'UOS>-AM23'777 1@491;T9G;01 CAP.UT Dec. 2/$10.00 SPRQ.UT Nov. 25/$10.00 Foreign Rodgers Silicon Valley Acquisition 11.22 12.2 ... 10X Capital Venture Acquisition 10.15 1.5 1.4 Banco Bradesco Ord ADR BBDO 2.7 .00242 M Jan11 /Dec03 RSVAU Dec. 2/$10.00 VCVCU Nov. 24/$10.00 >&'5(& $"(!#& 8*3&; Banco Bradesco Pref ADR BBD 3.3 .00266 M Jan11 /Dec03 '&;("#)$+834/ *<&86&%6" ':13)!: Trepont Acquisition I 10.15 1.5 ... Genesis Park Acquisition 10.11 1.1 1.0 Bank of Montreal BMO 4.4 .81988 Q Feb26 /Feb01 TACA.UT Dec. 2/$10.00 GNPK.UT Nov. 24/$10.00 8*3#$8$%*8$!" ;8>*8&%$&; THE MARKETPLACE Bank Of Nova Scotia BNS 5.4 .692 Q Jan27 /Jan05 Seaport Global Acquisition 10.06 0.6 0.6 HF Enterprises 5.65 –19.3 –19.1 -%&+'% ,***(%%$!'$#% +" ,$ ('& "%-)%*- ADVERTISE TODAY Imperial Oil IMO 3.9 .17016 Q Jan01 /Dec03 SGAMU Nov. 30/$10.00 HFEN Nov. 24/$7.00 (800)366-3975 Suncor Energy SU 4.0 .16243 Q Dec24 /Dec03 Watford 8.5% Pfd. WTREP 7.6 .48385 Q Dec31 /Dec15 Forest Road Acquisition 10.30 3.0 1.0 Ozon Hldgs 42.81 42.7 6.5

THE WALL STREET JOURNAL. Thursday, December 3, 2020 | B7

Travel theWorld With Our Journalistsand Experts

Your Exportfor Finland Join National Geographic experts and Wall Street Journal reporters and editors, including trip hosts Journal EMEA Editor Thorold Barker and National Geographic Editor in Chief Susan Goldberg, on an exclusiveprivatejet expedition foraonce-in-a-lifetime opportunitytomeet innovativeleadersand experienceawe-inspiring sites.

Days 18-20: Helsinki and Lapland, Finland Ann M. Simmons WSJReporter

To getanin-depth look at theFutureofthe Arctic,we’ll journeytoFinland to gaininsightsonclimate change andits implications forbusiness, security,and naturalresources in theNorthernHemisphere. We’llstart with privatetours of Helsinki’stop sites, from itsarchipelago to theSuomenlinna fortress.Thenit’sofftothe Arctic landscapesofLapland to learn aboutSamiculture,try outreindeer lassoing andtour theregion’slegendarygold fields.

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*Priceisper person, double occupancy,and subject to change.Plus an extra$9,495for asingle room. Airfare to Seattle,Washington and return from Boston, Massachusettsisnot includedinthe expedition cost. This trip will be operated by National Geographic Partners Chicago,the tour operations branch of National Geographic,onflightsoperated by Icelandair.Pleasevisit natgeoexpeditions.com/privatejetterms to seethe Operator-Participant Contract andTerms and Conditions forthis trip.©2020DowJones &Co.,Inc.All rightsreserved. ©2020National Geographic Partners,LLC.All RightsReserved. NATIONALGEOGRAPHIC EXPEDITIONS and the Yellow Border aretrademarksofNational Geographic Societyand used with permission. P2JW338000-1-B00800-1------XA

B8 | Thursday, December 3, 2020 * THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 29883.79 s59.87, or 0.20% Trailing P/E ratio 29.42 20.58 3669.01 s6.56, or 0.18% Trailing P/E ratio * 41.34 24.58 12349.37 t 5.74, or 0.05% Trailing P/E ratio *† 37.92 26.21 High, low, open and close for each P/E estimate * 24.58 18.67 High, low, open and close for each P/E estimate * 25.95 19.12 High, low, open and close for each P/E estimate *† 31.45 23.17 trading day of the past three months. Dividend yield 2.02 2.23 trading day of the past three months. Dividend yield * 1.65 1.85 trading day of the past three months. Dividend yield *† 0.74 0.99 All-time high 30046.24, 11/24/20 All-time high 3669.01, 12/02/20 All-time high: 12355.11, 12/01/20

Current divisor 0.15198707565833 31700 3750 12300 Session high DOWN UP Session open Close 30500 3625 11900 t

Close Open t 29300 3500 11500 Session low

28100 3375 11100

26900 3250 10700 65-day moving average 65-day moving average 65-day moving average 25700 3125 10300

Bars measure the point change from session's open 24500 3000 9900 Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 997,181,691 25,390,898 Industrial Average 29902.51 29599.29 29883.79 59.87 0.20 30046.24 18591.93 8.1 4.7 7.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 679,889,430 18,613,462 Transportation Avg 12583.52 12446.11 12546.54 52.80 0.42 12715.38 6703.63 18.6 15.1 7.2 Most-active issues in late trading Decl. volume* 307,055,672 6,036,187 Utility Average 874.76 860.52 874.66 6.41 0.74 960.89 610.89 2.2 -0.5 4.5 Volume After Hours Issues traded 3,211 285 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 38032.00 37722.11 38009.72 42.02 0.11 38009.72 22462.76 19.3 15.1 11.6 Advances 1,870 179 Apple AAPL 7,369.2 123.10 0.02 0.02 123.30 123.05 Barron's 400 811.35 805.93 810.45 -0.06 -0.01 813.45 455.11 14.5 10.7 4.7 Declines 1,251 95 SPDR S&P 500 SPY 6,355.1 367.00 0.21 0.06 367.22 330.20 Unchanged 90 11 Boston Scientific BSX Nasdaq Stock Market 5,739.6 34.20 0.05 0.15 34.23 33.97 New highs 105 4 Nasdaq Composite 12360.06 12217.35 12349.37 -5.74 -0.05 12355.11 6860.67 44.2 37.6 21.7 iShares MSCI Emg Markets EEM 5,332.1 49.70 -0.060 -0.12 49.86 45.18 New lows 51 Nasdaq 100 12472.25 12318.27 12456.41 1.08 0.01 12456.41 6994.29 50.1 42.6 25.3 Ever-Glory Intl Group EVK 4,089.6 4.10 2.00 95.24 4.69 2.10 Closing Arms† 0.63 0.42 Intel INTC 4,068.6 49.96 0.060 0.12 50.05 49.84 S&P Block trades* 5,801 249 Bank of America BAC 4,060.5 29.02 -0.04 -0.14 29.10 28.93 500 Index 3670.96 3644.84 3669.01 6.56 0.18 3669.01 2237.40 17.9 13.6 11.6 Nasdaq NYSE Arca VanEck Vectors Gold Miner GDX 3,956.8 36.03 0.06 0.17 36.05 35.90 MidCap 400 2195.39 2175.16 2191.87 -2.63 -0.12 2217.84 1218.55 9.6 6.2 5.0 Total volume*5,152,814,399 213,703,147 SmallCap 600 1054.51 1038.26 1051.69 4.94 0.47 1069.41 595.67 6.7 3.0 3.9 Percentage gainers… Adv. volume*3,356,737,164 139,884,788 Decl. volume*1,756,575,168 72,710,019 Other Indexes Ever-Glory Intl Group EVK 4,089.6 4.10 2.00 95.24 4.69 2.10 Issues traded 3,725 1,421 Russell 2000 1842.53 1817.02 1838.03 1.98 0.11 1855.27 991.16 13.9 10.2 6.1 Waddell Reed Financial WDR 59.1 25.05 8.04 47.27 26.00 17.01 Advances 1,935 778 NYSE Composite 14198.79 14076.71 14188.24 41.60 0.29 14249.50 8777.38 5.4 2.0 4.0 Omeros OMER 546.0 15.18 2.75 22.12 17.00 12.43 Declines 1,670 620 Zscaler ZS 527.6 164.32 17.53 11.94 165.00 146.79 Value Line 547.60 541.22 546.94 2.01 0.37 562.05 305.71 2.8 -1.0 -0.6 Unchanged 120 23 CrowdStrike Holdings CRWD 1,555.1 158.45 16.61 11.71 160.62 141.01 NYSE Arca Biotech 5583.64 5524.08 5570.30 3.81 0.07 6142.96 3855.67 10.1 9.9 9.4 New highs 139 99 NYSE Arca Pharma 682.85 677.64 679.55 3.97 0.59 679.55 494.36 8.3 4.0 7.7 ...And losers New lows 10 14 KBW Bank 94.25 91.94 93.99 1.46 1.58 114.12 56.19 -13.6 -17.1 -3.5 Splunk SPLK 1,912.9 167.90 -38.01 -18.46 205.91 164.01 Closing Arms† 0.61 0.69 § PHLX Gold/Silver 140.95 138.08 140.64 0.73 0.52 161.14 70.12 44.2 31.5 20.9 Veritone VERI 182.5 20.28 -4.03 -16.58 24.30 19.50 Block trades* 39,953 1,037 § PHLX Oil Service 42.84 40.21 41.84 1.12 2.74 80.99 21.47 -39.0 -46.6 -32.8 Golar LNG GLNG 150.4 8.65 -0.73 -7.73 9.47 8.20 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2728.03 2697.27 2716.35 6.62 0.24 2716.35 1286.84 60.6 46.9 29.2 Merrimack Pharmaceuticals MACK 816.1 6.20 -0.29 -4.47 6.57 6.01 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 21.25 20.04 21.17 0.40 1.93 82.69 12.10 43.0 53.6 22.8 XPEV XPeng ADR 889.1 53.63 -2.37 -4.23 56.10 53.50 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 1.02 World The Global Dow 3427.89 34.67 5.4 Merrimack Pharmaceuticals MACK 6.49 2.41 59.07 7.10 1.49 48.2 Ovid Therapeutics OVID 2.94 -3.72 -55.86 9.40 1.80 -27.0 0.21 DJ Global Index 479.17 1.02 10.4 Tredegar TG 21.55 4.96 29.86 23.48 11.31 0.2 Auris Medical Holding EARS 3.50 -1.73 -33.08 6.60 0.65 139.7 DJ Global ex U.S. 277.30 0.94 0.34 5.2 Kingsway Fincl Svcs KFS 3.90 0.87 28.71 4.39 1.26 99.0 MedAvail Holdings MDVL 12.50 -5.54 -30.71 46.20 8.89 -29.1 Americas DJ Americas 863.34 1.26 0.15 13.5 F-star Therapeutics FSTX 10.07 2.18 27.63 16.40 3.20 -33.4 BlueCity Holdings ADR BLCT 11.15 -3.30 -22.84 35.89 8.04 ... Brazil Sao Paulo Bovespa 111878.53 478.62 0.43 –3.3 Sequential Brands Group SQBG 11.79 2.37 25.16 24.80 4.11 -19.2 ReneSola ADR SOL 6.22 -1.67 -21.17 9.49 0.85 306.7 Canada S&P/TSX Comp 17358.21 61.28 0.35 1.7 Natuzzi ADR NTZ 11.35 2.24 24.59 11.52 0.37 622.9 Canaan ADR CAN 3.75 -0.95 -20.21 8.69 1.76 -53.5 Mexico S&P/BMV IPC 43674.83 779.20 1.82 0.3 Sequans Comms ADR SQNS 5.43 0.90 19.87 8.29 2.25 96.7 iRhythm Technologies IRTC 192.21 -48.43 -20.13 274.21 56.54 173.8 Chile Santiago IPSA 2855.70 31.97 1.13 –14.4 Pulse Biosciences PLSE 18.30 2.93 19.06 19.70 5.11 31.6 FuelCell Energy FCEL 7.24 -1.81 -20.00 11.31 0.48 1086.9 Idera Pharmaceuticals IDRA 5.18 0.80 18.26 5.29 0.81 186.2 Medigus ADR MDGS 1.85 -0.44 -19.21 5.15 0.83 5.0 EMEA Stoxx Europe 600 391.69 –0.21 –0.05 –5.8 Amrep Corp AXR 7.17 1.09 17.92 7.22 3.98 20.1 Workhorse Group WKHS 20.43 -4.80 -19.02 30.99 1.32 629.6 Eurozone Euro Stoxx 391.98 –0.74 –0.19 –3.0 Belgium Bel-20 3709.69 –7.99 –0.21 –6.2 Mohawk Group MWK 8.12 1.23 17.85 9.68 1.42 45.8 Arlo Technologies ARLO 5.63 -1.27 -18.41 7.75 1.20 73.2 Denmark OMX Copenhagen 20 1391.02 –1.11 –0.08 22.5 Jumia Technologies ADR JMIA 32.70 4.89 17.58 40.90 2.15 438.7 ProPhase Labs PRPH 8.93 -1.83 -17.01 11.18 1.20 313.6 France CAC 40 5583.01 1.37 0.02 –6.6 Cogent Biosciences COGT 12.21 1.74 16.62 14.88 1.18 342.1 Apollo Endosurgery APEN 3.69 -0.71 -16.14 5.15 1.24 36.2 Intec Pharma NTEC Altimmune ALT Germany DAX 13313.24 –69.06 –0.52 0.5 3.62 0.51 16.40 15.82 2.20 -70.2 11.85 -1.97 -14.25 35.10 1.60 453.7 Patterson Cos PDCO 31.94 4.24 15.31 32.47 12.93 57.9 Corsair Gaming CRSR 34.60 -5.63 -13.99 51.37 14.09 ... Israel Tel Aviv 1436.35 –22.03 –1.51 –14.7 Italy FTSE MIB 21972.20 –127.72 –0.58 –6.5 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 610.94 –0.47 –0.08 1.1 Russia RTS Index 1335.44 24.39 1.86 –13.8 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 58281.98 772.26 1.34 2.1 Spain IBEX 35 8220.80 80.02 0.98 –13.9 Sundial Growers SNDL 798,595 489.9 0.81 23.83 3.88 0.14 IG Acquisition IGAC 554 10592 9.74 0.14 9.80 9.67 Sweden OMX Stockholm 759.94 –0.87 –0.11 11.6 NIO ADR NIO 308,955 94.3 47.98 5.78 57.20 2.11 Cogent Biosciences COGT 4,115 2404 12.21 16.62 14.88 1.18 Catabasis Pharmaceuticals CATB Tredegar TG Switzerland Swiss Market 10435.36 –13.85 –0.13 –1.7 197,872 15587.9 2.09 28.22 8.59 1.25 1,916 2008 21.55 29.86 23.48 11.31 NanoVibronix NAOV 177,102 4024.3 1.10 55.17 3.50 0.54 China Online Educ ADR COE 419 2000 30.13 14.30 37.19 5.48 Turkey BIST 100 1325.49 0.20 0.02 15.8 BlackBerry BB 149,696 1484.8 7.45 6.43 9.69 2.70 High Yield ETF HYLD 312 1812 31.57 0.02 34.26 24.02 U.K. FTSE 100 6463.39 78.66 1.23 –14.3 U.K. FTSE 250 19877.77 32.96 0.17 –9.2 Palantir Technologies PLTR 147,956 133.8 22.51 -12.31 33.50 8.90 Ovid Therapeutics OVID 12,392 1792 2.94 -55.86 9.40 1.80 FuelCell Energy FCEL 138,102 231.4 7.24 -20.00 11.31 0.48 Invsc Inv Grade Defensive IIGD 207 1723 27.40 0.16 27.54 21.60 Asia-Pacific Slack Technologies WORK 127,977 608.8 42.71 -2.58 44.15 15.10 Horizon Acquisition Cl A HZAC 1,132 1663 10.20 0.00 10.88 9.29 Australia S&P/ASX 200 6590.20 1.66 0.03 –1.4 Zomedica ZOM 117,005 178.3 0.19 5.47 0.50 0.06 Equity Distribution Cl A EQD 349 1522 9.93 0.30 10.90 9.32 China Shanghai Composite 3449.38 –2.56 –0.07 13.1 Oragenics OGEN 111,537 4191.6 0.49 16.21 2.09 0.36 BlackBerry BB 149,696 1485 7.45 6.43 9.69 2.70 Hong Kong Hang Seng 26532.58 –35.10 –0.13 –5.9 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least India S&P BSE Sensex 44618.04 –37.40 –0.08 8.2 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 26800.98 13.44 0.05 13.3 Singapore Straits Times 2810.95 –3.17 –0.11 –12.8 Track the Markets South Korea Kospi 2675.90 41.65 1.58 21.8 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 13989.14 0.75 16.6 global stock indexes, bond ETFs, 103.47 currencies and commodities at Currencies Thailand SET 1417.95 –2.92 –0.21 –10.2 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Wed YTD chg Wed YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004323 23130 –0.2 Argentina peso .0123 81.4827 36.1 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1917 5.2178 29.8 Czech Rep. koruna .04589 21.789 –3.9 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7741 1.2919 –0.5 Denmark krone .1628 6.1443 –7.8 notes and bonds major U.S. trading partners Chile peso .001323 756.00 2.3 Euro area euro 1.2118 .8253 –7.5 A consumer rate against its 30-year mortgage, Rate Colombiapeso .000284 3522.02 7.3 Hungary forint .003372 296.52 0.4 Ecuador US dollar 11unch Iceland krona .007797 128.26 5.9 benchmark over the past year 2.50% Bankrate.com avg†: 2.92% 10% Mexico peso .0501 19.9650 5.5 Norway krone .1136 8.8006 0.2 Uruguay peso .02345 42.6450 14.8 Poland zloty .2707 3.6939 –2.6 First National Bank 2.63% One year ago 2.00

s Russia ruble .01332 75.061 20.9 30-year fixed-rate s Euro Asia-Pacific 4.00% Waverly, IA 319-266-2000 t 5 Yen Sweden krona .1181 8.4692 –9.6 tmortgage 1.50 Australian dollar .7415 1.3486 –5.4 Switzerland franc 1.1178 .8946 –7.5 First Federal Savings Bank 2.75% China yuan .1524 6.5634 –5.7 3.00 0 Turkey lira .1273 7.8526 32.0 Elgin, IL 847-468-9100 1.00 Hong Kong dollar .1290 7.7519 –0.5 Ukraine hryvnia .0353 28.3500 19.7 Tradeweb ICE India rupee .01358 73.653 3.2 2.00 FirstBank 2.75% UK pound 1.3367 .7481 –0.8 Wednesday Close 0.50 –5 s Indonesia rupiah .0000708 14125 1.7 10-year Treasury Scottsdale, AZ 866-964-3444 t WSJ Dollar index Japan yen .009578 104.41 –3.9 Middle East/Africa t note yield 1.00 Ameriserv Financial Bank 2.88% 0.00 –10 Kazakhstan tenge .002352 425.11 11.3 Bahrain dinar 2.6546 .3767 –0.1 Macau pataca .1252 7.9901 –0.3 Egypt pound .0638 15.6634 –2.4 Johnstown, PA 800-837-2265 1 3 6 1 2 3 5 7 10 20 30 2020 0.00 month(s) years Malaysia ringgit .2452 4.0775 –0.3 Israel shekel .3043 3.2864 –4.8 D J F M A M J J A S O ND Claremont Savings Bank 2.88% New Zealand dollar .7070 1.4144 –4.8 Kuwait dinar 3.2848 .3044 0.4 maturity 2020 Claremont, NH 800-992-0316 Pakistan rupee .00624 160.333 3.4 Oman sul rial 2.5974 .3850 unch Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0208 48.042 –5.3 Qatar rial .2746 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7476 1.3377 –0.6 Saudi Arabia riyal .2666 3.7508 –0.01 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0009090 1100.16 –4.8 South Africa rand .0654 15.2851 9.2 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 Sri Lanka rupee .0053810 185.84 2.5 Yield (%) 52-Week Total Return (%) Taiwan dollar .03509 28.496 –4.7 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 4.75 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03311 30.200 1.5 WSJ Dollar Index 86.10 –0.13–0.15 –3.87 Libor, 3-month 0.23 0.23 0.20 l 1.96 -1.26 U.S. Treasury, Barclays 2447.160 0.630 0.590 1.860 0.400 7.298 5.018 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.20 0.21 0.19 l 0.58 -0.13 Five-year CD, annual yield 0.58 0.58 0.58 l 1.42 -0.91 U.S. Treasury Long, Barclays 4664.310 1.570 1.480 2.340 0.980 14.659 9.566 Commodities 30-year mortgage, fixed† 2.92 2.90 2.90 l 4.22 -0.98 Aggregate, Barclays 2278.350 1.200 1.190 2.380 1.020 7.160 5.200 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.37 2.41 2.37 l 3.57 -0.95 Fixed-Rate MBS, Barclays 2224.640 1.320 1.330 2.690 0.930 3.935 3.676 Jumbo mortgages, $510,400-plus† 2.94 2.94 2.90 l 4.36 -1.35 DJ Commodity 691.22 1.69 0.24 694.81 433.70 11.90 7.61 High Yield 100, ICE BofA 3284.907 3.926 3.961 10.740 3.589 5.017 4.796 Five-year adj mortgage (ARM)† 3.21 3.21 2.85 l 4.61 -0.44 TR/CC CRB Index 159.42 0.48 0.30 187.39 106.29 -11.14 -14.19 Muni Master, ICE BofA 592.728 0.949 0.970 3.441 0.838 4.985 4.481 New-car loan, 48-month 4.04 4.04 4.04 l 4.50 0.86 Crude oil, $ per barrel 45.28 0.73 1.64 63.27 -37.63 -22.51 -25.84 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 918.385 4.486 4.502 7.480 4.486 6.269 4.544 Natural gas, $/MMBtu 2.780 -0.100 -3.47 3.354 1.482 15.88 27.00 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1825.70 11.60 0.64 2051.50 1459.10 23.86 20.15 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW338000-0-B00900-1------XA

THE WALL STREET JOURNAL. Thursday, December 3, 2020 | B9

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Cash Prices Wednesday, December 2, 2020 Open High hilo Low Settle Chg interest These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Metal & Petroleum Futures March'21 118.50 119.55 117.20 119.10 .65 117,672 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future Contract Open March 14.63 14.74 14.33 14.60 .09 418,166 Open High hi lo Low Settle Chg interest months. May 14.02 14.09 13.78 13.97 .01 224,093 Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Wednesday Wednesday Wednesday Dec 3.4900 3.4940 3.4300 3.4750 0.0070 5,336 Jan 27.96 28.50 27.96 28.50 –.54 1,654 Energy Aluminum, LME, $ per metric ton *2045.5 Wheat,No.1soft white,Portld,OR-u 6.1750 March'21 3.5020 3.5120 3.4390 3.4890 0.0040 166,520 March 28.89 28.89 28.89 28.89 –.10 3,359 Copper,Comex spot 3.4750 Gold (CMX)-100 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 52.750 Iron Ore, 62% Fe CFR China-s 136.8 Food Dec 1811.30 1830.00 1807.80 1825.70 11.60 20,210 Dec 70.16 70.16 69.65 69.99 –.60 153 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 287 Jan'21 1814.60 1833.00 1808.10 1827.60 11.00 2,551 March'21 72.06 72.46 71.35 71.60 –.59 135,945 Beef,carcass equiv. index Steel, HRC USA, FOB Midwest Mill-s 840 Feb 1819.10 1835.00 1810.50 1830.20 11.30 394,763 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Metals choice 1-3,600-900 lbs.-u 197.46 April 1823.00 1838.10 1814.80 1833.90 11.10 66,701 Jan 124.65 127.05 124.60 125.65 –.35 6,452 Fibers and Textiles select 1-3,600-900 lbs.-u 178.18 June 1823.20 1841.20 1818.10 1836.30 10.80 31,000 March 126.60 127.50 125.75 126.75 –.30 3,692 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8383 Aug 1820.60 1842.00 1819.10 1838.40 10.60 8,222 Engelhard industrial 1819.00 Burlap,10-oz,40-inch NY yd-n,w 0.6300 Butter,AA Chicago 1.4575 Palladium (NYM) - 50 troy oz.; $ per troy oz. Interest Rate Futures Handy & Harman base 1822.60 Cotton,1 1/16 std lw-mdMphs-u 0.6885 Cheddar cheese,bbl,Chicago 140.50 Dec 2393.00 2393.00 2393.00 2397.40 –19.90 140 Cotlook 'A' Index-t *78.85 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Handy & Harman fabricated 2023.09 Cheddar cheese,blk,Chicago 157.75 March'21 2418.70 2440.00 2383.10 2408.20 –21.50 9,604 Dec ...... 212-100 –1-04.0 34,086 LBMA Gold Price AM *1796.20 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 115.00 Platinum (NYM)-50 troy oz.; $ per troy oz. March'21 212-030 212-270 209-230 210-190 –1-04.0 1,002,070 LBMA Gold Price PM *1810.75 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.1065 Dec ...... 1010.40 8.20 31 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Krugerrand,wholesale-e 1901.33 Grains and Feeds Coffee,Colombian, NY 1.6620 Jan'21 1006.00 1023.50 986.10 1012.10 8.20 47,432 Dec 171-310 172-060 170-250 171-070 –15.0 60,498 Silver (CMX)-5,000 troy oz.; $ per troy oz. Maple Leaf-e 1919.61 Eggs,large white,Chicago-u 0.9350 March'21 172-260 173-060 171-220 172-050 –16.0 1,103,491 Barley,top-quality Mnpls-u n.a. Dec 23.915 24.375 23.640 24.025 –0.008 4,358 American Eagle-e 1919.61 Flour,hard winter KC 15.50 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Bran,wheat middlings, KC-u 148 March'21 24.130 24.455 23.680 24.080 –0.010 127,062 Mexican peso-e 2212.26 Hams,17-20 lbs,Mid-US fob-u n.a. Dec 137-315 138-015 137-225 137-270 94,554 Corn,No. 2 yellow,Cent IL-bp,u 4.1700 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March'21 137-170 137-210 137-085 137-135 –.5 3,106,748 Austria crown-e 1795.00 Hogs,Iowa-So. Minnesota-u 64.82 Corn gluten feed,Midwest-u,w 149.5 Jan 44.38 45.92 43.92 45.28 0.73 387,259 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Austria phil-e 1919.61 Pork bellies,12-14 lb MidUS-u n.a. Corn gluten meal,Midwest-u,w 545.1 Feb 44.54 46.04 44.10 45.44 0.71 201,239 Dec 125-150 125-157 125-117 125-140 1.5 90,994 Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.8046 Cottonseed meal-u,w 420 March 44.69 46.15 44.27 45.57 0.69 183,486 March'21 125-230 125-255 125-205 125-230 1.2 3,044,716 Engelhard industrial 23.7500 Steers,Tex.-Okla. Choice-u n.a. June 44.87 46.15 44.51 45.64 0.60 209,809 Hominy feed,Cent IL-u,w 120 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Handy & Harman base 23.9600 Steers,feeder,Okla. City-u,w 155.94 Dec 44.48 45.49 44.19 44.99 0.40 284,800 Dec 110-122 110-126 110-120 110-125 .7 42,468 Meat-bonemeal,50% pro Mnpls-u,w n.a. Handy & Harman fabricated 29.9500 Dec'22 43.80 44.67 43.79 44.21 0.11 93,561 March'21 110-120 110-125 110-116 110-120 .5 1,812,068 Oats,No.2 milling,Mnpls-u 3.4300 LBMA spot price *£17.6600 Fats and Oils NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Rice, Long Grain Milled, No. 2 AR-u,w 28.38 (U.S.$ equivalent) *23.5350 Jan 1.3441 1.3792 1.3336 1.3662 .0189 111,643 Dec 99.9150 99.9175 99.9125 99.9125 –.0025 120,681 Sorghum,(Milo) No.2 Gulf-u 6.2900 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.0000 Jan'21 99.9200 99.9250 99.9150 99.9150 –.0050 153,383 Coins,wholesale $1,000 face-a 18112 Feb 1.3504 1.3878 1.3429 1.3753 .0189 47,317 SoybeanMeal,Cent IL,rail,ton48%-u 385.10 Grease,choice white,Chicago-h 0.2900 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Other metals Soybeans,No.1 yllw IL-bp,u 11.4400 Lard,Chicago-u 0.4100 Jan 1.2147 1.2553 1.2037 1.2399 .0195 131,782 Dec ...... 100-155 –5.0 157,617 LBMA Platinum Price PM *990.0 Soybean oil,crude;Centl IL-u 0.3910 Eurodollar (CME)-$1,000,000; pts of 100% Wheat,Spring14%-pro Mnpls-u 7.0100 March 1.2403 1.2833 1.2334 1.2684 .0185 43,355 Platinum,Engelhard industrial 1013.0 Tallow,bleach;Chicago-h 0.3250 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 99.7525 99.7575 99.7475 99.7575 .0075 1,122,463 Wheat,No.2 soft red,St.Louis-u 6.1600 Palladium,Engelhard industrial 2417.0 Tallow,edible,Chicago-u 0.3600 Jan 2.881 2.934 2.740 2.780 –.100 297,401 March'21 99.7900 99.7950 99.7900 99.7950 .0050 1,142,012 Wheat - Hard - KC (USDA) $ per bu-u 5.7875 Feb 2.866 2.918 2.739 2.778 –.090 97,322 June 99.7900 99.8000 99.7900 99.8000 .0050 849,625 Dec 99.7450 99.7500 99.7350 99.7450 …824,264 March 2.804 2.848 2.685 2.723 –.083 194,300 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; April 2.716 2.750 2.620 2.657 –.060 86,188 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 12/1 May 2.702 2.738 2.620 2.659 –.053 55,399 Currency Futures Source: Dow Jones Market Data Oct 2.833 2.860 2.760 2.798 –.043 92,138 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Dec .9588 .9596 .9547 .9566 –.0014 182,014 Agriculture Futures March'21 .9604 .9611 .9562 .9581 –.0015 3,222 Canadian Dollar (CME)-CAD 100,000; $ per CAD Corn (CBT)-5,000 bu.; cents per bu. | Dec .7731 .7746 s .7717 .7739 .0009 136,824 Bonds wsj.com/market-data/bonds/benchmarks Dec 414.50 419.75 409.00 419.00 4.25 8,736 March'21 .7734 .7749 s .7721 .7742 .0008 7,189 March'21 420.75 424.75 414.50 423.75 3.00 906,454 British Pound (CME)-£62,500; $ per £ Oats (CBT)-5,000 bu.; cents per bu. Tracking Bond Benchmarks Dec 1.3426 1.3443 1.3287 1.3359 –.0058 140,129 Dec 288.00 324.25 s 288.00 294.50 4.75 138 March'21 1.3441 1.3453 1.3290 1.3370 –.0059 5,052 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week March'21 290.75 299.25 287.00 296.50 4.75 3,869 Swiss Franc (CME)-CHF 125,000; $ per CHF highs and lows for different types of bonds Soybeans (CBT)-5,000 bu.; cents per bu. Dec 1.1119 1.1185 s 1.1099 1.1163 .0056 50,894 Total Total Jan 1163.75 1164.00 1142.50 1153.00 –9.00 303,724 March'21 1.1154 1.1219 s 1.1134 1.1197 .0056 651 YTD total YTD total March 1164.25 1165.00 1143.00 1154.75 –8.25 258,697 Australian Dollar (CME)-AUD 100,000; $ per AUD return Yield (%) return Yield (%) close return (%) Index Latest Low High close return (%) Index Latest Low High Soybean Meal (CBT)-100 tons; $ per ton. Dec .7374 .7421 s .7352 .7402 .0037 127,105 Dec 391.60 393.40 384.50 389.50 –4.00 3,162 March'21 .7382 .7426 s .7358 .7408 .0038 2,286 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Jan'21 391.00 391.20 380.90 385.60 –4.60 127,627 Mexican Peso (CME)-MXN 500,000; $ per MXN Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec .04984 .05004 .04956 .04988 .00004 146,550 2278.35 6.9 U.S. Aggregate 1.200 1.020 2.380 2224.64 3.6 Mortgage-Backed 1.320 0.930 2.690 Dec ...... 37.47 .07 1,921 March'21 .04929 .04958 .04910 .04942 .00006 3,062 Jan'21 37.10 37.26 36.57 36.92 –.09 146,610 Euro (CME)-€125,000; $ per € U.S. Corporate Indexes Bloomberg Barclays 2172.06 3.4 Ginnie Mae (GNMA) 0.790 0.290 2.660 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 1.2076 1.2122 s 1.2043 1.2102 .0051 628,467 8.9 U.S. Corporate 1313.72 3.7 Fannie mae (FNMA) 1.500 1.110 2.690 Jan 12.46 12.53 12.42 12.45 –.08 8,437 March'21 1.2104 1.2150 s 1.2073 1.2131 .0051 20,251 3428.77 1.840 1.800 4.580 March ...... 12.64 –.08 627 3093.45 6.8 Intermediate 1.200 1.170 4.400 2016.37 3.6 Freddie Mac (FHLMC) 1.480 1.080 2.710 Wheat (CBT)-5,000 bu.; cents per bu. Index Futures Dec 565.50 578.75 565.50 578.00 12.50 265 5125.01 12.5 Long term 2.850 2.730 4.930 592.73 4.8 Muni Master 0.949 0.838 3.441 Mini DJ Industrial Average (CBT)-$5 x index March'21 578.25 592.50 574.75 588.50 11.25 198,862 Dec 29765 29907 29589 29868 64 86,944 419.20 5.1 7-12 year 0.771 3.447 Wheat (KC)-5,000 bu.; cents per bu. 697.40 8.2 Double-A-rated 1.460 1.300 3.360 0.935 March'21 29625 29800 29500 29768 66 7,099 Dec 539.50 549.00 539.50 550.50 13.00 123 S&P 500 Index (CME)-$250 x index 912.20 8.7 Triple-B-rated 2.120 2.090 5.350 478.79 5.7 12-22 year 1.374 1.224 3.690 March'21 540.25 555.25 536.25 553.75 14.75 126,507 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 3644.40 3670.70 s 3644.30 3667.30 6.80 32,405 High Yield Bonds ICE BofA 464.60 5.4 22-plus year 2.012 1.765 4.123 March'21 …… …3659.50 7.40 26 Jan 141.500 142.150 140.350 141.800 .150 19,415 4.5 High Yield Constrained Global Government J.P. Morgan† March 140.650 141.350 139.700 140.975 .325 9,762 Mini S&P 500 (CME)-$50 x index 487.88 4.616 4.616 11.400 Dec 3661.25 3672.75 3642.25 3667.25 6.75 2,513,189 Cattle-Live (CME)-40,000 lbs.; cents per lb. 442.74 1.1 Triple-C-rated 9.193 9.193 19.071 611.91 5.0 Global Government 0.610 0.390 1.060 Dec 110.200 110.800 109.750 110.700 .075 20,408 March'21 3653.00 3664.75 3634.25 3659.50 7.50 102,841 Feb'21 112.725 113.975 112.200 113.925 .750 111,393 Mini S&P Midcap 400 (CME)-$100 x index 3284.91 2.9 High Yield 100 3.926 3.589 10.740 858.67 6.8 Canada 0.890 0.590 1.740 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 2189.70 2196.60 2172.80 2190.50 –3.50 53,595 Global High Yield Constrained 418.29 4.5 EMU§ 0.109 0.050 0.794 Dec 66.475 66.600 66.050 66.350 –.625 18,213 March'21 2184.00 2191.40 2173.80 2187.30 –4.10 n.a. 440.89 4.6 4.587 4.587 11.310 Mini Nasdaq 100 (CME)-$20 x index Feb'21 68.150 68.400 67.725 67.875 –.875 83,581 335.88 2.2 Europe High Yield Constrained 2.937 2.464 8.183 789.56 4.0 France -0.060 -0.160 0.430 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 12456.25 12473.50 12312.50 12454.25 2.00 239,696 Jan 633.00 657.40 633.00 649.00 13.80 1,905 March'21 12458.50 12468.00 12312.00 12451.25 3.25 5,717 U.S Agency Bloomberg Barclays 549.55 2.6 Germany -0.410 -0.740 -0.050 March 611.40 625.00 602.50 620.00 16.40 661 Mini Russell 2000 (CME)-$50 x index 5.1 U.S Agency Japan Milk (CME)-200,000 lbs., cents per lb. Dec 1834.80 1843.70 1816.20 1837.50 2.00 551,865 1860.92 0.540 0.470 1.950 295.33 -0.9 0.290 0.040 0.320 Mini Russell 1000 (CME)-$50 x index Dec 15.23 15.29 15.12 15.19 –.05 4,903 1623.28 3.9 10-20 years 0.420 0.340 1.850 614.64 3.1 Netherlands -0.330 -0.540 0.080 Jan'21 15.85 15.89 15.56 15.64 –.24 3,408 Dec 2046.30 2060.70 2043.30 2059.50 1.50 9,026 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index 4221.94 10.7 20-plus years 1.730 1.170 2.450 1070.14 6.5 U.K. 0.720 0.390 1.180 Dec 2,907 2,907 2,907 2,907 –53 109 Dec 91.19 91.50 t 90.98 91.12 –.18 35,429 Yankee March'21 2,655 2,664 2,612 2,638 –53 94,990 March'21 91.16 91.43 t 90.92 91.05 –.17 1,677 2912.45 6.5 1.460 1.420 3.500 918.39 4.1 Emerging Markets ** 4.486 4.486 7.480 Coffee (ICE-US)-37,500 lbs.; cents per lb. *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Dec 116.00 116.00 116.00 116.85 1.20 294 Source: FactSet ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Macro & Market Economics Global Government Bonds: Mapping Yields Watching the Gauges: U.S. Supply and Demand Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Inventories, imports and demand for the week ended November 27. Current figures are in thousands of barrels selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points import and demand data are available monthly only. Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 0.125 U.S. 2 0.156 t l 0.176 0.168 1.608 Inventories, 000s barrels Imports, 000s barrels per day 0.875 10 0.949 s l 0.929 0.857 1.822 Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year 2.250 Australia 2 0.107 s l 0.104 0.125 0.737 -4.9 -7.2 -87.1 Current change week ago avg avg Current change week ago avg avg 1.000 10 0.995 s l 0.932 0.834 1.109 4.5 0.3 -71.4 Crude oil and t l petroleum prod 1,353,960 ... 1,354 1,264 1,357 1,258 7,800 ... 7,167 8,351 7,358 9,542 0.000 France 2 -0.686 -0.653 -0.721 -0.579 -84.3 -82.9 -218.7 Crude oil 0.000 10 -0.283 t l -0.279 -0.350 0.032 -123.3 -120.7 -179.0 excluding SPR 488,042 -1,900 489 447 489 451 5,399 ... 5,228 5,989 5,345 7,703 0.000 Germany 2 -0.712 s l -0.717 -0.800 -0.607 -86.8 -89.3 -221.5 Gasoline 233,638 ... 230 229 229 230 522 ... 441 399 486 482 0.000 10 -0.517 s l -0.524 -0.637 -0.277 -146.7 -145.2 -210.0 Finished gasoline 26,076 1,300 26 25 26 26 60 ... 10 38 63 47 0.050 Italy 2 -0.378 t l -0.373 -0.340 -0.081 -54.9 -168.9 Reformulated 52 ... 00 00 0... 00 00 -53.4 Conventional 26,024 ... 26 25 26 26 60 ... 10 38 63 47 0.900 10 0.641 t l 0.679 0.719 1.347 -30.9 -25.0 -47.6 Blend. components 207,562 ... 204 205 203 204 462 ... 431 361 423 435 0.100 Japan 2 -0.126 t l -0.124 -0.120 -0.158 -28.2 -30.0 -176.6 Natural gas (bcf) 3,940 ... 44 43...... 0.100 10 0.026 s l 0.022 0.046 -0.042 -92.3 -90.7 -186.4 Kerosene-type 0.400 Spain 2 -0.566 s l -0.582 -0.584 -0.369 -72.3 -75.8 -197.7 jet fuel 37,208 ... 37 38 37 41 90 ... 212 263 157 69 1.250 10 0.103 t l 0.118 0.125 0.489 -84.6 -81.0 -133.4 Distillates 145,870 -400 143 119 145 136 614 ... 186 143 304 203 0.500 U.K. 2 -0.010 t l -0.007 -0.067 0.551 -16.7 -18.3 -105.7 Heating oil 9,338 ... 912912 0... 10 133 4.750 10 0.356 s l 0.351 0.220 0.743 -57.8 -108.0 Diesel 136,532 ... 134 108 137 124 613 ... 186 143 303 171 -59.4 Residual fuel oil 29,913 ... 32 30 32 35 202 ... 172 319 185 80 Source: Tullett Prebon Other oils 306,331 ... 310 288 311 266 844 ... 776 1,123 729 847 Corporate Debt Net crude, petroleum Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific products, incl. SPR 1,992,150 ... 1,992 1,899 1,995 1,925 -919 ... -219 -62 -515 2,419 expectations Investment-grade spreads that tightened the most… Weekly Demand, 000s barrels per day Natural gas storage Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals KSS –35 Current change week ago avg avg Kohl's 6.875 6.25 Dec. 15, ’37 454 472 Canadian Natural Resources CNQCN 6.750 4.17 Feb. 1, ’39 246 –20 n.a. Total petroleum Natural gas, 4250 General Motors GM 5.000 3.30 April 1, ’35 235 –13 256 product 18,468 ... 19,156 21,089 19,342 20,718 lower 48 states Leidos LDOS 7.125 3.25 July 1, ’32 230 –12 250 t Finished 3250 Protective Life Global Funding PL 0.631 0.34 Oct. 13, ’23 12 –12 26

motor gasoline 7,973 ... 8,129 9,032 8,281 9,362 –10 t Citigroup C 4.750 2.91 May 18, ’46 120 n.a. Kerosene-type 2250 Five-year average PSEG Power … 8.625 3.09 April 15, ’31 215 –10 222 jet fuel 1,134 ... 1,169 1,956 1,155 1,613 for each week Caterpillar Financial Services … 1.100 1.01 Sept. 14, ’27 30 –8 35 Distillates 3,789 ... 4,175 3,556 4,061 4,076 1250 Residual fuel oil 510 ... 326 328 270 186 …And spreads that widened the most Propane/propylene 1,010 ... 1,171 1,773 1,237 ... 250 Metropolitan Life Global Funding … 3.600 0.68 Jan. 11, ’24 25 13 31 D J F M A M J J A S O N Other oils 4,052 ... 4,185 4,445 4,339 ... Bristol–Myers Squibb BMY 4.000 0.38 Aug. 15, ’23 16 10 n.a. 2020 Bank of America BAC 9 84 Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. 4.450 1.30 March 3, ’26 88 Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Philip Morris International PM 1.125 0.45 May 1, ’23 23 8 17 Royal Bank of Canada RY 0.500 0.41 Oct. 26, ’23 19 8 19 Exchange-Traded Portfolios | WSJ.com/ETFresearch Total Capital International TOTAL 3.750 0.53 April 10, ’24 10 8 n.a. DuPont de Nemours DD 2.169 1.46 May 1, ’23 124 6 130 Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Goldman Sachs GS 4.000 0.76 March 3, ’24 33 6 36 Schwab US TIPs SCHP 61.39 0.13 8.4 Wednesday, December 2, 2020 Closing Chg YTD High-yield issues with the biggest price increases… ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 299.18 0.25 4.9 Closing Chg YTD SPDR S&PMdCpTr MDY 399.96 –0.21 6.5 Bond Price as % of face value ETF Symbol Price (%) (%) iShMSCI EAFE EFA 71.81 0.01 3.4 SPDR S&P 500 SPY 366.79 0.21 14.0 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week ARKInnovationETF ARKK 112.34 –0.37 124.5 iShMSCIEmgMarkets EEM 49.76 0.14 10.9 SPDR S&P Div SDY 104.86 0.19 –2.5 CommSvsSPDR XLC 67.22 0.93 25.3 iShMSCIJapan EWJ 65.60 –0.17 10.7 TechSelectSector XLK 124.87 –0.15 36.2 NAS NASNO 4.875 6.59 May 10, ’28 88.250 5.25 n.a. iShNatlMuniBd MUB 116.54 ... 2.3 UtilitiesSelSector XLU 63.70 0.66 –1.4 CnsmrDiscSelSector XLY 157.44 –0.62 25.5 Occidental Petroleum OXY 6.450 6.46 Sept. 15, ’36 99.875 1.85 94.530 CnsStapleSelSector XLP 66.94 –0.83 6.3 iSh1-5YIGCorpBd IGSB 55.00 ... 2.6 VanEckGoldMiner GDX 35.97 0.03 22.8 iShPfd&Incm PFF 37.70 0.11 0.3 EnSelectSectorSPDR XLE 38.13 3.25 –36.5 VangdInfoTech VGT 337.70 –0.12 37.9 Telecom Italia Capital TITIM 6.375 4.18 Nov. 15, ’33 121.750 1.61 120.180 iShRussell1000Gwth IWF 232.98 –0.25 32.4 VangdSC Val VBR FinSelSectorSPDR XLF 28.62 1.10 –7.0 136.39 0.30 –0.5 iShRussell1000 IWB 206.54 0.15 15.8 VangdSC Grwth VBK 247.41 –0.51 24.5 United States Steel X 6.650 8.46 June 1, ’37 84.077 0.90 n.a. HealthCareSelSect XLV 111.49 0.75 9.5 iShRussell1000Val IWD 134.32 0.52 –1.6 VangdExtMkt VXF 154.79 –0.23 22.9 IndSelSectorSPDR XLI 87.93 0.14 7.9 iShRussell2000 IWM 182.89 0.10 10.4 VangdDivApp VIG 138.92 –0.29 11.4 Bombardier BBDBCN 6.125 8.10 Jan. 15, ’23 96.230 0.86 93.375 InvscQQQI QQQ 303.85 0.13 42.9 iShRussellMid-Cap IWR 66.20 –0.14 11.0 VangdFTSEDevMk VEA 46.13 0.15 4.7 InvscS&P500EW RSP 124.37 0.28 7.5 Ford Motor F 7.450 4.26 July 16, ’31 127.000 0.75 125.625 iShRussellMCValue IWS 94.28 0.07 –0.5 VangdFTSE EM VWO 48.53 –0.04 9.1 iSh3-7YTreasuryBd IEI 132.61 –0.02 5.5 iShS&P500Growth IVW 62.20 –0.10 28.5 VangdFTSE Europe VGK 59.13 –0.08 0.9 United Airlines Holdings UAL 0.75 98.340 iShCoreDivGrowth DGRO 44.33 0.52 5.4 5.000 5.26 Feb. 1, ’24 99.250 iShS&P500Value IVE 126.47 0.64 –2.8 VangdFTSEAWxUS VEU 56.92 0.11 5.9 iShCoreMSCIEAFE IEFA 67.77 –0.12 3.9 iShShortTreaBd SHV 110.51 ... 0.0 VangdGrowth VUG 245.66 –0.26 34.9 WeWork WEWORK 7.875 18.01 May 1, ’25 70.025 0.73 n.a. iShCoreMSCIEM IEMG 59.87 0.18 11.4 iShSilver SLV 22.33 0.13 33.9 VangdHlthCr VHT 218.28 0.49 13.8 iShCoreMSCITotInt IXUS 65.65 0.09 6.1 iShTIPSBondETF TIP 126.09 0.07 8.2 VangdHiDiv VYM 90.70 0.60 –3.2 …And with the biggest price decreases iShCoreS&P500 IVV 368.10 0.21 13.9 iSh1-3YTreasuryBd SHY 86.35 0.02 2.0 VangdIntermBd BIV 93.05 –0.12 6.7 iShCoreS&P MC IJH 218.89 –0.12 6.4 iSh7-10YTreasuryBd IEF 119.47 –0.17 8.4 VangdIntrCorpBd VCIT 96.70 –0.02 5.9 United Airlines Holdings UAL 4.875 5.70 Jan. 15, ’25 97.000 –1.25 96.250 iShCoreS&P SC IJR 86.48 0.46 3.1 iSh20+YTreasuryBd TLT 156.25 –0.79 15.3 VangdLC VV 171.78 0.16 16.2 iShS&PTotlUSStkMkt ITOT 83.92 0.13 15.4 iShRussellMCGrowth IWP 195.42 –0.67 28.1 VangdMC VO 200.77 –0.14 12.7 Howmet Aerospace HWM 5.900 3.01 Feb. 1, ’27 116.125 –0.91 116.089 iShCoreUSAggBd AGG 117.71 –0.11 4.8 iShUSTreasuryBdETF GOVT 27.28 –0.18 5.2 VangdMBS VMBS 54.07 0.06 1.7 Sensata Technologies ST 5.000 2.34 Oct. 1, ’25 112.079 –0.90 n.a. iShSelectDividend DVY 95.81 0.80 –9.3 JPM UltShtIncm JPST 50.79 0.06 0.7 VangdRealEst VNQ 84.41 –0.79 –9.0 iShESGAwareUSA ESGU 84.09 0.13 17.9 PIMCOEnhShMaturity MINT 101.98 0.02 0.4 VangdS&P500ETF VOO 337.01 0.21 13.9 Teva Pharmaceutical Finance … 6.150 5.46 Feb. 1, ’36 107.000 –0.54 107.250 iShEdgeMSCIMinUSA USMV 66.92 –0.33 2.0 SPDR BlmBarcHYBd JNK 107.76 0.20 –1.6 VangdST Bond BSV 82.73 –0.02 2.6 iShEdgeMSCIUSAMom MTUM 155.58 –0.49 23.9 SPDRBloomBar1-3MTB BIL 91.52 0.01 0.1 VangdSTCpBd VCSH 82.99 ... 2.4 ADT Security ADT 4.125 2.20 June 15, ’23 104.725 –0.53 105.125 iShEdgeMSCIUSAQual QUAL 113.78 –0.20 12.7 SPDR Gold GLD 171.46 0.75 20.0 VangdSC VB 183.60 –0.03 10.8 Continental Resources CLR –0.50 105.000 iShGoldTr IAU 17.42 0.75 20.1 SchwabIntEquity SCHF 35.44 0.17 5.4 VangdTotalBd BND 87.93 –0.17 4.9 5.750 4.74 Jan. 15, ’31 107.750 iShiBoxx$InvGrCpBd LQD 137.22 –0.33 7.2 SchwabUS BrdMkt SCHB 88.51 0.12 15.1 VangdTotIntlBd BNDX 58.29 0.02 3.0 iShiBoxx$HYCpBd HYG 86.44 0.28 –1.7 SchwabUS Div SCHD 63.93 0.46 10.4 VangdTotIntlStk VXUS 58.74 0.07 5.5 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. iShJPMUSDEmgBd EMB 114.20 0.05 –0.3 SchwabUS LC SCHX 88.81 0.12 15.6 VangdTotalStk VTI 189.23 0.08 15.7 Note: Data are for the most active issue of bonds with maturities of two years or more iShMBSETF MBB 109.91 0.01 1.7 SchwabUS LC Grw SCHG 124.35 –0.16 33.8 VangdTotlWrld VT 90.14 0.07 11.3 iShMSCI ACWI ACWI 88.75 0.20 12.0 SchwabUS SC SCHA 83.34 0.07 10.2 VangdValue VTV 117.48 0.63 –2.0 Source: MarketAxess P2JW338000-4-B01000-1------XA

B10 | Thursday, December 3, 2020 **** THE WALL STREET JOURNAL. MARKETS & FINANCE

Share-priceand indexperformance, Wednesday 10% China’s Economic Comeback Apache

5 Pfizer Pumps Up Price of Iron Ore

DowJones Industrial Average 0 BY RHIANNON HOYLE

SYDNEY—Even as steel pro- duction in the West stumbles –5 because of the pandemic,iron- oreprices aresurging again as Salesforce.com steelmakersinChina keep out- put high to support the coun- –10 try’seconomic recovery. 9:30 10 11 noon 1234Iron oreclimbed to $136.75 Source:FactSet ametric tononWednesday, notching up itsstrongest price in seven years, according to S&P, Dow Rise datafromS&P COMMODITIES Global Platts. Thevalue of steel’smain ingredient, one of As Stimulus Bill the world’s most-traded com- modities,climbed 16% since the start of November,taking year-to-dategains to 49%.

It has been adifficult year GES

Makes Progress IMA forsteelmakersinmanyparts of the world, as the pandemic ETTY

BY CAITLIN MCCABE watching sentiment surveys, buffeted economies,leading /G AND WILL HORNER which have grownincreasingly mills to scale back manufac- CG bullish in recent weeks. turing this spring. TheS&P 500 and DowJones “IfDecember wasalot like In theU.S., production is Industrial Averageedged higher today, Ithink that’dbegood for graduallyincreasing,but re- JIANMIN/V NG

Wednesdayinachoppy trading the markets,” said John Lynch, mains well belowyear-agolev- WA session as signs of progresson chief investment officer for els with steelmakerscautious Workers test steel pipe at a marine-equipment manufacturer in Yancheng, China, in November. astimulus packageliftedinves- ComericaWealth Management. about restarting moreidled torsentiment. “Wewouldn’t want to gettoo furnaces because of fragile de- Chinesecrude steel output Iron-oreprices* Crude steel production, Theindexesopened lower, farahead of ourselves.” mand and asurge in Covid-19 totaled 92.2 million tons in change from ayearearlier Wednesday beforeparing their losses over Among the biggest winners cases acrossthe country. October,up13% from the year- $150 ametric ton 20% the course of the day. By the af- in Wednesday’smarket were U.S. steel output wasdown earlier month. TheChina Iron $136.75 ternoon, as Democratic and Re- shares of energy companies, 15% year-over-year in October, and Steel Association recently China publican lawmakerssaid they with Apache and Occidental and fell 18% over the first10 forecast China’sannual crude- 125 10 saw potential foracompromise Petroleum each jumping more months of this year,according steel output will top1billion on anew coro- than 5%. Meanwhile,Brent to the World Steel Associa- tons in 2020,representing WEDNESDAY’S navirus-aid crudeoil, the international tion. growth of up to 5% on year. 100 0 MARKETS bill,the in- benchmark,rose 1.8% to $48.25 It is asimilar storyinthe China’sgross domestic dexesreversed. abarrel. European Union, wheresteel product expanded by 4.9% in EU TheS&P 500 finished the Bankstocks also rallied, output is taking time to re- the thirdquarter from ayear 75 –10 dayup6.56points, or 0.2%, to while Pfizer added $1.39,or cover. earlier,pushing the country’s 3669.01, arecordclose.The 3.5%, to $40.80after itsU.K. “Rising restrictions due to economycloser to itspre-cor- blue-chipindexgained 59.87 government approval. the resurgent coronavirus are onavirus trajectory. 50 –20 U.S. points, or 0.2%, to 29883.79. Salesforce.com tumbled creating further downside TheInternational Monetary TheNasdaq Composite, $20.57, or 8.5% to $220.78after risks to steel demand” in Fund expectsChina’seconomy meanwhile,fell 5.74 pointsto the cloud-computing company those places,said Daniel to expand 1.9% in 2020,mak- 25 –30 12349.37. on Tuesdayconfirmed that it Hynes,senior commodity ing it the only major economy Optimism that Covid-19 vac- had agreed to buy Slack Tech- strategist at Australia and likely to grow this year. cines will help acceleratethe nologies for$27.7 billion. NewZealand Banking Group. Fixed-asset investment— economic rebound has pro- Tesla fell $15.94, or 2.7%, to But in China, whereauthor- which includes manufacturing, 0 –40 pelled stocks in recent weeks.A $568.82. This week,S&P Dow ities wagedanaggressive property and infrastructure 2015 ’20 Jan. 2020 jump in stocks that aresensi- Jones Indices said it would add campaign to eradicatethe vi- investment, all big steel-using *Benchmark spotprice, forore with 62%ironcontent tivetoeconomic growth has in Tesla’sfull weight to the S&P rus, mills arechurning out sectors—is rising and agauge Sources: S&P Global Platts (iron-oreprices); World Steel Association (production) part led to ablockbuster rally. 500 all at oncelater this steelatnear-recordrates— of China’sfactoryactivity Last month, the Dowvaulted month. even with theapproach of climbed to athree-year peak above30000 forthe firsttime. Even with thepotential for winter,typically aweaker time in November,new data climbed in Vietnam and Tur- roughly 58% of all steel pro- That rally lost some momen- vaccine distribution on the ho- foroutput as colder weather showedMonday. key,and edged higher in India, duced globally in the first10 tum Wednesday, even afterthe rizon in the U.S.,tradersare puts abrake on construction Therehavebeen some according to World Steel Asso- months of the year,upfrom U.K. granted emergency-use au- still contending with an econ- in the country’snorthern bright spotsoutside of China. ciation data. 54% in the same period of thorization foraCovid-19 vac- omythat remains deeply provinces. In October,production Still, China accounted for 2019,the datashow. cine developed by Pfizer and wounded. Thereisalso uncer- BioNTech. Public- health ex- tainty whether newcoronavirus pertsexpect that asimilar au- lockdowns will be implemented he had thought forweeks that 10-yearTreasury yield eral reasons whythe Fed thorization in the U.S. could oncePresident-elect JoeBiden Treasury “market speculation about [a might not adjust itsbond pur- come later this month. takesoffice. possible change] would in- 1.0% chases this month. “That’sexciting but that was Traderswill be paying close crease,which would help keep Forone,the goal of buying also expected,” Chris Konstanti- attention later this week to yields alittle bit contained.” If morelong-term Treasurys Yields Face 0.8 nos, chief investment strategist fresh jobs report figures. The anything,hesaid, that hap- would be to ease financial con- at RiverFront Investment ADP National Employment Re- pened sooner than he had an- ditions.But financial condi- Group,said of the U.K.’s green port on Wednesdayshowed Pressure ticipated. 0.6 tionsare already quiteloose, light of the vaccine.“We’reina that job creation in the non- It has been abumpy ride for with stockindexesaround re- bit of an information vacuum. farm privatesector slowedlast yields recently. cord highs and Treasuryyields We’rethrough earning season, month. ContinuedfrompageB1 In the month beforethe 0.4 still belowtheir pre-2020 andnow the market is kind of About 307,000 newnonfarm the minutes said. Nov.3election, the yield on lows. waiting until the end of the jobs were created, lessthan Renewedhopes that Con- the benchmark 10-year U.S. In addition, manyinvestors year and watching vaccine economistshad been forecast- gresscould passsome sort of Treasury note climbed to 0.2 anticipatethat Congresswill news and stimulus news.” ing. coronavirus-aid packageina around 0.9% from just under passacoronavirus-relief pack- Still, investorsand analysts Meanwhile, the Fed’speri- lame-duck session have helped 0.7%, based largely on expecta- ageinthe coming months, 0 said they areoptimistic about odic compilation of anecdotes liftthe yield on the benchmark tions that Democratswould even if they expect lessthan the equity markets. Market from businesscontacts, known 10-year U.S. Treasurynoteto win the WhiteHouse and both Aug. Sept. Oct. Nov. Dec. they didbeforethe election. strategistsinrecent weeks have as the beigebook,said that the 0.948% as of Wednesdayfrom chambersofCongress. That Source:TullettPrebon TheFed, therefore, might be been raising their S&P 500 U.S. economyexpanded at a 0.845% Monday. But that re- would allowthem to passtril- able to wait until afterDec.16 pricetargets for2021 as they “modest or moderatepace” this mained belowthe 0.970% mark lions of dollarsinnew spend- In September,officials clarified to see if it needs to ratchet up anticipateastrong economic fall. However, four regional Fed it reached three weeks ago, ing measures that would both that the purchases were in- itsstimulus.And it could al- recovery onceswaths of the branches reported “little or no just after Pfizer Inc. released stimulatethe economyand in- tended to support the eco- waysmakepolicyadjustments population arevaccinated. growth.” highly encouraging results crease the supply of govern- nomicrecovery, afterbeing between meetings, analysts TheFederal Reserve’scom- In bond markets, the yield from itscoronavirus vaccine ment bonds. initiated in March to improve said. mitment to providing sustained on the 10-year Treasurynote trial. When Democratsdidn’t win the technical functioning of Thomas Simons,money- stimulus has also extended in- jumped to 0.948% from 0.933% Several investorsand ana- as manySenateseatsasex- the bond market. market economist in the fixed- vestors’ risk appetite. on Tuesday. lystssaid the prospect of more pected, the 10-year yield Most investorsdon’t expect income group at Jefferies LLC, “Why would youbeaseller Overseas,the StoxxEurope long-term bond purchases has quickly fell back under 0.8%, the central bank to increase said Jefferies had previously of stocks when youknowthat 600 edged down. In Asia, already accomplished amea- according to Tradeweb. The the totalamount of Treasurys expected the Fedtoshiftits policysupport, both fiscal and Japan’sNikkei 225closed al- sureofwhat Fedaction might: following week,itrebounded it buysmonthly.But some bond purchases to morelon- monetary, is thereand probably most flat, whilethe Shanghai bolstering demand forbonds afterPfizer’sannouncement, thinkitcould shiftits pur- ger-dated Treasurys,but that will be theregoing forward?” CompositeIndexand Hong and putting downward pres- only to be again pulled down chases toward morelonger- it had abandoned that call af- said Derek Halpenny, head of Kong’sHang Seng Indexslid sureonyields,which fall when by investors’ concerns about dated Treasurys.That could terthe central bank didn’t act research forglobal marketsin roughly 0.1%. bond prices rise. rising coronavirus cases and provide moreeconomic stimu- in previousmeetings. the European region at MUFG At middayThursdayinTo- John Briggs,head of strat- thepossible Fedresponse. lus because short-term Trea- If officials were seriously Bank. kyo, the Nikkei wasuplessthan egyfor the Americas at TheFed right nowisbuying suryyields arealready close to considering an adjustment, At the same time,manyin- 0.1%, the Hang Seng wasup NatWest Markets, said he around $80 billion of Trea- zero and manyindividuals and they would be doing moreto vestorshavenoted that valua- 0.3% but the Shanghai Compos- doesn’t think the Fed will surys each month along with businesstakeout longer-term signal “what would be apretty tions appear to be stretched itewas down 0.5%. U.S. stock changeits bond-buying pro- $40 billion of mortgage-backed loans. major changeintheir policy,” and some saythey areclosely futureswereflat. gram this month. Still, he said securities,net of redemptions. Analystssaid thereare sev- he said.

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret EdgewoodGrInst 53.01 +0.09 37.6 InvGrBd 11.83 -0.02 8.9 JPMorgan I Class PIMCO Funds I2 CapOpAdml r188.16 +1.08 19.3 ValAdml 45.83 +0.30 0.3 WndsrII 40.16 +0.18 11.1 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity LowP r 49.21 +0.14 5.6 CoreBond 12.43 -0.01 NA Income NA ... 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MidCpInxInstPrem 26.46 -0.03 12.6 SrsGroCoRetail 28.98 -0.10 63.3 Lord Abbett F EqInc 31.24 +0.30 -0.6 GrwthAdml 126.43 -0.35 35.6 INSTTRF2020 26.50 +0.01 9.9 TotSt 92.05 +0.10 17.0 SAIUSLgCpIndxFd 19.71 +0.04 15.4 SrsIntlGrw 19.99 -0.01 14.1 ShtDurIncm 4.20 +0.01 2.6 EqIndex 97.66 +0.18 15.3 HlthCareAdml r 94.81 +0.32 11.1 INSTTRF2025 27.41 +0.02 10.8 VANGUARD INSTL FDS SeriesBondFd 10.76 -0.02 7.1 SrsIntlVal 10.10 +0.03 2.0 Lord Abbett I Growth 97.63 +0.01 33.1 HYCorAdml r 5.94 ... 4.3 INSTTRF2030 27.96 +0.02 11.3 BalInst 43.95 +0.01 13.9 Wednesday, December 2, 2020 SeriesOverseas 12.11 -0.04 12.3 TotalBond 11.25 -0.01 8.4 ShtDurInc p 4.20 +0.01 2.7 HelSci 101.47 +0.05 24.6 InfProAd 28.27 +0.03 9.6 INSTTRF2035 28.50 +0.03 11.8 DevMktsIndInst 14.85 +0.05 6.4 Net YTD Net YTD Net YTD Fidelity SAI Metropolitan West LgCapGow I 59.66 +0.04 35.4 DevMktsInxInst 23.21 +0.08 6.5 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SmCpIdxInstPrem 23.41 +0.02 11.6 IntlGrAdml 155.53 +0.06 51.3 INSTTRF2040 29.03 +0.03 12.2 TMktIdxInstPrem105.61 +0.13 16.9 TotalBd 10.69 -0.01 8.0 TotRetBd 11.66 -0.01 8.1 MidCap 113.35 -0.44 18.9 ITBondAdml 12.62 -0.01 9.1 INSTTRF2045 29.49 +0.04 12.6 ExtndInst 117.37 -0.23 23.8 GrwthInst 126.44 -0.35 35.6 American Century Inv WshA p 50.19 +0.18 5.8 EmgMktVa 27.71 +0.13 -1.4 USBdIdxInstPrem 12.43 -0.02 7.2 Fidelity Selects TotRetBdI 11.66 -0.01 8.4 NHoriz 88.59 -0.88 49.2 ITIGradeAdml 10.68 -0.01 9.5 INSTTRF2050 29.57 +0.05 12.8 InPrSeIn 11.52 +0.01 9.7 Ultra 74.88 -0.21 43.6 Baird Funds EmMktCorEq 23.13 +0.10 8.2 Fidelity Advisor I Softwr r 26.40 -0.17 37.3 TRBdPlan 10.97 ... 8.4 R2020 24.47 +0.03 10.8 LTGradeAdml 12.09 -0.06 14.5 INSTTRF2055 29.69 +0.05 12.8 InstIdx 328.15 +0.62 15.5 American Funds Cl A AggBdInst 11.85 ... 7.9 IntlCoreEq 14.12 +0.03 3.8 NwInsghtI 39.60 -0.10 21.1 Tech r 29.45 -0.01 54.0 MFS Funds Class I R2025 19.91 +0.02 12.0 MidCpAdml 248.82 -0.29 14.2 IntlVal 39.29 +0.27 4.7 InstPlus 328.17 +0.62 15.5 AmcpA p 38.75 +0.02 17.4 CorBdInst 12.20 ... 8.0 IntSmCo 19.61 +0.02 4.3 Fidelity Freedom First Eagle Funds Growth I 162.58 -0.65 27.9 R2030 29.25 +0.04 12.9 MuHYAdml 11.90 +0.02 4.4 LifeCon 22.75 ... 9.6 InstTStPlus 78.80 +0.09 17.1 AMutlA p 44.38 +0.05 3.6 BlackRock Funds IntSmVa 18.63 +0.03 -3.4 FF2020 17.44 +0.01 10.9 GlbA 59.90 +0.16 5.9 ValueI 44.97 +0.11 2.2 R2035 21.66 +0.03 13.8 MuIntAdml 14.81 +0.01 4.7 LifeGro 40.25 +0.05 12.2 MidCpInst 54.97 -0.06 14.3 BalA p 30.59 +0.04 9.1 HiYBlk 7.72 +0.01 4.4 LgCo 28.21 +0.05 15.5 FF2025 15.57 +0.01 11.5 Franklin A1 MFS Funds Instl R2040 31.04 +0.06 14.7 MuLTAdml 12.23 +0.02 5.6 LifeMod 31.78 +0.02 11.0 MidCpIstPl 271.09 -0.31 14.3 BondA p 14.15 -0.01 10.0 HiYldBd Inst 7.71 +0.01 4.3 TAUSCoreEq2 22.24 +0.04 11.7 FF2030 19.43 +0.02 12.2 CA TF A1 p 7.79 ... 4.6 IntlEq 30.00 +0.02 7.7 PRIMECAP Odyssey Fds MuLtdAdml 11.25 +0.01 3.2 STAR 32.09 +0.04 18.1 SmCapInst 87.97 -0.05 11.9 CapIBA p 62.54 +0.21 1.5 BlackRock Funds A US CoreEq1 28.79 +0.05 12.5 Freedom2020 K 17.43 +0.01 10.9 IncomeA1 p 2.27 +0.02 2.2 Old Westbury Fds AggGrowth r 55.73 +0.14 24.1 MuShtAdml 15.94 ... 1.8 TgtRe2015 16.49 +0.01 8.6 STIGradeInst 11.00 ... 4.8 CapWGrA 57.67 +0.01 11.8 GlblAlloc p 21.78 -0.02 16.9 US CoreEq2 26.09 +0.05 11.5 FrankTemp/Frank Adv LrgCpStr 16.86 +0.01 11.9 Putnam Funds Class Y Freedom2025 K 15.56 +0.02 11.6 PrmcpAdml r163.59 +0.97 13.5 TgtRe2020 35.73 +0.01 9.8 STIPSIxins 25.58 +0.03 4.1 EupacA p 65.84 -0.07 18.3 BlackRock Funds Inst US Small 36.28 +0.12 4.5 IncomeAdv 2.25 +0.02 2.4 Parnassus Fds StDurInc 10.10 ... 1.4 Freedom2030 K 19.42 +0.02 12.3 RealEstatAdml119.59 -1.02 -6.8 TgtRe2025 21.98 +0.01 10.8 TotBdInst 11.60 -0.01 7.2 FdInvA p 67.60 +0.20 11.5 StratIncOpptyIns 10.30 ... 6.0 US SmCpVal 32.90 +0.20 -3.6 FrankTemp/Franklin A ParnEqFd 52.65 +0.09 18.7 Schwab Funds Freedom2035 K 16.57 +0.03 13.3 SmCapAdml 87.97 -0.05 11.9 TgtRe2030 40.58 +0.04 11.3 TotBdInst2 11.51 -0.02 6.8 GwthA p 67.25 -0.04 31.5 Bridge Builder Trust USLgVa 37.06 +0.28 -2.3 Growth A p 130.07 -0.55 25.5 PGIM Funds Cl Z 1000 Inv r 83.42 +0.11 17.2 Freedom2040 K 11.70 +0.02 14.1 SmGthAdml 86.91 -0.45 24.8 TgtRe2035 25.17 +0.03 11.8 TotBdInstPl 11.60 -0.01 7.2 CoreBond 10.97 -0.02 7.7 RisDv A p 78.22 -0.22 13.4 TotalReturnBond NA ... 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NA 500Adml 339.51 +0.64 15.5 TxMCapAdml192.48 +0.18 17.5 USGro 65.10 -0.24 51.3 CoreBondI NA ... NA SmCpA p 74.42 -0.15 26.5 Dimensional Fds TotRetBdI 10.69 ... 3.7 GroCo 34.46 -0.12 61.3 Invesco Funds Y PIMCO Funds A BalAdml 43.94 +0.01 13.9 TxMIn r 14.83 +0.06 6.4 WellsI 28.75 +0.03 7.5 CorePlusBdI NA ... NA TxExA p 13.58 +0.01 4.1 5GlbFxdInc 10.89 ... 1.5 Edgewood Growth Instituti GrowCoK 34.54 -0.12 61.5 DevMktY 51.36 -0.03 12.6 IncomeFd NA ... NA CAITAdml 12.36 +0.01 4.4 USGroAdml 168.76 -0.62 51.5 Welltn 46.54 +0.05 9.3 CorePlusBdIS NA ... NA P2JW338000-0-B01100-1------XA

THE WALL STREET JOURNAL. Thursday, December 3, 2020 | B11 ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Driverless Cars Are Coming, but Won’t Take Over

Autonomous taxi projects start to remove backup drivers, an important but very early milestone

Driverless cars are moving out Aptiv, said last month that it will of science fiction and onto U.S. take safety drivers out of its test roads. But this is just the start of a vehicles in Nevada “in the coming long journey before the vehicles months.” Cruise Automation, the fulfill their transformative poten- driverless-car business controlled tial. by General Motors, has said it Signs of very early-stage com- would remove backup drivers from mercialization are emerging from its test cars in California by year- the corporate science projects that end. want to remove human drivers Doing without safety drivers is from vehicles. Alphabet’s Waymo an important milestone, but there A/REUTERS

seems furthest ahead with its “ro- are plenty more. O’HAR botaxi” project in the suburbs of Once companies have worked

Phoenix. Customers used to have out how to operate robotaxis CAITLIN to sign a nondisclosure agreement safely in one urban district in good Alphabet’s Waymo seems furthest ahead with its ‘robotaxi’ project in the suburbs of Phoenix. to hail a ride with no backup weather, they will need to adapt to driver, but Waymo opened the ser- new areas and a wider range of fleet, among other startup costs. pandemic. Larry Burns, a former After much excitement in 2016 and vice up in October. conditions. Much more will be needed to roll GM executive who advises Waymo, 2017 about their potential to shake Others aren’t far behind. Mo- Eventually, this kind of gradual out customer-ready fleets on a expects the commercialization of up transportation, a fatal crash in- tional, a $4 billion joint venture expansion should give driverless commercial scale. driverless technology to be driven volving an Uber testing vehicle in between South Korean car giant cars the scale necessary to drive One response to this funding by freight rather than taxis, partly 2018 acted as a sobering reminder Hyundai and automotive supplier down costs and compete with hu- challenge has been partnerships. because logistics is all about oper- that the technology couldn’t be man-driven taxis, public transport Honda and SoftBank have bought ating costs and stands to benefit hurried. Latest private-market valuation and, in the very long run, car own- minority stakes in GM’s Cruise Au- more directly from removing driv- The removal of safety drivers, ership. tomation. Ford and Volkswagen ers. Waymo, which was previously assuming it doesn’t trigger more Waymo (March 2020) Such lofty end goals hint at the are together fielding another chal- laser-focused on robotaxis, in Oc- crashes, could start to revive $30 billion huge business opportunities and lenger, Argo AI. Even Waymo has tober announced a partnership hopes. CruiseAutomation (May2019) threats that have drawn tech gi- raised venture capital from outside with Daimler Trucks, the largest Although most driverless-car 19 ants, the auto industry and “mobil- Alphabet this year. maker of big rigs. ventures are, for good reason, part ity” providers such as Uber all The other big tech company in- Then there is Tesla, which at of larger groups supported by Argo AI (July 2020) into the race. For a technology volved is Amazon. Last year it last year’s “autonomy day” other cash flows, it doesn’t seem a 7.5 that needs the highest safety stan- took a small stake in Aurora Inno- pledged to have one million robot- bad time to invest in companies Uber ATG (April 2019) dards to secure regulatory and vation, the biggest independent axis on the road by the end of with a meaningful stake in their 7.3 public support, though, the rollout driverless-car startup, which is in 2020. Elon Musk walked back that success, such as Aptiv. The total will take years, all the while con- talks to take over Uber’s operation, promise in April and said it might addressable markets are too vast Motional (Sept. 2019) suming billions of dollars in capi- according to a TechCrunch report. happen next year. The plan is and the disruption story too se- 4.0 tal. This summer Amazon paid $1.3 vague, and it is hard to see luxury ductive to ignore. Aurora Innovation (Feb. 2019) Karl Iagnemma, chief executive billion for Aurora’s cash-strapped sedans as the best foundation for As the hype rebuilds, just re- 2.5 of Motional, pegs the price of an rival Zoox. a mass ride-hailing operation. member: Getting driverless taxis entry ticket into the driverless-car The e-commerce company’s For investors, the question isn’t to work in a sunny suburb in Ari- Zoox (Aug. 2020) contest at roughly $1 billion. That move highlights the case for driv- just how far driverless cars are zona doesn’t mean they are on the 1.3 buys the necessary teams, compo- erless goods transport, which has along the road to commercial via- cusp of taking over the world. Sources: the companies; Financial Times (Waymo,Aurora) nents development and a test grown louder during this year’s bility, but how stoked markets are. —Stephen Wilmot

Total world-wide number of merchants available on each delivery platform OVERHEARD Uber Eats DoorDash Grubhub Count daytime television as one of the pandemic’s winners. The audience for work-hours

GES TV has shifted, however. 300,000 390,000 500,000

IMA Ratings and research firm Nielsen reports that daytime GETTY has become “a second prime SE/ time” for what were once called “office professionals and managers.” In October, from 9

ANCE-PRES Note:Merchantnumbers areapproximates. Notall merchants on each platform areavailable through companies'

FR a.m. to 4 p.m. Monday to Fri- subscription services. DoorDash’smerchants include verticals other than restaurants likegrocery. day, these white-collar couch Source:the companies ENCE

AG potatoes on average increased An air-conditioner production line at a Haier factory in Wuhan, China. their viewing time by two hours and 10 minutes com- DoorDash’s pared with a year earlier. A V-Shaped Recovery This is even more significant because it is a different audi- ence than the typical daytime Loyalty Program TV crowd, and one with much Doesn’t Mean Jobs higher spending power. “That means content creators, net- works and marketers should be Should Deliver Global manufacturing’s recovery likely to generate a lot of new em- actively thinking about making continues to gain traction, with ployment opportunities—certainly adjustments to ensure that J.P. Morgan’s global manufacturing not as many as the economy will their efforts are seen and purchasing managers index hitting need to recover. heard when engagement is Consumers are eating up Door- tage might simply be that it began 53.7 last month, the highest in al- A services-dominated recession high,” Nielsen says. Dash’s DashPass while seemingly its subscription offering earlier. most three years. is something of an unknown entity. A vaccine is coming, but not nibbling at offers from rivals Grubhub+, for example, was But the employment portion of Research by economists Martha L. soon enough to rip these Grubhub and Uber Eats by com- launched February of this year, that index has only just returned Olney and Aaron Pacitti suggests home-office warriors from the parison. That could prove to be while Uber’s Eats Pass was to growth, and incredibly narrowly the growth of the services sector tube. “The established new the secret sauce for DoorDash launched broadly across the U.S. in so at a reading of 50.1. Readings in the U.S. at the expense of manu- routines of consumers, the once a pandemic-driven wave of November 2019. above 50 indicate expansion facturing has made labor-market colder winter months and in- business shrinks. DoorDash’s early focus on cus- month over month. That weakness recoveries slower. That is in part creased movement restrictions Other food-deliverysubscrip- tomer loyalty seems to have tells us something of concern because manufacturers can con- will further solidify daytime TV tions cost about the same and of- played a role in its transformation about the sort of recession the tinue production in anticipation of as a true work companion,” fersimilar benefits. They area from a delivery upstart to the U.S. world plunged into, and the shape a demand recovery. Many services Nielsen argues. good value forfrequent users: A market leader. So has cornering of the recovery so far. providers can’t. In short, while stuck at $9.99subscription pays foritself if the suburban markets, which have Thecurrent global downturn is The U.S. labor market has re- home this winter, expect more ordering food deliveryjust afew proven to be a pandemic gold very different to the 2008-09 finan- covered from the double-digit un- ads for luxury cars and fewer times everymonth. So,inayear in mine with higher order values and cial crisis,aswell as most others employment rates seen this year, for reverse mortgages and which demand forfood delivery lower operating costs in many historically.Inshort, in anormal re- with unemployment now back to catheters. soared, whyaren’t all subscription cases. But customer allegiance cession, manufacturing underper- 6.9%. But that isn’t the only issue: programs prospering equally? could become even more of a fac- forms services,which aremorere- The proportion of people actually From August 2018 to August tor next year when consumers be- silient to the collapse in demand. in the U.S. labor force—employed 2019, DoorDash said its program gin to venture back out to restau- That hasn’t been true in this or looking for work—fell by 3 per- added over one million subscribers rants. case.Social-distancing restrictions centage points as the crisis hit. in its first year available. That While some of its allure may arefar moreofalimiting factor to That has recovered about halfway, number ballooned to over five mil- persist, it is likely delivery con- someone selling,say,concert tick- but even the recovery leaves par- lion subscribers as of Sept. 30, sumption will eventually moderate. etsthan they aretosomeone sell- ticipation in 2020 overall at its 2020, according to DoorDash’s ini- That means the next several ing exercise bikes.Services crashed lowest levels since the late 1970s. tial public offering filing. About months could be important for de- harder than manufacturing but re- And unemployment rates in many 28% of DoorDash’s more than 18 livery platforms to add subscrib- coverednomorequickly—slightly other advanced economies are million users are now considered ers. As evidence of this urgency, slower, if anything. suppressed by continuing furlough monthly subscribers. By contrast, all three delivery platforms are Moreover a lot of manufactur- schemes. Uber Technologies said in its now offering free subscriptions to ing, particularly in the Western There is still a huge amount third-quarter report that it had consumers through select partners world, isn’t as labor intensive as it that we don’t know about the re- TELEVISION just surpassed the one million sub- such as Chase, American Express once was. In many cases, produc- covery from this downturn, pre- scriber mark for its Uber Pass and and Lyft, good for various time pe- DISNEY

tion can grow considerably with- cisely because it is so unusual. But T Eats Pass programs even as the riods. out a surge in jobs. The same isn’t at this point it is clear that the AL company had 78 million monthly It is a good time to drum up in- /W true of food services, or even a lot sector really leading the bounce active platform users across Rides terest. With in-person dining ex- CCO

of white-collar work such as busi- back won’t provide many jobs it- RO and Eats. Grubhub doesn’t release pected to eat into growth next U

ness services. self, which may prove a drag on la- LO figures, but it is believed to have year, DoorDash seems to have So the portion of the economy bor markets around the world. Whoopi Goldberg of ‘The View’ fewer subscribers than DoorDash. hooked eaters just in time. that is recovering quickly isn’t —Mike Bird A big part of DoorDash’s advan- —Laura Forman P2JW338000-0-B01200-1------XA

B12 | Thursday, December 3, 2020 THE WALL STREET JOURNAL.

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