P2JW048000-6-A00100-17FFFF5178F

****** WEDNESDAY,FEBRUARY 17,2021~VOL. CCLXXVII NO.38 WSJ.com HHHH $4.00

DJIA 31522.75 À 64.35 0.2% NASDAQ 14047.50 g 0.3% STOXX 600 419.20 g 0.1% 10-YR. TREAS. g 30/32 , yield 1.298% OIL $60.05 À $0.58 GOLD $1,797.20 g $24.40 EURO $1.2106 YEN 106.05 Empty Streets Mark Fat Tuesday This Year in New Orleans Bitcoin What’s News Trades Above Business&Finance S

PRES $50,000 itcoin surged above TED

B$50,000 forthe firsttime CIA

on Tuesday, doubling in less SO AS In a First than two months as it con- T/ tinues atorrid runhigher.

Thedigital currencytraded HERBER Cryptocurrency closes as high as $50,584.85 before ALD below high, up 68% for

closing at $48,642.45. A1 GER S;  NewYork’sattorney gen- year with $909 billion eral sued Amazon, accusing PRES in total circulation it of not doing enough to TED CIA

protectworkersinthe state SO BY PAUL VIGNA from the coronavirus. B1 AS

A/ AND CAITLIN OSTROFF

 Ajudgedenied Citigroup’s ANZ request to clawback roughly ST Bitcoin surgedabove CO

$500 million it mistakenly Y $50,000 forthe firsttime on ST

paid out of its own pocket RU Tuesday, doubling in lessthan to investment firms that : two months as the digital cur- made loans to Revlon. B1 LEFT rency continues its torrid run OM higher.  CVSsaid it would re-enter FR NO PARADE:Crowds packed Bourbon Street in NewOrleans forMardi Gras ayearago,left, beforethe pandemic struck. Bitcoin traded as high as the ACAinsurancemarket- This year,right,the French QuarteronTuesdaywas desertedasCovid-19 restrictions and frigid weather kept revelersaway. $50,584.85,beforeclosing at places next year,asthe com- $48,642.45,according to Coin- panyreported quarterly re- Desk,up0.95% forthe dayand sultsthat beat estimates. B1 68% for the year, with a total  Goldman unveiled a market value in circulation low-cost digital platform close to $909 billion. that allocates and automati- Deep Freeze WallopsTexas, The$50,000 level is an cally rebalances individuals’ “emotional level for people in wealth acrossportfolios. B1 the space,” said Brian Melville, thehead of strategyattrading  TheSEC sued Morningstar, firm Cumberland. But it is also alleging the firm allowedrat- Leaving Millions in Cold, Dark a simple result of supply and ing analyststoadjust finan- demand, he said. cial models that resulted in From August through De- betterterms forbond issuers BY RUSSELL GOLD of amounting death toll from the Thepowercrisis came as a Press. cember,about 150,000 new and in some cases lessinter- AND KATHERINE BLUNT cold. Thegrid operator said it far-reaching winter storm Sheltersand hotels in Texas bitcoins were minted, he esti- est income forinvestors. B13 continued to trytorestart power brought snow, iceand record filled up as residentssought mated. Thefirm calculated  TheDow gained 0.2% to Millions of homes in Texas plantshobbled by the weather, lowtemperatures to swaths of refuge from the cold. In Hous- that about359,000 bitcoins close at another record.The were without powerfor asec- butitwarned that full restora- the U.S.,with dangerously cold ton, the George R. BrownCon- were bought in the same pe- S&P 500 and Nasdaq fell 0.1% ond straight dayafter histori- tion could take days longer. wind chills from Arctic air ex- vention Center reached capac- riod, and that imbalancehas and 0.3%, respectively. B13 cally cold winter weather caused Gov.GregAbbott, aRepubli- pected to linger over the Great ity at noon on Tuesdayascity continued in 2021. “It’sare- afailureofthe state’selectricity can, called foraninvestigation Plains and Mississippi Valley PleaseturntopageA6 ally important metric to  Alden Global Capital, grid, triggering apublic-health intowhat caused afailureof through midweek,the National watch,” he said. Tribune Publishing’s larg- emergencyinthe nation’ssec- the state’spowersupplies,as Weather Servicesaid.  Farmers and ranchers are That buying demand has est shareholder, reached a ondmost populous state. between two and three million At least 15 people had died thrown into crisis...... A6 brought not only apricerally, deal to acquire the rest of Acrossthe state, temporary Texans remained without elec- nationwide as of late Tuesday,  Heard on the Street: Don’t but growing acceptanceand the newspaper company. B3 shelters filled up and fearsrose tricity on Tuesdayevening. according to the Associated blame wind power...... B14 PleaseturntopageA2  Buffett’s Berkshire took stakes in Verizon and Chev- ron, according to asnapshot Lumber Lumber-futures price* Housing unitsauthorized of investmentsheld in the by building permits† China Blocked Ant quarter ended Dec.31. B13 Prices $1,000 per 1,000 boardfeet 2.5 million World-Wide Soar in Recessions IPO AfterUncovering Boom 800 2.0  Millions of homes in Texas were without power Abuilding boom Who Stood to Gain forasecond straight dayaf- during the 600 1.5 terhistorically cold winter pandemic has lifted weather caused a failure of lumber prices, the state’s electricity grid, defying the normal 400 1.0 Xi’s unease with investors added to triggering a public-health winterslowdownin emergency in the nation’s wood-product sales. concerns over financial risk, Ma comments second most populous state. Lumber futures 200 0.5 Swathsofthe U.S. were suf- have climbed49% BY LINGLING WEI ownership structure—and fering the effectsofafar- in the pastthree the people who stood to gain reaching winter storm. A1, A6 weeks,tomore 0 0 When China’s leader Xi most from what would have than twicethe 2017 ’18 ’19 ’20 ’21 2001 2010 2020 Jinping late last year been the world’s largest IPO.  TheBiden administration priceayearearlier. quashed Ant Group’s initial In the weeks before the fi- extended a federal morato- *Random Length front-month contracts †Seasonally adjustedannual rate B13 public offering, his motives nancial-technology giant was rium on home foreclosures for Sources: FactSet (futures); U.S. Census Bureau via St.Louis Fed(Housing units) three months and expanded appeared clear: He was wor- scheduled to go public, a ried that Ant was adding previously unreported cen- assistance for people be- risk to the financial system, tral-government investiga- hind on mortgagepayments and furious at its founder, tion found that Ant’s IPO during the pandemic. A3 Teachers, ParentsSplit on Reopen Jack Ma, for criticizing his prospectus obscured the  Trump criticized McCon- signature campaign to complexity of the firm’s nell in alengthystatement strengthen financial over- ownership, according to the afterthe Senateminority BY KRIS MAHER ownwords,who just doesn’t dentstoclassrooms full-time in sight. officials and government ad- leader’s condemnation of AND JENNIFER CALFAS care anymore,” he said, his March, up from two days a There was another key visers, who had knowledge Trump’sactions leading up voicebreaking.“What are week at most currently. reason, according to more of the probe. Behind layers to the riot at the Capitol. A7 MT.LEBANON,Pa.—Patrick youfocused on? Get our chil- “The thought of returning to than a dozen Chinese offi- PleaseturntopageA10  The NAACP, on behalf Cozzens had never spoken up dren back!” afull in-person dayamid a cials and government advis- of Rep. Bennie Thompson at aschool boardmeeting un- Dozens of parentswho live global pandemic is so over- ers: growing unease in Bei-  Beijing’s TV and movie (D., Miss.), filed a lawsuit til he stood in front of acrowd in the affluent community out- whelming that it could honestly jing over Ant’s complex censorship stirs ire...... A18 against Trump and Giuliani, of angryparentsearlier this side Pittsburgh erupted in ap- bring me to tears,” said Emily accusing them of conspiring month to read astatement his plause,and the president of Rindels,afifth-grade teacher in to incite the Capitol riot. A7 16-year-old daughter helped the school boardrapped his Mt. Lebanon, who teaches him to write. gavel fororder.Other parents, about half of her studentsata  A hacker claims to have “I’vewatched hergofrom some via Zoom, and at least PleaseturntopageA4 stolen files belonging to C3 AI the global law firm Jones achild that has loved school, one teacher opposed aplan in- Day and posted many of thrived at school her entire troduced by the superintendent  Biden wants more schools life, to one now, using her to return the town’s5,300 stu- open five days a week...... A4 them on the dark web. A3 #1 AI CRM  Theadministration is re- viewing U.S. policytoward Skating Fans Up Their Game ReinventingCRM the NordStream 2pipeline, INSIDE which is designed to carry In Backyard Rink Building Russian natural gastoGer- manyunder the Baltic Sea. A8 iii  France’sNational Assem- S First-timers and veterans are obsessed bly approved abill that Ma- PRES cron and his supportersin Parliament have framed as ZUMA with keeping ice smooth; ‘homebonis’ a response to the spread

LEVINE/ BY KIM MACKRAEL she soaked through three pairs of “Islamist separatism.” A9 B. of mittens while picking her  Died: Arne Sorenson, On acrisp morning at the way through phyllo-pastry-like 62, CEO of Marriott. B1 end of January, Chelsea Parkin icesoshe could patch ahole RICHARD crouched beside the shallow in the wovenblue tarp under- CONTENTS Personal Journal A11-12 BUSINESS&FINANCE pool of iceand slush in her neath. Arts in Review... A13 Property Report... B6 Business News...... B3 Sports...... A14 Citigroup loses bid to backyard,put her ear close to While intrepid Canadians Crossword...... A14 Technology...... B4 clawback funds the surface, and listened. She and residentsofnorthern U.S. Heard on Street.B14 U.S. News...... A2-8 wassurethe waterunder- states have long created ice- Markets...... B13 Weather...... A14 relatedtoRevlon neath wasescaping through a skating rinksintheir back- Opinion...... A15-17 World News...... A9,18 loans. B1 hole somewhere. yards, pandemic restrictions The8-foot-by-19-foot rink and winter boredom have led > her husband had constructed to aboom this season. Stir- U.S. NEWS fortheir daughter aweek ear- crazy homeowners have tack- Get started at C3.AI/CRM

Ahacker claims to lier remained thin and patchy, led the project forthe first ©2021 C3.ai, Inc. All Rights Reserved. is amark of C3.ai, Inc. C3 AI CRM despitenightly attemptstofill time,and some veteranrink- is the first enterprise-class, AI-first customer relationship management solution have stolen files purpose-built for industries to drive customer-facing operations with predictive it with fresh water. When Ms. buildersare taking it intohigh business insights. s 2021 Dow Jones & Company, Inc. All Rights Reserved belonging to the global Parkin eventually discovered gear. lawfirm Jones Day. A3 themain source of the leak, PleaseturntopageA2 P2JW048000-2-A00200-1------XA

A2 | We dnesday, February 17, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS

Square Inc.’splatform. Last Bitcoin price, past twodays* Duration of bitcoin ownership,weekly† ity, said economist and vocal Bitcoin year,PayPalHoldingsInc. bitcoin critic Nouriel Roubini. added crypto trading. $50,000 20 million bitcoin held Bitcoin, though, has very little Skeptics saybitcoin is practical use and doesn’t pro- Surpasses largely aspeculativeplay vide asteady income likea among investorshunting for Morethan bond or stock dividend. big returns in an eraofeasy 49,000 15 4years “Manyare buying at prices $50,000 money. that areridiculous,” he said. Investorschasing momen- “They’re going to get burned tum have piled into bitcoin in 47% of bitcoin held 2-4years and oncethey getburned they ContinuedfromPageOne recent months as the pricehas forlessthan one year are not going to come back.” 48,000 10 recognition of an asset that risen. And despite the recent 1-2years European Central Bank wasonceanobject of derision adoption by companies such President Christine Lagardeis forregulatorsand lawmakers. as Tesla, many finance chiefs 3-12 askeptic.Inarecent inter- In February alone, Bank of remain dubious about invest- months view, she said bitcoin wasn’t a NewYork Mellon Corp.said it ing in the digital currencydue 47,000 5 real currencyand the ECB would start treating bitcoin to itsvolatility and lack of wouldn’t buy or hold it. She like any other financial asset. practical uses. Less than hasinrecent months called Mastercard Inc. said it would Bitcoin is created by apro- 3months formoreregulation of crypto- integrate bitcoin into its pay- cess known as mining: People 46,000 5-minuteintervals 0 currencies,noting their use in ments network this year. And solvecomplexmathematical money laundering. Tesla Inc.said it purchased puzzles using powerful com- Mon. Tues. 2020 ’21 That is alegitimatecon- $1.5billion worth of the cryp- puters to unlock or mint new Sources: CoinDesk (price); Chainalysis (duration) *AsofTuesdayat4p.m. ET †AsofJan. 18 cern, to an extent. In 2020,il- tocurrency forits corporate coins. licit activity using cryptocur- treasuryand plans to start ac- Themaximum number of has changed. “It’sstill edgy, sioned as adigital version of variety of reasons. rencies totaled about $10 cepting it for payment. bitcoins that canbecreated is still tech-forward, but it’s physical cash. It quickly at- Around 2013,Silicon Valley billion, according to areport Additionally, billionaire in- 21 million, under the original mainstream now,” she said. tractedadisparategroup of and anew crop of entrepre- from analytics firm Chainaly- vestorssuch as Paul Tudor design of the cryptocurrency. Theincreased demand from programmers, anarchists and neursstarted to put real sis. However, that wasdown Jones and Stanley Drucken- Thecoins themselves canbe both retail and institutional libertarians. money and effort intobuilding from $20 billion in 2019. miller have jumped intothe almost endlessly divided, investorshas resulted in a Its early years were full of financial services that would Regardless, bitcoin contin- space, attracting further at- down to the eighth decimal supply-demand imbalancethat both promise and scandal. Bit- makebitcoin morestable. ues to attract fresh attention. tention. Interest from financial place, or intohundred mil- has pushed the pricehigher, coin washeld out as the solu- Manyofthe biggest compa- MiamiMayor Francis Suarez professionals—investorsand lionths. said Cumberland’s Mr.Mel- tion foreverything from infla- nies in the industry came out said on Thursdaythat the city institutions—has become a In itsfirst few years, bit- ville. tion to poverty to government of this effort. wasexploring the use of bit- key driver of the rally. coin waslittle morethan an Bitcoin wasunveiled in oppression. But the commu- Critics said bitcoin is lessof coin, potentially paving the Morefinancial-services anarchist project, said Caitlin 2008 andits network went nity that traded it wasmarked a currency and more a specu- way for city employees to re- companies nowallowcustom- Long, the founder and chief live in January 2009. Created by scams and Ponzi schemes. lativefixation, and that its ceivesome of their salaryin erstotrade bitcoin, including executiveofAvanti Bank,a by Satoshi Nakamoto—the Most of theearly exchanges price might be due in part to bitcoin and residentstopay the popular trading app from cryptocurrency-focused bank pseudonym of astill-anony- fortrading,notably Tokyo- manipulation. Most commodi- fees and taxeswith the digital Robinhood MarketsInc.and charteredinWyoming.That mous founder—it wasenvi- based Mt. Gox, collapsed fora ties,evengold, have some util- currency. FROM PAGE ONE U.S. WATCH

PHILADELPHIA WEST COAST City Faces Potential Earthquake Warning $450 Million Deficit System Expands The city of Philadelphia is The earthquake early warning warning of a potential $450 mil- system known as ShakeAlert lion budget gap for the 2022 fis- will be capable of delivering cal year. alerts directly to wireless de- Mayor Jim Kenney on Tues- vices in Oregon on March 11 and day cited the pandemic and en- to Washington state in May, suing economic downturn for completing the West Coast roll- what he called a “staggering” out, the U.S. Geological Survey drop in tax revenue as well as said Tuesday. new costs and higher costs for The ShakeAlert system, existing services. “The picture which warns of significant for the coming budget is bleak,” quakes, has been enabled in Cali- he said. fornia since October 2019. Finance director Rob Dubow The system uses a network said officials are optimistic of sensors that detect the start about help from the federal gov- of an earthquake and calculates ernment but the “timing, scale, magnitude, location and the ex- and details of how funds will ar- pected amount of shaking. rive and can be spent remains —Associated Press undetermined.” Even with a one- time infusion of federal money, INDIANAPOLIS he said, the city could face

G “years of budget stress as the Dozens of Animals economy recovers.” Die in Pet Store Fire DERBER The budget director, Marisa SO Waxman, called for “diverse An estimated 100 animals AIG

CR voices and insights” to help died when an overnight fire filled Above, the Soderberg family’s backyard rink; below, Lise Shields with her grandchildren on their homemade ice-skating rink. come up with a budget that ad- an Indianapolis pet store with dresses community needs, and thick smoke and deadly gases, 4inches in another.When that burgh and has been building said officials still planned to try fire officials said. Backyard happens,“yougotta bracethe rinks forthree years, bor- to address racial disparities. It took firefighters about an heck out of your boards,” said rowed a small excavating ma- The mayor is to propose the hour to extinguish the blaze at Mr. Greco, 39, who has been chine to level his backyard in budget April 15. Uncle Bills Pet Center because Ice Rinks building rinks forseven years. the summer.Then he outfitted —Associated Press they had difficulty accessing the “Water and gravity will always his rink with painted boards,a fire in the building’s back roof win, and your neighbor’s not string of lights, and ared light UTAH area, the Indianapolis Fire De- Are Hot going to appreciate10,000 gal- programmed to emit the Pitts- partment said. lons of watergoing intotheir burgh Penguins’ signaturegoal HighwayIsClosed After dousing flames that backyard.” horn pitch. Over Avalanche Fears had filled the building with thick, ContinuedfromPageOne First-time rink builderssaid He even built a new ice- black smoke, crews discovered “I gotobsessed with it,” said they were motivated by adesire smoothing devicebymodify- Amountain highwayeastof “what can only be described as

Ms.Parkin, a30-year-old pho- to gettheir kids outside and ac- S ingamotorized four-wheeled Salt LakeCitythatprovides ac- a horrible tragedy” inside, with tographer who lives in Milton, tiveatatime when group activ- beer cooler his wifewon in a cess to apair of popular ski re- about 40 dogs, 25 parakeets,

Ontario,just west of Toronto, ities arecanceled and many SHIELD contest several yearsearlier. sorts wasclosed Tuesdayafter a rabbits and other animals dead and says she doesn’t particu- studentsare learning remotely. Thecooler—already leakyfrom large snowstorm raised already from smoke inhalation, Battalion

larly likethe cold. “I could But the hobby has also turned CHELSEA yearsofuse—drips hot water dangerous avalanche conditions. Chief Rita Reith said. hardly go two hourswithout intoanoutlet foradults. onto atowelthat is spread out Utah Transportation Depart- —Associated Press going out and checking on it.” Lise Shields,agrandmother hisfirst icerink in Lansing, behind it, leaving the ice mentofficials closed stateRoute Orders of rink-building who lives east of Toronto, de- Mich., last fall, turned to apro- smooth forthe next skate. “I 210 in the Little Cottonwood OKLAHOMA kits—which at aminimum in- cided to tryher hand at rink- pane torchmeant forburning can’t tell youthe exact hours,” Canyon to do avalanche preven- clude aplastic liner and aset of building afterretiring from weeds when he realized he Mr.Maicki, 37,said of the time tion work. The agency posteda Revenue Projection bracketstosupport the rink’s her job as ahospital-registra- couldn’t add morewater to his he’sput intorefurbishing and video of snowbarreling down Boosts State Budget sideboards—exploded this sea- tion clerk last year and moving rink without running the risk caring forhis backyard rink. the mountain and onto the high- son. Some kitscome with plas- in with her daughter’s family. of flooding the yard.The torch “But man, this particular year wayinanavalanche theytrig- Better-than-expected projec- tic or wood sideboards,while “I waslooking forthingsto helps reducebumps on the ice with the virus and all that, you gered as part of the work. tions for taxes on oil production others requireyou to supply do,” Ms.Shields said. “I tried surface, he said, though it also had more time at home to The deaths of twomen and individual and corporate in- your own. They canrangein yoga and found it extremely melted his rink’splastic liner spend doing this stuff.” caughtinavalanches in Colorado come will leave Oklahoma law- pricefromacouple hundred to boring.” Ms.Shields,61, said several times,forcing him to After repairing the hole in and athirdinMontana overthe makers with nearly $1.2 billion several thousand dollars. Many sheloved skating as achild chip the iceout, patch the liner, her tarp,Ms. Parkin spent Presidents Dayweekend illus- more to spend on the coming would-be handypeople areex- and wanted to giveher grand- and fill it back in with water. nearly aweek flooding the ice trated howbackcountry skiers state budget than originally an- perimenting on their own, fol- children achancetoget on the “It’sbeen aprettyconstant with agarden hose several and others in the Rocky Mountain ticipated, a state panel deter- lowing online instructions to icethis winter. battle to makesureeverything times aday.She gother 5- wildernessrisk triggering weak mined Tuesday. set up alumber frame with a Ms.Shields bought atarp, stays smooth,” said Mr.Soder- year-old daughter on the rink layers of snowthathave created The StateBoardofEqualiza- tarp in their yardsand then some two-by-foursand brack- berg, 39,who estimates he forthe firsttime on Feb. 4. the most hazardous conditions in tion, led by Gov. Kevin Stitt, cer- hauling out their garden hoses etstohold the wood in place, spends about 15 hoursaweek “We’vegot some lumps and adecade, forecasters say. tified atotal authorized spending to fill it with water. and enlisted her son-in-lawto caring forhis ice. bumps that we’reworking on,” At least 25 people have been levelof$9.6 billion on the bud- Wisconsin-based NiceRink help out foracouple of hours Experienced backyard-rink- she said, adding that her killed in avalanches in the U.S. get forthe fiscal year thatbe- said its sales more than dou- last fall.She said she made a builderssaid they upped their daughter had turned some of so far this year, up from 23 gins July 1, well above the $8.4 bled this season, and the com- few mistakes,including filling game this season. Don Maicki, the protrusions intoslides for deaths last winter. billion projected in December. panysold out of the plastic the rink with watertoo quickly who lives northeast of Pitts- her doll. “But it’s not bad.” —Associated Press —Associated Press boards it includes in some of and using wood that wasn’t itspackages in early Decem- quitetall enough to account ber.EZICE, aNewton, Mass. forthe slope of the family’s CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL companythat says itsrinks yard.But by early January, the (USPS 664-880) (Eastern Edition ISSN 0099-9660) can be assembled in less than icewas aperfect 4inches thick (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) an hour, hired more staff and and “a lot of funtoskateon.” Aphoto with aPageOne ar- the firstname of Michael Soli- Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 opened three newmanufactur- Ahomemade ice-resurfacer ticle Tuesdayabout the winter mano, president and chief ex- Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. ing sites and two more ware- shemade out of an old com- storm showedAustin, Texas, ecutiveatKillingtonResort Postmaster: Send address changes to The Wall Street Journal, houses.“Covid sort of trig- post bin, copper pipes and a on Monday. Thecaption in andPicoMountain, wasmis- 200 Burnett Rd., Chicopee, MA 01020. gered everyone to purchase a towelisgetting near-daily use. some editions incorrectly said spelled as Micheal in aPage All Advertising published in The Wall Street Journal is subject to the applicable rate card, backyard rink,” said Blair Rob- Other improvised ice- the photowas from Sunday. One article about worker copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., ertson, co-owner of Montreal- smoothing devices—often re- shortages. 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 based IceN’Go, whose sales ferred to as “homebonis”—run President Biden has pro- acceptance of the advertiser’s order. roughly tripled this season. the gamut from steam mops posed a $1.9 trillion Covid-19 Noticetoreaders Letters to the Editor: Fax: 212-416-2891; email: [email protected] John Greco, who co-founded to coolersthat drip hot water relief package. In some edi- Wall Street Journal staff Need assistance with your subscription? the Facebook group Backyard ontoamat or atowelthat tions Tuesday, aU.S.Newsar- membersare working remotely By web: customercenter.wsj.com; By email: [email protected] IceRinks,said manyfirst-tim- spreads it acrossthe ice. Back- ticle about SenateMinority during the pandemic.For the By phone: 1-800-JOURNAL (1-800-568-7625) ersfaceasteep learning curve. yard iceexpertssay the goal is Leader Mitch McConnell incor- foreseeable future, please send Reprints &licensing: Often, buildersfail to account to spread athin layerofhot rectly said $1.9 billion. reader comments only by By email: [email protected] By phone: 1-800-843-0008 forthe slope in their yard,he wateracrossthe surfaceofthe email or phone,using the con- WSJback issues and framed pages: wsjshop.com said, which means they can ice, allowing it to freeze In some editions Tuesday, tactsbelow, not via U.S. Mail. have afoot or moreofwater quickly in asingle sheet and Our newspapers are100% sourcedfromsustainably certified mills. accumulate in one corner of giving the ice a glasslike feel. Readers can alert The Wall Street Journal to any errors in news articles by GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS the rink beforethey reach 3or Craig Soderberg, who built emailing [email protected] or by calling 888-410-2667. P2JW048000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, February 17, 2021 | A3 U.S. NEWS WhiteHouse Preparations Under Way on Eve of the Season of Lent Extends Relief On Mortgages

BY KEN THOMAS AND ANDREW ACKERMAN aremorelikely to have de- ferred or missed mortgage WASHINGTON—TheBiden payments. administration extended afed- Manyofthe borrowers who eral moratorium on home arestill postponing payments foreclosures foranother three have Federal Housing Admin- S

months and expanded assis- istration loans.FHA borrowers PRES tancefor people behind on typically have lowerincomes UMA

their mortgagepaymentsdur- andsmaller down payments /Z ingthe coronavirus pandemic. than individualswith other TIMES

TheWhiteHouse said Tues- government-backed loans, Y daythat it would extend aban such as those guaranteed by BA on home foreclosures forfed- Fannie Mae and Freddie Mac. PA AM erally backed mortgages Joblosses during the pan- through June 30.President Bi- demic have disproportionately den had earlier extended the affected low-wageworkers, in- RHINE/T

moratorium, which had been cluding employees of the res- ENCIO

set to expireatthe end of Jan- taurants, hotels and shopping AS

uary, until the end of March in malls that have been devas- THA

aseries of executiveactions tatedbythe stay-at-home MAR on hisfirst dayinoffice. economy. READYFOR ASHWEDNESDAY:Banners in purple, acolor associatedwith penance, replacegreen ones at the Cathedral of St.Jude the TheBiden administration “What the administration is Apostle in St.Petersburg, Fla. Lent,marked by fasting and prayer,isthe period leading up to Easter, which falls on April 4this year. also said it would givehome- trying to do hereismakesure ownersmoretime—through that youdon’t have awaveof June 30—toenroll in apro- FHA borrowers who aregoing gram to request apause or a to have to begin to paytheir reduction in mortgagepay- mortgageagain beforethe Hacker AllegesAttack at JonesDay ments. economyhas begun to re- Thefederal Cares Act cover,” said Jim Parrott, afor- signed intolaw last March by mer Obama administration BY TAWNELL D. HOBBS timized by aransomware at- former President Donald housing adviser who is nowan AND SARA RANDAZZO tack in 2016, according to the Trump let borrowers postpone industryconsultant. “It needs Journal’s review. payments on federally backed to be synced up.” Ahacker claims to have sto- Thelaw firm Goodwin mortgages foraslong as 12 Tuesday’schanges don’t ap- len files belonging to the global Procter wasalso hit by the months. ply to borrowers with loans lawfirm Jones Day and posted Accellion breach, aperson fa- Homeownerswill nowbe guaranteed by Fannie and manyofthem on the dark web. miliar with the mattersaid. able to receiveuptosix Freddie,the two government- Jones Dayhas manypromi- Goodwin’smanaging partner, months of additional mort- controlled mortgagecompa- nent clients, including former Mark Bettencourt,told em- gage payment forbearance, in nies that back abouthalf of President Donald Trump and ployees Feb. 2inanemail incrementsofthree months, the $11 trillion mortgagemar- major corporations. that it had informed all of the forthose borrowers who en- ket. Thecompanies’ regulator, Jones Day, in astatement, firm’sclientsabout asecurity teredforbearancebeforeJune the Federal Housing Finance disputed that itsnetwork has issue impacting avendor 30,2020,the WhiteHouse Agency, operates indepen- been breached.The statement used forfile transfers, ac-

said. Borrowers who enter dently of the WhiteHouse and said afile-sharing companyit REUTERS cording to acopy of the intosuch plans canskip pay- has already extended forbear- has used wasrecently compro- Y/ memo reviewedbythe Jour-

mentsifthey suffer apan- ancefor up to 15 months for mised and had information KELL nal. ThemessagefromMr. demic-related hardship but borrowers who enter intosuch taken. Jones Daysaid it contin- Bettencourt, which didn’t

have to makethem up later. plans by the end of February. ues to investigatethe breach ANDREW name Accellion, said the issue Some 2.7million home- Roughly 30%ofthe 907,000 andwill continue to be in dis- Jones Day disputed that its network has been breached. The law appeared to have affected a ownershaveactiveforbear- existing Fannie and Freddie cussion with affected clients firm’s offices in Washington, D.C. “small percentageofour cli- anceplans—representing 5% forbearances were previously and appropriateauthorities. ents” and that the firm was of allmortgageholders—and set to expireatthe end of Theposting by aperson wroteinresponse to an email near itsend of life, wasthe tar- investigating further. morethan half of the plans March, according to Black whoself-identified as the from the Journal. getofasophisticated cyberat- Lawfirms’ computer files areset to end forgood in Knight. hacker,who goes by the name Thehacker,inthe Journal’s tack.The companysaid all FTA often contain confidential in- March, April, MayorJune,ac- About 75%ofU.S.mort- Clop,includes afew individual correspondence, said it first customerswerepromptly noti- formation, including the size cording to mortgage-datafirm gagesare guaranteed or in- documents that are easily re- reached out to Jones Dayman- fied of the attack on Dec.23. and natureofsettlements, ne- Black Knight Inc.The White sured by the U.S. government, viewedbythe public,includ- agement on Feb. 3and in- However, the hacker told gotiations about pending House noted people of color according to Black Knight. ing by TheWall Street Jour- formed the firm that itsnet- the Journal that it hacked deals, and legal strategy that nal. Onememo is to ajudge work had been hacked and Jones Day’sserver directly would normally be shielded and is marked “confidential that data had been stolen. As and that it wasn’t involved in from thepublic by attorney- mediation brief,” another is a of Tuesday, the hacker said the Accellion hack. client privilege. Biden Sets Meeting coverletterfor enclosed “con- Jones Daymanagement hasn’t An Accellion spokesman Thepublication of Jones fidential documents.” The responded but that it believes said the companydoesn’t Day’sfiles wasreported by the Journal couldn’t immediately the lawfirm received itslet- comment on individual cus- cybersecurity blog,DataB- confirm their authenticity. ters about the attack.The tomers but said it is working reaches.net, this past weekend. With Union Leaders TheJournal wasable to see hacker said ransom negotia- with all affected FTAclientsto With morethan 2,500 law- the existenceofmanymore tions haven’t begun. understand and mitigateany yers around the world, Jones files—mammoth in size—also Jones Day, in itsstatement, impact of this incident. Dayhad deep ties to the Trump BY TIMOTHY PUKO tant forMr. Biden.They give purported to belong to Jones said it hasn’t been the subject TheJournal wasable to re- administration. Morethan a AND ANDREW RESTUCCIA heavily to Democratic candi- Day, posted by the hacker on of aransomware attack.Rather, viewsome of the information dozenofits lawyersworked in dates and mobilizevotersin the so-called dark web. Hack- Jones Daysaid, it has been in- in Clop’slarge files.They in- the Trump WhiteHouse,in- WASHINGTON—President key states.Mr. Biden has tried ers typically post such stolen formed that acompanythe law clude what appear to be Accel- cluding Don McGahn, who Biden is scheduled to meet in to stop adriftofunion voters information afterthe hacked firm used to transfer large files lion configuration files and logs served as WhiteHouse counsel the WhiteHouse on Wednesday going to Republicancandidates entity fails to payaransom. electronically,Accellion Inc., with references to Jones Day and oversawits judicial selec- with senior labor union leaders, by promising repeatedly that The Journal was able to con- “was recently compromised emailand webaddresses. tion processbeforereturning and people familiar with the his agenda to addressclimate tact the hacker using an email and information taken.” Other datainClop’stranche to Jones Dayin2019. mattersay they arehoping to change wouldn’t threaten their on its blog. Accellion said Feb. 1that its appear unrelated to the law —Kevin Poulsen win commitmentsfor amassive job security and would instead “Wehaveover100 giga- Accellion FTA, aplatform for firm, including medical files and Jacob Gershman federal investment in infra- offer newalternatives to labor- bytesofdata,” thehacker transferring files that it says is from aCalifornia hospital vic- contributed to this article. structureaswell as effortsto erslong dependent on oil, gas createjobs in clean tech and al- and coal companies. ternativeenergy. But fearsofjob losses flared Sean McGarvey,president of up againduring the president’s Live Event Ve nues North America’sBuilding Trades firstweeks in officewhen Mr. Unions,will be meeting with the Biden froze newoil leasing on president and Vice President public lands and revokedapres- Await Grant Program Kamala Harris in the Oval Of- idential permit forthe Keystone fice,and maybejoined by AFL- XL oil pipeline.Mr. Biden’sdeci- BY AMARA OMEOKWE contractors, to help put on CIO President RichardTrumka sion on Keystone came on his events.Last year his business and other labor leaders, accord- firstday in office and the proj- When SteveSheldon learned missed itsrevenue projections ing to some of the people. ect developer,TCEnergy Corp., that Congresshad authorized a by 95%, he said. responded immediately by sus- $15 billion grant program for Isabel Guzman,who is Pres- pending construction and laying companies that host live ident Biden’s pick to lead the Thelabor chiefsseek off 1,000 workers. events,hefelt relieved. With Small BusinessAdministra- Mr.Biden had promised that cash reserves at his Long tion, said at her confirmation afederal pushon moveasacandidate, but Re- Beach, Calif.-based EPIC Enter- hearing this monththat get- infrastructureand publicans and other oil-industry tainment Group running low, a ting the Shuttered Venue Op- allies seized on the decision to grant would help him to keep eratorsGrant program up and clean­energy jobs. attack Mr.Biden, saying plans paying his two workers. running would be among her to invest in cleaner energy Amonth later,the Small initial priorities. wouldn’t help workersquickly Business Administration has TheSBA is building the ini- enough,ifever. yettosay when the program tiativefromthe ground up and WhiteHouse officials have Mr.Biden’sKeystonedeci- will launch,and Mr.Sheldon working quickly to establish been holding regular meetings sion “led to alot of angst in the said he hasbeen confused by safeguards so that the money with lawmakersand outside membership,” according to one eligibilityguidelines. is delivered only to venues that groups as the president pre- of the people familiar with the Feeling that he couldn’t af- qualify, aspokeswoman said. pares to unveil an economic re- matter, referring to union mem- ford to wait forclarity on such Theprogram will generally covery package that will focus bers. issues,Mr. Sheldon instead ap- be open to venues such as the- on improvingU.S.infrastruc- During his presidential cam- plied forapotentially much aters, museums and perform- tureand creating jobs.Last paign, Mr.Biden laid out a smaller amount under asepa- ing-arts organizations.Appli- week,Mr. Biden met with abi- “Build Back Better” plan to re- rate coronavirus aid program cantswill be eligible forgrants partisan group of senators, as charge the economyinthe af- of forgivable loans forsmall equal to 45% of their 2019 well as mayors and governors. termath of the pandemic.It businesses. “At this point, it’s grossearned revenue, up to a When asked about Wednes- mentions unions 32 times over either accept funding nowand maximum of $10 million,ac- day’smeeting,WhiteHouse the equivalent of 21 pages. keep moving forward, or two cording to the SBA’swebsite. spokesman Vedant Patelsaid He also proposed spending people would have to be let Eligible applicantsthat began viaemail that the administra- $2 trillion over four yearsto go,” Mr. Sheldon said. operations after2019 will use a tion “willevaluateinfrastruc- improveinfrastructure, create Theurgencysurrounding different calculation. Unity tureproposals based on our en- jobs in therenewable energy hisdecision reflectsthe dire Theprogram is likely to see ergy needs,their ability to sector and tackle climate circumstances facing live- strong demand, said Dayna achieveeconomywide net zero change. events businesses.Manyhave Frank, a founding member of DOUBLE UNITY BRACELET WITH DIAMONDS emissions by 2050,and their Union leadersfor yearshave found it difficult to operate the National Independent abilitytocreategood paying lobbied the federal government even at reduced capacity be- Venue Association, which was union jobs.” to spend at least $4 trillion on cause of government restric- formed last year. PAULMORELLI.COM Later, the WhiteHouse con- infrastructure improvements. tions and lack of demand as “I don’t think there’sany firmed Mr.Biden’smeeting WhiteHouse spokeswoman Jen Americans avoid gatherings. doubt that the demand is going NYC: 895MADISON (72ND&MADISON) with union leaderstodiscuss Psaki declined last week to say During peak times in atypi- to far exceed supply,” said Ms. PHL: 1118WALNUTSTREET infrastructureand the adminis- howmuch Mr.Biden wanted to calyear,Mr. Sheldon said he Frank,chief executiveofsix tration’seconomic relief efforts. spend in totaloninfrastructure employs upwardof400 work- venues in the Minneapolis 212.585.4200 Unions are especially impor- measures. ers, manyofthem independent area, including FirstAvenue. P2JW048000-5-A00400-17FFFF5178F

A4 | We dnesday, February 17, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. U.S. NEWS Divide ShapesVirus Response Biden Wants More Wisconsin governor, Five-Day Schools Wisconsin has seen lowerunemploymentthan the nation as a has grownfrustrated with Re- GOP-led legislature whole during the pandemic,and the number of those hospital- publican effortstoundermine ized with Covid-19 has droppedsinceits peak in November. mask mandates as well as the BY KEN THOMAS Hercommentsdrewcriti- split on mask rules, challenges of securing vaccina- AND SABRINA SIDDIQUI cism from Republicans and business restrictions Unemployment Covid-19 hospitalizations tions.She said she struggled some parents, who said that in Wisconsin until recently to find doses for WASHINGTON—President threshold wasunacceptable as BY JOHN MCCORMICK 20% 2,000 her parents, who areboth in Biden said he expectsa“sig- the countryseeks to recover AND CATHERINE LUCEY their late80s.“Trying to figure nificant percentage” of K-8 from the pandemic. out howtonavigatethis has schools to reopen five days a Mr. Biden, asked about the In anation splitoverhow been really hard,” said Dr.Mar- week within his first100 days commentsduring the town 15 1,500 best to respond to the usinec. “I think alot of it was in office, afterthe White hall at aMilwaukee theater, Covid-19 pandemic,Wisconsin because we did not have a House said last week that its called it a“mistakeinthe has exemplified the divisions. good federal plan in place.” pledge to open schools would communication” and said he Democratic Gov.TonyEvers 10 1,000 Wisconsin has weathered be metbyin-person instruc- had been pushing foropening and the Republican-controlled National economic damagefromthe tion one day a week. most K-8schools,which he legislaturehavehad arunning pandemic betterthan some Thepresident said in a called “the easiest to open, the feud over mask mandates and 5 500 other states. It had an unem- town-hall meeting televised by most needed to be open.” other restrictions formuch of Wisconsin ployment rate of 5.5% in De- CNN Tuesdaythat many Following Mr.Biden’sre- the past year,triggering multi- cember,the most recent month schools mayseek to remain marks,Ms. Psaki tweeted that ple lawsuits. available,belowthe national open during the summer, and the “goal wastoopen schools 0 0 The state’s two largest cit- joblessratethat month of 6.7%. he urgedthe vaccination of five days aweek as quickly as ies—the Democratic strong- Jan. 2020 Dec. MayJan. Andrew Hitt, the GOP chair- teacherstospeed the return possible. And that we are go- holds of Milwaukee and Madi- Sources: Bureau of Labor Statistics (unemployment); Covid Tracking Project (hospitalizations) man in Wisconsin, said the to in-person learning.“We ing to rely on science. Which son—have implemented state’seconomyhasn’t been should movethem up in the is exactly what we aredoing.” tighter restrictions on bars statewent from having amask impasse by pointing to the hurt as badly as some other hierarchy,” he said. Afterthe novel coronavirus andrestaurants, while those mandate, to not having one,to state’snearly even split in re- states because Republicans WhiteHouse presssecre- spread around the country outside the urban centershave having one again. cent presidential elections,as there aggressively challenged tary JenPsaki said last week early last year,schools were faced fewerlimitations.Some “Thereisaninability to well as itshistoryoffierce restrictions put in placebyMr. that the administration’s forced to close and shiftlearn- establishmentsalong the reach an agreement and move partisanship.This month Evers. pledgetoreopen the majority ing online. state’sborderswith Minnesota things forward,” said Charles marks the 10-year anniversary BrittCudaback,the gover- of K-8schools by the end of As of December, about 55% and Illinois,whererules are Franklin,director of astate- of apush by then-Gov.Scott nor’s spokeswoman, said the 100 days would be satisfied by of districtswereinremote more stringent, have actually wide poll conducted by Mar- Walker to removecollective- state’seconomyisdoing as having in-person instruction learning at leastpart of the seen a boost in business. quette LawSchool. “What we bargaining rights for most of well as it is because Mr.Evers “atleast one dayaweek in the time,and the absenceisaf- In the most recent episode have seen foralmost ayear Wisconsin’spublic employees, has worked hardtotry to find majority of schools,byday fecting students’ academic of dueling moves by the gover- nowislegislativeopposition to an act that triggeredlarge abalancebetween safety and 100.” success and mental health, ac- nor and legislature, Wisconsin some of the governor’s actions, protestsand continues to be a commerce and because he put She later said this was“not cording to the Center on Rein- residentsexperienced whip- but then the legislaturehas not smoldering ember. federal assistancedollarsto the ceiling,that is the bar venting Public Education, a lash Feb. 4when within the advanced itsown proposal.” LauraMarusinec,aMilwau- work and looked forways to we’re trying to leap over and nonpartisan research group at course of about an hour the Mr. Franklin explained the kee-area pediatrician, said she tighten the state’sbudget. exceed.” the University of Washington.

ing of the district’ssciencead- Parents, visoryteam. In Mt.Lebanon, some par- ents have been campaigning Teachers sincelast summer to getstu- dentsback full-time. KavitaFischer,achild psy- Battle chiatristwith two sons in ele- mentaryschool, said families whosupport fully reopening ContinuedfromPageOne coordinateonaFacebook time in the classroom. groupshe helps runcalled Nearly ayear ago, the pan- Open Our Schools—We Support demic shut down school dis- Brick &Mortar in Mt. Lebanon, tricts and sent morethan 50 which nowhas morethan million schoolchildren home to 1,000 members. learn remotely, setting many In October,schools re- students back and straining opened classrooms by offering families.Now,the reopening ahybrid model that allows debate has reached afever middle andhigh school stu- pitch, polarizing communities dentstoattend school two acrossthe country. days aweek.Younger children Parentsand officials who fa- have the option of attending vorreopening forin-person ed- S school five half-days aweek. ucation saytheir ownexperi- PRES Mr.Cozzens said in an inter-

ences confirm research TED viewthat under the hybrid

showing children arebeing OCIA model his daughter has at- harmed academically, emotion- SS tended school in-person only /A ally and physically by the isola- four days sinceearly November tion of remotelearning.They CHIU because of snowdays and other

point to the U.S. Centersfor RINGO cancellations.Onremotelearn- Disease Control and Prevention Students and parents in Los Angeles rally to reopen schools in the district. Some teachers worry that returning too soon is a risk. ing days,hesaid, she some- recent urging to reopen under times spends 22 hoursaday in newsafety guidelines,and re- tween lateJanuaryand early her room, coming down only search that shows lowtrans- LosAngeles Schools other measures such as physi- health director,BarbaraFerrer. Februarywereworking in formeals.Hesaid she keeps in mission in schools when safety cal distancing and improved Nearly 300 schools in Los schools at least part-time. touch with friends online and protocols arefollowed. Get Nod to Reopen ventilation. About 250,000 of Angeles County, many privately Michelle Walker,ofLafa- hasastrong support network. On the other side,teachers the unified district’s students operated or public charters, are yette, Ore.,said that she helped Parent Joelle Schultz says and union officials—often are in grades six or below. already holding in-person in- createaFacebook group called teachersshould have the op- joined by another cohort of Coronavirus case rates are LAUSD Superintendent Aus- struction for transitional kinder- Open Schools USAinDecember, portunity to getvaccinated be- parents—sayreopening too now low enough in Los Angeles tin Beutner called vaccinating garten to second grade levels aftershe sawher 9-year-old fore they have to return to the soon could risk the lives of to meet state criteria allowing teachers a “critical piece to this under waivers. They could be daughter struggling with re- classroom full-time.After last teachersand students, and in- elementary schools to reopen, reopening puzzle,” but stopped allowed to expand up to sixth motelearning sincelast March. week’sraucous school board crease community spread of public-health officials said Tues- short of saying it would be a grade. Thegroup is nowaffiliated meeting she said, “the commu- thevirus.They arguesome day. But it will be up to individ- prerequisite to reopen. Nearly 1,700 schools in the with similar ones in 34 states. nity is in shambles.” schools lack the resourcesto ual school districts to decide SinceLos Angeles County county are also providing in- “Wefelt therewasn’t Ms.Schultz belongstoa reopen safely,such as proper when and how. has held average case ratesbe- person services to small groups enough attention on anational Facebook group called Keep ventilation,and that it’sdiffi- In the Los Angeles Unified low25per 100,000 people for of special needs students. level on the health conse- Our Schools Safe!Mt. Lebanon, cult to enforce mask-wearing School District—the second fivedaysstraight, schools and Students in grades 7-12 quences that this washaving which has about 200 members. andsocial distancing among largest in the nation, with districts can submit safety can’t resume in-person school- on kids,” shesaid. Thedivisions arevisible children. They sayvaccines are about 600,000 students—the plans to stateand county offi- ing until average case rates in a In Columbia, Mo., school driving through her neighbor- pivotal to reopening schools, teachers union has said all edu- cials forreviewand open as county fall below seven cases district officials have alleged hood, said Ms.Schultz,whose butsay districtsand teachers cators and school staff must soon as theyreceiveapproval per 100,000 people, according that parentsshowedupatthe five children take remote-only facehurdles to getting shots. be vaccinated before returning or within sevendaysifthey to state guidelines. homes of school administrators classes. Yardsaround her have City officials and school dis- to the classroom, on top of don’thear back, said the county —Christine Mai-Duc and boardmembers, screamed signs calling forschools to re- trictswho also want students at them in public andshared open, so she put asign in her back in classrooms areincreas- personal addresses online, ownyardwith amessage ingly facing off against teach- “Asthis goes on and on and adults, children and teens un- have pushed foreducatorsto prompting the district to use thanking the district’steachers. ers’ unions slowing reopening. on and the morethat students der 18 with Covid-19 areless be prioritized forvaccines. privatesecurity.One parent Prior to arecent board After a monthslong battle, arenot back in the classroom, likely to showsymptoms,may Teacherssay they worryabout has sent morethan 1,200 meeting,Ms. Schultz said a Chicago Mayor Lori Lightfoot Ithink this is going to continue be infected lessoften and the continuing spread of the vi- emails to district officials dur- friend texted hertostopspeak- and the ChicagoTeachers to elevate,” said Don Grotting, aren’t as likely to experience rusand bringing it home to ing the pandemic.Studentsre- ing at meetings. “I won’t con- Union reached an agreement the superintendent of Beaver- severeillnesses or die, accord- family members. turned to classrooms under a sider the person afriend any- to reopen moreschools that tonSchool District in the Port- ing aCDC analysis.Asofthe “I understand parents’ frus- hybrid model in January. more,” she said. averted a strike. land, Ore.,metroarea. end of January, 203 children tration,” said Randi Wein- In January, the schools su- At Mt. Lebanon’sMonday SanFranciscoCity Attorney Hisdistrict, whereclasses 18 yearsold and younger have garten, president of the Amer- perintendent in tinyWyoming, night school boardmeeting, Dennis Herrerasued the city’s arestill remotewith hybrid died in the U.S., according to ican Federation of Teachers. Ohio,decided aftermonths of held on Zoom, parentsonboth school district earlier this learning not slated to begin un- the National Center forHealth “But the teachersand their parent input from both sides sides voiced opinions again month,arguing the district was til April, is bargaining with the Statistics. Black and Hispanic unions didn’t create the pan- andanalyzing Covid-19 case during the morethan five-hour violating students’ stateconsti- teachersunion, and parentsare children were at higher risk of demic.” datatogiveparentsofthe dis- meeting. Valerie Brown, the tutional rights. Thedistrict and staging protestsoutside school hospitalization and admission TheNational Education As- trict’s2,000 studentsthe op- president of the local teachers teachersunion recently an- administration buildings. to intensive-care units. sociation,the nation’slargest tion to come back full-time. union, suggested postponing nounced an agreement that “Is thereawordbeyond In schools,transmission be- teachersunion, with three mil- Thedistrict permittedsome the vote until March 8and would allowschools to reopen ‘frustrating’?” said Samantha tween staff memberswas lion members, found that 64% teachersatgreater risk from then considering fully opening under certain community Vembu, aBeaverton School morecommon than between of itsmemberssurveyed be- Covid-19 to teach from their all schools later that month. spread thresholds.The San District parent who may send students, according to several homes while they areprojected Asurvey by the district last Franciscomayor said even with herkindergartner struggling studies. Percentage of people in the ontoascreen in classrooms. week found that 58% of sec- an agreement in place, class- with isolation to an open pri- Teacher union leaderssay U.S. who supporttemporarily Today, 75%ofstudentsin ondary school parents would rooms could remain closed the vate school across state lines that educatorswant to be back closing schools the town north of Cincinnati choose four days aweek in rest of the school year. in Vancouver,Wash. “It just in the classroom but have a areback in the classroom, school if it were offered, and Frustrated parentssaid the makes youwant to hit your right to their own safety. 80% while 25% arecontinuing with 32% would stay fully remote. situation shows they have lit- head and cry.” Ms.Vembu says President Biden said at a remote classes. Thesurvey showed77% of ele- tle powerindecisions that af- she knows school officials are town hall Tuesday night that Thestate departmentsof mentaryschool parentssaid fect their children. in atough position, but he expects a “significant per- 60 health and education issued they would choose five full “Wedon’t have representa- “schools are not supposed to centage” of K-8 schools to re- guidanceontwo factorsinhis days a week if offered. tion in the bargaining room,” be employers first.” open five days a week within decision to reopen, said Tim The board passed Superin- said Meredith Willa Dodson, Sara Schmitt, president of his first100 days in office, Weber,superintendent of the tendent TimothySteinhauer’s executivemember of Decreas- the Beaverton Education Asso- clarifying earlier commentsby 40 Wyoming City Schools.Stu- plan to expand in-person ing the Distance, agroup of ciation, said she understands the White House. dentsdidn’t have to quarantine classes formiddle and high San Francisco Unified School parents’ desires to reopen.But Leadersofthe American afterbeing exposed to some- school studentstofour days a District parentswho organized she says even with vaccine ac- Federation of Teachersand Na- 20 oneCovid-19 positive, as long week starting on March 1, as last year to reopen schools. cess, the union worries about tional Education Association, as maskswereworn in class- long as the level of community “First and foremost our chil- spread among studentsand two of the nation’smost prom- rooms,and it wasacceptable to spread in the county goes dren’seducation is what we’re thecommunity.“It’sreally a inent teachersunions,have have lessthan 6feet of dis- down.Those schools could talking about here.” lotmorequestions than an- supported the Biden adminis- 0 tancebetween students. movetofivedays aweek on Thetoughest fightsare of- swers at this point,” she said. tration’sgoals.The unions, AM JJASON Aschool district spokes- March 29. tenindistrictswhereclasses “It feels likewe’resort of for- which backed Mr.Biden in the woman said the newCDC Theboarddecided to table a Note:Margin of error was+/–3%,sample size have remained fully remote getting about the pandemic.” election, said they also support approximately 1,000 guidelines will be among topics vote to expand elementary sincelast spring. When compared with the latest CDC guidanceand Source:YouGov discussed this week at ameet- schools to five full days aweek. P2JW048000-0-A00500-17FFFF5178F

THE WALL STREET JOURNAL. We dnesday, February 17, 2021 | A5

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A6 | We dnesday, February 17, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS Farmers, Ranchers Thrown Into Crisis

BY JACOB BUNGE S

PRES Bittercold and powerout-

TED ages have created acrisis for CIA some Texas farms and ranches, SO

AS leaving livestock dead from ex- posureand raising fearsthat

ESMAN/ herds could runshort of food

TAT andwater. Forced shutdowns of plants that processmilk and makean- ERICAN-S

AM imal feed aredisrupting the

TIN state’sagricultural supply

US chains,industryexecutives /A said. Some farmersare being

NNER forced to dump tankersofmilk JA

Y on fields because it can’t be JA processed, andstate agricul- S; tureofficials feared livestock PRES mayhavetobeeuthanized if TED they can’t be wateredand fed. CIA

SO “Nofeed, no waterand no

AS heat doesn’t makefor agood

CH/ situation,” said Sid Miller, AT Texas agriculturecommis- sioner.Mr. Miller on Tuesday ALD-DISP People soughtshelter TuesdayinaHoustonwarming center.Morethan 4million Texans had no poweraday after single-digit temperatures createdasurge in demand. said he wasurging stateutili-

HER ties to restoreelectricity to ru-

/THE ralareas—some of which he said hadgone without power

SINGER formorethan 30 hours

TEN straight—while fielding calls from cattlemen losing calves to SHOL

S; the cold and poultryfarmers struggling with frozenwater PRES pipes. TED Ararewinter storm over the

OCIA weekend and record-lowtem- SS

/A peratures in some partsof Texas caused powerdemand in

PHILLIP the statetooutpacesupply,as J. thermostatswerecranked up. VID

DA At the same time,freezing tem-

P: peratures forced some natural TO gas- and coal-fired power OM

FR plantsoffline,while wind tur- bines in West Texas froze and WISE snowblanketed banks of solar OCK

CL panels.Texas powerofficials Shoppers waited in the cold on Tuesday to buy groceries in Austin, Texas. Residents clear downed trees along Honeysuckle Lane in Huntington, W.Va. called forrotating outages to managethe shortfall, but in some partsofthe statethose measures have led to extended Storm Whips Up Havoc Across U.S. stretches without power. Thesituation has turned intochaos forsome producers More than 3.7 million weather,rolling blackoutshave Weather Serviceofficesaid on Tuesday morning. Oklahoma, ida’sDepartment of Health in one of the country’smost been instituted in anumber of Twitter.The servicesaid it Louisiana and Kentuckyhad and the Division of Emergency livestock-and poultry-heavy customers nationwide states. More than 3.7 million wasthe coldest temperature morethan 100,000 residents Management “are providing states.Texas in December were without customersacrossthe U.S. were recorded there since 1949. without power. In Illinois, regular updates to our part- counted about 2.9million cattle without electricity on Tuesday In East Austin,residents 7,000 households were without nerstoensurethe vaccine is on feedlots, the most in the na- electricity on Tuesday evening, according to Power- who had been through two power, according to Gov.J.B. distributedasefficiently as tion, according to the U.S. De- Outage.US. Morethan 3.1mil- subfreezing nightswithout Pritzker,who issued adisaster possible as it arrives.” partment of Agriculture. The BY TALAL ANSARI lion of those outages were in electricity or heat wandered proclamation. In some partsof WhiteHouse presssecre- state’sdairies house the coun- AND ELIZABETH FINDELL Texas,the websitesaid. wearily along snowy sidewalks the state, wind chills were ex- tary Jen Psaki said the Biden try’sfifth-largest dairyherd TheElectric Reliability Coun- Tuesday, manyofthem pected to reach between mi- administration wasclosely with about613,000 milking Millions of Americans were cil of Texas,which manages the searching forany open busi- nus5degrees and minus 15 monitoring the storm and its cows, and Texas is the sixth- withoutpowerTuesdayafter a state’selectricity grid, began nesses.Most establishments degrees Tuesday evening, the impact on states and vaccine biggest chicken producer,rais- winter storm brought snow, calling forrotating outages remained closed. National Weather Servicesaid. shipments. ing about 675million birds for ice, blackouts and record-set- overnight on Sundaytoavoid Keria Rivera, a30-year-old In Oregon, the storm left In Kentucky, numerous vac- slaughterin2019,according to ting lowtemperatures to widespread blackouts. But the housekeeper, said her family nearly aquarter-million cus- cination sites were closed Tues- the latest USDA figures. swaths of the U.S. severepowershortages forced had been without powersince tomerswithout power, daybecause of the weather.“I Sanderson Farms Inc., one of Nearly 75%ofthe Lower48 companies to curtail powerbe- Sundaynight. Her three chil- prompting Gov.KateBrown to ask everyone to please stay the biggest U.S. chicken compa- states of the U.S. wasunder yond short rolling blackouts, dren, ages 13,11and 9, home and avoid traveling un- nies,estimated Tuesdaythat as snow cover, according to the with manycustomerslosing wrapped blanketsaround less absolutely necessaryfor manyas200 of itsapproxi- National Oceanic and Atmo- electricity formuch of the day. themselves as they walked, work,food, medicine or medi- mately 1,900 Texas chicken spheric Administration’sNa- “Everygrid operator and lookingfor anywherethey calcare,” Louisville MayorGreg houses were without power, tional Snow Analysis daily re- everyelectric companyis could buy or getfood. “Weonly 75 Fischer said Monday. and dozens have ruptured or port, including manyplaces fighting to restorepowerright atelikeone time aday because Chicagoofficials said all frozenwater pipes. Mills are rarely hitbyinclement now,” ErcotPresident and we don’t knowhow to find Percent of the Lower 48 states city-run vaccination and test- struggling to makeanimal feed weather.Aweek ago, 45% of Chief ExecutiveBill Magness food and the food we do have was under snow cover. ing sites would be closed without steady access to natu- the Lower48was under snow. said Monday. needs to be cooked,” said Ste- Tuesdayand that shipmentsof ralgas or power, said JC Essler. Even with the storm mov- Waterutilities also were af- fanyRivera, 13.“It wassocold, vaccines aredelayedfor an Select Milk ProducersInc., a ingoff the Northeast coast, fected,with some cities urging blanketsstopped working.” undetermined amount of time. Dallas-based dairycooperative dangerouslycold wind chills residentstoboil waterto On Tuesday afternoon, Mr. declareastate of emergency “While thereiscurrently no that processes and markets from Arctic air areexpected to makeitsafetodrink,even Abbottcalled forthe Texas over the weekend. “Utilities in estimated time of arrival on milk formorethan 100 farms, linger over the Great Plains though they have no power. legislaturetoinvestigateErcot our region have never experi- the orders, we anticipatedaily over the weekend wasforcedto and Mississippi Valley through President Biden declared a and the poweroutages,calling enced such widespread out- updates from CDC,” the city shut down itsLittlefield, Texas, midweek,the National stateofemergencyinTexas the situation unacceptable. ages,” she said Tuesday. Department of Public Health processing plant afterthe Weather Servicesaid. Anew afterreceiving arequest from “The Electric Reliability In Kansas City,Mo.,30-min- said,adding that supply was plant’snatural-gas supplier had winter storm wasemerging in Gov.GregAbbott, allowing the Council of Texas has been any- uteto60-minutepowerout- expected to quickly catch up. to ration supply to help heat the Southern Plains and likely Federal EmergencyManage- thing but reliable over the ages were instituted by South- In Austin, Texas,where residential homes.Separate is heading toward the mid- ment Agencytocoordinateall past 48 hours,” he said. west PowerPool,aregional temperatures hit 8degrees on shutdowns of the cooperative’s South on Wednesday. disaster-relief efforts. Mr.Ab- Ercot said it was“restoring nonprofit tasked by the Federal Tuesday and many people re- processing plantsinElPaso At least 15 people have died, bottalso sent the National load as fast as we caninastable Energy RegulatoryCommission mained without power, the and Lubbock have leftSelect’s according to the Associated Guardtoconduct welfare manner.Generating unitsacross with managing the powersup- public health department said chief executive, RanceC.Miles, Press. On Mondaynight, ator- checks and assist with emer- fuel types continue to struggle ply in 17 central U.S. states. all testing and vaccination with about 150 tanker loads of nado struck Brunswick County, gency operations statewide. with frigid temperatures.” Theextremeweather also sites would be closed on Tues- milk each daythat the coopera- N.C., killing three people,the TheDallas-Fort Worth area Rolling blackoutswerealso disrupted the deliveryand day. tivecan’t process. NowSelect’s county Sheriff’s Officesaid. hit alow of minus 2degrees instituted in Lincoln, Neb., rollout of Covid-19 vaccina- “Operations will resume dairyfarmersare dumping that With electrical grids facing Fahrenheit on Tuesday morn- wheretemperatures were well tions from Texas to Florida. when weather permits,” Aus- milk,worth morethan $1 mil- strain because of the extreme ing,the local National belowminus 10 Fahrenheit on Gov.Ron DeSantis said Flor- tin Public Health said. lion daily,ontotheir fields.

said Galveston County Judge Houston area, said that Texans’ Tuesday, but the deep freeze electricity. winter electricity emergencies Millions Mark Henry, aRepublican. demand forelectricity far out- appeared to have affected But ashortageofnaturalgas in the past decade,although Anger at the state’spower stripped the available genera- nearly everymajor category of also appearstohaveplayeda both were smaller in scale and grid operator,the Electric Reli- tion—and that would likely electricity producer,fromwind role.Texas gaswells froze up, duration. Of Texans ability Council of Texas,orEr- continue well intoWednesday. to natural gastoevennuclear limiting supply of the fuel and TheErcot grid, which covers cot, flashed throughout the “Wedoexpect this to be an power. Equipment at power driving market prices skyhigh. most of Texas,isn’t under fed- stateTuesday, with manylocal extended outagefor custom- plantsfroze up,forcing them to Paula Gold-Williams,chief eral oversight, unlikethe U.S.’s Lose Power officials criticizing the lack of ers,” it said. shut down, stateofficials said. executiveofCPS Energy,the other major powergrids. information on when the power Thecrisis began in the early “The outages were mechani- municipalpowercompanyin Thestate has undertaken le- might come back. calinnature,” said Andrew SanAntonio,said the utility galmaneuverstoensurestate ContinuedfromPageOne “People aresuffering,and Barlow, aspokesman forthe wasforcedtorun some of its oversight continues.Ithas a officials looked formoreheated they need some idea of what to Historically cold state’sPublic Utility Commis- gas-fired powerplantsatless few small links to U.S. and Mex- spaces. expect,” Dallas MayorEric sion. Ercotofficials said power than full capacity because it ican grids,which cumulatively South of Houston, the medi- Johnson, aDemocrat, wroteon weather caused the plantsthat use gas, coal, nu- couldn’t getenough gas. aren’t largeenough to deliver calexaminer fortwo counties Twitter. state’s electricity clear and the wind to generate She said that the extreme enough electricity to overcome along the Gulf of Mexicowas ErcotChief ExecutiveBill electricity all shut down. cold—single digitsinsome the weather-related shutdowns. preparing forthe worst, re- Magnesssaid the grid operator grid to fail. Forinstance, around 5:30 partsofthe state—made oper- Troy Fraser,aretired Texas questing arefrigerated truck to wasfocused on trying to re- a.m. Monday, one of the two ating plants very challenging. statesenator who spearheaded handle an anticipated 20 to 50 storefull service, but the unitsofthe South Texas Proj- “It is very difficult to start a acommitteewith oversight of fatalities. amount of generation lost ect, anuclear-powerplant near plant and keep it going at these the Texas grid,said it waspos- “Wedon’t have confirmation made conditions challenging. hoursofMondaywhen aseries the Gulf of Mexico, shut down, temperatures,” she said. sible to createamoreresilient of weather-related deathsyet, “The amount of time that of powerplantsshut down in according to Nuclear Regula- This week’sblackoutsaren’t electricity system, but it would but Ifind it extremely unlikely people in Texas have had to be rapid succession, prompting Er- tory Commission officials and the firstwinter failurefor the be costly. that won’t be the outcome. out of serviceduring atime of cottoinitially call forrolling theplant’soperator.The unit’s Texas powersystem, which is “What arepeople willing to When you’vebeen in your home extreme cold is terrible,” he blackoutsand then institute watersupply froze, causing two optimized to meet the state’s payfor? Do they want their without anyheat or power, I said. “It’sunacceptable.” longer,widespread outages. pumps to fail. Thepumps deliv- extreme summertime demand electric bills to double to build don’t knowhow some people CenterPoint Energy Inc., Details of individual failures ered waterthat is turned into forair conditioning. in adequatereserves?” he will be able to survivethat,” which distributes powertothe remained hardtocome by on steam and used to generate Texas has been through two asked. P2JW048000-2-A00700-17FFFF5178F

THE WALL STREET JOURNAL. ** We dnesday, February 17, 2021 | A7 U.S. NEWS Trump Hits Back at Once-Ally McConnell

BY ALEX LEARY lies engage in a broader fight crats. “Georgia was a fiasco,” AND LINDSAY WISE over Mr.Trump’sfuturerole Mr.McConnell said. “Weall in the party. know why that occurred.” WASHINGTON—Former “They did this because they Mr.Trump shot back Tues- President Donald Trump criti- had been fed wild falsehoods daythat the Georgia results cized Sen. Mitch McConnell in by the most powerful man on were due to Republicans alengthystatement following Earth—because he was angry choosing not to vote—or vot- the Senateminority leader’s he’dlost an election,” Mr. ing forDemocrats—out of an-

blistering condemnation of Mr. McConnell said. “Former Pres- geroverthe handling of the OL PO

Trump’sactions leading up to ident Trump’sactions preced- presidential election by GOP S the Jan. 6Capitol riot by his ing the riot were adisgraceful officials in the state, including supporters. dereliction of duty.” Gov.Brian Kemp and Secretary

“Mitch is adour,sullen, and While Mr.McConnell took of State Brad Raffensperger. SHEN/PRES

unsmilingpolitical hack,and if the position that it wasuncon- Mr.Trump had repeatedly as- TING RepublicanSenatorsare going stitutional to put aformer sailed them in his bid to over- Sen. Mitch McConnell called former President Donald Trump’s actions before the riot ‘disgraceful.’ to stay with him, they will not president on trial, he added: turn his election defeat in win again,” Mr. Trump wrote “Wehaveacriminal justice Georgia. vember by roughly 12,000 as too far left. main a force in coming races. in astatement released by his system in this country. We “It wasacompleteelection votesout of nearly 5million Mr.McConnell told the “Where necessary and appro- political action committee. He have civil litigation. And for- disaster in Georgia, and cer- cast, aresult that wasthe sub- Journal that recruiting candi- priate, I will back primary ri- later added: “The Republican mer presidentsare not im- tain other swing states,” Mr. ject of two recounts. Mr. dates that canwin general vals who espouse Making Party cannever againbere- mune from being held ac- Trump wrote. “McConnell did Trump at one point called Mr. elections is paramount, as vo- America Great Again and our spected or strong with politi- countable by either one.” nothing,and will never do Raffensperger and urged him cally pro-Trump candidates policyofAmericaFirst,” he cal‘leaders’ likeSen. Mitch On Tuesday, the NAACP what needs to be done in or- to “find” enough votesto are beginning to mount cam- wrote. McConnell at its helm.” filed a federal lawsuit against dertosecureafair and just overturn those results, accord- paigns in key Senate races. Sen. Ron Johnson (R., Wis.), Mr.McConnell joined all Mr. Trump and others. electoralsystemintothe fu- ing to arecording of the call “I personally don’t care aTrump ally who is up forre- but seven Republicans in vot- In an interviewwith The ture. He doesn’t have what it that wasreviewedbythe what kind of Republican they election next year,said he ing Saturdaytoacquit Mr. Wall Street Journal on Mon- takes, never did, and never Journal. are, what kind of lane they hasn’t surveyed all his Repub- Trump in his impeachment day, the Kentucky Republican will.” With the GOP divided over consider themselves in,” Mr. lican Senatecolleagues,but trial, but followed that with a also blamed Mr.Trump for Mr.McConnell’soffice the impeachment, Mr.McCon- McConnell said. “What I care basedontheir impeachment speech that laid blame on the contributing to the lossoftwo didn’t immediately respond to nell has moved quickly to re- about is electability.” votes, he didn’t believemost former president forstirring Senateraces in Georgia in a request to comment. group, seeking unity behind a Mr.Trump,who remains of them agreed with Mr. up acrowd,asthe two Repub- early Januarythat tipped con- President Biden defeated messageofopposing Mr.Bi- widely popular with the GOP McConnell’scriticism of Mr. licans and their respective al- trol of the chamber to Demo- Mr.Trump in Georgia in No- den’sagenda, which he casts base,said he intends to re- Trump. NAACPSuesTrump, Giuliani Over Riot

BY KRISTINA PETERSON Capitol. TheSenate votedSat- AND BRENT KENDALL urdaytoacquit him,with seven Republicanjoining all 50 Demo- TheNAACP,onbehalf of cratsinfavor of conviction— Rep.Bennie Thompson (D., shortofthe 67 votesneeded. Miss.), filed afederal lawsuit “President Trump has been Tuesdayagainst former Presi- acquittedinthe Democrats’ dent Donald Trump and his latestImpeachment Witch former personal attorney,Rudy Hunt, and the factsare irrefut- Giuliani, accusing them of con- able,” Jason Miller, a spokes- spiring to incite the violent riot man forMr. Trump,said Tues- at theU.S.Capitol on Jan. 6. day. “President Trump did not Thelawsuit also names two plan, produce or organize the right-wing groups, Proud Boys Jan. 6th rally on the Ellipse. and Oath Keepers, as defen- President Trump did not incite dants. Some membersofeach or conspire to incite any vio- group have been arrested in lenceatthe Capitol on Jan. 6.” connection with the attack. Mr. Giuliani didn’t respond The lawsuit, filed in Wash- to a request for comment. ingtonalleges that Messrs. Several Republicans have Trump and Giuliani and mem- joined Democratsinsaying Mr. bersofthe two groups con- Trump deserves blame forthe spired to prevent Congress riot. from fulfilling itsofficial du- Much of the Senate’sim- ties to certifyelection re- peachment trial focused on the sults—which they allegevio- speech Mr. Trump delivered lates the 1871 Ku Klux Klan on Jan. 6,shortly beforethe Act. That law, which targeted unrest after the Civil War, al- lows suits seeking compensa- The suit alleges the tion forcivil-rightsviolations. Lawmakerswereinthe pro- Capitol riot violated cess of certifying President Bi- the 1871 Ku Klux den’selectoral victories on Jan. 6when the rioters Klan Act. swarmed the Capitol, halting the process for hours. “January6th wasone of the most shameful days in our riot at the Capitol and whether country’shistory, and it was his wordsamounted to incite- instigated by the president ment to violence. himself.His gleeful support of Proud Boys leader Enrique violent whitesupremacistsled Tarrio said the lawsuit was to abreach of the Capitol that frivolous and wouldn’t getfar put my life, and that of my with ajudge, but he said the colleagues,ingrave danger,” attention associated with the Mr. Thompson said. case would givehim moreofa TheNAACP said it is repre- voice. “I look forwardtomy sentingMr. Thompson, chair- dayincourt,” Mr.Tarrio said. manofthe House Homeland TheOath Keepersdidn’t re- Purpose Security Committee, because it spond to arequest forcomment. believed the riot waspart of a In addition to protecting broadereffort by Mr.Trump the rightsofnewly freed and his supporterstochallenge slaves, the Ku Klux Klan Act votescast by Black Americans. wasdesigned to combat at- Thesuit seeks both compensa- temptstoterrorizeelected of- tory and punitivedamages.Ad- ficials during Reconstruction. At BATweare proudofthe journeyweare on to ditional membersofCongress “This lawsuit is taking a reduce thehealthimpactofour products. areexpected to join as plain- pageout of that history,” said tiffs, according to Mr.Thomp- Duke University lawprofessor We encouragethosewho wouldotherwise continue son’slegal team, which also in- Darrell Miller.The lawwas ini- cludes lawfirm Cohen Milstein. tially successfulinstamping out to smoke, to switch completelytoscientifically- Mr.Trump wasimpeached in the Klan, but then laydormant substantiated, reduced-risk alternatives*. the House last month forincit- fornearly acenturyuntil the ing the violent mob at the U.S. civil-rightsera,Mr. Miller said. Our2030goalistohave 50 millionadult consumers of ournon-combustible products. We aimtoanticipate evolving adultconsumer needsand reduce risk by offering an increasing choice foradult tobacco consumers worldwide. This single-mindedpurposeinspiresustocontinue buildingABetterTomorrow™.

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A8 | We dnesday, February 17, 2021 NY THE WALL STREET JOURNAL. U.S. NEWS Jobs Scarce, Militaries Boom Russian Gas Pipeline Gets aU.S.Review BY ANDREW JEONG

Stuck at home and taking BY BRETT FORREST interest clause,placating Ger- classesonline,Kyle Choi, 20 many,acritical European ally, yearsold, became resoluteon WASHINGTON—TheBiden handingRussia ageopolitical wherehe’dride out the pan- administration is reviewing U.S. victory, and crossing abiparti- demic: South Korea’smilitary. policytoward apipeline de- san coalition in Congress. Mr. Choi, a college student signed to carryRussian natural NordStream 2will allow in Seoul, accelerated his plans gastoGermanybeneath the Bal- Gazprom, Russia’s gas-export to fulfill his mandatoryservice tic Sea, under newpressureaf- monopoly,toall but abandon of 18 months.Asanenviron- terconstruction on the $11 bil- the Ukrainian transit system mental engineering major, lion project resumed this that hashandled the bulk of Mr.Choi worried virtual learn- month, according to people with Russian gasdeliveries to Eu- ing wasn’t replicating in-class knowledgeofthe deliberations. rope fordecades.U.S.lawmak- experimentscritical forhis ed- Theundersea pipeline,Nord ers worry that Nord Stream 2 ucation. So, in late December, Stream 2, is morethan 90% will strengthen Russia’sgrip he voluntarily enlisted for completed, with about 100 miles on the European energy mar- boot camp at this central remaining.Construction re- ket, scotch anygeopolitical le- South Korean city. sumed in earnest Feb. 6, more verage Ukraine may still have “You have to go anyway,” he than ayear afteritcame to a in itsstruggle with Russia, and said. “Might as well go now.” halt in the faceofopposition increase Moscow’s influence

Around the world, militar- N/REUTERS from the Trump administration on the continent. iesare seeing upticks in en- TO and actsofCongressauthoriz- TheBiden administration is listments, as younger adults OLS ing sanctions on companies and eager to improveties to Berlin, WO

seek refuge from apandemic N individuals involved in theproj- which were strained by Presi- YA

that has curbed job opportuni- BR ect. TheBiden administration dent Donald Trump’sskepticism ties,social lifeand atradi- The U.S. Army saw about 92% of its eligible personnel re-enlist for the year ended in September. hasn’t thus far imposed sanc- of the North Atlantic Treaty Or- tional education. The role of- tionsrequired by law. ganization allianceand threats tenbringshealthcareperks months,arise of 44% from the the2008 financial crisis,the the workforce altogether— Theadministration has of tariffs on German goods,and such as free virus tests, treat- prior year,according to aWall Army, Marines,Navyand Air more than twicethe rate of opened talks with Berlin on the Chancellor Angela Merkel’scrit- ment and vaccines.Social dis- Street Journal analysis of pub- Forcewereall able to increase olderadults—according to a futureofthe pipeline,including icism of Mr.Trump’s“America tancing has made some facets lic figures. That is likely the the number of recruitsthat Januaryreport by the Interna- “threatsofsanctions against First” foreign policy. of early militarylifeless highest ever year-over-year in- scored above50% in the tional Labor Organization, a companies involved in thecon- Mr.Trump publicly opposed strenuous. crease sincethe government Armed Forces Qualification United Nations agency. struction of NordStream 2,” a the pipeline,atone point urging Canada saw a 37% surge in started compiling applicantsin Test, astandardized exam In South Korea, the econ- German official said. Thead- Berlin to halt construction as military applicants for the fi- 2008,aSouth Korean govern- measuring aptitude in linguis- omylost atotal of 218,000 ministration on Tuesdayfaced a the priceofaverting atrade war nal nine months of 2020 from ment spokesman said. tic and mathematical skills,ac- jobs in 2020,and the youth deadline to report alist of com- with the U.S. Berlin and Russian ayear earlier.For the full year, In Israel, individuals don’t cording to Ms.Asch’sresearch. unemployment rate wasabove panies it deems in violation of officials have characterized Australia reported a9.9%rise have a choice on when to en- The portion of higher-quality 8% in December.The Seoul theU.S.lawsaimed at halting NordStream 2asasolely com- over the prior year.The U.K. list, almost always going after recruits grew in all branches, government has managed to the NordStream 2pipeline. mercial ventureadvancing en- last spring hit itsannual re- high school. But moreare ask- limit outbreaks,and exports Those companies would be po- ergy security forEurope. cruitment target for the first ing to elongate their military have poweredthe nation’s tential targetsfor U.S. sanc- President Biden hasn’t artic- time in seven years—and is on stintsbyseveral months,as The U.S. Army saw economy, but job growth has tions.The Biden administration ulated apolicyonthe pipeline. pacetodosoagain this year,a job offersinthe civilian world stalled. could also waivethe application —William Mauldin government spokeswoman dryupbecause of the pan- 92% of those eligible That hasprompted manyto of sanctions under anational- contributed to this article. said. demic, the Israeli Defense re­enlist, up from apply earlier than required by TheU.S.Armysaw about Forces says. agelimitstofulfill their man- 92%ofits eligible personnel Economic downturns have 83% a year earlier. datory military service. 100 miles FINLAND NORWAY re-enlist forthe year ended in historically spurred more ap- It has also made some for- 100 km September.The prior year’s plications to the military, a merly unpopular positions NordStream2 Ust-Luga tally was83%, aspokeswoman trend that has benefitsfor na- competitive. Nearly twiceas natural gas ESTONIA RUSSIA said. tional defense,said Beth J. with the largest being the Air many men have applied to be pipeline Thedynamic is proving Asch, asenior economist at Force’s jump of about 20 per- mechanicsinarmyengineer North Sea even more robust in places Rand Corp., anonpartisan centage points. unitsbeginning this April SWEDEN LATVIA wheremilitaryserviceisre- thinktank based in Santa “A higher quality of troops compared with the same DENMARK quired.About athirdof191 Monica, Calif. means a higher percentage of month last year.Morethan countries included in a2019 With fewerjob opportuni- them serving out their terms, 60%morehaverequested to Baltic Sea LITHUANIA report by Washington, D.C.- ties elsewhere, the number of learning quickly and working be manual laborers for build- RUS. based PewResearch Center higher-quality recruits in the well with others,” Ms.Asch ing army field camps starting Greifswald have activemilitaryconscrip- U.S. rose during times of ele- said. thesame month. Demand to BELARUS tion. vatedunemployment in eco- Thepandemic has hit youn- become an armycook has In South Korea, more than nomic recessions,according to gerworkersparticularly hard. surged 30%. GERMANY POLAND 195,000 young men sent appli- militarydatafrom1984 to In 2020,some 8.7% of individ- —Kim Mackrael UKRAINE cations to start basic training 2017. uals between the ages of 15 and Dov Lieber during 2021’sfirst four Forthe yearssurrounding and24lost their jobs or left contributed to this article. Source:NordStream 2

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THE WALL STREET JOURNAL. We dnesday, February 17, 2021 | A9 WORLD NEWS Variants Outpace EU’s Vaccine Rollout

Thespread of highly conta- gious coronavirus variants is Inoculation Shortfall accelerating in Europe,outpac- Keeps Curbs in Place ing an already-slowvaccine rollout and forcing govern- mentstoextendand possibly The spread of highly in- By Bojan Pancevski, fectious coronavirus variants Max Colchester has become the main factor and Nick Kostov holding back the lifting of confinement restrictions in tighten restrictions on civil so- Europe, as nations seek to ciety and businesses to pre- prevent a new surge in infec- vent anew surge in infections tion amid a dire shortage of beforethe end of the region’s vaccines. winter. The reluctance to ease in- A shortageofvaccines in creasingly unpopular and eco- the European Union—only nomically devastating lock- 4.8% of Europeans have been downs comes despite weeks vaccinated sincelateDecem- of stable or falling Covid-19

ber—means the continent OL case numbers in most Euro- PO

hasn’t even started the race S pean countries. against virus mutations that All three vaccines cur- manyexpertssay will define rently used in Europe have ON/PRES

health policyincoming MS been found in studies to have

months and years. SA a diminished efficacy against S Most European countries the new variants. South Af-

areexperiencing asteady de- THOMA rica even suspended vaccina- cline in infections following A healthcare worker monitors patients who have been vaccinated against Covid-19 at a hospital on the outskirts of Paris. tions with the AstraZeneca months of lockdowns,yet the PLC shot amid concerns it spread of the newvariants ralsamples,inFranceover Daily confirmedCovid-19 fice forNational Statistics. many’sborder has registered wouldn’t be effective against firstidentified in the U.K., 13%, while in Portugal it is casesper 100,000 people, Government officials expect over 300cases of the South the local variant. The U.K. South Africa and Brazil— 45%, the ECDC said. In Italy, seven-dayrolling average the U.K. variant to remain African and Brazilian variants government however said it known as B.1.1.7, B.1.351, and thevariant currently repre- dominant because it is more in recent days,French Health was confident that the British P. 1, respectively—is accelerat- sentsaround 18% of newinfec- 100 transmissible than other im- Minister Olivier Véransaid last Covid-19 variant would be ing,meaning these viruses are tions,according to asurvey ported variants, including one week. neutralized by existing vac- rapidly gaining ground under carried out by Italy’s National from South Africa. Some countries arealso cines. coverfromthe overall declin- Health Institute, which esti- 75 Authorities must remain considering tighter confine- Viruses mutate randomly ing numbers. matesthat the British strain cautious because the more ment measures.Italy’s govern- all the time. Yet in environ- Thethree variantsnow cir- will become dominant within people getinfected, the higher ment is discussing fresh re- ments where populations de- culating in Europe arebelieved months.Dutch authorities have the likelihood is that newvari- strictions to prevent asurge in velop immunity either after to be moreeasily transmitted, predicted that it will account 50 antscan emerge that could put newcases caused by the more becoming sick or getting in- and potentially moredanger- foralmost all newcases by the even people whohavebeen contagious U.K. strain. Over fected, some mutations that ous,than the original pathogen middle of March. vaccinated at risk,Prime Min- the weekend it abruptly halted make the virus more infec- that still makes up the major- TheSouth African and Bra- 25 ister Boris Johnson said Mon- plans to reopen ski resorts, tious or allow it to evade im- ity of cases in Europe.Thereis zilian variantsaccounted for France day. asked travelersfromAustria to munity can quickly become also mounting evidencethat between 4% and 5% of cases in Italy “No vaccination program is self-isolate, and reintroduced a highly prevalent. some strains might be less France, according to arecent U.K. 100% effective,” he said. ban on travelersfromBrazil. The ability of medical au- Germany susceptible to the vaccines study.InGermany, wherelabs 0 Anxiety about the newvari- Walter Ricciardi,ascientific thorities to estimate the currently authorized in the re- aren’t testing extensively for Oct’ 20 ’21 antshas led the German gov- adviser to the Italian govern- prevalence of new mutations gion, according to the Euro- the presenceofnew variants, ernment to close sections of ment, is pushing forastrict varies across Europe, and dif- pean Center forDisease Pre- authorities estimated these Sources: Johns Hopkins CSSE (cases); itsborders, triggering adiplo- lockdown to quash the circula- ferent countries use different European Center forDisease Prevention and vention and Control. made up around 6% of allin- Control(populations) matic rowasover5,000 people tion of the virus and resume methods to assess transmis- The variant firstidentified fections two weeks ago. The who were turned back to Aus- an effectivetesting and tracing sion rates. Yet there is little in Britain accounted for96% of result of anew study to be re- of the spread of the B.1.1.7 tria and the Czech Republic.In system while the vaccine roll- doubt these new forms are viral samples examined at leased this week is expected to variant has almost halved due response,the government in out continues. spreading fast everywhere. threemajor laboratories in showasharp rise.Authorities to the lockdown put in place Vienna summoned the German “Weneed to changeour Delayed vaccine orders England by early February, in Berlin said Mondaythat the sincethe start of January. ambassador to complain, while course of action and pursue a and approval by the EU, cou- compared with just over a British variant would become In the week ended Feb. 6, the French government sought strategy that doesn’t involve pled with manufacturing hic- thirdatthe beginning of De- dominant in thecity by April 0.8% of the English population assurances from German au- coexisting with the virus,” Mr. cups, mean European nations cember,according to the U.K. at thelatest. tested positivefor the U.K. thorities that similar restric- Ricciardi said.“We need ano- have been unrolling their vac- government. TheU.K.has vaccinated variant, down from nearly 1.5% tionswouldn’t be put in place Covidstrategy.” cination campaigns at a gla- In Denmark,the British over aquarter of itspopula- at theend of last year,accord- along their mutual border. —Margherita Stancati cial pace. variant accountsfor 27% of vi- tion andinEngland, the pace ing to asurvey by the U.K. Of- OneFrench region on Ger- contributed to this article. Myanmar’s Suu Kyi Faces New OL PO Charge S

BY NIHARIKA MANDHANA MORI/PRES

Authorities in Myanmar OIS ANC

filed anew charge against FR Aung SanSuu Kyi, who was President Emmanuel Macron says the proposed legislation is ousted anddetained in amili- needed to prevent Islamist ideology from overriding civil laws. tary coup this month and ap- peared beforeacourt on Tues- day, adding to a case that has IslamistSeparatism been cited to keep her locked up in her home since Feb. 1. Ms.Suu Kyistands accused of an offense under anatural- Bill Wins Support disaster management law, which generally has been ap- plied in Myanmar against those In French Assembly who break pandemic-linked re- strictions,according to alaw- yerappointed by her party to BY NOEMIE BISSERBE also makeiteasier forthe represent her.The lawyer,Khin government to close mosques, Maung Zaw, said he wasn’t PARIS—France’sNational associations and schools that aware of the allegation until he Assembly approved ameasure criticize republican values. wasbriefed by ajudgeTuesday that aims to strengthen gov- Theproposed bill would afterMs. SuuKyi’sappearance ernment oversight of mosques makeitacriminal offense for at aclosed video hearing. and religious schools and crack anyone,inthe name of ideology Policealready had filed down on other practices—from or religious extremism, to put chargesagainst Ms.Suu Kyifor online hatespeech to forced pressureoncivil servantsand allegedly possessing walkie talk- marriage—that President Em- public-serviceproviderstodevi- ies that were illegally imported. manuel Macron says are atefromFrance’ssecular values. Thejudgescheduled the next rooted in Islamist separatism. Under itsprovisions,aman who hearing forMarch 1and Ms. Theproposed legislation refuses to allowamale doctor SuuKyi will remain in custody passed the National Assembly, to examine his wifecould face TIMELESS BEAUTY untilatleast that date, when or lower house of Parliament, up to five yearsbehind barsand Mr.Zaw plans to apply forbail. by 347-151 on Tuesday, garner- afine of up to €75,000. TIFFANY &CO. CLOCK Apolicespokesman didn’t re- ing support from lawmakersin France’sconservativeparty spond to requeststocomment. Mr.Macron’sranks,aswell as LesRépublicains votedagainst Moorish revival. Rare movement. Exquisitely crafted.Decorative Protestershavebeen de- other centrist parties. It now the bill, saying it didn’t go far bronzework, rich gilding and impressive size distinguish this important mandingMs. SuuKyi, who heads to the Senate. enough. Thevotesplit the Na- 19th-century Moorish mahogany mantel clock by Tiffany &Co. This commands immense popularity Mr.Macron and his support- tional Assembly’s leftist oppo- stunning clock runs with the help of three double fusee-driven barrels and wasdetained in her house ersinParliament have framed sition, with lawmakersfrom in the capital, Naypyitaw, dur- the bill as aresponse to the the Socialist Party abstaining. while four elaborately engraved dials display the time, chime control, ing the Feb. 1coup,befreed. spread of “Islamist separat- Far-leftlawmakersvoted speed and chime selection. The timepiece is also fitted with arare and Thecoup ended adecadelong ism,” which the president de- against the bill, saying it was complex alternating Westminster/Whittington quarter-chiming movement shifttoward democracy, putting scribes as an ideologythat an unnecessary measure that created by master clockmaker Joseph Lindauer specifically for Tiffany & 3 3 the military—which ruled for aims to build aparallel society risked stigmatizingFrance’s Co. Marked “Tiffany &Co.” Circa 1884. 14 /4”w x11/8”d x29”h. #31-1793 half acenturybeforethe transi- in Francewherereligious rules Muslim population. tion—back in absolutecontrol. override civil laws.That ideol- Theproposed bill comes on Facedwith international ogy, the Macron government the heels of astring of terrorist pressureand demonstrations, says,undermines the values of attacks in Francethat have torn the generals have doubled the French Republic—liberty, at theseams of French society, down. Fortwo nightsinarow equality and fraternity—as well particularly about the role the they have ordered near-total in- as laïcité,France’sstrict sepa- school system is supposed to ternet blackouts. Tanks ap- ration of religion and state. playinmolding the children of peared in Yangon, Myanmar’s Theproposed legislation re- French Muslims intocitizens of 622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com largest city,onSundayand quires religious associations asecular republic. Monday. About 400 people have and mosques to declarefor- Some Muslim leadersworry Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. been detained sincethe coup, eign funding of morethan that the increased government Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. includingstudents, activists €10,000 ($12,000), and to sign oversight of religious associa- and membersofMs. SuuKyi’s apledgetorespect France’s tions that runmosques will party,says the AssistanceAsso- republican values to receive make Muslims feel as if they ciation forPolitical Prisoners. statesubsidies.The bill would are being unfairly targeted. P2JW048000-0-A01000-1------XA

A10 | We dnesday, February 17, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE Unease Over Ant Investors

ContinuedfromPageOne of opaque investment vehicles that ownstakesinthe firm are acoterie of well-connected Chinese powerplayers,includ- ing some with links to political families that represent apo- tential challenge to President Xi and his inner circle. Those individuals,along with Mr.Maand the com- pany’stop managers, stood to pocket billions of dollarsfrom a listing that would have val- ued the companyatmorethan $300 billion.

During his eight yearsas S

president, Mr.Xihas sidelined PRES manyofhis rivals,and his hold on power now compares ZUMA A/ to that of Mao Zedong. INHU

His initiatives have in- /X cluded campaigns against cor- ruption, real-estatespecula- HONG

tion and other high-risk SHEN financial activities.Mr. Xi has Chinese leader Xi Jinping, shown at a Communist Party meeting in January, quashed the Ant IPO after growing unease over some of its investors. used the antigraft crusade to target both actual corruption Alibaba holds about 33%ofAnt,and co-founder Jack Ma and some close associatescontrol justover50%. large loans to financeoverseas as well as to strengthen his The identities of someofAnt's other investorsare obscured by layers of investmentvehicles.Some keynames: buying sprees,landed in hot own hold on power. Ant’s IPO waterafew yearsago fortak- plan represented the kind of Jiang Zhicheng Li Botan Huang Rongping Lu Zhiqiang ing on toomuch debt. Regula- payday and accumulation of founder of Oceanwide Holdings, tors launched aseries of in- founding grandson of controls son-in-law marriedtofounder aproperty company wealth that Mr.Xihas long partner former Chinese of former of large mutual- vestigations that curtailed the frowned on. companies’ ability to borrow, leader Beijing Zhaode senior leader fund firm Shi Yuzhu Boyu Capital InvestmentGroup An Ant spokesman said in a chairman of the big online gaming shaking China’sbusinesselite. statement that the details of Jiang Zemin Jia Qinglin Xiao Feng At aBeijing forumonOct. investsvia investsvia controls firm GiantInteractive Ant’sshareholding structure 24—the same dayMr. Ma were fully disclosed in the Boyu Taoran (Shanghai) Tibet Hongde Century Zhifu (Shanghai) Guo Guangchang made his critical remarks at a group’s prospectus and in its InvestmentCo. InvestmentCenter head of the conglomerate, Fosun Shanghai venue—Pan Gongsh- public businessregistration International Ltd. eng, a deputy governor at the records. People’sBank of China,hinted Shanghai Tiancen Investment Fu Qing Qi Sheng III Investment invest via friends with Beforethe probe,regulators Management at concerns over the natureof at thecentral bank were al- Ant’s owners. ready worried about Ant’s Shanghai Zhongfu Equity third-party Jack Ma “Some nonfinancial compa- Beijing Jingguan InvestmentManagementCenter funds businessmodel.The company nies have blindly expanded owns a mobile payments app into the financial industry,” called Alipaythat is used by Mr.Pan said, according to a more than a billion people. It transcript of his speech at the givesAnt voluminous dataon Alibaba Other Hangzhou Junhan and forumhosted by the presti- consumers’ spending habits, 32.7% 16.8% Hangzhou Junao 50.5% gious Peking University. borrowing behaviors and bill- “Their shareholding structure andloan-payment histories, and organizational structure which the companyhas used Antownership arecomplex, and thereare to build afinancial-services gi- even prominentproblems such Note:Jack Ma stakeheld through investmentvehicles Hangzhou Junhan and Hangzhou Junao.Mr. Ma also owns close to 5% of Alibaba. ant. Sources: Documents; officials; people familiar with the matter. as cross-shareholding,false It hasmade loans to close capital injection and hugecap- to half a billion people, oper- ties to Mr.Jiang,part of what 1% stakeinthe company, ac- iar with the probe said. For of the most prominent of the ital extraction,” he added. ates thecountry’slargest is called the “Shanghai fac- cording to Ant’sIPO docu- the leader,that could only “red capitalists”—tycoons with Mr.Pan’sremarks were money-market fund and sells tion,” is agroup led by the ment, putting it among itstop widenthe income gapand strong links to rulers—that aimed squarely at Mr.Ma’s scores of other financial prod- son-in-law of Jia Qinglin, a 10 shareholders. Theprospec- hurt his initiativetoreduce have been afixtureofCommu- Ant, people close to the cen- ucts. But it hasn’t had to fol- former member of the Polit- tus doesn’t mention Boyu’s in- poverty. nist reign in China. tral bank said. lowthe tough regulations and buroStanding Committee, the volvementwith Beijing Jing- Forinstance, afterthe 1949 “Shareholding structure is capital requirementsthat com- topechelon of the Communist guan. takeover,the party turned to one reason whyweneed to mercial banks aresubject to.It Party. Mr.Jiang and other Ant in- ‘Red capitalist’ wealthyindustrialist Rong regulatefirms likeAnt,” an of- makes profits from the trans- Other backersseen as prob- vestorsmentioned in this arti- To fend off growing regula- Yirentoget the war-torn nation ficial at the central bank said. actions,while state-owned lematic include areal-estate cle declined to comment. tory pressureasAnt became back on itsfeet. Giving business Foryears, the kind of inno- banks supply the majority of developer who benefited from Another stakeholder behind bigger, Mr.Mamade stakes in magnates some leeway and vation Mr.Mabrought into the funding and take on most peer-to-peer lending schemes layers of investment vehicles Ant available to an array of support also has worked in Bei- theChinese economywas in of the risk. yearsearlier—schemes that is Beijing Zhaode Investment statestalwartssuch as the na- jing’sfavor.Soon afterChina line with the leadership’sgoal “On one hand, yougot a nonethelesscaused scores of Group, controlled by Li Botan, tional pension fund and China started to revamp itsplanned of turning China intoatech bunchofindividuals poten- investorstolose their lifesav- the son-in-law of Mr. Jia, the Investment Corp., the coun- economyinthe early 1980s,Liu powerhouse.Inrecent years, tially amassing large amounts ingswhen they went bust, the former PolitburoStanding try’smassivesovereign-wealth Chuanzhi founded what is now Alibaba has also ventured into of wealth,” one of the people people familiar with the probe Committeemember with fund, as well as its largest in- LenovoGroup,the world’slarg- artificial intelligenceand familiar with the probe into said. strong ties to Jiang Zemin. surers. est maker of personal comput- cloud computing,both deemed theshareholderssaid. “Then Mr.Ma’sconnection with Among China’sbusiness Having such “strategic in- ers, with aloan from the gov- as key to China’s future. on theother hand, much of Jiang Zhicheng,aHarvard-ed- and political elites,Mr. Li is vestors” on board—all poised ernment. Therewas some grumbling the risk has been transferred ucated “princeling,” as the off- best known for having helped Mr.Ma, 56 yearsold, among officials in 2014that to the state side.” spring of China’sleadersare establish in 2009 the Maotai started Alibaba in 1999 in his Mr.Matook Alibaba’slisting In alate-October speech, called, goes back to the years Club,aprivateclub in ahis- Investors stood to apartmentinHangzhou, the to New York, but the political Mr.Maharshly criticized regu- when Mr.Mawas expanding toric house near Beijing’sFor- capital of economically vibrant environment wasstill encour- latorsfor rules he said were AlibabaGroup Holding Ltd., bidden City that had been a pocket billions of Zhejiang province. SoftBank’s aging,asevidenced by official unnecessaryand held back thee-commerce giant that is haunt forprincelingsand their dollars from Ant’s chief executive, Masayoshi moves to liberalizeChina’s technology innovation. He in- the source of his wealth as one patrons until recent years. Son, famously invested $20 currencyand boost stock in- furiated topfinancial offi- of China’s richest people, and Sincehetook powerinlate enormous IPO. million in Alibaba afterashort vesting. cials—some of whom were in that eventually spawned Ant 2012, Mr.Xihas directed his meeting with Mr.Maayear In 2015, that changed. Chi- the room for the speech. Group. ire at corruption in the party later. “I could smell him,” Mr. nese stock marketscrashed as Thepublic blast of the In 2012, the younger Mr.Ji- and the tales of members’ lav- Son, known as arisk taker aslowing economypopped a state’sregulatorypowers,cou- ang,also known as Alvin, ish banquetsand harems of to profit from the IPO—helped driven by instinct, recalled in debt-financed stock boom. In pled with the investigation helped Mr.Manegotiateadeal mistresses that had turned or- Ant’sstock-listing application apublic talk in 2019.“We’re the yearssince, the policy into Ant’sownership struc- to buy out half of Yahoo’s dinaryChinese intocynics. sail through various levels of the same animal.” pendulum has shiftedinfavor ture—which had started even stakeinAlibaba. Aconsortium Events like those held by Mr. securities regulatorslast sum- The value of Zhejiang’s en- of the state sector. beforeMr. Ma’sspeech— of investors consisting of Mr. Li’sMaotai Club were seen by mer, the people familiar with trepreneurialism wasn’t lost Mr. Ma had planned to list formed the basis forMr. Xi’s Jiang’sBoyu, China Invest- the leader as harmful to the the matter said. The applica- on Mr.Xi, who ranthe prov- Ant on the new tech-oriented decision to shut down Ant’s ment Corp., andthe private- party.“Youpeople,you either tion wasapproved in amonth. ince from 2002 to 2007 and STAR Market in Shanghai, IPO and force the company to equity arms of China Develop- eat and drink yourselves into “Jack is very politically encouraged companies like along with the market in Hong scale back lending and other ment Bank and Citic Group, all the grave, or die between the savvy,” said GaryRieschel, a Alibaba to expand. Kong,inaneffort to please banklikeservices,according to with strong political ties,fi- sheets,” he said at ameeting venture capitalist who helped topleadership,according to the people familiar with the nanced part of the $7.1 billion with senior officials earlier in manageSoftBank’s invest- people close to the company. probe. needed. Thenearly 5% stakein his tenure, according to people mentsinAsia in the early Freewheeling finance TheSTARMarket wasdevel- Mr.Xiatthe same time Alibaba the consortium re- briefed on the remarks. 2000s.“But if he hadn’t made Some backersfound among oped at the behest of Mr.Xito launched acampaign to rein in ceived in return soared in Mr. Xi had little interest in them all rich, that wouldn’t the layers of Ant’s sharehold- createaChinese stock market China’stechnologysphere value when the companylisted having the Ant IPO funnel have mattered.” ershighlighted the freewheel- fortech firms that would rival overall to prevent big firms on the NewYork Stock Ex- enormously lucrativefinancial Over the years, with the po- ing attitude to internet fi- Nasdaq. like Ant from using their size changetwo years later. stakes to well-known Chinese litical connections he gar- nance, or fintech, the people Thegesturedid little to and their troves of consumer Boyu became one of the princelings, the people famil- nered, Mr.Mahad become one with knowledgeofthe probe ease officials’ concerns about datatoengageinanticompeti- early investorsinAnt in said. One wasthe real-estate the billionaire’s plans. tive practices. 2016—although this time in a developer Wang Xiaoxing,who Ant will nowberestruc- Themoves indicatethat af- moreroundabout way.Its base raised funds from peer-to-peer tured mainly as afinancial teryearsofusing alight hand in Hong Kong wasapoten- lending firms that regulators firm subject to the kind of with tech entrepreneurs, Mr. tially sticky issue at atime saychanneled the lifesavings capital requirementsapplied Xi is making greater demands when Chinese regulations re- of some mom-and-pop inves- to banks. The more stringent forthem to be aligned with stricted “offshore,” or outside tors intohigh-risk financing rules mean the firm mayhave thepolitical priorities of the the mainland, ownership of schemes. to raise funds to beef up its day. payment services, a core part When those lending capital base,opening adoor of Ant’s business. schemes went bust in the past forbig statebanks or other According to commercial few years, Ms.Wang found her types of government-con- Alarm bells recordsviewedbyThe Wall way to invest in Ant through a trolled entities to buy stakes. Some of Ant’sinvestorsand Street Journal, Boyu first set private-equity fund set up by Existing shareholders’ stakes the way their stakes were up asubsidiaryinShanghai, China International Capital could be diluted as a result. structured set off alarm bells which invested in aShanghai- Corp., or CICC, a leading Chi- Ant’s key shareholders, se- as regulatorsdoveintothe de- based investment firm. That nese investment bank. nior managers and directors tails of the prospectus,the firm then invested in apri- Some of Mr. Ma’s longtime arealso expected to be vetted people familiar with the inves- vate-equity firm called Beijing friendsalso gained stakes in by financial regulators, who

tigation said. Jingguan Investment Center, S Antthrough various invest- will focus on examining their OneisBoyuCapital,apri- which in turn bought shares in ment vehicles.They include qualificationsand sourcesof vate-equity firm founded in Ant. PRES some of China’swealthiest in- capital.

part by Jiang Zhicheng,the Beijing Jingguan is listed as ZUMA dividuals,such as property ty- Theofficials close to the

grandson of former Chinese one of 16 investorsthat pro- CA/ coon Lu Zhiqiang; Shi Yuzhu, probe said it would take some

leader JiangZemin.Manyof vided atotal of 29.1 billion BA chairman of the online gaming time forAnt’srestructuring to /A

Mr.Jiang’sallies have been yuan, or about $4.5billion, to RC firm Giant Interactive; and be completed. “Whether the

purgedinMr. Xi’santicorrup- Ant in 2016. It also joined an- WA Guo Guangchang,co-founder companycan reviveits IPO or tion campaign, though he re- othergroup of funds that in- SZ of Fosun International Ltd. not is not within the scope of mains aforce behind the vested 21.8billion yuan in Ant Mr.Guo’s Fosun, along with the high-level government HENRI scenes. in 2018.Both investments Jack Ma, co-founder of Alibaba and Ant, had also angered several other highflying pri- agenda right now,” one of the Anotherstakeholder with gaveBeijing Jingguan anearly officials with a recent speech that criticized regulation. vate companies that took out officials said. P2JW048000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, February 17, 2021 | A10A GREATER NEW YORK Cuomo’s Job Approval Drops 10 Points

N.Y. governor’s handling count in August because of fear legal risk,” said Mr. Molinaro. that former President Donald At the Capitol, 14 Demo- of nursing home Covid Trump’sadministration would cratsinthe stateSenateis- deaths spurred the politicizethe information. sued astatement calling for Democratswho control changes to Mr.Cuomo’s pan- decline, poll shows both the stateAssembly and demic powers before they ex- Senate said they held private pire in April. “While Covid-19 BY JIMMY VIELKIND discussionsoverthe weekend has tested the limitsofour about rolling back astate law, people and state…it is clear NewYork Gov.Andrew enacted in March, that gave that the expanded emergency Cuomo’sjob approval rating Mr.Cuomo unprecedented powers granted to the gover- hasdropped 10 pointssince power to unilaterally issue di- nor arenolonger appropri- January, apoll released Tues- rectives needed to managethe ate,” the senators said. dayshowed, amid bipartisan pandemic.The governor has ASenateofficial said the criticismofhis administra- used his authority to close S chamber is moving toward re-

tion’sreporting of the number schools and set rules forthe PRES moving Mr.Cuomo’s powers in of nursing-home residents operation of businesses. abill that could come up as who died from Covid-19. Mr.Cuomo said during a ZUMA soon as next week. ASiena CollegeResearch In- news conferenceonMonday A spokesman for Assembly OFFICE/

stitutepoll of 804 NewYork that the powers enacted in S Speaker Carl Heastie,aBronx voters found the Democratic March allowedfor rapid deci- Democrat, said membersof governor’s overall job approval sion making acrossmunicipal the chamber would “act re- VERNOR’

fell to 51-47%, down from boundaries.Hesaid legislators GO sponsibly with the best inter-

56-42% in January. When were able to modifyany of his GEE/ estsofthe people of the State

asked if they approved of how orders—something they haven’t MC of New York in mind.” Mr.Cuomo had made public in- done.The expanded powers had Christina Greer,aprofessor RREN

formation about nursing-home nothing to do with the situation DA of political scienceatFordham deaths,39% said they approved in nursing homes,headded. Gov. Andrew Cuomo’s overall job approval fell to 51-47%, down from 56-42% in January. University,said Mr.Cuomo’s compared with 55% who didn’t. Thegovernor rebuffed calls handling of the nursing-home State officials nowsay more by lawmakersfor an indepen- people knowthese arethe facts: ary, the poll said. whelmingly negativeintheir situation would be aserious than 15,000 residentsofnurs- dent investigation intothe Everything that could have been RichAzzopardi, asenior ad- viewsonCuomo,” he said. issue in an expected re-elec- ing homes and assisted-living state’shandling of nursing done wasdone.” viser to Mr.Cuomo,said the One such person is Republi- tion bid. and adult-carefacilities were homes,but acknowledged that Thepoll of 804 NewYork governor’s favorability rating canDutchessCounty Executive “Transparencyisreally im- confirmed or presumed to have the delayinreporting the fig- voters—which had amargin of was “rock solid.” MarcMolinaro, who ran portant, especially in atime of succumbed to the coronavirus ures created avoid that he error of plus or minus 4.3per- “NewYorkerssaw with against Mr.Cuomo in 2018 and crisis,” she said. “And we ha- sinceMarch 2020—a tally that said fueled disinformation. centagepoints—concluded on their owntwo eyes howGov- said he is considering another ven’t had it at the highest is about 50% higher than earlier Much of the debateoverthe Thursday, beforeMs. DeRosa’s ernor Cuomo worked dayand challengein2022. Last March, level of government forfour figuresreleased by the state. death counts has centered on statement wasfirst reported night to getusonthe other Mr. Molinaro said Mr. Cuomo yearswith the former presi- Formonths,the statedidn’t acontroversial Health Depart- by the New York Post. side of this pandemic,” he said. hadprovided steady leader- dent, and it’s left people feel- answer requestsfromlawmak- ment directiveonMarch 25 of Sixty-one percent of poll re- In contrast to Siena surveys ship,but criticized his han- ing unmoored, with asense of ers and journalists asking for last year that said nursing spondentssaid they approved takenlast year,this poll dling of nursing-home data trauma, asense of helpless- the number of facility resi- homes couldn’t refuse to ad- of Mr.Cuomo’s effortstore- showedasignificant divide during an interviewlast week. ness.” dents who died in hospitals. mit Covid-19-positivepatients. spond to the pandemic, com- between views of the governor “They didn’t want to admit Mr. Greenberg said he was Democratic and Republican “In retrospect, should we pared with 34% who disap- from Democrats and Republi- failure, they didn’t want to ac- loath to predict the future, but statelawmakers criticized the have given morepriority to ful- proved, arating that is cans,said poll spokesman Ste- knowledgewhat occurred, the poll offered a clear lesson delay as well as astatement last filling information requests? In essentially unchanged from ven Greenberg. they didn’t want to showre- for Mr. Cuomo about nursing week by the governor’s topaide, my opinion, yes. And that’swhat January. And 56% of voters “Republicans,who had morse and didn’t want to ex- homes: “It is clearly wherehe, Melissa DeRosa,that the state created the void,” Mr.Cuomo viewedMr. Cuomo favorably shown Cuomo some loveearly pose themselves and othersto at themoment, is most vul- held off releasing the fuller said.“Ijust want to makesure compared with 57% in Janu- in the pandemic,are nowover- incalculable political risk and nerable.” Inoculation Charge in Central Park Case Is Dismissed Rates Va ry BY CORINNE RAMEY Prosecutorssaid Ms.Cooper therapist, has “learned a lot,” told the policethat Mr.Cooper Ms. Illuzzi added. By NYC A New York judge Tuesday tried to assault her and her RobertBarnes,alawyer for dismissed the case against dog,which wasn’t true. Ms.Cooper,said he agrees AmyCooper,the whitewoman Mr.Cooper’s video of his with the outcome. ZIP Codes who falsely accused aBlack encounter with Ms.Cooper “Manyothersrushed to the bird-watcher of threatening wascited as evidencethat wrong conclusion based on in- BY KATIE HONAN her life, afterMs. Cooper com- Black people oftenfacelaw- adequateinvestigation, and for pleted a racial-education and enforcement scrutinyfor ev- S some,theremay be legal con-

New York City on Tuesday therapy program. eryday behavior. PRES sequencescoming,” he said.

released datathat showeddis- In July, the Manhattan dis- During acourt hearing TED Ms. Cooper apologized for

parities in Covid-19 vaccina- trict attorney’s officecharged Tuesday, Assistant District At- OCIA the incident in May, saying in

tion rates by ZIP Codes. Ms.Cooper with falsely re- torney Joan Illuzzi asked SS astatement that she reacted /A SinceDecember,the city porting an incident in the Judge Anne Swern to dismiss emotionally andmade false hasadministered 1,336,382 third degree following a viral the case.“We offered her,con- OPER assumptions. CO doses, recordsshow. But the videoofher calling the police sistent with our position on Her employer fired her the

doses haven’t been uniformly in MayonChristian Cooper,a many misdemeanor cases in- TIAN dayafter the incident and she

administered across the city, bird-watcher who had asked volving afirst arrest, an alter- CHRIS temporarily lost her dog. MayorBill de Blasio said Tues- that Ms.Cooper leash her dog native, restorativejusticeres- Amy Cooper, who falsely accused a Black bird-watcher of AbandonedAngels Cocker day. Theshareoffully vacci- in Central Park,asrequired by olution; designed not just to threatening her in May, completed a racial-education program. Spaniel Rescue Inc.said on nated residents varies widely the park’s rules. punish but to educateand pro- Facebook last year that it had by ZIP Code,from2%insome Ms.Cooper,who isn’t re- motecommunity healing,” Ms. and education program coordi- per could appreciatethat racial evaluated the dog, which had partsofQueens to 25% in lated to Mr.Cooper,told the Illuzzi told the judge, accord- nated by ManhattanJusticeOp- identities shape our lives but been temporarily in itscus- some sections of the Bronx. bird-watcher she would call the ing to remarks provided by the portunities,anonprofit that we cannot use them to harm tody,and returned it to Ms. In the Bronx neighborhood policeand tell them “there’san district attorney’s office. provides alternatives to jail ourselves or others,” she said. Cooper. of City Island, 25% of adult African-American man threat- Ms.Illuzzi said Ms.Cooper sentences.The program focused Ms. Cooper completed five Mr.Cooper couldn’t be residents, or 865 people,re- ening my life.” had participated in atherapy on “the waysinwhich Ms.Coo- sessions,and, according to her reached for comment. ceived both doses as of Tues- day, data show. But in nearby Co-op City, also in the Bronx, GREATERNEWYORKWATCH 4% of adults, or 1,518 people, have received both shots. Mr.deBlasio said at anews TRANSIT conferencethat the numbers don’tcapturethe full reasons U.S. Ends Policy That forpercentagedifferences. Blocked Tunnel Funds When vaccinations began in De- cember,eligibility wasrestricted The U.S. Transportation De- to essential workersand other partment on Tuesday rescinded city employees.Eligibility has a Trump administration opinion sinceexpanded to allowanyone that had effectively blocked fed- 65 or olderand people with a eral funding for a new rail tunnel pre-existing medical condition. under the Hudson River linking Some neighborhoods mayhave New Jersey and New York City. ahigher percentageofeligible The department’s Federal residents, the mayorsaid. Transit Administration rescinded “Wewant to see much guidance issued in 2018, which greater consistencyamong effectively blocked project spon- communities,” he said. sors from counting funds bor- Datareleased last month rowed from federal programs as S

highlighted racial disparities in part of the local share of a proj- PRES

vaccinations.Nearly half of New ect’s financing. TED

York City residentswho re- New York and New Jersey OCIA

ceived ashot were white, more have pledged $5.5 billion toward SS than double anyminority group, the $13 billion cost of the tunnel, /A the datashowedatthe time. but planned to borrow those

Torian Easterling,afirst dep- funds from low-cost federal loan SHAFFREY

uty commissioner and chief eq- programs and pay them back TED uity officer in the city Health over time. The 2018 opinion FINAL FAREWELL: Afuneral washeld Tuesdayfor actressCicely Tyson at Harlem’sAbyssinian BaptistChurch. Mourners included Bill and Department, said Tuesdaythat stalled progress on the Gateway Hillary Clinton, actor-director Tyler Perry and rocker LennyKravitz. Ms. Tyson, known forher groundbreaking roles, died Jan. 28 at 96. the newly released datahelp the Program, a long-planned effort city target wherethereismore to construct a new two-track The ruling by the Second Cir- ficers. The statute said person- ing. “The city’s planned release was waiting for her car, police need forvaccination centers. tunnel under the Hudson for cuit U.S. Court of Appeals af- nel records used to evaluate the of these records was consistent said Tuesday. “The ZIP Code dataprovides not Amtrak and NJ Transit com- firmed a Manhattan federal performance of a public safety with the law and the enhanced Edwin Vargas, 43, years old hit only amap of whereNew York- muter trains at the site of one judge’s previous decision that officer are deemed confidential transparency the legislature in- a54-year-old woman as he was ersare being vaccinated, but of the worst bottlenecks on the the disciplinary records should and can’t be exposed without a tended,” it said in a statement. driving asport-utilityvehicle out also aroad map to our Covid re- Northeast Corridor. be made public. court order or the written con- Mr.deBlasio said the publica- of the carwash bayat2p.m. on sponse,” Dr.Easterling said. —Ted Mann A coalition of unions sued sent of the employee. tion of disciplinary recordswill Monday, policesaid. The woman Even as the city opens more New York City in July seeking to State lawmakers in June enhancepoliceaccountabilityand wastaken to Jamaica Hospital, vaccine centers, it has been NEW YORK CITY block the release of officers’ dis- voted to repeal the law. Soon af- build trustwith communities. whereshe waspronounced dead, hindered by supply shortages, ciplinary records in cases where ter, New York City Mayor Bill de —Ben Chapman policesaid. Her name wasn’tim- the mayor said. Police Discipline Files claims against them are unsub- Blasio announced plans to create mediately released. Thecity will open avacci- Can Be Made Public stantiated, arguing that the pub- a public online repository of QUEENS Mr. Vargas hit a parked car nationcenter at aschool in lication would harm the officers. NYPD records. Subsequently, the after striking the woman, police East NewYork,Brooklyn, on Federal appeals judges on A three-judge panel found that unions brought their suit. Worker Is Charged said. He was arrested on Wednesdaythat gives priority Tuesday ruled that police disci- argument lacked merit. A spokesman for the coalition In Carwash Death charges including vehicular man- to home-health aides,Mr. de plinary records in New York City New York public-safety agen- of unions seeking to block the slaughter, vehicular assault and Blasio said. And apreviously may be made public, dismissing cies—including the New York Po- disclosure of the records said A Queens carwash worker driving while intoxicated. It announced center at the Em- an appeal brought by unions for lice Department—have long cited Tuesday that the group would has been arrested on charges in- wasn’t clear if he had an attor- pire Outletsshopping center police, firefighters and correc- Section 50-a of the state’s Civil continue to advocate for privacy. cluding vehicular manslaughter ney who could comment on the on StatenIsland is slated to tions officers to block the disclo- Rights law, in decisions to keep The New York City Law De- and drunken driving after he charges. open Thursday. sure of the information. secret the disciplinary files of of- partment praised the judges’ rul- struck and killed a woman who —Associated Press P2JW048000-2-A010B0-1------NS

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FAMILY ble holding their kids accountable &TECH all daylong.“We were getting JULIE Keep theCameraOn? emails from parentssaying,‘Please JARGON makethem turn their cameras on.’ ” Mr.Howland held focus groups with studentsatthe racially and ec- achel Anderson’s TheLatestSchool Battle onomically diverse school to learn fourth-grade daughter whythey weren’t turning on their was so anxious about cameras.Hesaid about 75%ofthe being on camera during studentstold him they learn more R remote learning that and have abetterexperiencewhen she cried every day for they cansee their peersand teach- the first six weeks of school. ers, but they felt self-conscious be- Ms. Anderson has all three of ing the only ones on screen. her kids set up in the kitchen—the He disagrees with the idea that fourth-grader, a second-grader and requiring cameras on presentsan a third child in sixth grade—where equity issue.“Ithink it’sthe reverse. she can keep an eye on them. They If we givekids an excuse not to turn all have their cameras on. When cameras on, they won’t getthe same Ms. Anderson’s fourth-grade kind of education,” he said. “Kids daughter received her report card will do what youexpect of them, recently, there was a note from the and they will rise to the occasion.” teacher saying she seems dis- Still, Mr.Howland knewhe tracted during class. couldn’t mandatethat cameras be “I’m getting chastised for a dis- on without offering asafety valve tracted environment?” said Ms. Top, Calvin Anderson prepares to log into forfamilies with challenging home Anderson, of Eugene, Ore., who his remote class. Left and above, Rachel situations.Hetold studentsthe teaches college students online. and Jonas Anderson set up their children school would grant waiverstofami- “I’m not going to have my young for online school in the kitchen. lies who had alegitimatereason for children alone in their rooms do- requesting one. ing their work. There is no win- Of the school’s1,800 students, ning solution.” this is different. forced the issue for a period of tend different schools, one that re- only 3% of their parentsapplied for Districts were hesitant to make “When you’reposting avideo, time, and some parents banded to- quires cameras to be on and one awaiver.The most common reason cameras a requirement in the fall, youcan redo it if youdon’t likeit gether and tried to get their kids that encourages camera use. Both wasfor anxiety or other mental- out of respect for family privacy. and youcan use afilter,” Charlotte, to turn on their cameras, but it mostly keep their cameras on but health issues,followedbyprivacy Besides increasing anxiety for ahigh-school freshman in suburban didn’t work,” she said. have expressed how frustrating it concerns.Some parentsrequested some kids, the live look into stu- Philadelphia, said. “Weshape what Charlotte said she turns on her is to try to learn and engage with waiversbecause they had so many dents’ living quarters—not only by we look likeonsocial media. We’re camera in only two classes, where kids who have their cameras off, people at home on video calls,itwas teachers, but also by fellow stu- not used to being on cameralike most of the other students do the she said. “If some kids have their choking their bandwidth, he said. dents—might pose equity issues. this.” She has been resisting her same, because otherwise it would cameras off, more start to turn Since the requirement went As students enter the midway parents’ effortstoencouragecam- be too awkward. theirs off and then pretty soon ev- into effect, he said feedback from slump of a trying school year, after erause,eventhough she said hav- As of October, more than 75% eryone has them off.” teachers, students and parents has months of full or partial remote ing the cameraonisbetter. of schools and districts that pro- AfterThanksgiving,Boston Latin been positive, and there’s evidence learning, more districts around the While some families have op- vide live remote instruction re- Academy, apublic school whereone it is working. During the first term country are requiring students to posed camera requirements, many quired students to turn on their of her children attends,began re- of the year, there were 850 stu- turn on their cameras. While edu- others say it has brought relief cameras, according to a survey quiring cameras to be on. “Wetried dents on the honor roll. In pre- cators have seen positive results in from the daily battle to get their from the Education Week Research the encouragement approach at the pandemic years, that number usu- grades and participation, the de- kids to engage with their teachers Center. That number is even beginning of the year,but that ally falls into the 600s in the bate continues. and classmates. In Charlotte’s higher now, as many more dis- didn’t work,” said Gerald Howland, second term, but he hasn’t seen It might seem counterintuitive, case, there is no requirement. tricts around the country, includ- the interim head of school. that same falloff this year. in an ageofTikTok and YouTube, Her mother, Lindsay Hagerman, ing my family’s in Southern Cali- While teacherssaid it is difficult “I can’t say scientifically that forteens to feel so uncomfortable said it would be easier if there was fornia, have implemented cameras- to teach to ablank screen, Mr.How- it’s because of cameras being on, being on screen. But 13-year-old a rule, as long as families in need on policies in recent weeks. land said the decision wasdriven but I think it made a difference,” Charlotte Hagerman explains why were allowed to opt out. “We Ann Walsh has teens who at- by parents. They were having trou- Mr. Howland said.

ing.Insome instances,the CDC Geevarghese. But some children do next to the door of their room as WhattoDoifYour Child provides household memberswith get very sick, with higher risks for much as possible. In two-parent options forashorter 10-dayquar- those who have certain pre-exist- households, assigning one parent antine or a7-dayquarantine with ing conditions. And a small num- to provide care for the sick child a negative test result. Both options ber of children have developed a may help limit the spread of the TestsPositivefor Covid require continued monitoring of rare but serious complication virus to other household members. symptoms for the full 14 days. And called multisystem inflammatory Encourage everyone in the home people who are fully vaccinated syndrome, which is characterized to wear masks, especially in com- BY ALINA DIZIK Don’t hesitate to contact your within the past three months and by high fever and inflammation. mon areas. Wash hands and clean doctor again if you’re concerned haven’t shown often-used sur- hen a child tests positive about something. Seek immediate symptoms since faces. Improve W for Covid-19, it presents medical attention if your child dis- their Covid ex- ventilation—such challenges for the whole plays breathing problems. Other posure aren’t as by periodically family. Parents must care for the red flags include not tolerating generally re- opening windows sick child while also trying to pre- food or drink, acting lethargic, or quired to quar- or doors—to help vent the illness from spreading, a persistent fever that lasts longer antine. But you prevent virus par- and look out for their own health than 7 days, says Ibukun Akinboyo, should also ticles from accu- as well. Most kids experience mild assistant professor of pediatrics at consult with mulating inside. symptoms, but some do develop Duke University. Infants with a your doctor Take precautions serious illness. And even with a high fever for multiple days can and local health even when a child mild infection, isolation can bring have a harder time replenishing authorities. feels fine, says Dr. boredom and stress. fluid and are more likely to need Geevarghese. Here’swhat doctorsrecommend. intravenous fluids, she adds. What are typi- Some children cal symptoms carry high viral Should you visit a pediatrician af- Should household members that children loads in their re- ter getting a positive result? without symptoms get tested? Do experience with spiratory secre- To lessen the risk of exposure we all need to quarantine? Covid? tions even with

GES to others, a telehealth appoint- The CDC recommends testing While many mild symptoms.

IMA ment is usually the best approach, close contactsofinfected people, children experi- says Bessey Geevarghese, a pediat- which would include anyone they ence mild or no What should you GES ric infectious disease physician for livewith. Quarantine as soon as illness, those do if the whole IMA Lurie Children’s at Northwestern youlearn your child has tested who do get sick A nurse swabs a girl in Boston in December. Kids often have mild cases. family falls ill?

GETTY Medicine Central DuPage Hospital positive—don’t risk exposing oth- may have Sincechildren in Winfield, Ill. Talk to a pediatri- erswhile youare awaiting your symptoms such as fever, cough, What are some strategies to try oftenrecover morequickly,adults OBE/

GL cian about what to expect during test results. Even if youdotest loss of taste and smell, nasal con- to prevent your child from infect- need to be vigilant about their own

ON the illness and come up with a negative, manyhealth depart- gestion or difficulty breathing. ing other people in the household? health too. In some cases,parents ST plan to try to keep other family mentsask household membersto If space in the home allows, mayneed to ask atrusted adult who members from getting infected. completea14-dayquarantine How long does it take for symp- designate a separate bedroom and doesn’t have pre-existing medical AN/BO

RY from the last dayofexposurere- toms to resolve? bathroom for the ill child to iso- conditions to come help with child L. When should you seek additional gardless, in part because test re- “The majority really do get bet- late in right away. For older chil- care,especially if the parentsrequire VID

DA medical attention for your child? sultscan vary depending on tim- ter in three to five days,” says Dr. dren, leave food and other items medical care outside of the home. P2JW048000-0-A01200-1------NS

A12 | We dnesday, February 17, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS

FINDING WAYS TO CONNECT IN THE PANDEMIC

 Take every opportunity. Cus-  Recycle strangers. Your old tomer service representatives. boss. A childhood friend. A dis- Neighbors walking their dogs. tant cousin. Reach out to some- Delivery people. one you used to know well but who seems like a stranger now.  Volunteer. Plenty of nonprofits aretaking volunteerswhile main-  Don’t be adowner. Amisery- taining safety precautions.And it fest won’tmakefor asatisfying, gives youasense of purpose, or nourishing, interaction,sofo- which canimprove mental health. cus on something other than It connects youtoothers, which howtough things arerightnow. fights loneliness.  Be respectful. Keep your  Use nonverbal cues. Yes, peo- physical distance if you are in ple cantell if you’re smiling be- person. Keep your mask on. You hind your mask.You canalso nod can even say: “Don’t worry, I hello.Wave.Giveathumbs-up. won’t come too close.”

“Having a single conversation aconversation with anotherwoman with a stranger during this tough while the two were waiting to get GES time can make us feel better in the MRIs forcancer screeningshelped IMA world,” says Dr. Sandstrom. calm her fear. SanDiegotravel

GETTY And yetinthis pandemic year, bloggerJames Hills,44, worried as we’velearned to avoid and about in-person conversations with even fear getting close to other neighbors, so he solicited their Talk to Strangers—EvenNow people,we’velost not just our in- phone numbersinstead—and made teractions with strangersbut also newfriends. with the casual acquaintances Michael Hassard, 50, a quality that researcherscall “weak ties.” assurance engineer from Lake BONDS motivated to go outside almost partment of Psychology at the Uni- Research by Yale sociologist Ma- Charles, La., was buoyed by a gro- ELIZABETH everyday. versity of Essex, in Colchester, rissa King and colleagues,pub- cery store cashier. He felt over- BERNSTEIN Strangerscan soothe and sup- England, who studies interactions lished in Januaryinthe journal whelmed as he stood in line one port us when no one else is around, with strangers, has found that Socius,found that people’ssocial recent evening—exhausted after a or boost our mood with asmile or a people’s moods improve after a networks contracted 16% during long day at work, worried about laugh. They candistract us from the conversation with someone they the pandemic—with most of the other custom- urora Flores hadn’t chatterinour ownhead and help don’t know, such as a barista or a shrinkagebeing casual relation- ers who stood gone out much during expand our perspective. They can museum guide. She’s also discov- ships,such as the person you’re too close or the pandemic. But re- makeusfeel connected and remind ered that people are happier on used to seeing in the gymorthe 16 weren’t wear- cently she forced her- us we arenot alone. days when they have more of colleague youchat with in the Percent contrac- ing masks cor- self to take a walk in Yet we’re missing out on many these types of interactions. elevator. tion in people’s rectly, over- A of these serendipitous moments In yet-to-be-published research whelmed by the New York’s Central The study also found that peo- social networks Park to clear her mind and seek during the pandemic. Social dis- conducted last spring after the ple who interact more with strang- during the pan- stress of a pan- solace in the sound of birds and a tancing, working from home and pandemic started, Dr. Sandstrom ers are less lonely—and that it demic, according demic year. waterfall. As she was strolling the disruption of normal activities found that 64 people who were doesn’t matter how long those in- to research The cashier down the path, another woman ap- have reduced our opportunities for matched with a stranger for a teractions are, just how many of was silent as proached, wearing a mask. Letting casual exchanges with people we Zoom call happily chatted for an them people have. she rang his out a loud yelp, the woman flung a don’t know, or with whom we have average of 40 minutes—much lon- In reporting this column, I items up. But when she placed his handful of birdseed in the air. only loose ties. Yet, if we work at ger than the 14 minutes they’d talked to manypeople who said bag on the conveyor belt for him Suddenly,aflurryoftitmice, it, it’s possible to generate those predicted. Participants also re- they’d had meaningfulinteractions to pick up, she held onto it. “Have cardinals,blue jays and robins ap- moments even now—and psycholo- ported enjoying the conversation recently with strangersingrocery a blessed day,” she said. Then, as peared, as Ms.Flores stood there gists say we should. more than they’d expected to, and stores,while talking to customer he fought back tears, she stepped amazed. Thestranger offered her They suggest we grab everyop- that the things they’d worried servicerepresentatives on the out from around the counter. seeds,and Ms.Flores poured some portunity—even while we’rekeep- about—such as an awkwardness phone,and while walking their “We’re going to be all right,” he on her gloved hand. One by one,the ing adistance. Join agroup,espe- starting or maintaining the con- dogs. Adrienne Renner,72, ahigh says she told him. “We’ll get birds began to land on her fingers. cially online.(It canbelessscary.) versation—didn’t happen. They school computer teacher in San through this together.” “I waselated. Ifelt blessed,” Say something positive—don’t just said they had an increased sense Jose,Calif., says the messages from Mr.Hassardfelt his mood lift. “I says Ms.Flores,67, awriter.“She complain. Don’t take it personally if of trust in other people after the strangersinFacebook groups had this immense feeling that Iwas sawmebeaming,and Icould tell someone doesn’t want to engage. conversation. And they said they buoyedher afterher beloved cat not alone—that people still care she smiled. Then she went on her Gillian Sandstrom, a psycholo- felt significantly less lonely and died. Meghan Finn, 42, amarketing about each other whether they way.” Now, Ms.Flores says she is gist and senior lecturer in the De- less socially isolated. executiveinMount Kisco, N.Y.,says knoweach other or not,” he says.

MY RIDE |A.J.BAIME Mercedes-Benz ever sold.”] ceased husband’s pride and You could pull up to a joy. When he got to be too Porsche, wink at the driver old to drive, he got it profes- His Find: from inside your stodgy se- sionally detailed, put it in his dan, and then burn rubber garage, and it had probably and leave him in the dust. not been touched since, until ARare’79 The car’s door was un- we found it, seven years later. locked and in the glovebox, I In July 2018,two yearsaf- Mercedes found insurance papers. It terfinding the car, Iwas ready turns out, the owner was a to buy it from her.She had an Morgan Sullivan, 54, execu- deceased country doctor. It appraisal, Idid an appraisal, tive managing director of took me a year to find his and we met in the middle— brokerage at JLL living in widow’s address, in Rich- somewherearound whata Rockville, Md., on his 1979 mond, Va. Two times I made newToyotamightcost. Still, Mercedes-Benz 450 SEL 6.9, the two-hour drive just to the nightbefore, Icalledmy as told to A.J. Baime. knock on her door, striking brother.Isaid, “I am getting out both times. On the third cold feet.” Ihad three kids y wife and I are try, her neighbor was outside, headedtocollege and one M house-aholics. We and I was able to get the headedtopreschool. What have restored three widow’s phone number. wasIdoing buying an old historic homes. On Aug. 1, I logged approximately 25 Mercedes?Hesaid, “You are 2016, I was driving through voice mails, and still nothing. buying thatdamn car. And I the Northern Neck of Vir- One day my brother and I promise you, the friendships ginia, which is like a charming time capsule of society. It is rural and nothing has changed. My brother, Michael, was riding shotgun with his nose in a book about historic homes in the area, with my longtime best friends David and Ingrid Rose, in the back. We found an abandoned Italianate farmhouse with weeds up to our waist. We were admiring the property when my brother rolled up the detached garage door. He Morgan Sullivan with his daughter, also named Morgan, in said, “Holy smokes!” There their 1979 Mercedes-Benz 450 SEL 6.9. sat this Mercedes. We ad- mired it for a moment. When were visiting the Northern youwill makeasaresult will I looked on the back, and saw Neck again and we went to makethis carworth every the numbers 6.9, I got ex- see if the Mercedes was still penny.” And he wasright. cited, as I recognized this to there. It was. I thought, I had some light mechani- (2) be a rare and unique find. maybe it’s karma. I called one cal work done, but the car

In the 1970s, Mercedes last time and heard a voice: was in great shape. My wife JOURNAL made a sedan called the 450 “Hello?” and I take it on road trips REET

SEL. A very few were made From that point on, the and to Cars & Coffee events. ST

with a larger 6.9-liter engine. widow and I struck up a When people who know LL In 1979, the 450 SEL 6.9 was friendship. She got a chuckle about Mercedes see the 6.9 WA

widely believed to be the out of our visiting the prop- on the back, their jaws drop. THE R

fastest customer four-door erty, and speculated that the They want to know where I FO sedan ever built. [The popu- 6.9 would itself be covered in found it. So I tell them about Y

lar car journalist David E. Da- weeds by now if we hadn’t the day I was driving with SKEIK

vis wrote of the 6.9, “For your found it that day. She told my brother Mike and two AH RR

money, you’ll get…the best me that this car was her de- friends, through rural Virginia. FA P2JW048000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, February 17, 2021 | A13 ARTS IN REVIEW

MUSIC REVIEW | MARK RICHARDSON Climbing From Rock Bottom Julien Bakerconfronts her struggle with substances on an album thatembraces melody

he first sound we hear on fessed later that she wasn’t sober “Hardline”—the opening during that period. Spiritual con- track from “Little Oblivi- flicts and personal tribulations like ons” (Matador), the new these provide fuel for her song- Talbum by 25-year-old Ju- writing. This album takes uncer- lien Baker—is a heavy tainty and contradiction as a given chord from an organ that brings to and focuses on rendering in-the- mind the sanctity of church but moment intensity with honesty. also, with its woolly distortion, “Heatwave,” the album’s second distress. In the context of Ms. track, captures how her narratives Baker’s oeuvre, this sound alone move between the mundane and marks a major shift. the shattering. It’s easily her loos- Her firstalbum, 2015’s est and breeziest tune, a country- “Sprained Ankle,” acollection of rock-style lilt descended from shadowy folk numbers, almost ex- Sheryl Crow that hides dark de- clusively featuredher voice, sires behind the appealing surface. acoustic guitar,and abit of piano. The chorus—“I was on a long spi- On 2017’sacclaimed follow-up, ral down / But before I make it to “Turn Out the Lights,” she the ground / I’ll wrap Orion’s belt pluggedher instrument intoan around my neck and kick the chair amp and added touches of strings out”—is almost unbearably vis- and woodwinds,but the record ceral, but since the surrounding wasdrum-free and still sparein music is so winsome and breezy, the extreme.Yet that organchord the horror of the image seeps in on “Hardline” and the percussion slowly after multiple listens. that entersshortly aftersuggest “Faith Healer,” a song about be- that we’rein ing desperate foradifferent enough to try kind of experi- anything, has a enceonalbum beautifully jan- number three, gly guitar and one wherein- subtle pro- strumental grammed per- color and cussion, and it sharper melo- suggests that dies sharethe the newly sober load with Ms. confront a dif- Baker’s dark ferent horror: “I lyrics and ex- miss the high, pressivesing- how it dulled ing. the terror and “Little Obliv- the beauty / ions,” out Feb. Now I see ev- 26,finds Ms.Baker coming into erything in startling intensity.” her ownasastudio artist, having Ms.Baker has atalent forsee- already established herself as a ing howtruths about human life first-ratesinger and songwriter. and behavior canbefound in mi- She produced the record and nor details.In“Favor,” amidtempo playedmost of the instruments number with ashuffling beat, she herself,with some instrumental describes inching toward self- contributions from engineer and knowledgeassomething that GES longtime friend Calvin Lauber. “Doesn’t feel toobad but it doesn’t IMA

Along with layeredguitarsren- feel toogood either /Just likea ETTY dered in awide rangeoftones— nicotine patch; it hardly works /G twangy, chiming,fuzzy—Ms.Baker then it’sover,” while on “Hard- adds piano,synth, bassand drums. line,” boozing is away to “split the REDFERNS

Most of these songs feature a differencebetween medicine and T/ troubled narrator who yearns for poison.” AR EW

peace and connection but it is tor- Her piano-led ballads, which on ST

mented by self-destructive im- earlier records put the melody in GUS pulses. Ms. Baker grew up in Mem- the background to allow the dy- Singer-songwriter Julien Baker in London in 2019; her new album, ‘Little Oblivions,’ is out Feb. 26 phis, Tenn.—she now lives in namics of her voice to shine Nashville—and formed a rock band through, now trade raw expression with friends while still a teenager. for melodic beauty. It’s easy to new for her and lends it an extra At some point, to protect herself, Oblivions,” she’sfound anewly Her family is religious and she’s a imagine Adele covering “Crying layer of vulnerability. she mayneed to shiftgearsand vividmusical setting that should Christian, but she’s also gay. From Wolf,” a song about wrestling with As with Ms.Baker’s earlier re- observecharactersfromacertain help these stories reach morepeo- an early age she struggled with sobriety that begins with the line cords, “Little Oblivions” is some- amount of distance. But fornow, ple who need them. substance abuse: She gave a mem- “Day-one chip on your dresser, get times so emotionally punishing it’s she’srendering the details of her orable interview to GQ in 2019, in loaded at your house.” The way difficult to bear.It’shardnot to lifewith newclarity,crafting Mr. Richardson is the Journal’s a piece about musicians who have Ms. Baker jumps to a softer ver- worrywhen an artist mines her songsthat anyone who struggles rock and pop music critic. Follow been reborn in sobriety, and con- sion of her upper vocal register is ownlifesointensely formaterial. will recognize. And with “Little him on Twitter @MarkRichardson.

Daisye Tutor, left, and Genelle he refers to one of her friends. Seldon, below, in ‘Shook’ Howwould he not knowJade? Ev- erything about Mia’slifeisavail- able on the web, or courtesy of Al- cally conflicted heroine/victim: Her exa(renamed Diana here, after latemother,who died of the hered- Nicole and Mia’smother). Nicole’s itary“Livingston’sdisease,” was house is set up with surveillance caredfor solely by Mia’ssister,Ni- cameras (because of her invalid cole (a terrific and funnyEmily mom); Mia’slifeisone long live Goss), who asked Mia forhelp and feed. Her everythought becomes a wasrebuffed. Needing to travel for text. Thehorror isn’t just about her ownmedical what’sgoing to care,Nicole asks happen to her,but Mia to babysit her It takes slasher­film the lifeshe leads. dog,and forthe At least forthe firsttime Mia tropes and updates time being. agrees to do it— them for the digital “Shook” has the but only because requisite twists to it’sgood forher world make it much more brand, given the than a straightfor- TELEVISION REVIEW |JOHN ANDERSON ongoing dog mur- ward horror- ders. (No dogsare shocker, and the actually harmed in the making of sharp turns are sufficient to have Skewering Social-Media this movie,but thereare crime- viewers profoundly dizzy about scene photos…) Onceshe’salone at where it’s all going to go. They Nicole’s, with the dog,Mia is be- may also wonder, as I did, why im- Influencers—Literally sieged by threatening calls,from periled dogs are more nervous- someone who at times seems to be making than imperiled people. But inside the house. that’s part of Ms. Harrington’s One of Ms.Harrington’singe- commentary on a genre in which nious moves is the demonization of people are disposable and pets HAT THE HORROR platform social-media influencers the vic- evening is over, said killer will the smart home,and the possible make you worry. Shudder is presenting tims of her mayhem—but not be- have graduated to people, with repercussions of living one’slife T online.“Howdoyou knowJade?” Shook “Shook” is appropriate fore making them ridiculous—is a one of the influencers impaled on enough: The streaming service is a guilty pleasure, and meant to be. her own stiletto heel. Mia asks her mysterycaller,when Thursday, Shudder virtual catalog of frightful content, When we first see Mia (Daisye Tu- It has to be said and Jennifer Harrington’s feature tor) and her fellow stars of online that several of Ms. is a connoisseur’s movie. An up- marketing, they are being photo- Harrington’sforays date on the slasher film, it takes graphed at what appears to be a intophysical vio- the plot devices common to the red-carpet event. Lights are flash- lence(she co-wrote classics of the form—the ultravio- ing. Mics are waving. Enthusiastic the storywith Alesia lence, the simple morality, the de- crowd noise is percolating. Then Glidewell) will make serving victims, the emotionally the camera pulls back and we see one wince, flinch tortured villains—and tweaks them the truth—the young women and and/or recoil. But into today. Most significantly, and their camera crew are inside an such cringe-inducing humorously, Ms. Harrington uses otherwise abandoned warehouse, content is hardly for- social media the way “Halloween,” with prerecorded sound pumped in eign territorywithin “Scream” and “When a Stranger and no one around but them. the genrebeing de- Calls” used the land-line tele- Which is spooky: On the loose in constructed. Nor are phone—as a weaponized instru- their Southern California commu- ambivalent charac- (2) ment of torment. nity is a serial murderer of small ters.Mia, forin-

That director Harrington makes dogs. Yes, dogs. But before the stance, is aclassi- SHUDDER P2JW048000-0-A01400-1------XA

A14 | We dnesday, February 17, 2021 THE WALL STREET JOURNAL. SPORTS ATexan Finds His Footing in Italy

Weston McKennie is having a breakout season at Italian soccer power Juventus, under the wing of Cristiano Ronaldo

BY JOSHUA ROBINSON

WESTONMCKENNIE used to get away with skipping ice baths. As a twentysomething playing once a week in the German Bundesliga, he trusted his body to spring back without the ritual torture of a freezing tub. That was before he became teammates with Cristiano Ronaldo. Ever since the American moved to Italian giant Juventus last sum- mer, the decision is no longer up to him. When the age-defying, all- time great in your locker room tells you how to approach recov- ery, you listen. “Cris calls me in af- ter the games—we get back at 1 in the morning, 2 in the morning,” McKennie said. “Everybody’s get- ting changed to go home, and this guy’s stripping down to his under- wear and going to the ice bath.” LINGRIA/REUTERS

“Come on,” Ronaldo tells him TO with the authority of a four-time

Ballon d’Or winner. “Come on. Five ALBER

minutes.” CK; “Bro, no,” McKennie told him at TO first. “Just go home.”

Long story short: McKennie now SHUTTERS takes ice baths. A/ Intensifying his work habits to

keep up with Ronaldo’s fevered TEVEZ/EP

regimen hardly begins to describe ES what has changed for McKennie TO over the past six months. He plays ALBER

for a club that is chasing a 10th P: straight Italian championship and TO OM

has aspirations to win the Champi- FR ons League, where it resumes com- Weston McKennie, above, has turned into one of the most versatile pieces of the Juventus attack. Below, McKennie with teammate Cristiano Ronaldo. petition at Porto on Wednesday. His his plans. The Bundesliga club of- this campaign has gone. coach is the World fered him a contract and McKennie “I thought we were having a Cup-winning play- made the leap, just shy of his 18th great season!” he said. “They’re maker Andrea Pirlo. birthday. “You can’t go back to col- used to not losing at all and being And on the field, lege,” he told himself. “You’re giv- top of the league already. And me, McKennie arrived on ing up everything, practically, and I’m like, ‘I don’t see what the loan from Schalke you’re betting on yourself.” problem is.’ ” thinking he might Germany has long been the In half a season, McKennie has play a more defen- most common landing spot for U.S. scored almost as many goals as he sive role, usually off soccer players in Europe. And at did in four years at Schalke. His the bench. Instead, Schalke, McKennie didn’t have to ability to run all day means he he has turned into look far to find them. A few were contributes to Juve’s pressing one of the most ver- right there in his own locker room. game as readily as he joins in satile pieces of the A couple more, like Christian Puli- building attacks. Pirlo has said Juventus attack. sic and eventually Gio Reyna, were there is plenty of room for techni- Until a few years about 25 miles away at Borussia cal improvement, but McKennie is ago, that might have Dortmund. really just getting started. sounded crazy. A Italy was a little more sparsely His first objective is to secure Texan making an im- populated by his countrymen—or his place at Juventus beyond the pact for Italy’s pre- even English speakers. (McKennie end of this season. Then he can eminent soccer club sometimes gets Ronaldo to trans- think about his aspirations with was about as likely late for him.) Only around five U.S. the U.S. national team. The World as a kid from Turin players have ever made appear- Cup in Qatar is less than two years playing quarterback ances in over a century of Italy’s away. McKennie is young enough in the Super Bowl. top tier. And none was thrown into that his horizon even extends to But McKennie, 22, a more demanding situation faster the 2026 tournament, which will belongs to a class of than McKennie. be hosted jointly by the U.S., Mex- young Americans finally breaking and ultimately chooses American was 9, he was ready to play both. That’s because Pirlo’s first full ico, and Canada. out in Europe’s toughest leagues. football. That was his primary “I was like a jack-of-all trades,” he season as a Serie A manager The difference between playing “I definitely sense something sport as a child in Texas and said. “Running back, quarterback, hasn’t quite been the procession for the U.S. and playing for Juve is different in this generation,” said things would have stayed that way kicker, safety...I played lineman Juventus is used to. The club that that when he pulls on his national Tim Howard, the former U.S. na- had the family not relocated to a one time. It was ridiculous.” has won the past nine Italian ti- team jersey, McKennie is already a tional team goalkeeper who spent military base in Kaiserslautern, It was soccer that earned him a tles—twice by a margin of 17 veteran. No one can make him take 13 years in England. “They think, ‘I Germany. Only after learning that scholarship to the University of points—currently sits fourth in the an ice bath. belong here.’ ” football wasn’t available to many Virginia after years in the FC Dal- standings. “It’s crazy, because I go into a The irony is that McKennie was 6-year-olds across the Atlantic did las academy. He went on his offi- Even so, McKennie was sur- national team camp and I feel like all set to be the kind of gifted ath- he pick up the other football. cial campus visit, spoke to the prised to hear his teammates Mat- an old player,” he said. “I’m still lete who gets away from soccer in By the time the family moved coach, and signed his letter of in- thijs de Ligt and Aaron Ramsey 22. Normally, I should still be one the U.S.—dabbling in many sports back to the U.S., when McKennie tent. That’s when Schalke changed commiserating recently about how of the youngest on the team.”

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NewYork City 32 25 s3029sn Dublin 49 39 pc 47 40 pc Warsaw3316sn2310s s SEAM ARMEYANEW Oklahoma City 21 8sn225pc Edinburgh 47 41 r4837r Zurich 52 28 pc 50 34 pc Solvethis puzzle online and discussitatWSJ.com/Puzzles. ERRS NEEDYMGRS P2JW048000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, February 17, 2021 | A15 OPINION Texas Cold’Em BOOKSHELF | By Henry Hitchings

Nine times we already knowthe answer Texas is the victim this model forthe fast-growing Saying It Dallas has because the same thing hap- time.New England, whose countries whose emissions recorded pened in 2011 and 1989. politicians have consistently will actually determine the cli- daily snow- Wind-powerblades aren’t resisted newpipelines even as matefuture. But as checklist falls of 4 protected against icing. Coal, relianceongas has grown forpleasuring organized inter- Another Way inches or nuclearand gas-fired power willy-nilly,isone polar vortex estsinthe Democratic coali- BUSINESS moresince plantsinTexas aredesigned away from outages that could tion, it’s nonpareil. WORLD 1940,but to shed heat rather than to drag on for weeks. Meanwhile,the nostrum fa- The Hidden History of Coined Words this week’s protect against rare episodes Atextbook used by many voredbyserious economists, a By Holman W. maybethe of extreme cold. Winterization universities is Peter Z. Gross- carbon tax, has become anath- By Ralph Keyes Jenkins, Jr. firsttobeat- is the term forthe invest- man’s aptly titled “U.S.En- ema to green activists. They (Oxford, 375 pages, $29.95) tributed to mentspoliticians,operators ergy Policyand the Pursuit of wouldn’t put it this way,but a man-made climate change. and ratepayers have been re- Failure.” taxoncarbon representsso he children’s author Theodor Geisel, otherwise known Youask,How do we know luctant to make because they undramatic an adjustment as T as Dr. Seuss, wasoften asked wherehedrew climatechangeisresponsible? are seldom needed. to be impossible to reconcile inspiration forhis verbal inventiveness. Surely there Answer: Shut up, denier. Like much of thecountry, Neither the blackouts with theclimatecatastroph- hadtobesome enchanted source forthe wordshe Likewise because the Texas has also increased its ism they preach. dreamed up—the ones that caught on, notably “grinch,” weather inflicted painful relianceonnaturalgas,in nor their fixes teach Ban fossil fuels.Ban capi- and the ones that might pleasingly have done so,such as blackoutsonmillions of vot- short supply when households anything useful about talism. Green politics has be- “punkerish” and “flubbulous.” He would solemnly reply ers, politicians hinted that suddenly crank up heating de- come addicted to something that in August each year he traveled to have his cuckoo market manipulation by en- mand. Thanks to the Clean Air climate risks. that is the oppositeofprog- clock serviced in atinyAlpine villagecalled Uber Gletch. ergy traders may play a role. Act,pipeline compressorsrun ress on climate policy: wedge “I wander around and talk to people in the streets,” he These manipulatorswill never on electricity nowrather than politics built around unrecon- explained. “They areverystrangepeople,and Iget my be found. But shut up about natural gas. So blackouts Sincethe 1970s “energy cri- cilable us-vs.-them differences ideas from them.” that too. meant to conserve electricity sis,” decisions that were once that canbetaken to the voting Dr. Seuss is one of the heroes of “The Hidden History of Folks in the Northeast ac- canactually reduceit, by treated as technical and eco- booth decade after decade. Coined Words,” in which Ralph Keyes—the author of more customed to weeklong outages knocking gas-burning genera- nomic in nature have become After40years, the than a dozen books, including “Euphemania” and “I Love It maybesurprised when Texans tors offline. absorbed intothe political cir- anointed climateauthorities When You Talk Retro”—explores the byways of etymology. mostly have their powerback Operating any large indus- cus.TakeGov.Andrew Cuomo haven’t been able to settle key But, as this eloquent and in hours. Hundreds of downed trial system is harder when in NewYork.Tofend off ultra- uncertainties,such as whether instructive survey shows, powerlines aren’t the problem subjected to conflicting politi- liberal challengers, he must be an expected doubling of atmo- the stories behind coinages as they areelsewhere. Texas calaims.Always these have seen promoting wind and so- spheric CO2will lead to atem- are seldom so zany or winter blackoutscome whole- the effect of driving resiliency lar while stiff-arming natural peratureincrease of 2.7or8.1 romantic. Mr. Keyes makes sale when generating plants out. gas. Yet his state’s grid man- degrees Fahrenheit. We don’t clear howharditisto trip offline due to conditions To the horror of many, the ager issues voluminous re- know. But no sociological un- createawordand getother that will quickly be remedied Trump administration insisted portspointing to the urgent certainty existsabout some- people to adopt it—even if when temperatures return to on calling attention to a spe- necessity of newgas plantsto thing else: Green activists it has the virtues of brevity, the 50s and 60s this weekend. cific newvulnerability created support the intermittencyof would behave very differently vividness, aplayful air and a In fact, Texas has plenty of by our accelerating relianceon wind and solar. if they were truly concerned memorable sound. Although generation to keep its system natural gastokeep prices low TheGreen NewDeal fa- aboutaworld barreling to- new nouns,verbs and from cracking even under while curbing emissions.A voredbyDemocrats, in this ward some kind of climatecri- adjectives areforever coming summer air-conditioning de- coal plant might keep 90 days light, is not an energy revolu- sis.Bytheir behavior,they intobeing,most makeno mand, and more than enough of fuel on hand. Anuclear tion, but a culmination of en- care moreabout the empireof impression. Some sparkle for in principle for a winter cold plant needs refueling every ergy politics.Its sky-high am- pork and status they’ve been a while, then fade from view. snap.Texas’ grid operator two years. Gas-fired power bitions would quickly be erecting within ourpolitical Only a few succeed, and they pledged to gettothe bottom plantshavenosuch supply scuttled by voters if they ever culturethan they do about ra- are“as likely to be created of why34,000 megawattsnev- buffer.They depend on just- sawwhat it really entailed. tional progressonthe climate by chance as by intention.” erthelessdropped offline,but in-time fuel delivery. Theplan canonly be anon- puzzle. The first person to refer to “coining” words seems to have been George Puttenham, a 16th-century English courtier. Although quite a coiner himself—“insect,” “predatory,” “indecency”—he was ambivalent about the The GOP Won’t Purge Trump habit. For many of his contemporaries, new words were as unwelcome as bad smells, and 300 years after Puttenham SenateMinor- encewithin the party will not help keep us safe. with President Biden, com- complained about semi-educated studentsgetting snared ity Leader succeed. Overwhelming majorities pared with 55% of party regu- in new-fangled verbiage, it was still common to think that Mitch McCon- If anything,the opposite of Trump supportersand lars. According to Mr.Olsen’s coining wordswas shamefully pretentious.Mark Twain nell delivered seems morelikely.State and party regularsalikebelieve survey,73% of Republicans wasatpains to tell acorrespondent that he’dnever done it, astinging county Republican Party or- that although Americaisthe think that working with Dem- though he conceded that he might have called attention to speech imme- ganizations acrossthe coun- greatest countryonearth, too ocratswould be agood thing, afew previouslyobscureterms.TheodoreRoosevelt was POLITICS diately after tryare censuring elected offi- manyAmericans arelosing aproposition rejected by a relieved to think he borenoresponsibility for any coinage. & IDEAS President cials who brokewith Mr. faithinthe ideas that made majority of Trump supporters. This from the man who minted “bully pulpit” and “lunatic Trump was Trumptosupport his im- us great. Christianity,essen- This bringsustothe heart fringe.” By William acquittedinpeachment in the House and tial to American greatness, is of the matter. Sixty-one per- Todayit’sadifferent story. We prizethe ability to give A. Galston his Senate conviction in the Senate. The under attack,and these Amer- cent of Trump supporters, but aphenomenon acatchyhandle,and people’scoinages are trial over the Trump base has anathema- icans saythey don’t feel free only 38% of Republicans,be- regarded as part of their legacy. Take the NewYork Times weekend. Thespeech has tized even Trump loyalists to expresstheir opinions in lievethat Democratsare obituaries of psychologistsGeorge Weinbergand Herbert been seen as theopening such as former Vice President public. mostly bad people whose Freudenberger, which even in their headlines identifythe salvoinMr. McConnell’sef- MikePence, who honored ideas would destroy the coun- deceased as the coinersofimportant words: “homophobia” fort to marginalizeMr. theiroath of office.These try. Howcan youcompromise and “burnout,” respectively.But in manycases the person Trump’sinfluenceinthe Re- supporters will not counte- The rank and file with such agroup? For who takescredit foraword—or is awarded credit—isn’t publican Party.Itwill be an nanceanything short of un- Trump Republicans,every the firsttohaveused it. Theterm “emotional intelligence” uphill battle. swerving fealty to Mr.Trump. don’t see him as a electoral contest is ado-or- wasn’t invented by Daniel Goleman, whose firstbook on AQuinnipiac survey re- No doubt thereare differ- liability, and his die“Flight93”election, in the topic wassopopular in the mid-1990s,and “tipping leased on Monday found that enceswithin the Republican which success must be point” predates Malcolm Gladwell’sbestseller of afew only 11% of Republicans held Party between Trump sup- supporters are dug in. achieved by anymeans possi- yearslater. Mr.Trump responsible forin- portersand party regulars. ble. Mr. Keyes admires several writers whose originative citing the violenceonCapitol According to NBC,87% of Some establishment Re- powers seem beyond dispute. One is the poet John Milton, Hill on Jan. 6. Amere9%sup- Trump supportershave“very Thereare some differences. publicans have concluded that who gave us “jubilant,” “depravity,” “echoing” and ported conviction. Only 16% positive” views of the former Forty-three percent of Trump their party had awinning “fragrance.” Another is Milton’s contemporary Sir Thomas would support even the sym- president, asentiment shared supportersdenythat climate messagein2020 but the Browne, who came up with “suicide,” “ferocious” and bolic rebukeofacensuremo- by only 44% of party regulars. changeisreal, compared with wrong messenger.Iamnot so “misconception.” But the abiding impression of Mr. Keyes’s tion. Not only do 87% of Re- Then again, asurvey de- only 17%ofRepublicans.Al- sure. Mr.Trump’smessage account is that a coinage is a happy accident, often the publicansbelieveMr. Trump signed by HenryOlsen of the though they both believethat cannot easily be distinguished result of a prank or a moment of whimsy—and that in most should be allowedtohold of- Ethics and Public PolicyCen- minorities have a“mostly from the persona his follow- cases the person behind it will have left no other mark on fice again; 75%want him to tersuggeststheremay not be fair” chancetosucceed, 46% erscherish—the fearlessop- the language. playa“prominent role” in the as much daylight between of Republicans saythat rac- positionist who channels their RepublicanParty. these groups as is commonly ism is a“real and serious” resentmentsand never backs What does such arole en- assumed. Both overwhelm- problem, compared with 24% down. Inventing wordswas oncethought pretentious. tail? Arecent Gallup survey ingly believethat government of Trump supporters. Trump By giving no quarter to lib- Nowitisconsidered an achievement, thoughit found that 68% of Republicans does toomuch, that taxesand supportersexpressdeeper an- erals and progressives,Mr. want the former president to spending should be reduced, tipathy to Muslims, feminists Trump moves his supporters maystill induce‘coiner’sremorse.’ remain their party’s leader. that immigration should be and Hollywood. off the moral defense and al- According to an Axios-Ipsos lower, and that aborder wall This is the fundamental di- lows them to saywhat they poll,66% of Republicans be- should be built. They are vide: Compared with Republi- were long told wasn’t sup- One-off coiners are particularly common in computing. lievethat their party is better united on social issues such cans generally,Trump sup- posedtobesaid. He assures By the early 1950s the word “hardware” waswidely used with Mr.Trump in it, and 57% as abortion, the Second portersare morefervent and them that their anger is legit- in that field, yet when Paul Niquette, a programmer, first favorhim as their party’s Amendment, religious liberty, moreunyielding,and their imate, their cause is righ- referred to “software” in 1953, he had no ambition for it 2024presidential candidate. same-sexmarriageand strong political beliefs aremorecen- teous,and restraint in pursuit beyond making his colleagues smirk. Almost half a century These sentimentsmay change policing.Surprisingly,they tral to their personal identity. of this cause is no virtue. later, designer Peter Merholz was in a similarly sportive over time.But fornow,efforts agree that foreign trade helps NBC found that only 25% of CouldTrumpism without mood when he commented on the jottings that an to weaken Mr.Trump’sinflu- the countryand that alliances them support compromising Trump do this? acquaintance liked to spew forth online. “Weblog” was the usual term for writing of this kind, but Mr. Merholz believed it should have a name that would make people think of the act of vomiting—hence “blog.” Show Me the U-Hauls Mr.Keyes’s rangeofreferenceisadmirable,and only very occasionally does he find himself on shaky ground. A story By Blake Hurst aremuch likelier to leave New This,Igather from social-me- worstkind of elitism, favoring about the rapper Snoop Dogg and his name for potent York or SanJose forBoise, dia posts, is dangerous to mo- mutual funds while disre- marijuana (“chronic”) is mangled, suggesting that he Tarkio, Mo. Idaho,orthe Hill Countryof torcycles. I’ve only ever seen specting the more prosaic in- misheard the actor Seth Rogen saying “hydroponic,” when ’veread at least adozen Texas.Tarkio isn’t on their one two-wheeled vehicle drive vestment vehicles populating in fact he told Mr. Rogen in a 2014 interview about I articles predicting amove- menu. by my house.Billy,the local Tarkio’s yards. He served one mishearing the word more than 20 years before. Confusion ment away from cities to- That’s a shame. Tarkio has biker,has abandanna, aT- term. about who coined “meritocracy”—the contenders are ward the hinterlands as urban- been declining sinceabout shirt, amullet and amotor Unlikeinmanycities,our Michael Young and Alan Fox—isn’t helped by the dates of ites flee crime,congestion and 1900,but it’snot that bad. scooter that tops out at about schools are open, and we fin- both the relevant works being misstated. Yet every page Covid forasimpler life. Re- We’re close to the interstate, 30 miles an hour.He’snot ex- ished the football season with contains toothsome detail. Mr. Keyes is as happy recalling motework is the wave of the and the flooding along the actly the Hell’s Angels, but if the local 8(did Imention that the (imaginary) Brooklyn hoodlum Evil-Eye Fleagle, future, and we’ll all be doing Missouri is always at least7 keeping grassout of the we had to join with the neigh- exponent of the “double whammy,” as he is describing ourZoom conferences from miles away.Riotsare nonexis- streets helps Bill, I’m in. boring town to getenough Victorian neurologists, though the reader may sometimes somewhereelse.Manhattan tent, at least so far, but so is There’splenty of housing, kids to playeight-man foot- feel rushed along: from the Czech origins of “robot” via and Silicon Valley will look includingsome spectacular ball?) losing an overtime “The Stepford Wives” to a brief history of dystopian fiction, like mining ghost towns, century-old homes.But main- heartbreaker in the first in less time than it takes to eat a doughnut (a word places wherethe mother lode In my small Missouri tenancemay be achallenge, round of the stateplayoffs. apparently popularized by Washington Irving). has been exhausted. Even and yards are often occupied Theschool playwas ahuge One striking feature of Mr. Keyes’s “hidden history” is though Miami and Austin, town, we’re awaiting by vintagevehicles on blocks. success,and basketball and what he calls “coiner’s remorse.” Alan Greenspan wished Texas,seem to be the pre- an exodus from the We have ordinances about wrestlingseasons aretaking he’d never spoken of “irrational exuberance,” and the ferred destinations forthe such automotivelawnorna- place. physicist Thomas Kuhn rued introducing “paradigm shift,” techno-refugees,U-Haul re- beleaguered cities. ments, but they arelargely ig- We don’t have much to of- which he was right to call “hopelessly overused.” The portsthat Missouri is the sev- nored—maybe because the fer refugees from the coasts, journalist Henry Fairlie came to be especially troubled by enth leading destination for last time a mayor started en- but most of us arewearing his one memorable coinage. He wasn’t the first person to people using itsservices. street life. Which has itsad- forcing the law, a local inves- masks, the county leads the use “the Establishment” to denote the members of society In my northwestern Mis- vantages.You don’t need a torpenned an impassioned stateinthe percentageofthe who wield power; that honor seems to belong to Emerson. souri town of some 1,500 peo- bike lane when small animals lettertothe local ragexplain- population that have been But Fairlie was haunted by popularizing the word, which ple,we’renot exactly bracing canliveout their lifespans in ing that the numerous cars vaccinated, and our kids are “diverted attention from what really needed to be changed forapopulation boom. Sure, the middle of Spruce Street, scatteredaround her lot in thriving.Anear normal life to a nonexistent conspiracy.” His experience is cautionary: we’vegot internet, I’vedone whereIlive, without being various stages of decay were forchildren could be whyso When we think up awordfor something we’d liketocurtail, dozens of remotemeetingsin disturbed by traffic. thefamily retirement plan, in- many U-Hauls are heading to or even just shepherd such a word into wider use, we risk the past year,and I’m surethat Thebiggest scandal in town vestments whose restoration the Show Me state. adding luster or heft to it instead. some of the locals have discov- is that this summer we had a would payfor along and ered the joys of Robinhood, rash of people blowing grass happy retirement. She went Mr. Hurst is acorn, soy- Mr. Hitchings is the author of “The Secret Life of Words” but young urban professionals clippingsintothe streets. on to accuse the mayorofthe bean and greenhouse farmer. and “The Language Wars: A History of Proper English.” P2JW048000-0-A01600-1------XA

A16 | We dnesday, February 17, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Political Making of a Power Outage Trade Debt Write-offs for Community Service

hy aremillions of Americans in the but nothing lastslonger than atemporarygov- Regarding your editorial “The linquencies and defaults. Whywould nation’smost energy-rich statewith- ernment program, as Ronald Reagan once Great Student Loan Scam” (Feb.10): this fall’scollegefreshmen consider W outpowerand heat fordays amid ex- quipped. Iwould readily support loan forgive- repaying astudent loan aftergradu- nessifthe beneficiarywererequired ation? Most won’t. Theloan-forgive- treme winter weather?“The Therenewables lobby found How bad energy policy to do community servicefor the for- nessprecedent will have been estab- people who have fallen short GOP allies in windy states like given debt. Iwould suggest arateof lished. It wouldn’t be fair or with regard to the powerare led to rolling blackouts Texas,Oklahoma and Iowa. $15 an hour,the Biden administra- equitable to expect those kids to re- the privatepowergeneration Former Enron CEO KenLay, tion proposed federal minimum paytheir loans.Wewill be one step companies,” Texas Gov.Greg in freezing Texas. who had made abig bet on wage.Sofor someone being forgiven closer to another goal of Sens.Eliza- Abbottexplained. Ah, yes, wind, beggedthen Texas Gov. $15,000 in debt, he or she would beth Warren and Chuck Schumer— blame privatepowercompa- George W. Bush in 1998 to owe 1,000 hoursofcommunity ser- free collegefor everyone. nies ...that areregulated by government. lobby Congresstoextendthe credit forfive vice. SCOTT HOYNE TheRepublican sounds likeCalifornia’sDem- years. Congresshas sinceextendeditmorethan JEFF KINDL Long Grove, Ill. ocratic Governor Gavin Newsom, who lambasted adozentimes,most recently in December. Mandeville, La. privateutilities forrolling blackoutsduring a Wind producerspersuaded former Gov.Rick Our family made aconscious deci- Youconclude that Democratic sion to ensurethat our children heat wave last summer.Powergrids should be Perrytoback a$5billion network of transmission SenateMajority Leader Chuck wouldn’t be saddled with college- able to withstand extreme weather.But in both lines to connect turbines in western Texas to cit- Schumer is putting off avoteonstu- loan debt. We considered it agiftto these bellwether states,state and federal energy ies.This enabled them to build moreturbines— dent-debt forgivenessbecause it is them that would last the rest of policies have created market distortions and re- and collect moretax credits. Because the Texas only popular with “progressive their lives.But that meant living fru- duced grid reliability. grid is oftenoversupplied, wind producerssome- elites.” Based on our polling,we gally,working multiple jobs,retain- Mr.Abbottblamed his state’sextensive times paytooff-load their power, though they knowsupport is much broader than ing other kinds of debt (car,mort- poweroutages on generatorsfreezing early still turn aprofitwith the taxcredits. that. With backing from two-thirds gage), foregoing purchases, Mondaymorning,noting “this includes the natu- Coal and nuclear aremorestrictly regulated of people under 56 yearsold, ama- grandparent contributions and, for- ralgas &coal generators.” But frigid tempera- and can’t compete, and manycoal plantshave jority of American adultssay the tunately,securing competitiveschol- tures and icyconditions have descended on most shut down in Texas and elsewhere. Over the last government should actually annul all arships.I’d be happy to accept a of the country. Whycouldn’t Texas handle them decade about 100 gigawattsofcoal powerna- student debt. Even boomers, who by write-down of $50,000 on my mort- aslight majority oppose voiding any gage or perhaps givethe funds to while other states did? tionwide has been retired—enough to power60 student loans,overwhelmingly want my in-laws fortheir long-term care, Theproblem is Texas’soverrelianceonwind million homes.Manynuclear plantsare sched- the government to insert itself into but Sens.Warren and Schumer don’t powerthat has leftthe grid morevulnerable to uled to shut down, including large reactorsin the marketplaceand impose price seem to understand that paying for bad weather.Half of wind turbines froze last NewYork and Illinois this year. controls on the cost of higher educa- higher education doesn’t occur in a week,causing wind’sshareofelectricity to Renewables and natural gasare expected to tion. vacuum but is part of abroader plungeto8%from42%. Powerprices in the substitute, but Texas is showing their limita- WILL JOHNSON free-market decision tree.Perhaps wholesale market spiked, and grid regulatorson tions. In the Lone StarState,bad weather has CEO, The Harris Poll morescholarships made on the front Fridaywarned of rolling blackouts. Natural gas constrained the supply of gas, but government Chicago end forthe underserved or afix to andcoal generatorsramped up to coverthe sup- policies do the same in other states.New York the student-loan system should be ply gapbut couldn’t meet the surging demand Gov.Andrew Cuomo and NewJersey’s Phil Mur- Your editorial overlooks the inevi- the firstorder of businessrather table consequenceofasuccessful than theproposed broad write- forelectricity—which half of households rely on phyhaveblocked pipelines to deliver shale gas push to cancel up to $50,000 in per- downs. forheating—evenasmanyfamilies poweredup from Pennsylvania to the Northeast. person student debt; i.e.,adramatic TIM PYLE their gasfurnaces.Then some gaswells and Their pipeline blockade has driven up the cost increase in futurestudent-loan de- Catonsville, Md. pipelinesfroze. of electricity.The averageretail priceofpower In short, therewasn’t sufficient baseload is about 50% higher in NewJersey and NewYork powerfromcoal and nuclear to support the grid. than in Pennsylvania. They andother governors Baseloadpowerisneeded to stabilizegrid fre- have also poured subsidies intowind and solar, Rihanna Is Wrong, Mr. Modi Is Mostly Right quency amid changes in demand and supply. though neither canprovide reliable powerin When there’snot enough baseload power, the frosty weather. Regarding Sadanand Dhume’s reaching the marketplacebecause of grid gets unbalanced and powersourcescan fail. Manystatesalso have renewable mandates “Rihanna Rallies to the Wrong Cause anachronistic antihoarding laws that Themorethe grid relies on intermittent renew- that will forcemorefossil-fuel generatorstoshut in India” (East Is East, Feb. 5): Greta deter investment in refrigeration. Thunbergand Meena Harris would Mr.Modi’saudacious market re- ables likewind and solar,the morebaseload down. NewYork has required that renewables ac- condemn India to feudal agrarianism forms arevital forweaving together powerisneeded to back them up. count for70% of statepowerby2030.Then layer if Indian Prime Minister Narendra his country’s4,000 fragmented agri- But politicians don’t care about grid reliabil- on Democratic policies at the federal level that Modi were to heed their calls and re- culturemarketsintoanational ity until the powergoes out. And forthree de- limit fossil-fuel production and distribution. scind his historic agriculturederegu- whole. McKinsey &Co. estimates cades politicians from both parties have pushed TheFederal Energy RegulatoryCommission lation. Half of India’sworkerstoil as that arobust decontrol of farming subsidies forrenewables that have made the is supposed to ensuregrid reliability,but under serfs in lowproductivity,undignified could raise cultivation output by grid less stable. BarackObama it promoted renewables over reli- subsistencefarming with the sector $175 billion, doubling farmers’ in- Start with the 1992 Energy PolicyAct signed ability.Democratsopposed effortsbyTrump ap- accounting forapaltry15% of the comes over eight years. Untangling by George H.W. Bush, which created aproduction pointees to mitigatemarket distortions caused economy. Compared with the average farmersand supply chains from a taxcredit to boost the infant wind industry. Gen- by staterenewable subsidies and mandates that American farm plot of 440 acres, morassofred tape,grain-storage erators collect up to $25 per megawatt hour of jeopardized the grid. On present trend, this 86% of Indian agricultureholdings limitsand monopolistic middlemen— arelessthan five acres and aretoo coupled with moreprivateinvest- powerthey produceregardlessofmarket de- week’sTexas fiascoiscoming soon to acold win- marginal to ever achieveeconomies ment—is an eminently sensible pol- mand. Thecredit wassupposed to expirein1999, terorhot summer near you. of scale.Indian crop yields conse- icyregime,unlikethe usual quently arehalf of those of the U.S. nostrums of bailoutsand farm-loan Due to rapacious government-backed waiverspeddled by past Indian gov- Joe Biden Gets Tested in Iraq wholesale cartels,the markup be- ernments. Prime Minister Modi de- tween prices remunerated to farmers serves accolades forlaunching the oe Biden has said his Presidencywon’t be IntelligenceGroup,which tracks extremist and what consumerspay is 65% in opening salvoagainst the agriculture athirdObama term, and he’ll have plenty groups’ online activity,reportsthat AwliyaAl India compared with 10% in other license raj. J of opportunitiestoprove it. Thelatest Dam has vowedmoreviolenceafter the latest nations.Forty percent of India’s NATHAN PUNWANI comes afterarocket attack incident. fruitsand vegetables rotbefore Los Angeles against the U.S.-led coalition in The world is watching Iranian proxies launched Erbil, Iraq. how he responds to an several rocket attacks on U.S. “Initial reportsindicate and allied forces in 2019 and Randi Weingarten RepliestoRiley on Unions that the attacks killed one ci- attack on U.S. forces. 2020.Their goal is to driveout Jason Riley wondersout loud other hand, the studentswho failed vilian contractor and injured the roughly 2,500 U.S. troops (“Have TeachersUnions Finally Over- to gain charter-school admission several membersofthe Coali- that assist theIraqi military, playedTheir Hand?,” Upward Mobil- (based on alottery)are morelikely tion, including one American servicemember provide intelligenceagainst areturn of Islamic ity,Feb.10) if teachersunions are to be educated in aclasswith far and several American contractors,” Secretaryof State,and limit malign Iranian influenceinthe losing public support, and twistsa fewerchildren from highly support- State AntonyBlinken said Monday. He added country. Retaliatory strikes won’t put acomplete quotefromarecent NewYork Times ivefamilies.Assomeone who has that he had told the leader of Kurdistan’sre- stop to such aggression, but the right retaliation profile to illustratehis point. He pon- spent agreat deal of time observing gional government that Washingtonwould help candegrade the militias’ abilities.Inaction could derswhether this “trend” is real—but students and teachersinclassrooms, Mr.Riley needn’t look far forclarity. the differencebetween aclassofmo- “toinvestigateand hold accountable those re- invitemorebrazenattacks. That very same Times piecein- tivated studentsand aclasswith only sponsible.” America’sadversaries will be watch- BeforeDonald Trump ordered the retaliatory cludes apoll from EdNext that found afew motivated studentsisvast. ing,especially in Tehran. attack on Iranian terror chief Qasem Soleimani parents’ opinions of teachers’ unions This is amajor factor in the as- An investigation is under way,but it’shard in January2020,manywarned such aresponse have become morefavorable during serted superiority of not only charter to believeaShiitemilitia allied with Iran isn’t would lead to afull-scale war. Iranian Supreme the pandemic.Italso cites apoll schools and privateschools,but also behind theattack.The group AwliyaAlDam, Leader Ali Khamenei tweeted that Mr.Trump from EdChoicethat found that two- those “better” public schools serving or Guardians of Blood, has claimed responsibil- “can’t do anything.” Mr.Biden doesn’t need to thirds of parentsfelt teachersunions children from neighborhoods with ity.U.S.and Iraqi officials saysmaller organiza- escalatetoMr. Trump’slevel,but it’sworth re- had a“helpful” impact on student moreaffluent and highly educated tions likethis have been linked to betterknown minding Tehran that he isn’t Barack Obama— learning.Mr. Riley could have also parents. Aclassroom of studentswith Iranian proxies such as Kataib Hezbollah.SITE and the U.S. candosomething. noted apoll released last week from strong family support is morelikely HuffPost/YouGov that showedfar to be aclassroom in which excellence moreparentsofchildren in K-12 is expected of all the students. schools approveofhow unions are ED YOUNG, PH.D. For Better Elections, Copy the Neighbors handling the pandemic than disap- Salem,Ore. prove. undreds of bills to reform voting pro- ballotsenmasse,but some states don’t handle Thetruth is no one knows better Teachersunions createreal value. cesses have already been introduced in absentee votesuntil Election Day. Pennsylvania than teachersthe limitations and de- Unfortunately,itismostly value for H statelegislatures this year,but there’s legislatorsconsidered allowing preprocessing ficiencies of remotelearning.And no the privateschools and the affluent plenty that the laboratories of but disagreed with the Gover- one has worked harder than teachers parentswho spend money on apri- democracycould learn from As states weigh reform, nor on howmanydays were to securethe resourcestosafely re- vate education fortheir ownchil- oneanother.Tothat end, it’s a new project aims to needed. That’sone small rea- open buildings. While charter schools dren. Thereal value of aprivateed- worth watching anew project son the Associated Pressdidn’t remain closed, traditional public ucation isn’t that it is always so schools—in NewYork,Chicago, Bos- much better, it’sthat apublic educa- of the Republican State Lead- collect best practices. call Pennsylvania forJoe Biden tonand SanFrancisco—arereopening tion is oftensomuch worse. This is ership Committee. until four days afterNov.3. with protocols in placetomitigatevi- the real value that teachersunions TheRSLC,which is the um- State lawalso lacks clear rules rustransmission. This isn’t abinary have created by failing to put their brella group forGOP statelawmakersand secre- forsignatureverification, and counties diverged choice: both in-school learning and students’ interestsfirst. Poorly edu- taries of state, is launching acommission on on whether to count undated ballots. safety areimportant. But rather than catedcitizens benefit no one.This is election reform. “Wewant to find the best prac- Forstatesmoving toward absentee voting,Mr. solveproblems,Mr. Riley would pre- the real tragedy. tices that areused in everystate in the union, Merrill says,the model should be their peerslike fertoembark on afresh round of EDGAR A. LUEG and makesurethose areavailable forlegislative Colorado that have gone to mail ballotsexclu- teacher bashing that has fallen out of Los Angeles bodies in the 50 states to consider as options,” sively.“When youtalk about mail-in,” adds the favorwith politicians and the public says one of the co-chairs, Alabama Secretaryof commission’sother co-chair,Michigan stateSen- at large. State John Merrill.“We have asingular goal, and ator RuthJohnson, “the devil is in the details,if RANDI WEINGARTEN Pepper ... President And Salt that is to makeiteasier to vote and harder to youwant to have that transparencyand account- American Federation of Teachers cheat—period.” ability and integrity.It’snot good or bad, neces- New York THE WALL STREET JOURNAL Acall went out forideas some weeks ago, and sarily,but the devil is in the details.” stateleaderssubmittedsuggested best practices Some coordination might also help with the When achild of “motivated fami- on everything from signatureverification to au- messaging.Asstatesreconsider their election lies” is admittedtoacharter school, dit procedures to pre-election testing of voting rules in the wake of the pandemic,Democrats that student is likely to be educated equipment. Thenew commission’srole,Mr. Mer- have begun shouting that votersuppression is in aclassofchildren from equally rill says,will be to sort through that stack,and on the march. They stress ballot access but not motivated and supportiveparents, more, to “see howwecan determine which ones ballot integrity.Both areimportant, as the most of whom hold high expectations need to be presented to legislativebodies across JimmyCarter-James Baker commission on fed- fortheir children’ssuccess.Onthe the nation.” Theaim, he adds,isfor the commis- eral election reform explained in 2005. Lettersintended forpublication should sion to have something substantivetorelease If the RSLC candeliver best practices,draw- be emailed to [email protected]. Please within weeks. ing from redand blue states and covering hot- include your city, state and telephone Thepotential herewon’t be lost on anyone buttonissues and mundane details likeballot number.All letters aresubject to who followedthe 2020 election mess. To take one preprocessing,itcould givestate lawmakersa editing,and unpublished letters cannot example,votersamid the pandemic adopted mail good push in the right direction. be acknowledged. P2JW048000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, February 17, 2021 | A17 OPINION An Unconstitutional Vo ting ‘Reform’

By David B. Rivkin Jr. lot-receipt deadline.(TheHonest from SecretaryofState Kathy And Jason Snead Elections Project sponsored the liti- Boockvarcontributed to the Novem- gation, and Mr.Rivkin wasthe plain- ber delays and problems experi- ouse Democratshave tiffs’ lead attorney.) enced by counties acrossthe com- made election “reform” But the ElectorsClause gives monwealth. It took Philadelphia two theirtop legislativepri- statelegislatures plenarypower weeks to count 700,000 ballots. H ority. House Resolution over the manner of selecting presi- By contrast, Florida has spent 1, styled the Forthe Peo- dential electors. It does not permit two decades bolstering itselection ple Act, would vitiateexisting state lawmakerstopromulgateacompre- system afterthe debacle of 2000. election laws,federalizethe rules of hensivefederal elections code.Nor TheSunshine State processed 11 mil- congressional and presidential elec- does the 15th Amendment, which lion ballotsinNovember and re- tions,and effectively do the same for barsracial discrimination in voting, ported accurateresultsonelection stateelections,which areoften con- or the other amendmentsextending night. Morestatesshould be doing ducted on the same ballot. Critics the franchise.Each grantsCongress what Florida does. have noted that the proposed rules the powertoenforce itsguarantees But H.R.1 would put Florida’ssuc- aredesigned to benefit Democrats. through “appropriatelegislation.” cess at risk.Its lawrequires voters They’realso unconstitutional. But as the Supreme Court explained to showidentification and return Thekey problemisthat the Con- in City of Boerne v. Flores (1997), absentee ballotsbyElection Day, stitution doesn’t giveCongressthe “Congressdoes not enforce aconsti- bans organized ballot trafficking, authority to regulateall federal tutional right by changing what the andrequires that voters cureprob- elections in the same way.Congress right is.” None of these amendments lems with theirmail-in ballotsno has significant powerovercongres- guarantee the right to vote in any KLEIN later than two days afteranelec- VID

sional elections.The Elections particular way—such as by mail ver- DA tion.Common-sense measures like sus in person—so Congresscan’t these help the statedeliver honest rightly be said to be enforcing them elections with prompt and accurate Democrats want to impose through H.R.1. And none of them re- the Executivebechosen by the [na- tors.Subsequent rulingshavead- resultseveninthe faceofapan- peal the ElectorsClause. tional] legislature, he will not be in- hered to that principle.InBurroughs demic.For H.R.1’sdrafters, though, federal rules on elections Although all 50 statelegislatures dependent [of]it; and if not inde- v. U.S. (1934), the court held that these areinstrumentsof“votersup- for president. Congress have provided forpopular election pendent, usurpation and tyrannyon Congress’sauthority is limited to pression.” Thebill would diluteor of presidential electors, the legisla- the part of the legislaturewill be enacting laws that don’t “interfere prohibit all these measures. doesn’t have that power. tures could changestate lawand ap- theconsequence.” with the powerofastate to appoint Keeping states in charge of elec- point electorsdirectly.H.R.1 violates Another delegate, South Caro- electorsorthe manner in which tionsalso limitsthe damagewhen the ElectorsClause on itsface, pur- lina’s Charles Pinckney, explained their appointment shall be made.” policychanges fail. Statescan exper- Clause of Article I, Section 4pro- porting to govern not merely the later:“In the Federal Convention Thecourt restated this principle iment with voting improvements, vides that statelegislatures “shall time,placeand manner of congres- great care wasused to provide for as recently as 2000,holding unani- learn from missteps,and replicate prescribe” the “times,places and sional elections,but also regulating the election of the president of the mously in Bush v. Palm Beach successes.Not so with aone-size- manner of holding elections forsen- presidential electionsinexactly the United Statesindependently of Con- County Canvassing Board that the fits-all system. Anytroubles caused atorsand representatives,” but also same prescriptivematterascon- gress; to take the businessasfar as Florida Supreme Court couldn’t by anational voting lawwill in- authorizes Congressto“makeoral- gressional elections. possible out of their hands.” Con- change stateelection laws on its stantly affect all 50 states,none of tersuch regulations.” Theprofound differencebetween gress, Pinckney continued, “had no ownauthority,without action by the which will have the freedom to cor- YetCongresshas only limited au- the ElectorsClause and the Elec- right to meddle with it at all.” The Legislature. rect them. Imposing unconstitu- thority over the conduct of presi- tionsClause wasnoaccident. The only exception is that the House Even if lawmakerscured the con- tional voting changes on the whole dential elections.They aregoverned 1787 Constitutional Convention in choosesthe president if no candi- stitutional deficiencyofH.R.1 by ap- nation would politicizethe machin- by the ElectorsClause in Article II, Philadelphia considered manypossi- datecommands an Electoral College plying it only to congressional elec- eryofdemocracyand risk perma- Section 1, which provides: “Congress ble methods of choosing the chief majority. tions,itwould still be bad policy. nently tainting the credibility of maydetermine the time of choosing executive: direct popular election, TheSupreme Court has recog- Voting systems arevast and com- elections. the electors, and the dayonwhich selectionbyone or both houses of nized statelegislatures’ primacyin plex. Even minor,well-intentioned they shall givetheir votes; which Congress, even avoteofstate gov- regulating presidential elections.In changescan have significant unin- Mr. Rivkin practices appellate dayshall be the same throughout ernors. Ultimately,delegates settled McPherson v. Blacker (1892), the tended consequences.Few knowthis and constitutional law in Washing- the United States.” Congress’s timing on acollegeofelectors, chosen in a justices upheld Michigan’s appor- betterthan election officials them- ton. He served in theWhite House determination is binding on the manner to be determined by the tionment of presidential electorsby selves.According to arecent report Counsel’s Office and Justice Depart- states,asthe Eighth U.S. Circuit legislature of each state, to avoid congressional district, holding that by Pennsylvania’scounty commis- ment under Presidents Reagan and CourtofAppeals held last year in thepresident’sselection by Con- the Constitution “leavesittothe sioners, “uncertainty regarding George H.W. Bush. Mr. Snead is ex- Carson v. Simon, which rejected gress. As Pennsylvania’sGouverneur [state] legislatureexclusively to de- court challenges” and “confusion be- ecutive director of the Honest Elec- Minnesota’s modification of its bal- Morris said at the convention, “if fine the method” of appointing elec- cause of ever-changing guidance” tions Project. The Minimum Wage’s Racially Discriminatory Roots

Speaker Nancy ingmoms as the typical minimum- morethan the minimum. Poor fami- This is exactly what the early 20th cades,these same argumentswere Pelosi said last week wage earner,but that’samyth. A lies need jobs more than they need centuryminimum-wageproponents put forwardasajustification. When that the House ver- 2014analysis by economistsJoseph raises.And what teens and young were hoping these laws would do: he wasaU.S.senator from Massa- sion of the next cor- Sabia and RichardBurkhauser found adults most need are opportunities keep black workersfromcompeting chusetts,John F. Kennedy backed onavirus aid pack- that the vast majority of workerswho to accumulatejob experiencethat forjobs.Wehear alot todayfrom minimum-wagehikes as away of agewill include a would benefit from aminimum-wage can lead to higher pay and upward Democratswho want to ditch the protecting NewEngland industry. UPWARD $15federal mini- increase liveinnonpoor households. social mobility down the road. By re- Senatefilibuster,which enables the “Having on the market arather large MOBILITY mum wage,adding According to Mr.Sabia, “only 13 per- ducing employment opportunities, minority party to block legislation source of cheap labor depresses that “27 million peo- cent of workerswho would be af- minimum-wagelawscan makein- that doesn’t have a60-votemajority, wagesoutside of that group,too— By Jason L. ple will getaraise, fected liveinpoor households,while equality worse. ostensibly on the grounds that it has the wages of the white worker who Riley 70%ofthem nearly two-thirds liveinhouseholds been wielded in the past to thwart has to compete,” he lectured an women.” with incomes over twicethe poverty black progress. Last summer,Presi- NAACPofficial at a hearing in 1957. In truth, Mrs. Pelosi has no idea line,and over 40 percent livein If the filibuster is a ‘Jim dent Obama referred to the filibuster “And when an employer can substi- howmanypeople would see araise households with incomes over three as a“Jim Crow relic” that wasused to tuteacolored worker at alower because she doesn’t knowhow many times the poverty line.” Crow relic,’ so is a policy block civil-rightsbills.We’ll know wage—and thereare,asyou pointed people would keep their jobs.Employ- Such findings would seem to un- designed to curtail the that Democratsare arguing in good out, these hundreds of thousands ersmay decide that they can’t afford derscore the limitsofusing mini- faith when they hold minimum-wage looking for decent work—it affects to paysomeone a$15 hourly wage,so mum-wagelawstoaddresspoverty. abundance of black labor. laws and the labor unions that back the whole wage structureofanarea, workerscould be let go or offered Most workerswho earn minimum them to the same standard. doesn’t it?” fewerhoursasaresult. Anew Con- wagesare not afamily’s sole bread- Thefederal government gotin- It’s no accident that these wage gressional Budget Office report esti- winner.They tend to be teenagers Low-income minorities stand to volved in setting wage levels in the mandates disproportionately harm mates that 1.4million jobs would van- living at home or senior citizens lose the most from lifting the wage 1930s and did so at the urging of black job prospects. That wasthe in- ish, and no one knows howmany working part-time to stay busy in re- floor because they areoverrepre- unions that excluded blacks as mem- tent all along. Even if it’s no longer people would never be hired in the tirement. According to Mr.Sabia, sented among less-skilled and less- bers. During debates in Congress, law- the intent, it’sstill happening. firstplacebecause they’vebeen priced single mothersmade up lessthan 5% experienced workers. Labor econo- makerscomplained openly about the What’sdisconcerting is the support out of the labor force. Politicians gloss of those who potentially would bene- mistsWilliam Even and David “superabundance” and “large aggre- that these laws have among today’s over these trade-offs,but they areba- fit from a minimum-wage hike. Macpherson’s study of the impact of gation of Negrolabor” and cited com- black politicians and activists, who sic economic factsoflife. What Democratsplaydownis stateminimum-wagemandates in plaintsbywhites of black Southerners choose to ignore the facts and evi- Mrs. Pelosi’sreferencetofemale that most minimum-wageearners 2007-09 found that they cost youn- moving north to take jobs. dence. Alas,they have essentially workersisalso misleading.Demo- aren’t impoverished, and most peo- gerblacks morejobs than the Great As Congress increased the mini- been bought off by Big Labor,which cratshavelong held up single work- ple who qualifyaspoor already earn Recession did. mum wage periodically over the de- makes them worse than useless. How Biden Can Liberate Americans Shackled Abroad

By Jared Genser creased its focus on freeing unlaw- of itsway to assist some Americans carrying out his work.Earlier this Australia, Austria, Canada, France, fully or wrongfully detained Ameri- whose detentions appeared to be le- month Mr.Blinken hit exactly the the Netherlands,Sweden and the sPresident Biden revamps cans in recent years, but it hasn’t gitimate, such as rapper A$AP right notes on amoving call with de- U.K. A many aspectsofU.S.diplo- gone far enough. President Obama Rocky,who wasarrested in Sweden tainees’ families,demonstrating em- Then thereAmerican allies like macyand national security,he created an interagencysystemtoas- afterastreet fight, and three Uni- pathyand resolveand committing Egypt, which receives $1.3billion in should adopt apolicythat none of sist families and coordinategovern- versity of California, LosAngeles the State Department to transpar- militaryassistancefromthe U.S. his predecessorshad the courageor ment response.President Trump basketball players arrested in China encyand honesty in howthese cases each year and unjustly detains nu- resolveto: zero tolerancefor the un- went further,securing the release of for shoplifting. arehandled—which aren’t tradi- merous Americans.Egyptian-Ameri- just detention of Americans abroad. dozens of Americans from avariety Not every important change has tional hallmarks of howWashington canMustafa Kassem washeld for Thewrongfuldetentions of some 40 of countries including Egypt, Turkey come from the executivebranch. Un- engages detainees’ families.And the five yearswithout charge in an to 50 U.S. citizens have been pub- and Iran, as well as from terrorist der anew provision, tucked intoa U.S. joined 58 countries in support- Egyptian prison and denied medical licly reported, but the real number is groups such as the Taliban. lawpassed in lateDecember,the ing aCanada-sponsored Declaration care fordiabetes and aheart condi- likely much higher.The State De- Yetthe Trump administration’s State Department must reviewall Against ArbitraryDetention in State- tion. He died afterahunger strikein partment in 2019 estimated that efforts were uneven. It failed to se- cases involving U.S. citizens de- to-State Relations, launched Sunday. January 2020. around 3,000 Americans areimpris- cure the release of longtime Ameri- tained abroad and determine,based The Biden administration should oned abroad, but it has never looked canhostages such as Siamak and Ba- on 11 criteria, which areunjustly de- cut off aid to Egypt until it stops intowhether the detentions arejust. quer Namazi in Iran or Austin Tice tained. When this determination is Washington should not wrongfully imprisoning,injuring and TheU.S.government has in- in Syria. And it went strangely out made, the case must be referred to killing U.S. citizens.AsMr. Biden the special presidential envoy on tolerate foreign actors who tweeted from the campaign trail in hostageaffairstodevelop andim- wrongfully or unlawfully July,thereshould be “no moreblank plement astrategytosecuretheir checks forTrump’s‘favoritedicta- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY release.These collectiveeffortsin imprison U.S. citizens. tor’ ”—a referencetoEgyptian Presi- Rupert Murdoch Robert Thomson individual cases will be presented in dent Abdel Fattah al-Sisi. TheBiden Executive Chairman, News Corp Chief Executive Officer, News Corp an annual report to Congress, creat- administration can go even further Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher ing greater visibility and focus on Azero-tolerancepolicywould and punish senior officials responsi- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: bringing them home. also mean America always imposes ble forthese abuses by imposing Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; SecretaryofState AntonyBlinken severe and disproportionate conse- targeted sanctions and denying visas Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; is off to astrong start in building on quencesonthose who wrongfully fortheir family memberstovisit, at- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; these efforts. At his confirmation detain U.S. citizens.TakeIran, which tend school or work in America. Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer hearing,hetestified that “doing ev- facesenormous economic challenges TheState Department can’t al- Andrew Dowell, Asia; AnthonyGalloway, Video & erything we possibly cantobring and asks for an end to all American waysget Americans released from Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; anyAmerican home who is being un- sanctions.Mr. Biden should, as a unjust imprisonment abroad. But by Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; justly detained anywhereinthe matterofprinciple,refuse to engage identifying,tracking and advocating Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; world or is a hostage” is a priority. in anybilateral discussions on any for the release of unjustly detained Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News This wasanimportant warning to topic until Tehran releases itsU.S. citizens—and doing so in ahighly Thomas SanFilippo, Customer Service; governmentsthat wrongfully detain hostages. coordinated and strategic manner— GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; U.S. citizens. This would clearly demonstrate the U.S. candomuch to fulfill its Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; In addition,heretained Trump that Washingtonwon’t toleratehos- most sacred obligation: Protecting Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International appointee Roger Carstens as hostage tage taking as a foreign policy tool. thelifeand liberty of Americans WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: affairsspecial envoy.Mr. Blinken It would be especially powerful if against tyranny. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head had been urgedbymanyfamilies of this position were takeninconjunc-

EDITORIAL AND CORPORATEHEADQUARTERS: wrongfully imprisoned Americans to tion with other countries whose citi- Mr. Genser is an international hu- 1211 Avenue of the Americas, New York, N.Y., 10036 keep Mr.Carstens because he has zens Iran has takenhostageinre- man-rights lawyer. He represents Si- Telephone 1-800-DOWJONES been brilliantand nonpartisan in cent years. This list includes amak and Baquer Namazi. P2JW048000-0-A01800-1------XA

A18 | We dnesday, February 17, 2021 THE WALL STREET JOURNAL. WORLD NEWS Beijing Stirs Ire Over TV, Movie Censorship

BY SHA HUA “How about giving us a le- downloading,Renren Yingshi galand uncensored avenue in- hasevolved into the country’s An effort by policetoshut stead?” asked another user of most widely known provider of down apipeline forpirated con- the Twitter-likeplatform, uncensored foreign content, tent has resurrected debate whose comment received more with itsown websiteand apop- GES around censorship in China, than 23,600 likes. ular app.Asofearly February, IMA opening awindowintothe anxi- The outsize reaction to the the group’swebsiteboasted GETTY

eties felt by manyChinese as possible demise of Renren morethan eight million regis- SE/ the countrygrows moreinward- Yingshi, which roughly trans- teredmembersand washosting looking under leader Xi Jinping. lates to “Everybody’s Film and about 20,000 movies and TV

Forseveral months,author- TV,” illustrates the voracious shows fordownload, according ANCE-PRES ities in Shanghai have been in- appetite foruncensored for- to the Shanghai police. FR

vestigating membersofRen- RenrenYingshi’swebsite ENCE

renYingshi, asprawling wasaccessible on Tuesday, but AG network of translatorsthat itsdownload servicenolonger O/ Police shutdown of a ZHA provides uncensored foreign worked. It didn’t respond to a TV shows and movies to mil- pirated­content request to comment. NG WA lions of Chinese under the pipeline highlights Pirated content has been a Beijing moviegoers at a 2013 screening of ‘Iron Man 3.’ Pirated content has been a staple for guise of education, over sus- staple in China’sentertain- decades, in part because of censorship of foreign films that many say has made them unwatchable. pected copyright violations. tightening controls. ment diet sincethe late1990s, Theprobe attracted little in part because of restrictions latorssaid they worrythis Foryears, subtitling groups were suspected of exploiting noticeuntil earlier this month, on the import of foreign films time is different. have used a legal provision in pirated material to earn more when Shanghai policeissued a and censorship that many Thelatestinvestigation China that allows the distribu- than 16 million yuan ($2.5mil- noticerevealing thedetentions eign content in China, even as viewers blamed for rendering comes as the Chinese govern- tion of copyright material for lion) over an unspecified pe- of morethan adozenpeople Mr.Xiinveighs against the in- some shows unwatchable. ment is growing moreserious educational purposes.But over riod from membership fees, as part of theinvestigation. fluenceofWestern ideas.It Censorship has grown about intellectual property time,according to usersand advertising revenues and The announcement set off an also has provided arareocca- tighter under Mr.Xi’shard-line theft. On Feb. 1, days before former translators, Renren product sales. Translators re- outpouring of anguished mes- sion forsome Chinese citizens nationalist rule even as more the Shanghai policeannounced Yingshi has appeared to in- ceived about 400 yuan ($62) sages from supportersonline. to push back against censor- Chinese companies trytocash the detention of 14 people af- creasingly operatelikeabusi- foranepisode or film, it said. “Salutetoall those who have ship at a time of increasingly in on local demand by licens- filiated with the group,China’s ness, requiring translators to “TakingdownRenren, the helped us open the door to the tightening media controls. ing popular Western shows. main political journal, Qiushi, study a47-pagehandbook, biggest and most influential world in all eras,” YanFeng,a Initially one of dozens of vol- RenrenYingshi has found publishedaspeech by Mr.Xi hosting ads on itswebsiteand [fan subtitling] group,sends a literatureprofessor at Shang- unteer collectives that compiled itsway out of previous legal emphasizing the importanceof selling harddrives loaded with signal to other groups like hai’sFudan University,wrote in unofficial subtitles forpirated troubles,including in 2010 protecting intellectual prop- subtitled content. them,” said Yu Meng,alegal aWeibo post to his morethan movies and TV shows and then when police confiscated its erty rightstoencouragecre- The Shanghai police notice expert and co-founder of the five million followers. uploaded them forstreaming or server.Fans and former trans- ativity and innovation. said thearrested individuals journal China JusticeObserver. WORLDWATCH

IRAN The monitoring of Iran’snu- U.S. military base in Iraqi Kurdis- HONG KONG to five years in prison. SPAIN clear facilities wasthe lastmajor tan, as they sought to establish While the prosecution of Tehran Presses For componentofthe 2015 nuclear how militants managed to strike Trial Begins for Nine Hong Kong’s opposition has be- Rapper Arrested End to U.S. Sanctions deal thatTehran had abided by. one of the country’s most heav- Democracy Activists come increasingly commonplace, After Standoff Iran started to breach keyaspects ily guarded facilities. the defendants in the trial are a Iran has warned it would tear of thatagreementinJuly 2019 in The U.S.-led military coalition Nine veteran pro-democracy Who’s Who of an earlier genera- A24-hour standoff in Spain up much of the international retaliation forthe U.S. withdrawal said approximately 14 rockets activists appeared together in tion of activists who have been between policeand arapper barri- monitoring of its nuclear activi- from the agreementand imposi- were fired toward the city of Er- court Tuesday on charges re- fighting for core issues like the caded with morethan 50 support- ties next week if the U.S. doesn’t tion of sanctions on Tehran. bil on Monday, with three hitting lated to the mass protests that rule of law and political partici- ers in Lleida UniversityinCatalo- lift economic sanctions, in afresh —Laurence Norman the key air base used by the rocked the city in 2019, in a trial pation since before the U.K. re- nia ended Tuesdaywith officers bid to pressurethe Biden admin- U.S. military in its campaign that stands out for the number turned Hong Kong to China in arresting the artistand sending istration to drop the sanctions. IRAQ against Islamic State. A civilian and prominence of the defen- 1997. him to prison to servea9-month Iran had already indicatedit contractor was killed and nine dants facing prosecution. Hong Kong authorities have sentencefor insulting the monar- would restrict the access of United Investigators Probe others were injured. They include 82-year-old pro- defended the prosecutions of ac- chyand glorifying terrorism. It was Nations atomic agency inspectors Attack on Base An Iraqi Shiitemilitantgroup democracy campaigner Martin tivists involved in unauthorized the latest effort by Pablo Hasélto from laterthis month if sweeping calling itself the Guardians of the Lee, newspaper publisher Jimmy marches as upholding the rule of resistimprisonmentand draw at- U.S. sanctions imposed on the Iraqi and U.S. officials deep- Blood Brigade claimed responsi- Lai and seven others who face law and have denied prosecu- tention to whatheportraysasa country since2018 by the Trump ened an investigation Tuesday bilityfor the rocket assault. charges of illegal assembly that tions are influenced by Beijing. campaign forfreespeech. administration weren’tlifted. into a deadly rocket attack on a —Jared Malsin carry possible sentences of up —John Lyons —Associated Press

IntroducingOur NewManagingDirectors

Congratulationstoour new Managing Directors in Wealth Management.Thisgroup hasdemonstrateddedication,integrity andastandardofexcellencethatinspires us all. Thank youfor your commitment.

John N. Alekna Stephen E. Dauer Joseph Kartheiser Miguel G. Osio Kathleen L. Weber Wellesley, MA Cincinnati,OH Chicago, IL NewYork, NY Kirkland,WA Brent Anderson Richard D. Donovan GregoryM.Kroencke Howard Perkins GregoryB.Wells Houston, TX West Palm Beach, FL Houston, TX Purchase, NY Cincinnati,OH Elisabeth Andreason Emmanuel Dounias Adam B. Landau Steven Principe Michael Wesbrooks Walnut Creek, CA NewYork, NY Charlotte, NC Boston,MA Houston, TX Michael E. Appleton Terri Ferri Trent Leyda Philip Ressa LanceWhite SanFrancisco,CA Purchase, NY Vero Beach, FL GardenCity, NY NewAlbany, OH Frank F. P. Auyeung MichaelFleischer DanielR.Liff Eric Salmansohn DonaldL.Whitehead Cupertino, CA Troy,MI Melville,NY Philadelphia, PA Houston, TX Stacey S. Barrins Ernie Garcia Richard Linhart David R. Schaeffer ChrisJ.Wilker Chicago, IL Sarasota, FL NewYork, NY Philadelphia, PA Troy,MI NersiBoussina JonGarofalo Steven Long Joseph N. Silich BarbaraYee SanFrancisco,CA Westport,CT Long Beach, CA Chicago, IL NewYork, NY RobertS.Bradley JamesGarrity Kapil Mathur John Stoeser Farmington Hills, MI Washington,DC Sugar Land,TX Bellevue,WA David Cohen JamesB.Greenho John A. Mele DirkStribrny Melbourne, FL Wellesley, MA Baltimore, MD Berwyn, PA Lee Cohn Michael Hall Dale Miller DaveSurofchek Deerfield,IL GardenCity, NY Kirkland,WA Colorado Springs, CO JamesCotto Hunter Hamm Louis Moya D. ScottUptegraph Purchase, NY Atlanta, GA Miami,FL Houston, TX Evan K. Dangel Michael R. Junker MicheleB.O’Connor JeffreyWaxman Wellesley, MA SaintPaul, MN Boston,MA Wellesley, MA

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© 2021 Dow Jones & Company. All Rights Reserved. ****** THE WALL STREET JOURNAL. We dnesday, February 17, 2021 | B1

S&P 3932.59 g 0.06% S&P FIN À 1.77% S&P IT g 0.30% DJ TRANS À 0.04% WSJ $ IDX À 0.29% LIBOR 3M 0.189 NIKKEI (Midday) 30202.71 g 0.87% See more at WSJ.com/Markets AmazonSued Over Worker Safety CVSto

New York state dling of worker safety during rate pictureofAmazon’sin- panyfor continuing itsprac- “deeply about the health and Again the pandemic and the firing dustry-leading response to ticeoftracking workersand safety of our employees,as attorney general of one of itswarehouse the pandemic.” disciplining them based on demonstrated in our filing alleges retailer didn’t workerslast year. Ms.James said in the productivity rates. last week.” Sell ACA “Throughoutthe historic complaint that Amazon Amazon’s business has en- In itscomplaint, Amazon do enough on Covid-19 pandemic,Amazon has re- failed to comply with clean- joyedabig boost during the listed several measures it peatedly and persistently ing and disinfection require- pandemic as individuals shel- took forworker safety dur- BY SEBASTIAN HERRERA failed to comply with itsob- mentsatits facilities.The tering at home flocked to its ing the pandemic—including Plans ligation to institutereason- companyalso didn’t ade- online shop foressential regularly testing employees NewYork’sattorney gen- able and adequatemeasures quately notifyemployees of goods and other items.The forthe coronavirus,and im- BY ANNA WILDE MATHEWS eral has filed alawsuit to protect itsworkersfrom infected co-workers, accord- companythis month posted plementing temperature against Amazon.com Inc. the spread of the virus in its ing to the complaint. record quarterly sales top- checks and providing protec- CVSHealth Corp.said it that accuses the online re- NewYork City facilities,” “Amazon’s response to the ping $125.5 billion. tiveequipment. Thecompany would re-enter the Affordable tailer of not doing enough to NewYork stateAttorney pandemic continues to be “Amazon’sextremeprofits has said it spent roughly CareAct insurancemarket- protect workersinthe state General Letitia James wrote deficient,” the lawsuit says, and exponential growth rate $11.5billion last year on places next year,and that its from the coronavirus. in acomplaint filed on Tues- accusing the companyofnot came at the expense of the Covid-19-related costs. role in Covid-19 testing and Last week,Amazon sued dayinstate Supreme Court. closing facilities forcleaning lives, health, and safety of TheNew York attorney vaccination allows it to forge NewYork’sattorney general Amazon, acompany even when some workers itsfrontline workers,” Ms. general began an investiga- ties to more consumers. to prevent the statefrom spokeswoman said, doesn’t were diagnosed with having James said in the filing. tion intoAmazon’slabor Thepharmacyand insur- taking legal action against “believethe attorney gen- caught Covid-19. TheAmazon spokeswoman practices last year following ancegiant reported fourth- the companyoverits han- eral’sfiling presentsanaccu- It also faulted the com- said the companycares PleaseturntopageB4 quarter resultsthat beat Wall Street estimates and offered guidancefor 2021 that, at the high end, matched analysts’ Citigroup expectations.For 2021, CVS expectsearningsper shareof $6.06to$6.22.Itpredicted ad- LosesOut justed earningsper shareof $7.39to$7. 55,compared with the FactSet consensus of $7.54. CVSsaid it anticipated the In Revlon pandemic would have only an immaterial impact on its2021 earnings. The newchief execu- Payment tiveofficer,Karen Lynch, who previouslyled CVS’sAetna in- Afederal judgedenied Citi- suranceunit, said the company group Inc.’srequest to claw expected some deferred health- back roughly $500 million it care use in the firstquarter be- mistakenly paid out of itsown fore consumerslikely “head pocket to investment firms back to anormal level of utili- that made loans to cosmetics zation” later in the year. company Revlon Inc. Shares of CVS dropped 5% in Tuesday trading.

By Andrew Scurria, (2) CVS has been a major pro- Alexander Gladstone vider of Covid-19 vaccinations and Becky Yerak in long-term-carefacilities and JOURNAL is expected to playasignifi-

Brigade Capital Manage- REET cant role in the broader roll- ment LP andother Revlon ST out of the shots. Thecompany LL

lenderscan keep the money WA said it already had adminis- they collected from Citi when teredmorethan three million THE

thebank wired them the full R PleaseturntopageB2 amount they were owedin- FO stead of the small interest pay-

ment that wasdue,according OUGHLIN to awrittenruling Tuesdayby O’L Goldman DY

JudgeJesse Furman of U.S. CO District Court in NewYork. Sarah Girouard’s success with her hat company inspired her husband, below, to start a workwear business with Shopify’s help. TheAugust blunder by Citi, To Offer Revlon’s loan agent, satisfied a nearly $900 million debt that Revlon wasn’t due to payuntil Shopify Thrives in Startup Boom Digital 2023 and delivered an unex- pected windfall to lenders on what had become an increas- BY VIPAL MONGA Open Season Investing ingly risky investment. Small-businessformations in While some lendersthat Small-businessformation is BY PETER RUDEGEAIR the retail sector have jumped were mistakenly paid returned surging in the U.S.,and e-com- during the pandemic. roughly $385 million to Citi, merce company Shopify Inc. Youused to need at least $10 othersrefused the bank’sre- has been reaping the gains of 5,000 million in investible assetsto quest forrepayment, touching that business boom. draw the attention of wealth off alegal disputethat More Americans are open- managersatGoldman Sachs strained relationships with big ingonline stores and selling 4,000 GroupInc.Now,all it takesis investorslikeBrigade,along- goods and services to make $1,000 and asmartphone. time Citi client,and raised money as the effectsofthe TheWall Street firm on questions with analystsabout pandemic have wiped out jobs 3,000 Tuesdayunveiled Marcus In- the bank’s internal controls. and disrupted in-person activi- vest, alow-cost digital platform JudgeFurman issued the ties like dining and shopping. 2,000 that allocates and automatically decision afterholding atrial The shift has brought a wave rebalances individuals’ wealth in December that focused on of newbusinesstoShopify, across portfolios of stocks and the pivotal question of what which sells subscription ser- 1,000 bonds based on the models de- Brigade and other recipients vices that enable people to put veloped by the firm’sinvest- knew or suspected soon after up websites,accept online ment-strategycommittee. they were paid. payments, and ship and track 0 Marcus Invest will be tucked Citi, which has blamed the orders to customers. 2005 ’10 ’15 ’20 intoGoldman’sexisting Marcus snafuonhuman error,argued But analystsexpect the Source:U.S. Census Bureau consumer-banking app and web- that recipientsknewright surge in e-commerce that site. Theoffering will help round away they had been paid in er- drove much of the company’s professor at the University of pany, which will report fourth- quickly his wife, SarahGir- out asomewhat disjointed set of ror. They said they didn’t think growth to taper as the pan- California, SantaCruz. “How quarter resultsonWednesday. ouard, started offering winter Goldman banking products, the transactions were errone- demic ebbs.“Therecould be a canyou getcapital, and how “Imagine afuturewhereev- hatsonline.She wasmaking which include savingsaccounts, ous until Citi claimed as much material deceleration in sales do youscale up in this kind of eryone is an entrepreneur. $25,000 to $40,000 ayear unsecured personal loans and and demanded repayment. growth,” said TomForte, an environment and this kind of We’removing in that direc- from aside businessshe ran budgeting software that carry Judge Furman agreed with analyst with DA Davidson. uncertainty?” he said. tion,” he said. entirely by herself, he said. theMarcus brand and acredit the lendersthat they “be- Anotherrisk: Manyofthe Most of Shopify’smore Eric Girouardlaunched in “It wasabasic website, but card with Apple Inc. that doesn’t. lieved, and were justified in startups that use Shopify’s than one million customers September aworkwear com- it wasworking and she was With Marcus Invest and a believing,that the payments services aremorelikely to fail arefirst-time entrepreneurs, pany, Brunt, selling bootsto getting paid,” said Mr.Gir- forthcoming Marcus checking were intentional.” Citi’smis- than grow meaningfully, said said Harley Finkelstein,presi- construction workersona ouard, whohad initially ex- account, “weget to the point take was“one of the biggest RobertFairlie,aneconomics dent of the Ottawa-based com- Shopify site after he saw how PleaseturntopageB4 PleaseturntopageB12 blunders in banking history,” the judge said. “Westrongly disagree with INSIDE this decision and intend to ap- Executive Reshaped Marriottfor the Future peal. We believe we are enti- tled to the funds and will con- tinue to pursue acomplete BY CRAIG KARMIN person outside the company’s with 30 brands,including Ritz- keepers, to associates who de- recovery of them,” aCiti AND JAMES R. HAGERTY founding family to head the ho- Carlton, Courtyard, WHotels, livered the service.” spokesperson said. teloperator and spent much of Westin and Sheraton. It now Near the start of the pan- RobertLoigman,alawyer MarriottInternational Inc. his eight yearsasCEO reshap- has morethan 1.4million rooms demic,Mr. Sorenson delivered representing the lenders, said Chief ExecutiveOfficer Arne ing ahighly successfulbusiness globally. avideo addresstoemployees “weare extremely pleased Sorenson,who ranthe world’s to meet his vision forthe indus- Mr.Sorenson’sambitions in which he announced wide- with Judge Furman’s detailed largest hotel companyand try’sfuture. He expanded upon and high-stakes deal making— spread layoffs and furloughs. and thorough decision.” talked oftenabout the need for the tried and true Marriottfor- he wasamergers-and-acquisi- Bald and gaunt from sessions As soon as Citi realized its PROPERTY businessexecutives to speak mula that cateredtoAmerican tions lawyer beforehis hotel of chemotherapy,hechoked up mistake, executives began try- Foreign investors outonimpor- corporatetravelers, creating career—masked asofterside. during araw and emotional ing to clawthe money back. directtheir attention OBITUARY tant social is- newbusinesslines and brands Beforehebecame ill, Mr.So- speech that went viral. Some lendersgranted the ARNE sues,died to appeal to younger guestsand renson visited morethan 200 Mr.Sorenson wasamong a bank’srequest. Citi sued 10 in- to suburban SORENSON Monday. ramping up overseas opera- Marriottproperties ayear.He cohort of global businesslead- vestment firms that declined, warehouses. B6 1958-2021 He was62 tions. liked to stop by the kitchens to erswho maintain that compa- including Brigade, Symphony and had contin- That strategy culminated in thank the line cooks and table nies should be “good commu- Asset Management LP and ued to serveasCEO afterbeing hisrelentlesspursuit of Star- bussersfor their serviceand to nity citizens” and not only HPS Investment PartnersLLC. MEDIA diagnosed with stage-2pancre- wood Hotels &ResortsWorld- ask about their jobs. worried about shareholder Revlon,owned by billion- Hedge fund Alden atic cancer in May2019,steer- wide Inc.In2016,Marriottbeat “Hedidn’t go intothe gen- value.Ashetold avideo audi- aire Ron Perelman, wasn’t di- Global is buying the ing the companythrough apan- out HyattHotels Corp.and a eral manager’s officeand close ence at TheWall Street Jour- rectly involved in thelitiga- demic that suddenly emptied dramatic last-minutebid from a the door,” said LeePillsbury, a nal’sCEO Council in December, tion. With masked-up,stuck- rest of Tribune most of Marriott’s rooms last Chinese insurancecompanyto former Marriottexecutivewho that goal wasimportant “be- at-home consumersbuying Publishing. B3 March. acquirerival Starwood. The$13 spent 19 yearsatthe company. cause it’sgood forour brand. PleaseturntopageB2 Mr.Sorenson wasthe first billion deal created acolossus “He wasout talking to house- PleaseturntopageB2 P2JW048000-6-B00200-2------XA

B2 | We dnesday, February 17, 2021 ****** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A CVS Health...... B1 Palantir Technologies.B4 Hotel Chain to Remain True Advance Auto Parts...B3 E - F PulteGroup...... B13 Alden Global...... B3 Elliott Management...B4 R Alibaba...... B4 EPIC Entertainment...A3 Revlon...... B1 Allianz Real Estate.....B6 Fannie Mae...... A3 Rio Tinto...... B4 Amazon.com...B1, B4,B6 Freddie Mac...... A3 Rotana...... B3 To Sorenson’s Business Vision American International G S Group...... B12 Ant...... A1 GCL New Energy...... B12 Selz...... B4 General Electric...... B3 Apple...... B1 Shopify...... B1,B4 BY CRAIG KARMIN itscorporatestaff abroad and Goldman Sachs....B1,B12 SoftBank...... B4 AutoNation...... B3 AND DAVE SEBASTIAN tens of thousands of hotel Avalonbay Communities H Southwest Airlines....B3 staff—from managersto Stockbridge Capital ...... B13 Hamilton Lane...... B13 Following the death of its housekeepers—some of whom AXA Investment Harvest Health & Group...... B6 Managers...... B6 Recreation...... B6 Stone Point Capital....B7 chief executiveand weakness aren’t expected to return. B HNA...... B12 T related to the coronavirus While these cutshelped pandemic, MarriottInterna- Marriott steer through the Berkshire Hathaway.B13 Home Depot...... B13 Tribune Publishing...... B3 I Tsinghua Unigroup....B12 tional Inc.isstill expected to crisis,they could also slowits

Betterment...... B1 JOURNAL BHP...... B3 Interfor...... B13 U stay on course foragradual recovery because some em- Boeing...... B14 L - M recovery under newleader- REET ployees responsible formar- Uber Technologies...... B4 ST BP...... B4 ship. keting the brands were let go, Lowe's...... B13 US Foods Holding...... B3 LL

C Marriott InternationalB2 V That continuity reflectsin- WA analystssay. Cavco Industries...... B13 dustryexpectations that the Thecompanyalso still has Mitsubishi...... B3 Vale...... B3 THE Chevron...... B13 Morningstar...... B13 next CEO will be chosen from R $3.6 billion undrawnona

Verizon...... B13 FO China Evergrande...... B12 N W - Z one of two existing Marriott $4.5billion credit revolver,as China Fortune Land executives leading the com- of the end of the thirdquar-

NewLake Capital JONES Development...... B12 Warner Music Group..B3 Partners...... B6 pany’sday-to-dayoperations. Y ter, Marriottsaid. Citigroup...... B1 West Fraser Timber

CoreLogic...... B7 P ...... B13 Arne Sorenson,who died on GABB “Fortunately,Marriottis CoStar...... B7 Pacific Gas and Electric Weyerhaeuser...... B13 Mondayafter battling cancer, It is expected to take three years to return to pre-Covid-19 levels. well capitalized,” said C. Pat- Curaleaf...... B6 ...... B4 Zoetis...... B3 reduced his responsibilities rick Scholes,lodging and lei- this month forhealth reasons. Thehotel industrysuffered showing signs of life. sureanalyst at Truist Securi- One is Stephanie Linnartz, itsworst year on record in Hotel companies like ties.“Financial marketsare the group president forcon- 2020,with revenue acrossthe Wyndham Hotels and Resorts also highly receptivetolending INDEX TO PEOPLE sumer operations,technology industryfalling by nearly half and ChoiceHotels Interna- to Marriottatfavorable rates.” and emerging businesses.The from the previous year,ac- tional,which aremorecon- Mr.Sorenson wasatrans- A E Meidan, Michal...... B14 other is Tony Capuano,the cording to STR. Thedata- centrated in smaller domestic formational figure at Mar- Ahuja, Manan...... B14 Economou, Andreas..B14 S group president forglobal de- tracking firm forecaststhat a marketsand oftenatlower riott, reshaping acompany Alexander, AnneMarieB6 F Sheldon, Steve...... A3 velopment, design and opera- full recovery in revenue won’t pricepoints, have weathered that cateredprimarily to Alshouse, Matthew....B6 Fattouh, Bassam...... B14 Solimano, Michael...... A2 tions services. arriveuntil 2024. the pandemic morefavorably American businesstravelers B Finkelstein, Harley.....B1 Solomon, David...... B12 Marriotthas said the Marriott, which with more because most travel has been and their demands forconsis- Bender, Bart...... B13 Forte, Tom...... B1 Son, Masayoshi...... B4 boardwill select anew CEO than 1.4million rooms is the confined to weekend driving tencybyintroducing new Birenbaum, Matthew G - H Sorenson, Arne...... B1 within two weeks,and one of world’slargest hotel com- trips and other leisure-ori- brands that appealed more ...... B13 Stockfish, Devin...... B13 those two executives is ex- pany,was hit harder than ented outings. directly to young travelers. Gibson, David...... B4 Boor, William...... B13 pected to getthat role,said a some peersduring Covid-19 Still, analystspoint out He also engineered the $13 Henry, Mike...... B3 V Burdick, Rick...... B3 person familiar with the situ- because of that global scope that Marriotthas takensteps billion acquisition of Star- I - J Verleger, Philip...... B14 C - D Virostek, Chris...... B13 ation. and itslarge number of full- to insulateitself during this wood Hotels &Resorts Ishino, Masahiko...... B4 Calhoun, David...... B14 Either of them would be servicehotels that caterto trying period.InMarch, as Worldwide Inc.that vastly ex- Jackson, Mike...... B3 W Capuano, Tony...... B2 expected to continue asimilar corporateand group travel. U.S. lockdowns were begin- panded the company’sbrand White, Steve...... B6 Cohen, Stephanie...... B1 L - M strategyfor the company, That business dried up al- ning,Marriottfurloughed mix and overseas footprint. Costello, Jim...... B6 Linnartz, Stephanie....B2 Z starting with steering the most entirely last year,and about two-thirds of its4,000 Investorswill getacloser Culp, Larry...... B3 Lynch, Karen...... B1 Zaffino, Peter...... B12 companythrough the remain- analystsexpect it will be at corporateemployees at the look at Marriott’sfinancial Duperreault, Brian....B12 Ma, Jack...... A1 Zegen, Josh...... B6 der of the pandemic,said least three yearsbeforeitre- company’sBethesda, Md., statusand plans forthe fu- Carlo Santarelli, analyst at turns to pre-Covid-19 levels, headquarters.Italso fur- ture when it reportsfourth Deutsche Bank Securities Inc. though business in China is loughed about two-thirds of quarter earningsonThursday. toredinstoresafter receiving CVS Will vaccine doses,they will be of- feredservices and encouraged to shop and browse.Ms. Again Sell Lynch said she was“very pleased with the level of re- sultswe’regetting from our ACA Plans digital team and the experi- enceour customersare hav- ing.” ContinuedfrompageB1 Thedecision by CVS’s vaccines in more than 40,000 Aetna unit to sell plans next such facilities. year in the ACA’sexchanges CVSsaid that itsCovid-19 usingthe CVSbrand name testing efforts have connected marksthe latest sign that it to around eight million new those markets, once a money customers. Vaccination will loser forinsurers, have gained link it to manymore. Because firmer footing.The moveindi- sign-up fortesting is done catesthat the companynow digitally,CVS will retain alink sees participation as agrowth to these consumersgoing for- opportunity as the Biden ad-

ward.The companyalso said ministration looks to promote S

that as consumersare moni- their use. NEW G

building even beforethen. OOMBER Citi Loses They believed that Citi was /BL helping Revlon restructureits

debt and weather theCovid-19 HARRER Out Over pandemic in waysthat would

weaken their claims on some of ANDREW the brand’skey assets and hurt Arne Sorenson was the first nonfamily member to be chief executive officer of Marriott International, the world’s largest hotel chain. Its Error the value of their investments. They beganpreparing asuit dent hotels that wouldn’t al- many types of property and a Sheraton brand, with locations against Citi and Revlon Executive wayshaveanice machine on placetostayinnearly anylo- in morethan 70 countries.In ContinuedfrompageB1 through adifferent loan agent everyfloor.And when Airbnb cation, increasing customer January, Marriottunveiled pro- less makeup and nail polish, they chose to replaceCiti. Inc.started to steal market loyalty. totypes forSheraton’snew Revlon has struggled to stay Shortly beforethe lawsuit was Reshaped sharefromthe hotel industry, But the verdict is still out on look,attempting to modernize afloat and narrowly avoided a filed, Citi made the roughly Mr.Sorenson’scompany his greatest deal. Marriottin- both guest rooms and public bankruptcy filing in November. $900 million payment. Revlon launched itsown home rental herited Starwood’stroubled spaces. Revlon declined to comment. has previouslysaid the lenders’ Marriott business. JudgeFurman backed up claims were meritlessand “He understood that the fu- the lenders’ argument at trial sought to block the company ture of great hotels wasgreat that it would have been irra- from securing financing needed ContinuedfrompageB1 experiences,not just execution tional forthem to believethat to navigatethe Covid-19 crisis. It’sgood formotivating our and loyalty programs,” said ho- one of the world’slargest fi- While mistaken wiretrans- people.” telier Ian Schrager, who joined nancial institutions would fers generally must be re- In asign of his readinessto with Marriottincreating the transfer by accident the full turned under NewYork law, take strong stands on public- Edition lifestyle brand. amount they were owedby exceptions can be made if the policy issues,hefulminated in Mr.Schrager,aformer Revlon, down to the penny. funds dischargedavalid debt, 2015 against legislation in nightclub impresario with an by Lendersalso pointed out at if the recipient didn’t make some states that wasseen as artistic temperament, often trial that Mr.Perelman had misrepresentations and if opening the way forbusinesses clashed with Marriottexecu- bailed out Revlon several therewas no noticeofthe to discriminateagainst LGBT tives who controlled the purse times before, giving them rea- mistake, Judge Furman said. people.“Thenotion that you stringsand were loath to run son to believethe company Internal chat messages un- cantell businesses somehow over budget. At one point, Introducing an had come up with the funds earthed by Citi and made pub- that they arefreetodiscrimi- yearsbeforethe venturewith Ergonomic Heat needed to clear its loan debt. lic in court papersshowed nateagainst people based on Marriott, Mr.Schrager de- Andindeed, Mr.Perelman did that employees of some lend- who they areismadness,” he clared at ahotel conference, “I and Massage come to Revlon’s rescue in No- ersweresurprised when the said in aspeech at the time. am the anti-Marriott. Istand vember when his private-eq- Revlon loan they held was ThecompanyMr. Sorenson foreverything that is the op- Chair for Work uity firm MacAndrews&suddenly paid off ahead of took over in 2012 wasawell- positeofwhat Marriottstands and Home Forbes put up some of itsown schedule,using wordslike for.” capital to get a bond restruc- “unbelievable,” “erroneous,” Yetthe partnership endured turing across the finish line. “accidental” and “overpay- The chief executive because,Mr. Schrager said, he Thejudgesaid it wasrea- ment.” An employee at HPS found a“kindred spirit” in Mr. sonable for the lenders to be- couldn’t resist a joke at Citi’s expanded upon the Sorenson. Mr.Schrager regu- lievethat Revlon and Citi, per- expense, mimicking a conver- tried and true larly sent the MarriottCEO haps with Mr.Perelman’shelp, sation with the banker respon- photos of artwork,multimedia had “figured out acreative sible for the error. Marriott formula. projectsordesigns that in- way to pay down” debt ahead “Howwas work today trigued him or inspired ideas of schedule. honey?” the unnamed em- forhis hotels.“He responded Thelendersaren’t free to ployeewrote in an internal to whatever Isent him, not al- do with the money what they message. “It was OK, except I oiled machine that understood waysagreeing with it,” Mr. want, according to JudgeFur- accidentally sent [$900mil- the lodging businessaswell as Schrager said. “But youknow man, who said that arestrain- lion] out to people who anyoperator.Inparticular, what? He gotit. Not everybody ing order he put in placeto weren’t supposed to have it.” Marriottwas the leader in ca- at Marriott did.” %( 1-# *( /!& +$) 0-.'", freeze the funds when the liti- At lender NewGeneration tering to the beleaguered busi- Mr.Sorenson died beforehe gation began should remain in AdvisorsLLC,anemployee nesstraveler who wanted little could completehis transforma- forcefor the moment, pending wrote in an internal message fuss:acomfortable bed and re- tion of the company. TheStar- further arguments. that “mistakes likethis canbe liable product that looked fa- wood acquisition that in many Citi blamed the payment in hardtoundo,” court papers miliar regardlessofthe city. waysdefined his career has August on ahuman processing said. Mr.Sorenson felt that youn- paid off in certain respectsal- error that turned what was Yetlender executives also gergenerations,evenwhen ready. supposed to be an $8 million testified “credibly and persua- traveling on business, wanted He vastly extended Mar- interest payment intoadis- sively” that they reasonably hotels that offered Instagram- riott’sreach, making it unlikely Free Shipping&30Day Risk Free Trial bursement morethan 100 believed Citi’s payment was mablecharacter over cookie- anyother brand could soon Save $100 Now! And, Use code Ergonomic times as big,made with the intentional, according to the cutter consistency. Marriott match itsscope or clout. That For Free X-Wheel Casters bank’sown funds instead of judge’s ruling. creatednew brands with tiny sizeenables Marriotttocut fa- *$50 per month based on purchase of $89999 for 18-months 0% interest Revlon’s. —Soma Biswas rooms and big public spaces vorable deals with online travel But mistrust between the and Matt Wirz aimedatyounger adults. It agentslikeExpedia and other lendersand Citi had been contributed to this article. teamed with quirkyindepen- vendors. It canoffer itsguests P2JW048000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** We dnesday, February 17, 2021 | B3 BUSINESS NEWS Alden to Buy Rest of Tribune

BY LUKAS I. ALPERT TheWall Street Journal re- initial offer wastoo low. Mr. solidation and cost cuts. Be- ported last Thursdaythat Al- Soon-Shiong didn’t return mes- tween 2008 and 2019,the in- ANew York hedgefund that den wasinnegotiations with sages seeking comment. dustryshed 51% of its is the largest shareholder in the boardand close to reaching Philip Franklin,Tribune’s newsroom jobs,according to CK Tribune Publishing Co.has adeal. chairman and amember of the the PewResearch Center. TO reached adeal to acquirethe Alden firstmade itsoffer special committee, said efforts Aldencontrols MediaNews rest of the newspaper company latelast year to buy the shares to improvethe company’sper- Group, aprivatecompanythat

SHUTTERS that owns some of the biggest for$14.25 apiece. Tribune formancehad allowedfor the owns some 60 daily newspa- A/ papersinthe country, including closed Tuesdayat$15.97with a negotiation of ”apremium, all- persaround the country, in- /EP the ChicagoTribune and New market value of $583 million. cash price, which the commit- cluding the DenverPost, San York Daily News. Tribune appointed the spe- teeconcluded wassuperior to Jose MercuryNewsand Orange AHMED AldenGlobal Capital LLC, cial boardcommitteeofinde- the available alternatives.” County Register.The hedge which already owned a32% pendent directorsinearly Jan- As part of the agreement, fund has areputation formak-

MAHMOUD stakeinthe company, reached uarytoreview the proposal. Alden has signed anonbinding ing deep cost cutsattitles it Egyptian singer Amr Diab is one of the artists with Rotana. an agreement with aspecial Anydeal will requiresignoff term sheet to sell the Baltimore acquires. committeeappointed by the from two-thirds of sharehold- Suntoapublic charity called Tribune,one of the biggest boardtobuy the rest of the ersunaffiliated with the hedge Sunlight forAll Institute, newspaperchains in the coun- Warner Buys Stake companyfor $17. 25 ashare, fund. This group includes Pat- formed by Maryland hotel trybycirculation, publishes valuing the companyataround rick Soon-Shiong, thebillion- baron Stewart Bainum Jr. nine larger-market dailies in- $630 million. Thedeal still re- airebiotech investor who owns If completed, the deal will cludingthe BaltimoreSun, Or- quires shareholder approval. aroughly 24%stake,and Ma- have far-reaching implications lando Sentinel and Hartford In Rotana Music, If the deal is approved, the sonSlaine, aformer media ex- foranindustrybeset by de- Courant. companywould no longer be ecutivewith roughly 8%. Mr. clines in revenue over the past Alden firsttook aposition in Al-Waleed’s Label publicly traded. Slaine previously said Alden’s 20 yearsthat have led to con- Tribune in November 2019.

BY KEACH HAGEY Sheeran, Cardi Band Madonna. GE Sees Cash Flow Turning Negative AND BENOIT FAUCON It owns labels including Atlan- tic,Elektraand itsflagship Warner Music Group Corp. Warner Records,aswell as BY THOMAS GRYTA has agreed to buy aminority Warner Chappell Music,the stakeinSaudi billionairePrince world’sthird-largest music General Electric Co.ex- al-Waleed bin Talal’s Rotana publisher. pectscash flow to be negative Music,inadeal that would ex- Rotana, meanwhile, is the in the firstquarter,typically pand Warner’s presenceinthe Arab world’slargest record la- the slowest period of the year, Arab world while extending the bel with regional starssuch as but the conglomerateisn’t global reach of Rotana’sroster Syrian singer George Wassouf, changing itsoutlook for2021. of artists. Saudi artist Mohamad Abdo Speaking at an investor Thecompanies declined to and Egyptian star Amr Diab.It conferenceTuesday, Chief Ex- disclose the sizeofthe stakeor is asubsidiaryofRotana Me- ecutiveOfficer LarryCulp said anyother financial terms.The diaGroup,the entertainment the first-quarter performance Wall Street Journal had previ- conglomerateowned by Prince would still be betterthan a ously reported that the compa- al-Waleed, alongtime investor year agowhen the company S nies were nearing adeal that in major Western companies, burned through $2.2 billion in NEW

would have valued Rotana at such as the Four Seasons hotel cash forthe period. He played G closeto$200 million. chain and TwitterInc. down the first-quarter results As part of the deal, ADA RotanaMusic Chief Execu- so far,saying they were OOMBER

Worldwide,Warner’s label ser- tive Salem Al Hendi said the “nothing morethan what we /BL vices division, has agreed to deal wasaligned with Saudi see typically at the start of a distributeRotana releases out- Arabia’s Vision 2030,Saudi new year.”

side of the Middle East and CrownPrinceMohammed bin GE shares rose 24 cents, or SHARRETT KE

North Africaregion. Salman’s plan to reshape the 2.1%, to $11.97 and areup78% LU Thedeal pairsupone of the Saudi economy. in the past six months as the The company has improved cash generation by cutting overhead costs and jobs in its aviation unit. music industry’sbiggest play- Although the pandemic is company has posted improv- ersinthe West with a leading hitting the entertainment and ing results. makeGE’sbusinessmorecon- time or if they would land in the companycontinues to companyinthe Mideast when live-event businessinthe Mid- TheBoston company sistent throughout the year the first quarter, he said. work on putting past problems sales of recorded music are dle East, as it is elsewherein booked $4.4billion of cash rather than depending on GE has improved itscash behind it. surging. the world, the music industry flow in the fourth quarter,re- strong fourth-quarter results. generation by cutting over- Mr.Culp became the first It also gives Warner more is betterinsulated from eco- sulting in cash flow coming in Last month, he said the timing head costsand jobs in itsavia- CEO from outside of GE in late access to the Middle East’s nomic turmoil thanks to social positivebyabout $600 million of projects and orders can be tion unit while streamlining 2018 afterdeep problems in growing market of young,afflu- media and streaming services, forthe full year.GEprojects difficult to predict. The com- itspowerbusiness. The itspowerunit and financial- ent and web-savvyconsumers. said Kacy Grine,who acted as 2021 cash flow of $2.5billion pany wasn’t sureifthe deals pandemic continues to services arm led the company Warner is home to interna- financial adviser to RotanaMu- to $4.5billion. that helped boostresultsat pressureGE’sjet-engine busi- to slash itsdividend and sell tional starsincluding Ed sic on the Warner deal. Mr.Culp has pledged to the end of 2020 would close in ness, itslargest division, but off businesses. CORPORATEWATCH

US FOODS sales in the fourth quarter. ADVANCE AUTO PARTS Higher expenses, however, Supplier Posts Loss, weighed on earnings. Do-It-Yourself Trend Decline in Sales The animal-health company Boosts Earnings reported profit attributable to US Foods Holding Corp. re- Zoetis of $359 million, down Advance Auto Parts Inc. said corded lower sales year over from $384 million a year earlier. its profit for the fourth quarter year in the fourth quarter as the Revenue rose 8% to $1.81 bil- rose, boosted by sales to do-it- coronavirus pandemic reached a lion. In the U.S., revenue in- yourself customers. peak in the U.S., reducing de- creased 11%, with sales of prod- The automotive-parts retailer mand from the company’s res- ucts for companion animals such posted a profit of $112 million, taurant customers. as dogs expanding and sales for compared with $95.9 million in The Rosemont, Ill., food-ser- cattle products moving lower, the prior-year period. Sales rose vice distributor logged a loss of the company said. 12% to $2.37 billion. Sales of $10 million, or 11 cents a share, Zoetis said it believes the $10.1 billion to $10.3 billion in compared with earnings of $92 company will generate $7.4 bil- 2021 are expected. million, or 42 cents a share, in lion to $7.55 billion in revenue —Dave Sebastian the prior year. US Foods’ reve- this year, which would represent nue fell to $6.14 billion from an increase from the $6.68 bil- AUTONATION $6.93 billion. lion it recorded in 2020. Case volume declined 10% —Micah Maidenberg Jackson Gives Back year over year in the period, a Chairman’s Position trend that accelerated in the SOUTHWEST AIRLINES second half of the quarter as AutoNation Inc. reported a the number of Covid-19 cases in Capacity Expected 4% increase in fourth-quarter the U.S. grew. Changes to the To Drop by 35% revenue and said CEOMikeJack- company’s customer mix and son will stepback as chairman. higher logistics costs also ate Southwest Airlines Co. said The car-dealership chain into US Foods’ profit. it expects capacity to fall about named director Rick Burdick to US Foods declined to provide 35% in the first quarter from a the chairman position, and he earnings guidance for 2021, cit- year earlier and about 38% from will lead the search foranew ing continuing uncertainty the same quarter in 2019, as the CEObeginning this spring. Mr. caused by the pandemic. Covid-19 pandemic continues to Jackson originally departed as —Matt Grossman hit the travel industry. CEOin2019 but returned to the The airline said it expects an role after his successor,Cheryl ZOETIS improvement in leisure-passen- Miller,left forhealth reasons. Mr. ger demand and bookings, Jackson is slatedtostayinthe Demand forPet though business travel remains job until the end of 2022. Profit Products Aids Results depressed. slipped in the fourth quarter to It said demand and booking $151.5 million, or $1.73 ashare, Zoetis Inc. said stronger de- trends are inconsistent by re- from $157.7 million, or $1.74 a mand in the U.S. for products gion. share, in the prior-year quarter. used to treat pets bolstered —Dave Sebastian —Allison Prang S NEW G OOMBER /BL SHARRETT KE LU Advance Auto Parts said it sees sales of $10.1 billion to $10.3 billion in 2021. P2JW048000-6-B00400-1------XA

B4 | We dnesday, February 17, 2021 ****** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Amazon SoftBank Stock Sets New Record Is Sued Softbank’sshareprice Tech investor rides Tuesday By State optimism, but enjoys ¥10,000 ¥10,420 firmer footing than in 8,000 ContinuedfrompageB1 2000 internet bubble GES

the firing of the worker, IMA Christian Smalls.Hewas BY PHRED DVORAK among agroup of employees GETTY 6,000 who staged awalkout at the TOKYO—After 21 years, SE/ company’sStatenIsland fa- SoftBank Group Corp.isback cility in March to help draw on top. 4,000 ANCE-PRES

attention to requestsfor bet- Shares of theJapanese tech FR terpay and added protec- investor on Tuesdaysurpassed 2,000 tionsagainst the risks they the peak they hit on Feb. 18, GENCE faced working during the 2000,atthe height of the dot- /A UNO

pandemic.The protest was combubble.They closed at TS 0 one of several by workers 10,420 yen, equivalent to around the countrywho said $98.96, which wasalmost dou- AZU 2000 ’10 ’20 SHIK

Amazon didn’t implement ble their priceayear ago, and YO Note:¥10,000=$94.90 enough safety measures to topped the old split-adjusted SoftBank’s Masayoshi Son, left, and Jack Ma of Alibaba in 2014. Source:FactSet guardagainst Covid-19. record of ¥10,111.09. Amazon employs more Much about the SoftBank of stocks sent itsshareprice than 800,000 people in the two decades agowould look Early Days Marked tures around the world. tion of the TokyoStock Ex- crashing to around 7% of its U.S.,most at itshundreds of familiar to investorstoday, Mr.Son wasalso trying to change. peak level andreduced the warehouses throughout the starting with itsguiding prin- By Rapid Expansion build atech-financeempire. In But the dot-combubble value of Mr.Son’spersonal country. Ms.James said the ciple of betting big on the next 2000, SoftBank led aconsor- soon burst. Within afew years, stake by tens of billions of “actions against these visible tech revolution. Then, as now, tium thatboughtastruggling SoftBank had sold its stakein dollars. Thecompany’sstock critics who advocated for global stock markets were on Back in 2000, the brash Japanese bank and joined the bank, and Nasdaq pulled pricelanguished formuch of Amazon to fully comply with atear,startups were listing at Masayoshi Son wasrapidly forces with the companynow out of Japan. Forawhile Mr. the past 20 years. legal health requirements eye-popping prices, and Soft- investing in privatetech called Nasdaq Inc. to start an Son focused on running atele- Then when the pandemic hit sent achilling messageto Bankwas building ahugesta- companies. He already had arm in Japan. communications business. early last year,the stock went other Amazon employees.” ble of private companies. stakes in severalhundred and News thatSoftBank’scon- In recent years, Mr.Son has on another scaryswoon. With “Structurally,we’reatthe wastalking about plans to sink sortium waslikely to be returned to his firstlove and anudgefromhedgefund El- beginning of the AI [artificial $1 billion into morethan 1,500 tapped to buy the bank hit just talked about investing in a liottManagement Corp., ama- Amazon’s business intelligence] revolution, just as in the next fewyears. He days beforethe company’s fleet of unicorns, or startups jor SoftBank investor,Mr. Son we were at thebeginning of spokeofbuilding an internet February 2000 share-price valued at abillion dollars or again pulled out arecovery in has enjoyed a big the internet revolution” in zaibatsu,aterm foranold-style peak, propelling SoftBank’s more. His investments include part through sharebuybacks. boost during the 2000,SoftBank Chief Execu- Japanese industrial group, and stock upward.Onthatday, big players such as Uber Tech- Some analystssay that forall tiveMasayoshi Son said at a sometimes described his em- SoftBank shares accountedfor nologies Inc. and seem poised of SoftBank’scurrent strengths, pandemic. pressconferenceinTokyo last pireasagiantamoeba that nearly aquarter of the total to keep adominantposition itsshares canonly continue week wherethe company re- waspropagating internet ven- value traded on the firstsec- foryears to come. rocketing up forsolong. ported around $11 billion in “It won’t be easy to con- quarterly profit. tinuethe kind of share-price Amazon has said it dis- The differences are impor- Japanese telecom unit, both of most part largerand morema- SoftBank’sstock to ¥11,000 appreciation we’veseen in the missed Mr.Smalls because tant, too. Analystssay today’s which have sizable revenue and turethan those in the 2000 from ¥10,000. He is trying to past year,” said Masahiko he violated social-distancing SoftBank, known for its $100 profitsoftheir own. Those two portfolio,with promise of figure out howmuch longer Ishino,ananalyst at Tokai To- guidelines,including ignor- billion Vision Fund, is more companies together accounted greater windfalls. the stock’s wild ride will last. kyoResearch Institute, noting ingorderstostayhome for capable of withstanding mar- foraround 56% of SoftBank’s Mr.Son has “invested in as- Japan’soverall market is that SoftBank’sstock pricehas two weeks aftercoming in ket turbulence, even if stocks equity holdingsasofthe end of setsthat have cash flow and healthy. Thebenchmark Nikkei roughly quadrupled sinceits contact with aco-worker take a dive again. December,according to Soft- areself-sustaining and will 225onTuesdayhit alevel last lowinMarch of 2020. who had aconfirmed case of Itsmarket valuation of more Bankdocuments. continue to grow,” said David seen in August 1990. SoftBank is nowtrading Covid-19.Mr. Smalls is one than $200 billion is under- Thecompanies in Soft- Gibson, an analyst at Astris But the volatile historyof higher than Mr.Ishino’s target of several Amazon workers pinned by itstwo biggest in- Bank’s portfolio that are get- Advisory Japan. both the Nikkei and SoftBank priceof¥10,000,which he set whointhe past year have vestment holdings, Chinese e- ting ready to go public,such Following SoftBank’sstellar give reason forpause.After at theend of 2019 when many claimed wrongfultermina- commerce giant Alibaba Group as South Korean e-commerce earningslast week,Mr. Gibson SoftBank’srecordin2000,a investorsthought it wasopti- tion by the companyfor Holding Ltd. and SoftBank’s companyCoupang,are forthe raised his target pricefor global meltdown in tech mistic,hesaid. speaking out. In itscomplaint last week, Amazon argued that New York lacked the legal author- Amazon Buys Selz, Aiming to Blunt Rival ity to regulatethe company’s warehouse activities,saying that those operations are BY SEBASTIAN HERRERA Amazon, which initially dis- governed by federal lawand missed Shopify’srise,began to regulatorssuch as the Occu- Amazon.com Inc.said it zero in on the companyover pational Safety and Health has acquired Australian e- the past year, people familiar Administration, afederal commerce company Selz, in a with the mattersaid. Amazon agencythat oversees work- deal that underscoresanin- learned that manysellershad placesafety.Amazon said creased focus on fast-growing been defecting to the Cana- Ms.James had threatened to rival Shopify Inc. dian firm because of Amazon’s sue the companyifitdidn’t Terms of the deal weren’t increasing cut. Itsseller fees agree to demands that in- disclosed. Aspokeswoman for canonaverage amount to cluded reducing itsproduc- Amazon said the deal, which roughly 30% of each sale on tion and performancere- Selz announced on itswebsite itsplatform from outside ven- quirementsand paying about amonth ago, has been dors, up from 19% five years “large sums” to Mr.Smalls. completed and nothing will ago, according to the Institute Thecase in NewYork changefor Selz’s merchantsor forLocal Self-Reliance. adds to legal and labor chal- their customers. Shopify collects 2.9% plus 30 /REUTERS

lenges Amazon faces.Ahigh- Founded in 2013,Selz TT cents on a transaction. profile union election is un- serves as an online platform Amazon created itssecret der way at oneofits that helps small and medium- MOHA task forcetostudy Shopify

warehouses in Alabama, sizecompanies launch and KEVIN and copy partsofit. PeterLar- wherepotentially thousands maintain their online busi- Some of Amazon’s merchants have defected to Shopify because of the e-commerce company’s fees. sen, alongtime Amazon execu- of workersbegan to vote by nesses.The privatecompany tivewho wastapped to lead mail last week. employs morethan 30 people, merchantsincreating online online shopping morepopular, dayweekend, topping Ama- the project, recruited dozens California is also looking according to data firm Pitch- shops.Last year,Amazon cre- bricks-and-mortar stores have zon’s$4.8billion from its of executives.The team pre- intohow the companytreats Book.Previous backersinclude ated asecret team named invested moreinto their e- third-party sales,according to sented itswork to company sellersinits online market- Macdoch Venture and Adcock “Project Santos” to replicate commerce presence. the companies.Shopify’sshare head Jeff BezosinOctober.Mr. place, and in Connecticut au- PrivateEquity,PitchBook said. part of Shopify’sbusiness Shopifyhas become asig- pricehas morethan tripled Bezos was enthusiastic about thorities areinvestigating Amazon has heightened its model, The Wall Street Jour- nificant threat to Amazon. The sinceJanuary2020,toamar- theproject’spotential to re- howAmazon sells and dis- efforts to match fast-growing nal reported in December. companysaw aggregated sales ketcapitalization of roughly duce the amount of seller de- tributes digitalbooks. Shopify, which also aids small As the pandemic has made of $5.1 billion over Black Fri- $177 billion. fections to Shopify.

ADVERTISEMENT Showroom Shopify To advertise: 800-366-3975orWSJ.com/classifieds Thrives in JOURNAL

PORSCHE REET

Pandemic ST LL WA ContinuedfrompageB1 THE

pected to spend upwardof R $100,000 designing avirtual FO storefront forBrunt. He cre-

ated his Shopifysitefor less OUGHLIN than $25,000,including the O’L DY

cost of hiring two contract CO workers. Eric Girouard and his wife both run home-based retail websites. Newbusinessapplications hit their highest level on re- ship during the pandemic is the start of that year, accord- cord last year,rising 24%from largely aresult of hardeco- ing to data-tracking and soft- 2019,according to the Eco- nomic times, said John Halti- ware firm Womply.For nomic Innovation Group,abi- wanger, an economics profes- Shopify, a number of the new partisan research organiza- sor at the University of businesses using itsservices tion, which used datafromthe Maryland. Unemployment maynot last long—a risk to U.S. Census Bureau. Themost surgedatthe start of the pan- the tech company’s growth. active sector was retail trade, demic and joblessnessremains Mr.Finkelstein playeddown which recorded a54% increase high.ManyAmericans aretry- that risk.Sinceits founding in in newbusinessformation. ing whatever they cantogen- 2006,Shopifyhas expanded Thebulk of those were mer- erate income. itsofferingstoinclude financ- chantsthat sell goods online A rise in new business for- ing forbusinesses,and fulfill- or directly to clients, accord- mations could also aid broader ment and inventoryservices ing to the EIG. economic recovery,said Mr. formerchants, along with a That activity helped to Haltiwanger. Although most payment-processing service. boost Shopify’sprofit 72%for startup businesses fail or Those fees made up the bulk the firstnine months of 2020, never grow beyond one or two of the company’srevenue dur- compared with the year be- founders, some that survive ing the firstnine months of fore.The growth also made contributealot to economic 2020, a trend that is likely to the company’sstock one of the growth in later years, he said. continue in the fourth-quarter market’s best performers. Its Still, small businesses are report, analysts say. sharepricehas morethan tri- vulnerable during downturns, Those offeringsbolster the pled since January 2020, to a and they have suffered during company’srevenue streams market capitalization of this one.Some 30% fewer and could also support fledg- roughly $177 billion. small businesses were open at ling businesses,Mr. Finkel- The jump in entrepreneur- the end of the 2020 than at stein said. P2JW048000-0-B00500-1------XA

THE WALL STREET JOURNAL. We dnesday, February 17, 2021 | B5

LeadersofTechnology From the World’sMostInfluential Companies

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B6 | We dnesday, February 17, 2021 THE WALL STREET JOURNAL. THE PROPERTY REPORT Foreign InvestorsLoadUponWarehouses

Buyers who look to didn’t crack the top10for the second year running.Insurers trophyproperties in and other big investorsin large cities bet on e- China have been under pres- surefromBeijing to bring commerce facilities money back home,reversing theirmultiyear buying spree BY KONRAD PUTZIER of U.S. properties.Tension be- tween Beijing and Washington Foreign property investors, also playedarole in Chinese long drawntoManhattansky- investor pullback,analysts scrapers, coastal resortsorur- said. ban shopping corridors, are Foreign interest in U.S. in- directing their attention to dustrial real estate isn’t new, suburban warehouses. but it has accelerated during The changing attitudes are the pandemic and as e-com- the latest sign of howthe pan- merce drives moredemand for demic is shaking up the U.S. these distribution hubs,said real-estatemarket, leading do- Jim Costello,asenior vice mestic and overseas investors president at Real Capital Ana- to rethink their priorities. lytics. The central office districts Aside from warehouses,for- of NewYork,San Francisco eign demand has mirrored and Chicago were hit particu- American investor interest in CK

larly hard by the pandemic’s TO U.S. datacenters, healthcare economic fallout. Meanwhile, and research facilities and stu- surging e-commerce deliveries dent housing,according to a aredriving up demand for SHUTTERS recent report from real-estate A/

warehouses,particularly those EP services firm Newmark. Y/

leased to large companies like UR While foreign investorstra-

Amazon.com Inc. MA ditionally have focused on the Foreign buyers“see that major U.S. cities they have vis- NNEN

type of investment as effec- TA ited and knowbest, brokers tively a corporate bond given Surging e-commerce deliveries are driving up demand for warehouses, particularly those leased to companies like Amazon. saysome foreign investorsare by oneofthe largest compa- warming up to the idea of nies in the world,” said Mat- $875million. That same rency-hedging costs, are par- Those warehouse deals Capital Analytics. buying real estate in smaller, thew Alshouse,apartner at month, Germany’s Allianz ticularly active, brokers said. helped boost the dollar vol- Overall foreign investment sunnier cities, which have at- law firm DLA Piper. Real Estate said it agreed to The National Pension Service ume of South Korean acquisi- in U.S. real estatefell by 31% tracted newwaves of immi- AsubsidiaryofFrance’s buy a49% stakeinaU.S.lo- of Korea, forexample, bought tionsofU.S.commercial real to $35.5 billion, along with a grantsoverthe past year.Sac- AXAInvestment Managers in gistics portfolio in partnership 23 warehouses last year in a estate, which grew by 88% in broader drop in property sales ramento, forexample,saw December bought amajority with Crow Holdings. $2 billion deal in partnership 2020,to$5.2billion, according caused by the pandemic. foreign property investment stakein27U.S.logistics facili- Korean companies,which with StockbridgeCapital to preliminaryyear-end for- China, oncethe biggest morethan double in 2020,ac- ties from Cabot Properties for arebenefiting from lowercur- Group. eign-investor datafromReal source of overseas investment, cording to RCA. State Cannabis Approvals ExpectedtoSpark Boom

BY PETER GRANT juana sales in Arizona. passed in Arizona, NewJersey, “They already have an offer Montana and South Dakota. Voters in four states last for $2 million,” he said. Mississippi voters approved year approved the recreational What’smore, manyprop- medical usage, which has been useofmarijuana. That is likely erty ownerswon’t do business afirst step toward adult use in to launch aland rush in those with companies selling canna- other states. states for warehouses and re- bis because the federal gov- In Arizona, whererecre- tail properties. ernment still classifies mari- ational saleshavealready Similarmeasures in other juana as acontrolled started, newcultivation and states sparked heated compe- substance, likecocaine or her- sale permits are up for grabs tition forthese types of real oin. in eightcounties.Applicants estate. So forownerswilling to need to identifyproperties Owners have been able to lease to cannabis businesses, they plan to use,not an easy charge as much as three times “it’s like holding the winning task given the numerous local S market rateswhen selling or lotteryticket,” said Anthony restrictions on wherestores, renting to businesses involved Coniglio,chief executiveof farms and other facilities can PRES

in the cultivation, distribution, NewLakeCapital Partners be located. TED processing or sale of cannabis, Inc., which owns 19 properties “That’swhy Ihaveafew CIA SO

according to brokers, land- in eight states rented by can- moregrayhairsonmyhead AS

lords and cannabis industry nabis businesses. todaythan Idid yesterday,” GEL/

executives. “The retail properties can said Luke Flood,who is in VO Landlords cancharge this generatesales per squarefoot charge of real estatefor

pot premium because proper- comparable to some of your Curaleaf Holdings,which has RICHARD ties typically have to meet a topretail stores in the world,” operations in 23 states and is The cannabis industry has grown to a major source of business in some markets. rangeoflocal restrictions to he said. seeking additional locations in qualify, such as being acertain Thecannabis industryhas Arizona. chusetts,agreed to buy its Even with demand growing, passed a bill to legalize mari- distancefromchurches or grown from a curiosity in the In NewJersey,itisex- second NewJersey medical- cannabis businesses runthe juana on afederal level. If the schools. commercial real-estate world pected to take months before marijuana dispensaryonrisk of oversupply, especially measure becomes law, a wide Theowner of one sought- to a major source of business salesstart because the state Route 130 in Bordentown last in states likeColorado,Wash- rangeofinvestors, lendersand afterArizona retail location in some markets. With 36 and local governmentshaveto year.The pricewasn’t dis- ingtonand Oregon where real-estatecompanies are could have sold it for “a cou- states and the District of Co- completeregulations that will closed, but people familiar thereare few restrictions on likely to jump in the business. ple hundred thousand dollars” lumbia now permitting medi- clarifythe number and loca- with the mattersay it was the number of permits. Some NewLakeestimates that an- beforethe state’srecreational caloradult use,retail sales tion of stores. But some com- about twicewhat it would areas have seen values of real- other $15 billion worth of real ballot measure was approved areexpected to reach $23.4 panies that have been involved have cost for normal use. estateprices soar,only to estatewill be needed to sup- in November,said Steve billion by next year,according in that state’s medical-canna- “People knowthey can come crashing down to earth port the growth of the busi- White, chief executiveofHar- to NewLake. bis businessare expanding, charge cannabis an absurd when asurplus of cannabis ness over the next five years. vest Health &Recreation Inc., Thenumber of states per- partly in anticipation of soar- amount,” said Patrik Jonsson, products has flooded their “We’re still seeing demand amultistatecannabis business mitting recreational use for ing demand from the much Curaleaf’s regional president markets. just at the very beginning for that is involved in recre- adults rose to 11, plus D.C.,af- larger adult-use market. forthe Northeast. “It’sthe Still, the U.S. House of Rep- this industry,” said Mr. ational-and medical-mari- terNovember ballot measures Curaleaf,based in Massa- new norm.” resentatives in December Coniglio of NewLake. Bulk Condo Buyers Descend on ManhattanLooking forDeals

BY WILL PARKER ingprice, sometimes renting but almost every [developer] won’t be offered as sweet a is just $1,000. of investorslooking to grab them out, then selling when is trying to do the same thing deal. Public knowledgeofa Bulk sales at avariety of condos at bargain prices, Manhattan’spulverized the market recovers from the right now. And that’stodo bulk buyer’s bargain deal is Manhattanbuildingshave fewerofthese deals have hap- condominium market is open- pandemic. bulk transactions,” said An- enough to lowerthe market gone intocontract or closed pened in Manhattanthan ing the door forinvestorswill- Developersunder financial neMarie Alexander, a real-es- value of the remaining unsold during the pandemic.They in- manyinvestorshad hoped. ing to buy individual apart- strain arethe most likely to en- tate broker at Douglas Elliman condos, brokers say. clude multiple unitsata1920s That is in largepart because ments wholesale. tertain bulk deals,but in a Real Estate. Ms.Alexander,for example, co-op building in SoHo,apre- the banks that hold develop- These fund managers, real- choppy market wheremany Bulk sales aredifficult to is working with several groups warcondo near the United Na- ers’ debtshaveminimum estatefirms and other bulk apartmentshave gone unsold track,inlarge part because of investors who have placed tions,and aglassy new-con- prices they will allowdevelop- buyersare likeCostco forlong periods,manymoreare developershaveastrong in- bids to buy dozens of newde- struction toweronRiverside erstosell unitsfor.These shoppersfor condos.They aim starting to consider the idea. centive to hide them. While a velopment condos in bulk, at Boulevard. Some bulk sales minimums aretoo oftenmuch to pick up anywherefrom “They might not admit it bulk buyermay acquirecon- prices ranging between 25% have also occurred in the higher than what investors three to morethan 100 condos and it’s all very sort of confi- dos at asignificant discount,a and 35% off market asking outer boroughs, according to have in mind. at asharp discount to the ask- dential and behind the scenes, normal buyer of a single unit prices. an analysis of transactions by “There’sabig wide gap,” Although theoverall Man- said Josh Zegen,managing hattancondo sales market has principalofreal-estatefirm ADVERTISEMENT shown fresh signs of lifere- Developersunder Madison Realty Capital. cently,the market forhigher- Miami, by contrast, has had BusinessReal Estate&Auctions end newprojectsremains financial strain are morebulk deals because buyer To advertise: email [email protected] or WSJ.com/classifieds glutted. Developersare under themostlikelyto and seller pricetargets have steep pressure to move units been more aligned, Mr. Zegen and manyare still tempted by entertain such deals. said. the prospect of aquick bulk But as moremonths pass INVESTMENT PROPERTIES sale,rather than theslowdrip and Manhattan condominium of individual deals,because prices remain below previous they hold construction loans real-estatelistingswebsite yearslevels, bulk condo buy- NOTABLE coming due soon. StreetEasy. ersthink their moment is COMMERCIAL One such bulk buyer group At a white brick converted coming soon. is the NYC Opportunity Fund, rental building on East 48th Banks will eventually have to PROPERTIES apartnership of real-estate Street in Midtown, British in- choose between foreclosing on EVERYWEDNESDAY broker andinvestor James vestment companyTremada their developer clientsorallow- Nelson andthe property in- Properties purchased 36 small ing moresales to bulk buyers, LISTYOUR PROPERTY TODAY vestment platform Republic unitsfor $11.5million, or an they say. “A lot of the lenders (800)366-3975 RealEstate. Thefund is rais- averageof$319,000 per apart- whohavebeen giving forbear- ing $50 million for bulk sales ment. Most of the unitssold at anceand giving developers and other investments, target- a32% discount off their fair time because of Covid and ev- Place an ad at: wsj.com/classifieds ing newdevelopment units market value,according to erything out there,” Mr.Nelson priced between $1 million and broker Mark Zborovsky, who said. “When that dries up,if ©2021Dow Jones &Company, Inc. All Rights Reserved. $3 million. Theminimum in- negotiated the sale. unitsstill aren’t moving,they vestment amount forthe fund Though thereisnoshortage aren’t going to wait forever.” P2JW048000-0-B00700-1------XA

THE WALL STREET JOURNAL. We dnesday, February 17, 2021 | B7 BUSINESS & FINANCE CoStarOffers$6.9Billion forCoreLogic

BY DAVE SEBASTIAN deal would combine CoreLogic, ported that CoStarwas consid- lettertoCoreLogic’sboard, re- cial advisers, it said. justed earningsbeforeinterest, one of the largest residential ering options including anew ferring to the $6 billion deal. Representatives forStone taxes, depreciation and amorti- CoStarGroup Inc.said it is real-estatedatacompanies,with bid.CoStaronTuesdaysaid it CoreLogic shareholders Point Capital and Insight Part- zation within three to four proposing to buy CoreLogic CoStar, among the biggest pro- has made multiple acquisition would get0.1019 shareofCo- nersdidn’t respond to are- yearsand triple CoStar’sad- Inc.for about $6.9 billion, as it vidersofcommercial real-estate proposalstoCoreLogic since Starfor each CoreLogic share quest forcomment. CoStarsaid dressable market. tries to competeagainst an information and analytics. October. they own, according to CoStar’s it doesn’t see antitrust con- CoreLogic had launched a agreement by two private-eq- CoreLogic shares rose 7.8% “Weweresurprised to see proposal. CoreLogic said the cerns with the proposed deal, sales processafter activist in- uity firms to buy the real-estate to $88.41Tuesday, while CoStar your announcement of the deal with Stone Point Capital as thetwo companies address vestorsSenatorsInvestment dataprovider forroughly $6 shares fell 4.2% to $900.37. pending transaction when we and Insight Partnersremains in different marketsand don’t Group LP and Cannae Holdings billion in cash. Stone Point Capital LLC believed that our last conversa- effect and that it is still urging competewith one another. Inc. offered to buy the company Theproposed acquisition, at andInsight Partnersearlier tion with your advisershad ad- shareholderstoapprovethe CoStarsaid acombination for$65 ashare and nominated roughly $95.76ashare, reflects this monthagreed to buy the dressed all of your remaining agreement. Thecompanywill with CoreLogic would result in directorstoits boardlast year. apremium of 16.8%overCore- companyfor $80 ashare, and concerns,” CoStarChief Execu- reviewCoStar’sproposal with $150 million to $250 million in Threeofthe directorslater Logic’sclosing priceFriday. A TheWall Street Journal re- tiveAndrew Florancesaid in a outside legal counsel and finan- savingsfor annual run-ratead- joined CoreLogic’sboard.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg

s CreditSuisse CS 14.43 0.52 FMC FMC108.72 1.04 s HubSpot HUBS 527.64 25.24 LumenTech LUMN 11.79 0.01 OccidentalPetrol OXY 26.46 1.07 StoreCapital STOR 33.27 0.34 s Trip.com TCOM 38.61 1.60 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE Cree CREE 118.83 -4.25 Facebook FB 273.97 3.47 Humana HUM375.15 -5.49 LuminarTech LAZR 35.53 -2.20 Okta OKTA 285.07 -6.71 s SVB Fin SIVB 525.15 18.65 s TruistFinl TFC 55.65 1.64 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low s in the latest session. %CHG-Daily percentage change from the previous trading session. CrowdStrike CRWD 242.42 0.32 FactSet FDS 312.60 -3.40 JBHunt JBHT 146.32 -2.00 Lyft LYFT 58.46 0.81 OldDomFreight ODFL 210.19 -2.02 Salesforce.com CRM 248.59 8.22 Twilio TWLO 421.26-14.03 CrownCastle CCI 161.96 -2.50 FairIsaac FICO 466.13 -7.65 HuntingtonBcshs HBAN 15.05 0.60 LyondellBasell LYB 97.99 1.85 OmegaHealthcare OHI 36.82 -0.63 Sanofi SNY 47.45 -0.12 TwistBiosci TWST 156.25-11.65 Tuesday, February 16, 2021 CrownHoldings CCK 99.49 0.53 s Farfetch FTCH 69.75 0.24 IAA IAA 59.99 -2.37 Omnicom OMC 65.90 -0.35 Sasol SSL 14.04 0.29 s Twitter TWTR 73.96 2.06 Cummins CMI 244.48 0.51 Fastenal FAST 46.63 -0.76 s IAC/InterActive IAC 260.89 -1.46 M N s ON Semi ON 41.85 0.58 Schlumberger SLB 26.81 0.16 TylerTech TYL 471.73 -3.06 52-Wk % 52-Wk % 52-Wk % CureVac CVAC 113.00 -3.96 Fastly FSLY 97.50 -4.56 s ICICI Bank IBN 18.12 0.02 OpenText OTEX 47.24 -0.70 SchwabC SCHW 60.95 2.76 TysonFoods TSN 65.67 0.11 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg M&T Bank MTB 148.67 6.44 CyrusOne CONE 70.83 -1.68 FateTherap FATE 101.44 -1.01 s IdexxLab IDXX 538.16 -5.92 OpendoorTech OPEN 32.75 -1.84 ScottsMiracleGro SMG 244.16 -1.25 s UBS Group UBS 15.86 0.46 MGMGrowthProp MGP 33.21 -0.02 ArrowheadPharm ARWR 87.40 -0.80 CNA Fin CNA 43.80 0.58 FedEx FDX 261.83 -1.17 IHS Markit INFO 93.10 -0.49 Oracle ORCL 62.14 -0.94 s Sea SE 278.14 2.02 UDR UDR 42.50 -0.21 A B C MGM Resorts MGM 34.99 -0.94 AscendisPharma ASND 160.65 -0.02 s CNH Indl CNHI 14.64 -0.15 D E F Ferrari RACE 201.97 -3.38 II-VI IIVI 91.95 2.03 Orange ORAN 12.04 0.16 Seagate STX 71.00 -1.21 US Foods USFD 35.99 -0.90 MinisoGroup MNSO 33.05 -0.59 ABB ABB 29.74 0.22 s AspenTech AZPN 157.24 -1.41 CNOOC CEO 121.28 6.00 FidNatlFin FNF 39.52 -0.11 ING Groep ING 10.86 0.78 Orix IX 84.93 0.21 Seagen SGEN 159.34 -6.50 UWM UWMC 8.97 -0.05 DISH Network DISH 32.26 0.90 MKS Instrum MKSI 172.20 4.77 s AECOM ACM 57.70 1.68 AstraZeneca AZN 50.89 -0.80 CRH CRH 44.88 -0.25 FidNatlInfo FIS 133.11 -2.49 Invesco IVZ 22.84 0.17 OtisWorldwide OTIS 63.19 -0.74 SempraEnergy SRE 124.68 0.18 Uber UBER 60.52 -0.11 DTE Energy DTE 120.60 -0.34 MPLX MPLX 25.00 0.39 s AES AES 28.91 0.38 Athene ATH 45.87 0.70 CRISPR Therap CRSP 155.32 -5.73 s FifthThirdBncp FITB 33.47 0.96 IPG Photonics IPGP 256.49 3.60 OwensCorning OC 84.19 -1.56 SensataTechs ST 59.03 0.63 Ubiquiti UI 349.11 -4.84 DadaNexus DADA 45.18 0.62 MSCI MSCI 440.92 6.15 Aflac AFL 46.35 -0.24 Atlassian TEAM 248.95 -4.02 CSX CSX 90.75 0.61 s FirstHorizon FHN 16.14 0.51 IQVIA IQV 190.50 -2.16 OzonHoldings OZON 65.09 0.60 ServiceCorp SCI 50.74 -3.38 s UltaBeauty ULTA 327.77 7.89 s Danaher DHR 242.27 -3.63 MagellanMid MMP 41.64 -0.05 AGCO AGCO 117.65 -0.95 AtmosEnergy ATO 91.13 0.08 C3.ai AI 147.17 -6.56 FirstRepBank FRC 163.10 7.71 IcahnEnterprises IEP 63.44 1.89 PG&E PCG 11.80 ... ServiceNow NOW 585.74 -5.55 UltragenyxPharm RARE 144.34 -5.92 DaqoNewEnergy DQ 120.22 -3.61 s MagnaIntl MGA 78.45 0.55 AGNC Invt AGNC 16.43 0.08 Autodesk ADSK 308.22 3.08 CVS Health CVS 70.53 -3.68 FirstSolar FSLR 98.71 -2.04 Icon ICLR 209.31 -1.21 s PNC Fin PNC 169.91 7.64 ShawComm B SJR 17.87 0.09 UnderArmour A UAA 22.40 0.03 Darden DRI 128.93 0.48 ManhattanAssoc MANH 136.14 -3.41 s Ansys ANSS 401.86 -1.74 Autohome ATHM 137.92 1.77 CableOne CABO 2054.05 -2.74 FirstEnergy FE 31.93 0.69 IDEX IEX 197.29 -2.58 POSCO PKX 61.84 -0.15 SherwinWilliams SHW 707.42-13.63 UnderArmour C UA 18.62 -0.22 DarlingIngred DAR 70.21 1.14 ManulifeFin MFC 19.51 -0.06 s ASETech ASX 8.63 -0.05 Autoliv ALV 93.85 -0.42 s CadenceDesign CDNS 145.99 0.31 Fiserv FISV 110.20 0.21 IllinoisToolWks ITW 199.03 -1.95 s PPD PPD 38.04 0.04 ShinhanFin SHG 29.58 -0.17 Unilever UL 55.74 0.69 Datadog DDOG 107.56 -5.30 MarathonPetrol MPC 51.46 1.58 s ASML ASML 603.14 5.15 ADP ADP 166.16 -0.87 CaesarsEnt CZR 78.34 -1.90 FiveBelow FIVE 194.94 2.62 Illumina ILMN 492.55-12.21 PPG Ind PPG 137.35 -1.20 Shopify SHOP 1474.00 18.51 UnionPacific UNP 213.99 0.83 DaVita DVA 104.18 -0.81 MaravaiLifeSci MRVI 36.21 1.70 AT&T T 28.97 0.17 AutoZone AZO 1173.32 26.67 CamdenProperty CPT 106.40 -0.14 Five9 FIVN 182.74 0.82 ImperialOil IMO 20.99 0.70 PPL PPL s UnitedAirlines UAL 45.71 1.78 DeckersOutdoor DECK 323.81 0.49 Markel MKL 1082.01-24.95 28.01 ... Sibanye-Stillwater SBSW 18.85 0.97 AbbottLabs ABT 128.02 -0.21 Avalara AVLR 168.63 -5.15 CampbellSoup CPB 46.11 -0.64 s FiverrIntl FVRR 320.04 -3.06 Incyte INCY 82.13 -2.20 s s UnitedMicro UMC 10.69 -0.09 s Deere DE 317.09 4.09 MarketAxess MKTX 537.52-15.03 PRA HealthSci PRAH 126.58 -2.94 SignatureBank SBNY 215.02 0.98 AbbVie ABBV 104.20 -0.24 Avalonbay AVB 178.56 -0.95 CIBC CM 89.82 0.50 FleetCorTech FLT 270.79 6.49 Infosys INFY 17.75 -0.32 UPS B UPS 161.75 -1.64 s DellTechC DELL 79.44 -0.61 Marriott MAR 130.40 0.92 PTC PTC 146.13 3.41 SimonProperty SPG 109.98 0.72 AbCelleraBio ABCL 44.04 1.07 Avangrid AGR 46.14 -0.97 CanNtlRlwy CNI 110.13 -0.49 Flex FLEX 19.850.30 IngersollRand IR 43.57 -0.35 s UnitedRentals URI 288.08 1.86 DeltaAir DAL 44.65 1.36 Marsh&McLen MMC 114.50 1.70 Paccar PCAR 97.13 -0.87 SiriusXM SIRI 5.99 -0.10 Abiomed ABMD 322.78 -5.58 s Avantor AVTR 29.80 -0.87 CanNaturalRes CNQ 27.61 0.72 Floor&Decor FND 102.75 -1.14 Inphi IPHI 172.99 -1.88 s US Bancorp USB 48.65 1.01 DentsplySirona XRAY 54.23 -1.12 s MartinMarietta MLM 325.65 -5.18 PacBiosciCA PACB 46.37 -3.95 Skyworks SWKS 194.14 4.64 Accenture ACN 257.05 -0.42 s AveryDennison AVY 179.11 1.88 CanPacRlwy CP 365.52 0.01 FomentoEconMex FMX 71.26 1.53 Insulet PODD 282.22 -7.55 UnitedHealth UNH 324.62 -3.62 DeutscheBank DB 11.35 0.46 MarvellTech MRVL 52.94 -0.88 PackagingCpAm PKG 133.04 -0.14 s SlackTech WORK 44.28 0.59 s ActivisionBliz ATVI 102.96 -0.85 AxonEnterprise AXON 175.93-19.61 Canon CAJ 22.48 -0.46 FordMotor F 11.54 0.09 Intel INTC 62.47 0.66 UnitySoftware U 125.41 -0.66 DevonEnergy DVN 20.87 0.89 Masco MAS 53.48 -1.47 PagSeguroDig PAGS 61.51 -0.31 Smartsheet SMAR 82.30 -2.11 AdaptiveBiotech ADPT 64.21 -2.29 BCE BCE 43.73 0.06 CanopyGrowth CGC 42.13 1.82 s Fortinet FTNT 164.89 0.16 s InteractiveBrkrs IBKR 74.65 1.98 UnivDisplay OLED 248.68 10.52 DexCom DXCM 404.38 -8.18 Masimo MASI 273.52 -2.20 PalantirTech PLTR 27.84 -4.07 SmithAO AOS 59.12 -1.25 Adobe ADBE 501.64 2.80 s BHP Group BHP 75.48 5.10 s CapitalOne COF 119.80 2.45 Fortis FTS 40.67 0.12 ICE ICE 112.42 1.35 UniversalHealthB UHS 128.21 -1.07 s Diageo DEO 169.51 2.43 Mastercard MA 341.21 0.21 s PaloAltoNtwks PANW 393.24 -1.88 Smith&Nephew SNN 44.26 0.22 AdvanceAuto AAP 155.51 2.70 s BHP Group BBL 62.60 3.53 CardinalHealth CAH 51.75 -0.11 Fortive FTV 69.80 -1.72 s InterContinentl IHG 71.16 3.08 VEREIT VER 37.38 -0.42 DiamondbkEner FANG 68.97 -0.15 MatchGroup MTCH 164.86 -4.67 ParkerHannifin PH 276.22 -0.02 Smucker SJM 113.11 -1.99 AdvMicroDevices AMD 91.46 -2.31 BP BP 23.18 1.27 Carlyle CG 37.16 ... FortBrandsHome FBHS 86.00 -3.84 IBM IBM 120.07 -0.73 VF VFC 80.88 1.37 DigitalRealty DLR 137.20 -2.86 MaximIntProducts MXIM 96.16 -0.06 Paychex PAYX 88.80 -0.60 Snap SNAP 62.81 0.84 s Aegon AEG 4.64 0.15 s Baidu BIDU 326.20 13.20 CarMax KMX 122.36 -2.74 FoxA FOXA 31.73 -0.86 IntlFlavors IFF 136.89 2.83 VICI Prop VICI 27.18 -0.08 DiscoverFinSvcs DFS 95.90 2.18 McAfee MCFE 19.59 -0.99 PaycomSoftware PAYC 389.99-22.99 SnapOn SNA 188.57 -1.38 AffirmHldgs AFRM 119.15 -6.74 BakerHughes BKR 23.23 0.53 Carnival CCL 22.47 1.87 FoxB FOX 30.65 -0.80 IntlPaper IP 49.19 0.01 s VailResorts MTN 300.51 13.14 DiscoveryB DISCB 50.00 1.90 McCormick MKC 86.93 -2.72 Paylocity PCTY 201.08 -4.80 Snowflake SNOW 294.55 -4.92 s AgilentTechs A 127.95 -0.03 Ball BLL 90.18 0.50 Carnival CUK 19.37 1.71 Franco-Nevada FNV 119.26 -1.90 Interpublic IPG 24.87 0.24 Vale VALE 18.03 0.53 DiscoveryA DISCA 47.35 -0.45 McCormickVtg MKC.V 87.79 -1.25 s PayPal PYPL 304.79 6.42 SOQUIMICH SQM 57.46 0.79 AgnicoEagle AEM 63.87 -2.81 BallardPower BLDP 33.75 -2.24 CarrierGlobal CARR 37.41 0.13 FranklinRscs BEN 28.08 0.46 s Intuit INTU 422.26 8.27 ValeroEnergy VLO 66.96 2.22 s DiscoveryC DISCK 40.50 -0.25 McDonalds MCD 215.03 1.13 s Pegasystems PEGA 146.01 -0.70 SolarEdgeTech SEDG 331.35 0.46 s BancoBilbaoViz BBVA 5.44 0.12 s Carvana CVNA 296.25 0.20 FreeportMcM FCX 32.90 1.67 IntuitiveSurgical ISRG 791.95-15.86 s VarianMed VAR 176.15 0.03 Agora API 102.06 -4.08 Disney DIS 186.35 -1.32 McKesson MCK 180.80 -1.44 Peloton PTON 145.88 -8.79 Sony SNE 114.97 1.44 BancoBradesco BBDO 4.20 0.04 s Catalent CTLT 122.78 -2.49 FreseniusMed FMS 37.14 0.13 Invitae NVTA 49.07 -2.79 s Vedanta VEDL 10.65 0.34 AirProducts APD 260.73 0.18 DocuSign DOCU 264.69 1.39 MedicalProp MPW 22.20 -0.30 PembinaPipeline PBA 27.96 0.21 Southern SO 59.30 -0.80 s BancodeChile BCH 23.11 0.98 s Caterpillar CAT 202.38 4.39 FuelCell FCEL 23.81 -2.39 InvitatHomes INVH 30.92 -0.08 s VeevaSystems VEEV 318.09 0.06 Airbnb ABNB 209.86 -2.82 DolbyLab DLB 94.85 0.41 s Medtronic MDT 119.68 -0.06 PennNational PENN 115.26 -3.56 s SoCopper SCCO 73.02 0.56 BancSanBrasil BSBR 7.60 0.04 Celanese CE 131.12 -1.61 Futu FUTU 191.00 43.43 iQIYI IQ 25.11 -1.35 Ventas VTR 50.33 -0.39 AkamaiTech AKAM 98.88 -2.71 DollarGeneral DG 200.23 1.63 MelcoResorts MLCO 18.44 0.64 Pentair PNR 54.82 1.19 SouthwestAir LUV 51.96 0.62 s Cemex CX 6.51 -0.17 IronMountain IRM 32.97 -0.20 VeriSign VRSN 198.15 -4.24 Albemarle ALB 162.20 -2.44 BcoSantChile BSAC 23.96 1.51 DollarTree DLTR 107.65 -0.72 MercadoLibre MELI 1939.87 -3.13 Penumbra PEN 277.60 -0.72 Splunk SPLK 169.30 -4.03 CenovusEnergy CVE 6.94 0.19 G H I ItauUnibanco ITUB 5.18 0.01 VeriskAnalytics VRSK 188.36 -1.14 Alcon ALC 74.10 ... BancoSantander SAN 3.56 0.15 DominionEner D 71.13 -0.74 Merck MRK 74.25 -0.75 PepsiCo PEP 134.38 0.51 Spotify SPOT 353.73 14.03 Centene CNC 58.19 -1.01 Verizon VZ 54.15 -0.05 AlexandriaRlEst ARE 170.60 -2.46 BanColombia CIB 35.90 -0.55 Domino's DPZ 377.92 -7.25 s GDS Holdings GDS 113.47 -1.40 s MetLife MET 56.01 0.34 PerkinElmer PKI 146.49 -4.08 s Square SQ 276.02 3.27 CenterPointEner CNP 21.54 0.16 J K L VertxPharm VRTX 210.27 -3.71 AlexionPharm ALXN 156.69 -1.70 BankofAmerica BAC 34.27 0.90 DoorDash DASH 212.17 9.20 GFLEnvironmental GFL 28.56 -0.25 MettlerToledo MTD 1190.83-29.83 PetroChina PTR 35.10 3.03 StanleyBlackDck SWK 171.66 -3.91 CentraisElBras EBR 5.42 -0.09 s ViacomCBS A VIACA 59.27 1.01 Alibaba BABA 270.70 2.85 BankofMontreal BMO 77.49 0.63 Dover DOV 121.65 -1.08 GSXTechedu GSX 108.67 4.80 s JD.com JD 103.43 4.12 s MicrochipTech MCHP 162.24 2.69 PetroleoBrasil PBR 10.70 0.15 Starbucks SBUX 106.15 0.85 CeridianHCM CDAY 97.37 -0.34 ViacomCBS B VIAC 59.14 0.83 AlignTech ALGN 614.21 4.63 BankNY Mellon BK 42.75 0.82 Dow DOW 58.75 0.60 Gallagher AJG 117.67 0.99 s Joyy YY 147.80 12.54 s MicronTech MU 87.74 -0.27 PetroleoBrasilA PBR.A 10.69 0.13 StateStreet STT 75.46 1.96 Cerner CERN 72.75 -2.20 Viatris VTRS 18.34 0.10 Alleghany Y 601.56 -7.52 BkNovaScotia BNS 56.14 0.22 DrReddy'sLab RDY 64.02 -1.88 Gaming&Leisure GLPI 44.10 0.06 s JPMorganChase JPM 144.65 3.40 s Microsoft MSFT 243.70 -1.29 Pfizer PFE 34.69 -0.03 SteelDynamics STLD 41.19 1.86 s CharlesRiverLabs CRL 286.74 -6.06 Vipshop VIPS 33.57 0.48 Allegion ALLE 109.81 -8.45 Barclays BCS 8.67 0.60 DraftKings DKNG 60.50 -0.57 Gap GPS 23.27 0.18 JackHenry JKHY 146.24 0.60 MicroStrategy MSTR 955.00-79.31 PhilipMorris PM 86.00 -0.12 Stellantis STLA 16.33 0.13 CharterComms CHTR 618.47 5.02 VirBiotech VIR 67.38 -2.33 AlliantEnergy LNT 47.82 -0.47 BarrickGold GOLD 21.70 -0.45 Dropbox DBX 24.49 -0.02 s Garmin GRMN 132.48 1.78 JacobsEngg J 113.23 -1.67 MidAmApt MAA 138.44 0.30 Phillips66 PSX 79.39 2.16 Steris STE 182.50 -0.50 CheckPoint CHKP 117.80 -2.92 VirginGalactic SPCE 50.36 -4.17 Allstate ALL 103.21 -1.22 BauschHealth BHC 31.32 0.09 DukeEnergy DUK 88.38 -1.44 Gartner IT 178.77 -4.16 s JamesHardie JHX 32.06 -0.02 MiratiTherap MRTX 201.94 -7.81 s Pinduoduo PDD 202.81 6.22 StitchFix SFIX 84.40 -0.66 s s Chegg CHGG 112.00 -1.51 Visa V 207.90 -2.06 AllyFinancial ALLY 42.59 0.58 BaxterIntl BAX 77.80 -0.93 DukeRealty DRE 41.39 -0.19 s Generac GNRC 350.53 23.69 JazzPharma JAZZ 166.49 -1.03 s MitsubishiUFJ MUFG 5.36 0.23 PinnacleWest PNW 76.02 -0.17 s STMicroelec STM 42.48 -0.31 Chemed CHE 495.21-13.84 Vistra VST 21.91 0.58 AlnylamPharm ALNY 153.81 -4.11 BectonDicknsn BDX 257.34 1.02 Dun&Bradstreet DNB 23.76 0.27 GeneralDynamics GD 163.32 -1.51 J&J JNJ 165.07 -1.51 MizuhoFin MFG 3.06 0.08 s Pinterest PINS 89.15 5.11 s StoneCo STNE 93.81 1.67 s s CheniereEnergy LNG 68.60 0.98 VMware VMW 143.19 -1.94 Alphabet A GOOGL 2110.70 15.67 s BeiGene BGNE 382.12 1.34 DuPont DD 70.99 -0.48 GeneralElec GE 11.97 0.24 s JohnsonControls JCI 53.00 -0.58 MobileTeleSys MBT 8.87 -0.04 PioneerNatRscs PXD 136.16 3.87 Stryker SYK 247.86 -0.29 s CheniereEnerPtrs CQP 40.35 0.35 Vodafone VOD 18.73 0.03 Alphabet C GOOG 2121.90 17.79 BentleySystems BSY 48.54 0.25 Dynatrace DT 52.97 -0.56 GeneralMills GIS 56.29 -0.83 JuniperNetworks JNPR 24.45 -0.80 Moderna MRNA 178.53 -5.21 PlainsAllAmPipe PAA 8.68 0.25 s SumitomoMits SMFG 7.19 0.22 Chevron CVX 93.13 1.87 VulcanMatls VMC 162.45 -2.05 AlticeUSA ATUS 33.86 -0.74 Berkley WRB 68.01 0.13 ENI E 22.07 0.37 GeneralMotors GM 53.46 -0.14 KB Fin KB 40.37 -0.55 MohawkInds MHK 171.11 1.83 Playtika PLTK 33.73 -0.08 SunComms SUI 149.69 0.90 s s Chewy CHWY 114.74 -3.95 Altria MO 43.41 0.01 BerkHathwy A BRK.A3693334333.00 EOG Rscs EOG 63.10 2.08 Genmab GMAB 40.95 0.32 KE Holdings BEKE 68.00 0.68 MolinaHealthcare MOH 215.43 -0.85 PlugPower PLUG 59.00 -4.19 SunLifeFinancial SLF 48.62 -0.19 W X Y Z ChinaEastrnAir CEA 22.22 -0.03 AlumofChina ACH 9.69 0.89 s BerkHathwy B BRK.B 245.28 2.82 s EPAM Systems EPAM 394.48 -5.79 Gentex GNTX 35.66 -0.02 KKR KKR 47.95 -0.26 MolsonCoorsB TAP 44.50 0.49 Pool POOL 333.33 -4.51 SuncorEnergy SU 18.79 0.76 ChinaLifeIns LFC 10.82 0.15 Amazon.com AMZN 3268.95 -8.76 BestBuy BBY 120.75 0.24 s EastWestBncp EWBC 69.15 1.97 GenuineParts GPC 101.92 2.60 s KLA KLAC 337.18 5.37 Mondelez MDLZ 54.88 -0.31 PrincipalFin PFG 54.49 0.36 SunPower SPWR 46.54 -3.27 WEC Energy WEC 81.18 -1.87 ChinaPetrol SNP 52.48 3.38 Ambev ABEV 2.88 0.09 BeyondMeat BYND 173.04 -2.41 s EastmanChem EMN 110.32 1.09 GileadSciences GILD 64.80 -2.09 KSCitySouthern KSU 211.14 1.83 MongoDB MDB 408.21-14.64 Procter&Gamble PG 127.92 0.30 SunRun RUN 77.22 -6.46 WEX WEX 223.56 2.16 ChinaSoAirlines ZNH 32.23 0.58 Amcor AMCR 11.25 -0.25 Bilibili BILI 148.84 -4.28 Eaton ETN 125.00 1.02 GSK GSK 35.65 -0.12 Kellogg K 56.86 -0.52 MonolithicPower MPWR 387.96 2.04 Progressive PGR 85.13 -1.14 s Suzano SUZ 13.54 0.36 W.P.Carey WPC 69.16 -1.23 Chipotle CMG 1484.00-43.70 s Amdocs DOX 78.07 0.48 Bill.com BILL 183.46 -6.54 EatonVance EV 72.46 0.98 GlobalPayments GPN 196.70 -0.48 KeurigDrPepper KDP 31.42 -0.35 MonsterBev MNST 92.18 0.45 Prologis PLD 106.58 -1.09 SynchronyFin SYF 37.90 0.75 WPP WPP 58.30 1.14 Chubb CB 164.56 0.40 Amedisys AMED 298.04-10.78 s Bio-Techne TECH 411.00 12.14 eBay EBAY 62.87 -0.14 Globant GLOB 223.83 -0.27 KeyCorp KEY 19.79 0.72 Moody's MCO 280.35 1.68 PrudentialFin PRU 82.76 1.90 s SyneosHealth SYNH 78.59 -2.17 Wabtec WAB 80.42 -0.11 ChunghwaTel CHT 39.23 -0.14 Amerco UHAL 506.46 6.22 Bio-RadLab A BIO 649.62-12.73 Ecolab ECL 210.91 -8.97 GlobeLife GL 93.78 -0.24 s KeysightTechs KEYS 151.07 -2.41 MorganStanley MS 76.05 1.44 Prudential PUK 38.73 1.88 s Synopsys SNPS 290.67 -1.42 WalgreensBoots WBA 49.14 -1.24 Church&Dwight CHD 81.67 -1.27 Ameren AEE 72.66 -0.62 Biogen BIIB 279.32 1.29 Ecopetrol EC 12.58 0.29 GoDaddy GDDY 85.01 -0.74 KimberlyClark KMB 130.24 -1.89 s Morningstar MORN252.61 4.71 PublicServiceEnt PEG 57.95 -0.32 Sysco SYY 76.39 0.15 Walmart WMT 145.66 1.19 ChurchillDowns CHDN 216.30 -1.14 AmericaMovil A AMOV 14.10 0.28 BioMarinPharm BMRN 84.94 -2.10 EdisonInt EIX 56.98 -0.93 GoldFields GFI 9.05 -0.43 KinderMorgan KMI 15.04 0.20 s Mosaic MOS 30.65 1.38 PublicStorage PSA 229.95 -1.91 WarnerMusic WMG 36.95 -0.41 Ciena CIEN 55.62 -0.60 AmericaMovil AMX 13.79 -0.03 BioNTech BNTX 114.38 -3.18 EdwardsLife EW 86.98 -0.67 s GoldmanSachs GS 311.96 5.64 KingsoftCloud KC 69.78 -0.57 MotorolaSol MSI 183.35 2.28 PulteGroup PHM 46.67 -1.81 T U V WasteConnections WCN 98.36 -1.00 AmerAirlines AAL 17.82 0.55 BlackKnightBKI 82.13 -5.27 Cigna CI 203.27 -3.66 ElancoAnimal ELAN 30.39 0.64 GoodRx GDRX 55.91 0.05 KinrossGold KGC 7.07 -0.31 WasteMgt WM 112.60 -0.65 NICE NICE 272.81 -4.82 Qiagen QGEN 55.21 -0.81 s TAL Education TAL 87.51 -1.59 AEP AEP 78.19 -0.42 BlackRock BLK 730.31 7.33 CincinnatiFin CINF 90.82 -1.60 Elastic ESTC 165.51 -1.39 Graco GGG 70.84 -1.03 KirklandLakeGold KL 37.05 -1.20 Waters WAT 282.51 -1.44 NIO NIO 59.23 -0.62 Qorvo QRVO 177.03 1.03 TC Energy TRP 44.55 0.02 AmerExpress AXP 130.68 1.06 Blackstone BX 70.34 0.13 Cintas CTAS 345.10 2.66 ElectronicArts EA 145.78 -1.96 Grainger GWW 369.65 -2.43 KoninklijkePhil PHG 57.58 -0.75 Watsco WSO 244.18 -3.98 NRG Energy NRG 40.59 -2.45 Qualcomm QCOM 147.16 -0.82 s TE Connectivity TEL 131.26 1.49 AmericanFin AFG 108.17 0.13 Boeing BA 217.18 6.20 CiscoSystems CSCO 46.51 -0.78 EmersonElec EMR 85.07 -0.26 Grifols GRFS 16.59 -0.11 KoreaElcPwr KEP 10.65 -0.28 Wayfair W 277.55-15.42 NVR NVR 4650.00-50.02 QuantaServices PWR 77.61 -0.26 Telus TU 20.88 -0.08 AmHomes4Rent AMH 32.19 -0.29 BookingHldgs BKNG 2184.16 33.58 Citigroup C 64.12 0.49 Enbridge ENB 34.76 0.19 GuardantHealth GH 173.24 -5.86 KraftHeinz KHC 35.36 -0.03 s Weibo WB 60.99 -0.83 s NXP Semi NXPI 195.43 1.04 QuestDiag DGX 122.08 -3.94 TJX TJX 67.50 -0.50 AIG AIG 42.15 0.75 BoozAllen BAH 81.23 -1.36 s CitizensFin CFG 42.03 1.51 EncompassHealth EHC 80.59 -1.77 Guidewire GWRE 127.65 -1.04 Kroger KR 33.66 -0.29 WellsFargo WFC 34.79 1.26 Nasdaq NDAQ 143.99 2.00 Quidel QDEL 221.94 -6.03 T-MobileUS TMUS 122.00 -1.68 AmerTowerREIT AMT 224.98 -2.21 BorgWarner BWA 43.78 1.79 CitrixSystems CTXS 136.69 -0.99 EnelAmericas ENIA 7.86 0.01 HCA Healthcare HCA 174.00 0.49 L Brands LB 49.21 1.99 Welltower WELL 67.17 -0.34 Natera NTRA 119.86 -4.50 TRowePrice TROW 163.22 0.03 AmerWaterWorks AWK 161.57 -0.12 s BostonBeer SAM 1166.71 -0.42 Clarivate CLVT 30.17 -0.10 EnergyTransfer ET 6.96 0.14 s HDFC Bank HDB 83.07 0.03 LKQ LKQ 37.46 0.54 R S s WestFraserTimber WFG 73.14 -1.26 NationalGrid NGG 59.13 -0.10 s TaiwanSemi TSM 140.05 1.99 AmericoldRealty COLD 35.52 -0.12 BostonProps BXP 92.72 -1.38 Cleveland-Cliffs CLF 16.86 0.26 EnphaseEnergy ENPH 193.50-13.01 s HP HPQ 27.16 -0.33 s LPL Financial LPLA 133.06 2.82 Natura&Co NTCO WestPharmSvcs WST 295.61 1.60 19.85 0.15 RELX RELX 25.90 0.05 TakeTwoSoftware TTWO 195.79 -4.07 s Ameriprise AMP 220.19 2.11 BostonSci BSX 37.93 -0.46 Clorox CLX 183.35 -2.62 Entegris ENTG107.25 3.97 HSBC HSBC 29.77 1.97 L3HarrisTech LHX 184.49 -1.43 WesternDigital WDC 66.66 1.09 NatWest NWG 5.05 0.32 RH RH 487.31 -4.59 TakedaPharm TAK 17.55 0.01 AmerisourceBrgn ABC 103.37 -1.81 BridgeBioPharma BBIO 64.98 -2.38 Cloudflare NET 82.07 -3.88 Entergy ETR 93.75 -1.14 Halliburton HAL 20.60 0.43 LabCpAm LH 236.37 -1.89 WesternUnion WU 23.90 -0.09 NetApp NTAP 68.85 -1.01 RLX Tech RLX 23.97 -0.51 Tapestry TPR 39.06 0.75 Ametek AME 121.23 -0.52 s BrightHorizons BFAM 181.69 3.51 Coca-Cola KO 50.27 -0.42 EnterpriseProd EPD 21.92 0.13 HartfordFinl HIG 48.80 -0.81 s LamResearch LRCX 591.79 5.63 WestlakeChem WLK 88.05 0.97 NetEase NTES 126.98 -5.14 RPM RPM 85.89 -0.91 Target TGT 190.59 -0.16 Amgen AMGN 232.84 -4.37 BristolMyers BMY 59.40 -0.59 Coca-Cola Euro CCEP 52.28 0.86 Equifax EFX 174.83 -2.36 Hasbro HAS 89.43 -2.05 LamarAdv LAMR 85.94 -0.28 s WestpacBanking WBK 17.38 0.13 Netflix NFLX 557.28 0.76 s RaymondJames RJF 117.48 3.35 TataMotors TTM 22.21 -0.37 s Amphenol APH 135.74 -0.16 BritishAmTob BTI 38.68 0.65 Cognex CGNX 90.50 -3.49 Equinix EQIX 688.09-21.72 HealthcareAmer HTA 28.50 -0.49 LambWeston LW 76.72 -0.44 WestRock WRK 43.76 -0.48 Neurocrine NBIX 112.41 -1.69 RaytheonTech RTX 72.61 ... TeckRscsB TECK 20.63 0.92 s AnalogDevices ADI 160.49 -0.29 s Broadcom AVGO 489.13 2.81 CognizantTech CTSH 76.11 -0.85 Equinor EQNR 18.38 0.41 HealthpeakProp PEAK LasVegasSands LVS 57.46 1.44 s Weyerhaeuser WY 34.89 -0.15 30.15 -0.79 NewFortressEner NFE 55.60 1.01 s ColgatePalm CL 78.19 -0.24 Lear LEA 162.49 2.82 RealPage RP 86.92 0.06 TeladocHealth TDOC 291.21 -2.45 s Anaplan PLAN 83.72 1.46 BroadridgeFinl BR 146.24 -1.83 s Equitable EQH 27.99 0.64 Heico HEI 127.36 -1.18 s NewOrientalEduc EDU 196.79 0.92 WheatonPrecMet WPM 39.17 -1.04 Comcast A CMCSA 52.84 -0.39 Leidos LDOS 105.22 -2.58 RealtyIncome O 61.70 -0.76 TeledyneTech TDY 390.37 2.46 Whirlpool WHR 196.21 -3.72 AngloGoldAsh AU 22.86 -1.13 BrookfieldMgt BAM 43.69 0.74 EquityLife ELS 62.50 -0.28 Heico A HEI.A 115.07 -1.06 NYTimes A NYT 48.99 0.08 s Lemonade LMND 159.02 -4.91 Redfin RDFN 91.41 1.34 Teleflex TFX 404.50 -1.69 s Williams WMB 22.91 0.07 AB InBev BUD 64.73 1.17 BrookfieldInfr BIP 50.83 0.23 Comerica CMA 65.91 3.60 EquityResdntl EQR 67.18 -0.30 HenrySchein HSIC 70.58 1.12 NewellBrands NWL 23.79 -0.40 Lennar A LEN 88.30 -4.28 RegencyCtrs REG 52.23 -0.39 Ericsson ERIC 13.37 -0.28 Williams-Sonoma WSM 124.76 -1.85 AnnalyCap NLY 8.55 0.07 BrookfieldPropREIT BPYU 18.58 0.13 CommerceBcshrs CBSH 74.21 0.81 ErieIndemnity A ERIE 256.23 -4.04 Hershey HSY 151.38 ... Newmont NEM 57.80 -1.14 Lennar B LEN.B 72.09 -2.67 RegenPharm REGN 480.71 -4.91 TelefonicaBras VIV 9.09 0.08 WillisTowers WLTW 228.11 0.69 Anthem ANTM 289.62 -1.06 BrookfieldRenew BEPC 48.54 -1.99 CiaSiderurgica SID 6.16 0.06 EssentialUtil WTRG 46.00 -0.66 Hess HES 61.75 1.75 NewsCorp B NWS 23.20 -0.30 LennoxIntl LII 291.03 -1.83 s RegionsFin RF 20.22 0.66 Telefonica TEF 4.65 0.06 Wipro WIT 6.58 -0.15 Aon AON 227.10 -0.94 Brown&Brown BRO 44.47 -0.33 ConagraBrands CAG 33.90 -0.65 EssexProp ESS 268.14 -1.21 HewlettPackard HPE 14.30 -0.08 NewsCorp A NWSA 23.79 0.07 LeviStrauss LEVI 21.86 0.95 Repligen RGEN 221.63 -4.63 TelekmIndonesia TLK 23.14 0.02 Wix.com WIX 279.46-13.35 ApolloGlbMgmt APO 51.52 0.06 Brown-Forman A BF.A 70.73 -0.36 ConocoPhillips COP 48.85 1.69 s EsteeLauder EL 295.74 5.49 HighwoodsProp HIW 40.17 0.11 NextEraEnergy NEE 81.19 -1.94 LiAuto LI 30.40 -1.45 RepublicSvcs RSG 90.38 -0.88 s 10xGenomics TXG 192.43 -4.43 s Workday WDAY 274.87 -6.49 Appian APPN 222.71 -1.28 Brown-Forman B BF.B 76.23 -0.62 ConEd ED 70.05 -0.23 Etsy ETSY 228.32 -5.54 Hilton HLT 113.61 1.47 NielsenHoldings NLSN 23.41 -0.37 s LibertyBroadbandC LBRDK 150.39 0.78 ResMed RMD 194.10 -6.45 Tenaris TS 18.31 0.92 WynnResorts WYNN 121.42 3.57 Apple AAPL 133.19 -2.18 Bruker BRKR 63.48 2.73 ConstBrands A STZ 232.00 -9.27 EverestRe RE 240.44 -3.10 Hologic HOLX 83.43 0.45 Nike NKE 141.71 -0.41 LibertyBroadbandA LBRDA 147.65 0.98 RestaurantBrands QSR 59.30 0.25 s TencentMusic TME 28.30 1.94 XP XP 49.93 1.51 s ApplMaterials AMAT 118.35 1.65 BuildersFirstSrc BLDR 41.71 -1.71 ContextLogic WISH 26.56 -0.89 Evergy EVRG 54.42 -0.01 HomeDepot HD 275.39 -2.12 Nikola NKLA 21.94 0.11 LibertyGlobal B LBTYB 26.07 1.22 s RingCentral RNG 437.02 -6.27 s Teradyne TER 143.64 1.23 XPO Logistics XPO 122.70 1.39 Aptargroup ATR 143.60 -1.03 s Bunge BG 79.31 1.31 ContinentalRscs CLR 24.29 1.27 EversourceEner ES 83.89 -1.28 HondaMotor HMC 28.98 -0.18 NiSource NI 22.38 -0.15 LibertyGlobal A LBTYA 26.25 1.17 s RioTinto RIO 87.63 3.97 Tesla TSLA 796.22-19.90 XcelEnergy XEL 60.51 -1.03 s Aptiv APTV 155.09 -1.20 BurlingtonStrs BURL 263.30 0.64 Cooper COO 386.46 1.06 ExactSciences EXAS 154.28 -0.73 Honeywell HON 203.44 -0.13 Nokia NOK 4.13 -0.04 s LibertyGlobal C LBTYK 25.87 1.09 s RobertHalf RHI 74.76 0.98 TevaPharm TEVA 11.37 0.25 Xilinx XLNX 142.58 -3.17 Aramark ARMK 36.97 1.08 s CBRE Group CBRE 70.56 -0.77 Copart CPRT 118.14 -1.29 Exelon EXC 41.98 -0.23 s HorizonTherap HZNP 86.96 -3.57 NomuraHoldings NMR 6.20 -0.05 LibertyFormOne C FWONK 45.24 -0.23 RocketCos. RKT 20.57 -0.11 s TexasInstruments TXN 180.76 1.12 XPeng XPEV 45.01 -1.88 ArcelorMittal MT 23.96 1.14 CDW CDW 155.93 0.53 s Corning GLW 38.60 1.72 s eXpWorld EXPI 79.94 2.05 HormelFoods HRL 47.07 -1.17 Nordson NDSN 186.24 -2.03 LibertyFormOne A FWONA 40.57 -0.51 Rockwell ROK 249.72 0.54 s TexasPacLand TPL 1164.23 44.45 Xylem XYL 98.98 -0.14 ArchCapital ACGL 34.91 -0.24 CF Industries CF 45.24 0.88 s Corteva CTVA 45.28 0.91 Expedia EXPE 147.84 1.33 DR Horton DHI 78.96 -3.02 s NorfolkSouthern NSC 256.40 1.56 LibertyBraves A BATRA 28.67 -0.66 RogersComm B RCI 45.19 -0.08 s Textron TXT 51.30 0.41 s Yandex YNDX 72.77 -1.06 s ArcherDaniels ADM 56.05 0.33 CGI GIB 78.35 -0.84 CoStar CSGP900.37-39.39 ExpeditorsIntl EXPD 93.45 -3.13 HostHotels HST 15.61 0.71 NorthernTrust NTRS 98.92 0.78 LibertyBraves C BATRK 27.92 -0.58 s Roku ROKU 469.70 1.03 ThermoFisherSci TMO 500.08 -7.75 YatsenHolding YSG 23.21 -0.03 AresMgmt ARES 52.71 1.27 CH Robinson CHRW 88.50 -2.80 Costco COST 354.00 1.25 ExtraSpaceSt EXR 117.19 0.31 HowmetAerospace HWM 28.38 0.10 NorthropGrum NOC 290.88 -6.48 LibertySirius C LSXMK 42.80 -0.16 Rollins ROL 36.84 -0.75 ThomsonReuters TRI 82.31 -0.47 YumBrands YUM 105.60 0.13 arGEN-X ARGX 370.87 1.09 CME Group CME 189.41 5.04 CoupaSoftware COUP 357.52 -8.99 ExxonMobil XOM 52.04 1.52 s Huazhu HTHT 60.76 -1.16 NortonLifeLock NLOK 21.39 -0.08 LibertySirius A LSXMA 43.33 -0.24 RoperTech ROP 383.80-12.22 3M MMM 176.63 -2.07 s YumChina YUMC 64.35 1.76 s AristaNetworks ANET 318.66 -4.65 CMS Energy CMS 55.45 -0.93 Credicorp BAP 165.19 -0.54 s F5Networks FFIV 208.35 -2.27 Hubbell HUBB 166.57 1.36 Novartis NVS 91.46 -0.57 LightspeedPos LSPD 71.65 -1.37 RossStores ROST 119.93 0.84 s Toro TTC 101.44 -0.42 ZTO Express ZTO 37.42 -1.06 Novavax NVAX 262.70-27.06 EliLilly LLY 205.76 -1.53 RoyalBkCanada RY 83.85 0.24 TorontoDomBk TD 59.61 0.22 ZaiLab ZLAB 177.70 -4.87 NovoNordisk NVO 75.06 -0.76 LincolnNational LNC 54.16 1.81 RoyalCaribbean RCL 74.20 6.57 Total TOT 44.15 1.38 s ZebraTech ZBRA 486.01 8.27 Novocure NVCR 185.31 -4.34 Linde LIN 250.14 -2.54 RoyalDutchA RDS.A 40.15 1.64 ToyotaMotor TM 156.48 -4.01 Zendesk ZEN 153.68 -3.52 NuanceComms NUAN 49.00 -0.64 Dividend Changes LithiaMotors LAD 373.38 -9.20 RoyalDutchB RDS.B 38.09 1.51 s TractorSupply TSCO 161.94 2.01 s Zillow C Z 199.90 2.09 Nucor NUE 57.34 1.00 s LiveNationEnt LYV 85.01 0.84 RoyaltyPharma RPRX 47.51 -0.47 TradeDesk TTD 868.98 4.98 s Zillow A ZG 203.79 0.85 s Nutrien NTR 56.64 0.63 Dividend announcements from February 16. LloydsBanking LYG 2.17 0.15 Ryanair RYAAY 106.74 1.88 Tradeweb TW 68.28 -0.01 ZimmerBiomet ZBH 160.37 -1.01 s NVIDIA NVDA 613.21 14.76 SAP SAP 130.76 -1.17 TraneTech TT 151.28 0.35 s ZionsBancorp ZION Amount Payable / Amount Payable / LockheedMartin LMT 335.03 -2.70 51.30 1.72 S&P Global SPGI 338.33 -1.12 TransDigm TDG 572.55 -3.94 Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record Loews L 48.77 0.15 O P Q Zoetis ZTS 166.32 -0.39 s LogitechIntl LOGI 118.31 -0.28 SBA Comm SBAC 259.50 -4.44 TransUnion TRU 87.60 -7.46 ZoomVideo ZM 444.51 11.40 Increased Stocks Lowe's LOW 174.06 -3.10 ONEOK OKE 45.95 0.84 SEI Investments SEIC 57.95 0.51 Travelers TRV 147.42 1.46 ZoomInfoTech ZI 55.77 -2.07 LufaxHolding LU OReillyAuto ORLY 442.78 9.73 SK Telecom SKM 25.30 0.23 s Trex TREX 104.67 -1.61 s Zscaler ZS 223.63 -2.85 Allison Transmission ALSN 1.8 .19 /.17 Q Mar05 /Feb22 Euro Tech Holdings CLWT 5:3 /Mar03 17.43 0.46 lululemon LULU 339.85 -3.01 OakStreetHealth OSH 60.94 -4.05 SS&C Tech SSNC 65.40 -0.62 s Trimble TRMB 75.17 1.20 Zynga ZNGA 11.50 -0.10 Ameren Corp AEE 3.0 .55 /.515 Q Mar31 /Mar10 VYNE Therapeutics VYNE 1:4 /Feb16 Community Healthcare Tr CHCT 3.5 .4275 /.425 Q Mar05 /Feb25 Foreign First National Virginia FXNC 2.6 .12 /.11 Q Mar12 /Feb26 Agnico-Eagle Mines AEM 2.2 .35 Q Mar22 /Mar01 Kinsale Capital Group KNSL 0.2 .11 /.09 Q Mar12 /Feb26 Argo Group Intl Hldgs ARGO 2.8 .31 Q Mar12 /Feb26 ADVERTISEMENT Kite Realty Group Trust KRG 2.5 .17 /.15 Q Apr15 /Apr08 Banco Latinamer BLX 6.4 .25 Q Mar10 /Feb23 Louisiana-Pacific LPX 1.5 .16 /.145 Q Mar08 /Feb22 Formula Systems ADR FORTY 0.9 .47812 SA Feb17 / Moody's Corp MCO 0.9 .62 /.56 Q Mar18 /Feb25 ING Groep ADR ING ... .12362 SA Mar03 /Feb24 NextEra Energy NEE 1.7 .385 /.35 Q Mar15 /Feb26 BusinessReal Estate&Services Nexa Resources NEXA 2.5 .26427 A Mar26 /Mar12 NorthWestern NWE 4.4 .62 /.60 Q Mar31 /Mar15 West Fraser Timber WFG 0.9 .1574 Q Apr01 /Mar18 To advertise: email [email protected] or WSJ.com/classifieds Robert Half International RHI 2.0 .38 /.34 Q Mar15 /Feb25 Yamana Gold AUY 2.3 .02625 Q Apr14 /Mar31

Initial KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Terra Incm Fd VI Nts 2026 TFSA 7.1 .6806 Jun30 /Jun15 S2:1: stock split and ratio; SO: spin-off. *"+0"(&+&" 9*1'" +$'&1,. A4 Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD E06.GG -$ /%-%*/'" !7'/%&!(=% (/)7-B!'@6 5" '5::%/'!*= Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) =*(5/*+5/? ()!=&!7# 57 ,*' &%D%=52:%7+ 5225/+)7!+?1 Tuesday, February 16, 2021 Closing Chg YTD SPDR DJIA Tr DIA 315.58 0.17 3.2 Closing Chg YTD ETF Symbol Price (%) (%) SPDR S&PMdCpTr MDY 462.79 –0.17 10.2 SPDR S&P 500 SPY 392.30 –0.09 4.9 ETF Symbol Price (%) (%) iShMSCIJapan EWJ 71.86 0.43 6.4 SPDR S&P Div SDY 111.13 –0.04 4.9 ARKInnovationETF ARKK 155.12 –0.93 24.6 iShNatlMuniBd MUB 117.54 –0.24 0.3 TechSelectSector XLK 138.14 –0.32 6.2 CnsmrDiscSelSector XLY 169.58 –0.43 5.5 iSh1-5YIGCorpBd IGSB 55.04 –0.07 –0.2 UtilitiesSelSector XLU 61.92 –1.12 –1.2 CnsStapleSelSector XLP 65.57 –0.18 –2.8 iShPfd&Incm PFF 37.76 –0.50 –1.9 VanEckGoldMiner GDX 34.09 –1.98 –5.4 EnSelectSectorSPDR XLE 45.79 2.51 20.8 iShRussell1000Gwth IWF 253.49 –0.47 5.1 VangdInfoTech VGT 379.14 –0.39 7.2 FinSelSectorSPDR XLF 32.06 1.71 8.8 iShRussell1000 IWB 223.69 –0.15 5.6 VangdSC Val VBR 158.25 11.3 HealthCareSelSect XLV 116.12 –0.99 2.4 iShRussell1000Val IWD 144.91 0.17 6.0 0.18 IndSelSectorSPDR XLI 90.21 –0.10 1.9 iShRussell2000Gwth IWO 329.01 –1.45 14.8 VangdSC Grwth VBK 298.48 –1.18 11.5 InvscQQQI QQQ 335.54 –0.27 6.9 iShRussell2000 IWM 225.83 –0.63 15.2 VangdExtMkt VXF 186.64 –0.53 13.3 InvscS&P500EW RSP 135.41 0.07 6.2 iShRussell2000Val IWN 152.31 0.23 15.6 VangdDivApp VIG 142.74 –0.43 1.1 iShCoreDivGrowth DGRO 46.18 –0.02 3.0 iShRussellMid-Cap IWR 74.12 –0.24 8.1 VangdFTSEDevMk VEA 49.90 0.60 5.7 ;8.G ")( 2*/@B*?6D*==%? D!%B EG>08 *' 7%*/ !F;E <-/3G3 B!+" VangdFTSE EM VWO 56.35 0.28 12.5 iShCoreMSCIEAFE IEFA 72.98 0.73 5.6 iShS&P500Growth IVW 67.03 –0.33 5.0 C'=%D%=*7&A6 5" ,,E0. *&&!+!57*= *''%-- 5$$ '*/2%7+%/ /&> iShCoreMSCIEM IEMG 69.46 0.27 12.0 iShS&P500Value IVE 134.05 0.21 4.7 VangdFTSE Europe VGK 63.35 0.96 5.2 VangdFTSEAWxUS VEU 62.75 0.48 7.5 iShCoreMSCITotInt IXUS 72.38 0.58 7.7 iShShortTreaBd SHV 110.52 ... –0.0 5$$%1%& ?!-" *3+(6=@08:::2 1%/%1)% 31!'% 5$ 57<>64,08:::2 iShCoreS&P SC IJR 106.38 –0.23 15.8 iSh1-3YTreasuryBd SHY 86.34 –0.03 –0.0 VangdHiDiv VYM 96.02 0.28 4.9 iShS&PTotlUSStkMkt ITOT 91.82 –0.08 6.5 iSh7-10YTreasuryBd IEF 116.94 –0.72 –2.5 VangdIntermBd BIV 91.20 –0.60 –1.8 D=<< ;CU:KCU:=>? C<<"AOU@Q C:> @8:@O=K= A<8@Q? %1@=<<=:K @8;;=O@UC< >=G=<86;=:K NUK= 2UK$ -O==2C0 iShCoreUSAggBd AGG 116.03 –0.47 –1.8 iSh20+YTreasuryBd TLT 144.87 –1.52 –8.2 VangdIntrCorpBd VCIT 95.62 –0.57 –1.6 7I?).. F# -8O;=O F$=O2U: DU<=;8&OC6$U@N? $U&$ iShSelectDividend DVY 104.20 0.91 8.3 iShRussellMCGrowth IWP 111.03 –0.91 8.2 VangdLC VV 185.17 –0.12 5.4 >=G=<86;=:K KOC-+@ @8H:KN 8- J)Q4L>C0?C>SC@=:K K8 T;COK P R@'8:C<>3N? C@O8NN -O==2C0 -O8; *OH:N2U@Q ,HK8 iShESGAwareUSA ESGU 90.87 –0.11 5.6 iShUSTreasuryBdETF GOVT 26.76 –0.45 –1.8 VangdMC VO 223.21 –0.16 8.0 VangdMBS VMBS 53.86 –0.24 –0.4 =16C:NU8:5 (I"@CO 6COQU:&? $=CG0 682=O C:> RCOK C:> NHOO8H:>=> A0 O=KCU< C:> O=NKCHOC:KN5 E=OOU+@ iShEdgeMSCIMinUSA USMV 67.54 –0.72 –0.5 JPM UltShtIncm JPST 50.80 –0.02 0.0 =CNU<0 >UGUNUA<= -8OU:@HACK8O NK0<= 6O86=OK05 8668OKH:UK0 -8OK$= CNKHK= @8;;=O@UC< >=G=<86=O5 iShEdgeMSCIUSAMom MTUM 177.58 –0.26 10.1 PIMCOEnhShMaturity MINT 102.12 –0.02 0.1 VangdRealEst VNQ 88.90 –0.77 4.7 iShEdgeMSCIUSAQual QUAL 119.47 –0.28 2.8 SPDR BlmBarcHYBd JNK 109.40 –0.22 0.4 VangdS&P500ETF VOO 360.71 –0.09 5.0 57./!-% !7/3%'-!57/ 5$$ /!-% &+%.&!48E>;0GG iShMSCI ACWI ACWI 96.52 0.19 6.4 SchwabUS LC SCHX 96.09 –0.15 5.7 VangdTotIntlStk VXUS 64.68 0.45 7.5 iShMSCI EAFE EFA 76.86 0.72 5.3 SchwabUS LC Grw SCHG 136.16 –0.39 6.0 VangdTotalStk VTI 207.12 –0.18 6.4 2+..+ ',//"*'1+0 !'2+*&#"00 +$'&1,.( ! iShMSCI EAFE SC SCZ 72.80 0.55 6.5 SchwabUS SC SCHA 101.43 –0.57 14.0 VangdTotlWrld VT 98.71 0.13 6.6 /1'2+"0 )"*0+.%- ++*"- ,2 +$'&1,.""* iShMSCIEmgMarkets EEM 57.94 0.24 12.1 Schwab US TIPs SCHP 61.82 –0.48 –0.4 VangdValue VTV 124.66 0.15 4.8 P2JW048000-0-B00800-1------NS

B8 | We dnesday, February 17, 2021 NY THE WALL STREET JOURNAL.

NEW HIGHS AND LOWS WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest session. %CHG-Daily percentage change from the previous trading session. EnergyFuels UUUU 6.45 5.9 HlthcrSvcsWt HCARW 1.87 9.5 MP Materials MP 41.74 15.6 OxfordIndustries OXM 77.17 -0.4 SesenBio SESN 3.54 7.9 2U TWOU 59.74 -2.0 EnergyFuelsWt UUUU.WS 4.07 5.9 HercHoldings HRI 76.20 -2.3 MP Matls Wt MP.WS 28.17 19.2 OysterEnts OSTRU 10.40 0.1 7GC VIIAU 11.04 1.1 UBS Group UBS 15.91 3.0 EnergyRecovery ERII 15.51 1.5 HiltonGrandVac HGV 37.03 1.4 MSA Safety MSA 172.81 0.6 PDC Energy PDCE 30.25 2.3 SharpSpring SHSP 26.77 9.2 UMB Fin UMBF 80.53 1.6 Tuesday, February 16, 2021 EnLinkMid ENLC 4.82 3.5 HinghamSvg HIFS 259.80 -3.0 MagnaIntl MGA 80.57 0.7 PLBY Group PLBY 16.58 10.8 Sibanye-Stillwater SBSW 19.28 5.4 USA Truck USAK 15.51 8.5 52-Wk % 52-Wk % 52-Wk % Entravision EVC 3.60 -2.3 HireQuest HQI 15.27 15.2 MagnaChipSem MX 20.31 1.9 PNC Fin PNC 171.00 4.7 SifyTech SIFY 5.89 20.2 US Lime&Min USLM 140.65 ... Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ePlus PLUS 96.96 -1.9 HomeBancShares HOMB 23.79 1.3 MagnoliaOil MGY 10.43 2.7 PPD PPD 38.76 0.1 Sigmatron SGMA 6.77 3.7 US Silica SLCA 10.22 3.5 EpsilonEnergy EPSN 4.44 12.1 HomeStreet HMST 42.32 1.1 MarathonPatent MARA 45.26 13.3 PacificPremBncp PPBI 38.64 0.7 SignatureBank SBNY 223.12 0.5 USWellServicesA USWS 2.29 41.5 BHP Group BHP 76.20 7.2 ChurchillCapIV CCIV 55.00 31.8 Equitable EQH 28.24 2.3 HorizonAcqn HZAC.U 12.65 -1.0 Marchex MCHX 3.38 -0.6 PagerDuty PD 58.36 -2.1 SignifyHealth SGFY 39.85 -0.7 USWellServicesWt USWSW 0.34 56.7 Highs BHP Group BBL 63.24 6.0 ChurchillCapVI CCVI.U 12.07 3.2 EsteeLauder EL 297.55 1.9 HorizonII A HZON 11.30 0.3 MartinMarietta MLM 333.99 -1.6 PaloAltoNtwks PANW 399.76 -0.5 Silicom SILC 59.27 12.3 UltaBeauty ULTA 330.89 2.5 BK Tech BKTI 4.58 -0.5 ChurchillCapVII CVII.U 11.00 1.6 EucratesBio EUCRU 11.00 0.5 HorizonTechFin HRZN 14.64 1.8 MatadorRscs MTDR 20.75 1.2 PampaEnergia PAM 15.12 4.2 SiliconLab SLAB 157.63 -0.4 UltraClean UCTT 51.43 6.6 AceConvergence ACEV 13.50 2.6 BTRS Wt BTRSW 8.36 31.4 Chuy's CHUY 43.44 4.4 EuroTech CLWT 7.30 20.0 HorizonTherap HZNP 91.76 -3.9 Materialise MTLS 87.40 -8.6 PangaeaLogistics PANL 3.90 9.3 SiliconMotion SIMO 64.40 -4.1 Unifirst UNF 241.16 -0.6 AceConvergence ACEVU 15.00 4.1 BTRS BTRS 19.76 9.0 CimarexEnergy XEC 54.36 3.4 EuronetWorldwide EEFT 151.63 -0.4 Huami HMI 19.71 5.2 Matson MATX 74.26 0.5 ParTechnology PAR 85.25 -0.3 SilverSpikeUn SSPKU 34.50 4.8 Unisys UIS 26.79 -1.6 ACM Research ACMR 144.81 3.5 Baidu BIDU 326.50 4.2 CitizensFin CFG 42.39 3.7 Euroseas ESEA 11.99 18.1 Huazhu HTHT 64.53 -1.9 MedicusSci MSACU 10.49 3.0 ParkCity PCYG 7.91 -3.5 SilverSpikeAcqnWt SSPKW 14.00 23.6 UtdCmtyBks UCBI 32.98 1.5 AECOM ACM 58.82 3.0 Bally's BALY 62.07 2.4 Civeo CVEO 20.67 -1.7 EvolvingSystems EVOL 3.55 37.0 HubSpot HUBS 529.23 5.0 Medifast MED 279.46 -0.3 PAVmed PAVM 4.77 28.3 SilverBowRscs SBOW 8.26 15.7 UnitedMicro UMC 11.28 -0.8 AES AES 29.07 1.3 BancodeChile BCH 23.15 4.4 Clarus CLAR 18.08 -0.2 eXpWorld EXPI 90.00 2.6 HumanCoAcqnWt HMCOW 3.51 21.9 Medpace MEDP 177.12 -2.7 PAVmedWtZ PAVMZ 3.03 40.5 SilvergateCapital SI 187.04 8.3 UnitedRentals URI 293.47 0.6 ALJ Regional ALJJ 2.78 52.6 BcoSantChile BSAC 24.02 6.7 Clearfield CLFD 38.75 3.3 ExperienceInvtWt EXPCW 6.20 -5.1 Huntsman HUN 29.49 -0.1 MedTechAcqnA MTAC 11.18 2.6 PayPal PYPL 309.14 2.2 SimmonsFirstNat SFNC 27.80 2.2 USComdtyIndxFd USCI 35.89 1.3 Ammo POWW 9.95 -3.9 BankOZK OZK 40.35 3.1 ClearOne CLRO 3.85 2.0 ExperienceInvtA EXPC 19.88 1.1 Hydrofarm HYFM 94.14 1.2 Medtronic MDT 120.53 -0.1 Pegasystems PEGA 148.70 -0.5 SiTime SITM 151.78 3.0 UnivElectro UEIC 61.00 -5.1 Ansys ANSS 413.19 -0.4 BankUnited BKU 40.46 1.7 ClearPtNeuro CLPT 31.29 ... ExperienceInvt EXPCU 22.98 -4.3 HysterYaleMatls HY 102.17 0.7 MercerIntl MERC 14.00 -1.0 PenskeAuto PAG 67.69 -0.6 SixFlags SIX 40.78 0.5 UpFintech TIGR 37.33 22.5 ARC Document ARC 2.60 8.1 BarHarborBkshs BHB 25.33 1.9 ClevelandBioLabs CBLI 7.73 9.9 FAT Brands FAT 11.40 4.6 IAC/InterActive IAC 265.09 -0.6 MercurityFintech MFH 8.42 31.0 PeridotAcqnA PDAC 15.74 -0.4 SiyataMobile SYTA 15.75 3.5 Upwork UPWK 60.44 0.5 ASETech ASX 9.00 -0.6 Barnes&NobleEduc BNED 8.27 -1.9 Cloudera CLDR 19.35 -2.2 FB Financial FBK 39.40 1.3 ICICI Bank IBN 18.47 0.1 MesaAir MESA 10.81 6.6 PeridotAcqnWt PDAC.WS 4.67 2.2 SiyataMobileWt SYTAW 8.40 5.0 Ur-Energy URG 1.40 19.1 ASML ASML 608.71 0.9 BeiGene BGNE 388.97 0.4 CoastalFinl CCB 23.81 1.9 F5Networks FFIV 213.80 -1.1 ICL Group ICL 6.08 3.6 MetLife MET 56.75 0.6 PeridotAcqn PDAC.U 17.98 -1.6 Skyworks SWKS 195.82 2.4 UraniumEner UEC 2.54 7.1 Azek AZEK 48.79 1.7 BerkHathwy A BRK.A 372660 1.2 CodeChainNew CCNC 8.99 26.4 FalconMineralsWt FLMNW 0.28 14.3 IdexxLab IDXX 548.58 -1.1 MetroMileWt MILEW 6.51 29.8 PermianBasin PBT 4.29 6.5 SlackTech WORK 44.57 1.4 UtzBrands UTZ 26.42 2.0 ActivisionBliz ATVI 104.53 -0.8 BerkHathwy B BRK.B 247.26 1.2 ColumbiaBanking COLB 43.99 1.0 Farfetch FTCH 71.67 0.3 ITTechPkg ITP 1.45 32.1 MicrochipTech MCHP 162.87 1.7 PershingSquare PSTH 34.10 9.1 SmartSand SND 3.40 12.9 VaalcoEnergy EGY 3.17 1.0 AdvanSix ASIX 30.32 14.2 Big5SportingGds BGFV 16.58 3.5 Comerica CMA 66.19 5.8 Fathom FTHM 56.81 -3.1 Ichor ICHR 45.97 2.5 MicronTech MU 89.22 -0.3 PershingSquWt PSTH.WS 17.00 16.1 SoYoungIntl SY 17.13 13.3 VailResorts MTN 301.26 4.6 Aegion AEGN 26.95 23.9 BigLots BIG 68.12 1.1 CommScope COMM 16.04 1.5 FedAgriMtg C AGM 84.94 -0.7 Imax IMAX 20.47 6.5 Microsoft MSFT 246.13 -0.5 PhioPharmWt PHIOW 1.16 4.6 SocialLvgI SLAC.U 10.90 ... ValmontInds VMI 229.55 0.8 Aegon AEG 4.65 3.3 Bio-Techne TECH 414.99 3.0 CompassDiversif CODI 23.79 2.3 FederalSignal FSS 36.42 0.2 iMediaBrands IMBI 9.15 6.2 MicroVision MVIS 24.18 29.4 Pinduoduo PDD 212.60 3.2 SocketMobile SCKT 35.00 538.3 VarianMed VAR 176.50 ... AehrTestSys AEHR 3.45 4.2 BioanalyticalSys BASI 16.94 2.9 CompassMnlInt CMP 69.24 5.0 FifthThirdBncp FITB 33.70 3.0 Immunic IMUX 28.21 21.6 MilestoneSci MLSS 4.24 6.3 PinnacleFinPtrs PNFP 79.21 2.5 SoCopper SCCO 75.07 0.8 VectorGroup VGR 14.53 -0.7 AffiliatedMgrs AMG 148.99 -1.3 BionanoGenom BNGO 15.69 13.6 ComputeHealth CPUH.U 11.22 -0.6 FinServAcqnWt FSRVW 5.87 -3.8 InariMedical NARI 119.16 -0.8 Mind CTI MNDO 3.11 7.4 Pinterest PINS 89.90 6.1 SouthwesternEner SWN 4.67 3.9 Vedanta VEDL 10.78 3.3 AgilentTechs A 131.08 ... BlueLinx BXC 45.09 -3.9 ComputerTask CTG 7.55 0.6 FinVolution FINV 8.05 27.0 IndependentBank IBTX 71.05 2.1 MissionProduce AVO 22.19 -2.2 PiperSandler PIPR 109.62 -1.6 SpecialOppFdPfB SPEpB 27.75 0.4 VeecoInstr VECO 22.68 -0.9 Agora API 114.97 -3.8 BoiseCascade BCC 54.37 0.4 ConcordAcqn CND.U 11.13 0.5 FirstBanCorp FBP 10.52 3.0 InnovativeIndProp IIPR 221.03 2.5 MitsubishiUFJ MUFG 5.43 4.5 Popular BPOP 63.60 0.9 SportsEntWt SEAH.WS 2.03 5.7 VeevaSystems VEEV 325.54 ... AirIndustries AIRI 2.46 8.1 BonanzaCreekEner BCEI 27.51 3.3 ConcretePumping BBCP 6.96 10.3 FirstCitizBcshA FCNCA 749.50 1.7 InspireMedical INSP 239.40 -2.6 MohawkGroup MWK 47.85 10.4 PotlatchDelt PCH 54.57 -0.4 SpragueRscs SRLP 22.83 3.1 Vertex VERX 38.87 -2.5 Airgain AIRG 29.50 5.5 BostonBeer SAM 1182.51 ... Conduent CNDT 6.05 -3.5 FirstHorizon FHN 16.26 3.3 InsteelInds IIIN 29.87 0.2 Monro MNRO 64.84 2.3 PowerREIT PW 51.95 10.9 SproutSocial 82.47 1.6 ViacomCBS A VIACA 59.52 1.7 AirNetTech ANTE 5.17 24.4 SPT BostonPrivFin BPFH 14.33 2.5 ConsonanceA CHFW 11.40 1.6 FirstInterBanc FIBK 44.51 0.9 InteractiveBrkrs IBKR 75.87 2.7 Morningstar MORN 255.75 1.9 PowerbridgeTech PBTS 4.30 -0.5 Square SQ 283.19 1.2 ViantTech DSP 69.16 4.3 AlgonquinPwr AQN 17.86 -1.4 FiskerWt 9.21 16.3 Mosaic 31.05 4.7 BoydGaming BYD 55.66 1.0 ConstBrands A STZ 242.62 -3.8 FSR.WS InterContinentl IHG 71.58 4.5 MOS ProspectCapital PSEC 7.40 0.3 StandexInt SXI 93.97 1.4 ViaviSolutions VIAV 17.13 -0.1 AllyFinancial ALLY 43.18 1.4 500.com WBAI 35.00 35.1 MoSys MOSY 6.29 22.7 BrightHorizons BFAM 182.49 2.0 ContangoO&G MCF 5.40 12.2 InterDigital IDCC 69.00 0.2 ProtagonistTherap PTGX 27.24 3.4 StarBulkCarriers SBLK 14.99 1.3 Vicor VICR 104.68 -2.5 Alpha&OmegaSem AOSL 43.00 -2.2 Brightcove 21.52 -4.9 FiverrIntl FVRR 336.00 -0.9 MrCooper COOP 32.44 3.8 BCOV Volaris VLRS 14.25 2.3 inTEST INTT 8.98 10.9 ProtectiveInsB PTVCB 23.03 52.6 StarPeakEner STPK.U 55.00 22.3 ViomiTech VIOT 9.78 2.1 Alphabet A GOOGL 2145.14 0.7 Broadcom AVGO 494.78 0.6 FlexShopper FPAY 3.95 9.4 Myomo MYO 18.88 24.4 CoreLogic CLGX 88.71 7.8 Intra-Cellular ITCI 39.62 -0.3 ProtectiveInsA PTVCA 23.10 40.9 StrPeakEnerA STPK 47.35 20.8 VirnetX VHC 8.24 ... Alphabet C GOOG 2152.68 0.8 BroadcomPfdA AVGOP 1584.34 0.5 FormFactor FORM 52.39 1.0 Napco Security NSSC 31.99 -2.3 Corning GLW 39.16 4.7 Intricon IIN 22.22 1.0 PureStorage PSTG 29.53 -2.8 StrPeakEnerWt STPK.WS 25.00 40.1 VirTra VTSI 5.75 13.1 Alphatec ATEC 16.75 1.6 Bunge BG 79.45 1.7 Forterra FRTA 21.92 0.9 NOW DNOW 10.92 4.5 Corteva CTVA 45.36 2.1 Intuit INTU 423.74 2.0 PyxisTankers PXS 4.60 93.5 Starrett A SCX 5.70 2.4 VirtusInvtPtrs VRTS 263.01 1.7 AlpineIncmProp PINE 20.19 -0.2 BurgundyTechWt BTAQW 2.48 -2.9 Fortinet FTNT 166.00 0.1 NV5Global NVEE 103.97 4.0 CostamarePfdC CMREpC 26.00 0.9 JD.com JD 105.20 4.1 PyxisTankersPfdA PXSAP 21.85 7.2 StealthGas GASS 3.32 0.6 VistaOutdoor VSTO 38.36 -1.3 AlsetEHome AEI 29.49 56.6 ButterflyNtwk BFLY 24.80 -2.4 ForwardAir FWRD 88.67 1.9 NXP Semi NXPI 200.19 0.5 Costamare CMRE 10.09 3.1 Joyy YY 148.88 9.3 PyxisTankersWt PXSAW 1.00 74.2 Stereotaxis STXS 6.00 -3.6 Vonage VG 15.72 -0.8 AltairEngg ALTR 68.58 -3.5 ButterflyNtwkWt BFLY.WS 9.98 -0.8 ForwardIndustries FORD 5.75 16.2 NanoStringTech NSTG 86.42 -5.2 CostamarePfdB CMREpB 25.50 -0.2 JPMorganChase JPM 145.32 2.4 QEP Resources QEP 3.61 -0.3 StewartInfo STC 55.42 1.3 Vuzix VUZI 17.36 1.2 AltitudeAcqn ALTUU 11.93 3.4 CAI Intl CAI 39.88 -2.3 FranklinElec FELE 77.90 0.7 NantKwest NK 34.70 8.3 Cowen COWN 34.94 0.7 j2Global JCOM 113.36 2.9 Quanterix QTRX 90.89 0.9 StifelFinancial SF 59.18 0.5 VyGlblGrowth VYGG.U 13.30 -0.5 AltitudeAcqnA ALTU 11.15 2.1 CBRE Group CBRE 71.73 -1.1 FrazierLifeA FLAC 12.39 -1.3 NatlBankHoldings NBHC 36.68 1.4 Crawford A CRD.A 9.34 -0.6 JamesHardie JHX 32.38 -0.1 Qudian QD 3.82 0.5 STMicroelec STM 43.02 -0.7 WaterstoneFinl WSBF 20.00 0.4 Ambarella AMBA 128.76 3.2 CCNeubergerII PRPB 11.27 3.5 Freshpet FRPT 173.52 -1.2 NatlEnerSvs NESR 12.49 -3.4 Crawford B CRD.B 9.00 1.2 JawsSpitfireA SPFR 12.10 -0.9 RENN Fund RCG 2.35 -0.4 StockYardsBncp SYBT 48.97 1.3 Weibo WB 63.55 -1.3 Amdocs DOX 78.28 0.6 CEVA CEVA 83.95 6.1 FriedmanInds FRD 7.72 3.8 NaturalResPtrs NRP 18.98 6.7 CreditSuisse CS 14.47 3.7 JefferiesFin JEF 29.33 0.7 REV REVG 12.29 2.4 StoneCo STNE 95.00 1.8 Welbilt WBT 15.27 2.6 AmerCarMart CRMT 137.50 1.9 CF Bankshares CFBK 19.00 2.0 GAN GAN 31.81 0.3 NaviosMaritime NMCI 7.43 2.9 CrescentPoint CPG 3.37 1.5 JohnBeanTech JBT 134.67 1.8 R1RCM RCM 31.28 0.6 StrataSkinSci SSKN 2.74 11.1 WestFraserTimber WFG 78.83 -1.7 Ameriprise AMP 221.37 1.0 CIIG MergerWt CIICW 12.63 -0.7 GATX GATX 100.63 -0.4 NaviosMaritimPf NMpG 12.00 16.0 Crocs CROX 83.20 -0.6 JohnsonControls JCI 54.06 -1.1 RackspaceTech RXT 25.76 1.1 SumitomoMits SMFG 7.26 3.2 WestAllianceBcp WAL 80.99 3.0 AmerisBancorp ABCB 47.05 1.9 CMC Materials CCMP 178.11 -0.3 GDS Holdings GDS 116.76 -1.2 NaviosMaritime NM 8.50 7.3 CrowdStrike CRWD 251.28 0.1 KCAPFinNts22 KCAPL 25.84 1.3 RadaElectronic RADA 14.73 10.1 SunCokeEnergy SXC 6.39 3.3 WestpacBanking WBK 17.43 0.8 AmkorTech AMKR 26.07 3.1 CMLifeSciWt CMLFW 12.00 -9.5 G1Therapeutics GTHX 37.07 -9.3 NaviosMariPfdH NMpH 11.62 18.5 Cullen/Frost CFR 103.69 2.7 KLA KLAC 342.21 1.6 Radcom RDCM 12.05 9.5 SuperiorDrilling SDPI 1.44 20.7 Weyerhaeuser WY 35.62 -0.4 Amphenol APH 138.20 -0.1 CNH Indl CNHI 14.98 -1.0 GSE Systems GVP 2.43 20.6 NaviosMaritime NMM 18.94 0.6 CustomersBancorp CUBI 27.50 1.0 KT KT 11.89 7.0 Rafael RFL 33.43 7.5 SuperiorIndsIntl SUP 7.39 -4.1 WhitingPetrol WLL 31.25 2.1 AmtechSystems ASYS 11.50 4.0 CONSOL Energy CEIX 11.10 5.5 G Squared I GSQD.U 11.32 1.8 Neogen NEOG 89.32 -2.2 D8 A DEH 10.52 -0.4 KVH Inds KVHI 15.29 2.0 RamacoRscs METC 4.55 15.0 Suzano SUZ 13.57 2.7 WholeEarthBrds FREE 14.29 0.7 AnalogDevices ADI 163.95 -0.2 CSW Industrials CSWI 130.98 0.6 Garmin GRMN 133.43 1.4 NeoGenomics NEO 61.57 -1.0 DMC Global BOOM 60.68 6.5 KeysightTechs KEYS 155.50 -1.6 Rambus RMBS 22.23 ... Synaptics SYNA 135.84 3.4 WideOpenWest WOW 13.04 12.0 Anaplan PLAN 86.17 1.8 Cabot CBT 50.58 1.7 GatesIndustrial GTES 16.61 1.8 NeoPhotonics NPTN 14.14 0.3 Danaher DHR 248.86 -1.5 KingswoodAcqn KWAC.U 10.79 -0.2 RangeResources RRC 11.18 7.7 SyneosHealth SYNH 81.35 -2.7 Wiley A JW.A 53.54 ... Andersons ANDE 27.77 -1.1 CadenceDesign CDNS 149.08 0.2 GencoShipping GNK 10.95 0.8 NetScout NTCT 31.91 -2.2 Danaos DAC 40.20 6.4 KiteRealty KRG 18.80 0.4 RaymondJames RJF 117.99 2.9 Synopsys SNPS 300.91 -0.5 WillametteValley WVVI 8.30 2.5 AngionBiomed ANGN 20.10 1.5 CambiumNtwks CMBM 44.66 2.8 Generac GNRC 360.18 7.2 Network1Techs NTIP 4.00 4.7 Williams 23.30 0.3 DarioHealth DRIO 31.85 -6.3 Knowles KN 21.45 0.2 Rayonier RYN 35.75 -0.6 SynovusFin SNV 42.52 2.1 WMB AnteroMidstream AM 9.52 1.2 Cameco CCJ 17.06 7.4 Genesco GCO 45.59 4.0 NewOrientalEduc EDU 199.74 0.5 Wingstop WING 172.87 -2.8 DataIO DAIO 5.95 4.2 Kopin KOPN 13.62 25.1 Realogy RLGY 18.94 0.7 TAL Education TAL 90.96 -1.8 AnteroResources AR 10.04 5.4 Camtek CAMT 30.17 1.1 Genetron GTH 31.54 -9.4 NexGenEnergy NXE 4.27 1.8 WintrustFin WTFC 70.96 1.0 Deere DE 321.67 1.3 Kraton KRA 38.36 -1.1 RealReal REAL 29.51 4.1 TE Connectivity TEL 132.65 1.1 APi Group APG 19.37 1.9 Canaan CAN 19.65 50.6 GenMarkDiagn GNMK 23.59 -4.3 NicoletBankshares NCBS 74.65 0.7 WisdomTreeInvs WETF 6.06 1.9 DelekLogistics DKL 41.86 ... KratosDefense KTOS 34.11 0.2 RedRockResorts RRR 29.53 1.4 TPIComposites TPIC 81.36 -1.5 AppliedGenetic AGTC 8.88 30.6 CapitalBancorp CBNK 15.74 1.0 Gentherm THRM 71.71 1.4 9MetersBiopharma NMTR 2.26 9.6 Workday WDAY 282.77 -2.3 DellTechC DELL 80.91 -0.8 KrystalBiotech KRYS 75.86 3.9 RegionsFin RF 20.32 3.4 TailwindAcqnA TWND 11.45 -0.2 ApplMaterials AMAT 121.13 1.4 CapitalOne COF 120.56 2.1 GeoVaxLabsWt GOVXW 4.48 4.9 NiuTech NIU 53.38 0.9 WorthingtonInds WOR 61.20 2.4 DeltaApparel DLA 28.14 -0.1 KubientWt KBNTW 6.96 87.1 ReinventTechA RTP 17.00 8.4 TailwindAcqnWt TWND.WS 2.63 6.7 AppliedMolecular AMTI 54.18 5.4 CapitalSouthwest CSWC 21.24 2.0 GermanAmerBncp GABC 36.38 1.7 nLIGHT LASR 43.18 4.6 WyndhamDest WYND 52.78 0.1 DelwindsInsWt DWIN.WS 1.40 -7.5 Kubient KBNT 16.26 46.1 ReinventTechWt RTP.WS 5.01 6.7 TaiwanSemi TSM 142.20 1.4 AptivPfdA APTVpA 181.65 -0.1 Capri CPRI 47.65 1.6 GladstoneLand LAND 18.98 ... Noodles NDLS 10.00 -0.8 XinyuanRealEst XIN 3.71 40.1 Denbury DEN 38.76 0.4 Kulicke&Soffa KLIC 51.34 5.2 ReinventTechPtrs RTP.U 17.93 8.9 TasekoMines TGB 1.85 4.8 Aptiv APTV 159.50 -0.8 Cardlytics CDLX 161.47 -1.3 GlobusMedical GMED 68.24 -0.6 NorfolkSouthern NSC 258.40 0.6 Xunlei XNET 9.97 28.2 DenisonMines DNN 1.55 34.2 KuraSushiUSA KRUS 26.69 5.8 ReinventTechZ RTPZ.U 15.80 10.2 TastemakerAcqn TMKRU 11.00 2.8 ArborRealty ABR 15.93 3.3 CarriageSvcs CSV 36.85 -3.5 GoldenEnt GDEN 22.20 4.4 NorthernStarII NSTB.U 12.11 1.2 Yandex YNDX 74.32 -1.4 DermTech DMTK 81.39 -0.8 L&F Acqn LNFA.U 11.30 2.2 ReinventTechZ A RTPZ 15.05 2.2 TechTarget TTGT 101.12 -3.3 ArcBest ARCB 57.42 -2.1 Carvana CVNA 310.80 0.1 GoldenFalconAcqnUn GFX.U 11.38 0.4 NorthernStrII A NSTB 11.62 0.6 YellowstoneAcqn YSACU 11.22 1.5 Descartes DSGX 64.82 -2.9 LG Display LPL 11.20 3.0 ReinventTechZ Wt RTPZ.WS 4.44 11.8 TeladocHealth TDOC 308.00 -0.8 ArcherDaniels ADM 56.91 0.6 CasaSystems CASA 9.72 -3.3 GoldenOcean GOGL 6.86 16.3 NorthernTechsIntl NTIC 16.98 7.3 YirenDigital YRD 6.59 16.8 Deswell DSWL 3.82 9.5 LPL Financial LPLA 133.50 2.2 Renasant RNST 39.80 2.5 10xGenomics TXG 201.70 -2.3 Arcosa ACA 65.79 0.7 CaseysGenStores CASY 213.62 1.8 GoldmanSachs GS 312.92 1.8 NovaMeasuring NVMI 85.75 0.7 YucaipaAcqn YAC.U 11.82 -0.1 Diageo DEO 170.37 1.5 LamResearch LRCX 603.60 1.0 Rent-A-Center RCII 53.68-2.8 TencentMusic TME 29.01 7.4 AristaNetworks ANET 326.20 -1.4 Catalent CTLT 127.68 -2.0 GooseheadIns GSHD 171.60 -4.6 Novanta NOVT 146.16 -0.4 YumChina YUMC 64.63 2.8 DiffusionPharm DFFN 1.78 37.1 LaredoPetrol LPI 38.26 11.4 ResoluteForest RFP 11.18 1.6 Teradyne TER 147.90 0.9 ArtiusAcqnA AACQ 14.00 24.2 CatchaInvt CHAA.U 10.70 -0.8 GoresVI A GHVI 19.20 7.3 Nutrien NTR 57.05 1.1 ZimIntShipping ZIM 21.90 2.9 Diodes DIOD 83.50 -0.4 LatticeSemi LSCC 50.05 0.4 RibbitLeapUn LEAP.U 17.00 1.1 Terex TEX 41.19 1.8 ArtiusAcqnWt AACQW 4.14 58.8 Caterpillar CAT 205.18 2.2 GoresVI Wt GHVIW 6.19 16.8 NVIDIA NVDA 614.90 2.5 ZK Intl ZKIN 6.99 12.5 DiscoveryC DISCK 41.29 -0.6 Lazydays LAZY 24.00 12.7 RibbonComms RBBN 11.25 5.7 TerraIncmVI Nts TFSA 25.25 -0.1 ArtiusAcqn AACQU 15.34 26.8 CathayGenBncp CATY 38.19 0.8 GoresVI GHVIU 20.39 9.0 OFSCapNts2026 OFSSI 25.35 -0.9 Z-WorkAcqn ZWRKU 11.24 0.5 Donaldson DCI 62.70 -2.1 LendingTree TREE 372.64 -0.1 RingCentral RNG 449.00 -1.4 TesscoTech TESS 8.52 -2.0 Asana ASAN 43.64 -1.2 CentennialRsc CDEV 3.87 4.9 GrandCanyonEduc LOPE 107.51 -1.4 OaktreeSpec OCSL 6.27 -0.3 ZebraTech ZBRA 488.53 1.7 DouYuIntl DOYU 20.54 2.5 LexinFintech LX 14.47 10.6 RioTinto RIO 88.43 4.7 TetraTech TTI 2.78 2.7 AslanPharm ASLN 4.28 10.8 CenturyAluminum CENX 15.25 -8.5 GreatAjaxNts24 AJXA 25.00 -0.1 OccidentalPetrolWt OXY.WS 12.44 7.7 Zedge ZDGE 14.80 0.2 DynexCapPfdC DXpC 25.50 0.2 LibertyGlobal C LBTYK 26.26 4.4 RiotBlockchain RIOT 61.27 20.7 TexasCapBcshs TCBI 72.69 2.8 AspenTech AZPN 162.56 -0.9 Cerecor CERC 4.32 5.6 GreatLakesDredge GLDD 15.98 0.7 Olin OLN 29.63 3.2 Zillow A ZG 212.40 0.4 EPAM Systems EPAM 402.62 -1.4 Lightbridge LTBR 10.73 7.6 RobertHalf RHI 74.83 1.3 TexasInstruments TXN 181.80 0.6 AstreaAcqn ASAXU 10.39 0.5 Cerence CRNC 139.00 -6.4 GreenPlains GPRE 27.44 0.8 ON Semi ON 42.33 1.4 Zillow C Z 208.11 1.1 EagleBancorp EGBN 47.94 1.6 LightInTheBox LITB 5.19 8.5 RockyBrands RCKY 38.00 3.5 TexasPacLand TPL 1187.40 4.0 Atkore ATKR 64.00 1.7 ChardanHlthcr2Wt CHAQ.WS 1.75 3.2 Greenbrier GBX 47.14 0.1 OncternalTherap ONCT 8.33 9.5 ZionsBancorp ZION 51.81 3.5 EagleBulkShip EGLE 30.50 5.0 LionGroupWt LGHLW 0.68 ... 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THE WALL STREET JOURNAL. We dnesday, February 17, 2021 | B9

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B10 | We dnesday, February 17, 2021 * 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 31522.75 s64.35, or 0.20% Trailing P/E ratio 31.81 22.77 3932.59 t2.24, or 0.06% Trailing P/E ratio * 44.94 25.74 14047.50 t 47.97, or 0.34% Trailing P/E ratio *† 40.12 29.15 High, low, open and close for each P/E estimate * 20.75 18.64 High, low, open and close for each P/E estimate * 22.84 19.37 High, low, open and close for each P/E estimate *† 30.67 24.25 trading day of the past three months. Dividend yield 1.99 2.18 trading day of the past three months. Dividend yield * 1.49 1.79 trading day of the past three months. Dividend yield *† 0.72 0.90 All-time high 31522.75, 02/16/21 All-time high 3934.83, 02/12/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 32200 4050 14400

31000 3925 13800

29800 3800 13200

Session high 28600 3675 12600 DOWN UP Session open Close t 65-day moving average 27400 65-day moving average 3550 12000 Close Open 65-day moving average t

Session low 26200 3425 11400

Bars measure the point change from session's open 25000 3300 10800 Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. *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*1,017,514,502 58,991,010 Industrial Average 31608.63 31443.48 31522.75 64.35 0.20 31522.75 28992.41 7.8 3.0 7.7 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 589,324,616 40,070,110 Transportation Avg 13272.76 13137.29 13180.74 5.65 0.04 13180.74 10865.58 21.3 5.4 7.9 Most-active issues in late trading Decl. volume* 419,418,194 18,324,452 Utility Average 858.19 849.70 851.20 -5.90 -0.69 960.89 851.20 -11.4 -1.6 7.7 Volume After Hours Issues traded 3,325 286 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 41919.59 41559.04 41672.04 -61.19 -0.15 41919.59 21961.48 20.9 6.3 13.9 Advances 1,515 164 Cenovus Energy CVE 7,668.1 6.99 0.05 0.72 7.00 6.94 Barron's 400 946.61 936.52 937.89 -3.13 -0.33 941.02 455.11 27.6 10.1 9.1 Declines 1,745 116 Zynga ZNGA 6,031.9 11.42 -0.08 -0.70 11.73 10.98 Unchanged 65 6 Energy Transfer ET Nasdaq Stock Market 6,023.8 6.99 0.03 0.43 7.04 6.95 New highs 382 36 Nasdaq Composite 14175.12 13995.45 14047.50 -47.97 -0.34 14095.47 6860.67 44.3 9.0 24.7 ViacomCBS Cl B VIAC 5,047.9 58.09 -1.05 -1.78 59.17 58.09 New lows 90 Nasdaq-100 13879.77 13726.78 13773.77 -33.93 -0.25 13807.70 6994.29 43.0 6.9 26.7 SPDR S&P 500 SPY 4,834.0 392.43 0.13 0.03 392.61 392.10 Closing Arms† 0.56 0.57 Intl Flavors Fragrances IFF 4,513.9 137.02 0.13 0.09 137.02 136.50 S&P Block trades* 5,426 338 Intel INTC 4,449.7 62.50 0.03 0.05 62.55 62.35 500 Index 3950.43 3923.85 3932.59 -2.24 -0.06 3934.83 2237.40 16.7 4.7 12.9 Nasdaq NYSE Arca EHang Holdings ADR EH 4,342.8 56.85 10.55 22.79 57.99 39.85 MidCap 400 2563.15 2532.90 2539.23 -5.32 -0.21 2544.55 1218.55 21.5 10.1 10.1 Total volume*7,629,709,257 239,440,224 SmallCap 600 1309.05 1289.15 1293.88 -4.02 -0.31 1297.90 595.67 27.8 15.6 11.2 Percentage gainers… Adv. volume*4,864,085,965 118,215,794 Decl. volume*2,706,551,444 118,747,293 Other Indexes EHang Holdings ADR EH 4,342.8 56.85 10.55 22.79 57.99 39.85 Issues traded 4,101 1,487 Russell 2000 2310.09 2266.27 2272.89 -16.47 -0.72 2299.00 991.16 35.0 15.1 13.8 Verastem VSTM 2,397.4 2.92 0.44 17.74 3.21 2.45 Advances 2,127 672 NYSE Composite 15483.20 15370.22 15423.02 53.42 0.35 15423.02 8777.38 9.9 6.2 6.2 NTN Buzztime NTN 141.4 6.70 0.74 12.42 6.89 5.72 Declines 1,893 794 Mereo BioPharma Group ADR MREO 672.8 3.89 0.41 11.78 3.99 3.46 Value Line 634.35 627.62 629.94 0.17 0.03 629.94 305.71 15.3 10.8 4.0 Unchanged 81 21 Adaptimmune Therap ADR ADAP 271.7 7.35 0.58 8.57 9.48 6.77 NYSE Arca Biotech 6232.70 6054.94 6068.60 -164.10 -2.63 6319.77 3855.67 15.3 5.7 9.0 New highs 621 626 NYSE Arca Pharma 710.03 702.37 704.61 -4.62 -0.65 725.03 494.36 7.0 2.2 8.4 ...And losers New lows 18 60 KBW Bank 112.27 109.75 111.79 3.21 2.95 111.79 56.19 3.8 14.2 -0.6 KAR Auction Services KAR 399.8 15.30 -3.16 -17.12 18.82 14.90 Closing Arms† 0.63 0.78 § PHLX Gold/Silver 142.77 140.00 140.00 -1.72 -1.22 161.14 70.12 32.1 -2.9 18.9 Jianpu Technology ADR JT 76.4 3.36 -0.58 -14.72 3.90 3.30 Block trades* 50,510 1,269 § PHLX Oil Service 54.18 53.00 53.30 1.21 2.32 64.55 21.47 -16.5 20.2 -27.0 iBio IBIO 3,181.9 2.13 -0.20 -8.58 2.37 2.01 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3269.02 3222.44 3238.92 19.05 0.59 3238.92 1286.84 67.9 15.9 34.9 MicroVision MVIS 1,249.9 21.80 -1.92 -8.09 23.75 20.00 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 22.46 20.88 21.46 1.49 7.46 82.69 14.38 44.7 -5.7 3.3 BBL BHP Group ADR 119.6 58.19 -4.41 -7.04 62.70 58.19 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 World MSCI ACWI 685.06 –0.02 –0.003 6.0 Socket Mobile SCKT 20.68 17.44 538.27 35.00 0.76 1138.3 EHang Holdings ADR EH 46.30 -77.79 -62.69 129.80 7.59 284.9 0.15 MSCI ACWI ex-USA 350.01 0.53 7.2 SOS ADR SOS 11.84 4.40 59.14 13.69 0.51 548.3 Washington Prime Group WPG 7.49 -4.59 -38.00 26.64 4.41 -70.5 MSCI World 2828.15 –1.52 –0.05 5.1 Alset EHome International AEI 27.50 9.94 56.61 29.49 4.60 ... bluebird bio BLUE 28.44 -17.32 -37.85 89.31 26.11 -67.8 MSCI Emerging Markets 1442.17 4.45 0.31 11.7 Protective Insurance Cl B PTVCB 22.90 7.89 52.56 23.03 10.23 44.7 Cortexyme CRTX 30.72 -16.75 -35.29 72.82 26.66 -56.7 Americas MSCI AC Americas 1541.80 –1.83 –0.12 5.0 Canaan ADR CAN 19.64 6.60 50.61 19.65 1.76 241.6 Neptune Wellness NEPT 1.94 -0.86 -30.71 3.60 0.96 2.6 Canada S&P/TSX Comp 18492.72 32.51 0.18 6.1 Torchlight Engy Rscs TRCH 4.29 1.44 50.53 4.83 0.21 630.2 Inhibrx INBX 23.52 -9.97 -29.77 50.97 15.20 ... Latin Amer. MSCI EM Latin America 2417.86 1.86 0.08 –1.4 Kubient KBNT 11.09 3.50 46.11 16.26 2.10 ... AVROBIO AVRO 11.62 -4.51 -27.96 24.24 9.76 -49.0 Brazil Sao Paulo Bovespa 119428.72 … Closed 0.3 The9 ADR NCTY 56.50 17.16 43.62 59.50 2.04 491.6 Wunong Net Technology WNW 23.26 -8.93 -27.74 160.68 7.31 ... Chile Santiago IPSA 3180.43 22.52 0.71 11.3 Urban Tea MYT 4.94 1.50 43.60 14.60 1.50 0.3 Immunovant IMVT 16.17 -6.04 -27.19 53.75 8.34 -1.0 Mexico S&P/BMV IPC 44698.59 541.10 1.23 1.4 Protective Insurance Cl A PTVCA 22.90 6.65 40.92 23.10 10.95 47.7 Hepion Pharmaceuticals HEPA 2.22 -0.75 -25.25 5.22 1.00 -53.9 EMEA Stoxx Europe 600 419.20 –0.267 –0.06 5.1 BlueCity Holdings ADR BLCT 20.20 5.81 40.38 35.89 8.04 ... Avenue Therapeutics ATXI 5.35 -1.62 -23.24 12.34 2.85 -48.5 Eurozone Euro Stoxx 416.59 –0.55 –0.13 4.8 Xinyuan Real Estate ADR XIN 3.46 0.99 40.08 3.71 1.68 10.9 GRAVITY ADR GRVY 143.20 -32.20 -18.36 239.90 21.49 397.0 Belgium Bel-20 3855.51 –7.90 –0.20 6.5 Evolving Systems EVOL 3.48 0.94 37.01 3.55 0.56 274.2 Immunogen IMGN 8.62 -1.91 -18.14 10.88 1.95 40.4 500.com ADR WBAI China Liberal Educ Hldgs CLEU Denmark OMX Copenhagen 20 1511.68 –2.28 –0.15 3.2 27.02 7.02 35.10 35.00 2.51 310.6 5.20 -1.13 -17.85 10.46 3.40 ... Mercurity Fintech ADR MFH 8.40 1.99 31.05 8.42 1.00 425.0 Sphere 3D ANY 2.91 -0.57 -16.38 5.55 0.33 271.1 France CAC 40 5786.53 0.28 0.005 4.2 Germany DAX 14064.60 –44.88 –0.32 2.5 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1618.74 –1.29 –0.08 8.0 Italy FTSE MIB 23440.81 –163.50 –0.69 5.4 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 687.43 2.25 0.33 10.1 Russia RTS Index 1494.58 –1.82 –0.12 7.7 Sundial Growers SNDL 623,307 12.8 2.19 5.29 3.96 0.14 Protective Insurance Cl B PTVCB 1,469 6198 22.90 52.56 23.03 10.23 South Africa FTSE/JSE All-Share 67227.06 102.23 0.15 13.2 Torchlight Engy Rscs TRCH 255,742 1643.8 4.29 50.53 4.83 0.21 Franklin FTSE Brazil ETF FLBR 573 4594 22.36 0.20 27.12 12.49 Socket Mobile SCKT Aegion AEGN Spain IBEX 35 8153.70 –49.83 –0.61 1.0 226,018 26490.9 20.68 538.27 35.00 0.76 3,901 3798 26.57 23.87 26.95 11.40 Castor Maritime CTRM 218,485 44.5 1.40 -4.76 2.60 0.11 Peridot Acquisition Cl A PDAC 17,333 3397 13.80 -0.36 15.74 9.60 Sweden OMX Stockholm 824.00 –2.69 –0.33 7.2 DenisonMines DNN 211,635 2349.5 1.49 34.23 1.55 0.19 Sandbridge Acqn Cl A SBG 2,444 3159 10.37 -2.08 11.00 9.64 Switzerland Swiss Market 10907.60 –33.39 –0.31 1.9 Turkey BIST 100 1542.82 –19.67 –1.26 4.5 Palantir Technologies PLTR 177,676 148.5 27.84 -12.75 45.00 8.90 Invsc KBW P&C Ins KBWP 578 2513 69.03 -0.64 75.21 44.46 U.K. FTSE 100 6748.86 –7.25 –0.11 4.5 SOS ADR SOS 173,168 1003.8 11.84 59.14 13.69 0.51 VicSh USAA MSCI USA ValueULVM 207 2445 60.04 -0.27 60.49 31.93 U.K. FTSE 250 21416.37 –2.53 –0.01 4.5 Luokung Technology LKCO 154,121 2510.6 3.00 88.68 3.86 0.34 urban-gro UGRO 1,118 2002 11.79 -4.15 162.00 0.37 MICT MICT 115,042 14099.1 2.58 17.27 8.45 0.44 Churchill Cap V Cl A CCV 3,142 1773 12.15 5.65 13.88 11.13 Asia-Pacific MSCI AC Asia Pacific 220.63 1.16 0.53 10.4 Diffusion Pharmaceuticals DFFN 106,805 2751.5 1.70 37.10 1.78 0.25 Sandbridge Acquisition SBG.UT 557 1770 10.97 -3.86 12.00 9.56 Australia S&P/ASX 200 6917.30 48.38 0.70 5.0 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3655.09 … Closed 5.2 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 30746.66 573.09 1.90 12.9 Track the Markets India S&P BSE Sensex 52104.17 –49.97 –0.10 9.1 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 30467.75 383.60 1.28 11.0 global stock indexes, bond ETFs, Singapore Straits Times 2935.34 3.82 0.13 3.2 currencies and commodities at Currencies South Korea Kospi 3163.25 16.25 0.52 10.1 wsj.com/graphics/track-the-markets Taiwan TAIEX 15802.40 … Closed 7.3 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1523.11 0.39 0.03 5.1 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Tues YTD chg Tues YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004345 23015 –0.3 CREDIT MARKETS Argentina peso .0113 88.4598 5.2 Europe Brazil real .1862 5.3708 3.4 Czech Rep. koruna .04689 21.327 –0.7 Canada dollar .7881 1.2689 –0.4 Denmark krone .1628 6.1433 0.8 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001392 718.60 1.1 Euro area euro 1.2106 .8261 0.9 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000284 3526.83 3.1 Hungary forint .003375 296.30 –0.2 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007769 128.71 0.7 A consumer rate against its Five-year ARM, Rate Mexico peso .0496 20.1557 1.4 Norway krone .1185 8.4397 –1.6 benchmark over the past year 2.50% Uruguay peso .02346 42.6250 0.6 Poland zloty .2692 3.7146 –0.5 Bankrate.com avg†: 3.13% 10% Asia-Pacific Russia ruble .01359 73.606 –0.6 5-year s Sweden krona .1205 8.2954 0.8 American Airlines Federal Credit Union 2.25% One year ago 2.00 Euro Australian dollar .7752 1.2900 –0.8 adjustable-rate Switzerland franc 1.1206 .8924 0.8 4.00% Ft Worth, TX 800-533-0035 t 5 China yuan .1548 6.4581 –1.1 mortgage (ARM) 1.50 Turkey lira .1430 6.9913 –6.0 t s Hong Kong dollar .1290 7.7524 –0.01 Citadel Federal Credit Union 2.50% Ukraine hryvnia .0358 27.9500 –1.4 3.00 0 Yen India rupee .01371 72.927 –0.2 Exton, PA 800-666-0191 1.00 UK pound 1.3903 .7193 –1.7 Tradeweb ICE Indonesia rupiah .0000718 13925 –0.9 2.00 Credit Union of New Jersey 2.50% –5 Japan yen .009430 106.05 2.6 Middle East/Africa Tuesday Close 0.50 s Ewing, NJ 609-538-4061 t Kazakhstan tenge .002398 416.94 –1.0 Bahrain dinar 2.6536 .3768 –0.1 5-year Treasury WSJ Dollar Index 1.00 Haven Savings Bank 2.50% 0.00 –10 Macau pataca .1251 7.9910 unch Egypt pound .0640 15.6227 –0.8 t note yield Malaysia ringgit .2481 4.0300 0.2 Israel shekel .3085 3.2420 0.9 Hoboken, NJ 201-659-3600 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7208 1.3873 –0.3 Kuwait dinar 3.3057 .3025 –0.5 0.00 month(s) years M A M J J A S O N D J F Associated Bank, NA 2.75% Pakistan rupee .00625 159.880 –0.3 Oman sul rial 2.5976 .3850 –0.01 maturity 2020 2021 Rockford, IL 800-682-4989 Philippines peso .0207 48.317 0.6 Qatar rial .2747 3.641 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7534 1.3273 0.5 Saudi Arabia riyal .2666 3.7509 –0.02 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009029 1107.58 2.0 South Africa rand .0682 14.6596 –0.2 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0051154 195.49 5.5 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Taiwan dollar .03568 28.025 –0.2 Yield (%) 52-Week Total Return (%) Thailand baht .03338 29.960 –0.3 WSJ Dollar Index 85.45 0.24 0.29 0.52 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.19 0.20 0.19 l 1.70 -1.70 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2403.250 0.770 0.700 1.560 0.400 3.411 5.184 Money market, annual yield 0.09 0.10 0.09 l 0.50 -0.20 Five-year CD, annual yield 0.47 0.48 0.47 l 1.38 -1.09 U.S. Treasury Long, Barclays 4347.270 1.970 1.820 1.980 0.980 1.979 9.300 Commodities 30-year mortgage, fixed† 2.91 2.88 2.83 l 4.22 -1.55 Aggregate, Barclays 2253.620 1.280 1.200 2.310 1.020 3.825 5.525 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.40 2.38 2.32 l 3.43 -1.49 Fixed-Rate MBS, Barclays 2224.060 1.320 1.220 2.690 0.930 2.675 4.265 DJ Commodity Jumbo mortgages, $548,250-plus† 2.94 2.91 2.85 l 4.36 -1.82 807.98 8.73 1.09 807.98 433.70 33.23 10.44 High Yield 100, ICE BofA 3359.200 3.295 3.352 10.740 3.279 4.131 5.682 Refinitiv/CC CRB Index 2.38 187.67 106.29 11.84 Five-year adj mortgage (ARM)† 3.13 3.16 2.85 l 3.69 -1.21 187.67 1.28 7.97 Muni Master, ICE BofA 599.921 0.738 0.744 3.441 0.725 4.153 5.227 Crude oil, $ per barrel 0.58 60.05 -37.63 23.76 New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.44 60.05 0.98 15.37 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 917.899 4.565 4.459 7.480 4.295 1.530 5.104 Natural gas, $/MMBtu 3.129 0.217 7.45 3.354 1.482 57.95 23.24 banks.† Excludes closing costs. Gold, $ per troy oz. 1797.20 -24.40 -1.34 2051.50 1477.30 12.33 -5.07 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW048000-0-B01100-1------XA

THE WALL STREET JOURNAL. We dnesday, February 17, 2021 | B11

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Wheat (CBT)-5,000 bu.; cents per bu. March'22 99.8050 99.8100 99.7950 99.8000 –.0150 907,238 March 648.00 660.25 640.50 657.50 20.75 75,309 March'23 99.6600 99.6700 99.6400 99.6450 –.0350 1,043,412 Index Futures Contract Open Open High hi lo Low Settle Chg interest May 651.50 664.25 644.50 661.50 20.25 146,664 Mini DJ Industrial Average (CBT)-$5 x index Wheat (KC)-5,000 bu.; cents per bu. Currency Futures March 31584 31662 s 31373 31458 61 96,602 Copper-High (CMX)-25,000 lbs.; $ per lb. March 628.75 639.50 625.00 637.50 20.75 40,938 June 31473 31538 s 31256 31335 52 423 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Feb 3.8425 3.8460 s 3.8425 3.8480 0.0460 1,590 May 634.25 645.25 630.75 643.25 20.75 99,728 S&P 500 Index (CME)-$250 x index March .9496 .9510 t .9430 .9445 –.0083 177,646 March 3.8260 3.8450 s 3.7950 3.8340 0.0460 102,428 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 3950.30 3957.90 s 3926.60 3927.70 –3.40 24,307 June .9497 .9519 t .9440 .9454 –.0083 421 Gold (CMX)-100 troy oz.; $ per troy oz. March 140.825 142.175 139.925 140.775 –.075 13,669 June …… …3917.30 –3.50 22 Canadian Dollar (CME)-CAD 100,000; $ per CAD Feb 1820.90 1823.40 1787.30 1797.20 –24.40 3,111 April 144.950 145.800 144.050 144.600 –.125 11,599 Mini S&P 500 (CME)-$50 x index Feb .7910 .7931 .7876 .7883 .0011 496 March 1825.00 1825.20 1787.50 1797.90 –24.10 2,372 Cattle-Live (CME)-40,000 lbs.; cents per lb. March 3950.75 3959.25 s 3918.75 3927.75 –3.25 2,568,776 March .7911 .7931 .7873 .7888 .0016 150,426 April 1826.00 1827.00 1788.10 1799.00 –24.20 392,530 Feb 117.425 118.075 115.975 116.150 –1.050 7,979 June 3939.75 3948.25 s 3908.75 3917.25 –3.50 46,693 British Pound (CME)-£62,500; $ per £ Mini S&P Midcap 400 (CME)-$100 x index June 1828.00 1829.90 1791.60 1801.90 –24.10 64,030 April 125.650 126.700 s 125.300 125.800 .625 148,899 March 1.3914 1.3953 s 1.3871 1.3913 .0063 168,297 March 2559.70 2567.10 s 2529.50 2536.80 –4.90 51,461 Aug 1826.60 1831.00 1793.50 1803.90 –24.20 18,760 Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 1.3913 1.3956 s 1.3877 1.3918 .0064 3,438 June 2546.00 –5.40 1 Oct 1830.00 1833.00 1798.80 1805.40 –24.20 7,623 April 85.900 86.825 85.075 86.175 .975 102,711 Swiss Franc (CME)-CHF 125,000; $ per CHF Mini Nasdaq 100 (CME)-$20 x index Palladium (NYM) - 50 troy oz.; $ per troy oz. June 92.175 92.925 s 91.775 92.875 .975 50,643 March 1.1240 1.1280 1.1205 1.1221 .0004 47,190 March 13872.50 13900.50 s 13716.00 13767.75 –37.00 241,514 Feb …… …2386.90 5.60 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 1.1269 1.1307 1.1234 1.1249 .0004 696 June 13866.00 13888.25 s 13705.75 13756.00 –36.75 4,862 March 2391.50 2417.50 2355.00 2388.20 5.60 5,759 March 979.00 994.90 s 968.30 992.40 10.30 1,379 Mini Russell 2000 (CME)-$50 x index Australian Dollar (CME)-AUD 100,000; $ per AUD Platinum (NYM)-50 troy oz.; $ per troy oz. May 830.10 851.10 s 825.80 846.50 15.60 1,125 March 2307.90 2313.60 2261.00 2270.80 –15.60 570,240 March .7783 .7807 .7746 .7763 .0006 138,271 Feb 1277.00 20.60 3 Milk (CME)-200,000 lbs., cents per lb. June 2301.90 2308.10 2257.20 2265.90 –15.30 731 June .7786 .7809 .7750 .7766 .0005 753 April 1264.50 1348.20 s 1263.10 1279.60 20.60 67,605 Feb 15.63 15.66 15.61 15.64 .01 3,185 Mini Russell 1000 (CME)-$50 x index Mexican Peso (CME)-MXN 500,000; $ per MXN Silver (CMX)-5,000 troy oz.; $ per troy oz. March 16.55 16.73 16.51 16.70 .14 3,685 March 2243.30 2244.20 s 2227.50 2233.20 –2.60 10,421 March .04995 .05006 .04923 .04944 –.00052 156,527 Feb 27.510 27.740 27.060 27.319 –0.004 406 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index June .04943 .04957 .04878 .04897 –.00051 2,683 March 27.490 28.075 26.870 27.325 –0.003 87,651 March 2,498 2,498 2,498 2,498 –5 2,171 March 90.31 90.63 90.10 90.50 .03 34,441 Euro (CME)-€125,000; $ per € Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 2,465 2,470 t 2,401 2,428 –5 109,864 June 90.28 90.60 90.08 90.47 .04 1,117 March 1.2138 1.2177 1.2101 1.2122 –.0001 662,351 March 60.19 60.33 s 59.33 60.05 0.58 177,448 Coffee (ICE-US)-37,500 lbs.; cents per lb. June 1.2162 1.2200 1.2125 1.2145 –.0001 5,696 April 60.11 60.30 s 59.34 60.08 0.70 391,272 March 121.40 124.90 121.15 124.35 3.20 15,997 Source: FactSet May 59.90 60.02 s 59.09 59.78 0.72 272,867 May 123.35 126.85 123.00 126.20 3.15 103,035 June 59.37 59.57 s 58.65 59.32 0.72 243,332 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. July 58.90 59.01 s 58.15 58.76 0.71 154,274 March 16.54 16.77 16.49 16.73 .35 172,697 Bonds | wsj.com/market-data/bonds/benchmarks Dec 56.00 56.25 s 55.40 55.98 0.69 305,403 May 15.76 15.97 15.71 15.92 .28 402,611 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. March 1.8200 1.8308 s 1.7959 1.8144 .0430 92,241 May 29.70 29.70 29.70 29.70 …2,332 Tracking Bond Benchmarks Cotton (ICE-US)-50,000 lbs.; cents per lb. April 1.8035 1.8179 s 1.7862 1.8017 .0369 85,520 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 87.30 88.90 s 87.30 88.12 .85 17,510 March 1.7600 1.7927 s 1.7393 1.7729 .0804 60,355 May 88.68 90.42 s 88.68 89.60 .94 113,551 highs and lows for different types of bonds Orange Juice (ICE-US)-15,000 lbs.; cents per lb. April 1.8654 1.8835 s 1.8394 1.8637 .0498 107,413 Total Total Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 112.90 114.95 112.00 113.85 .95 6,035 return YTD total Yield (%) return YTD total Yield (%) May 114.55 116.75 113.60 115.75 1.35 5,260 March 3.070 3.214 s 3.012 3.129 .217 102,052 close return (%) Index Latest Low High close return (%) Index Latest Low High April 2.975 3.020 s 2.905 2.983 .107 152,592 Interest Rate Futures Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays May 2.979 3.030 s 2.923 2.995 .095 192,107 June 3.020 3.064 s 2.963 3.030 .085 67,425 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2253.19 -1.6 U.S. Aggregate 1.320 1.020 2.310 2223.98 -0.3 Mortgage-Backed 1.460 0.930 2.690 Sept 3.067 3.095 s 2.999 3.064 .070 82,883 March 198-160 198-200 195-170 195-250 –3-11.0 1,107,129 U.S. Corporate Indexes Bloomberg Barclays 2165.79 -0.6 Ginnie Mae (GNMA) 1.400 0.290 2.660 Oct 3.076 3.108 s 3.012 3.073 .067 135,683 June 194-030 –3-11.0 14,125 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 3378.76 -2.3 U.S. Corporate 1.950 1.740 4.580 1314.78 -0.2 Fannie mae (FNMA) 1.480 1.110 2.690 Agriculture Futures March 165-260 165-280 164-020 164-030 –2-02.0 1,186,112 3093.16 -0.7 Intermediate 1.230 1.080 4.400 2016.79 -0.3 Freddie Mac (FHLMC) 1.470 1.080 2.710 Corn (CBT)-5,000 bu.; cents per bu. June 164-110 164-110 162-170 162-170 –2-02.0 15,493 March 547.00 552.75 538.50 552.25 13.50 374,745 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 4934.98 -4.9 Long term 3.150 2.730 4.930 599.92 0.7 Muni Master 0.738 0.725 3.441 May 544.75 550.00 536.25 549.75 13.25 638,460 March 136-145 136-150 135-250 135-250 –24.5 3,434,118 -3.1 Double-A-rated 425.42 0.9 7-12 year 0.724 0.712 3.447 Oats (CBT)-5,000 bu.; cents per bu. June 135-125 135-130 134-225 134-225 –25.0 126,422 678.75 1.670 1.300 3.360 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 350.00 354.50 350.00 353.25 2.50 1,892 903.29 -1.9 Triple-B-rated 2.190 2.010 5.350 486.88 0.9 12-22 year 1.106 1.095 3.690 May 356.75 360.00 356.00 360.00 4.50 1,868 March 125-220 125-225 125-122 125-125 –11.2 3,450,664 Soybeans (CBT)-5,000 bu.; cents per bu. June 125-012 –12.5 72,819 High Yield Bonds ICE BofA 475.79 1.5 22-plus year 1.691 1.682 4.123 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March 1385.75 1394.00 1373.75 1384.75 12.75 195,952 502.30 1.4 High Yield Constrained 3.955 3.955 11.400 Global Government J.P. Morgan† May 1384.75 1393.25 1374.25 1385.75 14.50 274,257 March 110-157 110-158 110-150 110-152 –.7 2,257,944 Soybean Meal (CBT)-100 tons; $ per ton. June 110-148 110-150 110-140 110-142 –.9 40,342 474.10 3.8 Triple-C-rated 6.942 6.942 19.071 602.64 -2.1 Global Government 0.780 0.390 0.930 March 429.40 431.90 424.00 428.40 1.20 72,072 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 0.9 High Yield 100 843.11 -2.4 Canada 1.170 0.590 1.430 May 428.80 431.40 424.30 428.90 1.90 157,330 Feb 99.9275 99.9275 99.9250 99.9275 202,826 3359.20 3.295 3.279 10.740 Soybean Oil (CBT)-60,000 lbs.; cents per lb. April 99.9300 99.9300 99.9250 99.9250 146,148 452.84 1.2 Global High Yield Constrained 4.037 4.037 11.310 n.a. n.a. EMU§ n.a. n.a. n.a. March 46.59 47.56 s 46.58 47.27 1.23 80,387 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% France May 46.00 46.86 s 45.95 46.61 1.21 174,818 March 93-175 –1-05.5 142,217 342.67 1.5 Europe High Yield Constrained 2.564 2.464 8.183 775.25 -2.3 0.140 -0.160 0.430 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Eurodollar (CME)-$1,000,000; pts of 100% U.S Agency Bloomberg Barclays 541.13 -2.0 Germany -0.240 -0.740 -0.120 March 12.82 12.85 12.62 12.72 –.10 5,139 March 99.8325 99.8350 99.8275 99.8300 –.0050 1,195,380 May 13.10 13.12 12.90 13.01 –.09 4,629 June 99.8400 99.8450 99.8350 99.8350 –.0050 1,082,571 1855.75 -0.6 U.S Agency 0.600 0.460 1.680 293.73 -0.5 Japan 0.350 0.040 0.350 1621.98 -0.3 10-20 years 0.460 0.340 1.600 603.47 -2.4 Netherlands -0.140 -0.540 0.080 4131.58 -3.4 20-plus years 1.970 1.170 2.140 1035.47 -5.5 U.K. 0.980 0.390 1.130 Cash Prices | wsj.com/market-data/commodities Tuesday, February 16, 2021 2889.66 -1.5 Yankee 1.540 1.370 3.500 917.90 -1.7 Emerging Markets ** 4.565 4.295 7.480 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds separate from the futures price on an exchange, which reflects what the commodity might be worth in future ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan months. Tuesday Tuesday Tuesday Global Government Bonds: Mapping Yields Energy Aluminum, LME, $ per metric ton *2079.0 Wheat,No.1soft white,Portld,OR-u 7.3000 Copper,Comex spot 3.8480 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.650 Iron Ore, 62% Fe CFR China-s 166.0 Food selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.300 Shredded Scrap, US Midwest-s,m 402 Beef,carcass equiv. index Steel, HRC USA, FOB Midwest Mill-s 1200 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Metals choice 1-3,600-900 lbs.-u 196.31 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Fibers and Textiles select 1-3,600-900 lbs.-u 183.17 0.125 U.S. 2 0.121 s l 0.109 0.137 1.424 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8274 Burlap,10-oz,40-inch NY yd-n,w 0.6700 1.125 10 1.298 s l 1.199 1.097 1.587 Engelhard industrial 1796.00 Butter,AA Chicago 1.4550 Cotton,1 1/16 std lw-mdMphs-u 0.8685 Handy & Harman base 1794.25 Cheddar cheese,bbl,Chicago 149.00 5.500 Australia 2 0.114 t l 0.115 0.110 0.766 -0.7 0.6 -65.8 Cotlook 'A' Index-t *93.80 Handy & Harman fabricated 1991.62 Cheddar cheese,blk,Chicago 155.75 1.500 10 1.335 s l 1.331 1.054 1.058 4.1 12.1 -53.0 Hides,hvy native steers piece fob-u n.a. LBMA Gold Price AM *1817.45 Milk,Nonfat dry,Chicago lb. 111.50 Wool,64s,staple,Terr del-u,w n.a. 0.000 France 2 -0.624 s l -0.627 -0.621 -0.614 -74.5 -73.6 -203.7 LBMA Gold Price PM *1817.30 Coffee,Brazilian,Comp 1.1344 Krugerrand,wholesale-e 1870.13 Grains and Feeds Coffee,Colombian, NY 1.7204 0.000 10 -0.120 s l -0.154 -0.319 -0.157 -141.4 -136.4 -174.5 Maple Leaf-e 1888.11 Eggs,large white,Chicago-u 1.1350 0.000 Germany 2 -0.686 s l -0.692 -0.713 -0.656 -80.1 -208.0 Barley,top-quality Mnpls-u n.a. -80.7 American Eagle-e 1888.11 Flour,hard winter KC 16.55 Bran,wheat middlings, KC-u 185 0.000 10 -0.343 s l -0.381 -0.540 -0.398 -163.7 -159.1 -198.7 Mexican peso-e 2176.09 Hams,17-20 lbs,Mid-US fob-u n.a. Corn,No. 2 yellow,Cent IL-bp,u 5.4250 Austria crown-e 1765.60 Hogs,Iowa-So. Minnesota-u 77.56 0.050 Italy 2 -0.361 s l -0.394 -0.328 -0.199 -48.2 -50.3 -162.3 Corn gluten feed,Midwest-u,w 178.9 Austria phil-e 1888.11 Pork bellies,12-14 lb MidUS-u n.a. 0.900 10 0.567 s l 0.530 0.619 0.925 -72.7 -68.0 -66.3 Corn gluten meal,Midwest-u,w 639.4 Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.9125 Cottonseed meal-u,w 460 0.100 Japan 2 -0.127 t l -0.126 -0.124 -0.143 -24.8 -23.5 -156.7 Engelhard industrial 27.1500 Steers,Tex.-Okla. Choice-u n.a. Hominy feed,Cent IL-u,w 155 0.100 10 0.080 s l 0.080 0.036 -0.032 -113.0 -162.0 Handy & Harman base 27.1840 Steers,feeder,Okla. City-u,w n.a. -121.4 Meat-bonemeal,50% pro Mnpls-u,w 333 Handy & Harman fabricated 33.9800 0.000 Spain 2 -0.475 s l -0.503 -0.512 -0.465 -61.2 -188.9 Oats,No.2 milling,Mnpls-u 3.7275 -59.6 LBMA spot price Fats and Oils *£19.8300 Rice, Long Grain Milled, No. 2 AR-u,w 27.38 1.250 10 0.222 s l 0.199 0.052 0.287 -107.2 -101.1 -130.1 (U.S.$ equivalent) *27.5700 Corn oil,crude wet/dry mill wtd. avg.-u,w 49.5300 Sorghum,(Milo) No.2 Gulf-u 7.6225 0.125 U.K. 2 -0.026 s l -0.032 -0.130 0.547 -14.7 -14.1 -87.7 Coins,wholesale $1,000 face-a 21012 SoybeanMeal,Cent IL,rail,ton48%-u 426.90 Grease,choice white,Chicago-h 0.4000 4.750 10 0.621 s l 0.573 0.290 0.650 -67.3 -63.7 -93.8 Other metals Soybeans,No.1 yllw IL-bp,u 13.7400 Lard,Chicago-u n.a. LBMA Platinum Price PM *1288.0 Wheat,Spring14%-pro Mnpls-u 7.4375 Soybean oil,crude;Centl IL-u 0.4866 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Platinum,Engelhard industrial 1269.0 Wheat,No.2 soft red,St.Louis-u 6.9500 Tallow,bleach;Chicago-h 0.4400 Palladium,Engelhard industrial 2387.0 Wheat - Hard - KC (USDA) $ per bu-u 6.6250 Tallow,edible,Chicago-u 0.5600 Corporate Debt Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 2/15 expectations Source: Dow Jones Market Data Investment-grade spreads that tightened the most… Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Delta Airlines, Inc. Retirement Plan … 4.750 2.91 Oct. 20, ’28 161 –14 178 Money Rates February 16, 2021 British Airways IAGLN 4.250 3.49 Nov. 15, ’32 220 –10 234 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a AT&T T 4.900 3.60 June 15, ’42 151 –9 160 guide to general levels but don’t always represent actual transactions. National Australia Bank NAB 3.375 0.85 Jan. 14, ’26 32 –8 32

Week —52-WEEK— Week —52-WEEK— CNH Industrial CNHI 4.500 0.65 Aug. 15, ’23 53 –7 58 Inflation Latest ago High Low Latest ago High Low Jan. Index Chg From (%) Valero Energy VLO 6.625 3.96 June 15, ’37 187 –7 200 level Dec. '20 Jan. '20 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction Britain 0.10 0.10 0.75 0.10 –6 4 weeks 0.030 0.030 1.575 0.000 Caterpillar Financial Services … 0.800 0.73 Nov. 13, ’25 18 31 U.S. consumer price index Australia 0.10 0.10 0.75 0.10 13 weeks 0.040 0.035 1.545 0.000 All items Kellogg K 4.500 3.09 April 1, ’46 101 –6 n.a. 261.582 0.43 1.4 Overnight repurchase 26 weeks 0.060 0.050 1.510 0.050 Core 269.755 0.20 1.4 U.S. 0.08 0.03 1.65 -0.07 Secondary market …And spreads that widened the most International rates U.S. government rates Fannie Mae Athene Global Funding … 2.550 2.49 Nov. 19, ’30 124 10 126 Week 52-Week Discount 30-year mortgage yields Latest ago High Low John Deere Capital … 0.700 0.81 Jan. 15, ’26 29 5 0.25 0.25 2.25 0.25 30 days 2.103 1.984 3.017 1.751 28 Prime rates 60 days 2.139 2.016 3.081 1.804 Lloyds Banking LLOYDS 4.500 1.22 Nov. 4, ’24 100 5 104 U.S. 3.25 3.25 4.75 3.25 Federal funds Canada 2.45 2.45 3.95 2.45 Effective rate 0.0800 0.0700 1.6100 0.0600 Other short-term rates Protective Life Global Funding PL 1.170 1.00 July 15, ’25 43 4 43 Japan 1.475 1.475 1.475 1.475 High 0.0900 0.0900 1.6500 0.0900 Low 0.0200 0.0200 1.5800 0.0100 Week 52-Week Toyota Motor Credit TOYOTA 0.500 0.36 Aug. 14, ’23 24 4 25 Latest high low Policy Rates Bid 0.0700 0.0700 1.6000 0.0100 ago International Business Machines IBM 3.300 1.05 May 15, ’26 49 3 38 Euro zone 0.00 0.00 0.00 0.00 Offer 0.1000 0.1000 1.6300 0.0500 Call money 3 2.00 2.00 3.50 2.00 Morgan Stanley MS 3.950 1.55 April 23, ’27 102 92 3 Key Interest Rates Commercial paper (AA financial) Sumitomo Mitsui Financial SUMIBK 3.784 1.15 March 9, ’26 60 n.a. Data are annualized on a 360-day basis. Treasury yields are per annum, 90 days n.a. 0.10 2.53 0.04 High-yield issues with the biggest price increases… on actively traded noninflation and inflation-indexed issues that are Libor Bond Price as % of face value adjusted to constant maturities. Data are from weekly Federal Reserve One month 0.10825 0.11588 1.64700 0.10575 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week release H.15. Three month 0.18863 0.20250 1.69600 0.18863 Six month 0.20263 0.20800 1.71488 0.20075 Transocean RIG 2.55 Week Ended 6.800 16.63 March 15, ’38 44.750 43.000 52-Week Week Ended 52-Week One year 0.30263 0.30563 1.77188 0.29975 Feb 12 Feb 5High Low Feb 12 Feb 5High Low Occidental Petroleum OXY 6.450 4.96 Sept. 15, ’36 116.000 1.75 113.875 6-month Federal funds (effective) 0.06 0.07 1.56 0.06 Euro Libor 1-year 0.07 0.07 1.48 0.07 American Airlines AAL 0.81 One month -0.576 -0.579 -0.360 -0.621 5.000 9.58 June 1, ’22 94.563 94.248 0.08 0.07 1.58 0.04 2-year 0.11 0.11 1.42 0.11 Three month -0.547 -0.544 -0.142 -0.574 3-year 0.19 0.18 1.40 0.13 Continental Resources CLR 5.750 4.04 Jan. 15, ’31 113.250 0.50 112.646 Commercial paper Six month -0.535 -0.541 -0.052 -0.543 5-year 0.48 0.45 1.42 0.21 One year -0.495 -0.499 0.008 -0.511 Nonfinancial 7-year 0.82 0.80 1.51 0.39 Macy's M 7.000 7.18 Feb. 15, ’28 99.000 0.50 n.a. 1-month 0.06 0.07 1.60 0.06 10-year 1.18 1.14 1.59 0.55 2-month Secured Overnight Financing Rate Ford Motor Credit … 3.350 Nov. 1, ’22 0.49 0.07 0.07 1.57 0.07 20-year 1.78 1.72 1.90 0.99 1.70 102.750 102.250 3-month 0.09 0.08 1.84 0.08 0.05 0.02 1.64 0.01 … 0.44 Financial Seagate HDD Cayman 4.750 1.33 June 1, ’23 107.671 107.700 Treasury yields (secondary market) Value 52-Week 1-month 0.08 0.10 2.15 0.08 1-month 0.04 0.04 1.58 0.00 Latest Traded High Low Lumen Technologies LUMN 7.650 5.66 March 15, ’42 124.375 0.38 124.088 2-month n.a. 0.13 2.27 0.08 3-month 0.09 0.12 2.44 0.09 3-month 0.05 0.05 1.55 -0.01 DTCC GCF Repo Index 6-month 0.06 0.07 1.52 0.06 …And with the biggest price decreases Discount window primary credit Treasury 0.093 71.202 1.720 0.002 TIPS MBS 0.121 52.500 1.703 0.011 0.25 0.25 2.25 0.25 –1.45 5-year -1.84 -1.79 0.41 -1.84 Teva Pharmaceutical Finance Netherlands … 4.100 4.81 Oct. 1, ’46 89.550 91.300 Notes on data: 7-year -1.44 -1.41 0.35 -1.44 Treasury yields at constant Howmet Aerospace HWM 6.750 3.37 Jan. 15, ’28 120.708 –1.03 maturities 10-year -1.04 -1.03 0.35 -1.05 U.S. prime rate is the base rate on corporate n.a. 20-year loans posted by at least 70% of the 10 largest 1-month 0.04 0.04 1.61 0.01 -0.46 -0.49 0.47 -0.70 U.S. banks, and is effective March 16, 2020. Sprint S 7.125 1.97 June 15, ’24 116.510 –0.79 116.750 3-month 0.05 0.05 1.58 0.01 Long-term avg -0.37 -0.40 0.62 -0.50 Other prime rates aren’t directly comparable; lending practices vary widely by location; Embarq … 7.995 5.73 June 1, ’36 122.845 –0.78 123.750 Notes on data: Discount rate is effective March 16, 2020. Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of L Brands LB 6.750 4.82 July 1, ’36 120.803 –0.70 121.000 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by February 15, 2021. DTCC GCF Repo Index is discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Depository Trust & Clearing Corp.'s weighted Seagate HDD Cayman … 4.750 2.43 Jan. 1, ’25 108.530 –0.60 108.850 average for overnight trades in applicable primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. Bombardier BBDBCN 6.125 6.55 Jan. 15, ’23 99.250 –0.50 102.688 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Source: MarketAxess P2JW048000-6-B01200-1------XA

B12 | We dnesday, February 17, 2021 ****** THE WALL STREET JOURNAL. BANKING & FINANCE AIG Income Falls SharplyonCovid Costs

Insurer reports $178 dustry, Wall Street analysts ages to businesses and hand over his title to PeterZaf- and 7%, respectively,in“net winding down, in the second treat such mark-to-market wealthyhouseholds and is one fino, the company’spresident. premiums written,” ameasure quarter of 2020.Fortitude had million in underwriting movementsasalessimpor- of the nation’s biggest sellers Thechangeinleadership of revenue,reflecting strong contributed $70million in pre- losses tied to event, tant measure of performance of travel insurancebypre- wasannounced in October, premium-rateincreases,among taxincome in the year-earlier than adjusted earnings, which mium volume. alongwith news that AIGis other positivedevelopments. fourth quarter.AIG said the travel cancellations exclude items considered non- AIGsaid it had fourth-quar- taking steps to split off itslife- Even with the weaker econ- sale reduced itsexposureto recurring.The value of the terunderwriting losses of insurancebusinessintoasep- omyafter the pandemic began long-term liabilities and re- BY LESLIE SCISM hedges jump around based on $178 million tied to Covid-19, aratecompany. That will leave spreading,AIG is one of nu- lated interest-rate risk. changes in interest rates, eq- primarily related to travel in- it to focus on property-casu- merous big insurerstosuc- “AIG’sfourth quarter and Insuranceconglomerate uity markets, corporatecredit surance, event-cancellation in- alty insurance. cessfully raise premium rates full year 2020 operating re- American International spreads and other factors. surance and reinsurance sold Mr.Duperreault joined AIG afteryearsoffierce industry sults demonstrate the contin- Group Inc.’snet income swung Including those hedges,AIG through its Validus unit. in March 2017with the task of competition that gavecustom- ued progressweare making to to alossonmark-to-market posted anet lossof$60 mil- Thecompanyalso had $367 improving long-lagging results ers the upper hand. The com- position AIGfor long-term, adjustmentsinhedging pro- lion forthe fourth quarter, million of losses from natural in the core property-casualty petition abated as AIGand sustainableand profitable gramsprimarily forcertain down from $922million in the catastrophes including Hurri- business. Those resultsim- some other big insurersinthe growth,” Mr.Duperreault said productssold by itslife-insur- year-earlier period. Itsad- canes Sally,Zeta, Lauraand proved in recent quarters, and past couple of years cut back in the earningsrelease.“We ance unit. justed after-tax income de- Delta. AIGpointed to additional on policylimitsand took other areeffectively managing the Thecompany’sclosely clined 10%to$827 million Thenewly posted resultsre- turnaround signs as 2020 was steps to boost sagging results. impactsofCovid-19 and natu- watched adjusted income fell from $923 million. flect the last full quarter that closing. AIG’s decreased profit also ralcatastrophesand remain 10% in the fourth quarter,hurt AIG’scoregeneral insur- the companywill be runby AIGsaid itsNorth America reflectsthe sale of Fortitude well capitalized in this envi- by additional Covid-19 costs. anceunit sells arangeof Chief ExecutiveBrian Duper- and international commercial Group Holdings LLC,aunit ronment of unprecedented un- Acrossthe life-insurancein- property and casualty cover- reault. On March 1, he will lines had enjoyedgains of 10% containing product lines it was certainty.”

billion while depositstotaled Ex-Goldman AnalystIsCharged Marcus $97billion. Goldman is arela- tivelatecomer to the field of digital investment advice, which BY MARGOT PATRICK formation is of paramount im- pendent directorsonthe deal. the bank’s culture. The group Invest Site is estimated to reach $449 bil- portanceand that the bank Thecase also related to Mr.Zina worked forevaluates lion in assetsunder manage- Aformer Goldman Sachs isn’t part of the proceedings. three personal loans takenout perceived or actual conflictsof ment in 2021, according to Ce- Group Inc.analyst and his law- He said Goldman has been as- foraround $130,000 that interest in Goldman’s financ- To Launch rulli Associates. yerbrother were criminally sisting the FCA.AClifford funded the alleged insider ing, advisory work and other Startups such as Betterment chargedbythe U.K. financial Chancespokesman said Suhail trading,while purporting to activities for clients. LLC pioneered robo-advisory regulator Tuesday with fraud Zina leftin2018,and said the be forhome improvements. Tuesday’schargescome ContinuedfrompageB1 strategies morethan adecade and insider trading afteralleg- global lawfirm isn’t part of TheFCA didn’t givefurther amid criticismofthe FCA’s wherewecan be someone’spri- ago. Everyother big U.S. bank edly profiting from informa- the proceedings. details on howthe alleged handling of other recent finan- marybanking relationship, andbrokerage has some ver- tion about deals Goldman TheFCA said the charges fraud wascarried out, or the cial scandals.U.K lawmakers meaning we canbethe digital sion of an automated-investing worked on. involvestock trades in six U.K. are probing potential failings bank on your phone,” said option, though few of them dis- Mohammed Zina, 32 years companies including chip de- in the FCA’s supervision of Stephanie Cohen,who was pro- close howmuch in assetsthose old, wasananalyst in the con- signer ARM HoldingsPLC and Mohammed Zina London Capital &FinancePLC, moted to global co-head of businesses have gathered. flictsresolution group at Gold- businesslender Shawbrook an investment companythat Goldman’sconsumer and False startsmarked Gold- man Sachs when he allegedly PLC,between July 15,2016, and his lawyer went bust with morethan wealth-management division in man’searlier attemptstoex- used confidential information and Dec. 4, 2017. brother are accused $300 million in investors’ September afterastint as the pand intoretail investing.In at thebank to makethe equiv- Some of the companies money.The scandal has en- bank’s strategychief. 2016,the firm acquired an on- alent of almost $200,000,or named by the FCA in its pro- of insider trading. snared BankofEngland Gov. Amongthe betatestersfor line retirement-savingsstartup £142,000, with his brother on ceedings against the brothers Andrew Bailey, a former head the Marcus Invest app wasCEO called Honest Dollar but never stocktrades.Hepleaded not were advised by Goldman on of the FCA. David Solomon.Under Mr.Solo- fully embedded it within Gold- guilty on Tuesdaytothe takeovers during that period, Theregulator’s insider mon, Goldman has de-empha- man’sbroader suiteofservices. chargesbrought by the Finan- according to filings. Forexam- alleged roles of each brother. trading cases have also been sized riskier activities liketrad- Thedebut of Marcus Invest cial Conduct Authority. ple,onJuly 18,2016,ARM Theyounger brother criticized at times forfocusing ing bonds and derivatives in was delayedbymanymonths, His brother,Suhail Zina, 33 Holdings PLC agreed to be worked at Goldman Sachs on small fry. Earlier this week, favorofMarcus and other more in part because Goldman had yearsold and aformer lawyer takenover for$31 billion by from 2014to2018,and had it brought insider dealing predictable businesses pre- to reassign engineerstomeet a at Clifford Chance LLP, didn’t SoftBankGroup Corp., with been an intern at the bank chargesagainst two other men ferred by investors. 2019 deadline forthe release of enter aplea and his lawyer de- Goldmanacting as ARM’sfi- while at business school. in acase unrelated to Tues- In 2020,Goldman generated the Apple credit card. clined to comment. Both were nancial adviser. In June 2017, Theconflictsresolution day’s, forallegedly trading on $1.2 billion in consumer-bank- Marcus Invest is designed released on bail. Shawbrook accepted abuyout group sitswithin Goldman’s information one received ing revenue,a40% increase formainstream investorswho AGoldman Sachs spokes- offer,with Goldman providing executiveofficethat helps set through work.Those alleged from 2019.Atyear-end, con- canmeet an account minimum man said protecting client in- advicetoShawbrook’sinde- corporatestrategyand fosters profitswerearound $190,000. sumer-loan balances totaled $8 of $1,000. Fresh Wave of Defaults From Corporate China Expected

BY FRANCES YOON Chineseborrowers’defaults Yield to maturity,high-yield on dollar bonds,byfacevalue credit indexes Agap has opened up be- tween ratesonjunk bonds $8 billion 20% from China and the U.S., fuel- China ing interest in higher-yielding Chinese debt. 6 15

This year is likely to bring a S series of defaults from China PRES after astring of blowups in 4 10 2020. But some investors say TED CIA

they arebeing compensated SO AS well forthe risk—and Chinese 2 5 companies are still less likely to runintofinancial trouble U.S.

than their U.S. counterparts. HIEFELBEIN/

0 SC As of Monday, yields on an 0 0 2010 ’15 ’20 2018 ’19 ’20 ’21

ICE BofA indexofChinese off- MARK shorehigh-yield corporate Source:Fitch Ratings (defaults); ICE BofA indexesfromICE Data Services (yield) Creditors have demanded a restructuring of HNA, which could affect its ability to repay a bond. bonds stood at 9.18%, a roughly 4.5-percentage-point Mr.Sambor said he was Still, even asimilar number has defaulted on a$500 mil- lightedrisks among smaller economy,” he said. premium over U.S. yields.That happy to invest in bonds from of defaultswould mean sev- lion bond. home builderswith limited Kenneth Ho,head of Asia gulf has largely been driven by borrowers with single-B credit eral corporatecollapses.Ac- Meanwhile,creditorshave funding options and whose credit strategy research at arally pushing down U.S. ratings—around the middle of cording to FitchRatings, are- demanded arestructuring of land banks,orundeveloped lo- Goldman Sachs,said as China’s yields and contrastswith an the junk rating scale—that are cord 12 Chinese companies HNAGroup,which could af- cations,are geographically economyrecovers, the official averagedifferenceoverthe systemically important, mean- defaulted offshorelast year. fect the conglomerate’s ability close together. stanceischanging.“We’rego- past 10 years of 2.15 percent- ing they could getgovernment That affected morethan $7 to repay a $200 million bond AuthoritiesinChina have ing back to policy normaliza- age points. support if necessary. His hold- billion of bonds,also arecord. that is due this year. had to balance competing ob- tion, which means going back At the same time,about ingsinclude debt from prop- Onshore, aspateofsurprising Property developers, which jectives, such as keeping debt to the pre-Covid trend of 2.5% of Chinese offshorehigh- erty developer ChinaEver- defaults late in the year from areabig part of the Chinese undercontrol, avoiding mar- keeping leveragestable,” after yield debt by facevalue is grande Group. borrowers likechip maker offshorebond market, could ketturbulenceand supporting aperiod of easier monetary likely to default this year, ac- Likewise, Alan Siow, fixed- Tsinghua Unigroup Co. rat- be one source of stress. Regu- growth during the pandemic. conditions and forbearance cording to forecasts from JP- income portfolio manager at tled investor sentiment. latorslatelast year told banks Policymakerswill keep try- last year, he said. MorganChase &Co. credit an- Ninety One,said Chinese junk This year,financial stress to cap their real-estate expo- ing to reduceleverageinthe Mr. Ho expects the default alystsled by SooChong Lim. bonds were “particularly at- has buffeted companies in a sure, while a separate system system, but might also nudge rate to remain high, albeit Thebank’sequivalent U.S. tractive, precisely because of number of industries.Indus- of “three redlines,” widely re- banks to keep supporting trou- slightly lowerthan last year. forecast is 3.5%. the perception of increased trial-park developer China ported in the Chinese media bled borrowers,said Mark Jol- “Webelievethereisvalue in “China high yield is ex- risk of credit losses from de- Fortune Land Development’s but never formally confirmed ley, global strategist at CCB China credit broadly,but we tremely cheap versus U.S. high faults.” In contrast with that dollar bonds aretrading at by authorities, essentially re- International. “They want to saythat with abig caveat,” he yield,” said Jean-Charles Sam- market perception, Mr.Siow deeply distressed levels after quires more indebted develop- encourage more defaults, but said. “Weexpect defaultstobe bor, head of emerging-markets said he didn’t expect a mean- it missed some onshoreloan ers to cut their debts. they don’t want to have a elevated. We likethe sector,as fixed income for BNP Paribas ingfulrise in companies failing payments, while solar-power Shuncheng Zhang,anasso- wave of defaultstothe point long as you can manage your Asset Management. to repay their creditors. group GCL NewEnergy Ltd. ciatedirector at Fitch, high- that it is disruptivetothe tail risks.”

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 Fidelity LowP r 52.45 +0.28 7.9 JPMorgan I Class Income 12.14 -0.03 NA ExtndAdml 141.69 -0.73 13.6 VANGUARD FDS IdxIntl 20.77 +0.14 7.1 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. 500IdxInstPrem136.54 -0.06 4.9 Magin 13.43 -0.05 2.9 CoreBond 12.10 -0.05 NA PIMCO Funds Instl GNMAAdml 10.70 -0.01 -0.3 DivdGro 33.11 -0.12 -0.4 MdCpGrAdml 98.49 -0.64 7.9 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese Contrafund K6 19.89 +0.02 5.3 NASDAQ r 176.37 -0.61 9.0 EqInc 20.37 +0.04 NA IncomeFd 12.14 -0.03 NA GrwthAdml 137.93 -0.44 5.7 INSTTRF2020 26.91 -0.03 2.5 SmValAdml 67.95 +0.08 11.3 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, ExtMktIdxInstPre 94.75 -0.50 13.5 OTC 19.17 -0.02 9.4 JPMorgan R Class Price Funds HlthCareAdml r 93.02 -0.96 2.3 INSTTRF2025 28.34 -0.01 3.2 TotBd2 11.23 -0.05 -1.8 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r FidSerToMarket 13.74 -0.01 6.4 Puritn 27.39 +0.04 5.3 CoreBond 12.12 -0.05 NA BlChip 176.08 -0.09 6.4 HYCorAdml r 6.00 ... 0.9 INSTTRF2030 29.21 -0.01 3.8 TotIntlInstIdx r138.96 +0.96 7.1 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not IntlIdxInstPrem 47.92 +0.42 5.1 SrsEmrgMkt 28.28 +0.14 13.3 Lord Abbett A DivGro 61.32 -0.08 2.2 InfProAd 28.25 -0.12 -0.2 INSTTRF2035 30.02 +0.01 4.5 TotItlInstPlId r138.99 +0.96 7.1 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; MidCpInxInstPrem 29.21 -0.05 8.1 SrsGlobal 15.39 +0.11 7.3 ShtDurIncmA p 4.22 ... 0.6 EqInc 33.29 +0.15 6.6 IntlGrAdml 181.22 +0.15 13.1 INSTTRF2040 30.85 +0.02 5.1 TotSt 100.76 -0.14 6.4 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. SAIUSLgCpIndxFd 20.59 -0.01 4.9 SrsGroCoRetail 25.31 -0.07 11.2 Lord Abbett F Growth 104.25 -0.17 7.5 ITBondAdml 12.37 -0.06 -1.5 INSTTRF2045 31.60 +0.03 5.7 VANGUARD INSTL FDS SeriesBondFd 10.58 -0.04 -1.6 SrsIntlGrw 18.56 +0.06 4.4 ShtDurIncm 4.22 ... 0.6 HelSci 105.08 -1.50 6.3 ITIGradeAdml 10.33 -0.05 -1.0 INSTTRF2050 31.71 +0.04 5.8 BalInst 45.74 -0.11 3.1 SeriesOverseas 12.86 +0.06 3.7 SrsIntlVal 10.69 +0.14 5.9 Metropolitan West LgCapGow I 66.41 -0.08 8.5 LTGradeAdml 11.10 -0.11 -5.5 INSTTRF2055 31.79 +0.04 5.8 DevMktsIndInst 16.06 +0.13 5.3 Tuesday, February 16, 2021 SmCpIdxInstPrem 28.77 -0.21 15.2 TotalBond 11.18 -0.04 -1.0 TotRetBdI 11.02 -0.05 -1.3 MidCap 120.50 -0.39 6.6 MidCpAdml 276.41 -0.50 7.8 IntlGr 56.97 +0.05 13.1 DevMktsInxInst 25.11 +0.21 5.4 Net YTD Net YTD Net YTD Fidelity SAI TRBdPlan 10.34 -0.04 -1.3 NHoriz 87.43 -0.76 6.3 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TMktIdxInstPrem114.63 -0.16 6.4 MuHYAdml 12.12 -0.01 1.7 IntlVal 42.57 +0.41 5.8 ExtndInst 141.68 -0.73 13.6 USBdIdxInstPrem 12.21 -0.05 -1.7 TotalBd 10.63 -0.04 -0.9 MFS Funds Class I R2020 23.62 +0.01 3.8 MuIntAdml 14.94 -0.01 0.8 LifeCon 23.04 -0.04 1.6 GrwthInst 137.94 -0.43 5.7 American Century Inv Baird Funds EmMktCorEq 26.72 +0.23 10.1 Fidelity Advisor I Fidelity Selects Growth I 171.30 -0.12 5.9 R2025 20.23 +0.02 4.4 MuLTAdml 12.32 -0.02 1.1 LifeGro 42.26 +0.03 5.0 InPrSeIn 11.51 -0.05 -0.3 Ultra 80.39 -0.25 5.9 AggBdInst 11.59 -0.04 -1.4 IntlCoreEq 15.41 +0.12 5.8 NwInsghtI 39.28 +0.06 6.6 Softwr r 28.86 ... 6.4 ValueI 46.60 +0.01 3.3 R2030 29.93 +0.05 5.2 MuLtdAdml 11.29 ... 0.5 LifeMod 32.69 -0.02 3.3 InstIdx 347.71 -0.16 4.9 American Funds Cl A CorBdInst 11.97 -0.04 -1.2 IntSmCo 21.49 +0.10 6.0 Fidelity Freedom Tech r 29.57 -0.18 10.0 MFS Funds Instl R2035 22.49 +0.05 5.9 MuShtAdml 15.96 ... 0.2 PrmcpCor 31.93 +0.07 10.2 InstPlus 347.73 -0.16 4.9 AmcpA p 41.51 -0.09 6.1 BlackRock Funds IntSmVa 20.31 +0.19 6.2 FF2020 17.84 +0.02 4.0 First Eagle Funds IntlEq 31.80 +0.24 3.8 R2040 32.41 +0.08 6.5 PrmcpAdml r169.79 +0.46 10.4 STAR 32.59 -0.01 NA InstTStPlus 78.69 -0.11 6.4 AMutlA p 45.96 -0.07 3.0 HiYBlk 7.86 ... 1.4 TAUSCoreEq2 24.67 -0.02 7.3 FF2025 16.14 +0.02 4.5 GlbA 63.13 +0.03 3.1 Nuveen Cl I PRIMECAP Odyssey Fds RealEstatAdml125.97 -1.02 4.6 TgtRe2015 15.97 -0.02 1.5 MidCpInst 61.06 -0.11 7.8 BalA p 31.03 -0.01 2.7 HiYldBd Inst 7.86 ... 1.5 US CoreEq1 31.74 -0.02 6.9 FF2030 20.27 +0.03 5.1 Franklin A1 HYMunBd NA ... 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THE WALL STREET JOURNAL. ****** We dnesday, February 17, 2021 | B13 MARKETS SEC Sues Dow Rises to Record, S&P Falls Ratings BY CAITLIN OSTROFF weighted Apple and Microsoft. Indexand share-priceperformanceonTuesday Sincenaturalgas is burned to AND KAREN LANGLEY Theeconomically sensitive generateelectricity and heat, Firm Over energy and financial groups led 3% itspricetends to rise during TheDow Jones Industrial the S&P 500’s11sectors, rising cold snaps.Analystssaid pro- Averagerose to arecord, ex- 2.3% and 1.8%, respectively. duction is also likely to be cur- S&P500 Changes tending arally underpinned by Investorsinrecent days 2 tailed by the conditions. energy sector the potential formorefiscal have been heartened by expec- “This Arctic breeze is clearly BY DAVE MICHAELS stimulus andhopes forasuc- tations that afresh round of S&P500 increasing the demand foroil cessfulvaccine rollout. stimulus spending and contin- financial sector andheating in general. That Morningstar Inc.allowed Thebroad-based S&P 500 uedsupport from the Federal 1 clearly is something to watch,” credit-rating analyststoadjust and the technology-heavy Nas- Reserve will support economic said Carsten Brzeski,ING financial models that resulted daq Composite, meanwhile, recovery.House Democratsare Groep’sglobal head of macro in betterterms forbond issuers edged back from the record preparing to stitch together a 0 research. and in some cases lessinterest closes they set Friday, before legislativeversion of President S&P500 In bond markets, the yield income forinvestors, the Secu- the three-day Biden’s $1.9trillion coronavirus on the10-year U.S. Treasury rities and ExchangeCommis- TUESDAY’S weekend in the relief proposal. Microsoft noterose to 1.298% from 1.199% sion alleged in acivil lawsuit MARKETS U.S. All three Sentiment also has been –1 Friday. Yields rise as bond on Tuesday. stock gauges have buoyedbythe rollout of vac- prices fall. Theundisclosed adjustments notched multiple closing highs cines and adropinCovid-19 in- Bitcoin topped $50,000 for Apple were made to 30 commercial in recent days. fection ratesinmanycountries. –2 the firsttime Tuesday, doubling mortgage-backed securities val- TheDow industrials rose “The fiscal stimulus package in value in lessthan two ued at $30 billion, the SEC said 64.35 points, or 0.2%, to is looking likeitwill be on the 10 11 noon 1234 months. in the lawsuit filed in Manhat- 31522.75,aneighth record close largerside,” said Seema Shah, Source:FactSet Overseas,the pan-continen- tanfederal court. TheSEC al- of 2021. TheS&P 500 edged chief strategist at Principal talStoxxEurope 600 ticked legedthe changes were mate- down 2.24 points, or 0.1%, to Global Advisors. “The backdrop, sectorsofthe pandemic,he flectiveofthe prevailing opti- down 0.1%. In Asia, exchanges rial, meaning investorswho 3932.59.The Nasdaq Composite if anything,has really im- said. “We’restill stuck in this mism,” said Jim Baird, chief in- in mainland Chinawereclosed relied on the ratingsshould fell 47.97points, or 0.3%, to proved. It has just firmed up K-shaped recovery,whereyou vestment officer at Plante Tuesdayfor the Lunar New have been told about them. 14047. 50,weighed down by what everyone wasexpecting.” have certain areas of the mar- Moran Financial Advisors. “So Year holiday. Hong Kong’sHang Morningstar has made apush losses in shares of heavily Abetter-than-expected cor- ketdoing well and othersget- if youdosee some negativede- Seng Indexrose 1.9% on the to become abig playerinthe porateearningsseason also has ting hammered, and nowthe velopments, Ithink the market firstday of trading afterthe bond-rating business, buying ri- supported the rally.With about market is starting to think ev- could be susceptible to abit of holidayperiod, with energy and valDBRS Inc.fromtwo private- AUCTION RESULTS three-quartersofS&P 500 com- erything is going to come apullback and abit morevola- banking stocks leading gains. equity firms for$669 million in Here are the results of Tuesday's Treasury auctions. panies having reported, roughly back,” Mr.Hepworth said. tility.” Japan’sNikkei 225jumped All bids are awarded at a single price at the market- 2019.InMay 2020,Morningstar clearing yield. Rates are determined by the difference 80% have beaten profit esti- Still, investorsnoterisks to Among individual stocks, 1.3% by theclose of trading. paid $3.5 million to settle asep- between that price and the face value. mates,according to FactSet. the outlook,including the pos- shares of Palantir Technolo- Shares of Japanese technology arateSEC enforcement investi- “All the earningsbeing re- sibility of problems with vac- gies fell $4.07,or13%, to $27.84 conglomerate SoftBank Group 13-Week 26-Week gation that alleged aformer Applications $154,245,389,100 $160,866,212,100 ported aregenerally alot cine rollout and relatively afterthe data-mining company surged4.1% to ¥10,420,equiva- credit-ratingsdivision violated Accepted bids $61,118,411,600 $57,724,222,500 higher than most estimates,” pricey valuations forstocks. reported asurprise lossfor the lent to morethan $98. " noncomp $631,916,500 $477,471,900 conflict-of-interest rules by mix- " foreign noncomp $500,000,000 $413,000,000 said Charles Hepworth,anin- TheS&P 500 traded Fridayat fourth quarter. Early Wednesday, the Nikkei ing ratingswork with sales and Auction price (rate) 99.989889 99.969667 vestment director at GAMIn- 22.52times itsprojected earn- Frigid temperatures across wasdown0.9%, the Hang Seng marketing efforts. (0.040%) (0.060%) vestments. ingsoverthe next 12 months, swaths of the U.S. have injected wasup0.2% and South Korea’s 0.041% 0.061% Morningstar said that it fol- Bids at clearing yield accepted 95.55% 10.19% Strong earningsand the aboveafive-year averageof newmomentum intothe rally Kospi wasup1.2%. U.S. stock lowedall laws and rules and 9127962Y4 912796D48 start of the vaccine rollout have 17.96. in energy markets. Natural-gas futureswereflat. Both issues are dated Feb. 18, 2021. The 13-week bills that the SEC’s“technical” alle- mature on May 20, 2021; the 26-week bills mature on led investorstobecome more “You look at prices and you prices rose 7. 5% to their highest — Chong Koh Ping gations don’t include that Aug. 19, 2021. optimistic on the hardest-hit areseeing those valuations re- level sinceearly November. contributed to this article. credit ratingswereimproperly determined. “The SEC over- stepped itsregulatorylimita- tions by imposing requirements Lumber Hits Records on Building Boom that would regulatethe sub- stanceofcredit rating method- ologies,” the firm said. BY RYAN DEZEMBER Regulatorshavegiven scru- tinytocredit-ratingsfirms and Lumber prices have shot to their conflictsofinterest since fresh records, defying the nor- the businesswas criticized for mal winter slowdowninwood- giving rosy assessmentsof product sales in asign that troubled real-estatesecurities the pandemic building boom is beforethe 2008 financial crisis. bowling into 2021. Credit raters arepaid by enti- Records have been set ties that sell debt,which fos- acrossspecies,productsand ters an incentivefor issuersto grades,according to pricing shop around forthe best rat- serviceRandom Lengths.It ings and hireafirm that gives has never cost moretobuy the most favorable grades. oriented strand board, known Morningstar’s models stress as OSBand used forwalls, tested cash flowsand valuation Southern yellowpine,which is measures forcommercial prop- favored for fences and decks, erties based on different eco- or ponderosa pine,which is nomic environments. But the popular in cabinetryand inte- companyfailed to disclose that rior trim. itsanalystscould make Many engi- JOURNAL

changes to the stress-testing COMMODITIES neered wood REET factorsthat benefited issuers, productsused ST LL

the SEC said. in newconstruction, such as I- WA joists, areinshort supply,and THE

mills are backlogged with or- R derswell intoMarch, the pric- FO

ingservicesaid. Last week,its LSKI

Europe JA

Random Lengths Framing BU Lumber Composite price rose CHEL

Faces Aid to $966 per thousand board RA feet, exceeding the $955 high Fresh price records have been set across products and grades of lumber as home-improvement projects increased amid the pandemic. set in September. Challenge Lumber futures have tomed last March when the winding down. Prices rose everything from mobile homes ment chief. climbed49% over the past economywas shut down to anew in November as home to McMansions. On another front—the threeweeks,tomorethan slowthe spread of Covid-19. buildershammered through “This is adisruptiveand shelves of Lowe’s and Home AfterCrisis twice the price a year earlier. TheS&P 500 has gained 75% mild weather. difficult processfor the plants, Depot—soaring home prices Lumber forMarch settled in the same span. Housing startsaswell as dealersand ultimatehome are supporting lumber’s lofty BY PATRICIA KOWSMANN Tuesday at $992.40 per thou- Mills shut down and choked building permitsfor private- buyers,” said William Boor, prices.Rising property values sand boardfeet, eclipsing a back output at the pandemic’s owned residential unitsrose in chiefexecutiveofCavco In- tend to encouragehome- Europe’seconomyhas relied mark set in September as the onset, reasoning that wide- December to their highest lev- dustries Inc., aPhoenix firm ownerstoundertakerenova- on government relief programs highest closing price ever. spread job losses would wipe els since 2006, when the bot- that builds modularhomes. tions. The added home equity to provide athirdofall lending Many buyershavejostled out what waslooking likea tomwas falling out of ayears- “So far we’vebeen able to canbeborrowedagainst to to businesses during the intocontractsfor Maydeliv- promising spring forhome- long housing boom. keep up.” pay for patios and new kitch- Covid-19 crisis,revealing the ery, which ended Tuesdayat building. They were wrong. Now, aseverecold snap Theaverage priceofthe ens. scale of the challengeahead as $849.10.The cheapest and Stuck-at-home Americans that settled over much of the 7,056 houses that PulteGroup U.S. homeownerswith the region opens up and sup- most distant futures,for lum- undertook home-improvement continent is disrupting lumber Inc. sold in the fourth quarter mortgages collectively gained port measures arewithdrawn. ber in March 2022, start at projects. Buildersfaced a deliveries from Canada while was$462,000,up7%overthe about $1 trillion in home eq- Borrowers in 31 countries $700, which is more than the stampede to the suburbs, dealersand retailersare year-earlier period, and the uity in the 12 months that acrossEurope received €1.5tril- pre-pandemic record of $639. broughtonbyrecord-low stocking up forspring.Strong builder’s executives sayprices ended Sept. 30,according to lion, equivalent to $1.8trillion, “Wedon’t expect these mortgage ratesand people wood prices in Europe have are headed higher because of real-estatedatafirm CoreL- in relief from prices forever, but what we looking formoreliving space. prevented aflood of imports lumber costs. ogic Inc. CREDIT governmentsand areseeing is abit of accep- New York City’s bars and res- from dousing the domestic AvalonBay Communities “Household balance sheets MARKETS banks during the tancethat maybe going for- taurants built outdoor seating price rally. Inc. said that it has $750 mil- areprettyspectacular right pandemic,the ward the pricelevel maybe so that they could stay in busi- Housing affordability is the lion worth of newapartments now, and there’ssome dispos- European Systemic Risk Board, different than it has been in ness. Lumber prices shot to primary threat to the lumber on the drawing board. able income that isn’t going atop European financial regula- the past,” said Chris Virostek, new heights. rally, Weyerhaeuser Chief Ex- Whether the suburban devel- intocruises and holidays,” tor, said Tuesday. Theamount, financechief at West Fraser West Fraser and rivals such ecutiveDevinStockfish told oper startsall of them de- said Bart Bender, Interfor’sse- whichincludes loan moratori- Timber Co., North America’s as Weyerhaeuser Co. and In- investors recently. pends on lumber costs. nior vicepresident of sales ums,direct grantsand taxde- largest lumber producer. terfor Corp.haven’t caught Home prices areontheir “Iflumber pricing doesn’t and marketing.“Yeah, lumber ferrals,isequivalent to 9% of Shares of West Fraser, up,despiteramping mills back fastest climb sincethe run-up adjust back to wherewe costsalittle bit more, but the collectivesizeofthose which acquired leading OSB- up to capacity. to the housing crash 15 years would expect it to,some of there certainly seems to be a countries’ economies in 2019. maker NorbordInc.earlier In autumn, prices dropped ago. Thefrenzy has helped thosestartsmay be in ques- number of people that are Thelargess by governments this month, have morethan on another erroneous assump- buildersprotect their profit tion,” said MatthewBiren- pretty focused on improving and central banks has created a quadrupled sincestocks bot- tion:that building season was margins by raising prices on baum, AvalonBay’sinvest- their homes.” dilemma in Europe.Relief mea- sures cushioned the blowto consumersand businesses.But as vaccines areadministered Buffett’s Berkshire Buys Stakes in Verizon, Chevron and countries start to loosen restrictions,the removal of support could expose weak BY JENNA TELESCA to invest in the two firms or if ply because marketscan do off its$136 million invest- ings Inc., American Airlines points in the economy and the decision wasmade by anything.” ment in the Covid-19 vaccine Group Inc., DeltaAir Lines hamper anybounceback. ThebillionaireWarren Buf- Berkshiremoney managers ThebetsonVerizon and maker Pfizer Inc., while in- Inc. and Southwest Airlines “Withdrawing fiscal support fett added two morebig, Todd Combs and TedWesch- Chevron showBerkshire’scon- creasing stakes in the phar- Co.Mr. Buffettsaid that he toosoon could exacerbatethe American brands to Berkshire ler. Thetwo areexpected to fidenceinthe long-term value maceutical brands AbbVie thought consumer behavior effectsofthe economic crisis Hathaway Inc.’sinvestment take over all of Berkshire’sin- of these traditional U.S. cor- Inc., Merck &Co. and Bristol regarding travel had changed and put financial stability at portfolio. vestmentsonceMr. Buffettis porations as well as the tele- MyersSquibb Co. forthe long term. risk,” said Claudia Buch, vice Mr.Buffett’sconglomerate no longer in the topjob. communications and fossil Theconglomeratecontin- Industryobservershave president of the German central has purchased $8.6 billion in In the early months of the fuel industries. ued to cut back from financial been waiting forMr. Buffettto bank and chair of the ESRB’s stock in Verizon Communica- pandemic,the 90-year old Mr. In 2020,Chevron had its firms,selling off itsremain- use alarge chunk of Berk- working group.“Maintaining fis- tions Inc., the largest U.S. mo- Buffettsaid he wasoptimistic worstyear since2016,and Ve- ing $93 million investment in shire’smorethan $150 billion calsupport fortoo long would bile carrier,and $4.1 billion in that the American economy rizon’sfourth-quarter profit JPMorganChase &Co.,and stockpile. increase budgetarypressures” the oil company Chevron would recoverovertime from fell afteritbooked higher whittling away at itsstake in Instead, Berkshirehas forgovernments, she added. Corp.according to asnapshot Covid-19 turmoil. costsand gained fewernew Wells Fargo &Co. by $1.4bil- been spending billions on its Theregulator said it is time of investmentsheld in the “You canbet on America, customers than usual. lion. ownstock,investing $15.7 forgovernmentstobegin think- quarter ended Dec.31. but youare going to have to Berkshireadjusted some of Last year BerkshireHatha- billion on buybacks alone in ing about howand when to It isn’t clear in afiling if be carefulonhow youbet,” itsdrugmaker investments way sold stakes in airlines,in- the firstthree quartersof start unwinding the support. Mr.Buffettmade the decision Mr.Buffettsaid in May. “Sim- bets.The conglomeratesold cluding United Airlines Hold- 2020. P2JW048000-0-B01400-1------XA

B14 | We dnesday, February 17, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Missing-Oil MysteryStumpsForecasters

Crude prices made up pandemic losses, but further gains are clouded by questions regarding where excess barrels went

Oil is on the move: Brent and Amount of oil thatisunaccounted West Texas Intermediate crude forbythe International Energy prices have broken the $60-a-bar- Agency,quarterly rel mark, taking the commodity’s price back to where it was before 500million barrels the pandemic. But a mystery still casts a cloud over its recovery. Theunsolved question has to do 400 with what is referred to as the case of missing barrels,orthe amount of RECESSION 300 oil that is unaccounted forbythe International Energy Agency. It is a mysterythat resurfaces everycou- 200 ple of years,particularly when there is ashock in energy markets. In the first half of 2020, for ex- 100 ample, the IEA determined that, based on its estimate of oil supply S

and demand, there was a global in- NEW 0 ventory increase of 1.39 billion G barrels. Out of this, it observed that roughly a quarter had gone OOMBER –100

into spare storage in countries ON/BL

that are part of the Organization LL FA –200 for Economic Cooperation and De- T. velopment, while 8% was in float- 2000 '05'10 '15'20 TRICK

ing storage and in transit. The re- PA Sources: International Energy Agency, maining 68% was unaccounted for. Some of the oil tracked by the IEA is in floating storage and in transit, but a large amount is unaccounted for. OxfordInstitutefor Energy Studies There is always some oil that isn’t tracked, but the amount has don’t exist and that it reflectsim- from primarysources. If true,itisa wasdismissed in the past, it is be- kets.Mr. Verleger notes that while been growing in more recent mar- precise measurement. Demand is potentially bullish scenario foroil coming harder to ignoregiven just oil tradersdon’t tend to rely on IEA ket shocks. Last year’s reached a observed with lags, and supply is prices—it means thereismuch less howmuch the volume of uncounted data, government officials do for record: The volume of missing bar- observed imprecisely,particularly crude out therethan thought. barrels has increased over the years planning purposes,which candeter- rels in the first half of 2020 was from membersofthe Organization Butthe alternativeexplanation during market shocks. mine oil-production levels.Further- the largest recorded gap between of the Petroleum Exporting Coun- could lead to averydifferent con- Though all eyes are on China, more, oil traderssometimes take observed and implied inventories tries,asthe OxfordInstitutereport clusion. Asubstantial number of the the problem is larger than that. As trading positions to take advantage since at least 1990, according to an notes.“TheIEA collectsdatafrom unaccounted barrels could be stock- the Oxford Institute report notes, of large discrepancies they see in analysis from Bassam Fattouh, An- the governments. So if the govern- piled in non-OECD countries,which the missing barrels are “related, at IEA dataversus their ownassess- dreas Economou and Michal ment dataisoff,they’reoff,” notes could mean the post-pandemic de- least in part, to the shift in global ment, according to Mr.Verleger. Meidan of the Oxford Institute for energy economist Philip Verleger. mand recovery could followanun- oil demand dynamics towards non- That could moveprices,too. Energy Studies. It was almost 10 He suggeststhe jump in missing predictable route. TheOxfordInsti- OECD and the increasing impor- Oil producers celebrating prices times as large as the imbalance barrels could be due to rather mun- tutereport notes that China’s tance of Asian players particularly returning to pre-pandemic levels seen in the second half of 2008 dane reasons: Moreemployees were importsincreased substantially last China where transparent, reliable need to worry about what hap- when the global financial crisis hit. laid off or areworking from home year despitesubstantially weakened and frequent data are lacking.” pened to all of the crude the world One common explanation forthe during the pandemic,which could economic activity and reduced re- All of this is important because pumped during lockdowns. discrepancyisthat these barrels have led to flaweddatacollection fineryruns.While this explanation datafromthe IEA canmovemar- —Jinjoo Lee Timing Countsfor aBoeing MidrangePlane Don’t Blame The Wind Jetmaker appearstoreviveplans foranew aircraft, but 757shows pitfall in being out of step with market For Texas Boeing’s ambitions for a mid- croach on the MAX-10’sturf. range plane may be the right idea Still, Boeing should have drunk at the wrong time—again. the Kool-Aid and greenlighted the Power Woes Lastyear,the Chicago-based project years ago. A big problem manufacturer started conversa- with seven-hour flights is that tions with customersabout build- they start to feel too long to be Rolling blackoutsinTexas during ing such ajet with asingle-aisle crammed in a small A321 or ahistoric winter storm areinviting

cabin. Then, during the fourth- S MAX-10. If there is truly a boom in scrutinyofeverything from the

quarter earningspresentation in PRES such routes, a family of wider mid- grid’srelianceonwind energy to lateJanuary, Chief ExecutiveDavid range planes could prove a big hit. laissez-fairemarket design. Thean- UMA

Calhoun all but confirmed that the /Z Even Boeing’s $52 billion long- swerisactually quitesimple: Texas company’snextjet would indeed TO term debt pile—three times what isn’t used to the cold. addressthe “middle of the market” it was two years ago—isn’t a deal Just as observersblamed high so-

between long international flights /NURPHO breaker. Development costs would lar penetration forCalifornia’selec- and short-haul domestic ones. hover around $20 billion, which is tricity blackoutslast year,Texas’s This appearstoend speculation only two years of the company’s bounty of wind powerhas been an ONOMOU

that Boeing could givepriority to a EC projected operating cash flow easy target. YetTexas only countson replacement forthe troubled 737 S starting in 2022. wind to meet 10% of itswinter ca- OLA

MAX, which is nowflying again. It NIC Thereal issue is that the NMA pacity,according to Ercot. Natural is agood call not to undermine A757-200. The line of aircraft wasintroduced in 1982, but wasn’tinitially popular. would at best enter servicearound gasand coal makeupthe lion’s MAXsales with talk of asubstitute. 2030,too latetoprevent Airbus’s share, at 82%. Sure,some wind tur- Last week,the buzzincreased to be toofar ahead of itstime: It Yet the A321 outsells the MAX dominanceand toosoon to profit bines glitched under cold weather aftertrade journal Aviation Week never gained popularity,only ever equivalents four to one. And Boe- from the next leap in engine technol- conditions,but so did natural gas reported that the newjet could in- finding aplaceasarepurposed ing can’t update the 757, since pro- ogy. “I don’t think [engines are] go- and coal-fired power. That is partly stead be atwo-aisle model, reviv- trans-Atlantic jet in the 1990s. duction stopped in 2004 and the ing to playintoitanywherenear the because waterintakefacilities froze ing the so-called NewMidsizeAir- Now, the market the 757was de- supply chain is long gone. extent to which they used to,” Mr. forthese generators. At least some plane project that Boeing signed forisone of the most prom- Investorswerenever bigonthe Calhoun said. Theaircraftwould still natural gashad to be redirected for abandoned when Mr.Calhoun took ising in aviation, and could grow at NMA idea. Boeing’sold projection have superior airframe economics heating rather than power, adding to over last year.This time,though, theexpense of legacyhub-and-spoke of 4,000 sales wasseen as optimis- thanks to compositematerials,but the supply shortage. the program wouldn’t just have two networks weakened by the pan- tic,with some analystsexpecting it engines typically account fortwo- Another criticism is local grid Er- variantsseating 225and 275peo- demic.Boeing and Airbus have re- would do little morethan replace thirds of added efficiencies.Airbus cot’smarket design, which is fairly ple,but also athird, smaller one. sorted to stretching their small air- the 700767 planes in operation. A could also upgrade the A321 again. market-driven. While other regional Boeing has been herebefore. In craft, with the latest extra-long- smaller variant could morethan As the 757 showed, timing can marketsare designed to reward 1982, it addressed the middle of the rangevariants—the 737MAX-10 and double the addressable market, as matter as much as design. The powerplantsfor being on standby market with its757 and 767mod- the A321XLR,respectively—ex- it would fill in for600 remaining same could prove true this time in case of unexpected demand els.But the 200-seat 757turned out pected to enter servicein2023. 757jetsaswell. But it would en- around. —Jon Sindreu peaks,Ercot isn’t. That hasmeant the statehad asmaller cushion of electricity when demand peaked, but this is no longer aproblem. Reserve margins—excesselectric- In the Long Run, Stocks Really Do Go Up ity generation capacity over de- mand—weredangerously lowin 2018 and 2019 but bounced to 10.6% in 2020 and areexpected to hit In the long term, stocks mostly Cumulativereturn on amonthly around ¥4.4million forthe same tors since the bubble burst. 15.5%in2021. They clearly aren’t to go up.That single pieceofadvice investment of 10,000 Japanese yen money in abank account offering a Thereare certainly circum- blame in this winter storm’sfailure: has formed the core of manytril- 1% interest rate. stances in which long-term equity- Winter peak demand hit arecord lions of dollarsofinvestment deci- ¥8 million But what about the poor souls market investment doesn’t make 69,150 megawattsoverthe weekend, sions.But it isn’t without detractors. Equityinvestment who invested before the crash? money,but most arerelated to po- but up to 34,000 megawattsofsup- One of the counterarguments 6 Bank account Didn’t they lose a lot? The short litical turmoil or war. Investments ply were takenoffline.Texas had no sometimes cited is Japan: TheNik- answer for long-term investors in the Russian equity market were problem meeting ahigher summer kei225 hit 30000 forthe firsttime again is perhaps not. Equity re- zeroed afterthe 1917revolution, peak demand, which was7%higher in three decades this week,but 4 turns were so explosive in the butbonds,real estateand, indeed, last year than this winter event. still hasn’t reached its1989 zenith. years before the bubble bursting bank accountsdidn’t fareany bet- Winterizing all power plants But that ignores the reality of that many were never left under- ter. Returns in theU.K., Canada, would be unnecessarily expensive, reinvested dividends: Returns for 2 water. Even at the market’s nadir NewZealand, Australia and the and so would a complete overhaul most investors squirreling money in April 2003, an investor who had U.S.—all mercifully spared from in- of Texas’ market design, which is away over a period of years are bought 20 years earlier would vasion or social collapse during the partly responsible for consistently clearly positive. 0 have an 83% return. That isn’t bad 20th century—have real annualized low power prices compared with If an investor had entered the 1990 '952000 '05'10 '15'20 in a land largely without inflation. equity-market returns of 5% to 7% the rest of the country. There are market in December 1989,the very The performance of Japanese fi- from 1900 to 2019,according to the options to ease the crunch such as Note:Equityinvestmentbased on total returns to the peak of the Japanese equity bub- MSCI Japan, bank investmentpresumes a1%annual nancial markets since 1989 is also Credit Suisse Research Institute. giving incentives to gas exporters ble,itmay well have looked pretty interest rate.¥1million=$9,490 an argument, of course, for a For anyone investing over a 30- and industrial users to divert gas bleak at times.For considerable Source:FactSet 60/40 portfolio of equities and or 40-year period, losing money or more aggressively curtail elec- periods over roughly 31 years, an bonds. During the worst periods of investing in equities would be tricity use. investor saving around 10,000 yen, would be sitting relatively pretty.A performance, investors would have truly unlucky—or caused by cir- Extreme wintersare rare in the equivalent of about $95,a ¥10,000 investment in the MSCI enjoyed a roaring multidecade bull cumstances so extreme that very Texas.While the grid must be better month would have been betteroff Japan stock indexeach month since run in fixed income: The FTSE few alternatives would offer a re- prepared, resorting to cliched criti- having kept it all in cash. December 1989 would nowbeval- Japan Government Bond Index has turn either. cism certainly doesn’t help. But right now, that stock investor ued at around ¥7.7million—against returned more than 170% to inves- —Mike Bird —Jinjoo Lee