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****** WEDNESDAY,MARCH 17,2021~VOL. CCLXXVII NO.62 WSJ.com HHHH $4.00

DJIA 32825.95 g 127.51 0.4% NASDAQ 13471.57 À 0.1% STOXX 600 426.82 À 0.9% 10-YR. TREAS. g 4/32 , yield 1.622% OIL $64.80 g $0.59 GOLD $1,730.60 À $1.70 EURO $1.1905 YEN 109.00 On TokyoTrip,Secretary of StateWarns China to Rein Itself In U.S. Eyes What’s News Tougher Stance Business&Finance On Drug he FTC is preparing to Ttake aharder line on drug- companymergers,outlining Mergers plans to overhaul itsprocess for reviewing deals that could harm competition in the FTC wants to rethink pharmaceutical industry. A1 how pharmaceutical  Uber said it would grant deals could hamper itsU.K.driversanemploy- ment status entitling industry competition them to vacation payand pension contributions. A1 BY BRENT KENDALL  Google said it would cut AND JARED S. HOPKINS the service fee it collects on the first $1 million de- WASHINGTON—TheFederal velopers earn from its app Trade Commission is prepar-

store to 15% from 30%. A1 OL ing to take aharder line on PO

S drug-company mergers,out-  Purdue Pharma’sowners lining plans Tuesday to over- agreed to payroughly $4.28 haul howitreviewsdeals that billion, alargersum than could harm competition in the previouslypromised, to re- pharmaceutical industry. solvelawsuitsstemming UNG-HOON/PRES

KY Theinitiative, spurred by from the opioid epidemic. B1 the FTC’sacting Democratic KIM  FirstEnergy reached a STERN TALK:Fromleft, U.S. DefenseSecretary Lloyd Austin, Secretary of State AntonyBlinken, Japan’sDefenseMinister chairwoman,Rebecca Kelly deal with Icahn that would Nobuo Kishi and Foreign MinisterToshimitsu Motegi afteranewsconferenceinTokyo on Tuesday. In his first foreign trip as Slaughter, signals what could givehim two seatsonthe the chief U.S. diplomat, Mr.Blinken accused Beijing of violating human rightsand undermining democracy in the region. A9 be atougher road ahead for Ohio utility’s board. B1 the industryduring the Biden administration. It also high-  TheDow and S&P 500 lightsagrowing Democratic declined 0.4%and 0.2%, re- push forstronger antitrust en- spectively,while the Nas- forcement acrossthe econ- daq edged up 0.09%. B13 Uber Retreats in Global Fight, omy—and not just the tech  Nokia plans to cut up to sector, whereahandful of 11% of itsworkforce over the companies have attracted bi- next two yearsasitseeks to partisan concern. become morecompetitivein Adds Benefitsfor U.K. Drivers “Given thehigh volume of the 5G-equipment market. B3 pharmaceutical mergers in re- cent years, amid skyrocketing  ETorosaid it will go public drug prices and ongoing con- through adeal to merge with BY SAM SCHECHNER itsdriversthe U.K.’s minimum Thecompany’smove, which called the gig economy, where cerns about anticompetitive aSPACthat would value the AND PARMY OLSON wage only afterthey have ac- reclassifies Uber driversinthe apps distributeindividual conduct in the industry, it is firm at about $10.4 billion. B3 cepted atrip—not from the countryasworkersrather tasks to apool of people imperativethat we rethink our  Ateenager accused of Uber Technologies Inc.said moment they sign into the than independent contractors, whom the app makersgener- approach,” Ms.Slaughter said. breaking intoTwitter’s sys- it would grant itsU.K.drivers app and areready to work,as will makethe U.K. the first ally regard as independent Theindustry’sbiggest trade tems and impersonating an employment status enti- labor activistshavede- placewhereUber is paying di- contractors. group,the Pharmaceutical Re- some of itsmost popular us- tlingthem to vacation pay manded. rectly forits drivers’ vacations In November,Uber wona search and Manufacturersof ersaspart of acryptocur- and pension contributions,a Uber made public the and pensions.The companyal- major ballot battle in Califor- America, said mergers and ac- rencyscampleaded guilty. B4 costly shiftinone of itslarg- changes,effectiveWednesday, ready offersmedical insurance nia—itshome state—that ex- quisitions “help facilitate the est overseas marketsamid a after losing itsfinal appeal in in many markets. empted it from having to re- transfer of knowledgeand ex-  Visa and Mastercard global debate over the treat- February of lower-court deci- Uber’s decision could give classifyits driversaspertise required to push the are postponing planned ment of gig-economyworkers. sions that had granted a momentum to labor activists employees eligible forbroad envelope of scientific discov- swipe-fee increases. B3 Thechanges might presage group of former Uber drivers in aglobal tug of warover employment benefits. As part ery.” legal wrangling,however, be- atype of U.K. employment whether and howtogrant of that win, Uber offered “Placing different standards World-Wide cause the ride-hailing com- status that falls between em- moreemployment rightsto some newbenefitsincluding and applying morestringent panysaid it would guarantee ployeeand self-employed. workersinwhat is often PleaseturntopageA8 PleaseturntopageA4

 TheleadersofRussia and Iran last year ordered Winter Retailand food-service, ...change from Industrial production, their governmentstoat- total monthly sales... previous month change from Pandemic Upends tempt to influenceU.S.vot- Storms previous month ers’ choices in the presiden- $600 billion February 15% tial election and undermine Trip Up $562B the public’sfaith in Ameri- 10 10% TheWay Colleges candemocracy, aU.S.intelli- Recovery 550 genceassessment said. A4 5 5 Retail sales and  Eight people,manyof Choose NewClass them women of Asian de- industry output 500 0 0 slumped in scent, were killed in shoot- February because ingsatthree Atlanta-area –5 –5 of winter storms, February February massageparlors, and one 450 but a broader -3.0% -2.2% Waiving test scores, deans rely on suspect wasincustody,law- –10 –10 rebound appears enforcement officials said. A3 intangibles amid huge wave of applications poised to 400 –15 –15  Biden said he supports accelerate this 2018 ’19’20 ’21 Jan. Jan. Jan. Jan. bringing back arequirement spring on a new BY MELISSA KORN lic and private high-school 2020 ’21 2020 ’21 that senatorsmust be pres- round of economic Note:Seasonally adjusted AND DOUGLAS BELKIN counselors point to an epic ent and talking on the floor stimulus. A2 Sources: Commerce Department(retail sales); Federal Reserve(industrial production) effort behind the scenes to to block bills,asDemocrats Ivy League schools and a make tough judgment calls explorerevising thelegis- host of other highly selective at the highest speed. Col- lativefilibuster rule. A4 institutions waived SAT and leges send out the bulk of  TheU.S.isonpace to see ACT requirements for the their decision notices in the largest number of mi- GoogletoPareApp-Developer Fee class of 2025, resulting in an March and early April, but it grantscrossing itssouthern unprecedented flood of ap- won’t be widely known how plications and what may the incoming freshman border illegally in two de- BY TRIPP MICKLE servicefee it collectsto15% downloaded to smartphones prove the most chaotic se- classes will look until late cades,the DHS chief said. A3 AND SARAH E. NEEDLEMAN from 30% on the first$1mil- and other mobile devices lection experiment in Ameri- summer or early fall. Added  Health authorities and lion developersearn from its world-wide. Their position of can higher education since to the uncertainty will be scientiststhrew their weight Google is reducing the cut app store. Thereduction, dominancedrewcriticism the end of World War II. whether students who de- behind AstraZeneca’sCovid-19 it takes for selling apps in its which begins in July,isaslight from developerslarge and The question hanging over ferred enrollment previously vaccine,but European govern- Play store, joining rival Apple departurefromApple’sdeci- small over the amount of higher education this month will decide to enter school mentsthat have suspended its Inc.inshrinking commissions sion latelast year to reduceits money that tech companies is whether this influx will this year. usedefended their caution. A8 afterthe powerthe technology rate to 15% forsoftware mak- areable to siphon from them. permanently change how Harvard University re-  Moderna has begun giantswield through their dig- erswho generatelessthan $1 Those complaints triggered colleges select students and, ceived more than 57,000 studying itsCovid-19 vac- ital marketplaces has drawn million in annual sales. lawsuits as well as regulatory ultimately, the makeup of freshman applications for cine in children ages six the ire of developers and the Google,the main business probes in several countries. the student population. next fall’s entering class, a months to 11 yearsinthe scrutiny of regulators. of Alphabet Inc.,and Apple By reducing itstakeofapp Interviews with college- 42% year-over-year jump. U.S. and Canada. A6 Thecompanybehind the built multibillion-dollar digital sales,Google estimates that admissions officials and pub- PleaseturntopageA10  Biden said NewYork Gov. world’slargest mobile operat- empires over the past decade 99%ofdeveloperswould see ing system, Android, said by becoming the primarygate- their fees cut in half.The com- Cuomo should resign if an Tuesdayitwould reducethe keepersfor apps that are PleaseturntopageA6 investigation confirms the allegations of inappropriate INSIDE behavior made against him by multiple women. A3 Astronomers Find It Hard to Cut Through the Noise

 TheHouse passed abill iii S extending the deadline for PRES applying foraPaycheck Pro- Signals from space no match for cellphones, microwave lunches

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31, sending it to the Senate. A2 BY DAVID WINNING dio pulses that astronomers radio astronomy, it’sgetting PIX/ aretrying to spot in the sky. harder than ever to cut CONTENTS Personal Journal A11-12 Radio signals picked up by “They arelooking foranee- through the noise. Arts in Review... A13 Property Report... B6 Business News...... B7 Sports...... A14 avast telescope in the South dle in the haystack and the During the 20th Crossword...... A14 Technology...... B4 African desert could help to hayisbeing provided by the century, radio as- Heard on Street.B14 U.S. News...... A2-6 unravel the mysteries of the tower,” said Prof. Justin tronomershad rel- Markets...... B13 Weather...... A14 universe.Moreoften, they let Jonas,chief technologist atively easy access Opinion...... A15-17 World News...... A8-9 HININ/KREMLIN/PLANET

astronomersknowthat local of the South African Ra- to much of the ra- UZ families arehaving achat. dio AstronomyObser- dio spectrum, DR > Acellphone towersome 37 vatory.“Thesignals which covers the miles away from the radio that we want to de- airwaves and is di- ALEXEI telescope in the Karooregion tect areunimagin- vided up intodif- U.S. NEWS is interfering with experiments ably fainter than ferent frequency to detect pulses from the relics the cellphone sig- bands. U.S. intelligencereportsaysPutin authorized s 2021 Dow Jones & Company, Inc. All Rights Reserved of exploded stars. Thetower’s nal.” Pleaseturnto efforts to hurtBiden and aid Trump in election. A4 signal masquerades as the ra- In theworld of Hello? pageA10 P2JW076000-5-A00200-1------XA

A2 | We dnesday, March 17, 2021 ***** THE WALL STREET JOURNAL. U.S. NEWS Retail, Manufacturing Slipped in February

Recovery expected ally adjusted 2.2% in February pandemic is behind us,you’re to pick up again as compared with January. Manu- Business Owners Mr.Woolleysaid February ness at his candy store have likely to see abig rebound in facturing,the largest compo- wasaslowmonth forsales, picked up in recent months. consumer services,” said Scott relief checks arrive nent in the industrial-produc- See Signs of Hope with revenue at the winery dur- The company has a 40,000- Brown, chief economistatRay- and pandemic eases tion index, drovethe decline ing Valentine’sDay weekend square-foot facility that is open mond James Financial. “People because of the weather disrup- down 50% from lastyear.He to the public, where it sells arelikely to go nuts, we think, BY AMARA OMEOKWE tions and supply shortages in RichardWoolley, owner at said the businessiscurrently candy, old-fashioned sodas and in terms of wanting to getout semiconductorsfor autos,the Weathered VineyardsinNew relying on curbside pickups and ice cream. thereand do stuff.” U.S. retailersand manufac- Fedsaid. Tripoli, Pa., said he wasoptimis- outdoor service, because of The company is also a U.S. households broadly are turersslumped in February Consumers, meanwhile, tic about the outlook forbusi- statecoronavirus mandates wholesale distributor of candy sitting on cash potentially ripe due to winter storms and sup- spent lessonautos,furniture, nessaswarmer months ap- thatrestrict its abilitytohold to local grocery and conve- forspending,asthey boosted ply-chain disruptions,but a electronics,home improve- proach and federal stimulus wine tastings indoors. Cold nience stores. Mr. Scheiman savingsduring the pandemic. broader economic rebound ap- ment, healthcareand clothing. efforts permeate the economy. weather lastmonth damped said that portion of the busi- Researchhas suggested that pearspoised to acceleratethis Sales at food and beverage “You can’tpump trillions of the number of customers will- ness has also been on an up- Americans have spent previous spring because of the easing stores were unchanged, while dollars into the U.S. economy ing to sit outside, he added. swing. “You can tell by the way rounds of direct cash pay- pandemic and another round salesatgas stations were up and nothave some of it land Tom Scheiman, owner of people are buying and the way mentsonbills,food and other of government stimulus. strongly,by3.6%, as gasprices here,” he said. “People will b.a. Sweetie Candy Co. in Cleve- they’re shopping, there’s no re- goods and to paydowndebt, Retailsales—a measureof have accelerated this year. spend it.” land, said foot traffic and busi- luctance,” he said. while also stashing away some purchases at stores,atrestau- Despitethe Februaryde- of the funds. rantsand online—fell by 3% in cline, retail sales were up 6% Fiscal stimulus “isdefinitely Februarycompared with the over thepast three months sting out of the negativesur- consumerstospend their steady signs of expansion. adding purchasing powerto priormonth, the Commerce compared with the same pe- prise” in Februarydata, Aneta stimulus payments,” they Meanwhile,new reported households,” said Jack Klein- Department said Tuesday. The riod ayear earlier,according Markowska and Thomas Si- added. coronavirus cases in the U.S. henz,chief economist at the decline followedrobust Janu- to the Commerce Department. mons,economistsatJefferies JPMorganChase &Co.’s arehovering near their lowest National Retail Federation. arysales that were propelled Februaryistypically aquiet LLC,said in aresearch note. tracker of credit- and debit- levels sinceearly October,and “The question is how much by stimulus paymentstomonth forretail sales,as Federal stimulus checks, card transactions showedcon- President Biden has directed will actually be spent” in com- households from the December stores gear up forthe spring which manyhouseholds will sumer spending on aseason- states to make all American ing months,hesaid. pandemic-relief package. Janu- sellingseason, including Eas- receiveaspart of the aid plan ally adjusted basisclimbed in adultseligible to sign up to re- Data firm IHS Markit on arysales advanced arevised ter. Economistsexpect spend- signed intolaw last week,cre- early March afterdropping off ceiveavaccine by May1. Tuesdayliftedits forecast for 7.6%, up from the earlier esti- ing to accelerateasadditional ate “a massive tailwind for in February. Those factorscombined first-quarter grossdomestic mateofa5.3%increase. government stimulus is dis- consumer demand this spring,” Other signals of apickup in could help propel consumer product growth to 5.1% from Severe winter weather tributed and Covid-19 vaccina- the economistssaid. the recovery have emerged. spending on services,such as 4.9%, citing the upwardrevi- wreaked havoc acrossaswath tions lead to acorresponding “The checks will coincide Aftercutting workersatthe in theleisure-and-hospitality sions to January’sretail sales of the U.S., affecting retail decline in cases and pickup in with broadening vaccine dis- endof2020,U.S.employers sector,whereconsumer out- data. Consumer spending is a shopping and manufacturing employment levels as busi- tribution and warmer weather, added 379,000 jobs in Febru- lays and employment gains key component of GDP. output last month. TheFederal nesses open up morefully. which will acceleratethe re- ary, and the unemployment have laggedbehind. Reserve separately said indus- Theupwardly revised Janu- turn of high-contact activity, rate ticked down to 6.2%. U.S. “The bottomline is all  Heardonthe Street: Spending trial production fell aseason- ary sales figures “took the providingmoreavenues for manufacturing has shown about the pandemic.Oncethe is springing forward...... B14 Fed Is Seen Likely to Brighten Its Outlook House

BY PAUL KIERNAN ing,should showthey expect Economists have raisedtheir lieveitcan be sustained on av- updating their projections for Approves the labor market and inflation estimatesfor GDP growth and erage over the long run. the path of short-term inter- WASHINGTON—Federal Re- to rebound faster than they inflation in 2021 while reducing Theoutlook appearstohave est rates, aguide to howFed serve officials will likely note anticipated in December. their forecast forunemploy- improved sincethen. Private policymight evolveinthe Extending an improvingeconomic out- Theadvancing rollout of mentasthe economyimproves. economists surveyed by The next couple of years. Theso- look at theirpolicymeeting Covid-19 vaccines and Con- Wall Street Journal in March called dot plot, which garners Survey month this week,while also stressing gress’scompletion of a$1.9 projected U.S. economic output agreat deal of market atten- PPP Date that it is tooearly to change trillion economic stimulus pro- Sept. 2020 Dec. March 2021 would grow nearly 6% this tion, in December showed12 their plans forinterest rates gram have brightened the out- 6% year,betterthan the 3.7% of 17 Fedofficials anticipated BY ANDREW DUEHREN and bond purchases. look.But Fedofficials don’t growth they forecast in Decem- their benchmark federal-funds FedChairman Jerome Pow- plan to signal achangeto 5 ber.Their projections forinfla- rate would remain pinned WASHINGTON—TheHouse ell has said repeatedly in re- their easy-money policies until 4 tion have moved up by roughly near zero through 2023. passed abill extending the cent weeks that he wantsto they see those projections half apercentagepoint since Investorsare nowcalculat- deadline forapplying foraPay- see “substantial further prog- coming true. 3 then, while their projections ing the Fedmight raise the check Protection Program loan ress” in the recovery before “Wewould liketosee in- forthe unemployment rate rate sooner than that. Futures to May31, sending the legisla- the central bank begins scaling coming actual data that show have moved down by roughly markets are pricing in an in- tion to the Senateasthe cur- back its $120 billion a month us moving closer to our goals, half apercentagepoint. crease by as earlyasthe sec- rent March 31 deadline looms. in bond purchases. both for inflation and for em- That shiftsuggestsFed offi- ond quarter of 2022, according Created by Congresslast TheFed, meanwhile, won’t ployment, and that’swhat it cials could raise their forecasts to Roberto Perli, a strategist year, the Paycheck Protection raise rates until itsgoals of will take,” Mr. Powell told the GDP Unemploy- Consumer- forgrowthand inflation in 2021 at CornerstoneMacro. Program offersforgivable maximumemployment and House Financial Services Com- growth, mentrate, priceindex and lowertheir projections for “The key question is,do loans to small businesses af- 4Q/4Q year-end sustained 2% inflation have mittee in a hearing Feb. 24. unemployment as well. anymembersofthe commit- fected by the pandemic.The been reached—a scenario offi- When Fed officials last up- Source:Wall Street Journal survey “They’regoing to have to teeadjust their rate expecta- Small BusinessAdministration cials have described as along dated theireconomic and in- raise their outlook for tions for2023?” said David guarantees loans issued by wayoff. terest-rateforecastsinDecem- 1.8%. They sawthe unemploy- growth—weknowthat,” said Wilcox,asenior fellowatthe lenders through the program. Theupdated economic pro- ber,their median projection ment rate falling to 5% in the Diane Swonk,chief economist Peterson Institutefor Interna- Under the bill, which jections Fedofficials will re- showedU.S.gross domestic fourth quarter—belowits cur- at GrantThornton LLP.“We tional Economics,who served passed by avoteof415-3, lease Wednesday, afterthe product would expand 4.2% in rent 6.2% rate but abovethe gotalot morestimulus.” as the Fed’sresearch director firms have until May31toap- conclusion of the policymeet- 2021 and inflation would hit 4.1% rate whereofficials be- Theofficials also will be from 2011 to 2018. ply foraloan and the SBA faces aJune 30 deadline to process them. Small business U.S. WATCH advocates had called foranex- tension of the March 31 dead- line to givelendersmoretime HEALTH to implement aseries of changes the Biden administra- Panel Recommends tion made to the program. Earlier Diabetes Test In an effort to increase ac- cess to the funds,especially for OverweightAmericans the smallest businesses and should get screened fordiabe- those owned by women, mi- tesand prediabetes beginning norities and ruralresidents, at age 35, afederal health advi- the Biden administration cre- sory panel recommended Tues- ated a14-daywindowduring day, or fiveyears earlier than it whichthe SBAonly approved previously advised. loans forfirms with fewerthan The U.S. Preventive Services 20 employees.The SBAalso Task Force said people can avoid changedthe loan calculation serious health complications by formula forsole proprietors, getting tested at a younger age. independent contractors, and If the task force’s draft recom- self-employedbusinessown- mendation becomes final after a ers, potentially allowing them S public comment period, most pri- to receivelargerloans. vate insurers will have to offer PRES But those changes were im-

the blood tests free of charge. TED plemented just weeks before

The committee of indepen- OCIA the current March 31 deadline. SS

dent medical authorities esti- /A Lenders, forexample,hadn’t mated 13% of all U.S. adults 18 been able to submit borrower and older have diabetes, and applications to the SBA using that 34.5% meet criteria for pre- the revised loan calculation diabetes. Among those with full- method until March 5.

on diabetes, the task force said, SENGER-INQUIRER TheSenateisexpected to

21.4% weren’t aware of the ill- MES take up the legislation extend- ness. ing the deadline. /THE Diagnosing the condition can “Wewant it to moveas EANS

prevent serious complications G quickly as possible,” said Sen-

later, the panel said. GRE ateMajority Leader Chuck —Thomas M. Burton CLEANUP PROJECT: A public-works employee in Owensboro, Ky., prepared to remove debris Tuesday after flooding at a boat dock. Schumer (D., N.Y.). Separately,the Senateon FLORIDA gling to return to aSouth Florida cials said. The boy’s mother, Me- and wasreturning justbefore3 trapped child, and theywere Tuesdayconfirmed Isabel Guz- airport crashed into them on a gan Bishop, was also injured, but p.m., the firechief said. He said it taken to the hospital, wherethe man as administrator of the Crash Kills 2 in Plane residential street, officials said. was released from the hospital, mayhave experienced mechanical boydied. Small BusinessAdministration And Child in SUV The boy, Taylor Bishop, and Pembroke Pines Fire Chief Mar- issues aftertaking off.Ms. The Federal Aviation Adminis- on an 81-17vote. This will be a two people on the plane died in cel Rodriguez said. Bishop wasable to get out of tration and National Transporta- return to the SBAfor Ms.Guz- A4-year-old boywho was the Monday afternoon crash, The Beechcraft Bonanza plane the sport-utilityvehicle and was tion Safety Board are investigat- man, who served as deputy riding in an SUV with his mother which was recorded by a neigh- had justtaken off from North trying to free Taylor,officials said. ing the crash. chief of staff at the agencydur- died after asmall plane strug- bor’s security camera, fire offi- Perry Airport in PembrokePines Firefighters eventually freed the —Associated Press ing the Obama administration.

THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 Published daily except Sundays and general legal holidays. TheSenate on Monday aWorld News article about about AT&T Inc.incorrectly tive side effects. Periodicals postage paid at New York, N.Y., and other mailing offices. confirmed Rep.Deb Haaland Myanmar incorrectly said it is showedthe S&P 500 with an Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. as interior secretarybyavote the country’ssecond-largest 84% gain. Noticetoreaders AllAdvertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are available from the Advertising Services Department, DowJones &Co. Inc.,1211 Avenue of the Americas, NewYork, of 51-40. In some editions city. Wall Street Journal staff N.Y. 10036. The Journal reserves the rightnot to accept an advertiser’s order.Only publication of an advertisement Tuesday, aPageOne What’s Vaccines are generally ex- membersare working re- shall constitutefinal acceptanceofthe advertiser’s order. Letters to the Editor: Fax: 212-416-2891; email: [email protected] News summaryincorrectly TheS&P 500 posted atotal empt from strict or product li- motely during the pandemic. Need assistance with your subscription? gave the vote as 50-41. return including dividends of ability in U.S. law. AReview Forthe foreseeable future, By web: customercenter.wsj.com; By email: [email protected]| By phone: 1-800-JOURNAL (1-800-568-7625) just over 100% from Oct. 21, essaySaturday about inten- please send reader comments Reprints &licensing: By email: [email protected] |Byphone: 1-800-843-0008 Yangon is Myanmar’s larg- 2016,through March 12, 2021. tionsincorrectly said that only by email or phone, using WSJback issues and framed pages: wsjshop.com est city.Insome editions A graphic on Saturday with a companies that makevaccines the contactsbelow, not via Our newspapers are100% sourcedfromsustainably certified mills. Tuesday, aphotocaption with Heardonthe Street column are responsible for any nega- U.S. Mail. GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling 888-410-2667. P2JW076000-6-A00300-2------XA

THE WALL STREET JOURNAL. ****** We dnesday, March 17, 2021 | A3 U.S. NEWS Biden Says Illegal Border Crossings Surge Cuomo Homeland Security Should Go chief Mayorkas says it will take time to If Claims manage the increase Confirmed BY MICHELLE HACKMAN WASHINGTON—The U.S. is on pacetosee the largest BY KEN THOMAS number of migrantscrossing itssouthern border illegally in WASHINGTON—President two decades,Homeland Secu- Biden said New York Gov. An- rity SecretaryAlejandroMay- drew Cuomo should resign if orkas said Tuesday, addressing an investigation confirms the growing concern about the allegations of inappropriate government’s response. behavior made against him by “The situation at the south- multiple women. west border is difficult. We Mr. Biden said in an inter- are working around the clock view with ABC News that he to manage it,” he said. also thought Mr.Cuomo will Mr. Mayorkas is scheduled “probably end up being prose- to appear beforethe House cuted” if the investigation Homeland Security Committee confirms the claims.The com- on Wednesday, whereheisex- ments were the strongest yet pected to facetough question- /REUTERS TIF

by Mr. Biden, who has been a ing from lawmakersabout the LA political ally of the New York Biden administration’sborder

governor. policies and the treatment of ADREES Three women who worked migrantchildren in the gov- Asylum-seeking migrants take refuge in a makeshift U.S. Customs and Border Protection processing center in Granjeno, Texas. forMr. Cuomo and one woman ernment’s care. currently on his staff have ac- Republicans have criticized care they arereceiving at of migration. mally arresting them and de- Patrol because of the speed cused him of sexual harass- the administration’srollbacks emergency shelters. Unlikethe previous migrant nying them the chance to ap- andminimal processing bur- ment or inappropriate behav- of several of the Trump ad- Illegal border crossings surge,under the Trump ad- ply forasylum. That denoftheir expulsion,” Mr. ior.New York Attorney ministration’sstrict border have been rising sincelast ministration, the majority of immediate-expulsion policy, Mayorkas said. General Letitia James is over- policies,saying the moves spring,prompted in part by people crossing this year are introduced by the Trump ad- Thegovernment is also ap- seeing an investigation into have enticed migrantstocross worsening poverty,famine and single adults, primarily from ministration in March 2020,is plying the policytoparents theallegations.Several lead- the border illegally. gang violenceinCentral Mexico. intended to keep crowding in andchildren who crossthe ing DemocratsfromNew York, Democrats have expressed America. Border-patrol agents The government is using a government facilities to amin- border together,though it has including SenateMajority particular concern about chil- made about 97,000 arrests of public-healthemergencyor- imum to prevent the spread of faced challenges as Mexico in Leader Chuck Schumer and dren who have remained in migrants crossing the border der, known as Title 42, to im- Covid-19. recent months has started re- Sen. KirstenGillibrand, have Border Patrol custody longer illegally in February, the high- mediately expel anyadults “The expulsion of single fusing to take some families called on Mr.Cuomo to resign. than the 72 hourspermitted est number since2019,the who illegally crossthe border, adultsdoes not pose an opera- back,particularly if they have Mr.Cuomo has said he under lawand what sort of last time the U.S. saw a surge skipping the processoffor- tional challengefor the Border young children. never inappropriately touched anyone.Hehas previously apologized to anyone who said his behavior made them un- Pollution Plummeted, Except Near Wildfires comfortable. Mr.Biden said in the ABC interview, which will be aired BY JIM CARLTON Between2017and 2019,smokefromwildfires causedair pollution to rise in major cities in the Western and 7% in NewYork. in full Wednesday, that the in- AND SHA HUA U.S.,with greaterlevels of very fine particulate matter calledPM2.5 being detectedonaverage.PM2.5 Theworst air quality overall vestigation should determine concentrations decreased in mostofthe eastern part of the countryduring the same period. wasinAsia last year.New the veracity of the claims: Pandemic shutdowns led to Delhiand the surrounding re- “That’swhat’sgoing on now.” arare decline in air pollution Annual average concentration of PM2.5 gion had the dirtiest air of all He said it wasfor othersto around the world during 2020, WHO guideline level Unhealthyfor sensitivegroups the world’scapital cities mea- determine whether Mr.Cuomo except in those cities affected forsafeAir quality sured, according to IQAir,and canbeeffectiveasgovernor by smokethat spewedfrom 49 of the 50 most polluted right now. hugewildfires,including much cities measured world-wide 2-77-1010-14 14-2020-38 He added: “There could be of the Western U.S. micrograms were in Bangladesh, China, In- a criminal prosecution that is With fewerpeople traveling Wash. per cubic N.H. dia and Pakistan. attached to it. Ijust don’t amid economic shutdowns and meter Air pollution accountsfor Mont. N.D. Vt. Maine know.” quarantines,most major cities Minn. seven million prematuredeaths Mr. Biden said that in gen- experienced double-digit de- Ore. annually,the World Health Or- N.Y. eral, “a woman should be pre- creasesinaverage particulate Idaho S.D. Wis. Mass. ganization has estimated. Mich. sumed telling the truth and levels compared with 2019,ac- Wyo. With life returning to nor- should not be scapegoated and cording to an annual air quality R.I. mal, air pollution levels linked Iowa Pa. become victimized by her report released Tuesdayby to human activity will likely Nev. Neb. Ind. Ohio Conn. coming forward.” He said it IQAir Group, aSwissair-qual- increase again, IQAir officials Utah Ill. N.J. “takes alot of courageto ity technologycompany. Air Colo. W.Va. Del. say. Kan. Va. come forward. So the pre- pollutionreadingsfell 38% in Mo. Ky. Md. Even beforeCovid-19,the sumption is they should be Singapore, 23% in Beijing,17% Calif. N.C. world’sbiggest economies taken seriously. And it should in Paris,15% in NewDelhi and Tenn. were already trying to reduce Ariz. Okla. be investigated. And that’s the surrounding region, and N.M. Ark. S.C. air pollution amid pressureto what’s under way now.” 12% in Johannesburg. scale back carbon emissions. Spokespeople forthe gover- LosAngeles wasonits way Miss. Ala. Ga. In China, wherethe Covid-19 nor didn’t immediately return to join that list with one of its Texas pandemic began, 86% of the La. emails seeking comment. cleanest yearsindecades country’scities recorded Mr.Cuomo has said that through the firsthalf of 2020. cleaner air in 2020 than in the Fla. people should withhold judg- Then wildfires burned arecord previous year.Half that im- ment until Ms. James’s inves- 4.3million acres in California provement wasattributable to tigation is concluded. Mr. Bi- beginning last summer,includ- Source:IQAir the lockdowns early last year, den on Sundaytold reporters: ing three that ragedatthe while the other half wasdue to “I think the investigation is same time around America’s Similarly,air pollution rose alarming scale of the wild- that measures air pollution. China’slong-term pollution under way,and we should see second most populous city.Los 35%inSan Francisco, 38% in fires,” said Meghan Thurlow, Cities on theother side of fighting measures,said Lauri what it brings us.” Angeles ended up with a15% Portland, Ore.,53% in Phoenix vicepresident of sensing sys- the U.S. mirrored the global de- Myllyvirta, lead analyst at the —Jimmy Vielkind increase in particulateair pol- and 18% in Salt Lake City. tems and applied sciencefor clines.Air pollution fell 13% in Center forResearch on Energy contributed to this article. lution, according to IQAir. “This really shows the Aclima, aSan Franciscofirm Chicago, 9.5% in Philadelphia and Clean Air. Atlanta-Area Shooting Spree Last Texas Utilities Leaves Eight People Dead Overseer

BY CAMERON MCWHIRTER Steps Down AND VALERIE BAUERLEIN

GES BY RUSSELL GOLD

ATLANTA—Eight people, IMA manyofthem women of Asian Texas Gov.GregAbbott

descent, were killed Tuesday GETTY askedfor and accepted the evening in shootingsatthree SE/ resignation of Public Utility Atlanta-area massageparlors, Commission Chairman Arthur and one suspect wasincustody, C. D’Andrea on Tuesdayeve- ANCE-PRES

law-enforcement officials said. FR ning. Officials in Cherokee This leftthe statewithout County,wherethe firstshoot- ENCE anyone on the electricity over- ing took place, identified the AG sight boardasitgrapples with suspect as Robert Aaron Long, the financial consequences of OFFICE/

a21-year-old from Woodstock, S last month’s devastating a distant suburb north of At- blackouts.

lanta. Mr. Long was captured SHERIFF’ Sinceaweeklong power in Crisp County,150 miles The first shooting took place at a massage parlor in Acworth, Ga. shortagefollowing awinter southeast of Atlanta, asher- UNTY A suspect identified as Robert Aaron Long was in custody. storm blanketed the stateand CO iff’s office spokesman said. roiled itspolitics,all three

All the victims at the At- CRISP who had been fatally shot. membersofthe commission lantamassageparlorswere S; Sgt. Chafee said it is too have resigned.

women, said AtlantaPolice PRES early to confirm whether all Mr.Abbottsaid in abrief

Chief Rodney Bryant late TED three shootings were related. statement he would name a

Tuesday. “And it appearsthat CIA “But we have spoken with replacement soon “who will SO

they may be Asian,” he said. AS Cherokee County officials and have the responsibility of At about 5p.m., Cherokee T/ we arelooking intothat possi- charting anew and fresh LAGRANGE AR

County sheriff’s deputies re- EW bility,” he said. course for the agency.” PEARL&DIAMOND sponded to reportsofashoot- ST When asked whether the Theblackoutsleft four mil- NECKLACE ing at Young’s Asian Massage shootingsmight be hatecrimes, lion homes without power in MIKE

Parlor in Acworth, Ga. At the P: given that manyofthe victims thenation’s second-largest business, deputies found mul- TO were Asian, Chief Bryant said stateduring freezing tempera- OM

tiple people shot. Lawenforce- FR anyconclusion waspremature. tures.Several dozenpeople ment reported four people Reports of hatecrimes tar- died. died in that shooting. Policesaid they found three geting Asian-Americans have In addition, the chief execu- PAULMORELLI.COM In Atlantaataround 5:45 women dead from apparent increased in U.S. cities since tive of the Electric Reliability p.m., policeresponded to are- gunshot wounds.While there, the beginning of the Covid-19 Council of Texas,the nonprofit NYC895 MADISON (72ND&MADISON) port of a robbery at the Gold police said they were alerted pandemic,which wasfirst that operates the Texas power PHL1118WALNUTSTREET Spainthe northeast part of to gunshots across the street identified in China. grid, wasfired,and several thecity,according to police at anotherspa. Officerssaid —Sadie Gurman membersofits governing 212.585.4200 spokesman Sgt. John Chafee. they found awoman there contributed to this article. board have resigned. P2JW076000-5-A00400-17FFFF5178F

A4 | We dnesday, March 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 Russia, Iran Targeted 2020 Election Trump Calls On Intelligencereport says Putin authorized acts Backers to to hurt Biden as Tehran meddled againstTrump GetVaccine

BY DUSTIN VOLZ BY ALEX LEARY AND WARREN P. STROBEL WASHINGTON—Former WASHINGTON—Theleaders President Donald Trump urged of Russiaand Iran last year or- his supporterstoget vacci- dered their governmentstoat- nated against Covid-19,noting tempt to influenceU.S.voters’ manyofthem have been reluc- choices in the presidential tant to do so. election andundermine the “I would recommend it and public’s faith in American de- Iwould recommend it to alot mocracy, aU.S.intelligenceas- of people that don’t want to sessment released Tuesday get it, and a lot of those peo- said. ple votedfor me,frankly,” Mr. Russian PresidentVladimir Trump said Tuesday night on Putin authorized arangeofin- Fox News. telligenceoperations intended S People have the freedom to

to hurt Joe Biden’s presiden- PRES choose,hesaid, adding,“It’sa

tial campaign and support TED great vaccine.It’sasafevac- Donald Trump’sre-election, cine and it’ssomething that OCIA

whileIran’sSupreme Leader SS works.” AyatollahAli Khamenei ap- /A Mr.Trump and his wife, proved adigital scheme to un- Melania, received the vaccine dercut Mr.Trump’sre-election HELBER beforeleaving the White EVE

bid, the declassified report ST House in Januarybut didn’t from the Officeofthe Director U.S. intelligence officials found no indications any foreign actor had attempted to alter ’any technical aspect of the voting process.’ publicize it. of National Intelligence said. He previouslymentioned Chinadidn’t undertakean It marked the firsttime the volved social-media trolls, elections,” including voterreg- hacked voting systems to di- the vaccine during aspeech effort to influencevoters, con- U.S. blamed Mr.Putin and launderedintelligenceand a istration systems,individual minish public confidencein beforethe ConservativePoliti- sidering but ultimately forgo- Ayatollah Khamanei for their network of Russia-aligned op- ballots, vote tabulation sys- the election. calAction Conferencelast ing one because neither candi- nation’seffortstomeddle in eratives who met with people tems or the reporting of re- The15-pageintelligenceas- month in Florida. “So every- dateappeared sufficiently the 2020 presidential contest, connected to the Trump ad- sults. Thefinding is atacit re- sessment is the firstofficial body,goget your shot,” he favorable to Beijing to risk its though Mr.Putin had previ- ministration and othersand bukeofunfounded claims U.S. government finding about said. being caught by the U.S.,the ously been accused of orches- were centered largely around repeatedly made by Mr.Trump foreign interference in the But that messagewas over- report said. Thereport also trating amore-comprehensive an effort to portray Mr.Biden and some of his allies that the 2020 presidential campaign to shadowedinthat contextby found that Cuba, Venezuela interferenceoperation in 2016. and his family as having cor- election was stolen. be made public sincevotes Mr.Trump’sattacks on fellow and the militant group Hezbol- That operation included the rupt ties to Ukraine. U.S. intelligenceagencies were cast in November. Republicans in the fallout of lah took some steps to influ- hack and leak of Democratic “Russian stateand proxy identified some successful The report largely affirms the Jan. 6Capitol riot. Also, encethe election as well, emails andwas intended to actorswho all servethe Krem- compromises of stateand local previous assessmentsdating Mr. Trump didn’t join former though it described those as bolster Mr. Trump, according lin’sinterestsworked to affect government computer net- back to last summer about presidentsBarack Obama, generally smaller in scale to to U.S. intelligenceagencies U.S. public perceptions in a works beforeElection Daythat Russia and Iran’s actions and George W. Bush,Bill Clinton Russia’s and Iran’s meddling. andabipartisan Senatere- consistent manner,” it said. they attributed to Russia, as intentions. and JimmyCarter in ajoint ad Thereport released Tues- view. Despitethe various foreign well as alargervolume of un- It doesn’t discussdomestic campaign urging people to get day said intelligence agencies The report described Mos- campaigns,however, the re- successfulattempts, the report disinformation, which many vaccinated. hadhigh confidenceintheir cow’s election-interferenceat- port said U.S. intelligenceoffi- said. Those attemptsdidn’t U.S. security officials said A CBSNewspoll released findings, though it specifically temptsasthe most organized cials had found no indications appear intended to alter actual grew intoagreater concern Sundayshowed33% of Repub- doesn’t include anyassess- and substantial of all the na- anyforeign actor had at- vote counts, the report noted, than foreign threats in the fi- licans said they wouldn’t get ment of howmuch the alleged tions that took aim at the U.S. tempted to alter “any techni- adding that Russia, Iran and nal months of the 2020 elec- the vaccine,compared with foreign meddling affected the vote.The efforts, which it said calaspect of the voting pro- others prefer to amplify false tion cycle and during the pres- 10% of Democrats and 23% of election. began as early as 2014, in- cess in the 2020 U.S. or inflated claims about idential transition. independents. Biden BacksRequiring Senator’sPresence forFilibuster

BY LINDSAY WISE mand the floor,you had to floated recently by West Vir- would it?” AND SIOBHAN HUGHES keep talking.” ginia Sen. JoeManchin, acen- Democratsblame a1975rule Asked if that meant he is trist Democrat, who,likeMr. Bi- changethat allowedabsent sen- WASHINGTON—President Bi- supporting bringing back the den, has said he is averse to atorstocount against the 60 den said he supportsbringing talking filibuster,anidea backed abolishing the filibuster entirely votesneeded to end debateona back arequirement that sena- by agrowing number of Demo- but open to revisions. bill and proceed to final pas- tors must be present and talk- cratic senators, Mr.Biden re- Today’ssenatorscan filibus- sage. They sayitmade filibus- ing on the floor to block bills,as sponded: “I am. That’swhat it terabill without talking at all. ters lesscostly to the minority. Democratsexploreways to wassupposed to be.” They don’tevenhavetoshow “What’sthe pain?” Mr.Man- smooth the path fortheir policy Mr.Biden’sremarks came CK up in the chamber.Now mo- chin asked on FoxNewsChan- TO agenda by revising the legisla- thesame daySenateMinority mentum is building to tweak nel last week. tivefilibuster rule. Leader Mitch McConnell threat- the rules,atleast, to makefili- Mr.Manchin’ssupport for

ThecommentsTuesday ened to grind the Senatetoa SHUTTERS bustering harder. reinstating the talking filibuster A/

marked ashiftfor Mr.Biden, halt if Democratsmakeany EP “Senatorsdon’t have to isn’t new. In 2011, he wasone

whorepresented Delaware in changes to the filibuster. O/ stand forevenone minuteto of 46 Democrats whovoted in the Senatefor 36 yearsand has “This chaos would not open ALZ shut down the Senate,” com- favor of aproposal by Sen. Jeff SC

previouslysaid he would prefer up an expresslane to liberal LO plained Illinois Sen. Dick Merkley (D., Ore.)that would

to preservethe filibuster rather change.Itwould not open up JIM Durbin, the Senate’sNo. 2 have required senatorstotake than getrid of it, as some Dem- an expresslane forthe Biden Republican Senate Minority Leader Mitch McConnell on Tuesday. Democrat, in aspeech on the the floor and makeremarks to ocratshaveadvocated. presidency to speed intothe Senatefloor Monday. “All they block legislation. No Republi- “I don’t think youhaveto historybooks,” Mr.McConnell kill off the legislativefilibuster, As an alternative, Senate have to do is threaten it, phone cans votedfor it, and the mea- eliminatethe filibuster,you (R., Ky.) said in aspeech Tues- astepthat would clear the way Democratsare exploring are- it in, catchaplane,gohome surefailed. have it to do what it used to be day. “The Senatewould be forthem to passsweeping legis- turn to traditional talking fili- from Washingtonand come Had it passed, it would have when Ifirst gottothe Senate morelikeahundred-car pileup. lation on voting rights, immi- busters, likethe one famously back Mondaytosee howtheir allowedthe Senatetoenter a back in the old days,” Mr.Biden Nothing moving.” gration,gun regulations and depicted by JimmyStewart in filibuster’s doing.‘Mr.Smith period of extended debateifa said in an ABC News interview. Democratsare at leasttwo othermeasures unlikely to at- the 1939 film “Mr.Smith Goes phones it in.’ That wouldn’t simple majority of senators “You had to stand up and com- votesshy of the 51 needed to tract bipartisan support. to Washington.” Theidea was have been much of amovie, votedtoend debateonabill.

the power to do so. Thedeal making typically ships passing in the night,” NewStance Ms.Slaughter,acommis- leads to cost cutsfromsmaller said Michael Carrier,aprofes- sioner since2018, wasdesig- workforcesand plant closures. sor at RutgersLaw School who nated theacting head of the The biggest pending phar- focuses on antitrust and intel- Weighedon FTC by President Biden afterhe maceutical deal is AstraZeneca lectual-property law. took officeinJanuary. She is in PLC’s$39 billion acquisition of TheFTC has challenged the running to be permanent Boston-based Alexion Pharma- portions of drug-company Drug Deals leader of the five-member body, ceuticals Inc., made public in mergers but doesn’t often but the administration has yet December.Itis slated to close block such deals outright. In- to makepublic itsplans. in the thirdquarter of this stead, merging drug compa- ContinuedfromPageOne Oncethe commission gets year. nies usually agree to sell off requirementsonany one in- two Senate-confirmed nomi- TheFTC shares antitrust assetswhen they have over- dustry, particularly the indus- nees,Democratswill hold a authority with the JusticeDe- lapping product lines. try leading efforts to end the 3-2advantage,giving them partment, but pharmaceutical Atypical example came last current pandemic,risk under- room to attempt more-aggres- deals fall within itsjurisdic- year,when the commission al- mining the unique environ- sivelegal argumentsagainst tion. lowedAbbVie Inc.’s$63 billion ment in the United Statesthat proposed drug-industrydeals. Democratsand Republicans acquisition of Botox maker Al- values innovation and market Consolidation has been a alikeatthe FTC have been lerganPLC on thecondition competition,” the group said. key industrytrend foryearsas aligned on several issues relat- that themergedfirm sell off FTC Commissioner Noah drug companies look for new Allergan’srightsand assetsre- Phillips,aRepublican, said he therapies and sourcesfor lated to three drugs.The FTC’s welcomed “effortstoassess growth. Thereweremorethan FTC will re­examine approval of that deal came on competitiveconcerns that 900 pharmaceutical deals val- a3-2 vote,with Democrats pharmaceutical mergers raise” ued at about $800 billion be- conclusions from dissenting. but that merger enforcement tween 2016 and 2020,accord- past pharmaceutical Ms.Slaughter and fellow “should be rooted in aviable ing to amarket-research firm, Democrat Rohit Chopra also theoryofharm to competition EvaluatePharma. merger reviews. dissented when the commis- and supported by evidence.” A lot of innovation in drug sion in 2019 approved Bristol TheFTC initiative, which development happensinside MyersSquibb Co.’s$74 billion will include outside domestic small biotechnologyfirms that acquisition of Celgene Corp., and international antitrust of- arelater acquired by bigger ing to pharmaceutical compe- which produced acancer-ther- ficials,will take abroader look companies. While large drug- tition. In one major effort, the apy powerhouse. at howpharmaceutical deals makersdofund internal re- commission has foryears In response to growing affect the marketplace. Other search and development, they wagedacampaign against pat- Democratic objections,FTC participants include the Jus- also acquirecompanies and ent settlementsthat candelay Republicans have said the ticeDepartment’santitrust di- assets to help keep pipelines the introduction of generic commission needs more than vision, stateattorneysgeneral filled with potential medicines drugs that provide a cheaper vagueorspeculativeconcerns and competition officials from to help offset revenue declines alternativetotheir brand- about industryconsolidation Canada, the U.K. and Europe. or patent expirations. name counterparts. to file a lawsuit that seeks to During atelephone news The13largest pharmaceuti- But the commissionershave block a merger. conference, Ms.Slaughter said calcompanies nettedone- divergedonindustrymergers TheFTC’sinitiativewill ex- the commission would re-ex- thirdofthe 444 drugsap- in recent years, especially as plorethe kinds of questions amine itsconclusions from proved by the Food and Drug newer, younger Democratic Ms.Slaughter previously past pharma mergerreviews Administration from 2010 to commissionershavegrown raised, including whether it is to determine if it made obvi- 2020,while about 180 other dissatisfied with the approach possible to makebroader ar- ous mistakes.The commission companies shared the remain- favoredbyRepublicans—and a gumentsagainst pharmaceuti- rarely takesaction against ing approvals,said Bernard previous generation of Demo- calmergers—and what kind of mergers afterthe fact, but she Munos, a senior fellow at the crats. evidence antitrust regulators noted that the FTC does have Milken Institute. “The two sides areliketwo would need to do so. P2JW076000-0-A00500-17FFFF5178F

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

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A6 | We dnesday, March 17, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Moderna Tests Its Vaccine in Children

Pediatric study looks Thebulk of the U.S. vaccina- School of Medicine. acute issues, it’s not going to tion campaign has focused on U.K. Strain Is Now House Energy and Commerce Testing avaccine in chil- be averywell-received vac- at impact of different protecting adults,who areat Committee’s subcommittee on dren as young as 6 months is cine,” he said. dose levels; Pfizer higher risk of severedisease Widespread in U.S. oversight and investigations. important, Dr. Tan added, be- Both Pfizer and Moderna caused by the coronavirus. But because authorities are cause some infantsand tod- last year started testing their slates its new trial Moderna’sand Johnson &John- only testing about 4% of the dlers go to daycare and could vaccines in adolescentsaged son’svaccines areauthorized WASHINGTON—The fast- roughly 400,000 weekly transmit the virus. 12 yearsand older.Both trials BY PETER LOFTUS foruse in adults18and older, spreading Covid-19 strain known Covid-19 cases in this country, Thedrugcompanies ran have fully enrolled subjects while the vaccine from Pfizer as B.1.1.7 firstidentified in the “the current trajectory sug- largetrials,mostly in adults, to andthe resultsare pending. Moderna Inc.has begun Inc.and BioNTech SE is cleared U.K. could nowaccountfor 25% gests that the B.1.1.7 variant test the authorized vaccines. J&J is planning to start pedi- studying its Covid-19 vaccine foruse in people 16 and older. to 30% of U.S. cases, the direc- may now account for as much Pediatric physicians sayitis atric testing of its vaccine. in children aged 6months to Effortshavebegun to test torofthe Centers forDisease as 25% to 30% of U.S. viruses,” important to also test them in Pfizer plans to conduct a 11 yearsinthe U.S. and Can- the Covid-19 vaccines in chil- Controland Prevention said in Dr. Walensky said. children beforeexpanding use trial of its vaccine in children ada, the latest effort to widen dren,who canstill become in- prepared testimonyfor aHouse The other variants of to that population because chil- ages 5to11yearsold, and will the mass-vaccination cam- fected, both to protect them subcommitteeWednesday. Covid-19, first spotted in South dren sometimesrespond differ- sharemoredetails when plans paign beyond adults. from the virus and further The U.S. has so far identi- Africa and Brazil, have been ently to vaccines than adults. arecompleted, acompany TheCambridge, Mass.,com- build the population-levelim- fied about 4,500 cases of the identified in the U.S., but only Sometimes children have spokeswoman said. panysaid Tuesdaythat the munity to movepast pandemic B.1.1.7 strain, Rochelle P. with a total of about 100 morerobust immune re- Thenew Moderna study, firstchildren have received restrictions. Walensky, director of the CDC, cases, Dr. Walensky said. sponses to avaccine than which is acombined Phase 2 doses in the study,which Federal health officials have said in her remarks for the —Thomas M. Burton adults, which could require and 3 trial, will aim to enroll Moderna is conducting in col- suggested that if studies are different dose levels,said Sean about 6,750 children and will laboration with the National positive, junior- and senior- T. O’Leary, professor of pedi- be conducted in two parts, the InstituteofAllergy and Infec- high studentscould getaccess Covid-19 is lower among chil- “These kids canget corona- atricsatthe University of Col- companysaid. Thefirst part tious Diseases and adivision to vaccines in the fall, fol- dren than in adults,the dis- virus infection and the prob- orado Anschutz Medical Cam- will test different dose levels of the Department of Health lowed by children of elemen- ease has caused hospitaliza- lem is they canspread this in- pus and Children’sHospital of the vaccine in children. and Human Services. tary-school ageinearly 2022. tions and deaths in some fection to other individuals,” Colorado in Aurora, Colo. In the second part, other “This pediatric study will Health authorities say that young patients. Children with said Tina Q. Tan, an attending Some of theCovid-19 vac- study subjects will be ran- help us assessthe potential if shots are proven to be safe certain underlying medical physician in the division of in- cines,Dr. O’Learysaid, can domly assigned to receivetwo safety and immunogenicity of and effective in children, vac- conditions and infantsmight fectious diseases at Ann & cause temporarysymptoms doses of either Moderna’svac- our Covid-19 vaccine candidate cinating them will protect be at increased risk of severe RobertH.Lurie Children’s such as headache and fatigue cine or aplacebo,28days in this important younger age their ownhealth as well as the illness from Covid-19, accord- Hospital of Chicagoand apro- in adults, asign of an immune apart. Researcherswill track population,” Moderna Chief Ex- health of adults. ing to the Centersfor Disease fessor of pediatrics at North- response.“If youhavealot of the safety, tolerability and ef- ecutiveStéphane Bancel said. Though the risk of severe Control and Prevention. western University Feinberg kids having even temporary fectiveness of the vaccine. Fauci Sees Hope, Warns Against Easing Curbs

BY STEPHANIE ARMOUR B.1.1.7, which was first identi- fied in the U.K. in January, has AnthonyFauci, the nation’s sincebeen found throughout topinfectious-disease expert, the U.S. and is expected to be- said that the U.S. is on amarch come the dominant variant by toward morenormalcyfromthe this month or April. coronavirus pandemic but that TheBiden administration asurge in cases similar to what has conveyed optimism about is occurring in Europe is possi- returning to normalcy, direct- ble if the countryrelaxes public- ing states to makeall adults health precautions prematurely. eligible forcoronavirus vac- High-school-agechildren cines starting May1. could getvaccinated in the fall, Some employers might opt Dr.Fauci said on TuesdayatThe to requirevaccinations forre- Wall Street Journal’sExecutive turning workers, Dr.Fauci Membership Series.Both sum- said. TheBiden administration S mer and fall would bring greater is expected to issue temporary

PRES flexibility that feels morelike rules forbusinesses on pro-

UMA normalcy,hepredicted. tecting workersfromCovid-19. /Z But Dr.Fauci, President Bi- “It is entirely conceivable den’schief medical adviser for therewill be some organiza- the Covid-19 pandemic and di- tions—they could be schools, rector of the National Institute they could be commercial or- HORRIGAN/TNS of Allergy and Infectious Dis- ganizations—that could make AD

BR eases, said vaccine boosters rules that youcan’t do this or A Covid-19 vaccination in Connecticut, which is among several states that have announced plans to greatly expand eligibility. could be needed if certain vari- that unlessyou’revaccinated,” antsofthe virus become more Dr. Fauci said. prevalent. He said thecontin- Meanwhile,hesaid, now CasesRise,but More AreAble to GetShots ued emergenceofvariantsthat isn’t the time to roll back pub- might be able to partially evade lic-health measures.“It’srisky vaccines remains concerning. because youmay triggeran- BY ADAM MARTIN when the countryrecorded Department of Health and Hu- Ohio Gov.MikeDeWine said “We’vegot to getthe over- other surge the way they’reex- AND TALAL ANSARI around 300,000 newinfections man Services,downfroma Tuesdaythe statewould open whelming majority of the pop- periencing in Europe,and that’s on several days. Figures tend high of morethan 141,000 in up vaccine eligibility to resi- ulation vaccinated if we want something we want to avoid,” Newly reported Covid-19 in- to be lowertoward the begin- early January. dentsaged40and older on to get real protection against he said, adding,“When we get fections in the U.S. rose from a ning of the week,asfewer There were 740 deaths re- Friday, and all residents16 the virus,” Dr. Fauci said. to true normality,that depends dayearlier,asdid deaths, people aretested over the ported for Monday, according and above on March 29. Thevariant known as on manythingshappening.” while the country’svaccina- weekend. to Johns Hopkins data, up In Montana, Gov.GregGian- tion effort continued apace. Theseven-day moving aver- from 572aday earlier and 724 fortesaid anyresident 16 Thereweremorethan ageofnewly reported cases, a week earlier. yearsold and older will be eli- 56,000 newinfections re- which smooths out irregulari- Vaccine distribution is gible foraCovid-19 vaccine on ported for Monday, according ties in the data, was55,333 for ramping up, with more states April 1. to the latest datacompiled by Monday, according to aWall making the shots available to According to the Centers Johns Hopkins University, in- Street Journal analysis of all adults. Mississippi on Tues- forDisease Control and Pre- cluding abacklog of morethan Johns Hopkins data. The14- daybecame the second state vention, all but five states 4,000 cases recorded by Ala- dayaverage was56,438.When to open vaccine eligibility to have administered over 30,000 bama.The daily totalwas up the seven-dayaverage is lower all adults, afterAlaska last doses per 100,000 residents. JOURNAL from 38,222 a day earlier and than the 14-day average, as it week effectively removed re- TheCDC’sdatatracker showed

45,014 a week earlier. has been since March 2, it in- quirementstoget aCovid-19 Mondaythat some 109 million REET ST

Newly reported cases re- dicates cases aregenerally shot in the state. Connecticut doses of the three Covid-19 LL

main elevated in the U.S.,even falling. and Michigan, meanwhile,plan shots approved for use in the WA

as they have dropped far be- Hospitalizations stood at to expand access to vaccina- U.S. have been administered so THE low levels registered at a fall around 40,000,according to tions to all residentsaged16 far,with 14.8%ofadultsnow Anthony Fauci told the WSJ Executive Membership Series that surgepeak in early January, the latest dataposted by the and older by or on April 5. fully vaccinated. vaccine boosters could be needed to protect against variants. FROM PAGE ONE

year,mostly from advertising. cut due for digital purchases. unless our partners succeed,” Thecompanies also have Asimilar complaint filed by Google to Theconcession to develop- Google and Apple retaliated by it said in its blog post. different approaches forapp Epic againstApple in the U.K. ersisthe latest in aseries of kicking the game out of their Google and Apple have de- distribution:Apple requires wasdismissed last month. How- changes the search company stores,anaction that led Epic fended their app-storefees, iPhone and iPad usersto ever,the U.K.’s competition au- Cut App made as it faces regulatory to file an antitrust lawsuit. saying they help coverex- download apps exclusively thorities gaveEpic permission pressureinthe U.S. Google re- Apple declined to comment penses related to user privacy, from its App Store, while An- to pursue acase against Google cently enabled hotels and on Google’s change. security and other services. droid device users can access over how“Fortnite” waspulled Store Fees travel companies that aren’t Aspokeswoman forEpic Google’sdecision to apply the Google Play store in addi- from the Play store. Epic last paid advertiserstoappear in said Google’smovedoesn’t ad- the lowerfees as developers tion to other marketplaces. week launched legal proceed- travel-booking links through its dressthe root of itsbeef with book sales on the Play store Apple has said it prohibited ingsagainst Google in Australia ContinuedfromPageOne platform aftermaking similar the company. “Whether it’s contrastswith Apple’sap- third-party app stores so it over itsapp-storepolicies. panysaid everydeveloper,re- adjustmentsfor airlines on its 15% or 30%, forapps obtained proach. To securethe lower canvet apps and protect Google hasshown awilling- gardlessofsize, is eligible to flight-booking engine and re- through the Google Play store, iPhone usersfrommalware nesstoadjust itsbusiness benefit, adding in ablog post tail listingsinits Shopping tab. developersare forced to use and other software issues. practices in itshome market that it considered the reduc- Thechanges coincided with Google’s in-app payment ser- Thecompanywill About $38.6 billion was in waysitchose not to do dur- tion to be “a fair approach that a Justice Department investi- vices,” she said. “Android spent in the Play storelast ing adecade of regulatory aligns our success with that of gation intothe company’s needs to be fully open to com- trim chargesonwhat year,while the App Storegen- challenges in Europe. our developer ecosystem.” business practices, culminat- petition, with agenuinely level developersearn on erated $72.3billion, according In 2017and 2018,the Euro- Some software makers ingwith an antitrust lawsuit playing field among platform to Sensor Tower. Their com- pean Union imposed $9 billion panned Google’sdecision. Tim filed last year. Separate suits companies,app creatorsand itsPlaystore. binedrevenue increasedby in fines and orders to change Sweeney, acritic of app-mar- were brought by Texas and service providers.” 30% during a year when peo- itsbusinesspractices, but the ketplaceoperatorsaschief ex- Colorado. Google has said the Last year Epic and several ple were spending more time effortslargely failed to dent ecutiveof“Fortnite” maker JusticeDepartment’ssuit is companies formed anonprofit at home duetocoronavirus re- itspowerand influence. Those Epic Games Inc., described the deeply flawedbecause con- to pressure the major app- 15% rate,the iPhone maker re- strictions.Being able to collect orders followed findings that moveasa“self-serving gambit.” sumersaren’t forced to use its storeoperatorstomake quested developersapply to a aportion of sales through the Google favored its own prod- Were the reduction imple- services,which arelargely changes to their rules.Found- program to showtheir earnings growing app marketplaces has uct ads at the topofusers’ mented last year,itwould available at little or no cost. ing members of the Coalition in 2020,aprocess that will give been lucrative for the compa- search resultsand that Google have lowered Google’s take of The debate over app-store for App Fairness include Spo- it insight intoannual business nies in recent years. required smartphone makers Play storesales of $11.6billion fees intensified last year after tifyTechnologySAand Tinder growth of the apps in itsstore. A trial date for Epic’s law- to placeits search engine and by an estimated $585 million, Epic Games launched acam- owner Match Group Inc. Had Apple implemented that suit against Google in the U.S. Chrome webbrowser on their according to Sensor Tower, an paign against Google and Ap- AGoogle spokesman de- changelast year,itwould have hasn’t been set. Apple and devices to have access to its app-industryresearch firm. Its ple by adding a payment sys- clined to comment further on reduced its$21.7billion take of Epic go to trial in early May Play store. parent Alphabet reported teminside “Fortnite” that the timing of the change. “Asa app sales by about $595 mil- over the“Fortnite” maker’s —Tim Higgins $182.53 billion in revenue last circumvented the typical 30% platform, we do not succeed lion,Sensor Towerestimates. anticompetitive claims. contributed to this article. P2JW076000-0-A00700-1------XA

THE WALL STREET JOURNAL. We dnesday, March 17, 2021 | A7

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A8 | We dnesday, March 17, 2021 **** THE WALL STREET JOURNAL. WORLD NEWS AstraZeneca Shot Spurs EU Split Britain Will Boost Health authorities and sci- entiststhrew their weight be- hind AstraZeneca PLC’s Nuclear Covid-19 vaccine,but belea- guered European governments that have suspended itsuse Stockpile defended their caution. BY MAX COLCHESTER By Bojan Pancevski in Berlin, Eric Sylvers LONDON—The British gov- in Milan and Matthew ernment laid out plans to in- Dalton in Paris crease itsstockpile of nuclear weapons as part of ashiftin TheEuropean Union’smedi- defense policythat recognizes cines regulator on Tuesdaysaid that the world order it helped the benefitsofusing AstraZen- forgeinthe wake of World eca’svaccine outweigh possible War II is crumbling. risks,after similar commentson Following its exit from the Mondaybythe World Health European Union last year,Brit- Organization, despitereports ain is looking to carveits place that some people who had re- in amorevolatile and frag- ceived it suffered blood clots mented international system, and several of them had died. S whilebolstering itseconomy Germany, France, Italy and PRES through greater global trade.

Spain on Monday temporarily TED Prime Minister Boris John-

stopped giving the shots, fur- OCIA son said that requires the U.K. ther slowing the EU’s already SS to become animble powerbro- /A

sluggish vaccine rollout and YO kerwith agreater sway in the threatening the vaccine’spub- MA Indo-Pacific region backed by lic credibility. an increase in domestic invest- GINIA

TheEU’sEuropean Medi- VIR ment in scienceand technology. cinesAgencyisassessing in- A woman in Antwerp, Belgium, waited to receive a dose of the AstraZeneca Covid-19 shot at a vaccination center on Tuesday. “The fortunes of the British formation on the vaccine and people arealmost uniquely in- theblood-clot cases.Itplans Emer CookeonTuesdaysaid othermedications,such as terlinked with eventsonthe to report itsfindingson she was“still firmly convinced” Catalent to Expand at its plant in Anagni, Italy, birth-control pills,caused sim- far side of the world,” Mr. Thursday. of the vaccine’sbenefits. during the fourth quarter, the ilar complications and that Johnson told Parliament as he Politicians in many EU “Trust in the safety and ef- J&J Dose Production people said. The expansion has there could be benefit in con- presentedablueprint forBrit- countries that have been bat- ficacy of the vaccines that we the potential to double the tinuing vaccination despitethe ain’spost-Brexit foreign-policy tered by the coronavirus pan- have authorized is paramount plant’s output of Covid-19 vac- possible severe side effects. aspirations.“TheU.K.could demic, its resulting economic forus,” Ms.Cookesaid. “We Contract drug manufacturer cines, one of the people said. Continental politicians’ cau- never turn inwardsorbecon- shock and recent problems areworried theremay be an Catalent Inc. is planning a ma- J&J has agreed to provide tion contrastswith the ap- tent with the cramped horizons launchingvaccination cam- effect on the trust of the vac- jor expansion of its Covid-19 the EU with 200 million doses proach of the U.K.,which re- of aregional foreign policy.” paigns said they areacting cines.” vaccine production in Europe, this year.The EU has the option cently left the EU, and where Brexit has long been touted from an abundanceofcaution. Denmark, Norway and Ice- enabling it to make more of buying another 200 million. AstraZenecadeveloped the by government officials as a “The governmentsare wait- land last week suspended the doses of Johnson & Johnson’s Johnson & Johnson de- vaccine with scientistsfrom way forBritain to quickly ing forEMA’s opinion on vaccine’s use but pressure on shot, people familiar with the clined to comment. The com- University of Oxford. TheU.K. adapt to global challenges un- Thursdayand we areconfident politicians rose Monday after matter said. pany has enlisted nearly a has inoculated a greater pro- encumbered by the EU. that the elementswill emerge arecommendation by the Paul Catalent, based in Somer- dozen companies to help pro- portion of itspopulation than Thegovernment’s114-pagere- to reassurepeople and allow Ehrlich Institute, Germany’s set, N.J., will bring online a sec- duce its Covid-19 shot. almost anylarge economy, pri- view paints a gloomy picture us to restart the vaccinations,” medicines regulator,tosus- ond J&J vaccine production line —Jared S. Hopkins marily with more than 11 mil- for the coming decade. Italian Health Minister Roberto pend the vaccine’srollout lion doses of the AstraZeneca Thereport warns globaliza- Speranzasaid Tuesday. “This pending further investigation. vaccine. tion’sretreat, which began af- processshould increase peo- InstitutePresident Klaus Ci- Six of the seven patients ficient,” Prof. Cichutek said. Britain’sMedicines and terthe financial crisis,will ple’sconfidence” in the Astra- chutek defended the recom- were women, and all were be- Germany’s healthcare min- HealthcareProductsRegula- continue to exacerbatedivi- Zenecavaccine,hesaid. mendation, saying his experts tween 20 and 50 yearsold, the istrysaid based on the num- tory Agency, the U.K.’s medi- sions between nations.The use Otherssee danger in politi- identified seven cases in Ger- instituteadded. Morethan 1.6 berofvaccinations given it cinesregulator,onTuesday of novel chemical and nuclear cians’ caution and vacillating many of cerebral vein throm- millionpeople gotthe vaccine would have expected as many said thefrequencyofclots weapons also will proliferate, positions on a vaccine that is bosis,aseverebrain condition. in Germany. as 1.4cases of cerebral vein among those vaccinated is no the reviewsays,aschallenges vital to European effortsto Threeofthose people died, “I think the citizens want to thrombosis,and the seven different from what would be to U.S. supremacymount. “A stanch the pandemic. whichhesaid justified the be able to trust that the vac- cases merited apause.The expected in the absenceof defenceofthe status quo is no EMA ExecutiveDirector pause. cinesweoffer aresafeand ef- ministry acknowledged that vaccination. longer sufficient,” it concluded. Reflectingthis outlook, Britain is bolstering itsnu- WORLDWATCH clear threat as adeterrent. Britainhad been on track to reduceits nuclear warhead NORTH KOREA NIGER stockpile to not morethan 180 warheads by the mid-2020s. Kim’s Sister Issues At Least 58 Dead However, faced with growing Warning to U.S. In Attack by Gunmen threats, this ceiling will be lifted to not morethan 260 warheads. Kim Jong Un’s sister warned Gunmen on motorcycles at- Thegovernment will no longer that the U.S. should avoid caus- tacked a group of civilians re- provide figuresonhow manyof ing a stink with North Korea if turning from market day in a the warheads areoperational. the two countries are to enjoy a GES volatile corner of Niger, leaving Currently,the U.K. has a peaceful relationship, as a pair of IMA at least 58 people dead and stockpile of 190 warheads,ac- top Biden administration officials then burning granaries to the cording to the Federation of traveled to the region. GETTY ground, the government said American Scientists. Itsstock- SE/ In aTuesdaystate-media re- Tuesday. pile will remain the lowest port, KimYoJong, the younger There was no immediate amongthe declared nuclear

sisterofthe North Korean dictator, ANCE-PRES claim of responsibility for Mon- powers,which include France.

railed againstcombined military FR day’s massacres, though extrem- Some analysts questioned exercises between the U.S. and ists belonging to the Islamic the move. Afterspending years ENCE

South Koreathatbegan lastweek. AG State in the Greater Sahara railing against nuclear prolif- Ms. Kim mostly levied insults group are known to be active in eration, raising this cap “is a at the Seoul government and HANA/ the Tillaberi region where the major diplomatic mistake,” didn’t mention President Biden KA villages were attacked. said Nick Witney,former chief by name. But she singled out Monday’s attacks underscore executiveofthe European De-

the new U.S. administration. “If MENAHEM the security challenges facing Ni- fenceAgency. “It provides it wants to sleep in peace for RARE FIND: Israeli archaeologists on Tuesdayrevealed the discovery of dozens of Dead Sea Scroll ger’s new president, Mohamed greater argumentsfor prolifer- [the] coming four years, it had fragments bearing abiblical text found in adesert cave and have been datedaround the firstcentury. Bazoum, who won the election atorsaround the world.” better refrain from causing a in late February to succeed Ma- AfterBrexit, aseries of stink at its first step,” she said. UNITED KINGDOM tal during which he was treated was treated for an infection. He hamadou Issoufou. trade-offs loom. To payfor a The missivecame as U.S. for an infection and underwent a was later transferred to a spe- Monday’s attack echoed a new-look military, the U.K. will Secretary of State Antony Prince Philip Is Home heart procedure. cialized cardiac care unit at St. January massacre that left 100 have to dial back spending on Blinken and Defense Secretary From the Hospital Prince Philip, 99 years old, the Bartholomew’s Hospital, before people dead in two villages also moreconventional armed Lloyd Austin were in Japan, with husband of Queen Elizabeth II, returning to King Edward VII’s. in the Tillaberi region that hadn’t forces.Itwill bid to secure plans to next travel together to Britain’s Prince Philip returned was admitted to the private His illness isn’t believed to be been claimed by any extremist deeper relations in the Indo-Pa- South Korea. to Windsor Castle on Tuesday, King Edward VII’s Hospital in related to Covid-19. group or militia. cific region, even as officials say —Timothy W. Martin following a month in the hospi- London on Feb. 16, where he —Associated Press —Associated Press it won’t turn itsback on Europe. FROM PAGE ONE

courtshaveforcedUber Eats, Uber spokesman said the av- wasbased in part on prac- U.K. Uber the company’sfood-delivery eragedriver spends most of ticesUber ended yearsago, arm, to stop using indepen- hisorher time connected to such as penalizing drivers dent contractorsinthe Ge- the app on paid trips,and al- who repeatedly rejected trips. Drivers Get nevaarea. Last spring,a ready makes well morethan Uber has also argued it would French court reclassified a the U.K. minimum hourly be illogical to paydriversa former Uber driver as an em- wage of £8.72,equivalent to minimum wage during peri-

New Status ployee. S $12.11, during that time. ods when they arepotentially On Tuesday, Uber said it But the U.K.’s Supreme signed intoorevenbeing PRES hoped itschangeinthe U.K. Court found in itsFebruary paid by other apps—some- TED

ContinuedfromPageOne would be followedbyother CIA ruling that the group of for- thing morecommon nowthan

health insurancefor some companies. SO mer driversshould have been it wasin2016,when the U.K. drivers. Thecompanypassed Theshiftwill coverabout AS regarded as working when- case began.

on some of itscoststoriders 70,000 driversinthe U.K., TEIN/ ever they were connected to Theother changes Uber in the form of higher prices. which is one of Uber’s biggest GS the Uber app and available outlined on Tuesdaywill be AU Uber and others are lobby- markets. TheU.K.accounted forwork. allocated to workersbased on ANK

ing to makesuch amodel the for6.4%ofthe company’s FR James Farrar,aformer their earnings. Driverswill, national standardinthe U.S., grossbookingsfor itscar- U.K. Uber drivers celebrated February’s court decision in London. Uber driver who wasamong a forinstance, receiveapay- and the companyhas made hailing businessinthe fourth small group that brought the ment of 12.07% of their earn- similar proposals in Europe. quarterof2020,according to panyhad argued in February in the U.K. over itsproposed original case against Uber, ingsevery two weeks,which “Wenow need European asecurities filing. that the U.K. court ruling changes. Uber,for instance, said driverswereinparticu- Uber said accountsfor apro- policymakers, other platform “Uber is just one part of a didn’t directly apply to its said the changeinemploy- lar need of aminimum wage ratedshareofthe 5.6weeks companies and social repre- larger private-hireindustry, current drivers, leading labor ment status doesn’t coverde- during Covid-19 lockdowns, of vacation that afull-time sentatives to come together so we hope that all other op- lawyerstoline up newlitiga- liveryworkersatits Uber when adropinpassenger worker in the U.K. is entitled to strengthen independent eratorswill join us in improv- tion forthousands of drivers Eatsbusiness, saying the numbersmeant manydrivers to receive. work—rather than eliminate ing the quality of work for to claim benefits. food-deliverysector operates found themselves idle for Uber said it would also it—withindustrywide mini- these important workerswho An Uber spokesman said using adifferent economic hours. contribute3%ofeach driver’s mum standards,while safe- areanessential part of our Tuesdaythat the company model—a viewlabor activists “Driversshould earn mini- earningstoU.K.pensions, guarding the flexibility plat- everyday lives,” said Jamie had decided to makeits might challenge. mum wage from logon to log- with driverseligible under form workerssay is most Heywood,Uber’s regional changes afterconsulting with Another point of conten- off,not just when holding U.K. earningsthresholds con- important to them,” Uber general manager forNorthern itsdrivers, who wanted the tion:Uber also said it would passengers,” Mr.Farrar said tributing 5%, unlessthey opt Chief ExecutiveDaraKhos- and Eastern Europe. newbenefits, and to avoid a calculateadriver’s minimum in an interviewlatelast year. out. rowshahi said. Uber’s announcement was wave of litigation. wage based on when drivers TheUber spokesman said —Preetika Rana ElsewhereinEurope,Swiss unexpected because the com- Battles still loom forUber have accepted atrip.The the Februarycourt decision contributed to this article. P2JW076000-0-A00900-1------XA

THE WALL STREET JOURNAL. We dnesday, March 17, 2021 | A9 WORLD NEWS Ukraine Scraps Deal With China, In a Nod to U.S.

BY BRETT FORREST “stands with the U.S. even at AND ALAN CULLISON considerable cost,” said An- dersAslund,aSwedish econo- Ukraine plans to nationalize mist and senior fellow at the aprominent aerospacemanu- Atlantic Council, a think tank facturer and cancel itsacquisi- in Washington. “This wasan tion by China, afterthe U.S. excellent step that the U.S. opposed the deal to keep criti- should greatly appreciate.” cal defense technology out of TheWhiteHouse and the Beijing’s hands. State Department didn’t re-

TheUkrainian government’s spond to requeststocomment. S national security council last U.S. officials in the Biden and PRES week announced the decision Trumpadministrations have on Motor Sich,amaker of ad- said Ukraine must understand TED OCIA

vanced engines. The decision China’sambition to acquire SS

angered China, which de- and master vital defense tech- /A KY

manded Ukraine respect the nologies and stop the pur- TS

rights of Chinese investors, chase.The Ukrainian govern- KA LU and the plans still must pass ment didn’t respond to the Ukrainian legislature and requeststocomment. EFREM could face legal challenges. In 2019,President Trump Ukraine’s Motor Sich, once a linchpin in the Soviet defense industry, supplied engines to Russia’s military-helicopter fleet for decades. If carried out, the state asked Ukraine President Volod- takeover would end morethan ymyr Zelenskytolaunch inves- has yettospeak over the Ukraine then banned exports fortstobuild afifth-generation Council, said Motor Sich would three years of wrangling that tigations intothe business phone with Mr.Zelensky. That, of militarygear to Russia, crip- fighter plane and afleet of be “returnedinthe near future hadplaced the companyand dealingsofHunter Biden,son aUkrainian official said, has pling Motor Sich’sbusinessand heavy-lifthelicopters, according to the Ukrainian people,tothe Ukraine in an expanding con- of then-presumed presidential caused anxiety in Kyiv, which providing an opening to China, to U.S. and Ukrainian officials. ownership of the Ukrainian frontation between Washing- rival JoeBiden, while the youn- sees the U.S. as avital partner aMotor Sich customer sincethe AUkrainian court froze the stateinaconstitutional way.” ton and Beijing. gerMr. Biden served on the in standing up to Russia. 1990s.Beijing Skyrizon Avia- Chinese transaction in April Chinese Foreign Ministry It could also salverelations boardofaUkrainian gascom- Motor Sich, oncealinchpin tion,aprivatefirm, led agroup 2018,and the government’s spokesman Zhao Lijian on Fri- between the Biden administra- pany, Burisma Holdings. The in the Soviet Union’s defense of companies that in 2017com- antimonopoly committee daydemanded that the issue tion and Ukraine,after the phone call between Messrs. industry, supplied engines to pleted a$3.6billion purchase to opened an investigation into be properly resolved and that government became embroiled Trump and Zelensky led to Mr. Russia’smilitary-helicopter control Motor Sich from share- possible unfair competitive Ukraine “takeintoaccount the in U.S. domestic politics dur- Trump’sfirst impeachment by fleet fordecades.That came to holdersled by companyPresi- practices. Both actions effec- legal rights of Chinese enter- ing Donald Trump’s presi- the House; he wasacquittedby ahalt in 2014, when Ukraine dent VyacheslavBoguslayev. tively suspended the deal. prises and investors.” dency, weakening support for the Senate. President Biden and and Russia went to warover TheU.S.pressed Kyiv to an- Then last week,Oleksiy Da- A Skyrizon official said the the country in Washington. his son denied wrongdoing. Russia’sincursion intoeastern nul the deal, particularly driven nilov, the secretaryofthe companyispreparing to file The nationalization of Mo- Nearly two months after Ukraine and its annexation of by concerns that Chinese own- Ukranian government’s Na- lawsuitsinUkraine and in torSich shows Ukraine Mr.Biden’sinauguration,he the Crimean peninsula. ership would boost China’sef- tional Security and Defense other countries. Blinken, in Japan, Challenges Beijing’sRegional Claims

BY ALASTAIR GALE maritime claims in the South meet challenges from China. controlled by Japan but cials didn’t detail anynew ini- speaking on Tuesdaybefore China Sea that violateinterna- Discussion about China took claimed by China. tiatives,but Japan said it themeetingsinTokyo con- TOKYO—SecretaryofState tional law,” Mr.Blinken said at up much of a90-minutemeet- Mr.Austin said the U.S. mil- would boost itsdefense and cluded, said Beijing believed Antony Blinken fired rhetori- anewsconferenceinTokyo. ing with Mr.Blinken, said itaryneeded to respond to the the allies said they would the U.S. officials’ consulta- cal salvos at Beijing in a sym- “Wewill push back if neces- Japan’sforeign minister, rapid advances made by Bei- build partnerships with other tionsshould benefit peace bolic opening act of the Biden saryonChina’scoercions or Toshimitsu Motegi. jing as afighting forceover democracies.OnFriday, Mr. and stability in the region and administration’sdiplomacy aggressions.” Mr.Motegi said both sides the last two decades. Biden spokebyvideo link with “shouldn’t be targeted at any abroad. Mr.Blinken and Defense shared concerns about anew “Our goal is to makesure the leadersofIndia, Australia thirdparties or harm athird “China uses coercion and SecretaryLloyd Austin were in lawthat allows the Chinese that we maintain acompeti- and Japan, a group known as party’s interests.” aggression to systematically Japan on Tuesdayonthe first coast guardtouse military tive edge over China, or any- the Quad that has takenon Beijing has rejected U.S. erode autonomyinHong Kong, foreign trip by membersof forcetodefend national sover- one else that would want to newsignificanceasacounter- criticism of itspolicies in undercut democracyinTai- President Biden’scabinet. eignty.Tokyo fearsBeijing threaten us or our alliance,” weight to China. Hong Kong,Xinjiang and other wan, abuse human rightsin They said theU.S.and Japan might use forcetotakeislands he said. Chinese Foreign Ministry areas on its periphery, saying Xinjiang and Tibet, and assert would bolster deterrenceto in the East China Sea that are TheU.S.and Japanese offi- spokesman Zhao Lijian, they are internal matters. Chinese Authorities Appear To Block an Encrypted App

BY STEPHANIE YANG

TAIPEI—Messaging app Signal became unusable for manypeople in mainland China this week,stifling one of the last widely used mes- saging apps that could send and receiveencrypted mes- sages in the countrywithout a virtual private network. Thegovernment’sapparent movetoblock Signal intensifies

itshold on public and private S

discourse in China, where PRES

manysocial-media and messag- TED

ing apps,including Facebook, CIA Twitterand, most recently,the SO AS popular social-audio platform AN/

Clubhouse,havebeen banned. GU Monday evening Signal us- HAN ers in mainland China started NG reporting problems with send- Signal’ssurging popularitymighthave contributed to apparentban. ing and receiving messages in the app.Using avirtual pri- communication. Similar en- such as the treatment of vate network,orVPN,atool crypted messaging apps,such China’sUyghur Muslims or the that enables internet users to as Telegram and Facebook Inc.’s Tiananmen Square protests. circumvent China’s elaborate WhatsApp,also areinaccessible As with Clubhouse,some system of webfilters, resolved in China without aVPN. sawthe lossofSignal as inevi- those issues, which led users Signal surgedinpopularity table because of China’sex- to conclude that the app had last year among Chinese users pansive censorship apparatus been blocked in China. afterthe U.S. administration andtightening controls over Some also reported prob- said it would ban WeChat, its internet users. lems with registration, another China’smost popular messag- “It’salways been asurprise STERLING EXAMPLE common censorship practice ing app, operated by Tencent that Signal lasted as long as it that affected Clubhouse last Holdings Ltd. Downloads also did, given that the purpose of PAUL STORR month, whereuserscan’t sign jumped in Hong Kong after the app is to facilitateen- up with their phone numbers crypted communications,” said Legendary maker.Exquisite craftsmanship. Classic elegance. because the verification text James Griffiths,author of “The This extraordinary silver tea urn created by Paul Storr for Rundell, code is never received. Move against Signal Great Firewall of China: How Bridge and Rundell is aremarkable example of Georgian artistry Theproblems began on to Build and Control an Alter- from one of history’smost celebrated silversmiths. Made for nobility, Sundayand included halted intensifies China’s nativeVersion of the internet.” this magnificent piece is enveloped in lavish decoration, including a registration and network hold on public and Yaqiu Wang,China re- blocks,aperson familiar with searcher with Human Rights carved lion’shead spigot and spectacular lion’spaw supports. Grand the mattersaid. TheCyber- private discourse. WatchinNew York,said Sig- in size and executed in the neoclassical style, this piece embodies the spaceAdministration of China, nal wasthe last encrypted incomparable craftsmanship and attention to detail for which Storr is 1 the country’s internet regula- messaging app that she could renowned. Hallmarked London, 1809. 17 /2”w x16”d x16”h. #30-6179 tor, didn’t respond to are- easily use to connect securely quest to comment. lawmakerspassed national se- with people in mainland China. On Tuesday, China’s Minis- curity legislation, suppressing Though Signal canstill func- tryofForeign Affairsreferred pro-democracy protests. tion with aVPN,those have be- aquestion about the apparent WeChat uses client-to-server come moredifficult to access ban to the relevant depart- encryption, which grantsTen- in China in recent yearsafter ment, but said China’sinternet cent full access to databe- China tightened rules over the is open and the government tween sendersand recipients. tool. At least hundreds of VPNs manages the internet in accor- Theapp is ubiquitous in China have been removed from app dance with the law. and largely a necessity forev- stores,while VPN usersand Signal uses end-to-end en- eryday life through itsmessag- providershavefaced fines. 622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com cryption, which preventsthird- ing and payment services. “All of these areindications party access to communications In February, Chinese cen- that it will be harder and Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. between the sender and re- sors blocked Clubhouse after harder for people to speak to Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. ceiver.Itincludes featuressuch the app started gaining trac- people securely on sensitive as disappearing messages and tion in the country and led to issues,” Ms. Wang said. “I re- media, and has been promoted discussions of sensitivetopics ally worry about communica- as atool forsecureand private generally restricted in China, tion for people inside China.” P2JW076000-0-A01000-1------XA

A10 | We dnesday, March 17, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

mission. Cordless phones are Stargazers banned. When interferenceofcos- mic radio signals can’t be Try to overcome,dataissimply flagged as bad and excised by scientists.“There’sareal loss Listen In of dataand it’snot possible to RY observeinsome radio fre- TO

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nies amongthose vying for RA to build the world’slargest ra- bandwidth. dio telescope that aims to un- Visitorstothe world’stele- derstand the emergenceofthe scopes oftenarriveincars AFRICAN first stars and galaxies, a key with Wi-Fi, wear asmartwatch UTH consideration wasfinding alo- SO and clutch amobile phone,all The MeerKAT radio telescope in South Africa comprises 64 dishes, spread across nearly five miles of the Karoo region. cation relatively free from in- of which emit radio signals terference. that caninterfere with astron- launched between 2015 and moves everyyear,and new Another time,astronomers disable devices,sotelescope Scientistseventually settled omers’ work.Growthinper- 2018, consulting firm Frost & bits of spectrum are used for at Parkes divided over aseries operators go to great lengths on two sites: The South Afri- sonal technologyrequires Sullivan says. different kinds of devices.” of fast radio bursts picked up to prevent it. Carsand staff cantelescope facility in the moresatellitestocommuni- “It’s like trying to listen to On one occasion, an astron- by the telescope and whether arriving at the South African Karooregion and Murchison cate with Earth, compounding somebody who is whispering omer at the Parkes telescope they came from space. At first facility in the Karooregion, shire, aregion of Western the problem. Airplanes send while everyone else is shout- wasbaffled by aradio signal there was just one, but it was home of thehighly sensitive Australia. Knownasthe “shire signals back to the ground. ing in your ear,” said Tony that wasaffecting observa- later followedbyseveral more. MeerKAT telescope,are with no town,” Murchison has Thelatestchallengeisa Beasley,director of the Na- tions of apulsar—the spinning Thesource wasamicrowave scanned forpersonal elec- a population of up to 113 peo- newgeneration of small satel- tional Radio AstronomyObser- relic of a large star destroyed oven, which pinged when the tronic devices beforethey are ple living in an area around lites that zip around the Earth vatory,based in Charlottes- in asupernovaimplosion. The door was opened. allowedonsite. Monitoring is 19,300 square miles in size. at altitudes measured in hun- ville, Va. astronomer had noticed that Some astronomershave adaily effort. Wearable de- Still, radio silence may yet dreds of miles.They areprolif- With some cosmic radio the signal came during the takentodoing moreoftheir vices and mobile phones must proveelusive. TheSKA tele- erating forapplications in- signals registering as a single day, but seemed to disappear research at night, reasoning be turned off and leftina scope will runonelectricity, cludingEarth observation, pulse, astronomers worry the at night. “Itturned out the in- fewerpeople will be using locker room. require maintenance, and log communications,gatheringcli- radio interferencewill cost terferencewas coming from a phones and there will be less At the Green Bank telescope data on supercomputers that mate-changedataand tracking them vital information about urinal in the toiletsassociated traffic on nearby roads,Mr. in West Virginia, teams some- emit radio signals inside heav- hostile missiles.Estimates peg events far from Earth. with the visitors’ center,” Mr. Reynolds said.The Parkes times go into the community ily shielded buildings. “It be- the number of such satellites “It’sacat-and-mouse Reynolds said.“It took us a telescope is typically visited with detectorstocheck on comes a real challenge to en- that reached orbit last year at game,” said Dr.John Reynolds, day to track the signal down. by around 100,000 people, technologyuse.Green Bank is sureyou don’t become your 1,200, with more than 10,000 head of operations at the Aus- Theelectronics in the auto mostly tourists, each year. adesignated quiet zone where ownworst enemy,” said Ant- expected over the next decade. tralia Telescope National Facil- flush system were faulty and Alot of radio frequencyin- fixedradio transmitters aren’t onySchinckel, head of the SKA In comparison, about 400 ity at Parkes on the edgeof generated sparks as they terferenceonthe ground is allowedwithin a13,000- Program at CSIRO, Australia’s small commercial satellites the Outback. “The technology turned on.” caused by people forgetting to square-mile area without per- national science agency.

nundrum admissions officials UnevenImpact CollegeAdmission Counseling, areconfronting.Grade-point aprofessional association, Admissions Undergraduate applications jumpedathighly selectivecolleges,manyofwhich already had a averages—normally akey data said he’s“deeply optimistic” distinctivedemographic makeup beforethe pandemic. point—werecomplicated by about the prospectsfor whole- Season Is last year’s spring semester, First-yearapplications,select schools sale change in college admis- when manyhigh schools of- sions. fered pass-fail options to stu- UCLA 2020 +28% 2021 Earlier this month, NACAC Chaotic dents who were suddenly fin- UC Berkeley +28% announced acommission fo- ishing junior year online. cused on admitting amorera- Sportsand other extracurricu- NewYork University +17% cially diverse student body, ContinuedfromPageOne lar activities were nixed in looking at areas including re- Yale,Columbia and Stanford pockets of the country, strip- Harvard University* +42% cruitment, admissions criteria universities were so over- ping teens of leadership op- UniversityofVirginia +17% and financial aid require- whelmedthey also pushed portunities to boast about on ments. back the datetoannouncead- applications. Georgia InstituteofTechnology +11% Thereare signs that stu- mission decisions.The Univer- Still, testsare the biggest Princeton University* +13% dentsfromdiverse back- sity of Southern California’s single X-factor this year. Test grounds mayactually lose out applications pool beat the administrations forthe SAT TuftsUniversity +35% this year.Applications forfed- prior record by 7%. And New and ACTacrossmuch of the eral aid from high-school se- Dartmouth College +33% York University topped countrywerecanceled because niors are tracking 9.1% below 100,000 applications,up17% of public-health concerns 0 25,000 50,000 75,000 100,000 125,000 last year,according to the Na- from last year. about crowding teens intoau- tional CollegeAttainment Net- With lessfocus on stan- ditoriums.Morethan 1,600 Percentage change in Common Applications submitted, Racial and ethnic composition work,with even sharper de- dardized testsscores, which four-year colleges didn’t re- 2019-20to2020-21† of first-time,full-time clines amongstudentsfrom numerous studies have shown quirethat applicantssubmit degree-seeking U.S. low-income high schools and arecorrelated with family standardized test scores this Moreselective Less selective undergraduates, fall 2019 schoolswith large minority wealth, that could mean ac- admissions cycle,sinceso populations. cepting morelow-income stu- manystudentscouldn’t take 20% 100% And at the same time the dentsfromunder-resourced the exams as scheduled. The Asian most selectiveschools are high schools.Colleges saythat movement behind test-op- 15 overwhelmed by applications, without SATorACT results tional policies hadgained 75 colleges without national they’ll give greater weight to some high-profile backersover Other name recognition and ones 10 teacher recommendations and the past decade,but the Black that generally draw morelow- signs of intellectual curiosity, trickle turned to atsunami 50 Hispanic income and first-generation and judgecandidates in the when 600 morejoined the ros- 5 college students reported de- contextoftheir environments. ter since last March. White clines. Freshman applications 25 Manyhighly selective 0 to California State University schools,including Amherst DominguezHills,for example, ‘Walk the talk’ Collegeand Princeton Univer- fell 13% this year. Thepandemic “iscalling on sity,havealready extended –5 0 Datafromthe Common us to walk the talk,” when it their test-optional policies for Privatelarge Public large Privatesmall Public small All four-year Ivy App,astandardapplication comes to thinking more at least another year. College institutions League used by morethan 900 broadly about assessing appli- counselorsand some admis- schools,showthat applica- *2021 figures areestimates. †Data through March 1. Large schools have 10,000 or moretotal students. More-selectiveschools have undergraduate cants, said LeeCoffin, vice sions officerssay it will be admit ratesbelow50%. tions through March 1wereup provostfor enrollment and tough to reverse course. Sources: the schools (first-year applications); Common Application (applications by school type); Education Department(race/ethnicity) 11% nationwide. But the num- dean of admissions and finan- With the gatestomany ber of applicants rose by just cial aid at Dartmouth College. moreselectiveschools no lon- schools” without the score, scrabble background? scorewould still set them 2.4%, meaning roughly the Dartmouth sawa33% rise in gerguarded by standardized said Ms. Sayed. “It didn’t feel At the Georgia Institute of apart. In some cases,admis- same number of students are applicationsafter it waived tests, tens of thousands of ad- like Iwas at adisadvantage. Technology, 37% of applicants sions officers said, those who just sending out moreapplica- standardized test scores. ditional studentsapplied. In a Whynot just shoot my shot?” this year omitted test scores. submittedfiles without scores tions.The flurryofapplica- Mr.Coffin says he is con- year when nothing wascer- Admissions officers at top- RickClark,who runs under- were oftenlesscompetitive tions wasconcentrated at flicted about going test-op- tain, anything seemed possi- ranked colleges and universi- graduateadmissions at the across multiple measures. more selective colleges. tional. Beforethe pandemic ble—so what the heck,seniors ties have long boasted of con- public university,said most That theory is supported by Dartmouthconsidered stan- thought, whynot apply to ducting aholistic reviewof applicants earn topmarks in early acceptancedataatsome dardized test scores to be Harvard? applicants, putting academic advanced calculus classes as schools.The University of Staying focused among the most important in- Amal Sayed from Dearborn qualifications intocontext. Did high-schooljuniorsand se- Pennsylvania admitted 15% of “Kids aresending out more formation alongside grade Heights, Mich., submitted ap- ateen take the hardest niors, and so the admissions those who applied in itsbind- applications out of nervous- point average, essays and class plications to 21 schools this courses offered at her high officedoesn’t fixateonthe ing early-decision round. ness, out of anxiety, just say- rank.Seeing strong scores fall andwinter,receiving fee school,orpull straight-A’s math portion of the SAT, While about two-thirds of the ing,‘Let’ssee what happens,’ ” helps his team feel moreconfi- waiversthrough aprogram with less-challenging classes? which barely touches on pre- applications included test said Cynthia Rivera, who over- dent that admittedstudents geared to low-income stu- Did acandidatemaintain a3.9 calculus. scores,three-quartersofthose sees counseling at NewCa- could cut it at the Ivy League dents. GPA with few distractions, or Some families remain wary admitted did. naan High School in Connecti- institution. “It becomes a while working part time at the that schools will really con- Schools have made signifi- cut. Seniorsthereapplied to moral question,” he said. “I drive-through, taking care of sider two applicantsequally if cant headway this year in con- an averageof10schools this don’t want to admit someone High achiever an ailing parent and playing onesubmittedascore and an- necting with abroader pool of year, up from eight last year. who is going to struggle.” An academic high achiever, varsity soccer? other didn’t. Students around prospects, thanks in part to Greg Roberts,dean of un- Some veterans in the field Ms.Sayed is enrolled in a And who deserves priority the world scrambled through- the necessity of virtual infor- dergraduateadmissions at the areskeptical that waiving prestigiousSTEM program foracoveted spot: the one out the summer and fall to mationsessions and campus University of Virginia, is con- standardized testsalone will that draws top students from who thrived on an easier path, find open test sites,some tours. Admissions officers cerned about whether the have abig impact. SamBig- the city’s three public high or the one who did all right driving hourstosit forthe ex- used to visit the same roster soaringnumbersaffect his elow, director of collegecoun- schools.She said she has a4.2 despitehaving amorehard- ams with hopes that a strong of high schools each year and team’s ability to stay focused seling at Middlesex School in GPAand ranks in the top2%of stop by capital cities of some while reviewing applications. Concord, Mass.,said some un- her class. But her SATtest, countries, but rarely traveled Applications thererose by derrepresented students may which she finally took in Octo- to rural schools or those that nearly 17%this year; 43% getaboost without borderline ber aftertwo cancellations, hadn’t sent graduates their didn’t include standardized test scores holding them back. wasadisappointment. She way before. test scores. “But Idon’t think it’stip- said she scored belowher tar- “The fear is that your team ping the scale on access and getof1400,which itself would gets exhausted and beaten up equity,” he said. “Morethan have placed her belowthe reading so many applications anything else it’s just making 25th percentile forthe current ‘New territory’ all hoursofthe dayfor six these applicant pools disturb- first-year classatStanford “It’s just a lot easier when months, and the end goal is a ingly big.It’sbyand large just University,one of her targets. youcan do it over Zoom, to number and not aperson,” Mr. making morekids forthem to So she pivoted, submitting cover new territory,” said MJ Roberts said. reject.” herSAT scoreonly to safety Knoll-Finn, NYU’s senior vice Readers at Williams College

Students who don’t submit schools whereshe would mea- JOURNAL president forenrollment man- work in pairs, and try to ana- test scores could be consid- sureupwell, and omitting it agement and student success. lyze 45 to 50 applications each REET

ered riskier if they are apply- forthe others. Her final list in- ST Applications from the Mid- day. Elizabeth Creighton, dean

ing from ahigh school that cluded local options like LL west, as well as from countries of admission and financial aid,

doesn’t have ahistoryofsend- Wayne State University and WA likeEgypt, Kenyaand the Phil- breaks up the long reading

ing studentstoaparticular the University of Michigan—to THE ippines,skyrocketed this year, sessions with burpees—doing R

college, Mr.Bigelowsaid, not- which she has already been FO as did bids from Black and La- a squat thrust, a push-up and

ing that it isn’t obvious admitted—as well as Harvard, US tino candidates.The pandemic then standing up straight— whether straight-A’s in amid- Yale,the University of Chicago RR “accelerated something that one set everyhour and ahalf. JA

dling high school translate and the Massachusetts Insti- IA we probably should have been “I getthrough about 50 into an ability to handle work tute of Technology. LV doing already,” she said. burpees over the course of the SY at rigorous colleges. “It wasalot easier to apply Amal Sayed, a high-school senior, applied to 21 colleges, omitting Angel Pérez, chief executive day,” she said. “They are get- Testing isn’t the only co- to some of those higher-reach her SAT score in some cases and including it in others. of the National Association for ting a little easier.” P2JW076000-4-A010A0-1------NS

THE WALL STREET JOURNAL. **** NY We dnesday, March 17, 2021 | A10A GREATER NEW YORK In N.J.,Veterans Officials’ PayQuestioned

BY CHRISTOPHER WEAVER sor afterher termination, Scott with officejobs,such as hu- ing the crisis,but only forthe payment plan, while discus- dles and her team mishandled Mueller, got$14,290 from the man-resourcesand payroll of- actual hoursinwhich they sions about returning the pay the outbreak by withholding Thestate of NewJersey pool, which wasfunded by the ficials,fromthe fund meant dealt with patients. with Ms. Schiff-Heedles are the presence of the coronavi- tapped afund meant for firstfederal stimulus bill last fordirect-careworkers, claim- TheNew Jersey Depart- “ongoing,” the spokesman said. rusfromfamilies forafull nurses and othersworking di- year,the recordsshow. ing some of those officials ment of Militaryand Veterans Ms.Schiff-Heedles didn’t week afteridentifying the first rectly with patientstomake State officials began exam- spent as much as 100% of nor- Affairs’sspokesman Kryn respond to requests for com- case, barring employees from unauthorized and questionable iningthe paymentsafter re- mal working hoursassigned to ment this week.Asked about wearing masks around resi- paymentstoupper-level man- ceiving questions about them direct-careduties from late the paymentsonMarch 3, she dents and underreporting the agersatits veterans agency, from the Journal and con- March to the end of June. Stateagencythat said, “I don’t knowwhat number of patientskilled by which oversees the nursing firmed that Ms.Schiff-Heedles In contrast, licensed practical you’retalking about.” Mr. the virus,among other things, homes with the state’shighest and Mr.Mueller shouldn’t nurses at the facility—where oversees facilities Mueller didn’t respond to are- aJournal investigation pub- death count for Covid-19. have received them. such workersare in near con- gave hazard payto quest for comment. lished in October found. Among the recipientsis Thestate’s Civil Service stant contact with patients—re- Covid-19 swept through Gov.Murphyfired Ms. Elizabeth Schiff-Heedles,the Commission “did not approve ceived lessthan $8,000 in haz- ineligible employees. Menlo and asecond agency-run Schiff-Heedles 10 days afterthe former chief executive of the paymentsfor Ms.Schiff-Hee- ardpaymentsonaverage, veterans home in Paramus,N.J., Journal’sarticle waspublished, agency’sMenlo Park Veterans dles and Mr.Mueller.They do because the paymentswere in lateMarch and April of last on Oct. 16,aspart of abroader Memorial Home,inEdison, not qualifyfor the special proj- based on apercentageofnormal year,killing about athirdofthe overhaul of the veterans agency. N.J., who received $13,392 in ect rate” due to their salarylev- compensation, aJournal analy- Westhoven said the agency’s roughly 600 residentsatthe Thepaymentsidentified by hazardpay to which she els,said Tyler Jones,aspokes- sis of statepayroll datafound. “leadership team is conduct- two facilities.Attimes,dozens the Journal areanexample of wasn’t entitled beforebeing woman forthe commission, While topmanagerssuch as ing athorough reviewofall is- of workerscalled out sick,leav- howoversight of the billions fired by Gov.Phil Murphy, a referring to the hazardpay. Ms.Schiff-Heedles weren’t eli- sued payments to ensure that ing the facilities short staffed of dollarsflowing intostates Wall Street Journal review of Theagencyalso paid as gible at all, in some cases, employees that received the until National Guardtroops ar- for Covid-19 relief could have state payroll records found. much as about $14,000 each to workerswith officejobs could payments met the criteria.” rived to back them up in May. been lacking amid the chaos of Her topdeputy and succes- certain midlevel managers qualifyifthey helped out dur- Mr.Mueller agreed to are- At Menlo,Ms. Schiff-Hee- the pandemic’s early months. New Yo rk City Is Set To Hit 3 Million Va ccinations

BY KATE KING sents43% of the state’spopula- chief executiveofHealth + tion,” the spokesman said. Hospitals,New York City’s pub- MayorBill de Blasio said NewYork City administered lic hospital system, said vacci- NewYork City waspoised to morethan 370,000 vaccine nations of the elderly and peo- reach 3million Covid-19 vac- doses last week, although the ple with underlying illnesses cines administered, amilestone mayorsaid officials could give have helped reducehospital- that comes as daily hospitaliza- out more than 500,000 doses izations and deaths.Further tions appear to be falling. weekly if they had the supply. reducing infections will require Mr.deBlasio said he has Mr.deBlasio said he be- wider vaccination, he said. askedPresident Biden to in- lieves the city will hit its goal “Getting everybody vacci- crease the city’s supply,and of fully vaccinating 5million nated will makeahugediffer- that he and other mayors have New Yorkers by late June. ence,” he said. asked the WhiteHouse to give Newhospitalizations for Statewide,morethan 4.5 vaccines directly to major cities. suspected Covid-19 totaled 177 million residents, or 23% of Inoculations currently aresent patientsMonday, the second the population, have received to governors, who distribute day in a row that admissions S at least one vaccine dose, Mr.

them to towns and cities. fell belowthe 200-patient PRES Cuomo’sofficesaid Tuesday.

“Wecan cut out the middle threshold that city officials UMA Nearly 2.4million people,or person and get to vaccinating consider important to keeping /Z about 12% of residents, are morepeople and do it more the virus in check. OS fully inoculated. OUL

quickly and more effectively,” Themayor and his public- OP Thereare morethan 4,600 themayor said at aTuesday health professionals said the people hospitalized forCovid-19 MPER

news conference. trend is encouraging but that LY statewide,which is 242fewer

TheWhiteHouse didn’t re- NewYorkersmust continue to AS than last week,according to Mr. ST

spond to arequest forcomment. wear masks and social dis- KO Cuomo’s office. Theseven-day Aspokesman forGov.Andrew tance. Morethan 1,200 people People enter a New York City vaccination site located at the Empire Outlets in Staten Island. averagepositivity rate has crept Cuomo said the stateworks have been hospitalized city- up over the past few days,to with the city to ensurevaccines wide during this past week, a cases—3,235—and the seven- forcontaining the virus. and transmissible arelikely 3.24%onMonday. An additional areadministered efficiently and metric that has been slowly dayaverage positivity Health Commissioner Dave why the city hasn’t been able 51 people died of Covid-19 in equitably.“Thecity receives 43% trending downward. rate—6.4%—arestill stuck Chokshi said the increasing to morequickly reducethe NewYork on Monday, bringing of the state’sdoses everyweek Theseven-day averageof abovethe benchmarks that prevalenceofcoronavirus number of infections. the pandemic’stotal death toll because NewYork City repre- daily newCovid-19 city officials deem manageable variantsthat areinfectious Mitchell Katz,president and in the stateto39,636.

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A10B | We dnesday, March 17, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK METROMONEY | By Anne Kadet Lawmakers Look Covid Testing Is Big Business To Raise Taxes on

I was sur- mand has dropped 46% since State’s TopEarners prised re- the start of the year, accord- cently to spot ing to healthcare appoint- a new busi- ment booking platform Solv. BY JIMMY VIELKIND federal probe intothe state’s ness in my So whydonew sites keep handling of Covid-19 in nursing Brooklyn popping up? In some cases, ALBANY—Democratswho homes.SenateMajority Leader neighborhood. “COVID-19 the operations serveasasort dominate the New York state Andrea Stewart-Cousins has RAPID TESTING” the sign of Trojan horse—a location Assembly and Senateare called forMr. Cuomo to resign, trumpeted. “SAME DAY RE- canoffer Covid-19 testing now pushing to increase taxeson and Assembly Speaker Carl SULTS.” It was a storefront and additional services later. the state’stop earnersbeyond Heastie announced an impeach- dedicated entirely to corona- It’sdifficult to gain afoot- the level proposed earlier this ment investigation. virus tests. This was puz- hold in NewYork City,but the year by Gov.Andrew Cuomo Mr.Cuomo has said he zling. Why now? Aren’t we pandemic created an oppor- and have introduced anew wouldn’t resign, and his aides all getting vaccinated? tunity forthose bold enough surcharge on capital gains as saythey arecooperating with But this was no anomaly. to act fast. “Wecould never budget negotiations enter the federal probe.The governor For better or worse, entre- build acompanythis quick in their final phase. has asked people to withhold preneurs say Covid-19 test- normal times,” says Pavel Democratic legislatorspro- judgment untilstate Attorney ing will be a profitable busi- Stuchlik,aHouston entrepre- posed taxpackages that would General Letitia James com- ness in New York City for a neur who is opening aCovid- each raise morethan $6.5 bil- pletes an investigation intothe long time to come. Their testing center in Manhattan. lion of additional revenue with a harassment claims.Mr. Cuomo ventures are ambitious and, By the time test demand variety of newand increased has said he never touched any- in some cases, imaginative. dwindles,heexpectsthe levies. Themeasures would one inappropriately and has Manhattan-based Todos startup he co-founded, Well- boost totalstate spending above apologized if his behavior Medical mainly develops ness4Humanity,tobewell- $200 billion by increasing out- made anyone uncomfortable. cancer-detection tests. But established in NewYork City, lays foreducation, transporta- Thebudget proposals are next month it will launch offering arangeofpreventive tion and healthcare, as well as what it believes to be the and wellness-careservices. by adding grantprograms for city’s first mobile Covid-test- small businesses and tenants. Proposed increases ing labs. CEO Gerald Com- thersexpect demand While they didn’t advance missiong envisions the com- to last foralong while proposals to taxfinancial go beyond the level pany’s 20-foot container O as the still unvacci- transactions or impose aform called for earlier boxes parked outside Madi- nated see the city opening up of wealth taxonunrealized

son Square Garden serving IVDRIPS and want to join the party. capital gains,leadersofthe by Gov. Cuomo. fans who need a fast lab re- At Brooklyn-based IVDrips, Covid-19 testsaccountfor 40% to 50% Until the pandemic hit, Senateand Assembly proposed sult to attend a Knicks game. of the business, which expanded lastyear from 15 to 25 nurses. Brooklyn-based Paradocs was increases to the state’sper- Thecompanyhas so far best known for providing sonal income tax, estatetax spent $1.2 million construct- tle as eight hours. has a dense population, en- first aid and EMT services at and corporate franchise tax. anotherpoint of friction be- ing two portable lab facilities The dedicated Covid-test- trepreneurs say. People some of the city’s biggest Thehigher taxeswould affect tween the governor and legis- and has 10 moreinproduc- ing storefront strategy also won’t travel far for a test music festivals. Since then, individuals reporting more lators, who have faced pres- tion. Mr.Commissiong says is attracting the venture- and the business depends it’s been administering up to than $1 million of income. surethis year from unions and the unitscan process3,000 some. Maverick Health CEO largely on high-visibility lo- 10,000 Covid-19 tests a week Each chamber of the Legis- progressivegroups to raise to 5,000 testsaday,charging and co-founder Ezra Gon- cations that advertise to at construction sites and TV laturethis week passed anon- taxesonthe wealthyand in- $200 apop.“We think there townik, a healthcare entre- passersby, say Maxo Oehme shoots. “Ninety-five percent binding budget resolution that crease funding for social-ser- is going to be big demand in preneur, opened three such and Felix Huettenbach, co- of our business has been lays out itsposition in final vice programs. Manhattanwith Broadway operations in Manhattan last founders of Sameday Health, Covid testing,” says founder talks with the Democratic ex- Both Mr.Heastie,aBronx opening up,” he says. month and plans eight more. a national Covid-testing and CEO Alex Pollak. “We’ve ecutive before the state fiscal Democrat, and Ms. Stewart- Bracha Banayan, CEO of He has partnered with a Fi- business that launched in done way more than we’ve year ends on March 31. Cousins,aDemocrat from Yon- Brooklyn-based IVDrips,a nancial District hotel to set September and opened three ever done, revenue-wise.” Mr. Cuomo has cut income kers,said they areplanning to serviceproviding at-home IV up shop off the lobby, offer- locations in Manhattan and Now he’s getting requests and estatetaxes sincehetook negotiate with the governor hydration and nutrient treat- ing rapid-result tests. Brooklyn this year. to provide testing at con- officein2011, but this year he but want to do so from aposi- ments, says Covid testing ac- But how many providers certs and music festivals proposed a$193 billion budget tion of strength. “There’s a countsfor 40% to 50% of her ike many of these do we need? The New York that will require either proof with a $1.5 billion income-tax clear messagefromwherethe business. It specializes in L startups, Maverick metro area offers one of inoculation or a negative increase affecting joint filers Legislatureis, and we hope the rush jobs.Nurses collect Health doesn’t take in- Covid-19 testing site for ev- test result. But Mr. Pollak reporting morethan $5 mil- governor agrees with us,” Mr. swabs from clientsintheir surance for the tests, which ery 15,000 people—a rate would rather not see the lion of income.OnMonday, he Heastie said Monday. homes and offices,and speed start at $99, but they pro- double that of San Francisco testing business boom. “If warned that excessivetax Freeman Klopott, aspokes- them to alab. IVDrips has vide a wait-free experience and Boston, according to you told me tomorrow we hikes could prompt people and man forMr. Cuomo’s budget of- negotiated “VIP contracts” and fast turnaround, Mr. Castlight Health, a health- don’t have to do any more businesses to relocate. fice,said staffersfor the gover- with four labs around the city Gontownik says. care navigation company Covid testing,” he says, “I’d Thefiscal clash comes as the nor and Legislature“have to getpriority processing. The New York City market that provides directories and be the happiest person ever.” governor faces accusations that begun negotiations as they do Customers pay $200 to is appealing because it was other services to employers. he behavedinappropriately to- everyyear along aconstitution- $500 to get results in as lit- hit hard by Covid-19 and it Nationwide, testing de- [email protected] ward multiple women and a ally defined process.”

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FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, March 17, 2021 | A11 The One Thing: WhatGot Us Through the Year

BY ANNE MARIE CHAKER and her children gotplaced on hold. He gaveupswimming at the eople have had to work local gymand in-person grocery harder to find respite shopping in favorofhome exer- during the pandemic. cise and curbside pickup.“People And they’ve found it in my agehavealittle saying: In the P some surprising ways. 70sitwas morefun being 20 than ALos Angeles audit being 70 in the 20s,” says the 72- supervisor kept his mind sharp by year-old, who lives in Colorado constructing advanced Lego sets. In Springs, Colo. Colorado,aretired teacher found In June,helearned that afriend newfriends while building his own wasselling his partially built two- airplane.InTampa, aflight atten- person propeller plane at asignifi- dant discovered newchallenges cant discount to what anew kit while training foranultramarathon. might cost. We asked people around the TheZenith STOL CH750 was CYR country what helped get them stored in ahangar at alocal airport. through the past year. Here’s what “It looked likeadragonfly that

they told us. didn’t have itswingson,” he says. MICHELLE Theprospect of continuing the OVER THE PAST work to completion MOE;

YEAR, Fredrick W. wasexciting,he JOHN Leehas become a An airplane kit. Lego says.Hefigured it master builder—of would be an ambi- Lego sets. sets. Ultramarathons. tious project that JOURNAL;

The 44-year- People have sought could keep his REET old Los Angeles hands working and ST audit supervisor respiteinnew places. his mind occupied. LL had loved playing It also turned WA THE

with them as a out to be much Clockwisefromtop: R kid, and collected more. On his visits Fredrick W. Leebuilt FO complex, advanced kits as an to Meadow Lake Airport outside dozens of Lego adult. By last year, he had more Colorado Springs, where the plane PIXLEY

kits; John Moe with RA

than 50 such kits, including mod- is stored, he joined a new commu- his plane;Cindy TA els of Frank Lloyd Wright’s Falling- nity and made friends with air- P:

Horrocksran a100K. TO water home and a nearly 4,000- plane enthusiasts. Mr. Moe hopes OM

piece green Lamborghini Sian. to finish the plane by the end of FR Before the pandemic, the kits the summer and enroll in a flight had mostly sat unboxed and un- school. WISE OCK

touched in an unused bedroom “Even more so than the plane, CL cabinet. By June, his life had it’s the fellowship that’s been grown pretty quiet: His office was great,” says Mr. closed, as was his gym, where he Moe. club friend mentioned to Ms.Hor- used to see friends and regulars rocks that he knewsomeone run- six times a week. Dating had be- JOEY SEICH ning a100K in Bandera, Texas, come nearly impossible, says Mr. HASFOUND joy and suggested she train forit. Lee, who is single. in getting At the time,Ms. Horrocks’ssons “I couldn’t go anywhere. It felt dressed up—de- were in virtual school and she was like, ‘I’m losing my mind here,’” he spiteoften hav- on avoluntaryleave from her job as recalls. So he challenged himself to ing nowhere aflight attendant. “It would be nice start opening up those Lego kits. to go. to have agoal to focus on and I He began with a780-piece Several have plenty of time,” she recalls Buckingham Palace, which took times aweek, thinking.“Idon’t have awhole lot him lessthan an hour to build. Ms.Seich puts else going on in my life.” From there, he worked up to more together an out- Ms. Horrocks, a 43-year-old challenging models.The one that fitortakes a who lives in Tampa, Fla., trained most tested him wasthe Imperial “shoefie”—a for seven months. The centerpiece Hotel, a1,188-piecemodel of aTo- selfie-style pose of her training involved gradually kyolandmark.Atone point, he of just her feet increasing the distance of her long worked 10 hoursstraight on it. in stylish runs, usually on weekends. What Sometimes,incorrect placements shoes—and postsitonaFace- more than just the picture. They’ll errands to the post office or the started with 10 miles in May be- or alignmentsmeant he had to book group of shoe fanatics with talk about their day,” she says. grocery store, she still wears came 31 miles by December. redo hoursofwork.“They kept the hashtag #getdressedanyway. Beforethe pandemic,Ms. Seich sneakers. Ahead of the race in January, my mind sharp,” he says.“And it Thegroup chooses outfitthemes gotdressed up everyday before In the Facebook group, people she thought she might drop out bringsback that kid in me.” or colorsfor different days of the driving to her job as an internet talk about their families, social is- halfway;the event is designed as In the past year he has built 54 week.OnFeb.25itwas #spring- publications editor.She usually sues or what top to wear for a two loops.“Ifigured if Ineed to,I total Lego kits. One was his own flowers;#green on Jan. 21; #neu- laid out her work outfitthe night Zoom interview. “It’s just nice to candropoff at 50K and still feel ‘freestyle’ creation—a scaled re- trals on Jan. 25.Ms. Seich, who before—some combination of a have a place to not have to think likeIaccomplished something,” she production of an NBAbasketball lives in Springfield, Va., tries to blazer and dark slacks,paired about Covid or when you’re going says.But afterthe firstloop,“Ifelt court—with about 600 pieces. playalong acouple times aweek: with aselection from her vintage to get your next vaccine,” she says. good. Ihad done the training.” “It’s a release,” he says. “Like For#allthatglitters on NewYear’s collection of brooches.Afriend “It’s just about fashion and fun.” Without the pandemic, an ul- when people go to the movies to Eve, she paired black leggings had recommended trendy shoe tramarathon never would have get away from reality. That’s me with metallic-tipped pointy flats. brand Rothy’s, and she began ac- MANY OF THE TURKEY TROT and crossed her mind, she says. “I building these Legos.” She came across the Facebook cumulating pairsinbright hues Fun Run races that Cindy Horrocks would have said, ‘That’s crazy. I group last spring when she was that cost anywherefrom$90 to usually competed in got canceled don’t have the time to commit to RETIRED ELEMENTARY school looking to find some deals on sec- $190.During the pandemic,she during the pandemic. So she running all those miles.’” teacher John Moe found fulfillment ondhand shoes. “It’s kind of a cre- joined aFacebook group of devo- signed up for a 100K. She ranher second ultramara- while building his ownairplane. ative outlet and just a way to think tees who buy,trade or sell Social distancing canbehard thon earlier this month. She’s Early in the pandemic,Mr. Moe about something other than the them and collect limited-edition to do with popular eventslike back at work nowbut plans to had felt his contact with the out- pandemic,” she says. releases. 5k’s, 10k’sand marathons.But in sign up forthree moreraces in side world shrink.Services at his She has never met anyone in In the past year, she has pur- manyultramarathons—long-dis- Florida this summer,despitesoar- church went virtual and he the group in person, but she feels chased 20 pairs. “Basically I buy tanceruns exceeding the standard ing temperatures and humidity. stopped seeing manyfriends.Vis- as if she is part of a community. expensive shoes that I dream of 26.2 miles—runnerscan be more “That will add anew level of chal- itswith his out-of-statedaughter “When people post a picture, it’s wearing one day,” she says. To run spaced out. Last July,arunning- lenge,” she says.

BY ANNEMARIE DOOLING Play a game Cook a big meal DoingNothing without keeping Borrowing from the downtime that ne secret to achieving more: score the Italians call dolce far niente O Finding time to do nothing. Dr.Oakley points (the sweetness of doing nothing), In our efforts to squeeze CanMakeYou out that while our the act of cooking a meal can en- every second from the day, it body’s dopamine courage a wandering mind. It can seems counterintuitive to watch a MoreProductive reward system be tempting to create a culinary pot of coffee boil or gaze out the might encourage masterpiece to make the time window. But your brain uses those tasks,keeping score worth it, but fight the urge. Ms. free periods for important cleanup is labor.Instead of Odell suggests trying to “see the work, neuroscience research indi- competing against nonwork time as something other cates. And during the pandemic, as your crossword than the negative space left after the boundaries between work and best, find apuzzle work.” Try a simple recipe that re- home have blurred, it has become game on your quires slow preparation. Not only harder to create mental breaks. phone that requires is the activity downtime, but bo- Even brief timeoutshelp the simply swiping. nus points for resting at the table brain reinforce long-term learning between courses. and productivity.You come out of Take a solo downtime able to learn more, and walk Just sit down canaccessthat learning faster. Leavethe Fitbit at If you’restruggling to getenough “When youtakeabreak,you may home,and free up rest at night, tryashort nap. want to do something mind-con- an hour to absorb Simply find acomfortable chair, suming to help with motivation, but the sceneryinsi- and breathe.While you’renap- technically your best way of taking lence. Being in na- ping,remember that your brain abreak is to do something mind- turehas been linked never is.Rest is one of the most less,” says Barbara Oakley,aprofes- to a multitude of important waystoenhancethe sor of engineering at Oakland Uni- It’s harder to create mental breaks when work and home blur. Here are some strategies. physical and mental neurological flexibility to build versity in Michigan who teaches a benefits.But be the kind of conceptual under- popular online course on howto taking ashower. Letting your bird-watching became her favorite surenot to createacompetition, standing that is related to iden- open your mind to learning. mind wander herecan be astep- slow-down activity: Exhausted af- which cantakethe relaxation out tity and purpose,says MaryHelen Hereare some techniques. ping stone to quieting morehectic terpulling an all-nighter,she had of the activity.“We getfixated on Immordino-Yang,aprofessor of environments. Or tryblocking off gazedout the windowand noticed taking 10,000 steps,” Ms.Odell education, psychologyand neuro- Take a long shower time to look out your window. In acluster of yellowbirds.“I says.“Yes, it’sgood to go fora scienceatthe University of GES Anaturalplacetostart slowing her book “HowToDoNothing: Re- burned out, and in that stateof walk,but this isn’t ajob.” Enjoy Southern California. Consider that IMA down is ahabit that’salready sisting the Attention Economy,” forced relaxation, that happened the meandering,rather than the areason to lose the guilt over a

GETTY built intoyour schedule,such as writer JennyOdell describes how to be when Inoticed,” she says. race,she suggests. daily rest. P2JW076000-0-A01200-1------NS

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

FAMILY  On the Invstr trading app, young &TECH investors learn by playing a JULIE fantasy finance game, before JARGON putting in real money.

ayne Porter and his sister, WORDS OF WISDOM Piper,jumped on the GameStopstock frenzy in lateJanuary. Mr.Porter,a Trust but verify. It’s fine to P 23-year-old clothing de- learn about stocks through signer in LosAngeles,in- social media, but it’s best to vested $5,000,while his 26-year-old do your own research using sibling,who works at an L.A. mar- credible sources such as re- keting agency, put in $3,000,both ports from analysts, newspa- using the Robinhood trading app. pers and trusted adults. The wild ride they experienced during the two weeks they owned Develop a system. Financial the stock was both thrilling and experts saybeginnersshould terrifying, they said. set aside acertain amountof “I remember texting my dad moneyeach month and con- when I was up $40,000 and he tinually invest overtime. told me to pull out and I didn’t,” Mr. Porter said. “It was definitely Avoid get-rich-quick schemes. an emotional roller coaster.” “If youget luckylikemyniece When they finally quit, they and nephew, congrats, but were still ahead by about $10,000 don’t expect thattorepeatit- each. It was their first time buying selftime and again,” said Brian stock on their own, and while they Dightman, the investmentad- timed their exit well, they said viser who is father of Max and next time they will proceed with uncle to the Porter siblings. more caution. “It felt more like gambling than investing,” Ms. Porter said. Young investorshaverushed GameStop through social media intothe stock market, buoyedby Investing, NotGambling: Apps and friends. When their uncle, the belief that investing should be Brian Dightman, a financial ad- foreveryone.They are lured by viser, heard they had invested in easy-to-use trading apps that don’t GameStop, he urged their mother charge commissions or requiremin- Help Young Stock BuyersLearn to have them sell. They never got imum deposits, and use emojis,bold his message, but Ms. Porter de- graphics and challenges to makethe cided to get out when the stock stock market feel moregame-like. reached $250. Her brother hoped Many inexperienced investors playing the game or actually trad- tended to provide a fun entree into news around Robinhood and the shares would keep rising, but made bets on GameStop, most ing from within the app—receive a learning about stocks. GameStop. he sold at $129 a share. without even the limited success scorecard on their investment per- Co-founder Igor Sheremet While they were profiting from the Porters experienced. Some suf- formance, with detailed insights works with licensed traders to de-  Greenlight is a kids’ allowance their risky bet, the Porter siblings’ fered substantial losses. into their risk exposure. People velop the content, which is fo- and debit-card app that recently cousin Max Dightman was pulling Now, financial and education can take a 10-part interactive cused on short-term investing but launched a financial-education and out of Robinhood. He didn’t invest tech companies are trying to teach course on investing. not on day trading. He said he is trading arm. The new feature gives in GameStop but had bought other younger investors how to enter the Theapp’scontent is free for90 in the process of adding longer- kids access to Morningstar analyst stocks, as well as bitcoin. market more wisely. Their focus is days.There’snocharge to open an term investment advice to the app. notes and educational videos “Bitcoin was scary. It goes up less on gaming the day-to-day ups account within the app and no com- The free app provides basic infor- about investing. Kids also can buy and down so rapidly. I felt like it and downs of stock valuation, and missions on trades.After three mation on a number of consumer and sell stocks within the app, but could come crashing down at any more about strategizing for the months,people cansubscribe to stocks and includes quizzes to test only with parental approval. The moment, so I pulled out,” said Mr. long term. Some allow trading but premium content for$3.99 amonth. users’ knowledge. Greenlight plan that includes in- Dightman, a 20-year-old sopho- with certain guardrails, such as vesting starts at $7.98 a month. more at the University of Washing- parental approval or a warning  Qooore is a new app designed  Everfi offers courses on finan- ton who lost $10 on his $120 bit- when a portfolio is out of balance. by two friends in their 30s who cial literacy aimed at children in  Benjamin Talks is a website and coin investment. Here are a few of their apps were interested in investing but grades 4 through 12 to public weekly newsletter that provides Mr. Porter said he put $8,000 and services: found trading complicated. They schools at no charge. Courses con- parents with tips on how to talk to of his GameStop profit into a man- figured other young adults must sist of 20-minute videos and on- children about money and invest- aged account, $1,000 back into  Invstr is a trading app that al- feel the same way, so late last year line activities in which students ing. The company, created by two GameStop and the other $1,000 lows wannabe investors to com- they launched a service that looks can create simulated stock portfo- women who worked in finance, into other small company stocks. pete with other players for prizes more like a social-media app than lios. Its Marketplaces curriculum sells actual piggy banks aimed at His sister said she transferred all in a “fantasy finance” game, to an investment app. People can for high schools is its most popu- teaching kids to allocate their her gains into a savings account. learn about investing before put- swipe through for stock informa- lar—and has seen a surge in de- pocket change for different pur- “I’m waiting to learn more R ting in real money. tion and tap a heart if they like a mand in the past two months, poses: spending, saving and giving. about investing before I buy ST

INV All users—whether they are stock. The app is basic, but it’s in- which the company attributes to The Porter siblings heard about again,” she said. (2) JOURNAL REET ST LL WA THE R FO BENNETT K ZA

MY RIDE |A.J.BAIME a stranger came up to me. Below, the Weeg family— “Did you just buy this Chris and Lisa, and their car?” she asked me. I was children Rory, and Whit— Family Joy thinking: Am I in trouble or with their 2003 Ruf RTurbo. something? I said, “Yeah, I Under One did.” She said, “I know the previous owner, and I know rid of the car. I won a second this car. This is an awesome bottle of wine. Dad’sRuf car. You are going to love this I have now driven this car car.” She was right. every single day for the last Chris Weeg, 33, a tax and es- A year later, my first son 4½ years. I joke with my wife tate-planning attorney in was born. I had a friend in that this is my family car— Palm Beach Gardens, Fla., on my office named Anthony only it can go over 200 mph. his 2003 Ruf RTurbo, as told who also loved cars and had She does not think it’s as to A.J. Baime. owned a Porsche 911, and he funny as I do, but she is a had to sell his Porsche when team player and knows how I HAVE BEEN a carguy my he started a young family. He much I love the car. In case whole life. From age 16 to 29 I said to me, “Chris, you’re go- you were wondering, yes, I drove aMitsubishi Eclipse.I ing to have to get rid of this have had a car seat in the modifiedevery part on that car just like I had to get rid back of it. I have taken this car. Six months into my first of mine.” I said, “No way.” car to Costco. I treat it like job as alawyer,Iwas living in He bet me a bottle of wine any other vehicle, only it is Dallas and Iwas finally ready that by the end of the year, absurdly fun to drive. to buy something Ireally loved. my Ruf would be gone. I won My wife is pregnantwith I found this 2003 Ruf on- that bet. A year after that, our thirdchild now, and she line. Like most people, I first my wife, Lisa, had our second knows Iwill neversell this car. pronounced Ruf like a dog child. Again, my buddy bet This is the carthatmykids bark, but people corrected me that I would have to get will learn to drivestick in. me. Ruf is a German com- pany and it’s pronounced “roof.” I did not know much about it at the time, but when I started googling, I learned that Ruf is a high- profile Porsche tuner with a hugely devoted following. The car started out as a 2003 Porsche 911 Turbo, and Ruf gave it something called a 550 conversion—all kinds of interior and exterior modifica- tions. The engine was bumped from 415 horse- power to 550. The day I bought the car, something amazing hap- pened. I drove it spiritedly for a couple hours around Dallas. I smile now just thinking about how excited I was and how well the car drove. I pulled into a gas station and P2JW076000-0-A01300-1------XA

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

EXHIBITION REVIEW TheImprint Of History A show at the Grolier Club examines the ways magazines have reflected and shaped the country’s politics and culture

BY EDWARD ROTHSTEIN argued forfreedom of the pressbe- fore suffering prosecution forits New York practice, to a2016 issue of the New early 45 yearsago, when Yorker with two coverillustrations Woody Allen joked in that would become an animation “Annie Hall” (1977) about when seen through aphone app. the magazines Dissent Dr.Lomazow is no Luddite: He is Nand Commentarymerg- aneurologist, and, as he explained ing to form Dysentery, he in conversation with me,hewas could be certain that viewers would onceaham-radio operator; displays catchhis dyspeptic allusion to intel- even offerexamples of popular sci- lectual publications with opposing entific publications likeModern politics.That’show familiarly mag- Electrics from 1911 (“The Electrical (4) UB

azines—even high-brow maga- Magazine forEverybody”). But CL zines—werebound to American thereisnodiscussion of online OLIER

politics and culture. They were em- publications here. Dr.Lomazow de- GR bodimentsofbeliefs and attitudes scribes the exhibition (which he cu- A display in the exhibition ‘Magazines and the American Experience: Highlights From the Collection of Steven and principles,creating communi- ratedwith alibrarian, Julie Carlsen, Lomazow, M.D,’ above; frontispiece of the American Magazine and Historical Chronicle, volume 1 (1744), below ties of writersand readers. Amaga- while also creating arichly detailed zine could define identity or taste. catalog) as an “epitaph” forthe Mr.Allen’scharacter in “Bananas” printed magazine. Chronicle published by Benjamin examples of Ebony, NegroDigest, (1971) famously entered amagazine Theshowdoesn’t really define Franklin in Philadelphia—successful Jet, Hue and Brown. store—remember them?—trying to itssubject, but the very word “mag- because it lasted from 1743 to 1746 Magazines leftnoareaofAmeri- camouflagehis interest in askin azine” is suggestive, combining when most early publications eked canlifeuntouched, including fash- mag (Orgasm) by also purchasing both intimations of stored weap- out little morethan aVolume 1. ion (Vogue wasfounded in 1892 to SaturdayReview and Commentary. onryand (in itsFrench roots) an- Here, too, is the Pennsylvania Maga- “celebratethe ceremonial side of Whocould imagine that charade in other kind of store, full of commer- zine: or,American Monthly Museum. life”)and sciencefiction (a term the ageofinternet publications? cial possibility.Magazines arealso Itseditor,Thomas Paine,ran an en- coined by publisher HugoGerns- Public demonstrations of allegiance, inevitably personal: Youpay forthe ergetic miscellanyofmaterial. The back in the August 1923 issue of tasteand status nowhaveother privilegeofengaging in the maga- final issue,inJuly 1776, included the Scienceand Invention). Thefirst is- outlets. zine’sbattles,relishing itspromised only contemporarymagazine print- sue of Lifeishere(Nov.23, 1936) But if youwant to understand offerings. This exhibition is aver- ing of the Declaration of Indepen- and ahalf-centuryofexamples of magazines’ erstwhile power, sched- sion of the once-thriving magazine dence—though it might have been stunning graphic design, including ule avisit to the Grolier Club by emporiums that offered the brows- interesting to read some of the Frank Lloyd Wright’s1937 coverof April 24 to see “Magazines and the ing customer achoiceofcustom- lesser offeringsits contentspromise, Town &Country, and of his own American Experience: Highlights ized experiences.Itintersperses a like“Proposal to prevent the Scurvy magazine,Taliesin, from 1940.Nor- From the Collection of Steven Lom- historywith surveysofbaseball, Af- at Sea” and “On the great Danger of man Rockwell, too, takesabow:Dr. azow,M.D.” On displayare some rican-American culture, artistsasil- Ladies wearing wires in their Caps Lomazow has collected all 321 cov- 200 American magazines from Dr. lustrators, science, pulp fiction and and Pins in their Hair.” ershecreated forthe SaturdayEve- Lomazow’s collection of 83,000.Ex- humor. Often, magazines arepitched in ning Post. amples hererangefroma1733issue The“firstsuccessfulAmerican battle.The Port Folio,for example, What is missing? Perhaps asug- of the New-York Weekly Journal, in magazine,” we aretold, wasthe established in 1801, included what gestion of howAmerican magazines which John PeterZenger famously American Magazine and Historical the exhibition calls “rabid anti-Jef- evolved out of British models,like fersonian diatribes” that led to an Those examples arejust from Addison and Steele’sSpectator.And unsuccessfulprosecution forsedi- early displaycases.Later come pub- what about the genrewebegan tion, while the National Magazine lications likethe Dial: AMagazine with—intellectual publications like of 1799 supported opposing posi- forLiterature, Philosophyand Reli- Partisan Review, Dissent or Com- tions.And fornearly acenturybe- gion (1840-44), edited by Margaret mentary, influential beyond their fore the Civil War, the exhibition Fuller and Ralph Waldo Emerson—a numbers? Or Martin Peretz’s New shows publications drawing atten- foundation of American transcen- Republic? Or the NewYork Review tion to the “evils of the slave trade.” dentalism. And Frederick Douglass’s of Books? All go unmentioned. Per- On displayhere, from the American eponymous publications—Frederick haps each reader or collector (or Museum, or RepositoryofAncient Douglass’ Paper,Douglass’ writer) would makeadifferent se- and Modern FugitivePieces (Janu- Monthly—a foundation foracen- lection—which maybeevidenceof ary-June 1789), is the now-notori- turyofAfrican-American maga- just howstrong this survey is,and ous fold-out diagram showing a zines.Heretoo areissues of W.E.B. howmuch hope remains that itsep- tightly packed “Plan of an African Du Bois’sThe Horizon: AJournal of itaph is premature. Ship’sLowerDeck,with Negroes”; the Color Line (from 1907) and on the adjacent page, the article Ralph Ellison’sthe NegroQuarterly: Magazines and the American Expe- asks: “Whereisthe human being AReview of NegroLifeand Culture rience: HighlightsFromthe Collec- that canpicturetohimself this (from 1942). In 1982, John H. John- tion of Steven Lomazow,M.D. scene of woe, without at the same son wasthe firstAfrican-American Grolier Club,through April 24 time execrating atrade which to appear on the Forbes 400 list of spreads miseryand desolation wealthiest Americans,having built a Mr. Rothstein is the Journal’s Critic NewYorker covers with Christoph Niemann’s augmented reality illustration wherever it appears?” publishing empirereflected herein at Large.

RACKETEERING investigations, on TELEVISION REVIEW |JOHN ANDERSON she exhibited no real interest in television as in life, generally go going to collegeand wasalready down the same way: Low-level op- successfulwith her YouTube and eratives—or customers—are taken Dishonor System Instagram viewership and cos- in, leaned on, squeezed into be- metics endorsements—several of traying the evildoers above them which she lost thanks to the on the ostensible food chain. The scandal. goal is the arrest and prosecution Singer exploited the neediness of the criminals at the top. At of parents—and, often, their lack which point the indictments come of faith in their children—by pro- to an end. viding what he called the “side But as we learn in the schaden- door.” Merit was the front door. A freude-rich “Operation Varsity donation in the tens of millions Blues: The College Admissions was the back door (no one ques- Scandal,” the 2019 Justice Depart- tions this). The way into the ment investigation into university- schools where Singer had connec- level corruption was a top-down tions—Stanford, Yale, USC and operation. The prosecutions—more UCLA among them—was through than 50 people were indicted— outright bribery, the misrepresen- started with the kingpin, William tation of a kid as a water-polo Rick Singer, a former basketball player or crew enthusiast (like coach who has since pleaded guilty both of Loughlin’s daughters), or to a years-long conspiracy involv- by feloniously cooking an appli- ing bribery, the manipulation of cant’s SAT or ACT scores. test results and the passing off of Themost sympathetic figure in applicants as niche-sports enthusi- the film is former Stanfordsailing asts. Singer then led the investiga- coach John Vandemoer,who ap- tors, with some vigor, to the peo- pearshere(as does his lawyer,Mr. ple who had paid him. Hollywood Fisher), and who pleaded guilty stars included. because he simply had no choice. “Rick Singer was selling the He wasapparently naïve enough product,” says lawyer Robert to believethat Singer’s “dona- Fisher, one of the many legal, jour- tions” were intended as actual do- nalistic and educational experts in- nations.The school wasn’t going terviewed for the film. “You had to back him up,although when him first, then you worked your Stanfordfiled itsvictim impact way down the chain, to get the statement regarding Vandemoer’s buyers of the product”—a cast of “crimes,” it acknowledged that it characters that included such ce- still had possession of the lebrity offenders as actresses Fe- $770,000 Singer had given the uni- licity Huffman and Lori Loughlin, Matthew Modine as William Rick Singer in Netflix’s ‘Operation Varsity Blues: The College Admissions Scandal’ versity’s athleticprogram. Van- whose indictments gave the case demoer washung out to dry. the kind of media exposure a pub- There are degrees of villainy in licity-minded prosecutor can usu- conversations, mostly between “American Movie”) and his writer long as the school involved has “Operation Varsity Blues,” but it’s ally only dream about. Singer and his well-to-do clients. and editor, Jon Karmen, open their sufficient cachet. hard to peg the privileged, bribe- Augmenting the carnival atmo- None of the others were as famous film with videos of high schoolers Thetargets of the Operation paying parents as the worst of a sphere was the public indignation as Huffman or Loughlin, but they reacting to their online acceptance Varsity Blues probe were,often bad lot. Besides, they have to live over privileged people scamming a could easily afford Singer’s letters. The joyousness, the victory enough, parentswho hadn’t gone not just with their criminal convic- system already tailored for them, a prices—which, in the great warped dance, is a key to the madness: to collegethemselves and saw tions but with those wiretapped point made rather emphatically in world of U.S. college admissions, Once you’ve gotten in—to Harvard, their child’sacceptancetoan conversations, in which they reveal “Operation Varsity Blues,” which is were “bargain basement.” Which is Princeton, New York University, eliteuniversity as aconfirmation what they really think of their own very much a hybrid—actor Mat- all part of the movie’s larger point: etc.—the battle is won. Status, of their ownsuccess.Olivia Jade children. thew Modine plays Singer in the That the real kingpins are the col- prestige and bragging rights are Giannulli, daughter of Loughlin

dramatic re-creations; the dialogue leges themselves. yours. Education, never mind and fashion designer Mossimo Gi- Operation Varsity Blues: The Col- SE/NETFLIX is drawn from appallingly candid Quite smartly, the estimable di- knowledge, doesn’t seem to be annulli, is aparticularly painful lege Admissions Scandal RO AM

and self-incriminating FBI wiretap rector Chris Smith (“Tiger King,” even a secondary consideration, as case: Apopular online influencer, Wednesday, Netflix AD P2JW076000-0-A01400-1------XA

A14 | We dnesday, March 17, 2021 THE WALL STREET JOURNAL. SPORTS

BY ANDREW BEATON Sister Jean Has Outrun TwoPandemics twas abrutally cold winter dayasSister Jean looked out her windowfromthe Chicago Irehab facility whereshe re- At 101 years old, the Ramblers’ chaplain/scout is staying virtually engaged—through Covid-19 covers from ahip injuryand shingles. She wasjoyous. Born on Aug.21, 1919,Sis- times between games. “The sun is shining so brightly,” terJean was“just ababy” Thebeginning of the email she said recently.“Thesky is a when the 1918 flupandemic everyplayerreceives is the beautiful blue,and Isee from my ended, but she remembers same.Achaplain who moon- room, alittle pieceofthe lakethat her family talking about it lightsasascout and unofficial Icall my own. And it’slikespar- and howthe public-health assistant coach, Sister Jean kling diamonds out there.” crisis affected her future startswith an overviewofthe Sister Jean has another reason profession, as nuns became game.She ends with an hon- to be giddy these days.The 101- local heroes in her native est assessment of the player. year-old chaplain of the Loyola-Chi- SanFrancisco. “Then there’salittle note cago men’sbasketball team is head- As that virus spread, the at the bottom, particular per- ing to Indianapolis and getting city needed morepeople to sonal notefor each one, ready to danceagain. help at homes and hospitals whether he has done well—or TheRamblersearned aNo. 8 acrossthe city.The Sister whether he needs to take his seed in this year’s NCAA tourna- Jeans of their daywere turn and do well,” she says. ment. That meansthey’renot quite pressed intoduty as nurses. “Or if he hasn’t been on the the underdogsthey were just three “All of asudden, they all be- court, Ialways ask them for yearsago, when they made one of came engaged in health their support.” the most remarkable runs in his- care,” says this Sister Jean. She doesn’t expect replies. tory and turned athen-98-year-old Sister Jean believes this She usually gets them any- nun named Jean Dolores Schmidt pandemic has been even way.“Some of them writere- intoAmerica’sdarling. worsebecause of people’s ally clever ones,” she said. Loyola wasaNo. 11 seed in 2018 behavior.The countrywould Sister Jean creditsthe when it pulled off upset afterupset have been betteroff,she team’sstrength to itscoach, to reach the Final Four.The biggest said, if people had listened Porter Moser,who is in his upset washow Sister Jean became to the guidanceofayoung 10th season with Loyola-Chi- the tournament’sbiggest star. doctor named Anthony cago and passed on bigger She scouted opposing teams.She Fauci, who is only 80,and jobs and biggermoney to stay rocked custom Nikes.She washon- other health officials,who at theschool afterthe Final ored with her ownbobblehead. Sis- advised wearing masks and Four run. She admires the terJean became such acelebrity keeping asafedistancefrom way he instills intothe play- that she still can’t walk down Mich- one another. ersthat there’smoretolife igan Avenue without getting Instead, she said, “we than basketball, which has stopped. She is flooded with letters have moreeducated people created aculturethat has and emails asking forprayers and who don’t want to do certain made them quitegood at even received aValentine’sDay let- thingsorwho think Covid basketball. terfromalittle boysaying he loved isn’t real.” It’saquality that areli- her. Sister Jean also clearly gious sister knows when she “Oh my gosh, when he gets to be remembershow abruptly sees: “They believeineach ateenager,he’ll probably think,‘Oh, this novel virus changed her other.” whydid Idothat?’ ” she said. “But lifeone year ago. Loyola- She has remained close to it’sfromhis heart.” Chicagoreturned from its the players by speaking with This year has been extraordi- conferencetournament over a Sister Jean Dolores Schmidt gestures during a Loyola-Chicago rally in 2018. them on the phone.She used to be narily different forSister Jean. She weekend. By the following Thurs- able to see them at practice. Her of- has received both vaccine doses, day, the school’spresident had or- certainly the only one with abinder true strength. They’rethe ninth- fice is in the heart of the student but Covid-19 precautions took her dered studentstogohome forthe of printed emails sent to one of the best team nationally, according to center,right on the way to the din- job exclusively virtual forthe last semester.Itwas all so fast that best collegebasketball teams in the kenpom.com, with the No.1de- ing hall. “So oftenthey’d stop in year until she received permission some couldn’t even saygoodbyeto country. fense.Itshould surprise nobody if and someone would say, ‘I need a Tuesdaytoattend the tournament. one another.“It wasreally heart She had alot to writeabout. One March Madnessends with anun hug,Sister Jean,’ ” she says. Those restrictions haven’t always wrenching to see that,” she said. of the most surprising partsofthis climbing aladder and cutting down “We’reareal hugging commu- been easy forsomeone who wasso She leftcampus that March and bizarreseason has been Loyola-Chi- anet. nity,” she added. hands-on in her role. hasn’t seen the team in person cago’s emergence. TheRamblers Sister Jean used to speak to Sister Jean knows it’snot safe She also happens to have pretty sincethen. But she has found her- were the ultimateCinderella three players beforeevery game and send foreverybody to hug these days. good perspectiveonthis once-in-a- self phenomenally busy. yearsago. Nowthey’renothing of emails to the team afterevery But she’sencouraged. generation pandemic: She wasborn She mayemail morethan any the sort. They’rereal contenders game.Now she sends an email be- Thevaccines arehere. Nowthe during the last one. 101-year-old on the planet. She’s with aseeding that undersells their fore the game—and even some- NCAA tournament is,too. S PRES

soon result in a U.S. dollarswill changedepending from fans asking if the A’swere TED

The Oakland A’s sale.The entire on when the transaction is con- considering expanding intoBitcoin CIA SO

processfromcon- ducted. as well. ThepriceofBitcoin and the AS

cept to rollout Bitcoin fell nearly 10% from its priceofasuitesyncing up inspired G/ Offer aSuite took about 48 weekend high on Monday, forin- Kavaltotry it. hours. stance. If it continues to drop,fans Theoffer to buy the season- RISBER

Bitcoin Deal “It’sbeen a could theoretically buy the tickets ticket packagewith Bitcoin cur- ERIC great way to see if at abig discount. Of course,ifBit- rently is available until opening day S;

BY JARED DIAMOND the hype canturn coin rebounds and soarsagain, the of the Major League Baseball sea- PRES

intoreality and hot dogsand beer in the suiteat son on April 1, when the A’swill be- TED

AFULL-SEASONPACKAGE fora hopefully make the ballpark suddenly might not go gin their quest to reach the post- OCIA

six-person suiteatthe Oakland Ath- Bitcoin and cryp- down quiteaseasily. season forthe fourth straight year. SS letics’ home stadium costsabout tocurrencytrans- “We’rebasically taking the risk TheA’s arecurrently expecting to /A $64,000.This past weekend, the actions more on that and we’ll see howthat plays have clearancetofill their stadium value of Bitcoin surgedtoarecord The A’s are offering a six-person suite for one Bitcoin. mainstream,” out,” Kavalsaid. “I think that’san- to 20% capacity at first, which adds SUN-TIMES

$60,000.The convergenceofthose Kavalsaid. “Ifyou other reason that could compel up to crowdsofaround 11,000,no GO two numbersgaveA’s president in cryptocurrencyinstead of dollars. see it in baseball, youcould poten- some people to do it. If it goes matterhow they pay. Dave Kavalanidea: to take abold By Mondayafternoon, Kavalsaid, tially see it anywhere.” down to $20,000,maybe that will “Wewant to see if we actually CHICA step intothe world of cryptocur- the team had received inquiries Teams in other leagues,likethe drivevolume!” getsomeone to take it and under- rency. from morethan 60 people poten- NBA’sDallas Mavericks and Sacra- Back in 2014, Kavalwas presi- stand whether or not people are TheA’s on Sundayannounced tially interested in taking the A’sup mentoKings, have already allowed dent of the SanJose Earthquakes just using it to storevalue or also LARIVIERE/ that people cannow purchase that on their offer.They came mostly fans to use cryptofor transactions. when that Major League Soccer as away to conduct transactions,” TYLER

suitefor one Bitcoin, making them from Silicon Valley,but some from What theA’s aredoing is different. franchise began taking Bitcoin as a Kavalsaid of the Bitcoin offer.“The P: the firstteam in American profes- as far away as the East Coast. He By establishing that the suitecosts valid method of payment. He said jury’salittle out on that, but this TO OM

sional sportstopricetheir tickets hoped “atleast one or two” would one Bitcoin, it means the pricein over the past year he began hearing will be away to test and see.” FR Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. 40s Edmontondt 20s <0 1234 5678 910111213 Down 33 Ensenada 40s 0s 1Dispensary unit setting VaV ncouver CaC lglgarygaryary 40s 30s 14 15 16 10s 2Benefit 34 Vague memory Winnipegip 17 18 19 Seattttlle 20s 50s 40s 3“IFall to Pieces” 36 “Turn up the PoPPortlandr d 30s 20 21 22 heat!” 60s Helenal Montreal singer Bismarck Ottawa Billings AAugustg ta 40s 23 24 25 4Dancer in “Peer 37 Somewhat Eugeneg Boisei Mpls./St.P. aulau ToT rontto AlbanyA banyb Bostot n 50s Gynt” 38 Lord’s spouse 26 27 28 29 30 31 32 Siouxoux FFalllls Buffallo Hartfordrtford 60s PPierre Milwaukek e Detroitt 5RhettButler’s 43 Whereanold 40s Newew YYorkk 60s 30s ChicagoChicCh ClCleveevelldand 70s 33 34 35 36 37 38 Reno Salt LaLakeLakek CCityCity Deses Moines lastword woman of CChCheyenney 50s 80s Omahah Pittsburggh PhiladePhiladelphiah d ph 39 40 41 rhyme lived Sacramento SpringfieldSpringpgp d Indianappolis 6Lastwords, of a Denver Washingtonhih g on D.CD.DCCC.. 90s Sanan Francisco CharlestonCharles sort 44 Sculling tool Topepekka Kansas 70s 42 43 44 45 46 CColoraddo Cityy 70s Richmondh d 100+ LLas Springspg 40s St..LLoLouis LoLLouisu villeill 7“Belfast” singer 45 Model Emhoff Vegas Wichith a 60s Raleighliihgh 47 48 49 John who’sKamala LosAAngeelles 50s Nashvillehill Santaa FFe Memphisph CChCharlottltte Harris’s CColumbiab 50 51 52 53 54 55 8Notefromthe 70s PPhoenixhi AAlbuquerqueb q q Oklahomak homoma CityCity Atlantlta Warm Rain San Diego Little boss stepdaughter TTucson 60s DDallas Rockk Birminghamh 56 57 58 59 60 61 62 El Paso FtFt..WWoorthrth Cold 9Descriptivewd. 49 Oxygen-thriving JJackkson 70s T-storms Mobileb Jacksonville 63 64 65 bacterium -0s 70sAtAustini 10 Pirated, say 0s 80s Stationary Snow 51 Work cal. entry NeewwOrlleans Orlandold 66 67 68 11 La Scala song 10s 70s Sanan AntonioAtA i Houstot n Tampa 80s 52 Cry from Laura 80s Showers Flurries 69 70 71 20s Honolulull Miami 12 Go under Petrie AAnchorh ageg 90s 40s 60s 13 Find abhorrent 30s Ice MADE IN THE SHADE |ByMikeShenk 53 Witherspoon of 19 Workout unit “The Morning U.S. Forecasts TodayTomorrow TodayTomorrow Across 24 Land south of 50 Jouster’sdefense Show” City Hi Lo WHiLoW City Hi Lo WHiLoW 21 Tombstone s...sunny; 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CCSESTDLEANON P2JW076000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, March 17, 2021 | A15 OPINION The Immigration Unpresident BOOKSHELF | By Barton Swaim

President Bi- he’sontop of his game.The fornia road horror,after avan Trump—$5,364,994vs. Why Read den is not alternative? That unelected packed with 25 illegal mi- $1,730,435.The statistic no- throwing staffers, with no vision be- grantscollided with asemi, body keeps is howmany away Donald yond not being Donald Trump suggestsMr. Biden can’t count would-be immigrantslose Trump’sim- and trying to placateprogres- on the subject being changed their deterrencebet, dying at The Bible? migration siveTwitterusers, have given in his favor. As Mr.Trump the hands of traffickers, or in BUSINESS policy. He’s us today’sborder dynamic. fades in the rearview mirror, theSonoradesert or the Rio WORLD throwing Thesame question comes the media seems to have real- Grande.The Mexican govern- A Most Peculiar Book away the up in relation to abunch of is- ized covering up news isn’t a ment onceestimated that 450 By Holman W. border policy sues: the wish list that passed businessmodel to produce die annually on either side of By Kristin Swenson Jenkins, Jr. of every Congressunder the name cor- viewership and ad revenues in the border. (Oxford, 261 pages, $24.95) president onavirus relief, the excessive the long run. TheBiden strategyseems sinceBill Clinton.When the investment in trying to relabel not devised to improvemat- iblical scholarship in Europe and North Americaisinan early 1990s dawned so did the Trump’s vaccine policy as Bi- ters,ifthere’sany strategyat B unhealthystate.For two and ahalf centuries academic realization behind what be- den’s, the strangealchemyby If Joe Biden held a all. Theadministration has critics have purported to explain howbiblical texts came known as “prevention which Mr.Trump’sleverage only incitedafresh flood of came about and thereforewhat “message” they conveyed. through deterrence”—the U.S. over Iran becomes Iran’sle- press conference, he risk takers.Ifthere’sastrat- Sincethose textscouldn’t possibly be what they claimed maynot be able to control its verage over Mr. Biden. could explain why egy, it maybeapolitical to be—histories of ancient Jewish monarchs,revelationsof border but it caninfluencethe Some bombs were dropped strategy—the same as seen God’scharacter,eyewitnessaccountsofJesus’ miracles— incentives of those who seek three weeks agoonSyria. there’s a border crisis. behind two gun-control bills modern critics set about explaining what they were. to cross. WasMr. Biden involved in the last week passed by House Beginning in Germanyinthe mid-19th century, the Experimentsinthe McAllen deliberations or wastherea Democrats. Cram as many “historical-critical” discipline,asitcame to be known, and El Paso sectorsshowed second discussion about Let’sback up.Myfavorite gestures to the leftaspossi- adopted the pretensions of ascience: scholarly rigor, that beefed-up surveillancein when and howtoinvolvethe radio momentsare when a ble intothe administration’s technical jargon, esteemed academic journals,and so on. urbanized border areas could president? sympathetic liberal source firstweeks in hopes of chang- But forall the prestigeofits institutions,the claims of this curtailcrossersthen habitu- Thepress might liketoask says something that goes ing the subject when next modern “scientific” form of criticism arenomoreverifiable ated to exploiting border-offi- but he’snot making himself right over the head of an NPR year’s Congressional mid- than simple religious beliefs; in some cases,lessso. Thereis cerdowntime or the presence available. interviewer. At the height of terms roll around. no certainty to be found in itsinnumerable theories about of crowds. Constrict these If triggering immigration the family reunification furor, Hope toothat Congress’s the provenanceand meaning pathwaysand the risks in- chaos wasaplan, the plan an ACLU lawyer not only and the Fed’sunlimited spend- of biblical texts, only loose volved in crossing theopen must have included an as- agreed with the Trump ad- ing will coincide with a post- and fleeting concurrences of desert or the Rio Grande sumption the presswould di- ministration claim that fami- pandemic boom that an amne- opinion. would do the job of semi-regu- rect the public’sattention lies weren’t letting their chil- siac media and public will Theone thing Bible scholars lating illegal inflows. elsewhereinline with the dren be returned to them. His interpret as the universe shin- “know” about the miracles of This was hardly a lustrous themethat all such messes solution amounted to:Ifan ing on Mr.Biden afterthe Jesus,for example,isthat the way of proceeding.Mr. Trump areMr. Trump’sdoing.It’s unaccompanied minor arrives Trump darkness. documentsreporting them were would come along later with notworking.Amedia that at theU.S.border,the entire Ironically,the image-ob- concocted by local religious the naive old-school assump- coveredupthe Hunter Biden family should become entitled sessed Mr.Trump did seem to communities decades after tion that firstyou control the laptop isn’t covering up a to emigratetothe U.S. care about concreteoutcomes: Jesus’ death. But howand why border and then youdecide swelling crisis at the border, Thepoint being that lotsof adecline in border arrests, anyone of these stories came who gets in. the deployment of the ill- organized interestsbynow are higher wagesfor unskilled about is the subject of anever- Which bringsustoaques- suited Federal Emergency attunedtothe U.S.’s unwork- workers, billions in tariffs col- ending series of competing tion. Is anything deliberate Management Agencytohan- able,unenforceable,chaos- lected from buyersofChinese theories,none of which explains going on in Mr.Biden’srever- dleadelugeofunaccompa- producing border policies.The imports, vaccines—as if Mr. the available evidencewell sal of this approach? His fail- nied minors,the release of Transnational Institute points Trump mistily suspected there enough to command the assent uretohold apress conference hundreds of asylum seekers out that the 13 biggest border was a real world and a presi- of morethan afew exponents. in morethan 50 days,unlike intothe U.S. in return for security companies’ topem- dent could affect it. If Mr. Bi- A healthier academic discipline would have ditched this anypresident sinceCoolidge, questionable promises to ployees contributed three den has such notions,he conceptual framework decades ago and started anew, but might not be an issue if the showupfor acourt date. times as much in 2020 to Mr. might hold apress conference modern biblical criticism prefers to remain a self-contained countrywereconfident that Press coverage of the Cali- Biden as they did to Mr. to let us know. system intent on preserving itscultural authority.Dissent- ing scholars were (and still are) ignored or ridiculed as crypto-fundamentalists. Thebroader society in developed nations has basically Some Bipartisan Ideas for Congress accepted the viewofthe Bible propounded by tenured academics.The Hebrew and Christian scriptures,inthis view, TheBiden ad- viewthat “weare making gram, and manyhavealready Americans have been com- areacollection of baffling rigmarole and wild fabrications, ministra- strategic bets, unapologeti- metthe remaining standards. plaining aboutrising costs. and their textsare nothing remotely close to what they pro- tion’snext cally.” He is hoping forcom- Can the House and Senate TheSenateFinanceCommit- fess to be.Traditional religious belief,unsurprisingly,isde- big legislative mitteemarkups and consid- stop using the Dreamersas teehas held extensivehear- clining precipitously in the West. Most educated Westerners initiative—a eration on thefloor before leverageand passthis bill? ingsonthe issue,and the would rather createtheir ownmyths,oravoid questions of “build back the end of April. Moving this • Broadband. Thepan- previousCongressreached meaning altogether,than drag themselves to churches and POLITICS better” bill bill to the finish line should demic has driven home the bipartisan agreement on the synagogues to hear stories their collegeprofessorstold them & IDEAS dealing with be atop priority. reality that high-speed inter- Prescription Drug Pricing Re- were preposterous inventions.Who canblame them? infrastruc- • Immigration. Everyone net access is the electricity of duction Act of 2019.Among Kristin Swenson, who teaches religious studies at Virginia By William tureand knows that the status quo is the 21st century. Without other provisions,the bill Commonwealth University,has written“AMost Peculiar A. Galston much else—is obsoleteand unworkable,but broadband, it is hard for would requiremanufacturers Book: TheInherent Strangenessofthe Bible” to reigniteour at leastsev- Congresshas struggled for businesses in ruralareas to to provide substantial rebates interest in the Bible.She seeks to do this by calling attention eral weeks away,and the nearly two decades to fixit. thriveand forpatients to fordrugs whose prices rise to Bible’sweirdparts. “Look closely,” she writes on the Democratsare pondering In January, the Biden admin- take advantageofremote faster than inflation. firstpage. “Besides textsoflofty wisdom, inspiration, what to do in the interim. I istration introduced acom- medicine.Insome urban ar- TheCongressional Budget comfort, and guidance, the Bible contains bewildering have aproposal: Beforewhat prehensive reform bill, but eas, studentshaveresorted Office found that the bill archaisms,inconsistencies,questionable ethics,and aherky- will likely be another divisive the president has acknowl- to logging in to remote would save taxpayers $95 bil- jerkynarrativestyle.Yet those featuresbarely getapassing debate, focus on legislation edged that it won’t movefor- classes from McDonald’s lion over the next decade,re- glancethese days.” It is certainly true that manypeople in that enjoys substantial sup- ward anytime soon. In the in- parking lots. duceout-of-pocket costsby the 21st century, including people whose job it is to know port across party lines. terim, however, some pieces $72billion, and lowerMedi- what’sinthe Bible,haven’t even read it. But Iremain doubt- Skeptics will saythat I maybebrought up. care premiums by $1 billion. fulthat Ms.Swenson’sbreezytour will convinceanybody have described anull set, but Thefirst bill addressing Why not pause the Forreasons related moreto who isn’t already so inclined to study the Bible further. they arewrong.Though the the “Dreamers” wasproposed election-year politics than last two yearsofthe Trump 20 yearsago. Despitewide brawls and focus on substance, the bill failed to administration were not no- agreement acrossparty lines areas in which both advancein2020.Itistime to In the age of ‘historical-critical’ scholarship, table forlegislativeachieve- that young people brought to reviveit, makewhatever the Bible has become boring and irrelevant to ment, bipartisan work contin- the U.S. as minorsdeservele- sides can agree? modifications the committee ued behind the scenes,laying galstatus if they meet cer- deems necessary, and put it many in the West. Is there a remedy? afoundation forprogressthis tain criteria, nothing has on thelegislativecalendar. year.Hereare four examples: happened. SinceJanuary, several bi- No doubt the pharmaceutical • China. Thereisagrow- Sens.Dick Durbin (D., Ill.), partisan billshavebeen in- companies will continue to Isay this in part because Ms.Swenson fully acceptsthe ing consensus about the and Lindsey Graham (R., troduced to extend broad- object, as will those on the dead-end premises of the historical-critical method. Maybe challengeBeijing presentsto S.C.), recently reintroduced a band access to unserved leftwho favoramoreaggres- it’struethat the Pentateuch is largely ahodgepodgeof American interests. TheEnd- bill that would createapath communities.This effort will siveapproach. contradictoryand badly edited ancient texts. Idon’t think so, lessFrontier Act, which en- to legal permanent residence be similar to electrification in Sen. Young says that after but maybe it is.Ifso, whyshould an ordinaryperson read it, joys bipartisan co-sponsor- forDreamerswho pursue the 1930s,and it is straight- partisan divisions over the except perhaps in order to pick up some cultural reso- ship in the House and Senate, postsecondaryeducation, forwardtofinance. In Febru- American RescuePlan, “it nances? Ifind Ms.Swenson’svarious answers to this ques- including by the Senatema- work foratleast three years arythe Federal Communica- stands to reason that the Bi- tion moreorlessmeaningless. “The sheer fact of the Bible’s jority leader,isanobvious or serveinthe military. tions Commission said it has den administration would messinesswith itsmillennia of manipulation,” she writes in placetobegin. Thebill fo- They’d also have to pass raised morethan $81 billion look forsomething that atypical passage, “invites us to read moreasparticipantsin cuses on areas of scienceand background checks,pay afee, from itslatestauction of bringsustogether.” Indeed. meaning-making than consumersofabsolutist declarations.” technologythat will be es- and have ahigh-school di- publicly owned spectrum to Partisans in the House and Or again, the Gospels’ stories “invitereadersintoworlds sentialtoour economyand ploma, proficiencyinEnglish large corporations developing Senatehavesent most of the with multivalent potential.” This works well enough, Iguess, defense in the coming de- and U.S. history, and aclean 5G networks.This is roughly past decade debating their forthe spiritually curious of prosperous nations of the West. cades,and it expands the criminal record. what achieving universal manypointsofdisagreement, But Iwonder what Christians in Nigeria or Iran or North mission of the National Sci- According to the nonparti- broadband would cost, and it and the resultsspeak for Koreawould have to sayabout all this personalized meaning- enceFoundation.Indiana’s san Migration PolicyInsti- would be the most appropri- themselves.Itwould be re- making and multivalent potential. Todd Young,the bill’slead tute,almost three million ateand productiveuse of the freshing if they spent a Ms.Swenson’schirpy,informal tone frequently turns to Republican sponsor in the young people meet the age auction funds. month or two everyyear fo- derision. She seems to think her moreorthodoxreadersare Senate, tells me in an inter- qualifications forthis pro- • Prescription-drug prices. cused on wherethey agree. nincompoops whose faith consistsmainly of “simplistic assumptions,” likethe guyshe met on aplane who told her what “King James really meant when he wroteGenesis.” Thedismissivetone is particularly galling when her own Do Yo u Commune With Nature? assumptions are, if not simplistic,lazy.OnIsaiah 7:14,for instance—“Thereforethe Lord himself shall giveyou asign; By Stephen Miller Sincethe 16th century, fers his ownversion of the vant Christians,JewsorMus- Behold, avirgin shall conceive, and bear ason, and shall call commune has also had amore Apostle’s Creed: “I believe in lims.Anaspect of all his name Immanuel”—Ms.Swenson confidently remarks ocombat anxiety in the intense meaning: “Tocommu- the forest, and in the meadow, Abrahamic religions calls on that “manyChristians aresurprised to learn that the Old T ageofCovid-19,many nicateintimately.” TheOED and in the night in which the us to respect the natural Testament poem so frequently applied to Marythe mother observerssay you cites Psalm 77:6: “I call to re- corn grows.” Thoreau wasn’t world, which God created. Yet of Jesus doesn’t have the word ‘virgin’ in Hebrew.” That was should commune with nature. membrancemysong in the well-known in his lifetime,but some religious worshipersre- a de rigueur data point in liberal seminaries in the middle An article in Medical Press night: Icommune with mine LawrenceBuell,aprofessor of gard what we might call na- of the last century(notethe Revised StandardVersion about arecent study by a own heart.” American literature, said in tureworshipersasfuzzy- translation, “young woman”). But it’snot quiteright. In the NotreDame psychologypro- 1995 that Thoreau is “consid- minded and self-absorbed. By other biblical passages in which the word ‘almah is used fessor is headlined “Taking ered the firstmajor inter- the same token, naturewor- and we aresureofthe import (Genesis 24:43and Exodus time to commune with nature Some experts suggest preter of nature in American shipersoften regard religious 2:8 aretwo), it clearly refers to an unmarried woman; hence increases feelingsofconnect- it as away to relieve literary history, and the first worshipersasnarrow and “virgin” is aperfectly valid translation and almost certainly ing with it, study shows.” American environmentalist closed-minded. abetterone than the other word for“virgin,” betulah, Iamsureahikeinthe anxiety overCovid. saint.” “Our high culture,” Lionel which has abroader application and oftenfunctions some- countryisgood forone’smind Communing with nature is Trilling wrote, “invites us to thing likethe English word “girl.” and body,but Ihavetrouble nowastrong current in Amer- transfer our energies from the Thereader maysuspect that Ms.Swenson takesher ability wrapping my mind around the In 19th-centuryAmerica, ican life. MaryOliver,the bourgeois competition to the to read ancient Hebrew as license to find whatever she wants popular phrase “commune Ralph Waldo Emerson,Henry most popular American poet spiritual competition.” There in biblical texts. Somehowthe Book of Genesis always yields with nature.” What does it David Thoreau and other tran- of the past three decades, aremanypathstoGod or readingsfavorable to 21st-centuryprogressiveopinion. The mean? scendentalists believed com- wroteabout the “amazement” transcendence: traditional grammar of Genesis 1, which has literally nothing to do with Theverb “commune,” the muning with naturewas supe- she derived from paying at- worship, nature worship and the gender of God or anybody else,“complicates the simple OxfordEnglish Dictionary rior to traditional religious tention to the natural world. various combinations of the conclusion that God is male.” TheFourth Commandment, says, comes from “common.” worship.Thoreau, who was Oliver wasn’t an observant two. Communing with nature which forbids hearersfromworking their livestock on the Sincethe Middle Ages it has more anti-Christian than Em- Christian, yetsoon aftershe may relieve your anxiety, but Sabbath Day, affirms “the personhood of animals.” And the described an exchangeoferson, said: “A healthyman died in 2019, Lisa Ampleman, it doesn’t makeyou amorally command to “befruitfuland multiply” in Genesis 1:28 “could views: “Totalk together.” The ...will not be agood subject aCatholic poet,wrote about betterorspiritually deeper be interpreted as amandatetoexercise restraint in human OED cites a line from Shake- forChristianity.” He also said: reading Oliver’s poetryina person. reproduction.” speare’s “The Winter’s Tale”: “The wisest man preaches no Catholic spirituality group. Hmm—I begin to see the value in “meaning-making.” “Why,what need we Com- doctrines.” Manypeople who com- Mr. Miller is author of “The mune with you of this?” In “Walking,” Thoreau of- mune with natureare obser- Peculiar Life of Sundays.” Mr. Swaim is an editorial-page writer for the Journal. P2JW076000-0-A01600-1------XA

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

REVIEW & OUTLOOK LETTERS TO THE EDITOR McConnell’s Filibuster Throwdown Does Broader Law Enforcement Ignore Race?

he biggest question in Washingtonfor Senate to function: “I want our colleagues to Jeffrey H. Anderson argues that violent crimes,Mr. Anderson’sanaly- the next two yearsisn’t about asingle imagine aworld whereevery single task,every the claim of “‘systematic racism in sis ignores the vast majority of the T policyorwhether President Biden will one of them, requires aphysical quorum— lawenforcement’ defies the best arrestsinAmerica. available scienceand data” (“Biden, Further,manywho claim that racial expose himself to apress con- which, by the way,the Vice The GOP leader warns Claiming ‘Systemic Racism’ in Polic- bias existsciteincarceration rates, ference. It’swhether Demo- President does not count in ing,Defies Science,” op-ed, March 6). prison sentences,parole requests, bail cratsuse their narrow Senate Democrats about killing determining a quorum.” Mr.Anderson makes his dubious ar- limitsand other factorsinthe majority to kill the legislative That’sright. Aquorum gument by cherry-picking datathat broader judicial system. These filibuster rule requiring 60 the 60-vote rule. without unanimous consent is focuses on violent crime.Yet, by fo- broader factorsaren’t included in Mr. votesinorder to ramaradical 51 Senators, and thereare cusing on violent crime,and specifi- Anderson’sanalysis. agenda intolaw with amere50 only 50 Democrats. If Repub- cally crimes reported by victims,Mr. Finally,his analysis doesn’t ad- votesplus Vice President Kamala Harris. licans kept their nerveinopposition, Demo- Anderson leavesout the critical part dressthe even largerissue of interac- TwoDemocrats—Kyrsten Sinema of Arizona cratscouldn’t confirm nominees or vote on leg- of the criminal-justiceprocess in tions with lawenforcement in which and Joe Manchin of West Virginia—promised islation. TheNancyPelosi-Joe Biden agenda which lawenforcement has nearly therewas no crime or no arrest. at thestart of the year that they wouldn’t vote couldn’t moveany morethan if therewerea unlimited discretion to determine Manywho claim that systemic racism what leads to investigate, whom to is aproblem base their beliefs on an- to do so. But progressive and media pressure filibuster. stop and frisk,whereresourcesare ecdotes of “driving while black” and is building on the pair to renegeontheir Democrats may think this is a bluff, or that deployedand what actions warrant other cases in which policestops and pledges,aslegislation passed by the House piles the public would revolt if Republicans ground an arrest. other interactions between lawen- up at the Senatedoor.Democratic Senatelead- Senate business to a halt. But are they willing Mr.Anderson’s“best available sci- forcement and citizens do seem to be ers are vowing that they’ll find a way to evade to take that bet? enceand data” ignores the statistics influenced by racial bias,whether ex- the filibuster one way or another. Democratsshouldn’t underestimatehow on arrestsand prosecutions of drug plicit or implicit. Republicans cansee these signs,and on united Senate Republicans would be, and how offenses,which aretypically nonvio- Simply put, Mr.Anderson is mis- TuesdayMinority Leader Mitch McConnell much GOP grass-roots support they’d have, if lent and leave no victim to report the takeninhis use of asingle dataset to made clear what would happen if they do kill Democrats break the filibuster in a 50-50 Sen- crime.Despitenumerous studies dem- reach such asweeping conclusion on the filibuster. It won’t be pretty. ate to federalize 50-state election laws, force onstrating that whites both use and very complicated social and statistical “Some Democratic Senatorsseem to imagine mandatoryunionization on 27 states with right- sell drugsasoften, if not moreso issues. than anyminority,they arelessthan TOM PALMER this would be atidy trade-off,ifthey could just to-work laws, add two new states to pack the half as likely to be arrested foradrug Wilmette, Ill. break the rules on a razor-thin majority. Sure, Senate, or pass the Green New Deal. offense.That is only the beginning of it might damagethe institution, but then noth- Mr.McConnell pointed out the obvious that the disparity,aswhites areincarcer- Systemic racism refers to racially ingwould stand between them and their entire majorities aren’t permanent and eventually Re- ated at arateofone-sixth that of Af- disparateorconcentrated negative agenda,anew eraoffast-track policy-making,” publicans would be in position to rule the Sen- rican-Americans fordrug-related outcomes that followfrompolicies in the GOP leader said. atewithout afilibuster.Imagine what they crimes.Wecan have areasonable ar- asystem, not systems full of racist Don’t count on it, Mr.McConnell continued: might pass? Mr. McConnell gave a few exam- gument as to whythese disparities people.For example,police-generated “So let me saythis very clearly forall 99 of my ples—defunding Planned Parenthood—but for exist. However, the discretion given to datafromaround the countryrepeat- colleagues.Nobody serving in this chamber can political flavor think GOP Sens. Josh Hawley lawenforcement in what cars they edly and consistently showthat inves- even begin, can even begin to imagine what a and Rand Paul unbound. search, whom they stop and where tigatorystops (likeNew York City’s they conduct investigations certainly stop,question and frisk program) completely scorched-earth Senate would look These columns have been frustrated by many plays arole.Ifweare going to use treat African-American residentswith like. None of us have served one minute in the Democratic filibusters over the years, but the statistics to examine the existenceof morescrutinyand suspicion than Senate that was completely drained of comity rule exists to protect minority rights and re- systemic racism, we must use all sta- whiteresidents, despitethe vast ma- and consent.” quire large majorities for significant reforms. tistics,not just what we claim to be jority of stopped individuals being in- He then explained what that could mean in If Democratsblowituponthe narrowest of ma- the best ones forour argument. nocent of anycrime.This is systemic practiceifRepublicans responded by withdraw- jority votes, they will ownthe unintended con- CHRISTIAN RECTOR racism in anutshell. ing the unanimous consent required forthe sequences. Indianapolis Datastrongly support President Bi- den’sclaim about systemic racism in Mr.Anderson’sanalysis doesn’t in- policing.The solution is changing po- Biden Misremembers a Shellacking clude anyinformation about nonvio- licepolicy, not denying the obvious. lent crime.According to the Justice JONATHAN BLANKS Department, nearly 90% of all arrests Foundation for Research on Equal he WhiteHouse this week is employing included forpurely political reasons.” (excluding traffic violations) arefor Opportunity afull-court presstosell the public on Themuch-missed Senator TomCoburn had nonviolent crimes.Byexcluding non- Washington T President Biden’s$1.9trillion Covid funexposing such fiscal hilarities likethe sci- package. Mr.Biden hit Penn- entific study on monkeys sylvania on Tuesday. Vice He thinks bad PR is dosedwith cocaine.The President Kamala Harris was what soured the public promised shovel-ready jobs ProgressiveSteamroller Flattens Everything in Colorado.OnWednesday were not, in fact, even close to Jill Biden will be in New on the 2009 stimulus. shovel-ready,asMr. Obama “TheProgressiveSteamroller” de- ernment spending wasreported in per Hampshire. Whythe big PR belatedly admitted. scribed in your March 11 editorial is capitaspending terms,people could re- push foralaw that polls say Therisk forMr. Biden’s not just in Congress. While most peo- latetoitmuch better. With 330 million is already popular? $1.9trillion lawisinthe same vein. ThePresi- ple focused on the $1.9trillion progres- people,each $1 trillion in spending sivesteamroller relief act and H.R.1 for costsabout $3,000 per person. What appears to be driving Mr. Biden is his dent said Mondaythat 100 million stimulus the past few weeks,President Biden re- Anyone candothe math: If youare memoryof2009,asatelling quotefromtwo checks will be sent out in the next 10 days,and leased his Interim National Security afamily of four,the politicians in weeks agoshowed. Musing on the $800 billion it’seasy to getgreat poll numberswhile you’re Strategic GuidanceonMarch 3without Washingtonhavejust borrowed stimulus that Congresspassed amid the finan- putting taxpayermoney intopeople’sbank ac- much scrutiny. In his strategy, the about $24,000 on your behalf to fund cial crisis,Mr. Biden lamented Barack Obama’s counts. But what next? president essentially says all progres- the $1.9trillion. Youand your chil- mistake: He wastoo humble. Theremight not be anything as stimulating siveinterests—domestic and interna- dren will have to paythe interest on “He didn’t want to take,ashesaid, a‘victory as coked-up monkeys. But if the “emergency” tional—arenational-securityinterests. that debt, likely forthe rest of your lap,’” Mr.Biden recalled. “And we paid aprice school funds take yearstodole out, states chan- Mentioned in the guidanceare defend- and their lives.Add this to the inter- forit, ironically,for that humility.” nel bailout dollarstopublic unions,statesraise ing rightsofwomen, girls,LGBTQI in- est on the trillions Congresshas al- Doesn’t everyjob candidatesay excessivehu- taxesanyway, and the economyaccelerates dividuals,and people with disabilities. ready borrowed. Also included as national-security is- PROF. STEPHEN J. HUXLEY mility is his greatest weakness? Jokesaside,Mr. quicklywhile inflation and interest ratesrise, sues areworking families’ livelihoods, Moraga, Calif. Biden must be misremembering.The 2009 stim- who knows howvoterscould react? They have climatechangeand immigration. Will ulus wasinitially popular.The week it passed, away of making up their ownminds. he use his national-security authorities Icertainly agree with youabout the Gallup showed59% of the public as supportive. Forareal political lesson, Mr.Biden might to advancethis agenda? Interestingly, opportunistic Democratic leftand the Around the same time,CNN put it at 54% favor- recall what else his party did in the run-up to despitethe rhetoric about promoting passivity of President Biden to disrupt able to 45% opposed. Thelaw’s reputation sank its“shellacking,” as Mr.Obama put it, in the democracy, President Biden listspopu- this train from barreling down the later,asthe money wasladled out. 2010 midterms.Democratsused aparty-line lism as athreat. Apparently,hefeels tracks.But Iwould remind us all that By early 2010,the figureshad flipped. vote to passObamaCare, an unprecedented new the will of the people gets in the way the “fickle finger of fate” that has al- “Nearly three-quartersbelievethat at least half government intervention in the economyand of elitist progressives. lowedthis to happen pointssquarely at the stimulus money spent so far has been healthcare. An interesting parallel, as Mr.Biden DAVID C. MITCHELL Donald Trump. We all knownow his wasted,” CNN’spolling director said. “Six in 10 contemplates hugetax increases to financea Bowie, Md. ownrunaway egoand totaldisregard forprotecting the Republican Senate believethat the projectsinthe stimulus bill were climate-and-infrastructurebinge. Therewill never be public outcry majority wasmanifested in the lossof because the numbersmean nothing to the two seatsinGeorgia. When my fel- the general public.The averageperson lowconservativeRepublicans lament California’s Ethnic Studies Mandate cannot relateto$1.9trillion. If all gov- about what the Democratsare doing and will continue to do,Isharewith onservatives in the 1990s worried about necessary for the wellbeing of slaves.” A con- them that this wasall avoidable had the rise of “critical race theory” in temporaryexample,according to the lesson Democrats Finally Discover Mr.Trump placed party aboveself.Un- C higher education. But at least college plan? That “Americaisameritocracy, and any- The Big Threat From China til the Republican Party acceptsthis re- studentsweretherebychoice, one canachievetheir ambi- ality and begins to develop newleaders and the Marxist-influenced A new curriculum tions through hard work and In “AmericaWakes Up to the China capable of attracting abroader base,I courses,which indicted Amer- perseverance.” Threat” (Politics&Ideas,March 10), fear this will be along-running train. rejects merit and sees William A. Galston seems to think this MICHAEL LIEPMAN ican values,wereoften op- Whywould California want recognition is something new. Where Snohomish, Wash. tional. That’schanging fast as oppression everywhere. to teach young people that has he been forthe past four years? the largest U.S. statemoves their dreams of rising through Former president you-know-who was this week toward imposing a merit are akin to defenses of pretty woke about China, wasn’t he? It The E.U. Gets No Kick radical ethnic studies curriculum as ahigh- slavery?Because acoretenet of ethnic studies would be far morehonest and accu- From American Champagne school graduation requirement. is that a person’s identity is determined first rate forMr. Galston to admit that the The recent push to mandate ethnic studies and foremost by group membership. Another country’sleftwing nowfeels liberated The reduction in tariffs (“An Air- in California public schools has met resistance teaching resource warns that if we accept meri- to acknowledgethe threat it refused bus-Boeing Tariff Truce,” Review & from liberals and conservatives—including a tocracy, then “we would strive to do our best to sufficiently acknowledgepreviously, Outlook, March 9) is certainly a wel- surprise veto last year from Gov.Gavin on our own” and “should focus on individual because it opposed the policies,initia- come development. However, the pro- tives and rhetoric of you-know-who— posed celebration is flawed. To the Newsom. He called for revisions in the model achievement.” all forpolitical purposes. European Union there is no such curriculum before the state required it. Ethnic studieswantstoinvert traditional RICHARD K. MASON thing as a bottle of California cham- But now that some of the eyebrow-raising American ideas of individual merit, opportunity Altadena, Calif. pagne, only white, sparkling wine. partshavebeen edited out—likeanassignment and success.Itimposes itsown dominant narra- DAVID WEST aboutJews“gaining racial privilege”—the final tivethat interpretsall social interactions Federal grantsfor technologyre- Chapel Hill, N.C. course will be presented to the state board of through the lens of oppression, including a search is the wrong way to confront education on Thursday. Onceit’sapproved, the worksheet on the “four I’sofoppression”—ide- China on technology. What do federal legislature can again send Mr. Newsom its bill ological, institutional, interpersonal and inter- bureaucratsknowabout picking the Pepper ... to make it mandatory for K-12 students. nalized, terms repeated throughout. right research projects? Themoney And Salt So what will California teenagersbetaught? If America’straditional “narratives” arede- will flow to the politically connected Amultitude of ethnic groups have shaped the signed to encourage social mobility and pros- and producedismal results, as do so THE WALL STREET JOURNAL manyother government research American experience, and some of the material perity,California’sproposed Marxist narratives grants. presentsthat history. But the thrust of the hun- are designed to encourage intergroup conflict Theproper role forthe federal gov- dreds of pages of course outlines is to enlist stu- and perpetual upheavalinexisting institutions. ernment is to put astoptoChina’s dentsinprogressivepolitics.“One of the main fo- That’s explicit in sample assignments, such as theftoftechnologyowned by Ameri- cuses of ethnic studies is translating historical drafting a“manifesto” of demands forthe Third cancompanies,preferably with the lessons and critical race theoryintodirect action World Liberation Front or “implementing asys- guidanceofthe companies that have forsocial justice,” acourse outline says. tematized campaign for social justice at their been, and likely will be,victims of This requires that studentsare taught to school.” China’stechnologythefts. view the American creed as sinister.One lesson “When we encounter dominant narratives,” RICH BATEY plan introduces students to what it calls “domi- the curriculum says,“we must always ask ‘what Aliso Viejo, Calif. nant narratives,” defined as stories “told in ser- is the motivation behind this narrative?’” Cali- Lettersintended forpublication should vice of the dominant social group’s interests fornians would do well to ask the same question be emailed to [email protected]. Please and ideologies.” AUniversity of Michigan lesson about the radical narrativepromoted in this include your city, state and telephone plan that forms the basis forthe outline ex- mandatorycurriculum. Themotivation is aleft- number.All letters aresubject to “Mitchell, you’ll be overseeing plains that one example of a “dominant narra- wing power grab—and it’s not in the interest editing,and unpublished letters cannot the production of the pages be acknowledged. tive” wasthe antebellum claim that “slavery is of ordinary Californians of any ethnicity. intentionally left blank.” P2JW076000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, March 17, 2021 | A17 OPINION Amazon Won’t Let Yo u Read My Book

By Ryan T. Anderson equalities launched an investigation mayhaveways to find out. intowhy girls increasingly feel un- State attorneysgeneral have the decade ago, most Ameri- comfortable with their bodies.In authoritytoinvestigateAmazon’s cans had never had acon- December 2020 aU.K.court put conduct to learn whether the com- versation abouttransgen- strict restrictions on the ability of panyisabusing itsvast market A der issues.Now a doctorsto“transition” aminor—af- power, doing so in apatently dis- question few had asked terone minor who had done so sued honest and deceptiveway,orother- hasonly one acceptable answer. the National Health Servicebecause wise violating stateconsumer-pro- “Transgender equality is the civil of the irreparable damageadults tection and antitrust laws.Amazon’s rights issue of our time,” President had inflicted upon her body. actions potentially runafoul of Biden tweeted in January2020. Can we talk about this in the both. Authorities in both the U.S. “Thereisnoroom forcompromise U.S.? and Europe have raised serious when it comes to basic human Not if Jeff Bezos’ companies get questions about the company’sdom- rights.” their way.The WashingtonPost has inant position in online retail. No Can we talk about that? allowedits writerstospread false- bookseller candenythe critical im- We might want to talk about hoods about me and my work,and portanceofplacing itsproductson what policies arebest when it Amazon is using itsoutsizemarket Amazon’splatform. Foranauthor, comes to athletics,for example. powertoprevent readersfromac- to be banished from the siteisakin Should high-school girls be losing cessing one side of this debate. to being silenced. championship racestoboys who Threeyearsago the Post ranahit Thesad reality is that very little identifyasgirls? Howabout female- piecetitled “RyanAnderson’sbook ER is known about the causes of gender ST

only spaces,likesheltersfor victims calling transgender people mentally FO dysphoria, yetpowerful institutions

of domestic violence? Should ill is creating an uproar.” Thesec- PHIL are promoting radical experimental women in direstraitsbeforcedto ond sentenceread: “In the 264-page therapies forchildren. We need to spend the night with men who iden- book,‘When HarryBecame Sally,’ as when Mr.Bezos’ newspaper first and readers, and Amazon knows it. respect the dignity of people who tifyaswomen? Anderson makes an inflammatory made it. Whywould Amazon exercise its identifyastransgender while also claim—that transgender people are But unlikethe WashingtonPost, unrivaled market powertobanish doing everything possible to protect mentally ill.” which at least aspires to journalistic my book? Because the book is young people and foster their An enterprising state My book made no such claim. I standards and must respond to mar- changing minds in acontinuing de- healthydevelopment.This will re- contacted the Post asking them to ketforces, Amazon occupies asin- bateabout howbest to help patients quireabetterconversation about attorneygeneral might quoteasingle sentencefromthe gular placeine-commerce.Asone who experiencegender dysphoria. gender-identity issues,and that’s want to look intowhy it was book supporting theircontention literaryagent once told the Journal: “When HarryBecame Sally” has whyIwrote my book.Nogood that Ihad called transgender people “They ownthe system.” been praised by medical and legal comes from shutting down adebate withdrawnfromsale now. mentally ill. They couldn’t, because In a1999 lettertoshareholders, experts—and that’swhat makes it about important matters on which it doesn’t exist. Within aday,the Mr.Bezospromised to build the unacceptable to the woke. reasonable people disagree. newspaper had entirely rewritten “Earth’smost customer-centric Thetiming of Amazon’smoveis “When HarryBecame Sally” ad- And what’scausing the surge in the story, removing the falsehoods company, aplacewherecustomers telling,coming the weekend before dresses the scientific,medical, polit- the number of girls seeking sex-re- and changing the headline. cancome to find and discover any- theHouse votedonaradical trans- ical and philosophical issues at the assignment procedures in the past Threeyearslater,the world’s thing and everything they might gender bill—the so-called Equality heart of our national debateon decade? Might we want to find that largest e-commerce platform— want to buy online.” Fortwo de- Act—of which Ihavebeen publicly transgender issues.Weshould have outbeforewerush to conclude that owned by the richest man on the cades,that strategyworked and critical. Whydid Amazon suddenly that debate, and Amazon shouldn’t puberty-blocking drugsand cross- planet—has canceled my book.Ina Amazon consolidated market share. delist my book without warning me getinthe way. sexhormone therapies—and even letterlast week to four U.S. Sena- Todayithas astranglehold on the or my publisher? Did an advocacy double mastectomies for13-year- tors,Amazon justified itsdecision book-selling market, commanding grouporelected official reach out Mr. Anderson is president of the olds—are ahuman right? to delist “When HarryBecame 72%ofall adult newbook sales on- to Amazon on the evening of abig Ethics and Public Policy Center and We should take alesson from the Sally” by claiming it frames “LG- line and80% of ebook sales.Ama- vote to ask it to removeabook it author of “When Harry Became United Kingdom. In September 2018, BTQ+ identity as amental illness.” zon’sdecisions to censor books have had happily sold forthree years? An Sally: Responding to the Transgen- the U.K.’s minister forwomen and This recycled charge is as false now enormous consequences forauthors enterprising stateattorney general der Moment” (Encounter, 2018). Biden Risks Losing Hispanics by Shifting Left on Immigration

Youmight think tion restrictionists with a zero-sum States, communication and coordina- cially,the administration is saying we’vedone with Hispanic voters, President Biden viewoflabor marketsaccuse foreign tion wasbetterbetween the various that the border is closed, but itsac- talking about immigration commonly would be eager to workersofstealing jobs and de- organizations operating along the tions areultimately what matterand sparks backlash,” he said. “Asking dispel the notion pressing wages. But the people who border, shelter operators and Mexi- what Central Americans arere- voters whether they lean toward Bi- that he’s some dod- would benefit from these bills were canofficials said,” according to are- sponding to. den and Trump,and then emphasiz- dering figurehead already part of a thriving U.S. labor port this week in the NewYork Theother reason Mr.Biden ing the Democratic position on im- UPWARD taking ordersfrom forcethat, beforethe pandemic,saw Times.“Mr.Biden ended that policy should be wary of moving toofar migration, oftencaused Biden’s MOBILITY progressivepuppe- record-lowunemployment rates, in Januaryand promised to start left to please progressives is that it shareofsupport among Latino re- teers who are really wagesrising fastest forthe less- processing some of the25,000 mi- could fracture the party’s base, ac- spondents to decline.” By Jason L. in control. Yethis skilled, and apronounced worker grants enrolled in that program.” cording to Democratic strategists Which is to saythat Democrats Riley immigration priori- shortage in several industries. who have done a deep dive into the who assume that decriminalizing il- ties thus far have Thequestion is whythe Biden ad- November results. In an interview legal border crossings—an example reinforced that caricature. ministration is pushing forthe larg- Progressives may want earlierthis month with NewYork Mr.Shor cited—appeals to most His- While the Department of Home- est amnesty in historywhile Border magazine,David Shor,adataanalyst panics,and Republicans who assume land Security is dealing with an un- Patrol agentsare already at wit’s something approaching at theleft-wing Center forAmerican that Hispanic immigrantsare natural precedented crush of migrantson end and when homeland security of- open borders, but other Progress, said that the party’s focus Democrats, areboth wrong.“His- the southern border that is straining ficials areanticipating the situation on progressivepriorities cost Demo- panic voters aremoreliberal on im- shelter capacity and raising Covid will worsen as the weather gets Democratic voters don’t. crats support among blacks, Asians migration than whitevoters,” Mr. concerns,Mr. Biden is urging his fel- warmer.The administration has and especially Hispanics.“In the Shor allowed, but “the extent to lowDemocratsinCongresstomove boastfully reversed border-security summer,following the emergenceof which Hispanic voters have liberal forwardwith two amnesty proposals policies put in placebyDonald That maythrill progressivelawmak- ‘defund the police’ as anationally sa- viewsonimmigration is exagger- that would affect millions of people Trump,seemingly without regard for ers in the House, but it has exacer- lient issue,support forBiden among ated.” He added: “I thinkliberals re- who reside in the U.S. illegally. One whether they were effective. This bated ahumanitarian crisis and only Hispanic voters declined,” Mr. Shor ally essentializeHispanic voters and would provide a path to citizenship has wonMr. Biden plauditsinthe makes it harder to getimmigration- said. “The decline that we saw was project views about immigration for people brought here illegally as media, but it also has undermined reform legislation through the very large.Nine percent or so na- ontothem that the datajust doesn’t children, the so-called Dreamers. The effortsonboth sides of the border to evenly divided Senate. tionwide,upto14or15percent in support.” other would legalizethe status of reduce illegal crossings. The presi- Collectively,what the amnesty Florida.Roughly one in tenHispanic If Mr.Biden wantstohelp himself undocumented farmhands. dent should figure out which is more proposals and reductions in border voters switched their vote from [Hil- and his party with Hispanic voters, Theproblem with both measures important. security have done is signal to mi- lary] Clinton to Trump.” he’ll need to keep his leftwing in has less to do with their substance “Under Mr.Trump’sRemain in grants—and to the human traffickers Mr. Shor’s comments on how the check. Nonwhitevoterstrended than with their timing and the mes- Mexico Policy, which deported mi- who prey on them—that if you can immigration issueplayedout in the away from Democrats in 2020, and sagetoother would-be migrants grantstoMexicotowait out their makeittothe U.S.,there’sagood 2020 campaign were even more illu- progressivepolicies were part of the considering a trek north. Immigra- court cases forasylum in the United chanceyou’ll be able to stay.Offi- minating.“In test aftertest that reason. The Hole in Biden’s China Strategy: Central Asia

By Kamran Bokhari team assigns to Central Asia is a consideration the rapidly evolving Uzbekistan is also on an impres- democratic reform. It is therefore legacyofsuccessiveadministrations geopolitics in Eurasia, as Beijing sivepath to reform. Sincethe cur- allthe moreimportant that Wash- he brewing competition be- dating to the 1991 implosion of the seeks to fill the vacuum created by rent president, Shavkat Mirziyoyev, ingtonwork toward arobust en- T tween the U.S. and China is Soviet Union. TheU.S.has sinceen- Russia’sreceding influence. came to powerfollowing Soviet-era gagement on multiple levels beyond the defining conflict of the gagedCentral Asia, but only in a Threeofthe region’sfivenations strongman Islam Karimov’s death resisting China. TheKazakhs have 21st century. The White House’s re- tactical or transactional manner. have demonstrated significant in 2016,the once-isolated country demonstrated leadership on inter- cent Interim National Security Stra- Take the 2015 establishment of the progressintheir transition from is openingits borderstoforeign national diplomacybyhosting sev- tegic GuidanceDocument, craftedto C5+1. This U.S.-run diplomatic forum post-Sovietstatehood. Kyrgyzstan investment and Western ideas. eral rounds of Syrian peacetalks convey President Biden’svision for has continued to be the channel has seen three wavesofpublic un- Tajikistan and Turkmenistan howAmericawill engagewith the through which Washingtondistrib- rest in itsstruggle foramorerep- showmuch lesspromise,having world, is all about the U.S. vs.China. utes aid to and organizes meetings resentativegovernment, starting been locked into authoritarian re- Both Kazakhstan and Yetitfails to mention the region between the five Central Asian with the 2005 Tulip revolution, gimes since1991. Natural-gas heavy- whereAmericahas itslightest foot- states: Kazakhstan, Kyrgyzstan, Ta- which resulted in the overthrow of weight Turkmenistan seems content Uzbekistan could help the print on the planet: Central Asia. jikistan, Turkmenistan and Uzbeki- the country’sSoviet-eraleader.Five with limiting itsrelations to Russia, U.S. combat Beijing and China is building aland bridgeto stan. But it hasn’t brought Washing- yearsafter,Kyrgyzstan experienced Iran and China, the last of which Europe and the Middle East that tonanywhereclose to being able to asecond uprising,which led to the purchases upwardof30billion cu- advance human rights. runs through Central Asia. Thenew competewith Beijing and Moscow in establishment of aparliamentary bic feet of piped gasayear—roughly administration will have to account the region. system. Itsmost recent bout of one-thirdofits totalgas imports. forthe region in itsstrategic think- Thirty yearssincethe U.S. gained mass agitation, which brokeout But the biggest opportunity for and playing host to talks on Af- ing if it hopes to re-engagethe access to Central Asia, long tucked last year,resulted in afresh elec- the U.S. maylie in Kazakhstan, ghanistan and Iran. Kazakhstan can world afterfour yearsofPresident away in the Kremlin’sshadow, it is tion in whichvotersoverwhelm- whereNursultan Nazarbayevvolun- help Washingtoninshaping apost- Trump’s“AmericaFirst” policy. time to develop abroader strategy ingly opted forapresidential form tarily stepped down in 2019 after U.S. Afghanistan, countering Iran’s The low priority that Mr. Biden’s forthe region—one that takesinto of government. nearly 29 yearsaspart of aplanned nuclearambition, and containing political transition. Turkey as it eyes the trans-Caspian As Central Asia’slargest stateby region—wherethe Caucuses meet Notable & Quotable landmassand economic output, Ka- CentralAsia. PUBLISHED SINCE 1889 BY DOWJONES&COMPANY zakhstan is the natural leader of the To accomplish this,the Biden ad- Rupert Murdoch Robert Thomson From Newsmax.com, March 11: region. Under itsnew president, ministration will have to devotereal Executive Chairman, News Corp Chief Executive Officer, News Corp Kassym-Jomart Tokayev, it has the attention to Central Asia. Forstart- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Last night, CNN’sBrian Stelter potential to be areal strategic part- ers, the Biden-Harris team should Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: contacted us about “Newsmax’srat- ner to America. Already pushing appoint aspecial envoy to the re- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; ingsdeclines formyCNN newslet- back against both Moscow and Bei- gion. TheWhiteHouse canand Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; ter.” ... jing—on issues such as Russian at- should use Kazakhstan’stradition of News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; Early Wednesdaymorning News- temptstoretain regional influence hosting multilateral diplomacyand Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer max sent Stelter the following re- and aggressiveChinese invest- Uzbekistan’snewly opened economy, Andrew Dowell, Asia; AnthonyGalloway, Video & sponse: “Only CNN would do astory ments—Kazakhstan canbenefit im- to pursue diplomatic and economic Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; on Newsmax’sdropinratingswhen mensely from enhanced engagement interestsacrossEurasia. America’s Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; itsown Nielsen totalday impres- with the U.S. Astrong Kazakhstan foreign policyisatahistoric mo- Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; sionsfell by 45% last week com- making progressonpolitical reform ment as Beijing looms.Central Asia Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News paredtothe week afterthe elec- and economic development canbea could be the key to help reviveU.S. Thomas SanFilippo, Customer Service; tion, and Brian Stelter’s own model to the region. It mayalso be leadership in theworld. GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; ‘Reliable Sources’ showfell by 44% aposter child in America’scam- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; over the same period with, morere- paigntoencouragesecular gover- Mr. Bokhari is director of analyt- Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International cently,his showhaving lost nearly nanceinmajority-Muslim countries, ical development at the Newlines In- WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: 1million viewers sinceJanuaryof to include the rightsofwomen and stitute for Strategy and Policy and LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head this year.” minorities,aswell as best environ- anational-security and foreign-pol-

EDITORIAL AND CORPORATEHEADQUARTERS: CNN’sStelter wascontacted to mental practices. icy specialist at the University of 1211 Avenue of the Americas, New York, N.Y., 10036 comment on his network’sratings Kazakhstan maywelcome the Ottawa’s Professional Development Telephone 1-800-DOWJONES decline,but did not offer comment. U.S. support on itspath toward Institute. P2JW076000-0-A01800-1------XA

A18 | We dnesday, March 17, 2021 THE WALL STREET JOURNAL.

Maybe it’s something in the water.Something in the soil. Something in our can-do attitude. Butgood things happen here. Imagination grows. Innovation grows. And world-leading life sciences, technology and financial services hubs grow. Tended by our highly-skilled, English-speaking workforce. Our pro-business philosophy. And our commitment to the EU. Asafe and stable environment. Anatural place to put down roots. This is Ireland.

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S&P 3962.71 g 0.16% S&P FIN g 1.13% S&P IT À 0.79% DJ TRANS g 1.56% WSJ $ IDX À 0.04% LIBOR 3M 0.190 NIKKEI (Midday) 29946.21 À 0.08% See more at WSJ.com/Markets Purdue Pharma FamilyRaisesOffer Icahn

Sacklers would pay Plains,N.Y., that is intended to ferguarantees $4.28 billion, panysaid. Instead, areorga- addressing the crisis,” Purdue Reaches getPurdue out of chapter 11. paid in installmentsoverthe nized Purdue will be overseen Chairman SteveMiller said. $4.28 billion to resolve The plan is a critical mile- next decade. by anew,independent board “Weare confident this plan lawsuits overopioids; stone in the Stamford, Conn., A key piece of the restruc- focused on addressing the opi- achieves that critical goal.” Deal drugmaker’s bankruptcy and turing plan, which includes an- oid crisis and developing and Purdue’schapter 11 plan restructuring plan filed the culmination of months of other $1.5 billion in cash and distributing medicinestore- must be approved by a bank- negotiation between members expected proceeds from Oxy- ruptcy judgeand likely will be With BY JONATHAN RANDLES of the Sackler family and Contin sales, is ensuring that challenged in court by individ- AND SARA RANDAZZO states,personal-injuryplain- the money will largely be uals who have suffered inju- tiffs and other creditors. spenttohelp abatethe na- ries from opioids and stateat- Utility Thefamily that owns Oxy- Agroup of around half of tion’sopioid crisis,rather than 24 torneys general who have not Contin maker Purdue Pharma allU.S.stateshas repeatedly going into the general coffers signed onto the deal. Afinal LP agreed to payroughly $4.28 demanded moremoney from of stateand local government State attorneys general who resolution isn’t expected be- BY CARA LOMBARDO billion—a largersum than pre- the Sackler family,aconces- creditors. object to the plan fore the summer. viously promised—toresolve sion included in Monday’s Theplan would createspe- “We’regoing to keep fight- FirstEnergy Corp.reached lawsuits accusing it of helping plan. At the time of its Sep- cial trusts that would distrib- ing forthe accountability that adeal with Carl Icahn that will to fuel the opioid epidemic. tember 2019 bankruptcy filing, utemoney earmarked foropi- families all acrossthis country givehim two seatsonthe Ohio Thepayment from mem- the family had agreed to pay oid abatement programs verseoverdoses and treat opi- deserve,” said Massachusetts utility’s boardand avert apo- bersofthe Sackler family is $3 billion with the promise of acrossthe U.S. TheSacklers oid addiction. Attorney General Maura Hea- tential proxyfight as the com- part of a larger restructuring up to another $1.5billion con- will have no role in Purdue’s “With drug overdoses still ley, who, along with 23 other panylooks to put abribery plan filed Mondaynight in U.S. tingent on the sale of itsinter- governanceoroperations once at record levels,itispast time stateattorneysgeneral, plus scandal behind it. BankruptcyCourt in White national business. Thenew of- it leavesbankruptcy,the com- to put Purdue’sassetstowork PleaseturntopageB2 Twoemployees of the bil- lionaire activist’sfirm, Jesse Lynn and Andrew Teno,will join FirstEnergy’s boardthis Cathie Wood Pitches Patience for Her ETFs week and serveoncommittees focused on helping the com- pany improveits compliance BY MICHAEL WURSTHORN Investorshaveput moremoneyintothe fivemain ETFsmanagedbyCathie Wood's andsettle litigation, the com- panysaid Tuesday. Theagree- Cathie Wood’spopular in- ARK InvestmentManagementthis year than theyhavetaken out. ment would expand the board vestment funds have takenin- to 14 directors. vestorsonawild ride this Performance, year to date Netflows (year-to-date) and assets under management (through Friday) Mr.Icahn, who hasn’t dis- year, testing their faith in the closed his stakesize, controls star stock picker. well over 3% of the company’s Shares of ARKInvestment HIGH: 28% TUESDAY 1% ARK Innovation ETF shares,according to people fa- Management LLC’sfiveex- miliar with the matter. That change-traded funds were fly- Netfund flows $7.14billion makes him one of itstop five ing high as of early February, Assets under management $24.71 billion holders, with astake vallued at S&P500 up as much as 30% in 2021. over $600 million. That capped a14-month runin FirstEnergy,based in Akron, which the ETFs’stock prices Ohio,provides electricity to more than doubled. Then the 21% –1% ARK Genomic Revolution ETF about six million customersin rally ended. 2.83 ahandful of states,including Worries about long-dor- Ohio,Pennsylvania and West 9.93 mant inflation suddenly Virginia. It has amarket value gripped financial markets. A of more than $19 billion. Last selloff of government bonds year,the company’sstock sank, accelerated, pushing long-term 28% 8% ARK Next Generation InternetETF and the energy firm firedsev- yields sharply higher and eral high-ranking executives sparking aflight from high- 2.02 following an internal reviewre- growth stocks likethose of 7.52 lated to government investiga- technology companies. ARK’s tions of itspotential role in an funds,most of which aredom- allegedstate-briberyscandal. inated by shares of unprofit- Mr.Icahn took astake in able,early-stagetech and bio- 26% 11% ARK Fintech Innovation ETF FirstEnergy with an eyetoward tech companies, were hit pushing it to quickly settle liti- 2.13 particularly hard. gation related to the scandal, Several days of declines cul- 4.12 the people said. Asettlement minated with the ETFs falling would suggest at least some as much as 30% between Feb. agreement between the two 12 and March 8. In compari- sides on next steps in that pro- 30% son, the Nasdaq CompositeIn- 12% ARK Autonomous Technology &Robotics ETF cess and allowthem to avoid dexdropped 11% from itsFeb- 1.63 the costly distraction of a ruaryrecordtoits March low. 3.44 proxyfight this spring.The “It kept dropping,dropping, windowfor shareholderstoof- dropping,and then it was ficially nominatedirectors PleaseturntopageB13 Source:FactSet opens later this week. Mr.Lynn, general counsel of Icahn Enterprises LP,has ex- STREETWISE | By James Mackintosh periencehelping other compa- nies movepast litigation as a director of Conduent Inc.and former director of nutritional- Risk-Free Treasurys Look a Bit Riskier to Some supplement maker Herbalife Nutrition Ltd. Mr.Teno joined Icahn Enterprises as aportfolio For inves- cluded that locking up their rise in yields. Shorter-matu- predict the path of future ply: Investorsstill expect the manager when Mr.Icahn’sson, tors in the money for a decade or more rity Treasurys have fallen Fed increases and so make Fedtokeep ratesverylow Brett, rejoined the firm and longest-dated in Treasurys is now riskier less, but even for the 10-year educated guesses about this. foraverylong time.But they formed anew investment team Treasurys, the than before, because there is note it will take six years of True, they aren’t very good areworried about the risk last year. past three a much greater chance of income to recover the loss of at it. But at least these pre- that stimulus-driven inflation Thetwo men wouldn’t be months have high inflation eroding the the past three months. dictions don’t change very could wipe out returns. able to cast votesonthe board been as bad as the “taper value of fixed income. The danger is that this is quickly, and switches in Fed A few basics. To compen- until regulatorssign off. tantrum” plunge in govern- The value of a 30-year just the beginning. policy can be factored in. sate for the risk that rates or FirstEnergy’s shares had ment bonds in 2013. Just as Treasury fell 15.6% in just A part of the answer to But thereisanother part inflation don’t turn out as been starting to recoverfrom in 2013, the concern isn’t, or three months. That is the what long-term Treasury to it, and that is the risk that expected, Treasury investors the market downturn in the at least isn’t mainly, that the equivalent of almost a de- yields should be is straight- the predictions turn out to be demand extra yield. How earlydays of the coronavirus Federal Reserve will jack up cade of the income it offered forward—the expectation of wrong.That risk canchange much they demand (and pandemic when the briberyal- interest rates and kill the three months ago, and it is rates in the future. Econo- alot—and it appearstobe sometimes that “extra” bit is legations surfaced and sent economy. Buyers have con- the flip side of the sudden mists can forecast inflation, doing so right now. Putsim- PleaseturntopageB13 PleaseturntopageB2 INSIDE Sotheby’s Considers More Cryptocurrency Payments

BY KELLY CROW pave the way for a recent in- artist. flux of “engaged and affluent” Amovetoaccept crypto- Less than aweek after cryptocurrencyinvestorsto currencyfor physical works Christie’ssold adigital collage spend on traditional trophies could potentially fuel sales of TELECOM to an investor who paid $69 in away that wouldn’t have everything from Chinese por- Nokia to cut as many million in cryptocurrency, its been possible previously. celain to Christodrawingsifit as 10,000 jobs as it rival Sotheby’s said the auc- “Right now, there’sadesire promptscryptocurrencymil- tion house wasconsidering an to let people payfor digital art lionaires to start bidding on focuses on 5G option to let biddersuse digi- with cryptocurrency, so why traditional art—something technology. B3 talcurrencies to payfor physi- not let them pay for physical they aren’t known fordoing en calartworks—from printsto art with crypto?” Mr.Stewart masse yet. Pablo Picassos—as well as dig- said. “Maybe we accept crypto Their added presencecould ital works. forpaintingsand then paythe prove a boon to the high-end S

Sotheby’sChief Executive consignors in cash, or maybe art market, which leaned Y’ Officer Charles Stewart said sellerswill want the crypto- heavily on millennials to boost THEB

Tuesdaythat the house was currencyaswell. That’sall slumping sales last year and SO K/

looking intoways to allowcol- coming, if managed well.” has struggled lately to drum PA lectorstopay—and potentially His commentscame after up fresh auction theater amid ‘Reboot Ginevra’ by the digital artist who goes by the name Pak getpaid—with cryptocurrency Christie’srecord-smashing the global pandemic. fordigital works as well as sale last week of adigital Initially,Sotheby’s plans to have become all the rage lately artistsgoes by apseudonym FINANCE physical masterpieces, which work,“Everydays:The First followChristie’slead some- in the worlds of art, sports and maintains acryptic per- Acoal-mining would be afirst forablue- 5000 Days,” by artist Mike time next monthbyoffering and fashion. Sotheby’s first sona, has in the past gone by companyaccuses chip auction house. Winkelmann, who goes by sales of digital artworks that, NFT artist will be apopular the name of Murat Pak. Mr.Stewart said the Beeple. Bidding for that work likeBeeple’spiece, carrynon- digital designer and mysteri- On Tuesday, the artist de- beleaguered Greensill house isn’t ready to pull the started at $100 but later fungible tokens,orNFTs. ous artist who goes by the clined through aSotheby’s of fraud. B12 trigger on any concrete plans soared to $69 million, making These tokens serve as digital name of Pak, the house said. spokesman to confirm anybio- but that it is determined to him the third-priciest living certificates of authenticity and Pak, who likesome digital PleaseturntopageB4 P2JW076000-6-B00200-1------EW

B2 | We dnesday, March 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 E P - Q LordstownGives Ohioans Hope, AbbVie...... A4 Electronic Arts...... B4 Pfizer...... A8 Acadia Realty Trust....B6 Epic Games...... A6 Purdue Pharma...... B1 Alamo Drafthouse Evergrande...... B6 Quotient Limited...... B12 Cinema...... B6 F R DespiteShortSeller’sCritical Report Alexion Pharmaceuticals Facebook...... B4 Regal Cinemas...... B6 ...... A4 FirstEnergy...... B1 Robinhood Markets..B14 Alphabet...... A1 Roku...... B13 BY BEN FOLDYAND MIKE COLIAS Manufacturing employment Lordstown Motors shareprice† AMC Entertainment...B6 G S in the Mahoning Valley* American Tower...... B14 GameStop...... B14 $18 Apple...... A1,B13 General Electric...... B2 Sotheby’s...... B1 When plans surfaced nearly 60 thousand people ARK Investment Greensill Capital...... B12 Square...... B13 two yearsago for General Mo- Management...... B1 H Starwood Capital...... B6 tors Co.tosell itsdormant Sunac...... B6 Recession Shares fell 16.5% on Friday AstraZeneca...... A4,A8 HB Studios Multimedia Lordstown, Ohio,factorytoan 50 following aHindenburg AT&T ...... A2,B14 T - U 17 ...... B4 electric-vehicle startup,the Research report B Hon Hai Precision Take-Two Interactive prospect sparked hope that the Blackstone...... B6 Industry...... B4 Software...... B4 40 Bluestone ResourcesB12 Honda Motor...... B2 Tesla...... B13 region could preservemanufac- Bristol-Myers Squibb I - L Tishman Realty...... B6 turing jobs. 16 Uber Technologies...... A1 30 Company...... A4 Icahn Enterprises...... B1 Last week,acritical short Brookfield Property Lordstown Motors...... B2 V seller’s report raised newques- Partners...... B6 M - N Verizon...... B14 tions around the firm that pur- 20 Visa...... B3 C Marriott InternationalB6 Vodafone...... B14 chased the factory, Lordstown 15 Cargill...... B2 Mastercard...... B3 Motors Corp. Thereport ac- Cellnex Telecom...... B14 Moderna...... A6 W 10 Credit Suisse...... B12 Motor Sich...... A9 World Wrestling cused the pickup-truck maker of Tuesday Crown Castle...... B14 Nokia...... B3 Entertainment...... B4 misleading investorsabout the $15.22 legitimacyofits vehicle preor- 0 14 ders and itsreadinesstostart 2000 ’05 ’10 ’15 ’20 Wed. Thurs. FridayMon. Tues. production laterthis year. INDEX TO PEOPLE *Seasonally adjusted†5-minuteintervals LordstownMotorssaid Mon- Sources: Labor Departmentvia St.Louis Fed; FactSet (shareprice) daythat it will formally respond B I P to the lengthyreport issued by AutoWorkersLocal 1112, which Bellisario, Michael...... B6 Icahn, Carl...... B1 Piwowar, Michael.....B14 HindenburgResearch,which has represented the plant wherehe Brown, Scott...... A2 Ioannou, Andreas...... B6 S ashort position in the Ohio- said he worked for48years. GES Burns, Steve...... B2 J - K based companyand stands to Arno Hill, Lordstown’smayor, Stewart, Charles...... B1 IMA C - D Justice, Jim...... B12 Strah, Steven...... B2 benefit, if the company’sshare said the villagetook around a$1

Carroll, Larry...... B13 King, Matt...... B13 T pricefalls.LordstownMotors GETTY million annual hit from lost in-

Dines, David...... B2 L Teno, Andrew...... B1 ChiefExecutiveOfficer Steve SE/ come taxesfor each of the three Durbin, Richard...... B3 Linnartz, Stephanie....B6 W Burns told TheWall Street Jour- shifts laid off,asGMwound F Liu, Young...... B4 Welch, Peter...... B3 nal on Fridaythat the report down theplant’soperations, Freitag, Jan...... B6 M - O Wood, Cathie...... B1 wasbased on half-truths and ANCE-PRES starting in early 2017. FR G - H Miller, Jamie...... B2 Woody, Michael...... B6 lies.Hesaid he wasconfident in GM cited waning demand for Z Greensil, Lex...... B12 Milo, Brian...... B2 the demand forits electric GENCE the small cars built at the fac-

Heywood, Jamie...... A8 O'Shea, Virginie...... B14 Zmuda, Eric...... B6 pickup trucks and the company’s /A tory when it announced plans to ability to start making them in close the plant in 2018.Shortly

September as targeted. JELINGER thereafter,GMfound itself un- LordstownMotorsisone of der intense political pressureto Honda Plans U.S. Shutdown GAN

around two dozenclean trans- ME find away to keep operating the portation startups to garner a Lordstown Motors Chief ExecutiveOfficer SteveBurns says the plant or at least find an owner BY SEAN MCLAIN specifying which plantswould valuation of morethan $1 bil- short seller’s report wasbased on half-truths and lies. that would. halt production. lion, fueled by investor enthusi- Mr.Hill said he wasaware of TOKYO—Honda Motor Co. Thedecision highlightsthe asm forEVs.But few if anyhave trial decline had seen the area me first. Proveit.’ ” the short seller’s report but said it would halt production stressonthe carindustry served as such asymbol of eco- lose tens of thousands of manu- GM also is building a$2.3bil- hadn’t drawnany conclusions at most of its U.S. and Cana- sincethe coronavirus pan- nomic revitalization forare- facturing jobs. lion battery-cell plant near the and remains cautiously optimis- dian car factories next week demic upended the global sup- gion, or such apolitical football. Brian Milo worked at GM’s LordstownMotorsfactoryalong tic about the futureofLords- because of supply-chain issues, ply chain. Asharp bounceback GM sold the plant to the Lordstownplant for10yearsbe- with partner LG Chem Ltd., town Motors. “Right now, I’m including port backlogs that from the initial slowdown in startup in 2019 under pressure fore being laid off in 2018.He leading some local politicians to just in wait-and-see mode,” he have delayed the delivery of the spring of 2020 has left from then-President Donald said he is rooting forLordstown label the area “VoltageValley”— said. parts. companies scrambling to re- Trump, who had been publicly Motors’ success but wonders aplayonits old nickname. GM sold the plant to Lords- TheJapanese carmaker act. Jammed portsinLos An- castigating GM over itsplans to whetheranelectric truck will At itspeak,morethan 10,000 town Motorsfor $20 million in said acombination of the port geles and Long Beach, Calif., close the factory. catchoninthe market fast employees worked at the Lords- November 2019 and later for- issues, ashortageofsemicon- areparticularly aproblem for Theplant, in the small village enough to makeameaningful town complex, which is the size gavethe purchase obligation ductors,pandemic-related Asian carmakersthat import of Lordstown, had long been an impact on jobs in the area. of morethan 100 football fields and other loans and interest in problems and fallout from se- partsused in their U.S. facto- economic engine in the Mahon- “People areoptimistic,but and has the capacity to churn exchangefor 7. 5million shares, vere winter weather across the ries. ing Valley. it’sguarded optimism,” said Mr. out morethan ahalf-million ve- according to aregulatoryfiling. central U.S. led to the decision. Honda said the duration of Straddling the Ohio-Pennsyl- Milo,who lives in Lordstown hicles ayear.For decades,itwas LordstownMotorsstock on Theshutdown is set to start the shutdown could change vania border between Cleveland and works in maintenanceatthe one of the region’slargest em- Monday rebounded nearly 10% at most of Honda’s five auto dependingonpartssupply. and Pittsburgh, the area around local hospital, earning $3 per ployers. to close at $16.22ashareafter plants in the U.S. and Canada Workerswill continue to be Youngstownwas oncecalled hour lessthan he did at the GM “Wewerelikeasmall city,” tumbling 16.5%onFridayafter on March 22 and last aweek, paid to perform other tasks at “Steel Valley” forits abundance plant. “It’slike, ‘Wesupport this, said MichaelAurilio,69, the re- thereport came out. On Tues- the companysaid, without the plants, it said. of mills.But decades of indus- we want this to work,but show cording secretaryfor United day, the shares fell 6.2%. /REUTERS FREY GE OR GE Key to the plan is ensuring the money will largely be spent to help abate the nation’s opioid crisis.

negotiations over the scope of vember to three federal felo- Sacklers the releases areongoing. nies,including paying illegal Membersofthe Sackler kickbacksand deceiving drug- family have denied wrongdo- enforcement officials.Sackler Increase ing.Sackler family representa- family membersagreed the tives said they hope the re- prior month to pay$225mil- structuring proposal released lion to resolvecivil claims with Offer Monday“will signal the begin- the JusticeDepartment, with- ning of afar-reaching effort to out admitting anyliability. deliver assistance where it is OxyContin, apowerful pain- ContinuedfrompageB1 needed.” killer introduced in 1996, has the District of Columbia, TheMondayproposal is been aprimaryfocus of public voiced opposition to the plan broadly the same as the deal ireoverwidespread opioid ad- Mondayand called forgreater they entered bankruptcy with diction that has gripped the transparencyand moremoney in 2019 but includes some con- nation for decades. upfront from the Sacklers. cessions to broaden support. Purdue firstfaced areckon- In exchangefor their multi- New court filings say the law ing over itsaggressivemarket- billion-dollar contribution, the firm Purdue retained to handle ing in 2007,when it reached Sacklerswould getlegal re- the bankruptcy has investi- settlementsovercriminal leases freeing them from opi- gatedpotential legal claims chargesthat it misled the pub- oid-related litigation. Purdue the companycould have lic about addiction risk.The said in court papersthe re- against the Sacklers. wave of lawsuitsthat droveit leases areanintegral part of Outside of itsbankruptcy, into bankruptcy began build- the proposed restructuring but Purdue pleaded guilty in No- ing in 2017.

rested and chargedwith racke- other executives about three FirstEnergy teering as part of an alleged months later. Steven E. Strah, $60 million briberyscheme in the company’spresident, has which statepoliticians champi- sincebeen named CEO. Sets Deal oned legislation to bail out While the arm that owned troubled nuclear plantsinclud- the nuclear plantswas spun off ing ones then owned by from FirstEnergy afterfiling With Icahn FirstEnergy.Prosecutorshave forbankruptcy protection in called it the largest bribery 2018 and is nowknown as En- scheme in the state’shistory. ergy Harbor,therecould be re- ContinuedfrompageB1 Mr.Householder has maining financial ramifications them tumbling again. Even af- pleaded not guilty. forits former parent. TheMid- terrallying sinceMr. Icahn’sin- TheU.S.attorney forthe western electricity market is volvementsurfaced, they have Southern District of Ohio al- also getting increasingly com- underperformed shares of legedthat the companypaid petitive. other utilities,indicating lin- Mr.Householder and other Mr.Strah said on the com- gering investor concerns about statepolitical operatives,inex- pany’s most recent earnings fallout from the scandal. changefor his support of a call that it is taking decisiveac- On Tuesday, they closed at statebailout packagethat col- tions to rebuild itsreputation, $35.56,up31cents, or 0.9%. lected $1.5billion from the util- including being moretranspar- In July 2020,Ohio House ity’s customers. ent with investorsand custom- Speaker LarryHouseholder and FirstEnergy firedits former ers, and it is cooperating with several associates were ar- chief executiveofficer and government investigations. P2JW076000-0-B00300-1------XA

THE WALL STREET JOURNAL. We dnesday, March 17, 2021 | B3 BUSINESS & FINANCE Nokia to CutJobsin5GFocus

Up to 10,000 posts, or 11% of workforce, could be shed in latest strategy realignment

BY STU WOO

Nokia Corp.plans to cut between 5,000 and 10,000 jobs over the next two years, a moveitsaid would makeit We are pleased morecompetitiveinthe 5G to announce the

equipment market against ri- CK

vals Huawei Technologies Co. TO and Ericsson AB. following promotions The job cuts would reduce SHUTTERS

the Finnish company’scurrent A/ workforce of about 90,000

workersbyasmuch as 11% SKI/EP andlowerits cost base by VEV MARCH 2021 around $700 million, the com- PLA

panysaid Tuesday. It said the ALEX savingswould offset increased A man scans a QR code on the Nokia booth at the Mobile World Congress in Shanghai in February. investment in research and de- velopment, among other areas. Global telecomequipment world. Wirelesscarriers cidedtodouble down on its Nokia is in the early stages market share started buying 5G equipment remaining telecom-equipment of itssecond major restruc- earlierthan anticipated and businessbybuying Alcatel-Lu- turing program in lessthan a 100% Nokia hadn’t yetsecured cent for $17 billion in 2015, a MANAGINGDIRECTORS decade.After selling itsonce- Others enough cheap,efficient com- moveaimed at broadening its dominant handset business, 29% puter chips to go intoits cellu- product offerings. Nokia acquired French rival lar equipment. Its rivals had. That turned outtobea StephenChang Alcatel-Lucent to focus on 75 As aresult, Nokia’sproducts mistake, analysts said. “Many making cellular antennas,in- ZTE were moreexpensiveand less of the problems that Nokia ex- Harin de Silva ternet routersand other tele- 10% power efficient than those of perienced over the past years communications equipment. its competitors. stem from the Alcatel-Lucent Nokia But it lost ground to Huawei 50 In the U.S.,Nokia last year deal,” Mr. Sarkamies said. Marcellus M. Fisher and Ericsson because of its 15% lost amajor 5G equipment con- Thedeal leftNokia with struggles to integrateAlcatel- Ericsson tractwith Verizon Communica- two setsofequipment: one David Hammer Lucent, as well as ablunder 15% tionsInc.toSamsung Electron- under the Nokia brand, and in procuringcomputer chips 25 ics Co.Itdidn’t win anymajor another under the Alcatel-Lu- JasonMandinach that made itsproductsmore cellular contractsinits long- cent brand. Nokia told itscus- expensiveand lessdesirable. Huawei time market of China, whereEr- tomers, which arewireless Sonali ShahPier Nokia’sshareofrevenue in 31% icsson became the leading for- carriers, it would replace the the totaltelecom-equipment eign supplier of 5G-equipment. Alcatel-Lucent equipment with 0 market fell to 15% last year Nordea analyst Sami Sarka- Nokia gear. CalebJ.A.Pitters, Jr. from 16% in 2019,according to 2010 ’12 ’14 ’16 ’18 ’20 mies said Nokia has a chance The company has said that research firm Dell’Oro Group, Source:Dell'OroGroup to become morecompetitive processtook moretime and while Huaweiincreased its after the restructuring, espe- money than anticipated. In- lead to 31% from 28% in the 5G cellular technology. The cially as the U.S. campaign to stead of investing in research- same period. companysaid Tuesdayitwould curb Huaweihas resulted in and-development as Huawei EXECUTIVE VICEPRESIDENTS Last year Nokia replaced streamline itsproduct portfolio the industryleader losing and Ericsson did, Nokia had to ChiefExecutiveRajeev Suri and continue to reducecosts. It market share outside China. focus on acomplexintegration with Pekka Lundmark,who plans to unveil moredetails Aftermissing out on the of two big companies Mr. Ravi Anand said thecompanywould re- aboutits strategyThursday. smartphone revolution, Nokia Sarkamies said. treat from itsprevious plan of Part of Nokia’schallenges sold its cellphone business to offering arangeofproductsto stem from the companymis- Microsoftfor $7 billion in  Heard on the Street: 5G Marcio Bogoricin focus on becoming aleader in timing 5G rolloutsaround the 2013.The companythen de- tower party just started….B14 Grover Burthey Jesus Fernandez EToro to Go Public in SPAC Deal AmyFritz

BY ALLISON PRANG Munish Gupta AND CHRIS WACK MahmoudHajo Digital trading platform eToroGroup Ltd. said Tues- dayitwill go public through a Cady Johnson deal to combine with special- purpose acquisition company Chee Yang Lam FinTech Acquisition Corp. V that would value the company Brian Leach at about $10.4 billion. Thecombined companyis expected to be traded on the Ryan Leshaw Nasdaq and will keep the eToro Group Ltd. name when Michael Levinson the deal closes,the companies said. EToro is based in Israel. Thomas Luciano Financeentrepreneur and SPAC veteranBetsy Cohen is Jon May the chairman of FinTech V. Another SPAC of Ms. Cohen’s late last year announced with Veronique Menard Perella WeinbergPartners that it was taking the invest- Phil Michels ment bank public through a deal with the SPAC. LarryNguyen

By doing adeal with aSPAC, S the acquired companythen re- NEW

ceives the SPAC’s spot on the G AlisonSchiraldi stock exchange. SPACshave be-

come all the rage in markets OOMBER Eleni Sifakis and serveaspopular alterna- tives to traditional initial pub- LIFFE/BL Chris Tarui lic offerings.Celebrities such TC RA as basketball star Shaquille Darren Thomas

O’Neal and singer Ciarahave CHRIS been among their backers The digital trading platform last year had $605 million in gross revenue. CEO Johnathan Assia. Shares of FinTech Vrose Wendong Qu 50% Tuesday to $16.87. founded in 2007 and in 2018, pected to close in the third hand and afundraising round ETorolast year had $605 started a U.S. cryptocurrency quarter and the newcompany associated with the deal millioningross revenue and trading platform. is expected to have about called aprivateinvestment in currently touts more than 20 Theexisting equity holders $800 million in net cash, the public equity,orPIPE. PIPE millionregistered users, the of eTorowill still ownabout companies said. investorsinclude SoftBank companies said. Thecompany 91% of the companyright after EToroisexpected to gener- Group,Fidelity Management, is targeted toward socially- the deal, FinTech Vand eToro ateabout $900 million in pro- ION Investment Group and AUSTIN,BERMUDA, CHICAGO, networked daytraders. It was said Tuesday. Thedeal is ex- ceeds from the SPAC’s cash on ThirdPoint LLC. DUBLIN,HONG KONG,LONDON, Visa, Mastercard Delay Swipe-Fee Increases MIAMI,MILAN,MUNICH, NEW YORK,NEWPORTBEACH,

BY ANNAMARIA ANDRIOTIS Visa and Mastercard plans to refrain from moving Last year,Visa and Master- SÃOPAULO,SHANGHAI, included raising interchange forwardwith the increases, card postponed planned fee Visa Inc.and Mastercard fees formanyonline pur- citing the pandemic’seffect on increases that were supposed SINGAPORE,SOLANABEACH, Inc.are postponing planned chases by around 0.05 to 0.10 businesses. to take effect shortly afterthe credit-card fee increases that of apercentagepoint, accord- Visa and Mastercard this pandemic began. SYDNEY,TAIPEI,TOKYO, were set to kick in this year ing to adocument reviewedby week informed Sen. Durbin’s “In light of the current situ- afterthe plans drew criticism the Journal. Those changes ation andrecognizing that U TORONTO,ZURICH from lawmakers. would have resulted in hun- S. businesses arestill recover- Citing the continuing effects dreds of millions of dollars in The companies cited ing,Visa has takenactions of the coronavirus pandemic on additional interchangefee that have led to an overall de- businesses,Visa and Master- charges for merchants within continuing effects of crease in interchangerates card said they would hold off thespan of ayear,according the pandemic for during the pandemic,” a on increasing interchangefees to estimates from CMSPI, a spokesman said. “Visa has de- pimco.com formerchantsuntil next April. merchants’ paymentsconsult- waiting to raise fees. layedseveral plannedchanges Interchangefees areset by ing firm. and will not make any future networks such as Visa and Theplanned feeincreases interchangeratechanges for ©2021PIMCO. Mastercard and arepaid by prompted Sen. RichardDurbin another year while the econ- merchantstocardissuers (D., Ill.) and Rep. Peter Welch officethat they wouldn’t move omy recovers.” CMR2021-0312-1558462 when shoppersmakepurchases (D., Vt.) to send aletterthis forwardwith the changes.The Mastercard is “mindful that with credit cards. TheWall month to the chief executive companies will also delay im- some merchants are still fac- Street Journal reported on the officers of Visa and Master- plementing planned feede- ing unprecedented circum- planned increases last month. card calling on the companies creases until next year. stances,” aspokeswoman said. P2JW076000-4-B00400-1------XA

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

TECHNOLOGY WSJ.com/Tech Woods Strikes Videogame Deal Teenager Pleads Golf legend will serve as an adviser to Take- Guilty TwoInteractivetohelp develop newgames In Hack BY DAVID UBERTI BYSARAH E. NEEDLEMAN TheFlorida teenager who Tiger Woods has signed an brokeinto TwitterInc.’ssys- exclusive multiyear deal with tems last summer and imper- Take-TwoInteractiveSoft- sonated some of itsmost popu- ware Inc. to feature his name lar usersaspart of a and likenessinfuturegolf vid- cryptocurrencyscampleaded eogames. guilty on Tuesdayinstate’s 13th Thevideogame publisher Judicial Circuit Court in Tampa. has also agreed to acquirethe Graham Ivan Clark,ofTampa, small studio that makes its pleaded guilty to crimes includ- PGAGolf 2K series; and Mr. ing fraud and unauthorized com- Woods,one the most success- puter access as part of an agree- fulgolfersofall time,will help ment in which he will servea with thedevelopment process. reduced sentenceofthree years Take-Twoannounced the S in prison and three on probation.

deals Tuesday, and they come PRES Prosecutorsalleged Mr.Clark,

lessthan amonth afterMr. TED now18, imitated aTwitterinfor-

Woods wasseriously injured OCIA mation-technologyemployee to

in acar accident,raising the SS gain access to the company’s /A

question of whether he canre- TS networks,bypassing itssecurity

habilitate and resume his pro OR measures en routetoaccount SP

golf career.Take-Twosaid the 2K takeoversfromsome of the agreementswerealready in The golfer was previously the face of the PGA Tour videogame series from Take Two rival Electronic Arts between 1998 and 2013. most powerful people on the the works before the incident planet. and are unrelated. Auto,NBA 2K and other hit the biggest publisher in the ment with the National Foot- Woods wasfeatured in golf Tapping intothe accountsof Mr.Woods,45yearsold, franchises.Likemanygame category with itsFIFAand ball League. games from Take-Tworival EA BarackObama, Elon Musk,Joe waspreviously the faceof publishers, it has benefited Madden NFL franchises, To moveintogolf,Take- until the partnership ended in Biden and manyother boldface Electronic Arts Inc.’sPGA greatlyoverthe past year though Take-Twohas lately Two’s 2K studio partnered in 2013.Aspokesman forEAsaid names,Mr. Clark called on their Tour videogame series be- from pandemic-fueled demand been growing its sports port- 2018 with HB Studios,which the companycontinues to followers to donatebitcoin to tween 1998 and 2013.“Iam for at-home entertainment. folio and has emergedasa signed adeal that same year have astrong relationship Covid-19 relief efforts, promising looking forwardtomaking my Thefirst installment of PGA leader in basketball with NBA with PGA Tour, the organizer with the PGATour even to paythem double in return. return to the videogame land- Tour 2K launched in August 2K. of the topprofessional golf though it hasn’t produced a Thebizarrepleas exploded scape,” he said in astatement. and has since sold nearly two Sports is “an area of enor- competitions in North Amer- newgolf game since2015 acrossmillions of Twitterfeeds, Mr.Woods will also serveas million units, Take-Two said. mous focus” forTake-Two, ica, to makegames based on when it featuredgolfer Rory raising questions on social me- an adviser to Take-Two’s2K It is among only a handful of Chief ExecutiveStraussZel- itscourses and branding.HB McIlroy. dia platforms’ security measures studio. golf games forconsoles and nick said in an interview. Its Studios firstmade agame Golf ranked as the sixth and highlighting the vulnerabil- Financial terms forthe two computers that have been re- strategyis“to find unserved called “The Golf Club 2019 top-selling sport in U.S. video- ity of high-profile accountsto deals and the length of Mr. leased by a large publisher in niches and then makethe very Featuring PGA Tour” and it is game sales over the past de- nation-stateattackers—and Woods’ contract with Take- recent years. best title anyone’severseen now focused on the PGA Tour cade,according to NPD Group. high-school students. Twoweren’t disclosed. Theac- Take-Twohasn’t revealed a within that niche,” he said. 2K series,which simulates real Football, basketball and soccer Thescheme nettedMr. Clark quisition of closely held HB launch datefor the next in- “That is our style.” PGA Tour matches. held the topthree spots, re- the equivalent of $117,000 in the Studios Multimedia Ltd. is ex- stallment, which is expected to Take-Twoalso makes wres- A spokesman for PGA Tour spectively,the market-re- cryptocurrency, Darrell Dirks,a pected to be completed in the be the company’sfirst starring tling games through apartner- said the progolferswho com- search firm said. Golf games prosecutor with the Florida state current quarter.The Lunen- Mr. Woods. ship with World Wrestling peteinits events areincon- accounted foreight of the top attorney’s officeinTampa, said burg, Canada-based studio will Sports videogames in gen- Entertainment Inc.and last trol of theirown marketing 100 most downloaded mobile on Tuesday. “No bitcoin cur- be folded into Take-Two’s 2K eral have been popular forde- year said it plans to produce rightsand requireseparate sports titles world-wide last rencywas returned as promised unit, the company said. cades and are counted among multiple football games for deals with thirdparties inter- year acrossthe major app to these victims,” Mr.Dirks said. New York-based Take-Two the industry’sbest selling the first time in more than 15 ested in partnerships. stores, according to analytics Prosecutors, who argued that is knownfor itsGrand Theft franchises.Electronic Artsis years after striking an agree- Forseveral years, Mr. firm Sensor Tower Inc. Mr.Clark wasthe ringleader of a group of hackers, also chargeda 22-year-old man from Orlando, Fla., anda19-year-old man from the United Kingdom in connec- Formoreinformation: S tion with the scam. Mr.Clark

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Among them is Apple,which creating the Archillect, an ar- (S 'XZZ`$S7$MS c`Z`0(\ P7>` _Z/M0(Z$` theworld’slargest contract TheFisker tie-up is the first hasfor yearsworked to de- tificial-intelligence algorithm 'X[V(ZE5+97\` S9`0`9`X&/`0K`b S9(S electronicsmaker,raised the partnership with aU.S.-based velop itsown car. On Tuesday, that scrolls social-media chan- [(ZE $0`b7S8IX0S9E $X[V(Z7`/d 7Z$\Mb7Z: >XXb 0`S(7\`0/ (Zb I9X\`/(\`0/d I`0` ZXS possibility of manufacturing an company, as well as Foxconn’s Mr.Liu dismissed questions nels and postsimages it S(]7Z: (bK(ZS(:` X> XVS7[(\ >X0[/ X> electric vehicle in the U.S. and firstagreement to manufacture about whether Foxconn might deems to be popular,creating \XZ:8S`0[=Z(Z$7Z:5 ,/ 9` 9(b 0`V`(S`b\E hinted at additional potential vehicles foranautomaker. build an Apple carashas been afeed that brims with images \`(0Z`b (S a*Dd I7/bX[$(Z1S&`SX\bd &MS 7S $`0S(7Z\E $XM\b &` /9(0`b? +7S9 S97/ Honor your partnerships with American Production is scheduled to rumored. of everything from abstract 7Z/V70(S7XZ 9` >X0[`b R0([&X 'X0VX0(S7XZ companies as it expands into start in late2023. Foxconn has an advantage shapes and memes to models 7Z WY.. SX b`V\XE =Z(Z$7(\ /S0M$SM0`/ S9(S lovedone’s life in theautomotiveindustry. Mr.Liu said the companyis in manufacturing electric vehi- posing in slinky swimsuits. (VV`(\`b SX &XS9 7Z/S7SMS7XZ(\7ZK`/SX0/ “Recently we found that in talks with afew other U.S. cles,Mr. Liu said, sinceitre- Pak’stokenized works for (Zb$X[V(Z7`/5 a7/ V07Z$7V(\ >X$M/ I(/ TheWall Street S9` >XXb 7ZbM/S0E8 `/V`$7(\\E /MV`0[(0]`S maybe there’sagood product companies on similar arrange- quires more knowledgeabout Sotheby’s will include one-off $9(7Z/(Zb I9X\`/(\` >XXb $X[V(Z7`/d Journal to have made in the U.S.,” ments, and would have the ca- vehicle control and autono- pieces and others that will be (>([7\E V(//7XZ 8>X0 I97$9 9` I(/I`\\ Young Liu said Tuesdayatan pacity to producecarsfor one mous drivingthan about the offered as open-ended edi- ]ZXIZ7ZS9` -Z7S`b DS(S`/d S9` -5R5 (Zb #M0XV`5 eventinTaipei. “That is EV.” or two morepartners. Making traditional automotiveengine. tions,the house said. Details !X0XK`0 ;A E`(0/ R0([&X1/=Z(Z$7Z: Shareyour loved Best known forits work as- the electric vehicles in the U.S. He also said that the global on the works’ content and S0(Z/($S7XZ/ 9`\V`b>M`\ S9` :0XIS9 sembling Apple Inc.’siPhone, would mean they wouldn’t shortageinsemiconductors pricing haven’t been divulged. (Zb /M$$`// X> &XS9 VM&\7$ (Zb V07K(S` one’s storywith an Foxconn, formally known as need to be shipped from over- hasbeen aboon forthe com- Mr.Stewart said afew $X[V(Z7`/5 %XM: I(/`/V`$7(\\E >XZb X> /MVVX0S7Z: V07K(S`\E 9`\b $X[V(Z7`/ S9(S announcement in HonHai Precision Industry seas to the American market, pany’selectric vehicle ambi- other fine-print details of the $XZbM$S`b &M/7Z`//I7S9 97:9 7ZS`:07SE Co., hasbeen looking to ex- and Wisconsin has advantages tions, sinceithas pushed tra- Pak deal are still undisclosed, (Zb (\XZ: K7`Id/M$9 (/ N`7^`0 X> N7$978 the pagesofThe Wall pand beyond electronics since in itsproximity to the autoin- ditional automakerstoincludingwhether the house :(Zd (Zb a5 #5 *5 (Zb B9` N$P(Z` DSX0`/d &XS9 9`(b4M(0S`0`b 7Z B`G(/5 !0`b (Zb Street Journal,either founder TerryGou stepped dustryand itsexperiencewith consider using the company’s itself will accept itscommis- a(Z] N`7^`0d'9(0\`/ *MSS (Zb %0(ESXZ down in 2019.Sales of iPhones high-tech industries,hesaid. help with supply-chain man- sion in cryptocurrency, as N$P(Z` UI9X $X[[`ZS`b XZ 97/ V(//7Z:d in our nationalor have slowed, and the contract Awaveoftech companies is agement. Christie’s did with Beeple. 3%XM: [(b` &M/7Z`//>MZ26 I`0`>07`Zb/ I9X[ 9` :0`(S\E (b[70`b5 manufacturing businesshas It will accept cryptocur- R0([&X 'X0VX0(S7XZ V07K(S`\E V\($`b regional editions. Our suffered from relatively low rency for the work’s hammer =Z(Z$7Z: S0(Z/($S7XZ/ I7S9 XK`0W` In Memoriam notices profit margins. price. Christie’ssaid it part- 7Z/M0(Z$` $X[V(Z7`/ (Zb /S(S` V`Z/7XZ Earlier this year,the Tai- nered with Gemini, acrypto- V\(Z/5%XM: I(/V0XMb X> S9` >($S S9(S ZX 7Z/S7SMS7XZ(\7ZK`/SX0 \X/S `K`Z (bX\\(0 provide adignified way wanese manufacturer agreed currency wallet provider that X> V07Z$7V(\XZ(ZE X> S9X/` =Z(Z$7Z: forfriends, family and to assemble cars for LosAnge- is licensed by the NewYork S0(Z/($S7XZ/5 les-based electric-vehicle State Department of Financial %XM: I(/b`KXS`b SX 97/ >([7\E (Zb \XK`b S0(K`\7Z:(0XMZb S9` IX0\b colleagues to paytribute. startup Fisker Inc. but didn’t Services. I7S9 S9`[ SX `GV(ZbS9`70 9X07CXZ/5 JZ saywherethey would be man- Mr. Stewart said the house 97/ b`(S9&`b 9` 7Z/S0M$S`b 97/ >([7\Ed ufactured. Mr.Liu said Tues- has been intrigued by Pak’s 3'9(0:`? cX? H0X$``b I7S9 S9` H\(Z?2 a` daythat while the decision on work formonths now—as well 7/ /M0K7K`b &E 97/ I7>`d F(E[XZb` I9X[ To learn more, visit 9` [(007`b XZ DS5 H(S07$]1/%(E 7Z D(7ZS wheretomanufactureFisker’s as the growing number of dig- H(S07$]1/'(S9`b0(\ 7Z L`I )X0] '7SE (>S`0 WSJ.com/InMemoriam newvehicle hasn’t been final- ital art collectorswith crypto- S9` H(0(b`d S9`70 $97\b0`Z '([`0XZ UI7>` ized, it made sense to makeit currencyfortunes who make '(007`6dR`Zb0(d '907/SXV9`0d(Zb R70(d 97/ &0XS9`0d%7$] UI7>` H([6d (Zb [(ZE Z7`$`/ in Wisconsin, wherethe com- up some of Pak’sbiggest fans. (Zb Z`V9`I/5 a7/ >([7\E 9`\b (V07K(S` panyhas afactory. “It’sanew aesthetic,” he D`0K7$`X>D(bZ`//XZ!`&0M(0E WQ 7Z D(Z ©2021Dow Jones &Company,Inc. Foxconn has formed several said of NFT art, “and it’sa !0(Z$7/$X5 B97/ /M[[`0 %XM:1/0`[(7Z/ All Rights Reserved. I7\\ &` &M07`b 7Z N(7Z`5 partnerships in itspush into Foxconn Chairman Young LiusaysWisconsin, wherethe company biggeraudiencethan you electric vehicles,including has afactory,could be whereitwill assemble Fisker’s electric cars. think.” P2JW076000-0-B00500-1------XA

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EmilyCallahan, ALSAC/St. Jude Children's To mRaimondi Jr., NETSCOUT Research Hospital Maureen Bromwell, Northern Trust Lori M. Lee, AT&T Ramon Soto, Northwell Health Meredith Ve rdone,Bank of America LeeHurley, Northwestern Mutual Catherine Roche,BMO Financial Group Ariel Kelman, Oracle RoddyYoung,BostonChildren's Hospital ScottFinlow, PepsiCo Deborah A. Bussiere, BroadridgeFinancial Marian Salzman, Philip Morris International Solutions, Inc. KellyStarman, Philips Rod Manley, Burberry Te resa Barreira, Publicis Sapient KristenLauria, Cigna DanRobbins, Roku Linda Duncombe,CityNational Bank SAP Suzanne Kounkel, Deloitte Kinjil Mathur,Squarespace Connie Weaver, Equitable Bart Schaller,SynchronyFinancial John Rudaizky, EY Global Services Ltd. Rajashree Ramakrishnan, Tata ConsultancyServices Ellyn Raftery, FIS Kari Janavitz, TE Connectivity Stacy Simpson, Genpact Limited Marc Pritchard, TheProcter &Gamble Company Lorraine Twohill, Google Lisa M. Caputo, TheTravelersCompanies, Inc. H&R Block Suzi Wa tford, TheWall Street Journal Ralph Santana, HARMAN International SusanVobejda, TheTrade Desk Arthur Filip,HCL Te chnologies Michael Mendenhall, TriNet Group,Inc. JoyTan, Huawei Luis Va zquez, Tupperware Brands CarlaPiñeyroSublett, IBM Sara Va rni, Twilio,Inc. GayleTroberman, iHeartMedia Kevin Warren, UPS EmilyPachuta, Invesco Paul J. Gennaro, Voya Financial Abby Klanecky, Kearney, Inc. KarenA.David-Green, WeatherfordInternational AmyB.Summy, LabCorp LauraLangdon, WiproLimited Spiros Fotinos, Lexus Europe Gail Tifford,WWInternational, Inc. Jennifer Halloran, MassMutual Financial Aimee Johnson, ZillowGroup Joseph Kelly, Mercy

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B6 | We dnesday, March 17, 2021 THE WALL STREET JOURNAL. THE PROPERTY REPORT China Revamps the Way Land Is Sold

With a yearslong Privatehome sales in China Residential land prices by boom continuing amid by value megacity region* pandemic, authorities 15.0 trillion yuan 10,000 yuan asquaremeter

sound the alarm 12.5 8,000

BY CHONG KOH PING 10.0 To tame a frothyreal-estate 6,000 market,China is turning to 7.5 one of itsroot causes: the way land is sold in big cities. 4,000 From astanding start in the 5.0 1990s—when employers still S Shanghai

provided housing for many— NEW 2,000 Shenzhen G 2.5 China’sproperty market has Beijing experienced phenomenal growth, with homeownership OOMBER 0 0 ratessoaring and affordability 2000 ’05 ’10 ’15 ’20 2010 ’15 ’20 SHEN/BL plunging. A 2018 study found Note:1trillion yuan=$153.6billion *Shows prices forYangtzeRiver Delta, GreaterBay Area and

Chinese home prices averaged QILAI Beijing/Tianjin/Hebei regions 9.3times annual incomes,out- Chinese authorities tried a range of cooling measures including limits on developer debt issuance. Sources: Wind (home sales); E-house China Research and DevelopmentInstitute(land prices) stripping SanFrancisco’s8.4 times. and with no set schedule.The debted developers out of bid- quires weaker players to cut That echoes yearsofgov- Kong and in the mainland have With the yearslong boom uncertainty promptsproperty ding forland, sinceprospec- debt. ernment messaging,but Mr. climbed on expectations the continuing despitethe corona- developerstobid aggressively tive buyers have to pay large Thenew policyis“the final Guo underlined it by warning changewill reducecostsand virus pandemic,authorities for land. deposits to participate in any piecetothe puzzle,” said that he sees areal-estatebub- improvemargins,especially arenow sounding the alarm Largedeveloperssuch as auction. Hayden Briscoe,head of Asia- ble forming; acollapse could forbiggerplayers.AWind in- and pushing big cities to coor- China Evergrande Group and Qingdao,acoastal city in Pacific fixedincome at UBS cause “a great lossofpersonal dex of 133 real-estate compa- dinate land auctions. Sunac China Holdings Ltd. fi- eastern Shandong province, Asset Management. With assets” and loan defaultsthat nies traded in Shanghai or Investors and analysts say nancetheir purchases by bor- said it would hold this year’s larger developers more confi- would ripple through the Shenzhen gained 9.1% over the this should discouragebidding rowing heavily from banks and land auctions in three batches. dent of getting better-quality banking system and economy. past month, compared with a frenzies and by disadvantag- bond investorsand then bring Localmedia said the newpol- land, they are likely to specu- Christopher Yip, senior di- 12.5%dropinthe broader CSI ing weaker companies,itcould in more cash to keep the cycle icywould cover22cities,in- late less, he said. rector of corporate ratings at 300 index. help speed up industryconsol- going by selling many homes cluding Beijing, Shanghai and In a sign that Beijing’s top S&P Global Ratings, said while In time,investorsbelieve idation. before they are completed. Shenzhen. leaderstakethe risks seri- earlier curbs could be easily some companies could be Keycities should coordinate Theoretically,synchronized Chinese authorities tried a ously,one of the country’s reversed, the newerinitiatives forced out of business or into residential-land auctions and land auctions would mean range of cooling measures in- most senior financial regula- were “morelong-term, and it’s mergers with biggerrivals,ac- hold them at afew specific dozens of parcels would come cluding introducing limits on tors recently called out risky not just controlling the symp- celerating ashakeout that is timeseach year,state media up forgrabs at once, meaning mortgage financing,specula- behavior.“Manypeople buy toms.” Weaker developerswill under way. quoted China’sMinistryof only large,financially strong tivepurchases,bond issuance houses notfor living,but for have to bid very selectively or “Therewill be short-term Natural Resourcesassaying in developers could compete for by developersand on who can investment or speculation, seek other waystoacquire pain,” said Mr.Briscoe of UBS. late February. multiple sites. buy newhomes.Morere- which is very dangerous,” Guo land, such as by participating But leverageinthe sector will That would mark abig Iris Pang,aneconomist cently,they capped bank lend- Shuqing,chairman of the in urban-renewal projects, he decline, and the market lead- changefromthe current setup, with ING Bank in Hong Kong, ing to the sector and intro- China Banking and Insurance said. erswill grow bigger. “They in which local governmentsre- said the newsystemwas a ducedasystemofthe “three Regulatory Commission, said Stocks of Chinese property will grow at scale, but in a lease parcels independently very efficient way to shut in- red lines” that essentially re- in a March 2 speech. developerslisted in Hong slower fashion.” Movie Theaters Reopen, But Struggles Remain

BY ESTHER FUNG the roughly 5,500 theaters ciscocinema reopeningshelped that were operating at the boost national grossbox office Movie-theater ownersare start of 2020 have reopened, receipts, which forthe first hoping that cinema reopenings according to media-measure- weekend in March came to this month in NewYork City ment company ComscoreInc. $24.1 million. That wasupfrom and California canlureback Most still operateonly be- $20.1 million the weekend be- more filmgoers, providing a tween 25% and 50% capacity. fore,and the highest totalsince lifttotheir struggling busi- Movie theatersreopened in Christmas weekend, according nesses and to nearby barsand Los Angeles last weekend. Two to tracker BoxOfficeMojo. restaurants. otherbig holdouts—NewYork AMCEntertainment Hold- But movie houses nation- City andpartsofthe SanFran- ings Inc., which raised more S

wide stillfaceanumber of than $1 billionafter itsstock PRES challenges, from limited seat- pricejumped during arecent in- ing capacity to the prospect of vestor frenzy,reopened its13 ZUMA A/ changing consumer habits as NewYork City locations. film fans enjoyfirst-run mov- $1B Theater ownership in New XINHU

ies in the comforts of home. York City is fragmented. It in- GLE/

Decades beforeshopping Amount raised by AMC cludes giant landlords like NA centers embraced attractions following recent stock frenzy TishmanRealty and public

like roller-coaster rides, cine- companies such as Brookfield MICHAEL mas were areliable generator Property Partners LP and New York City and San Francisco cinema reopenings in March helped boost box-office receipts. of mall foot traffic. Acadia Realty Trust.Itin- In asign of their importance ciscoBay Area—allowedcine- cludes families that own “I’m committedtothe New watchersare getting toocozy contentious compared with to other mall businesses,movie mas to reopen during the first smaller,independent theaters. York market,” said Tim League, on their sofas during the pan- other retail tenants, said Andy theatersare oftendesignated weekend of March with amaxi- Not everyowner is ready to chief executiveofficer of the demic.Oncethe public gets Graiser, co-founder of A&G as anchor tenantswhen shops mum occupancyof25%. welcome back the crowds. Re- Austin,Texas-based theater used to watching newreleases RealEstatePartners, given that and restaurantssign leases. “Weare pretty excited galCinemas,which has 10 lo- chain. But he added, “The real- at home,itmay be morediffi- both sides typically wanted to That meansthese other busi- about opening at anycapac- cations in New York City, has ity forall cinemas right nowis cult to lurethem back to pay keep the leases.The only viable nesses canreduceoperating ity,” said GreggScarola,owner yettoprovide adatefor re- that operating at 25% capacity $15ormoreaseat in some of replacement tenant would be hoursand rent paymentsor of the Atrium shopping center suming business. is extraordinarily difficult.” themoreexpensivetheaters. anothertheater operator. end their leases without pen- in StatenIsland, N.Y.,which Alamo Drafthouse Cinema Alamo Drafthouse this month Ticket prices have been ris- Some operatorssaid they alty if the cinema were to close. includes an 11-screen Stadium Holdings LLC said it isn’t filed forchapter 11 bankruptcy ing in part because property would incur morelosses if they Thepandemic hit the Cinema. “The theater is always ready to reopen aseven- and said in itsfilingsitwill use owners spent millions spruc- reopen auditoriums at a25% movie-theater industryhard, a draw for our other tenants, screen theater at City Point thebankruptcy processtoter- ing up their theaters. capacity due to high overhead forcing all operatorstoclose andwhen it closed, everybody mall in Brooklyn. The theater minatefour leases in Texas, Recentrent negotiations be- costs, but that this is aneces- for a period. Some will never got hurt.” needs repairs, and staff has to Missouri and Florida. tween theater operatorsand sarysteptoget customers be back.Today, around half of NewYork City and SanFran- be trained on safety protocols. Cinema ownersworrymovie landlords generally were less comfortable with returning. HotelIndustryStartstoRegain Footing AfterIts WorstYear

BY PETER GRANT crease forthe S&P 500.That ministration. Nearly 1.36 mil- and beyond, according to gain in the hotel indexfollowed lion people passed through Stephanie Linnartz, recently Thebadly batteredlodging a31% surge in November,amid U.S. airport-security check- named Marriott’snew presi- businessisstirring to life, news of the firstCovid-19 vac- pointsonFriday. That was the dent. “These are encouraging roused by hotel ownersand JOURNAL cine coming to market. most in about a year. signs that there is strong de-

investorsbetting that book- REET “Stocks arepricing in a “The airport is getting bus- mand fortravelinfutureyears ingswill pick up when ST moreoptimistic recovery sce- ier,” said Andreas Ioannou, oncereal progresshas been LL

Covid-19 vaccines become WA nario,” aBairdEquity Re- chief executiveofhotel owner made in containing the virus,” widespread and more Ameri- search report said last week. OrchestraHotels +Resorts, she said on aFebruaryearn- THE

cans itch to travel again. R Workersare coming back, whose properties include the ings call. Thepast year wasbymany FO too. The leisure-and-hospital- Hilton Fort Lauderdale Beach Even forbeleaguered busi- measures the industry’sworst, ity industryadded 35,700 jobs Resort. “Morepeople from the nesstravelthereare hopeful

marked by employeefurloughs, CARDONA in February, the sector’s big- Northeast and the Midwest signs.The Wednesday-night oc- plummeting occupancyrates A gest number sinceSeptember, are coming down.” cupancyrateinthe U.S.—a key

andthe evaporation of most ANDR according to the Bureau of La- Hotel ownersthroughout metric when gauging business- businesstravel. But this year bor Statistics. the countryare also reporting traveler demand—was 46.7%on ALEJ has already offered glimmers Leisuretravel, oftentodes- moreadvancedbookings. Dur- March 3, compared with 37.1%

of hope.Hotel shareprices are MARIA tinations within drivable dis- ing most of the pandemic, on Jan. 6, according to STR. rising,scoresofproperties are Leisuretravelcontinues to improve.Miami Beach, Fla., lastmonth. tances of large metroareas, bookingshavebeen with just a Most of the business-travel reopening and lodging compa- startedrebounding last year few days notice, oftenbypeo- increase is from smaller com- nies arehiring again. Fewexpect hotels to return to support that the worstmight and continues to improve. ple who were going stir crazy panies,said Michael Bellisario, Blackstone Group Inc.and to their pre-pandemic level of be behind the industry. U.S. ho- Texas’sGalveston Island, and needed a break. a Baird analyst. “What you’re Starwood Capital Group said businessfor another two to teloccupancyfor the week where30million people are Now, hotels such as the Ad- not seeing is the large compa- Mondaythey had teamed up to three years. International ended March 6stood at 49%, within a300-mile radius,ex- miralty Inn and Suites in Fal- nies,the topbusiness-travel buy Extended StayAmericaInc. travel to the U.S. collapsed in the highest sinceOctober and pectsnearly full hotel occu- mouth, Mass., are taking res- accounts, coming back.” for$6billion.Inagreeing to 2020,and hoteliershold little just apercentagepoint lower pancythis week thanks to ervations months in advance. Still, hotels arereopening makethe largest hotel acquisi- hope it will acceleratemuch than the pandemic peak in Au- spring-break crowds, accord- “Some of the weddingsthat anticipating growing demand. tion sincethe start of the coro- this year.Demand forconven- gust, according to hotel data ing to Michael Woody,chief canceled last year have re- In February, only 2.5% of U.S. navirus pandemic,the firms tions and large meetingsthat tracker STR. Theratewas tourism officer forthe island’s booked,” said Eric Zmuda, rooms tracked by STRwere signaled they expect demand to have been astaple formany about 65% in March 2020 be- visitor bureau. general manager of the 98- closed, down from 18% in late rise from businesstravelers. large hotels in downtowns and fore the pandemic hit, STRsaid. Moretravelersare starting room lodging. April, the data firm said. “The U.S. hotel industryis resortsalso looks grim in 2021. TheBaird/STR Hotel Stock to flyagain. Passenger vol- MarriottInternational In New York City, large ho- very slowly regaining solid foot- “Wedonot expect sus- Index, which tracks shares of umes are40% to 50% below Inc.’sgroup bookingsmade in tels that plan to reopen in the ing,” said JanFreitag, national tained group demand until eight hotel brands and 12 hotel pre-pandemic levels,but air- January for next year and be- spring include the Peninsula, director of hospitality analytics herdimmunity has been real-estate-investment trusts, ports had their busiest week- yond fetched daily rates11% the Mandarin Oriental, and the at CoStarGroup Inc., acommer- reached,” Mr. Freitag said. jumped 22%inFebruary, com- end in ayear,according to the higher than businessbooked a Ritz-Carlton overlooking Cen- cial real-estatedatafirm. Yetthereisrecent evidence pared with lessthan a2%in- Transportation Security Ad- year earlier for stays in 2021 tral Park. P2JW076000-0-B00700-1------NS

THE WALL STREET JOURNAL. NY/NE We dnesday, March 17, 2021 | B7 BUSINESS NEWS Gyms Navigate New Territory, Uneven Protocol

BY SHARON TERLEP downs.Several corporate chains,including 24 Hour Fit- One fitness club franchisee nessWorldwide Inc.and plans to open adozennew lo- Gold’sGym International Inc., cations,while anational chain filed forbankruptcy protection is selling digital memberships. and reorganized or closed. A Pilates studio in Houston is Those that survived areca- requiring masks; a family-run tering to acustomer base now gym in Indianapolis isn’t. moreaccustomed to exercising America’sgyms arereopen- at home and better equipped JOURNAL

ing to amarkedly changed fit- to do so.Asgyms faltered, REET nessworld as coronavirus pan- businessboomed forcompa- ST LL

demic restrictions lift. Each nies like Peloton Interactive WA business—and itscustomers— Inc.and Nautilus Inc.that THE

must decide howtonavigate provide streaming classes and R FO

newworkout habitsand con- workout equipment. S

flicting demands around “I knowthere’schatterof, RIO Covid-19 safety protocols. ‘Weare astay-at-home stock,

Some people won’t exercise and we getback to normal and DESIREE in afacecovering; otherswill Peloton dies or whatever,’ ” Gym members and personal trainers at aLifeTime center in West Harrison, N.Y. The chain, with 150 locations, offers streaming classes. only frequent agym with a John Foley,Peloton co-founder mask mandate. Still otherspur- and chief executive, told inves- gram during the pandemic back to the gym.” albeit at 10% capacity and strictions areaplus.“Going to chased pricey fitnessmachines tors in February. “Weobviously said they planned to continue Rhea Shimabukuro, a31- with facemasks still manda- the gymisthe only risk activ- fortheir homes and have spent aretaking the other side of for the long term. The survey year-old from SanJose,Calif., tory while exercising. For Ms. ity I’ve taken,” she said. months taking virtual classes. that. Everyyear in the U.S., of 2,024adultswas conducted wasthrilled when her local Shimabukuro, who has avoided —Sarah Krouse “Manyofour members there’sbeen five million tread- Nov. 9-13, 2020. rock-climbing gym reopened, restaurantsand travel,the re- contributed to article. have developed habitsinasig- mills sold. So it’snot likework- Geoff Dyer, owner of more nificant way,routines they ing out at home wasaCovid than two dozenCrunch Fit- never had before Covid,” said thing.Ithas always been a nessfranchises in Georgia and ADVERTISEMENT Jeff Zwiefel,chief operating thing.It’sjust the productshave Florida,said Covid-19 won’t officer of LifeTime Inc.The been dopey and not connected.” changeAmericans’ gymhabits fitness center chain, with 150 Gymownersand industry forthe long term. ACrunch BusinessReal Estate&Auctions U.S. locations,now offersa expertssay the businessoffit- membership,starting at $9.95 To advertise: email [email protected] or WSJ.com/classifieds $15 monthly digital member- nesswill increasingly become amonth, is cheaper than many ship,wherepeople canwork amashup of bricks-and-mortar online subscriptions. out to streaming classes. and online virtual offerings, Mr. Dyer said his member- AUCTIONS AUCTIONS Gyms,fromboutique stu- much likethe coronavirus-has- ship is almost at the same dios to sprawling fitness cen- tened evolution of retail, office level it wasbeforethe pan- 26 *,)072=5'B ters, have been among the in- work and education. demic. He said he is opening /%*9 %-+*+% *)'+"3567*8 0@4 ><>0 dustries hardest hit by the Heading intothe pandemic, another dozenlocations in the ,2'53?) public-healthcrisis,ascon- the U.S. had roughly 40,000 next year, including four that 4,*4".)# *//*+)*& cerns about people spreading health clubs generating $35 will replacenow-shut 24 Hour *% $/4 "+:, ,23.57+'5++4 6+,4+& &)'294 96'+&& the coronavirus during group billion in annual revenue, ac- Fitnessclubs.Crunch offers ,!-2'+!& 43002'2,# )'+)2'#32& 3, ,2:2' -+42', 7!3/43,.& exercise led to mandated shut- cording to the International streaming workouts, but they 3, 2862//2,# 6+,43#3+, #+ 72 &+/4 3, 7!/1( downs and member exoduses. Health, Racquet & Sportsclub aren’t popular, he said. Thepandemic’stoll has Association. At the end of “It’shardtoreplacethe ex- 1/3!%'+%& ()9; ?*9)% 0. 8%*/- $/37 53= 3?%/ 20<4<<<4<<< been profound: Nearly half of 2020,the industryhas lost citement of aliveclass, and thethree million jobs in U.S. $20.4 billion in revenue,while there’sahugebarrier to entry 1/3!%'+%& ?*9)% 3$ '371*/*(9% )5"+- +3&*8 health clubs disappeared last about 6,400 clubs—17%ofthe if you’ve got to pay $2,500 to *11/3:"7*+%98 2,4<<<4<<< 6-)##%-+%& 31%5"5# ("& 204<<<4<<< year along with morethan half total—closed permanently. get that bike,” he said, refer- '$ "%225"%+04*6#&/2,3#"+.0( #.0 "B5 5>>513<"66G J0B@?"><1C ,8 @.1:.> 3?"3 ?"L5 4"B953 of the industry’s revenue. Le- Arecent survey by consult- ring to Peloton, which sells ).0&.* 40 +.)3 2,0# +#*.+( L"605> 3.:"G .2 0J 3. 7F+A=AAA 5"@? 2.B "JJB.I<4"356G gionsofindependent gyms ing firm McKinsey &Co. found bikes starting at $1,895.Amid ".+ -,)3,!#-%+)6,*# and studios have closed, crip- that 68% of those who started Covid-19,hesaid, “Werealized 78+=AAA 5"@? "3 3?5 >0CC5>35: .J51<1C !<:H $?<> <> "CB5"3 "$$ (.'! 1,0%- &+,0).0- /* "#"$" pled by state-mandated shut- using an online fitnesspro- people were desperate to get <1)"3<.1 ?5:C5 3?"3 >?.06: "@@.4J6<>? 3?5 C."6 .2 ">>53 JB5>5BL"3<.1 K?<65 C3B.1C .JJ.B301<3G .0240# ,%)(4.0 2.B .L5B>H *@65L5B :<-@"3<.1 2.B G.0B ,-+42 $' . '' ,1 )( ADVERTISEMENT J.B32.6<.H $?<19 .2 3?<> "> G.0 43"35 J6"11<1C "1: K5"63? 3B"1>25B BusinessReal Estate&Services 8:> 3?"3 @.06: !515-3 "J0B@?">5BH To advertise: email [email protected] or WSJ.com/classifieds or call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B8 | We dnesday, March 17, 2021 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Entergy ETR 98.91 0.78 HomeDepot HD 282.08 3.54 LithiaMotors LAD 404.55 4.55 NextEraEnergy NEE 75.38 -0.14 Qiagen QGEN 48.49 -0.58 Splunk SPLK 139.03 0.50 UPS B UPS 162.82 0.18 Market listed securities. Prices are composite dd-Indicates loss in the most recent EnterpriseProd EPD 23.29 -0.41 s HondaMotor HMC 30.57 0.03 LiveNationEnt LYV 88.01 -2.15 NielsenHoldings NLSN 26.29 -0.33 Qorvo QRVO 180.54 2.25 Spotify SPOT 284.69 -0.77 UnitedRentals URI 314.86 -8.62 quotations that include primary market trades four quarters. Equifax EFX 172.57 -1.08 Honeywell HON 211.81 -4.39 LloydsBanking LYG 2.28 -0.01 Nike NKE 144.65 -0.29 Qualcomm QCOM 133.65 2.01 Square SQ 243.36 -7.87 US Bancorp USB 53.84 -0.14 as well as trades reported by Nasdaq BX FD-First day of trading. Equinix EQIX 671.33 1.78 HorizonTherap HZNP 88.59 -3.90 LockheedMartin LMT 347.13 0.72 NiSource NI 23.45 0.42 QualtricsIntl XM 36.01 -1.08 StanleyBlackDck SWK 190.13 -3.01 UnitedHealth UNH 354.60 0.72 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing Equinor EQNR 20.22 -0.49 HormelFoods HRL 48.23 -0.20 Loews L 51.38 -0.65 Nokia NOK 4.24 -0.06 QuantaServices PWR 87.26 -1.59 s Starbucks SBUX 111.34 2.44 UnitySoftware U 108.89 -0.78 Cboe, NYSE National and Nasdaq ISE. standards Equitable EQH 31.78 -0.79 s DR Horton DHI 83.26 -0.46 LogitechIntl LOGI 101.81 1.05 NomuraHoldings NMR 6.21 -0.05 QuantumScape QS 57.03 -5.22 StateStreet STT 83.65 -0.02 UnivDisplay OLED 228.43 -2.29 EquityLife ELS 65.00 0.83 HostHotels HST 17.72 -0.28 Lowe's LOW 175.33 1.13 Nordson NDSN 206.15 -1.09 QuestDiag DGX 122.68 -0.68 SteelDynamics STLD 46.83 -1.72 UniversalHealthB UHS 136.62 -3.51 The list comprises the 1,000 largest lf-Late filing s companies based on market capitalization. q-Temporary exemption from Nasdaq EquityResdntl EQR 73.78 -1.28 HowmetAerospace HWM 31.14 -0.68 LufaxHolding LU 14.67 -0.12 NorfolkSouthern NSC 256.39 -3.88 Stellantis STLA 17.50 -0.34 VEREIT VER 39.55 -0.62 s R S requirements. ErieIndemnity A ERIE 235.04 0.29 HuanengPower HNP 13.87 -0.08 lululemon LULU 308.75 -5.57 NorthernTrust NTRS 104.30 -0.52 Steris STE 186.87 -0.19 VF VFC 75.92 -3.85 Underlined quotations are those stocks with EssentialUtil WTRG NorthropGrum NOC 305.84 0.10 STMicroelec STM 36.40 -0.10 VICI Prop VICI t-NYSE bankruptcy 43.67 -0.31 Huazhu HTHT 60.90 2.89 LumenTech LUMN 14.03 -0.16 28.11 -0.75 large changes in volume compared with the EssexProp ESS 286.50 -7.26 Hubbell HUBB NortonLifeLock NLOK 21.28 -0.29 RELX RELX 24.38 0.07 StoneCo STNE 69.53 -1.26 VailResorts MTN 309.74 0.20 v-Trading halted on primary market. 189.08 -0.93 Lyft LYFT 64.69 -2.73 issue’s average trading volume. EsteeLauder EL 288.92 -0.63 HubSpot HUBS 468.90 -8.36 LyondellBasell LYB 105.36 -2.27 NorwegCruise NCLH 30.10 -1.46 RH RH 475.44 10.13 Stryker SYK 238.03 -3.22 Vale VALE 17.19 -0.05 vj-In bankruptcy or receivership or RLX Tech RLX 19.00 -0.56 Boldfaced quotations highlight those issues being reorganized under the Etsy ETSY 215.98 -7.25 Humana HUM 403.12 -2.94 Novartis NVS 86.01 0.72 SumitomoMits SMFG 7.42 -0.16 ValeroEnergy VLO 79.32 -2.51 EuronetWorldwide EEFT 152.00 -6.56 JBHunt JBHT 158.17 -3.29 M N Novavax NVAX 222.23 4.77 RPM RPM 88.06 -0.96 SunComms SUI 151.12 0.37 VarianMed VAR 176.20 -0.12 whose price changed by 5% or more if their Bankruptcy Code, or securities RalphLauren RL 121.76 -2.24 previous closing price was $2 or higher. assumed by such companies. EverestRe RE 253.37 -1.05 HuntingtonBcshs HBAN 16.10 -0.41 NovoNordisk NVO 72.65 0.56 SunLifeFinancial SLF 51.47 0.03 Vedanta VEDL 12.85 0.33 Evergy EVRG 59.61 0.42 HyattHotels H 86.25 -2.81 M&T Bank MTB 152.64 -2.66 Novocure NVCR 143.04 1.97 RaymondJames RJF 118.88 -1.41 SuncorEnergy SU 22.76 -0.53 VeevaSystems VEEV 261.07 -0.66 MGMGrowthProp MGP 33.81 -0.36 EversourceEner ES 82.72 -0.03 IAC/InterActive IAC 239.71 0.21 NuanceComms NUAN 45.28 0.30 RaytheonTech RTX 78.24 -1.33 SunRun RUN 56.77 -5.35 Ventas VTR 55.89 -0.85 MGM Resorts MGM 39.91 -1.05 RealPage RP Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and ExactSciences EXAS 130.63 1.06 ICICI Bank IBN 16.71 0.04 Nucor NUE 68.91 -0.59 87.38 0.17 Suzano SUZ 13.46 0.50 VeriSign VRSN 191.13 0.76 MKS Instrum MKSI 177.91 5.86 RealtyIncome O changes in the closing prices from 4 p.m. the previous day. Exelon EXC 43.36 ... IdexxLab IDXX 506.92 -5.84 Nutrien NTR 57.98 -0.83 63.96 0.04 SynchronyFin SYF 42.20 -0.62 VeriskAnalytics VRSK 172.97 -1.62 eXpWorld EXPI 55.75 -0.04 IHS Markit INFO 95.33 -1.01 MPLX MPLX 25.98 -0.30 NVIDIA NVDA 531.65 4.00 RegencyCtrs REG 58.45 -0.52 Synopsys SNPS 234.05 -0.82 Verizon VZ 55.64 ... s Expedia EXPE 176.38 -0.72 ING Groep ING 12.02 -0.05 MSCI MSCI 416.58 -2.97 RegenPharm REGN 482.17 -1.77 Sysco SYY 80.45 -2.79 VertxPharm VRTX 218.99 -0.66 Net Net Tuesday, March 16, 2021 s ExpeditorsIntl EXPD 101.88 -0.76 s Invesco IVZ 25.25 -0.75 MagellanMid MMP 45.66 -0.86 O P Q RegionsFin RF 20.94 -0.52 ViacomCBS B VIAC 96.24 -0.09 Stock Sym Close Stock Sym Close Net Chg Chg ExtraSpaceSt EXR 133.95 0.44 IPG Photonics IPGP 216.69 -0.96 MagnaIntl MGA 90.88 -2.15 ReinsGrp RGA 129.77 -4.13 T U V ViacomCBS A VIACA 96.13 -0.25 ManulifeFin MFC 21.46 -0.09 ONEOK OKE 49.54 -1.75 RelianceSteel RS 149.97 -2.38 Stock Sym Close Chg BkNovaScotia BNS 63.49 0.31 CognizantTech CTSH 78.06 -1.21 ExxonMobil XOM 59.11 -1.28 IQVIA IQV 189.39 -1.26 Viatris VTRS 14.53 -0.14 MarathonOil MRO 11.46 -0.59 OReillyAuto ORLY 483.92 -0.39 RenaissanceRe RNR 171.00 1.71 TAL Education TAL 70.33 0.39 s Barclays BCS 10.15 0.07 ColgatePalm CL 75.86 0.18 F5Networks FFIV 201.06 2.36 IcahnEnterprises IEP 61.11 -0.31 s Vipshop VIPS 42.92 1.22 MarathonPetrol MPC 56.21 -1.65 OakStreetHealth OSH 55.50 -3.06 Repligen RGEN 197.57 -6.44 TC Energy TRP 46.90 -0.24 A B C BarrickGold GOLD 20.71 -0.06 s Comcast A CMCSA 58.04 0.51 FMC FMC 108.69 -3.59 Icon ICLR 181.15 -0.92 VirginGalactic SPCE 32.51 -2.29 MaravaiLifeSci MRVI 37.50 -0.99 OccidentalPetrol OXY 28.17 -1.13 RepublicSvcs RSG 96.60 0.03 TE Connectivity TEL 134.00 -0.38 BauschHealth BHC 33.38 -0.42 Comerica CMA 68.45 -1.73 Facebook FB 279.28 5.53 IDEX IEX 198.74 -4.72 Visa V 224.70 1.43 Markel MKL 1141.67 -2.30 Okta OKTA 227.00 -1.72 ResMed RMD 191.99 4.90 Telus TU 20.80 -0.23 ABB ABB 30.92 -0.18 BaxterIntl BAX 78.93 0.26 CommerceBcshrs CBSH 79.54 -0.48 FactSet FDS 317.76 -0.76 IllinoisToolWks ITW 218.52 -1.19 Vistra VST 18.12 -0.32 MarketAxess MKTX 516.91 -8.50 OldDomFreight ODFL 228.98 -3.01 RestaurantBrands QSR 63.94 -0.06 TJX TJX 66.72 -1.30 AECOM ACM 61.39 -1.17 BectonDicknsn BDX 239.55 -1.21 CiaSiderurgica SID 6.55 0.23 FairIsaac FICO 480.00 -6.47 Illumina ILMN 419.53 -0.79 VMware VMW 147.85 -1.58 Marriott MAR 150.63 -2.93 OmegaHealthcare OHI 37.80 -0.49 RingCentral RNG 328.23-16.03 T-MobileUS TMUS 127.78 2.15 AES AES 27.89 -0.61 BeiGene BGNE 327.38 1.99 ConagraBrands CAG 37.32 -0.01 Farfetch FTCH 59.25 0.99 ImperialOil IMO 24.66 -0.71 s Vodafone VOD 18.98 0.16 Marsh&McLen MMC 118.78 -0.08 Omnicom OMC 76.79 0.13 RioTinto RIO 78.80 -0.78 TRowePrice TROW 172.16 -1.32 Aflac AFL 51.10 -1.04 BentleySystems BSY 44.16 -1.83 ConocoPhillips COP 56.58 -1.58 Fastenal FAST 47.72 -0.41 Incyte INCY 80.28 -0.37 VornadoRealty VNO 47.30 -1.12 s MartinMarietta MLM 337.68 -6.03 ON Semi ON 40.66 1.39 RobertHalf RHI 75.68 -1.88 TaiwanSemi TSM 119.35 0.27 AGCO AGCO 142.11 -0.71 Berkley WRB 76.21 -0.87 ConEd ED 72.08 0.26 Fastly FSLY 74.16 -2.40 s Infosys INFY 19.33 0.18 VulcanMatls VMC 168.56 -3.93 AGNC Invt AGNC MarvellTech MRVL 47.96 -0.40 OpenText OTEX 49.49 0.75 s Roblox RBLX 77.00 4.85 TakeTwoSoftware TTWO 173.01 3.84 16.48 -0.04 BerkHathwy A BRK.A382720-3680.00 ConstBrands B STZ.B 230.66 19.74 FateTherap FATE 89.73 -3.04 IngersollRand IR 48.94 -1.82 Ansys ANSS 330.78 5.07 Masco MAS 56.94 -0.54 OpendoorTech OPEN 27.38 -1.43 RocketCos. RKT 25.00 -0.80 TakedaPharm TAK 18.91 0.04 BerkHathwy B BRK.B 251.50 -3.11 ConstBrands A STZ 230.63 0.77 FederalRealty FRT 106.43 -3.17 Inphi IPHI 165.92 0.42 W X Y Z ASETech ASX 7.47 ... 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-0.62 NRG Energy NRG 43.44 -0.49 PinnacleWest PNW 79.58 -0.83 SimonProperty SPG 117.19 -3.82 TylerTech TYL 424.72 -0.30 Yandex YNDX 70.91 1.38 s CGI GIB 81.27 0.51 Amcor AMCR 11.50 -0.26 s DiscoveryA DISCA 75.81 2.14 Garmin GRMN 128.28 0.17 KinderMorgan KMI 15.92 -0.41 NVR NVR 4629.04-41.21 Pinterest PINS 73.79 1.00 SiriusXM SIRI 6.33 0.08 s TysonFoods TSN 76.26 -0.32 YatsenHolding YSG 14.28 0.35 CH Robinson CHRW 96.18 -1.04 s Amdocs DOX 81.28 0.48 s DiscoveryC DISCK 62.36 1.47 Gartner IT 187.41 1.69 KingsoftCloud KC 50.42 0.20 s NXP Semi NXPI202.78 2.87 PioneerNatRscs PXD 163.03 -2.73 Skillz SKLZ 30.69 -0.76 UBS Group UBS 15.51 0.11 YumBrands YUM 108.80 0.81 CME Group CME 207.12 -1.97 Amedisys AMED 267.25 -3.49 Disney DIS 194.24 -2.52 Generac GNRC 325.89-12.22 KinrossGold KGC 6.88 ... Nasdaq NDAQ 145.47 -0.52 PlainsAllAmPipe PAA 9.50 -0.37 Skyworks SWKS 181.04 2.25 UDR UDR 44.72 -0.88 YumChina YUMC 62.15 -0.53 CMS Energy CMS 58.38 -0.12 Amerco UHAL 612.00 -7.38 DocuSign DOCU 211.18 -8.90 GeneralDynamics GD 175.32 -1.39 KirklandLakeGold KL 34.44 -0.28 Natera NTRA 104.19 -4.87 Playtika PLTK 26.81 -0.49 SlackTech WORK 40.79 0.14 s UGI UGI 41.66 0.01 ZTO Express ZTO 32.83 -0.12 CNA Fin CNA 45.84 -0.43 Ameren AEE 78.49 -0.33 s DolbyLab DLB 100.81 0.59 GeneralElec GE 13.15 -0.20 Kohl's KSS 61.12 -1.62 NationalGrid NGG 59.38 0.27 PlugPower PLUG 42.68 -3.78 SmithAO AOS 65.63 0.35 US Foods USFD 38.60 -1.33 ZaiLab ZLAB 142.25 -0.03 CNH Indl CNHI 15.18 -0.25 AmericaMovil AMX 13.84 0.19 DollarGeneral DG 193.55 -0.55 GeneralMills GIS 59.38 0.36 KoninklijkePhil PHG 56.43 0.25 Natura&Co NTCO 17.63 -0.13 Polaris PII 137.04 -3.47 Smith&Nephew SNN 39.20 0.24 UWM UWMC 8.46 0.06 ZebraTech ZBRA 473.90 -4.21 CRH CRH 47.20 -1.11 AmericaMovil A AMOV 13.67 0.15 DollarTree DLTR 109.04 -0.26 GeneralMotors GM 57.12 -0.82 KoreaElcPwr KEP 10.97 0.56 NatWest NWG 5.13 -0.14 Pool POOL 343.97 -3.60 Smucker SJM 123.31 1.19 Uber UBER 58.85 -1.34 Zendesk ZEN 135.18 1.33 CRISPR Therap CRSP 130.57 -3.03 AmerAirlines AAL 24.47 -0.70 DominionEner D 74.29 -0.25 Genmab GMAB 33.64 0.14 KraftHeinz KHC 38.74 0.21 NetApp NTAP 69.10 0.30 PrincipalFin PFG 59.72 -1.55 Snap SNAP 62.23 -1.51 Ubiquiti UI 348.05 7.28 Zillow C Z 146.17 -4.33 CSX CSX 91.94 -1.54 AEP AEP 83.50 1.22 Domino's DPZ 366.01 3.04 Gentex GNTX 36.83 -0.43 Kroger KR 35.82 -0.05 NetEase NTES 108.30 1.22 Procter&Gamble PG 128.94 0.38 SnapOn SNA 220.60 -2.49 UltaBeauty ULTA 312.26-10.23 Zillow A ZG 150.23 -5.76 C3.ai AI 83.00 -3.77 AmerExpress AXP 143.30 -3.69 DoorDash DASH 133.66 -7.03 GenuineParts GPC 114.45 -1.53 L Brands LB 60.27 -0.47 Netflix NFLX 524.03 3.78 Progressive PGR 93.37 -0.01 Snowflake SNOW 232.14 -6.62 UltragenyxPharm RARE 129.26 -0.01 ZimmerBiomet ZBH 160.25 -1.22 CVS Health CVS 75.07 0.10 AmericanFin AFG 116.71 -1.02 Dover DOV 135.56 -0.20 GileadSciences GILD 64.01 0.94 LKQ LKQ 43.25 -0.05 Neurocrine NBIX 94.58 -2.49 Prologis PLD 104.23 1.45 SOQUIMICH SQM 55.38 -1.73 UnderArmour A UAA 23.38 -0.82 ZionsBancorp ZION 56.40 -1.32 CableOne CABO 1846.03-12.65 AmHomes4Rent AMH 32.52 -0.05 Dow DOW 63.18 0.28 GSK GSK 36.35 0.47 LPL Financial LPLA 140.67 -3.77 NewOrientalEduc EDU 17.06 -0.20 PrudentialFin PRU 91.39 -2.41 SolarEdgeTech SEDG 285.60-11.61 UnderArmour C UA 19.50 -0.69 Zoetis ZTS 155.03 0.19 CadenceDesign CDNS 129.39 ... AIG AIG 47.33 -1.01 DrReddy'sLab RDY 61.66 1.42 GlobalPayments GPN 215.43 -0.12 L3HarrisTech LHX 190.52 -1.48 NewellBrands NWL 25.68 -0.42 s Prudential PUK 43.34 0.02 Sony SNE 106.56 1.17 Unilever UL 56.11 0.96 ZoomVideo ZM 335.08-14.92 CaesarsEntCZR 95.80 -5.40 AmerTowerREIT AMT 222.84 4.35 DraftKings DKNG 67.14 -0.61 Globant GLOB 221.57 7.99 LabCpAm LH 238.73 -1.20 Newmont NEM 61.82 0.40 PublicServiceEnt PEG 58.56 0.17 Southern SO 61.25 0.27 UnionPacific UNP 211.70 -0.97 ZoomInfoTech ZI 48.34 0.57 s CamdenProperty CPT 109.70 -0.59 AmerWaterWorks AWK 141.16 0.85 s Dropbox DBX 27.75 -0.21 GlobeLife GL 99.63 -1.55 LamResearch LRCX 547.18 11.73 s NewsCorp A NWSA 26.48 0.47 PublicStorage PSA 245.33 2.85 SoCopper SCCO 73.80 -1.97 UnitedAirlines UAL 59.81 -1.13 Zscaler ZS 182.18 -2.09 CampbellSoup CPB 48.90 1.30 AmericoldRealty COLD 37.86 0.73 DukeEnergy DUK 93.02 0.69 GoDaddy GDDY 75.13 0.24 s LamarAdv LAMR 99.63 0.32 s NewsCorp B NWS 25.22 0.60 s PulteGroup PHM 49.09 -0.61 SouthwestAir LUV 60.54 -1.56 UnitedMicro UMC 8.71 -0.09 Zynga ZNGA 10.31 0.03 s CIBC CM 99.91 0.64 Ameriprise AMP 221.12 -7.01 DukeRealty DRE 41.63 0.49 GoldmanSachs GS 341.71 -4.34 LambWeston LW 80.30 -2.45 s CanNtlRlwy CNI 117.56 0.87 AmerisourceBrgn ABC 112.86 -1.00 Dun&Bradstreet DNB 24.10 0.44 GoodRx GDRX 37.46 -1.57 LasVegasSands LVS 64.97 -1.23 CanNaturalRes CNQ 31.10 -1.31 Ametek AME 120.84 -1.94 DuPont DD 76.69 -0.02 Graco GGG 69.74 -0.50 s Lear LEA 188.73 -0.81 CanPacRlwy CP 374.76 2.36 Amgen AMGN 240.32 4.36 s Dynatrace DT 54.38 0.11 Grainger GWW 389.46-10.28 Leidos LDOS 94.65 -0.63 Canon CAJ 21.90 -0.01 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Amphenol APH 65.31 -0.54 ENI E 24.36 -0.40 Grifols GRFS 16.11 0.06 Lennar B LEN.B 72.12 -0.91 AnalogDevices ADI 153.08 2.08 CanopyGrowth CGC 33.73 -1.83 EOG Rscs EOG 70.65 -3.71 GuardantHealth GH 145.50 -0.01 Lennar A LEN 88.71 -1.34 Anaplan PLAN 58.27 -1.18 CapitalOne COF 128.49 -4.11 EPAM Systems EPAM 371.68 -0.89 Guidewire GWRE 105.16 -1.61 LennoxIntl LII 302.87 -1.36 March 16, 2021 AngloGoldAsh AU 22.58 -0.33 Capri CPRI 55.65 -0.99 EastWestBncp EWBC 77.09 0.13 HCA Healthcare HCA 185.52 -5.82 LeviStrauss LEVI 25.00 -0.71 Money Rates AB InBev BUD 61.85 -0.82 CardinalHealth CAH 57.27 -0.73 EastmanChem EMN 110.76 -2.65 HDFC Bank HDB 82.33 1.51 LiAuto LI 25.84 -0.06 AnnalyCap NLY 8.71 -0.06 Carlisle CSL 156.84 -2.68 Eaton ETN 136.83 -2.72 s HP HPQ 30.43 -0.36 LibertyBroadbandA LBRDA 151.77 2.93 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Anthem ANTM 343.57 0.76 Carlyle CG 37.16 -0.19 eBay EBAY 57.42 -0.25 HSBC HSBC 29.39 -0.19 LibertyBroadbandC LBRDK 156.07 2.68 Aon AON 226.75 1.25 CarMax KMX 131.12 -3.23 Ecolab ECL 212.95 -2.42 Halliburton HAL 22.87 -1.10 LibertyGlobal A LBTYA 26.43 0.45 guide to general levels but don’t always represent actual transactions. ApolloGlbMgmt APO 48.07 -0.73 Carnival CCL 28.25 -1.54 Ecopetrol EC 13.82 -0.21 HartfordFinl HIG 56.70 -0.80 LibertyGlobal B LBTYB 26.24 1.05 Appian APPN 167.18 -2.94 Carnival CUK 24.04 -1.12 EdisonInt EIX 59.56 -0.01 Hasbro HAS 97.41 ... LibertyGlobal C LBTYK 26.12 0.33 Inflation Week —52-WEEK— Week —52-WEEK— Apple AAPL 125.57 1.58 CarrierGlobal CARR 38.57 -1.03 EdwardsLife EW 81.26 0.12 HealthpeakProp PEAK 32.13 0.06 s LibertyFormOne A FWONA 42.30 0.62 Latest ago High Low Latest ago High Low ApplMaterials AMAT 118.50 3.62 Carvana CVNA 283.65 -0.81 ElancoAnimal ELAN 33.57 -0.92 Heico HEI 131.82 -0.63 s LibertyFormOne C FWONK 47.86 0.85 Feb. index Chg From (%) Aptargroup ATR 140.50 -1.63 Catalent CTLT 103.52 -3.15 Elastic ESTC 118.15 0.18 Heico A HEI.A 121.59 -0.91 LibertyBraves A BATRA 31.87 0.25 level Jan. '21 Feb. '20 Low 0.0200 0.0200 0.0600 0.0000 Commercial paper (AA financial) Aptiv APTV 147.35 -5.48 Caterpillar CAT 226.46 -4.28 ElectronicArts EA 131.74 0.85 HenrySchein HSIC 67.03 -1.19 LibertyBraves C BATRK 30.97 0.31 Bid 0.0600 0.0700 0.1000 0.0100 Celanese CE 143.70 -2.21 90 days 0.15 0.11 2.53 0.04 Aramark ARMK 41.59 -0.64 EmersonElec EMR 89.06 -1.86 Hershey HSY 153.49 0.17 s LibertySirius C LSXMK 46.79 0.98 U.S. consumer price index Offer 0.0800 0.1000 0.2500 0.0500 ArcelorMittal MT 27.01 -0.11 Cemex CX 7.08 0.14 Enbridge ENB 36.45 -0.15 Hess HES 69.01 -2.22 s LibertySirius A LSXMA 46.63 0.72 ArchCapital ACGL 37.86 -0.23 CenovusEnergy CVE 8.21 -0.26 EnelAmericas ENIA 8.40 -0.17 HewlettPackard HPE 15.74 -0.31 LightspeedPos LSPD 70.60 -1.65 All items 263.014 0.55 1.7 Libor Centene CNC 62.97 0.17 Treasury bill auction ArcherDaniels ADM 57.78 -0.52 EnergyTransfer ET 8.09 -0.22 HighwoodsProp HIW 43.64 -0.43 EliLilly LLY 190.90 1.74 One month 0.10813 0.10713 1.01625 0.10300 AresMgmt ARES 54.68 -0.24 CenterPointEner CNP 22.44 -0.13 EnphaseEnergy ENPH 166.31 -7.85 Hilton HLT 123.96 -3.30 LincolnNational LNC 61.03 -2.61 Core 270.696 0.35 1.3 4 weeks 0.030 0.030 0.395 0.000 CentraisElBras EBR 5.96 0.01 Three month 0.19000 0.17725 1.45050 0.17525 arGEN-X ARGX 317.73 0.18 Entegris ENTG 105.44 -0.03 Hologic HOLX 71.95 0.03 Linde LIN 270.79 1.79 13 weeks 0.030 0.045 0.290 0.000 AristaNetworks ANET 287.03 0.40 CeridianHCM CDAY 88.21 -2.04 Six month 0.19788 0.18950 1.23825 0.18950 International rates 26 weeks 0.055 0.060 0.300 0.045 AspenTech AZPN 150.00 -0.80 Cerner CERN 72.20 -0.18 One year 0.28075 0.27963 1.06013 0.27725 Assurant AIZ 137.39 -0.77 CharlesRiverLabs CRL 288.53 -3.56 AstraZeneca AZN 50.05 1.28 CharterComms CHTR 639.65 14.65 Week 52-Week Secondary market Euro Libor Athene ATH 50.24 -0.81 CheckPoint CHKP 117.97 0.55 Dividend Changes Latest ago High Low Atlassian TEAM 235.89 -0.73 Chegg CHGG 91.99 0.36 One month -0.579 -0.577 -0.360 -0.607 s Fannie Mae AtmosEnergy ATO 93.80 0.61 CheniereEnergy LNG 74.95 -1.18 Dividend announcements from March 16. Prime rates Three month -0.550 -0.550 -0.142 -0.574 Autodesk ADSK 275.01 1.99 s CheniereEnerPtrs CQP 44.13 0.26 30-year mortgage yields Chevron CVX 107.64 -2.61 Six month -0.524 -0.525 -0.052 -0.543 Autohome ATHM 95.00 0.42 Amount Payable / U.S. 3.25 3.25 3.25 3.25 s Autoliv ALV 97.32 -1.34 Chewy CHWY 82.29 -4.26 Canada 2.45 2.45 3.45 2.45 30 days 2.479 2.390 3.017 1.751 One year -0.491 -0.491 0.008 -0.511 s ADP ADP 188.28 -0.80 s ChinaEastrnAir CEA 25.97 0.47 Company Symbol Yld %New/Old Frq Record Japan 1.475 1.475 1.475 60 days 2.529 2.434 3.081 1.804 s AutoZone AZO 1299.00 3.78 ChinaLifeIns LFC 10.69 -0.05 1.475 Secured Overnight Financing Rate Avalara AVLR 143.98 -2.29 ChinaPetrol SNP 57.35 -0.30 Increased Avalonbay AVB 190.30 -3.12 s ChinaSoAirlines ZNH 39.51 0.11 Equity Lifestyle Prprts ELS 2.2 .3625 /.3425 Q Apr09 /Mar26 Policy Rates Other short-term rates 0.01 0.02 0.54 0.01 Avangrid AGR 48.43 -0.40 Chipotle CMG 1482.69 -2.92 First Bancorp NC FBNC 1.7 .20 /.18 Q Apr25 /Mar31 Euro zone 0.00 0.00 0.00 0.00 Chubb CB 172.42 -1.78 Value 52-Week Avantor AVTR 27.96 -1.12 Innovative Ind Properties IIPR 2.7 1.32 /1.24 Q Apr15 /Mar31 Week 52-Week AveryDennison AVY 180.53 -3.48 ChunghwaTel CHT 39.36 -0.13 Switzerland 0.00 0.00 0.50 0.00 Latest Traded High Low AxonEnterprise AXON 147.03 -6.68 Church&Dwight CHD 83.40 0.50 MGM Growth Properties MGP 5.9 .495 /.4875 Q Apr15 /Mar31 Britain 0.10 0.10 0.75 0.10 Latest ago high low BCE BCE 44.87 0.05 ChurchillDowns CHDN 242.90-10.68 World Fuel Services INT 1.3 .12 /.10 Q Apr09 /Mar26 Australia 0.10 0.10 0.50 0.10 DTCC GCF Repo Index BHP Group BHP 71.85 -1.20 Ciena CIEN 57.24 0.87 Call money Treasury 0.012 47.850 0.638 0.002 BHP Group BBL 59.12 -0.68 Cigna CI 241.69 -3.80 Initial Overnight repurchase 2.00 2.00 2.00 2.00 MBS 0.019 36.750 0.791 0.011 BP BP 26.08 -0.41 CincinnatiFin CINF 106.41 -1.89 Bank of America Pfd. PP BACpP 4.2 .26927 May03 /Apr15 Baidu BIDU 266.78 1.25 Cintas CTAS 347.95 -3.65 U.S. 0.01 0.01 0.50 -0.07 s CiscoSystems CSCO BakerHughes BKR 23.02 -1.20 49.67 0.26 Stocks Notes on data: Ball BLL 83.90 -1.50 Citigroup C 73.33 -0.89 ENPC U.S. government rates BancoBilbaoViz BBVA 5.60 -0.05 CitizensFin CFG 43.94 -1.00 Executive Ntwk Cl A 5:2 /Mar26 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, BancoBradesco BBDO 3.93 -0.09 CitrixSystems CTXS 136.17 1.20 Executive Ntwk Wt ENPC.WS 5:2 /Mar26 Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary s BancodeChile BCH 24.68 -0.10 Clarivate CLVT 25.75 -0.24 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is BancSanBrasil BSBR 6.91 -0.18 Cleveland-Cliffs CLF 15.92 -1.17 Foreign 0.25 0.25 0.25 0.25 as of March 15, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average BcoSantChile BSAC 24.98 -0.18 Clorox CLX 189.03 0.57 Stellantis STLA ... .38133 Apr28 /Apr20 for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates BancoSantander SAN 3.49 -0.05 Cloudflare NET 74.04 -1.11 Federal funds are Tullett Prebon rates as of 5:30 p.m. ET. BankofAmerica BAC 37.64 -0.11 Coca-Cola KO 51.22 0.19 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and Effective rate BankofMontreal BMO 88.12 0.13 Coca-Cola Euro CCEP 53.18 -0.28 0.0700 0.0700 0.2800 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; BankNY Mellon BK 46.24 -0.45 Cognex CGNX 83.33 -0.47 ratio; SO: spin-off. High 0.0800 0.0900 0.6000 0.0800 Tullett Prebon Information, Ltd.

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THE WALL STREET JOURNAL. NY We dnesday, March 17, 2021 | B9

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. ePlus PLUS 107.64 -1.9 IDT IDT 23.09 2.8 Metlife pfA METpA 25.77 0.5 REV REVG 20.75 -1.3 TexasPacLand TPL 1652.18 -0.3 FastAcqnII FZT.U 9.96 -0.2 EquityResdntl EQR 76.13 -1.7 Invesco IVZ 26.06 -2.9 Michaels MIK 22.42 ... RF Industries RFIL 7.10 20.4 Tiptree TIPT 8.19 18.5 FtacParnassus FTPAU 10.02 0.2 Escalade ESCA 24.05 3.1 Ichor ICHR 50.33 2.8 Mind CTI MNDO 3.33 -1.9 RealNetworks RNWK 6.66 7.1 TItanIntl TWI 10.46 6.0 First HS Educ FHS 7.10 -3.6 Tuesday, March 16, 2021 EuropeanBiotech EBACU 10.03 ... iHeartMedia IHRT 19.10 11.1 MyriadGenetics MYGN 32.54 2.0 RedRobin RRGB 41.34 -6.5 Toro TTC 105.00 -0.7 FreedomAcqnI FACT.U 9.98 -0.3 EvercoreA EVR 143.96 -1.2 Infosys INFY 19.37 0.9 NI NODK 19.92 1.3 RedwoodTrust RWT 10.81 -0.4 TorontoDomBk TD 66.24 0.3 Galecto GLTO 8.31 -6.7 52-Wk % 52-Wk % 52-Wk % EvolvingSystems EVOL 3.65 -6.7 InfuSystems INFU 20.48 -2.3 NN NNBR 8.58 -4.4 ReinventTechY RTPYU 10.251.1 Tradeweb TW 75.53 0.2 GlobalPtrII GPACU 9.97 0.1 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Expedia EXPE 178.55 -0.4 Innodata INOD 9.49 -0.8 NXP Semi NXPI 206.21 1.4 ReliantBancorp RBNC 28.72 -0.1 TraneTech TT 169.13 -0.5 GoresMetroIIWt GMIIW 1.50 -8.1 ExpeditorsIntl EXPD 103.27 -0.7 Intel INTC 65.73 1.6 NationalFuelGas NFG 49.98 -0.7 RingEnergy REI 3.36 -6.9 Transcat TRNS 49.59 1.9 BRP DOOO 81.43 1.6 ChinaSoAirlines ZNH 39.96 0.3 GoresTechPtrs GTPAU 10.12 ... FastAcqnA FST 13.20 -0.9 J.Jill JILL 9.48 21.4 NatureSunshine NATR 19.96 4.8 Roblox RBLX 78.00 6.7 TransMedics TMDX 47.34 -0.3 B.RileyNts2023 RILYI 25.90 0.9 CincinnatiBncp CNNB 12.94 0.6 HealthcareCapA HCCC 9.67 0.2 Highs Fabrinet FN 94.25 0.4 j2Global JCOM 124.82 -0.5 NaviosMaritime NMCI 9.60 -1.4 RogersComm B RCI 52.84 5.7 Travelzoo TZOO 17.99 -2.7 B.RileyPfdB RILYL 27.33 0.7 CiscoSystems CSCO 49.74 0.5 HlthcrSvcsA HCAR 9.80 0.3 Ferguson FERG 127.04 -0.3 Jabil JBL 52.03 3.3 NaviosMaritime NMM 24.85 -1.7 Rogers ROG 196.71 0.2 TremontMortgage TRMT 6.18 -0.8 AGCO AGCO 144.55 -0.5 BancodeChile BCH 24.92 -0.4 CitiTrends CTRN 92.33 0.3 HealthCorCat HCAQ 9.97 -0.7 FinTechAcqnV FTCVU 17.08 50.1 JackintheBox JACK 111.89 1.8 NeoGames NGMS 39.98 4.5 STAG Indl STAG 34.70 0.2 Trip.com TCOM 45.08 1.6 AGNC InvtPfdD AGNCM 25.44 0.9 Barclays BCS 10.22 0.7 CocaColaCon COKE 306.46 1.0 IthaxAcqn ITHXU 9.94 -0.4 FinTechAcqnV A FTCV 15.70 42.8 JefferiesFin JEF 33.51 1.1 NewResidInvt NRZ 11.20 -0.1 SVF Invt 2 SVFB 11.20 ... TriStateCapPfA TSCAP 28.89 -4.4 ARKRestaurants ARKR 24.66 4.8 BaringsBDC BBDC 10.30 -1.5 ColonnadeAcqnII CLAA.U 10.10 0.1 Immunocore IMCR 35.36 -1.7 FirstIndRlty FR 46.23 1.2 KB Home KBH 46.55 -0.6 NewResidentialPfdB NRZpB 24.53 2.1 SachemCapital SACH 5.02 2.3 TsakosEnergyPfdF TNPpF 23.55 0.4 Abercrombie&Fitch ANF 36.55 -0.1 BeaconRoof BECN 55.14 -1.0 ColonyCapPfdH CLNYpH 25.09 -0.1 KL Acqn Wt KLAQW 0.80 -6.9 Fortinet FTNT 193.84 -1.3 KKR KKR 49.79 -0.9 NewResidentPfdA NRZpA 24.90 0.5 SafeBulkersPfdD SBpD 23.64 1.8 TwinDisc TWIN 9.99 3.0 Adtran ADTN 19.41 1.5 BenchmarkElec BHE 32.16 -1.8 ColonyCapPfdI CLNYpI 25.09 0.3 KairosAcqn KAIRU 10.01 0.2 FortressValueIV FVIV.U 10.01 ... KKR Pfd C KKRpC 70.26 -0.1 NewResidentialPfdC NRZpC 22.79 1.7 Saia SAIA 229.35 -1.1 TwoHarborsPfdA TWOpA 26.18 1.9 AdvanceAuto AAP 182.88 -1.4 BioAtla BCAB 69.49 3.6 Comcast A CMCSA 58.59 0.9 KairosAcqnWt KAIRW 0.71 -6.5 FoxA FOXA 44.80 3.5 KLX Energy KLXE 17.87 2.3 NewYorkMtgPfB NYMTP 24.67 0.6 SandbridgeX2 SBII.U 10.10 ... TwoHarborsPfdB TWOpB 25.59 2.9 AffiliatedMgrs AMG 149.70 -1.2 BioceresCrop BIOX 17.94 11.3 CommunityHlthSys CYH 13.32 -7.2 KingswoodA KWAC 9.90 -0.4 Affimed AFMD 8.58 13.6 FoxB FOX 42.14 3.3 KenonHoldings KEN 31.64 -2.6 NewYorkMtgPfdE NYMTM 24.99 0.3 Sanmina SANM 42.00 1.6 TwoHarborsPfdC TWOpC 24.32 1.5 KingswoodWt KWAC.WS 0.54 -5.3 Birks BGI 5.43 15.6 Concentrix CNXC 145.62 1.6 FranklinRscs BEN 30.15 -0.6 KeurigDrPepper KDP 34.23 1.5 NewsCorp A NWSA 26.84 1.8 Savara SVRA 3.58 15.8 AffinityBncshs AFBI 11.97 2.8 TysonFoods TSN 76.99 -0.4 KludeInI Wt INKAW 0.78 -10.0 Blackstone BX 76.25 -0.1 Conduent CNDT 7.10 -1.6 FullHouse FLL 9.88 -6.5 KimballElec KE 29.99 5.8 NewsCorp B NWS 25.43 2.4 ScholarRock SRRK 70.00 -2.4 AlleghenyTechs ATI 22.87 -0.4 UGI UGI 41.75 ... LCattertonAsia LCAAU 9.96 -0.3 BlackstoneMtg BXMT 32.50 -1.3 ContainerStore TCS 19.31 -9.3 GP Strategies GPX 18.24 6.3 LGI Homes LGIH 142.96 -2.4 NewtekBusSvcs NEWT 28.15 0.5 SelectMedical SEM 36.03 -0.4 AllegiantTravel ALGT 271.29 -4.4 UltraClean UCTT 59.42 1.8 LeoHoldingsII LHC.U 10.00 -1.0 BluegreenVac BVH 20.02 1.0 Corvel CRVL 111.42 -0.2 GabelliUtilityRt GUTrw 0.32 -1.3 LGL Wt LGL.WS 0.91 2.2 NexstarMedia NXST 160.15 0.7 ServisFirstBcshs SFBS 60.48 1.8 Allegion ALLE 122.74 3.0 UnitedBancshares UBOH 27.11 0.5 LeoHldgsII A LHC 9.77 -1.0 BlueknightEner BKEP 3.54-5.8 CostamarePfdC CMREpC 26.03 0.1 Gentherm THRM 81.98 0.2 LamarAdv LAMR 100.38 0.3 NorthernTrust NTRS 105.45 -0.5 ShawComm B SJR 28.17 2.8 Allete ALE 72.15 -0.5 UraniumEner UEC 3.67 19.2 LightJumpA LJAQ 9.69 -0.5 Braskem BAK 12.95 3.8 CostamarePfdE CMREpE 26.68 1.0 GermanAmerBncp GABC 50.91 2.6 Lands'End LE 36.58 -2.0 NuSTAR PfdA NSpA 22.97 1.6 SierraOncology SRRA 17.50 1.7 AllianceData ADS 117.01 -2.5 Valhi VHI 22.99 2.3 LightJumpWt LJAQW 0.69 1.3 BrighthouseFin BHF 45.92 -4.3 Cummins CMI 277.09 -3.3 GladstoneInvt GAIN 12.74 -0.5 Lear LEA 190.88 -0.4 NuSTAR PfdC NSpC 24.00 1.1 SifcoInd SIF 15.30 -1.3 AllianceBernstein AB 39.71 -0.7 ValmontInds VMI 251.63 -0.3 LuxHlthTechAcqn LUXA 10.27 -2.1 Brunswick BC 107.85 -3.6 DCPMidstrmPfdB DCPpB 23.91 1.8 GolarLNG PfdA GMLPP 25.49 0.4 LendingClub LC 19.10 4.9 OFGBancorpPfB OFGpB 25.93 0.1 SiliconMotion SIMO 67.69 0.9 Amdocs DOX 82.38 0.6 VictoryCapital VCTR 27.10 -0.5 McapAcqn MACQU 9.92 ... BurgundyTechWt BTAQW 1.53 -10.1 DCPMidstrmPfdC DCPpC 23.78 0.9 GoldenEnt GDEN 30.04 5.3 LibertyMediaWt LMACW 5.52 20.0 OFSCapNts2026 OFSSI 27.22 0.7 SiteOneLandscape SITE 181.98 -2.8 AmerantBancorpB AMTBB 16.30 0.3 VinceHolding VNCE 10.77 -2.3 MedTechAcquisition MTACU 10.12 -0.3 CF Acqn VIII CFFEU 10.10 0.3 DISH Network DISH 39.24 -0.1 GoldenbridgeAcqn GBRGU 10.09 ... LibertyFormOne C FWONK 48.49 1.8 OSI Systems OSIS 100.50 0.5 Smith-Midland SMID 13.06 -1.6 VincerxPharma 26.42 9.1 AmnealPharm AMRX 7.13 -3.4 VINC MissionAdv MACC.U 9.97 -0.6 CGI GIB 81.54 0.6 DZS DZSI 18.94 3.7 GoPro GPRO 13.37 4.7 LibertyFormOne A FWONA 42.83 1.5 Olin OLN 36.11 5.5 SolGelTech SLGL 16.69 -3.4 Vipshop VIPS 43.02 2.9 Amrep AXR 11.64 3.1 MonumentCircle MONCU 9.98 -0.7 AnnovisBio 47.99 -2.1 CMC Materials CCMP 182.66 4.0 Danaos DAC 51.30 -0.8 GoresMetroIIWt GMIIW 1.91 -8.1 LibertySirius A LSXMA 47.20 1.6 Omnicell OMCL 143.75 0.5 SolarisOilfield SOI 14.83 -1.8 VirtuFinancial VIRT 30.44 0.6 ANVS NorthernStarIII NSTC.U 9.95 0.2 AptIncmREIT AIRC 45.89 -1.5 Calix CALX 48.02 1.6 DeckersOutdoor DECK 345.00 -1.4 GoresTechPtrsII GTPBU 10.30 -0.4 LibertySirius C LSXMK 47.16 2.1 OneWaterMarine ONEW 44.50 -2.8 Soliton SOLY 18.63 4.8 Vishay VSH 25.22 0.5 OneEquityPtrsIWt OEPWW 1.00 -13.1 AptivPfdA APTVpA 185.74 -3.2 CallonPetrol CPE 42.31 -3.5 Deere DE 376.57 -0.2 GrandCanyonEduc LOPE 111.99 0.3 LibertyTripAdvA LTRPA 7.19 -4.4 OntoInnovation ONTO 67.77 1.8 SonicAutomotive SAH 55.43 2.0 Vodafone VOD 18.98 0.9 OrionAcqn OHPAU 9.93 -0.3 ArcelorMittalNts MTCN 64.26 -0.2 CalumetSpecialty CLMT 5.78 2.8 DellTechC DELL 89.79 -0.2 GreatAjaxNts24 AJXA 25.88 0.2 LifeStorage LSI 89.10 0.8 OutfrontMedia OUT 24.60 -3.7 SotherlyHotels SOHO 4.49 -3.2 VoltInfoSci VOLT 3.58 6.4 OysterEnts OSTRU 9.93 0.1 Ardagh ARD 27.40 -1.0 CambiumNtwks CMBM 53.86 -1.4 Despegar.com DESP 17.48 9.1 Griffon GFF 28.47 -1.0 Lindsay LNN 171.99 -0.7 OverseasShip OSG 2.84 -5.4 SotherlyHotelsPfB SOHOB 20.89 -0.2 Waldencast WALDU 10.21 0.7 OysterEntsA OSTR 9.67 ... ArgoGroup ARGO 55.24 -0.3 CamdenProperty CPT 110.87 -0.5 DiscoveryA DISCA 76.61 2.9 GrAeroportuario OMAB 56.54 4.5 LouisianaPacific LPX 55.07 -0.9 OwensCorning OC 91.63 -1.2 SpecialOppFdPfB SPEpB 27.92 0.1 WalgreensBoots WBA 56.12 -0.6 PWP Forward I FRWAU 9.95 -0.6 ArlingtonAsstNt25 AIC 25.15 0.3 Cameco CCJ 19.71 0.4 DiscoveryC DISCK 62.79 2.4 HMS Holdings HMSY 37.05 ... Luxfer LXFR 22.16 -0.5 OxfordLanePfd2027 OXLCP 24.40 0.3 Sprott SII 46.16 -1.5 WeingartenRealty WRI 27.95 -1.8 PathfinderAcqn PFDRU 9.91 -0.8 ArmstrongWorld AWI 96.51 -0.9 CanFiteBiopharm CANF 4.39 43.1 DolbyLab DLB 101.53 0.6 HP HPQ 30.98 -1.2 MDC Partners MDCA 4.09 -1.3 ParkerHannifin PH 315.63 -1.6 StanleyB&D Un SWT 120.00 3.4 WescoIntl WCC 93.36 -3.7 PeridotAcqnII PDOT.U 9.98 -0.2 ArrowElec ARW 109.25 ... CIBC CM 100.05 0.6 DriveShack DS 3.67 6.0 HainCelestial HAIN 45.58 0.2 MFAFin6.5%PfdC MFApC 23.00 2.6 PathfinderBncp PBHC 14.94 3.0 Stantec STN 42.68 0.8 WeycoGroup WEYS 24.89 -0.2 PineTech PTOCU 9.93 -0.3 AshfordHospPfdG AHTpG 23.35 3.9 CanNtlRlwy CNI 118.08 0.7 Dropbox DBX 28.33 -0.8 HarvardBioSci HBIO 7.10 4.5 MI Homes MHO 58.45 -2.0 PebblebrookHotel PEB 25.76 -0.5 Starbucks SBUX 112.34 2.2 Whirlpool WHR 215.38 -0.4 PioneerMergerA 9.70 -0.2 AshfordHospPfdH AHTpH 23.25 2.5 CapitalSrLiving CSU 47.79 24.8 Dynatrace DT 56.94 0.2 HercHoldings HRI 103.43 1.0 MaidenNts43 MHNC 23.61 3.9 PennantPark PNNT 6.22 -1.4 Startek SRT 9.80 1.7 Zedge ZDGE 14.85 10.7 PACX AshfordHospPfdI AHTpI 23.00 3.1 CapitalaFinNts22 CPTAG 24.50 -0.4 EPR Prop EPR 51.84 -2.9 HeritageCommerce HTBK 11.63 4.2 MaidenHoldings MHLD 3.31 2.3 Pentair PNR 61.79 -0.2 StarwoodProp STWD 24.94 -1.1 PlumAcqnI PLMIU 9.98 -0.2 AshfordHospPfdD AHTpD 23.10 4.4 Cars.com CARS 15.71 -2.6 EPR PropPfdG EPRpG 25.18 -0.2 HershaHospPfdC HTpC 25.93 0.9 MaidenHldgsPfdC MHpC 14.20 3.8 Perma-Fix PESI 7.73 -0.5 StreamlineHlth STRM 3.86 2.4 Lows PoemaGlobalA PPGH 9.68 ... AshfordHospPfdF AHTpF 22.85 3.4 CasellaWaste CWST 65.47 0.8 Eastern EML 27.97 4.6 HershaHospPfdD HTpD 25.60 0.1 MaidenHldgsPfdA MHpA 14.43 0.6 Phenixfin PFX 34.00 1.0 SunlinkHealth SSY 7.62 151.3 QuantumFinWt QFTA.WS 0.39 -9.1 AstreaAcqnA ASAX 9.73 0.2 CedarFairRec FUN 52.50 -1.7 EchoGlobalLog ECHO 34.61 6.7 Hexcel HXL 62.00 ... MakeMyTrip MMYT 39.02 -0.5 PlayaHotels PLYA 8.02 -1.6 SuperMicroComp SMCI 37.50 0.1 BlueRiverAcqn BLUA.U 9.99 -1.6 Queen'sGambitWt GMBTW 1.00 -11.2 AtlasPfdG ATCOpG 26.00 ... CenturyCasinos CNTY 13.35 -7.3 EdgewellPersonal EPC 39.29 2.3 HibbettSports HIBB 75.23 2.1 MalibuBoats MBUU 93.00 0.2 Plexus PLXS 92.70 -0.4 Synaptics SYNA 142.29 2.3 CA Healthcare CAHCU 9.99 -0.3 RosecliffAcqnI RCLFU 9.91 -0.3 AtlasPfdH ATCOpH 25.76 0.4 ChampionsOncology CSBR 14.68 0.3 EmeraldHldg EEX 7.19 0.1 HondaMotor HMC 30.75 0.1 ManhattanBridge LOAN 5.75 ... PrestigeCnsHlth PBH 47.98 -1.6 Synnex SNX 106.00 0.7 CarneyTechII A CTAQ 9.74 -1.1 RotorAcqnWt ROT.WS 0.70 -4.0 AtlasPfdI ATCOpI 26.53 1.3 CheniereEnergy LNG 77.11 -1.5 EnergyFuels UUUU 7.83 -1.8 HorizonGlobal HZN 11.78 -3.8 Manitowoc MTW 22.43-0.6 Primerica PRI 156.57 -0.9 TZP Strategies Wt TZPSW 1.20 ... ClarimAcqn CLRMU 9.98 -0.6 SCP&COHlthcr SHACU 9.95 -0.7 AuroraAcqn AURCU 10.211.8 CheniereEnerPtrs CQP 44.62 0.6 EnergyFuelsWt UUUU.WS 5.25 -1.3 DR Horton DHI 85.81 -0.5 Manning&Napier MN 8.04 -2.4 PriorityIncmPfdF PRIFpF 25.75 -0.7 Tecnoglass TGLS 10.60 2.4 DHC Acqn DHCAU 9.94 -0.4 SocialLvgI SLAC.U 10.04 -0.4 Autoliv ALV 99.05 -1.4 ChimeraInvPfdB CIMpB 24.88 1.3 EnerTransferPfdD ETPpD 23.67 0.3 Hovnanian HOV 107.50 -0.7 MarineMax HZO 63.01 -0.1 Prudential PUK 43.59 ... TeekayLNG PfdB TGPpB 26.23 -0.6 DiamondHead DHHCU 10.01 -1.2 VectorAcqnIIA VAQC 9.98 -0.1 ADP ADP 190.50 -0.4 ChimeraInvPfdD CIMpD 24.36 2.1 EnerTransferPfC ETPpC 23.05 0.9 HovnanianPfdA HOVNP 18.75 0.2 Mattel MAT 21.87 0.6 PulteGroup PHM 50.36 -1.2 TempurSealy TPX 39.40 -1.6 ESM Acqn ESM.U 9.93 -0.2 VelocityAcqn VELOU 9.94 -1.1 AutoZone AZO 1303.25 0.3 ChimeraPfdC CIMpC 24.30 2.5 EnsignGroup ENSG 92.50 -4.3 ICC ICCH 14.75 1.7 McAfee MCFE 24.70 -3.0 Queen'sGambitA GMBT 10.38 -1.0 TenetHealthcare THC 57.88 -5.4 EmpowermentI EPWR.U 9.95 -0.5 VickersVantIWt VCKAW 0.55 -4.3 AxcelisTechs ACLS 44.20 4.0 ChinaEastrnAir CEA 26.16 1.8 EnzoBiochem ENZ 4.85 37.8 IDACORP IDA 102.96 1.5 MethodeElec MEI 47.01 -0.7 QuotientTech QUOT 16.83 -3.4 TerraIncmVI Nts TFSA 25.70 -0.5 EuropeanBiotech EBACU 9.99 ... VirtuosoAcqnWt VOSOW 0.70 -15.7

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B10 | We dnesday, March 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 32825.95 t127.51, or 0.39% Trailing P/E ratio 33.40 16.51 3962.71 t6.23, or 0.16% Trailing P/E ratio * 45.02 18.90 13471.57 s 11.86, or 0.09% Trailing P/E ratio *† 37.25 22.75 High, low, open and close for each P/E estimate * 21.27 14.08 High, low, open and close for each P/E estimate * 22.34 15.12 High, low, open and close for each P/E estimate *† 28.01 18.63 trading day of the past three months. Dividend yield 1.82 3.05 trading day of the past three months. Dividend yield * 1.49 2.35 trading day of the past three months. Dividend yield *† 0.78 1.15 All-time high 32953.46, 03/15/21 All-time high 3968.94, 03/15/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 32200 4050 14400

31000 3925 13800

29800 3800 13200

28600 3675 12600 Session high 65-day moving average DOWN UP 65-day moving average Session open Close 65-day moving average t 27400 3550 12000 Close Open t 26200 3425 11400 Session low Bars measure the point change from session's open 25000 3300 10800 Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. *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* 984,396,954 45,976,497 Industrial Average 32966.75 32778.23 32825.95 -127.51 -0.39 32953.46 18591.93 54.6 7.3 9.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 238,145,183 17,388,048 Transportation Avg 14240.75 13983.62 14020.73 -221.94 -1.56 14242.67 6703.63 87.7 12.1 9.5 Most-active issues in late trading Decl. volume* 727,377,910 28,563,126 Utility Average 860.53 853.34 859.04 2.27 0.26 917.38 610.89 11.6 -0.6 7.5 Volume After Hours Issues traded 3,368 282 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 42045.99 41673.51 41804.00 -162.28 -0.39 41966.28 22462.76 65.2 6.6 13.6 Advances 1,120 85 Bausch Health BHC 5,136.3 33.12 -0.26 -0.78 33.90 33.07 Barron's 400 978.36 966.68 969.73 -8.62 -0.88 978.36 455.11 88.9 13.8 9.6 Declines 2,156 193 SPDR S&P 500 SPY 5,127.2 396.39 0.48 0.12 396.71 395.83 Unchanged 92 4 Aramark ARMK Nasdaq Stock Market 3,961.2 41.55 -0.04 -0.10 41.63 41.55 New highs 227 19 Nasdaq Composite 13620.71 13397.08 13471.57 11.86 0.09 14095.47 6860.67 83.7 4.5 21.7 Zomedica ZOM 3,947.2 2.08 -0.18 -7.96 2.28 2.08 New lows 15 0 Nasdaq-100 13297.48 13091.78 13152.28 69.74 0.53 13807.70 6994.29 76.0 2.0 23.3 Discovery Series C DISCK 3,588.1 62.66 0.30 0.48 62.66 61.31 Closing Arms† 1.70 0.55 ViacomCBS Cl B VIAC 3,583.5 96.20 -0.04 -0.04 96.32 96.00 S&P Block trades* 5,234 220 AT&T T 3,203.7 29.98 -0.02 -0.05 30.00 29.93 500 Index 3981.04 3953.44 3962.71 -6.23 -0.16 3968.94 2237.40 56.7 5.5 12.9 Nasdaq NYSE Arca INVESCO IVZ 3,159.0 25.25 ...... 25.78 25.02 MidCap 400 2679.56 2637.01 2647.10 -35.51 -1.32 2682.61 1218.55 88.6 14.8 11.0 Total volume*5,439,831,633 238,796,884 SmallCap 600 1392.69 1369.26 1373.56 -23.14 -1.66 1397.66 595.67 105.0 22.8 12.3 Percentage gainers… Adv. volume*1,871,814,108 83,157,364 Decl. volume*3,503,588,055 154,023,260 Other Indexes Uranium Energy UEC 1,396.8 3.44 0.21 6.50 3.99 3.20 Issues traded 4,230 1,475 Russell 2000 2360.13 2304.97 2319.52 -40.65 -1.72 2360.17 991.16 109.6 17.5 13.5 CrowdStrike Holdings CRWD 1,389.5 208.22 11.91 6.07 211.97 196.29 Advances 1,250 569 NYSE Composite 15775.50 15639.35 15669.30 -106.21 -0.67 15775.50 8777.38 55.7 7.9 7.0 Canaan ADR CAN 446.5 30.52 1.57 5.42 31.14 28.93 Declines 2,869 873 Service Properties Trust SVC 102.6 13.98 0.61 4.56 13.98 13.18 Value Line 662.15 651.99 654.09 -8.06 -1.22 662.15 305.71 90.9 15.0 5.0 Unchanged 111 33 Marin Software MRIN 360.9 2.00 0.08 4.17 2.39 1.91 NYSE Arca Biotech 5690.15 5532.34 5596.56 -61.41 -1.09 6319.77 3910.33 38.2 -2.5 5.3 New highs 212 223 NYSE Arca Pharma 696.10 690.28 695.32 5.04 0.73 725.03 494.36 22.5 0.9 8.2 ...And losers New lows 38 13 KBW Bank 121.31 119.25 120.71 -1.62 -1.32 123.35 56.19 82.4 23.3 2.2 Sunlink Health Systems SSY 1,189.2 4.10 -0.75 -15.46 4.82 4.07 Closing Arms† 0.82 1.04 § PHLX Gold/Silver 142.26 139.99 140.42 -1.70 -1.20 161.14 70.12 65.2 -2.6 21.3 Eastman Kodak KODK 2,813.9 7.92 -0.83 -9.49 10.08 7.76 Block trades* 33,481 1,150 § PHLX Oil Service 61.08 59.14 59.72 -2.46 -3.95 63.89 21.47 145.2 34.7 -24.3 Zomedica ZOM 3,947.2 2.08 -0.18 -7.96 2.28 2.08 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3116.11 3051.65 3070.32 38.27 1.26 3238.92 1286.84 115.2 9.8 29.2 Fluent FLNT 164.1 5.80 -0.50 -7.94 6.70 5.50 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 20.31 19.33 19.79 -0.24 -1.20 76.45 19.79 -73.9 -13.0 7.8 VRA Vera Bradley 412.0 10.93 -0.69 -5.94 11.62 10.93 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.14 World MSCI ACWI 677.96 0.97 4.9 Can-Fite Biopharma ADR CANF 2.92 0.88 43.14 4.39 1.15 117.9 Oriental Culture Holding OCG 5.99 -3.31 -35.59 25.85 2.82 ... 0.60 MSCI ACWI ex-USA 341.59 2.05 4.6 FinTech Acqn V Cl A FTCV 15.29 4.58 42.76 15.70 10.09 ... Solid Biosciences SLDB 6.43 -3.08 -32.39 11.58 1.93 114.3 MSCI World 2823.69 1.84 0.07 5.0 Enzo Biochem ENZ 4.08 1.12 37.84 4.85 1.56 121.7 Sigma Labs SGLB 5.40 -2.25 -29.38 9.75 1.95 81.6 MSCI Emerging Markets 1349.07 8.82 0.66 4.5 Lizhi ADR LIZI 13.65 3.11 29.51 16.75 1.95 116.3 Kaspien Holdings KSPN 30.00 -12.15 -28.83 63.10 2.17 1155.2 Americas MSCI AC Americas 1543.69 –2.73 –0.18 5.2 New Fortress Energy NFE 54.11 11.63 27.38 65.90 7.01 455.0 Takung Art TKAT 5.99 -2.40 -28.61 9.30 0.76 537.2 Canada S&P/TSX Comp 18874.01 –80.74 –0.43 8.3 aTyr Pharma LIFE 6.14 1.28 26.34 8.33 2.13 158.0 Zynerba Pharmaceuticals ZYNE 5.12 -1.91 -27.17 9.00 2.55 69.5 Latin Amer. MSCI EM Latin America 2310.94 15.54 0.68 –5.7 Capital Senior CSU 45.18 8.98 24.81 47.79 6.75 330.3 HighPoint Resources HPR 5.41 -1.91 -26.09 37.50 2.80 -62.7 Brazil Sao Paulo Bovespa 114018.78 –831.96 –0.72 –4.2 Cyclo Therapeutics CYTH 12.41 2.23 21.91 30.00 3.40 -17.3 CleanSpark CLSK 22.68 -6.66 -22.70 42.60 0.97 1618.2 Chile Santiago IPSA 3352.67 –5.96 –0.18 17.3 J.Jill JILL 7.82 1.38 21.43 9.48 1.55 171.2 Check-Cap CHEK 2.39 -0.68 -22.15 4.49 0.24 104.3 Mexico S&P/BMV IPC 48203.95 434.08 0.91 9.4 RF Industries RFIL 7.03 1.19 20.38 7.10 3.31 84.5 Liquid Media Group YVR 2.43 -0.68 -21.86 3.48 1.27 -25.2 EMEA Stoxx Europe 600 426.82 3.74 0.88 7.0 Uranium Energy UEC 3.23 0.52 19.19 3.67 0.40 438.3 Exela Technologies XELA 3.00 -0.76 -20.21 7.82 0.26 488.2 Eurozone Euro Stoxx 426.60 2.23 0.53 7.3 Tiptree TIPT 7.75 1.21 18.50 8.19 4.45 22.0 Centennial Resource Devt CDEV 4.83 -1.05 -17.86 6.25 0.24 1316.4 Belgium Bel-20 3859.99 –1.97 –0.05 6.6 Super League Gaming SLGG 7.18 1.08 17.70 9.10 1.30 293.7 Greenpro Capital GRNQ 2.40 -0.48 -16.67 4.15 0.28 492.8 ADC Therapeutics ADCT Integrated Media Tech IMTE Denmark OMX Copenhagen 20 1466.29 18.16 1.25 0.1 29.25 4.24 16.95 56.59 21.51 ... 4.67 -0.91 -16.31 13.31 2.60 38.1 iSun ISUN 15.31 2.17 16.51 32.24 1.49 571.3 Mercurity Fintech ADR MFH 7.10 -1.38 -16.27 13.14 1.00 393.1 France CAC 40 6055.43 19.46 0.32 9.1 Germany DAX 14557.58 96.16 0.66 6.1 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1604.29 6.20 0.39 7.0 Italy FTSE MIB 24261.12 121.67 0.50 9.1 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 683.65 4.85 0.71 9.5 Russia RTS Index 1552.81 8.82 0.57 11.9 Sundial Growers SNDL 468,691 -9.9 1.51 -6.79 3.96 0.14 FinTech Acqn V Cl A FTCV 53,654 46575 15.29 42.76 15.70 10.09 South Africa FTSE/JSE All-Share 67289.37 –277.05 –0.41 13.3 Sunlink Health Systems SSY 195,531 40359.7 4.85 151.30 7.62 0.62 Bioceres Crop Solutions BIOX 2,355 3792 11.10 11.33 17.94 4.35 Zomedica ZOM TSR TSRI Spain IBEX 35 8657.70 22.30 0.26 7.2 176,256 4.2 2.26 -9.24 2.91 0.06 288 1950 9.04 4.03 18.73 2.70 Can-Fite Biopharma ADR CANF 173,302 15855.3 2.92 43.14 4.39 1.15 Puyi ADR PUYI 100 1824 5.17 -13.83 9.02 4.90 Sweden OMX Stockholm 870.93 8.70 1.01 13.3 Savara SVRA 130,782 16204.5 2.05 15.82 3.58 1.00 Xtrkr FTSE Dev xUS Multi DEEF 108 1437 31.22 0.32 31.32 18.58 Switzerland Swiss Market 10944.48 77.15 0.71 2.3 Turkey BIST 100 1570.42 14.95 0.96 6.3 AMC Entertainment Hldgs AMC 125,417 -19.6 13.02 -7.26 20.36 1.91 PIMCO Short Term Mun Bd SMMU 760 1313 51.40 -0.04 55.33 48.07 U.K. FTSE 100 6803.61 53.91 0.80 5.3 Ford Motor F 124,965 59.3 12.49 -5.38 13.62 3.96 Global Medical REIT GMRE 5,430 1275 13.47 -7.87 14.84 6.98 U.K. FTSE 250 21764.49 242.14 1.13 6.2 Apple AAPL 114,740 3.6 125.57 1.27 145.09 53.15 Medley Management Cl A MDLY 2,720 1224 8.83 11.21 27.90 2.80 Streamline Health Sol STRM 94,379 46339.0 2.17 2.36 3.86 0.53 Cabana Target Drawdown 16TDSE 243 1201 26.54 -0.50 26.69 23.84 Asia-Pacific MSCI AC Asia Pacific 208.88 1.40 0.68 4.5 ProSh UltraPro Shrt QQQ SQQQ 92,249 10.5 13.16 -1.64 161.25 11.76 Lizhi ADR LIZI 62,497 1184 13.65 29.51 16.75 1.95 Australia S&P/ASX 200 6827.10 54.09 0.80 3.6 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3446.73 26.79 0.78 –0.8 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 29027.69 193.93 0.67 6.6 Track the Markets India S&P BSE Sensex 50363.96 –31.12 –0.06 5.5 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29921.09 154.12 0.52 9.0 global stock indexes, bond ETFs, Singapore Straits Times 3105.51 –0.49 –0.02 9.2 currencies and commodities at Currencies South Korea Kospi 3067.17 21.46 0.70 6.7 wsj.com/graphics/track-the-markets Taiwan TAIEX 16313.16 63.83 0.39 10.7 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1564.03 –1.70 –0.11 7.9 Get real-time U.S. stock quotesand track most-activestocks, new US$ 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 .00004332 23083 0.01 CREDIT MARKETS Argentina peso .0110 91.1250 8.4 Europe Brazil real .1778 5.6256 8.3 Czech Rep. koruna .04555 21.952 2.2 Canada dollar .8035 1.2446 –2.3 Denmark krone .1601 6.2473 2.6 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001374 727.80 2.4 Euro area euro 1.1905 .8400 2.6 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000281 3559.50 4.0 Hungary forint .003240 308.67 3.9 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007851 127.37 –0.3 A consumer rate against its 30-year mortgage, Rate Mexico peso .0485 20.6210 3.7 Norway krone .1179 8.4827 –1.1 benchmark over the past year 2.50% Uruguay peso .02246 44.5150 5.1 Poland zloty .2590 3.8616 3.4 Bankrate.com avg†: 3.26% 12% Asia-Pacific Russia ruble .01374 72.783 –1.7

s Sweden krona .1177 8.4976 3.3 TBK Bank, SSB 2.85% 2.00 Euro Australian dollar .7746 1.2910 –0.7 Tradeweb ICE Switzerland franc 1.0815 .9246 4.5 30-year fixed-rate 4.00% Dallas, TX 214-365-6900 6 China yuan .1537 6.5059 –0.4 Tuesday Close t 1.50 Turkey lira .1334 7.4952 0.8 mortgage Hong Kong dollar .1288 7.7651 0.2 t Home Loans Today 2.88% Ukraine hryvnia .0360 27.7500 –2.1 3.00 0 India rupee .01379 72.501 –0.7 Centennial, CO 866-919-2064 1.00 s UK pound 1.3894 .7197 –1.6 Yen Indonesia rupiah .0000694 14410 2.6 2.00 Dearborn Federal Svgs Bk 3.00% Japan yen .009174 109.00 5.5 Middle East/Africa One year ago 0.50 –6 s 10-year Treasury Dearborn, MI 313-565-3100 t WSJ Dollar Index Kazakhstan tenge .002387 418.97 –0.6 Bahrain dinar 2.6525 .3770 –0.01 t note yield 1.00 Guardian Savings Bank 3.00% 0.00 –12 Macau pataca .1250 8.0020 0.1 Egypt pound .0637 15.6913 –0.3 Malaysia ringgit .2431 4.1140 2.3 Israel shekel .3037 3.2927 2.5 Covington, KY 859-341-0700 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7189 1.3910 –0.1 Kuwait dinar 3.3132 .3018 –0.8 0.00 month(s) years A M J J A S O N D J F M Astra Bank 3.13% Pakistan rupee .00638 156.670 –2.3 Oman sul rial 2.5972 .3850 0.01 maturity 2020 2021 Scandia, KS 785-335-2243 Philippines peso .0205 48.669 1.4 Qatar rial .2746 3.641 ... Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7433 1.3454 1.8 Saudi Arabia riyal .2666 3.7506 –0.03 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008850 1129.93 4.1 South Africa rand .0671 14.8946 1.4 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050312 198.76 7.3 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.25 Taiwan dollar .03541 28.240 0.5 Yield (%) 52-Week Total Return (%) Thailand baht .03250 30.770 2.4 WSJ Dollar Index 86.58 0.03 0.04 1.85 Prime rate* 3.25 3.25 3.25 l 3.25 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.19 0.18 0.18 l 1.45 -2.01 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2357.880 0.960 0.930 1.080 0.400 –3.794 4.424 Money market, annual yield 0.10 0.10 0.08 l 0.38 -0.24 Five-year CD, annual yield 0.44 0.45 0.44 l 1.10 -1.20 U.S. Treasury Long, Barclays 4092.110 2.310 2.180 2.320 1.090 –15.993 6.744 Commodities 30-year mortgage, fixed† 3.26 3.26 2.83 l 4.04 -1.15 Aggregate, Barclays 2213.370 1.570 1.530 2.310 1.020 0.697 4.877 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.49 2.52 2.32 l 3.43 -1.39 Fixed-Rate MBS, Barclays 2210.050 1.750 1.670 2.690 0.930 1.226 3.977 DJ Commodity Jumbo mortgages, $548,250-plus† 3.29 3.29 2.85 l 4.13 -1.42 824.81 -1.67 -0.20 836.48 433.70 72.85 12.74 High Yield 100, ICE BofA 3322.562 3.949 3.968 10.740 3.261 21.079 5.447 Refinitiv/CC CRB Index 0.01 195.13 106.29 15.28 Five-year adj mortgage (ARM)† 3.16 3.19 2.85 l 3.61 -1.04 193.43 0.01 48.46 Muni Master, ICE BofA 593.612 0.937 0.978 3.441 0.725 6.731 4.839 Crude oil, $ per barrel -0.59 66.09 -37.63 33.55 New-car loan, 48-month 4.03 4.03 4.02 l 4.44 0.48 64.80 -0.90 140.45 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 895.626 4.908 5.034 7.480 4.295 13.918 4.215 Natural gas, $/MMBtu 2.562 0.078 3.14 3.354 1.482 48.18 0.91 banks.† Excludes closing costs. Gold, $ per troy oz. 1730.60 1.70 0.10 2051.50 1477.30 13.49 -8.58 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW076000-0-B01100-1------XA

THE WALL STREET JOURNAL. We dnesday, March 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 Coffee (ICE-US)-37,500 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD Agriculture Futures March 131.50 131.50 130.00 133.80 2.35 17 March .8016 .8026 .8001 .8018 .0001 23,460 Contract Open May 132.00 135.60 131.40 134.50 2.40 106,949 June .8015 .8042 s .8001 .8039 .0021 157,843 Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ Copper-High (CMX)-25,000 lbs.; $ per lb. May 549.50 555.50 546.75 554.25 4.75 705,501 May 16.20 16.55 16.07 16.30 .18 376,435 April 1.3905 1.3907 1.3812 1.3898 .0007 508 March 4.1050 4.1125 4.0665 4.0790 –0.0675 2,905 July 537.50 543.50 534.50 541.75 4.00 408,423 July 15.82 16.10 15.67 15.88 .15 227,400 June 1.3908 1.3912 1.3813 1.3900 .0007 145,384 May 4.1415 4.1495 4.0565 4.0715 –0.0690 146,042 Oats (CBT)-5,000 bu.; cents per bu. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Gold (CMX)-100 troy oz.; $ per troy oz. May 377.25 377.25 367.25 374.00 –2.50 3,405 May 30.50 .10 2,153 June 1.0806 1.0847 1.0794 1.0836 .0035 36,723 March 1732.30 1733.90 1726.00 1730.60 1.70 192 Dec 346.00 346.00 344.25 346.75 –.25 579 July 30.50 .10 2,971 Sept 1.0860 1.0872 1.0823 1.0863 .0035 133 Soybeans (CBT)-5,000 bu.; cents per bu. April 1730.70 1740.50 1724.40 1730.90 1.70 210,101 Cotton (ICE-US)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD May 1420.00 1425.00 1412.75 1423.25 3.75 332,208 May 1733.70 1741.30 1726.60 1732.20 1.60 378 May 86.65 87.53 86.12 86.92 .20 97,801 April .7761 .7781 .7713 .7746 –.0005 364 Nov 1244.00 1247.00 1237.00 1245.00 1.00 202,766 Dec 83.12 84.05 82.80 83.65 .10 65,774 June .7756 .7761 .7714 .7748 –.0004 131,164 June 1732.50 1742.60 1727.10 1733.20 1.40 203,389 Soybean Meal (CBT)-100 tons; $ per ton. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Aug 1733.70 1743.80 1729.30 1735.20 1.40 30,082 May 407.60 410.60 404.50 406.10 –1.30 169,575 May 117.45 119.60 117.20 119.40 2.05 9,970 April .04852 .04856 .04812 .04842 .00020 555 Oct 1740.00 1745.00 1732.00 1737.00 1.50 9,021 July 406.80 409.80 403.90 405.90 –.60 97,485 July 120.15 121.95 119.65 121.80 1.95 1,150 June .04796 .04827 .04779 .04813 .00020 111,995 Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € March 2465.00 2465.00 2465.00 2487.80 118.20 6 May 55.17 55.59 54.24 55.09 …192,776 Interest Rate Futures April 1.1935 1.1961 1.1893 1.1913 –.0023 1,262 June 2384.50 2529.00 s 2373.00 2491.90 118.20 9,283 July 53.52 53.99 52.67 53.35 –.11 104,777 June 1.1952 1.1976 1.1905 1.1927 –.0022 628,503 Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% March 1217.10 1217.50 1217.10 1217.90 9.60 272 May 12.94 13.08 12.93 13.01 .07 8,282 March 184-070 –25.0 6,429 Index Futures April 1220.50 1240.40 1205.70 1219.10 9.60 46,007 Sept 12.84 .01 471 June 183-210 184-070 182-070 182-170 –26.0 1,162,831 Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index March 32941 32972 s 32773 32835 –122 47,207 March 26.130 26.145 25.920 25.974 –0.279 1,209 May 645.50 648.00 631.75 647.00 2.00 176,705 March 157-120 –8.0 1,282 June 156-080 156-200 155-230 155-270 –9.0 1,199,821 June 32840 32865 s 32665 32724 –126 56,055 May 26.340 26.405 25.885 26.003 –0.285 125,156 July 637.00 638.50 623.50 637.00 …114,742 Treasury Notes (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (KC)-5,000 bu.; cents per bu. March 133-025 …38,908 March 3962.40 5.50 29,414 April 65.33 65.43 63.80 64.80 –0.59 134,277 May 605.75 609.00 t 591.25 608.25 1.50 99,072 June 131-310 132-055 131-275 131-305 … 3,741,320 June 3959.70 3964.70 s 3952.30 3952.40 –5.80 55 May 65.34 65.48 63.87 64.86 –0.58 403,761 July 611.00 613.50 596.75 612.50 .75 66,082 Mini S&P 500 (CME)-$50 x index Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 65.06 65.24 63.68 64.68 –0.52 370,803 March 124-092 1.5 14,812 March 3967.00 3980.50 s 3952.75 3962.50 –5.20 1,146,463 March 137.000 137.250 136.475 136.575 –.450 2,290 July 64.63 64.74 63.25 64.25 –0.46 186,003 June 123-247 123-285 123-232 123-257 1.5 3,429,316 June 3957.75 3970.75 s 3942.75 3952.50 –5.80 1,872,176 May 149.725 150.175 149.300 149.725 …17,519 Aug 63.68 –0.39 134,664 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Mini S&P Midcap 400 (CME)-$100 x index Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 61.32 61.37 60.14 61.10 –0.25 311,884 March 110-136 .1 38,650 March 2675.20 2682.90 2637.00 2648.30 –33.50 11,578 April 119.200 119.200 118.125 118.200 –.925 64,742 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June 110-118 110-123 110-115 110-121 .2 2,361,350 June 2674.00 2679.30 2631.80 2643.00 –34.50 39,813 June 121.700 121.825 120.700 121.450 –.325 132,190 Sept 2658.70 –34.40 n.a. April 1.9456 1.9489 1.9131 1.9327 –.0162 81,804 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Nasdaq 100 (CME)-$20 x index March 99.9300 99.9325 99.9275 99.9275 –.0025 112,975 May 1.9439 1.9467 1.9120 1.9325 –.0149 104,011 April 92.050 93.125 s 92.000 92.900 2.350 48,588 March 13084.75 13298.00 13056.50 13151.50 73.00 123,711 April 99.9350 99.9350 s 99.9250 99.9300 158,287 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. June 99.650 101.050 s 99.575 100.975 2.050 87,032 June 13073.00 13287.25 13048.25 13141.25 72.00 134,406 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% April 2.1077 2.1116 2.0761 2.1012 –.0034 81,314 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Russell 2000 (CME)-$50 x index May 2.1009 2.1056 2.0711 2.0957 –.0037 123,790 June 91-040 91-090 90-280 90-300 –1.5 121,087 March 2355.10 2356.30 2305.20 2319.50 –38.60 253,273 May 851.20 863.80 830.50 840.00 –22.50 2,089 Eurodollar (CME)-$1,000,000; pts of 100% Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. July 768.00 784.30 754.10 770.00 –12.30 792 June 2354.00 2354.00 2302.10 2316.70 –39.10 345,087 April 99.8250 99.8300 99.8225 99.8225 –.0025 106,098 April 2.494 2.566 2.479 2.562 .078 111,803 Milk (CME)-200,000 lbs., cents per lb. Sept 2342.60 2342.60 2339.50 2311.30 –38.50 1 June 99.8300 99.8350 99.8250 99.8300 –.0050 1,191,036 May 2.539 2.600 2.522 2.597 .074 238,706 Mini Russell 1000 (CME)-$50 x index March 16.33 16.36 16.33 16.35 .01 3,813 Dec 99.7500 99.7500 t 99.7450 99.7450 –.0050 958,841 June 2.654 .068 104,681 April 17.52 17.65 17.34 17.42 –.10 3,359 March 2248.00 2251.50 s 2234.00 2240.40 –5.60 6,247 March'23 99.4700 99.4850 99.4650 99.4700 … 1,093,658 June 2242.00 2247.10 s 2229.10 2235.70 –5.10 6,540 July 2.650 2.714 2.646 2.713 .067 88,841 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index March 2,595 2,595 t 1,900 2,512 –78 8 Sept 2.660 2.720 2.653 2.720 .064 100,407 Currency Futures June 91.82 92.05 91.67 91.88 .05 33,830 May 2,512 2,556 2,512 2,526 –4 87,283 Oct 2.672 2.734 2.666 2.734 .064 131,411 Sept 91.82 92.01 91.68 91.86 .04 490 Japanese Yen (CME)-¥12,500,000; $ per 100¥ April .9158 .9196 .9154 .9178 .0013 176 June .9168 .9202 .9158 .9183 .0013 140,862 Source: FactSet Cash Prices | wsj.com/market-data/commodities Tuesday, March 16, 2021 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Bonds | wsj.com/market-data/bonds/benchmarks separate from the futures price on an exchange, which reflects what the commodity might be worth in future months. Tracking Bond Benchmarks Tuesday Tuesday Tuesday Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Energy Aluminum, LME, $ per metric ton *2184.5 Wheat - Hard - KC (USDA) $ per bu-u 6.3825 Copper,Comex spot 4.0790 Wheat,No.1soft white,Portld,OR-u 7.4250 highs and lows for different types of bonds Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.100 Iron Ore, 62% Fe CFR China-s 166.3 Food Total Total Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.950 Shredded Scrap, US Midwest-s,m 451 return YTD total Yield (%) return YTD total Yield (%) Steel, HRC USA, FOB Midwest Mill-s 1300 Beef,carcass equiv. index close return (%) Index Latest Low High close return (%) Index Latest Low High Metals choice 1-3,600-900 lbs.-u Fibers and Textiles 191.03 Mortgage-Backed Bloomberg Barclays Gold, per troy oz select 1-3,600-900 lbs.-u 181.21 Broad Market Bloomberg Barclays Broilers, National comp wtd. avg.-u,w 0.8399 Engelhard industrial 1734.00 Burlap,10-oz,40-inch NY yd-n,w 0.7150 2213.37 -3.3 U.S. Aggregate 1.570 1.020 2.310 2210.05 -0.9 Mortgage-Backed 1.750 0.930 2.690 Handy & Harman base 1735.00 Cotton,1 1/16 std lw-mdMphs-u 0.8467 Butter,AA Chicago 1.7100 Cheddar cheese,bbl,Chicago 2157.15 -0.9 Ginnie Mae (GNMA) 1.750 0.290 2.660 Handy & Harman fabricated 1925.85 Cotlook 'A' Index-t *93.25 154.25 U.S. Corporate Indexes Bloomberg Barclays Cheddar cheese,blk,Chicago 180.00 LBMA Gold Price AM *1727.90 Hides,hvy native steers piece fob-u n.a. U.S. Corporate 1305.72 -0.9 Fannie mae (FNMA) 1.740 1.110 2.690 Milk,Nonfat dry,Chicago lb. 117.25 3283.28 -5.0 2.280 1.740 4.580 LBMA Gold Price PM *1723.65 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp Krugerrand,wholesale-e 1802.53 1.2395 3045.94 -2.1 Intermediate 1.560 1.080 4.400 2001.84 -1.0 Freddie Mac (FHLMC) 1.750 1.080 2.710 Grains and Feeds Coffee,Colombian, NY Maple Leaf-e 1819.86 1.7878 Eggs,large white,Chicago-u 1.3450 4691.62 -9.5 Long term 3.510 2.730 4.930 593.61 -0.3 Muni Master 0.937 0.725 3.441 American Eagle-e 1819.86 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.60 Mexican peso-e 2097.72 Double-A-rated 419.42 -0.5 7-12 year 0.980 0.712 3.447 Bran,wheat middlings, KC-u 194 Hams,17-20 lbs,Mid-US fob-u n.a. 657.67 -5.7 1.940 1.300 3.360 Austria crown-e 1701.88 Corn,No. 2 yellow,Cent IL-bp,u 5.4600 Hogs,Iowa-So. Minnesota-u 86.86 Austria phil-e 1819.86 876.04 -4.6 Triple-B-rated 2.520 2.010 5.350 479.98 -0.5 12-22 year 1.370 1.095 3.690 Corn gluten feed,Midwest-u,w 186.0 Pork bellies,12-14 lb MidUS-u n.a. Silver, troy oz. Corn gluten meal,Midwest-u,w 634.9 Pork loins,13-19 lb MidUS-u 1.1205 High Yield Bonds ICE BofA 467.92 -0.1 22-plus year 1.976 1.682 4.123 Engelhard industrial 25.9500 Cottonseed meal-u,w 455 Steers,Tex.-Okla. Choice-u n.a. 497.80 0.5 High Yield Constrained 4.397 3.955 11.400 Global Government J.P. Morgan† Handy & Harman base 25.9550 Hominy feed,Cent IL-u,w 175 Steers,feeder,Okla. City-u,w 154.50 Handy & Harman fabricated 32.4440 Meat-bonemeal,50% pro Mnpls-u,w 375 479.59 5.0 Triple-C-rated 7.149 6.939 19.071 595.83 -3.2 Global Government 0.910 0.460 0.940 LBMA spot price *£18.7700 Oats,No.2 milling,Mnpls-u 3.8350 Fats and Oils -4.4 Canada (U.S.$ equivalent) *26.1000 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Degummed corn oil, crude wtd. avg.-u,w 52.5000 3322.56 -0.2 High Yield 100 3.949 3.261 10.740 825.72 1.490 0.610 1.500 Coins,wholesale $1,000 face-a 20636 Sorghum,(Milo) No.2 Gulf-u 8.0175 Grease,choice white,Chicago-h 0.5350 449.77 0.5 Global High Yield Constrained 4.353 4.037 11.310 n.a. n.a. EMU§ n.a. n.a. n.a. Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 406.60 Lard,Chicago-u n.a. LBMA Platinum Price PM *1213.0 Soybeans,No.1 yllw IL-bp,u 14.2050 Soybean oil,crude;Centl IL-u,w 0.5897 342.66 1.5 Europe High Yield Constrained 2.590 2.564 8.183 772.02 -2.7 France 0.180 -0.160 0.430 Platinum,Engelhard industrial 1225.0 Wheat,Spring14%-pro Mnpls-u 7.2975 Tallow,bleach;Chicago-h 0.4950 U.S Agency Bloomberg Barclays 539.84 -2.2 Germany -0.220 -0.530 -0.120 Palladium,Engelhard industrial 2545.0 Wheat,No.2 soft red,St.Louis-u 6.7950 Tallow,edible,Chicago-u n.a. 1840.98 -1.4 U.S Agency 0.750 0.460 1.250 293.64 -0.5 Japan 0.350 0.190 0.420 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 3/15 1613.14 -0.8 10-20 years 0.620 0.340 1.080 602.06 -2.6 Netherlands -0.110 -0.450 0.080 Source: Dow Jones Market Data 3994.66 -6.5 20-plus years 2.340 1.290 2.340 1021.00 -6.8 U.K. 1.100 0.410 1.140 2827.78 -3.6 Yankee 1.820 1.370 3.500 895.63 -4.1 Emerging Markets ** 4.908 4.295 7.480 Exchange-Traded BANKRATE.COM® MMA, Savings and CDs *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Portfolios ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Average Yields of Major Banks Tuesday, March 16, 2021 Largest 100 exchange-traded funds, Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR Global Government Bonds: Mapping Yields latest session National average Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Tuesday, March 16, 2021 Savings 0.07 0.05 0.05 0.07 0.10 0.14 0.18 0.14 0.26 Closing Chg YTD Jumbos 0.14 0.06 0.06 0.08 0.10 0.15 0.19 0.15 0.28 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session ETF Symbol Price (%) (%) Weekly change Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points ARKInnovationETF ARKK 126.02 –2.22 1.2 Savings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago CommSvsSPDR XLC 76.01 1.05 12.6 CnsmrDiscSelSector XLY 167.26 –1.04 4.0 Jumbos 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.125 U.S. 2 0.149 t l 0.151 0.121 0.360 EnSelectSectorSPDR XLE 51.45 –2.85 35.8 1.125 10 1.622 s l 1.609 1.298 0.722 FinSelSectorSPDR XLF 34.21 –1.04 16.0 HealthCareSelSect XLV 115.32 –0.06 1.7 Consumer Savings Rates 5.500 Australia 2 0.098 s l 0.097 0.114 0.524 -4.7 -5.2 16.2 IndSelSectorSPDR XLI 96.19 –1.42 8.6 InvscQQQI QQQ 320.58 0.55 2.2 Below are the top federally insured offers available nationwide according to Bankrate.com's 1.500 10 1.705 t l 1.800 1.335 0.904 9.3 19.0 17.0 InvscS&P500EW RSP 141.48 –0.92 10.9 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please 0.000 France 2 -0.602 t l -0.598 -0.624 -0.623 -74.7 -98.5 iShCoreDivGrowth DGRO 47.79 –0.08 6.6 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. -74.7 iShCoreMSCIEAFE IEFA 72.73 0.15 5.3 0.000 10 -0.086 s l -0.090 -0.120 0.176 -169.9 -170.0 -55.8 iShCoreMSCIEM IEMG 65.56 0.49 5.7 High yield savings iShCoreMSCITotInt IXUS 71.16 0.25 5.9 Yield 0.000 Germany 2 -0.684 s l -0.690 -0.686 -0.888 -82.9 -83.9 -125.0 iShCoreS&P500 IVV 397.45 –0.14 5.9 Bank Bank Yield iShCoreS&P MC IJH 264.49 –1.28 15.1 Phone number Minimum (%) Phone number Minimum (%) 0.000 10 -0.333 t l -0.332 -0.343 -0.460 -194.6 -194.2 -119.4 iShCoreS&P SC IJR 113.01 –1.55 23.0 iShS&PTotlUSStkMkt ITOT 92.20 –0.41 6.9 Money market and savings account Six-month CD 0.050 Italy 2 -0.384 s l -0.389 -0.361 1.067 -52.9 -53.8 70.5 iShCoreUSAggBd AGG 113.87 –0.04 –3.7 Live Oak Bank Presidential Bank, FSB $1 0.60 $1,000 0.50 0.900 10 0.624 s l 0.605 0.567 2.129 -98.9 -100.5 139.5 iShSelectDividend DVY 114.15 –1.07 18.7 (866) 518-0286 (800) 799-1424 iShESGAwareUSA ESGU 90.98 –0.24 5.8 Comenity Direct $100 0.60 Goldwater Bank $5,000 0.50 0.100 Japan 2 -0.145 t l -0.138 -0.127 -0.194 -29.0 -28.7 -55.6 iShEdgeMSCIMinUSA USMV 68.73 0.17 1.3 iShEdgeMSCIUSAMom MTUM 162.12 –0.40 0.5 (833) 755-4354 (480) 281-8200 0.100 10 0.099 t l 0.109 0.080 0.011 -151.4 -150.1 -72.4 iShEdgeMSCIUSAQual QUAL 121.90 0.02 4.9 BrioDirect $100 0.60 BankDirect $10,000 0.50 iShGoldTr IAU 16.51 0.12 –8.9 (877) 369-2746 (877) 839-2737 0.000 Spain 2 -0.494 s l -0.494 -0.475 -0.173 -63.9 -64.3 -53.4 iShiBoxx$InvGrCpBd LQD 129.06 –0.07 –6.6 0.100 10 0.313 s l 0.296 0.222 0.840 -131.4 10.6 iShiBoxx$HYCpBd HYG 86.27 –0.23 –1.2 One-month CD One-year CD -130.0 iShJPMUSDEmgBd EMB 109.55 0.35 –5.5 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.71 0.125 U.K. 2 0.099 t l 0.103 -0.026 0.266 -4.6 -4.6 -9.6 iShMBSETF MBB 108.71 ... –1.3 (713) 358-9400 (800) 845-5025 iShMSCI ACWI ACWI 95.67 –0.01 5.5 4.750 10 0.786 t l 0.801 0.621 0.435 -82.7 -80.9 -29.9 iShMSCI EAFE EFA 76.47 0.17 4.8 State Bank of India California $1,000 0.15 CFG Community Bank $500 0.67 iShMSCI EAFE SC SCZ 72.88 0.41 6.6 (877) 707-1995 (888) 205-8388 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close iShMSCIEmgMarkets EEM 54.35 0.42 5.2 Presidential Bank, FSB $1,000 0.10 Live Oak Bank $2,500 0.65 iShMSCIJapan EWJ 69.54 0.33 2.9 (800) 799-1424 (866) 518-0286 iShNatlMuniBd MUB 116.23 0.06 –0.8 Corporate Debt iSh1-5YIGCorpBd IGSB 54.61 –0.02 –1.0 Two-month CD Two-year CD Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific iShPfd&Incm PFF 38.20 0.14 –0.8 iShRussell1000Gwth IWF 243.95 0.28 1.2 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.81 expectations iShRussell1000 IWB 224.53 –0.24 6.0 (713) 358-9400 (800) 845-5025 iShRussell1000Val IWD 151.95 –0.69 11.1 State Bank of India California $1,000 0.15 Goldwater Bank $5,000 0.80 Investment-grade spreads that tightened the most… iShRussell2000Gwth IWO 314.29 –1.48 9.6 (877) 707-1995 (480) 281-8200 Spread*, in basis points iShRussell2000 IWM 230.50 –1.67 17.6 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week iShRussell2000Val IWN 166.27 –1.85 26.2 VirtualBank $10,000 0.15 Comenity Direct $1,500 0.75 iShRussellMid-Cap IWR 74.87 –1.07 9.2 (877) 998-2265 (833) 755-4354 UnitedHealth UNH 2.950 1.51 Oct. 15, ’27 70 –14 85 iShRussellMCValue IWS 110.58 –1.24 14.0 Caterpillar Financial Services … 0.900 1.10 March 2, ’26 28 –9 46 iShS&P500Growth IVW 64.92 0.36 1.7 Three-month CD Five-year CD MQGAU –9 47 iShS&P500Value IVE 141.45 –0.67 10.5 Goldwater Bank $5,000 0.35 Connexus Credit Union $5,000 1.01 Macquarie Bank 2.300 1.18 Jan. 22, ’25 36 iShShortTreaBd SHV 110.51 ... –0.0 (480) 281-8200 (800) 845-5025 Volkswagen Group of America Finance VW 3.350 1.33 May 13, ’25 52 –9 63 iShSilver SLV 24.10 –0.95 –1.9 BrioDirect $500 0.25 First Internet Bank of Indiana $1,000 0.96 iShTIPSBondETF TIP 125.66 0.21 –1.6 HSBC Holdings HSBC 4.250 1.22 March 14, ’24 89 –6 106 iSh1-3YTreasuryBd SHY 86.26 ... –0.1 (877) 369-2746 (888) 873-3424 Svenska Handelsbanken SHBASS 3.900 0.48 Nov. 20, ’23 32 –6 n.a. iSh7-10YTreasuryBd IEF 114.00 –0.02 –5.0 Lone Star Bank $1,000 0.25 Goldwater Bank $5,000 0.95 Coca–Cola KO 1.450 1.49 June 1, ’27 68 –5 68 iSh20+YTreasuryBd TLT 136.31 –0.40 –13.6 (713) 358-9400 (480) 281-8200 iShRussellMCGrowth IWP 103.29 –0.86 0.6 Memorial Sloan–Kettering Cancer Center MSKCC 4.125 3.18 July 1, ’52 79 –5 n.a. iShUSTreasuryBdETF GOVT 26.24 –0.06 –3.7 High yield jumbos - Minimum is $100,000 JPM UltShtIncm JPST 50.73 0.01 –0.1 …And spreads that widened the most PIMCOEnhShMaturity MINT 101.97 –0.01 –0.1 Money market and savings account Six-month CD SPDRBloomBar1-3MTB BIL 91.50 ... –0.0 Bank of America BAC 3.875 1.30 Aug. 1, ’25 48 16 53 SPDR Gold GLD 162.35 0.09 –9.0 CFG Community Bank 0.66 BankDirect 0.50 Morgan Stanley MS 4.100 0.91 May 22, ’23 76 14 58 SchwabIntEquity SCHF 37.95 0.18 5.4 (888) 205-8388 (877) 839-2737 SchwabUS BrdMkt SCHB 97.26 –0.32 6.9 Intesa Sanpaolo ISPIM 3.250 1.32 Sept. 23, ’24 99 10 95 SchwabUS Div SCHD 72.03 –0.83 12.3 BrioDirect 0.60 Goldwater Bank 0.50 … 8 42 SchwabUS LC SCHX 96.38 –0.20 6.0 (877) 369-2746 (480) 281-8200 Georgia–Pacific 0.625 0.76 May 15, ’24 43 SchwabUS LC Grw SCHG 130.72 0.18 1.8 Presidential Bank, FSB 0.55 Presidential Bank, FSB 0.50 Siemens Financieringsmaatschappij SIEGR 0.650 0.68 March 11, ’24 35 8 n.a. SchwabUS SC SCHA 103.63 –1.54 16.4 (800) 799-1424 (800) 799-1424 Schwab US TIPs SCHP 61.20 0.20 –1.4 Bank of New York Mellon BK 2.100 0.72 Oct. 24, ’24 38 7 n.a. SPDR DJIA Tr DIA 328.86 –0.37 7.5 One-month CD One-year CD BPCE BPCEGP 3.375 1.58 Dec. 2, ’26 77 7 62 SPDR S&PMdCpTr MDY 482.93 –1.30 15.0 DuPont de Nemours DD 2.169 1.93 May 1, ’23 178 7 180 SPDR S&P 500 SPY 395.91 –0.13 5.9 Lone Star Bank 0.20 Connexus Credit Union 0.71 SPDR S&P Div SDY 118.71 –0.90 12.1 (713) 358-9400 (800) 845-5025 TechSelectSector XLK 133.81 0.75 2.9 State Bank of India California 0.15 CFG Community Bank 0.67 High-yield issues with the biggest price increases… VanEckGoldMiner GDX 33.49 –0.39 –7.0 (877) 707-1995 (888) 205-8388 Bond Price as % of face value VangdInfoTech VGT 363.29 0.54 2.7 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week VangdSC Val VBR 170.19 –1.46 19.7 VirtualBank 0.10 Live Oak Bank 0.65 VangdSC Grwth VBK 283.14 –1.41 5.8 (877) 998-2265 (866) 518-0286 Bombardier BBDBCN 7.450 7.09 May 1, ’34 103.000 1.00 102.500 VangdExtMkt VXF 183.99 –1.33 11.7 Rite Aid RAD 7.700 7.72 Feb. 15, ’27 99.900 0.90 n.a. VangdDivApp VIG 145.23 –0.17 2.9 Two-month CD Two-year CD VangdFTSEDevMk VEA 49.79 0.16 5.5 Lone Star Bank 0.20 Connexus Credit Union 0.81 American Airlines AAL 5.750 4.77 April 20, ’29 106.750 0.75 n.a. VangdFTSE EM VWO 53.07 0.44 5.9 (713) 358-9400 (800) 845-5025 Genworth Financial GNW 6.500 6.85 June 15, ’34 97.000 0.60 n.a. VangdFTSE Europe VGK 63.63 0.13 5.6 State Bank of India California 0.15 Goldwater Bank 0.80 VangdFTSEAWxUS VEU 61.51 0.20 5.4 Teva Pharmaceutical Finance Netherlands … 4.100 5.00 Oct. 1, ’46 87.050 0.55 84.783 (877) 707-1995 (480) 281-8200 VangdGrowth VUG 258.35 0.30 2.0 Crown Cork & Seal … 7.375 3.43 Dec. 15, ’26 120.375 0.41 120.875 VangdHlthCr VHT 228.16 –0.24 2.0 VirtualBank 0.15 Comenity Direct 0.75 Intesa Sanpaolo ISPIM 0.40 107.500 VangdHiDiv VYM 101.05 –0.35 10.4 (877) 998-2265 (833) 755-4354 5.017 2.31 June 26, ’24 108.471 VangdIntermBd BIV 89.11 0.09 –4.0 Ford Motor Credit … 4.389 3.28 Jan. 8, ’26 104.900 0.34 104.175 VangdIntrCorpBd VCIT 93.05 ... –4.2 Three-month CD Five-year CD VangdLC VV 185.63 –0.19 5.6 Goldwater Bank 0.35 Connexus Credit Union 1.01 …And with the biggest price decreases VangdMC VO 223.78 –0.93 8.2 (480) 281-8200 (800) 845-5025 VangdMC Val VOE 136.55 –1.14 14.8 Sealed Air SEE 6.875 4.37 July 15, ’33 123.688 –2.06 n.a. VangdMBS VMBS 53.45 –0.02 –1.1 Lone Star Bank 0.25 First Internet Bank of Indiana 0.96 VangdRealEst VNQ 92.60 –0.41 9.0 (713) 358-9400 (888) 873-3424 Continental Resources CLR 5.750 4.09 Jan. 15, ’31 112.720 –1.41 114.250 VangdS&P500ETF VOO 364.05 –0.11 5.9 State Bank of India California 0.25 Goldwater Bank 0.95 Ford Motor F 4.750 4.92 Jan. 15, ’43 97.690 –1.31 100.100 VangdST Bond BSV 82.23 0.04 –0.8 VangdSTCpBd VCSH 82.36 0.02 –1.1 (877) 707-1995 (480) 281-8200 Transocean RIG 6.800 15.00 March 15, ’38 50.000 –1.00 47.500 VangdSC VB 220.44 –1.36 13.2 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of Sprint Capital … 6.875 3.43 Nov. 15, ’28 123.063 –0.69 122.875 VangdTotalBd BND 84.74 –0.01 –3.9 compounding and rate stated for the lowest required opening deposit to earn interest. CD VangdTotIntlBd BNDX 57.21 –0.10 –2.3 Springleaf Finance … 6.875 3.56 March 15, ’25 112.250 –0.42 111.888 VangdTotIntlStk VXUS 63.59 0.24 5.7 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of VangdTotalStk VTI 208.01 –0.40 6.9 which may be checks. Rates are subject to change. *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. VangdTotlWrld VT 98.16 –0.08 6.0 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Note: Data are for the most active issue of bonds with maturities of two years or more VangdValue VTV 131.26 –0.64 10.3 Internet: www.bankrate.com Source: MarketAxess P2JW076000-1-B01200-1------XA

B12 | We dnesday, March 17, 2021 * THE WALL STREET JOURNAL. BANKING & FINANCE Greensill Accused of Fraud by Coal Miner

BY DUNCAN MAVIN nancing,Bluestone paid $108 cratictoRepublican in 2017. itsbusiness. AND JULIE STEINBERG milliondirectly back to Green- He owns several coal-related Credit Suisse sold the funds sill in the form of fees,the law- businesses in the region, and to insurersand other profes-

Acoal miner owned by the suit alleges.Greensill also re- S has settled a number of cases sional investors, classifying

governor of West Virginia has ceived warrantstopurchase a PRES in recent yearsfor alleged them as relatively low-risk,ac- become embroiled in ascandal stakeinBluestone that were nonpayment of bills,according cording to fund documentssent

surrounding aU.K.financing worth another $100 million, the ZUMA to court records published by to investors. companythat declared insol- filing made Mondayalleges. theinvestigativejournalism Theloans to Bluestone show

vencylast week,suing the Bluestone was one of Green- OFFICE/ website ProPublica. that some of the loans in the lender foralleged fraud. sill’sbiggest clients,The Wall Greensill wasfounded in funds were riskier than Credit Bluestone Resources Inc., a Street Journal has reported, 2011 by Mr.Greensill, aformer Suisse claimed. Themajority of VERNORS

coal-mining companyowned by and the suit appearstobethe GO MorganStanley and Citigroup the loans made to Bluestone West Virginia Gov.Jim Justice, firstexample of aclient suing Inc.banker.Itbecame mired in were based on “prospectivere-

borrowed$850 million from Greensillfor itsbusinessprac- GINIA crisis earlier this month when ceivables,” that hadn’t yetbeen VIR

Greensill Capital between 2018 tices.Itshows howGreensill al- T Credit Suisse froze $10 billion generated, from alist of “pro-

and 2021. Bluestone sued legedly scrambled in itsfinal WES in investment funds that Green- spectivebuyers,” some of Greensill in federal court in months to securemorefinanc- West Virginia Gov. Jim Justice owns coal-mining company sill relied upon to fuel much of whom might not have ever be- NewYork alleging it “perpe- ing as it neared itseventual Bluestone Resources that borrowed $850 million from Greensill. itsbusiness. Greensill filed for come Bluestone customers, the trated acontinuous and profit- meltdown intobankruptcy. insolvencyinthe U.K. last week, filing alleges. able fraud” on the company Thesuit also names Green- forMr. Justicedidn’t return a the course of its relationship, and regulatorshavetaken over Before the pandemic,Blue- “under the guise of establishing sill’sfounder,Lex Greensill, request forcomment. nor its sources of funding, in- abank it owns in Germany. stonehad agreed to afour- to along-term financing arrange- and Roland Hartley-Urquhart, Alawyer forBluestone said cluding investment funds run Greensill specialized in an five-year financing period with ment with Bluestone.” asenior Greensill executive that the company’soperations by Credit Suisse Group AG, area known as supply-chain fi- Greensill, but claims Greensill Greensill typically made whohandled the deal with arecontinuing “without inter- from which some of the loans nance, aform of cash advance extended the period to six-to- short-term loans to companies Bluestone. ruption” and that it is in discus- were being made to Bluestone. that letscompanies stretch out eight yearsand “induced Plain- to help them managetheir cash Aspokesman forGreensill sions with alternativelenders Bluestone says it agreed to the time to paybills.Greensill tiffs to continue to expand their flow.The Bluestone loan was declined to comment. Mr.Hart- to “replacethe existing Green- payGreensill further fees it packaged those cash advances exposuretoand deepen itsde- unusual because it wassup- ley-Urquhart referred arequest sill facilities.” demanded last fall. intobondlikesecurities.Credit pendencyonGreensill Capital,” posed to runfor several years, forcomment to Greensill. Mr. Bluestone claims Greensill Mr.Justiceisthe billionaire Suisse’sfunds were amajor according to the lawsuit. with short-term loans rolling Greensill didn’t return arequest didn’t reveal the extent of its governor of West Virginia who buyer of those securities,giving —Andrew Scurria over continuously.Toget the fi- forcomment. Arepresentative financial difficulties during switched parties from Demo- Greensill firepowertoexpand contributed to this article. German Bank Credit Suisse Faces Possible Loss

BY MARGOT PATRICK stopped buying newinvest- have been misrepresented. surance. It said it had invested Declared Insolvent mentsfromGreensill and froze Credit Suisse fact sheetsgiven $110.35million in two funds, Credit Suisse Group AG the funds on March 1. to investorsinrecent months and has so far gotten $57 mil- warned that the bank and in- “While these issues arestill gavethe funds risk scores of 1 lion back. BY PATRICIA KOWSMANN Mr.Bubeck fearsmost of the vestorsinsome of itsfunds face at an early stage, we would or 2onascale of 1to7,where1 Mr.Gottstein said recoveries money invested will be lost. potential losses from the col- notethat it is possible that is the safest. forinvestorswould become AGerman court declared Thetownsaid it made adeposit lapse of U.K. financial firm Credit Suisse will incur acharge RatingsagencyDBRS Morn- clearer as the underlying fund Tuesdaythat asmall bank tied of €3 million—one-thirdofits Greensill Capital earlier this in respect of these matters,” the ingstar said it is monitoring the investmentscome due over the to acollapsed U.K. finance totalreserves—at Greensill in month. bank said. potential financial and reputa- next few months.Around three- company was insolvent, trig- November.The bank offered a Credit Suisse wasdeeply en- At an investor conference tional impact forCredit Suisse, quartersofthe loans held by gering losses fordozens of 0.6% interest rate,compared tangled with Greensill,which following the announcement, including from litigation. It said the Credit Suisse funds aredue small German towns. with aminus 0.5% rate offered filed forinsolvencylast week. Credit Suisse Chief Executive the case highlights“the impor- to be repaid in the next four Greensill Bank AG was by other regional lenders. Thebank lent money to Green- Thomas Gottstein said it is tanceofanextremely robust months,fund documentsshow. deemed insolvent by alocal Other towns have said they sill and sold funds to itsclients working closely with Greensill’s credit risk management culture Credit Suisse removed the court, leaving the towns as shiftedreserves to Greensill. that were filled with notes from bankruptcy administratorsto throughout an organization and funds’ managers and the head creditorsthat will likely sus- Schwalbach am Taunus,amu- Greensill, which made short- getmoney back forthe bank the appropriatemonitoring of of itsEuropean asset-manage- tain losses. Around Germany, nicipality just outside Frank- term loans to companies to help and forthe fund investors. risk exposures,particularly in ment division from theirjobs at least 12 towns with a com- furt has €19 million deposited them paytheir bills. timesthat provechallenging.” last week “forthe time being,” bined €200 million, equivalent at Greensill. Thebank said it has col- In addition to potential lawsuits according to an internal memo, to about $238 million, in de- BaFin,the German financial lected $50 million of the $140 Mr. Gottstein said from fund investors, Credit and named newfund managers positsare in the same situa- regulator,froze all bank ac- millionloan it made to Green- Suisse also faces legal bills for to oversee the funds’ liquida- tion. Individual depositorsare countsatGreensill this month sill. Thefunds areaknottier the funds returned anyaction it might have to take tion.The Credit Suisse funds covered by insurance. afteranaudit wasunable to problembecause some clients $3.1 billion to against Greensill or insurers purchased notes from Greensill Among them is Mengen, a find evidenceofcertain collat- arepressuring the bank to that provided coverage.Bank backed by companies’ pay- tinymunicipality in southwest- eral that alarge customer makegood on their invest- investors last week. regulatorsare also studying the ments. Credit Suisse’sinvest- ern Germany. Likemost towns used forborrowing money. ments, arguing that they were matter. ment bank separately lent that put money intothe bank, BaFin hasfiled acriminal incorrectly described as safe. Mr.Gottstein said the funds moneytoGreensill, and its Mengen wastrying to avoid complaint against the bank to Pension funds,corporate returned $3.1 billion to inves- founder,Lex Greensill, wasalso thesmall losses that come prosecutors, who will decide treasurersand wealthyinves- “This is of course in the first tors last week and have around abank client. with negativeinterest rates. whether to launch an investi- tors put $10 billion intothe instanceand foremost, aprob- another $1.3billion in cash to Theremainder of the $140 Bremen-based Greensill gation. On Tuesday, the regu- funds as ahigher-yielding alter- lemfor our supply-chain fund giveback. million that Credit Suisse lent Bank, formerly known as Nord- lator said a local court began nativetomoney-market funds. investors,” Mr.Gottstein said. “I cannot promise aspecific Greensill is also backed by com- Finanz Bank AG, wasacquired insolvencyproceedingsagainst Those funds had made some “But it is our fiduciaryduty and result. But Ican promise that panyreceivables originated by in 2014byGreensill Capital, the bank afterBaFin estab- riskyinvestments, which may responsibility to act in the best we will undertakeall our efforts Greensill. Mr.Gottstein said the whichitself filed forinsol- lished the bank won’t be able not payoff,leaving Credit interestsofour investorsin to reach the best possible out- bank otherwise had astrong vencyonMarch 8. Thebank to repayall customer deposits. Suisse in apotential standoff these funds to getthe money come forour supply-chain fund start to 2021. He said pretax offered slightly positiveinter- Aperson familiar with the with itsclients. back andensureequal and fair investors,” he said. profit in Januaryand February est rates, beating the negative bank said it is currently esti- Greensill’soperations seized treatment.” One investor in the funds, reached itshighest level in a ratesoffered by an increasing mated up to €700 million in up afteritcouldn’t renew Asset managersusually don’t Nasdaq-listed Quotient Lim- decade,and that revenue in its number of German banks. depositsfromatotal of €3.6 credit-insurancepolicies that have anyobligation to coverin- ited,said in aregulatoryfiling investment bank wasupmore Mengen’smayor,Stefan billion won’t be coveredbyin- Credit Suisse and other inves- vestor losses.But lawyerswork- that it has told Credit Suisse than 50%fromayear earlier. Bubeck,said the town wastry- surance. Themajority likely tors relied on to makethe in- ing with investorsinthe Credit the bank should coverany —Duncan Mavin ing to avoid the negativerates. will be from local governments. vestmentssafer.Credit Suisse Suisse funds saythe risks might losses not coveredbycredit in- contributed to this article. SociallyResponsible Funds BoostProfits forWall Street Firms

Average asset-weighted expenseratio of U.S. equity ETFs BY MICHAEL WURSTHORN ing some of the tidal wave of funds in just Januaryand Feb- arecord71sustainable mutual by strategy,2018-20 money that has flowedinto ruary, according to FactSet, funds and ETFs last year,ac- 0% 0.20.4 0.60.8 Sustainability has been funds that promotethingslike putting the firsttwo months cording to Morningstar. good for Wall Street’s bottom clean energy or diversity.Asa of flowsroughly on par with Asset management giant Vanilla 2018 line. broader feewar has narrowed all of 2019. BlackRock Inc. pulled $68 bil- Growth 2019 Exchange-traded funds that profit margins formoney Investors, fortheir part, are lion into its sustainable prod- 2020 explicitly focus on socially re- managersoverthe last decade, drivingthe demand. Anumber uctslast year,representing Value sponsible investmentshave firms arelooking to wring of big money managers—from morethan 60% annual growth, 43% higher fees than widely morerevenue from thesurge. banks and pension funds to with more than two-thirds of Exchange-specific popular standard ETFs. Even a seemingly small in- family offices—have all made that money going intoits Dividends The environmental, social, crease in fees canhaveabig sustainable investing a prior- iShares ETF business. and governancefunds’ average impact at scale.Afirm manag- ity,one that manyplan to ETFs aregenerally viewed Fundamental feewas 0.2% at the end of last ing $1 billion in a typical ESG build on. Some investorssay as affordable offerings for in- Multi-factor year,while standardETFsthat fund, for example, would gar- they areshifting dollarstoso- vestors, especially afterfees invest in U.S. large-cap stocks ner$2million in annual fees cially responsible strategies to came down substantially,as Lowvolatility had a0.14% feeonaverage,ac- versus managing the standard help contain the climatecrisis; BlackRock and Vanguard cording to data from FactSet. ETF’s $1.4 million. otherswant to use the invest- Group, the two biggest ETFis- Equal “ESG creates afantastic “It’sfresh, feels good and ment as a hedge. suersinthe U.S.,undercut one Active revenue possibility forlarge new,” said Andrew Jamieson, ABrown BrothersHarriman another to draw investors’ firms,” said Dr. Wayne Wine- global head of ETFproduct at survey of 382 money manag- cash. That competitivepricing ESG garden, a senior fellow at the Citigroup Inc., of ESG. “But it’s ersfound that nearly three pushed asset managers to al- Price-weighted Pacific Research Institute. not anydifferent than any- quarters planned to increase wayslook forthe next hot Asset managers are among thing else.These thingsaren’t their allocations to ETFs,with trend in ETFs,sothey can Momentum thebiggest cheerleadersfor any more expensive to run.” an emphasis on sustainable launch higher priceproducts sustainable investing.Their ef- Nearly $8 billion has flowed funds. to pad their razor-thin mar- Source:FactSet forts are all aimed at captur- intoahost of U.S. ESG-themed Money managers launched gins, analysts said.

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TotRetBdI 10.53 ... -1.1 GroCo 34.20 -0.11 4.0 IntlEq 28.95 +0.01 1.9 TotRt 10.24 ... -3.0 ExplrAdml 131.16 -1.80 9.6 WndsrAdml 80.51 -0.69 12.8 ExtndIstPl 344.32 -4.81 11.9 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Edgewood Growth Instituti GrowCoK 34.29 -0.11 4.0 Invesco Funds Y PIMCO Funds A ExtndAdml 139.53 -1.94 11.8 VANGUARD FDS IdxIntl 20.40 +0.04 5.2 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese EdgewoodGrInst 53.49 -0.06 3.3 InvGrBd 11.55 ... -2.7 DevMktY 55.85 ... 4.5 IncomeFd NA ... NA GNMAAdml 10.65 +0.01 -0.7 DivdGro 34.16 -0.03 2.8 MdCpGrAdml 93.25 -0.66 2.2 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Fidelity LowP r 55.47 -0.12 14.1 John Hancock Instl PIMCO Funds I2 GrwthAdml 132.95 +0.31 1.9 INSTTRF2020 26.71 -0.01 1.8 SmValAdml 73.08 -1.13 19.7 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r 500IdxInstPrem137.79 -0.21 5.9 Magin 13.08 +0.03 0.2 DispValMCI 26.60 -0.35 14.1 Income NA ... NA HlthCareAdml r 90.79 -0.01 -0.2 INSTTRF2025 28.10 -0.03 2.4 TotBd2 11.02 ... -3.5 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Contrafund K6 19.23 +0.06 1.9 NASDAQ r 169.29 +0.16 4.6 JPMorgan I Class PIMCO Funds Instl HYCorAdml r 5.91 ... -0.3 INSTTRF2030 28.99 -0.03 3.1 TotIntlInstIdx r136.47 +0.28 5.1 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; ExtMktIdxInstPre 93.33 -1.31 11.8 OTC 18.36 +0.02 4.8 CoreBond NA ... NA IncomeFd NA ... NA InfProAd 27.97 +0.06 -1.2 INSTTRF2035 29.81 -0.04 3.8 TotItlInstPlId r136.50 +0.28 5.1 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. FidSerToMarket 13.80 -0.05 6.9 Puritn 27.36 -0.10 5.1 EqInc NA ... NA Price Funds IntlGrAdml 162.81 +0.14 1.6 INSTTRF2040 30.66 -0.04 4.5 TotSt 101.21 -0.39 6.9 IntlIdxInstPrem 47.64 +0.19 4.5 SrsEmrgMkt 26.21 +0.13 5.0 JPMorgan R Class BlChip 168.52 +0.17 1.8 ITBondAdml 12.07 ... -3.8 INSTTRF2045 31.43 -0.04 5.2 VANGUARD INSTL FDS MidCpInxInstPrem 29.51 -0.33 9.3 SrsGlobal 15.06 +0.06 5.0 CoreBond NA ... NA DivGro 62.44 -0.15 4.0 ITIGradeAdml 10.09 ... -3.2 INSTTRF2050 31.54 -0.04 5.2 BalInst 45.54 -0.11 2.7 Tuesday, March 16, 2021 SAIUSLgCpIndxFd 20.78 -0.03 5.9 SrsGroCoRetail 23.78 -0.07 4.4 Lord Abbett A EqInc 35.47 -0.20 13.5 LTGradeAdml 10.54 -0.02-10.0 INSTTRF2055 31.62 -0.05 5.2 DevMktsIndInst 16.02 +0.03 5.0 YTD YTD YTD Net Net Net SeriesBondFd 10.38 ... -3.4 SrsIntlGrw 17.88 +0.08 0.6 ShtDurIncmA p 4.21 ... NA Growth 100.72 +0.07 3.9 DevMktsInxInst 25.04 +0.05 5.1 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret MidCpAdml 277.33 -2.70 8.2 IntlGr 51.18 +0.05 1.6 SeriesOverseas 12.65 +0.06 2.0 SrsIntlVal 10.91 +0.01 8.1 Lord Abbett F HelSci 99.64 -0.45 NA MuHYAdml 11.94 ... 0.5 IntlVal 42.90 -0.09 6.6 ExtndInst 139.52 -1.95 11.8 GrwthInst 132.96 +0.31 1.9 American Century Inv Artisan Funds 5GlbFxdInc 10.89 ...... SmCpIdxInstPrem 29.39 -0.52 17.7 TotalBond 10.98 ... -2.6 ShtDurIncm 4.20 ... NA LgCapGow I 64.40 -0.06 NA MuIntAdml 14.77 +0.01 -0.1 LifeCon 22.81 -0.01 0.6 InPrSeIn 11.39 +0.02 -1.3 Ultra 76.88 -0.05 1.2 IntlVal Inst 43.88 +0.17 10.1 EmgMktVa 31.30 +0.08 9.2 TMktIdxInstPrem115.16 -0.44 6.9 Fidelity SAI Metropolitan West MidCap NA ... NA MuLTAdml 12.14 ... -0.2 LifeGro 41.99 -0.05 4.3 InstIdx 350.88 -0.55 5.9 American Funds Cl A Baird Funds EmMktCorEq 25.84 +0.09 6.5 USBdIdxInstPrem 11.98 ... -3.4 TotalBd 10.44 ... -2.5 TotRetBdI 10.84 ... -2.8 NHoriz 82.04 -0.43 -0.3 MuLtdAdml 11.24 ... 0.1 LifeMod 32.42 -0.03 2.4 InstPlus 350.91 -0.54 5.9 AmcpA p 41.08 -0.13 5.0 AggBdInst 11.36 ... -3.2 IntlCoreEq 15.63 +0.02 7.3 Fidelity Advisor I Fidelity Selects TRBdPlan 10.16 -0.01 -2.9 R2020 NA ... NA MuShtAdml 15.94 ... 0.1 PrmcpCor 32.34 -0.06 11.6 InstTStPlus 79.05 -0.31 6.9 AMutlA p 47.64 -0.03 6.8 CorBdInst 11.74 ... -2.9 IntSmCo 21.81 +0.07 7.5 NwInsghtI 37.87 +0.06 2.8 Softwr r 27.73 +0.08 2.2 MFS Funds Class I R2025 NA ... NA PrmcpAdml r168.65 -0.22 9.6 STAR 32.01 -0.08 3.0 MidCpInst 61.26 -0.60 8.2 BalA p 31.11 -0.01 3.3 BlackRock Funds IntSmVa 21.06 ... 10.1 Fidelity Freedom Tech r 28.09 +0.01 4.5 Growth I 162.60 +0.62 0.5 R2030 NA ... NA RealEstatAdml131.18 -0.58 9.0 TgtRe2015 15.84 -0.01 0.7 MidCpIstPl 302.15 -2.95 8.2 BondA p 13.35 -0.01 -2.9 HiYBlk 7.76 -0.01 0.5 TAUSCoreEq2 25.39 -0.16 10.4 FF2020 17.65 ... 2.9 First Eagle Funds ValueI 48.61 -0.17 7.8 R2035 NA ... NA SmCapAdml105.59 -1.61 13.3 TgtRe2020 34.88 -0.02 1.7 SmCapInst 105.59 -1.61 13.3 CapIBA p 65.75 +0.03 5.0 HiYldBd Inst 7.76 -0.01 0.6 US CoreEq1 32.53 -0.18 9.6 FF2025 15.98 ... 3.4 GlbA 64.15 -0.15 4.7 MFS Funds Instl R2040 NA ... NA SmGthAdml 99.51 -1.49 5.9 TgtRe2025 22.05 -0.02 2.4 SmCapIstPl 304.78 -4.64 13.3 CapWGrA 62.11 +0.09 4.9 BlackRock Funds A US CoreEq2 29.97 -0.19 11.1 FF2030 20.07 -0.01 4.1 Franklin A1 IntlEq 31.34 +0.10 2.3 PRIMECAP Odyssey Fds STBondAdml 10.78 ... -0.6 TgtRe2030 41.79 -0.04 3.1 STIGradeInst 10.94 ... -0.4 EupacA p 70.23 +0.14 1.3 GlblAlloc p 22.06 -0.02 2.6 US Small 46.90 -0.64 22.1 17.51 -0.01 5.7 7.73 ... -0.6 Northern Funds 58.59 -0.44 9.2 FF2035 CA TF A1 p AggGrowth r STIGradeAdml 10.94 ... -0.4 TgtRe2035 26.17 -0.03 3.8 STIPSIxins 25.95 +0.04 1.3 FdInvA p 73.68 +0.01 6.6 BlackRock Funds Inst StkIdx 44.44 -0.07 5.8 US SmCpVal 44.85 -0.70 30.3 FF2040 12.54 -0.02 6.7 IncomeA1 p 2.42 ... 6.5 Schwab Funds TotBdAdml 11.17 -0.01 -3.5 TgtRe2040 46.25 -0.05 4.5 TotBdInst 11.17 -0.01 -3.5 GwthA p 69.84 -0.38 3.4 StratIncOpptyIns 10.36 -0.01 0.4 Old Westbury Fds US TgdVal 30.27 -0.48 28.3 Freedom2025 K 15.95 -0.01 3.4 FrankTemp/Frank Adv 1000 Inv r 88.39 -0.27 5.8 TotIntBdIdxAdm 22.88 +0.01 -2.0 TgtRe2045 29.65 -0.04 5.2 TotBdInst2 11.02 ... -3.5 Bridge Builder Trust LrgCpStr 17.83 -0.01 4.0 HI TrA p 10.24 -0.02 2.0 USLgVa 43.26 -0.38 15.3 Freedom2030 K 20.05 -0.01 4.1 IncomeAdv 2.40 ... 6.6 S&P Sel 60.78 -0.09 5.9 TotIntlAdmIdx r 34.13 +0.08 5.1 TgtRe2050 47.83 -0.07 5.2 TotBdInstPl 11.17 -0.01 -3.5 CoreBond 10.42 ... -3.1 Parnassus Fds ICAA p 47.46 +0.01 6.8 Dodge & Cox Freedom2035 K 17.48 -0.02 5.6 FrankTemp/Franklin A TSM Sel r 71.05 -0.28 6.9 TotStAdml 101.25 -0.39 6.9 TgtRet2055 51.93 -0.07 5.2 TotIntBdIdxInst 34.33 +0.01 -2.0 CorePlusBond NA ... NA ParnEqFd 56.53 +0.07 5.4 IncoA p 24.71 -0.02 5.6 Balanced 112.44 -0.63 10.5 Freedom2040 K 12.54 -0.01 6.7 Growth A p 138.00 -0.05 1.9 VANGUARD ADMIRAL TxMCapAdml209.50 -0.53 6.0 TgtRetInc 15.00 ... 0.5 TotStInst 101.27 -0.39 6.9 PGIM Funds Cl Z N PerA p 62.37 -0.16 3.1 Intl Eq 14.03 +0.03 5.0 GblStock 15.06 -0.07 13.2 Fidelity Invest RisDv A p 82.30 -0.26 2.6 500Adml 366.87 -0.57 5.9 TxMIn r 15.99 +0.03 5.0 TotIntBdIxInv 11.44 ... -2.1 ValueInst 51.22 -0.33 10.4 HighYield NA ... NA NEcoA p 60.92 -0.12 2.4 LargeCapGrowth 21.21 -0.01 3.1 Income 14.29 -0.01 -2.5 Balanc 29.65 -0.11 4.8 Guggenheim Funds Tru BalAdml 45.53 -0.11 2.7 USGroAdml 172.37 -0.52 1.4 USGro 66.54 -0.20 1.4 WCM Focus Funds TotalReturnBond NA ... NA NwWrldA 90.07 +0.23 2.4 LargeCapValue 16.36 -0.11 11.1 Intl Stk 47.64 -0.06 9.0 BluCh 171.47 -0.88 5.1 TotRtnBdFdClInst NA ... NA CAITAdml 12.26 +0.01 -0.4 ValAdml 51.22 -0.33 10.4 WellsI 28.50 -0.04 0.6 WCMFocIntlGrwIns 24.76 +0.08 ... PIMCO Fds Instl SmCpA p 84.22 -0.02 5.9 Columbia Class I Stock 224.74 -1.87 16.7 Contra 16.79 +0.04 2.4 Harbor Funds CapOpAdml r193.09 -0.83 8.8 WdsrllAdml 76.23 -0.32 11.0 Welltn 45.63 +0.01 2.9 Western Asset AllAsset NA ... NA TxExA p 13.57 ... 0.1 DivIncom I 27.58 -0.02 6.9 DoubleLine Funds ContraK 16.83 +0.04 2.4 CapApInst 103.42 -0.30 -0.8 EMAdmr 43.90 +0.10 5.3 WellsIAdml 69.03 -0.11 0.6 WndsrII 42.96 -0.18 11.0 CoreBondI NA ... NA ShortT 9.83 -0.01 0.1 WshA p 54.18 -0.08 8.0 Dimensional Fds CoreFxdIncmI NA ... NA CpInc r 11.06 -0.03 3.8 Harding Loevner EqIncAdml 86.39 -0.29 8.9 WelltnAdml 78.80 +0.02 2.9 VANGUARD INDEX FDS CorePlusBdI NA ... NA P2JW076000-5-B01300-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, March 17, 2021 | B13 MARKETS Energy Saps Dowand S&P

BY JOE WALLACE S&P500 sectorsperformance, Tuesday prices fall. AND ALEXANDER OSIPOVICH “Bondvolatility is going to –3% –2 –1 01% stay elevated probably at least TheDow Jones Industrial Communications services through the summer,ifnot be- Averageand S&P 500 retreated yond that,” said Eoin Murray, Information technology aday afterboth closed at re- head of investment at Feder- cord levels. Utilities ated Hermès.“Thebond market Theblue-chip indexfell is considerably morenervous 127. 51 points, or 0.4%, to Consumer staples aboutinflationaryprospects 32825.95, snapping aseven-ses- Real estate than the equity market appears sion winning streak.The broad- to be.” based S&P 500 retreated 6.23 Healthcare Everysooften, stocks are points,or0.2%, to 3962.71. S&P500 rattled by rising bond yields, Thetech-heavy Nasdaq Com- Mr.Murray said. “Then they positeekedout again of 11.86 Consumer discretionary forget about it and charge off points, or lessthan 0.1%, to Materials again,” he added, pointing to 13471.57,having been up as gains forthe stock market in

JOURNAL much as 1.2% earlier in the day. Financials recent sessions.

REET TheNasdaq has lost more In corporatenews, Ford Industrials ST than 4% from the shares tumbled 71 cents, or LL TUESDAY’S closing high it set Energy 5.4%, to $12.49 afterthe car WA MARKETS just over amonth maker said itsearningsthis THE

R ago. Theindex Source:FactSet year could take ahit if the

FO gaveupits early gains on Tues- global shortageofsemiconduc-

ONG dayasgovernment-bond yields whether it will addressthe re- Investorslargely looked past tors continues. LU jumped. In recent weeks asell- cent rise in bond yields.Rate shakyeconomic datareleased Oil prices fell forathirdcon- NY

TO off in U.S. Treasurys has pushed setters at thecentral bank be- Tuesday, chalking up the disap- secutivesession, trimming an Shawn DaCruz is a fan of ARK founder Cathie Woods. yields higher,increasing the ap- ganatwo-daypolicymeeting pointing numberstounusual advancethat had pushed prices peal of bonds to investorsand on Tuesday, and FedChairman circumstances in February, such to their highest level in almost the U.S. As of Monday, ARK reducing the relativeattractive- Jerome Powell is expected to as the severeweather that two years. Futures on Brent ARK managed $50.3 billion. nessofshares of tech and other makepublic remarks at the wreaked havocoverpartsof crude,the benchmark in inter- Some investors, likeMr. fast-growing companies. meeting’sconclusion on the country. national energy markets, Call, said Ms. Wood’s convic- Seven of the S&P 500’s11 Wednesday. Retailsales fell 3% last slipped 0.7% to $68.39abarrel. Pitches tion kept them from selling sectorsended the dayinnega- Loose monetarypolicy, month,datafromthe Com- Overseas,the StoxxEurope out completely.Otherssaid tiveterritory, with energy along with progressonmerce Department showed. 600rose 0.9%. Early Wednes- they took her bullish talk and stocks performing the worst, Covid-19 vaccinations and Pres- Economistshad expected a day, Japan’sNikkei wasupless Patience thefact that ARK continued weighed down by adecline in ident Biden’s$1.9trillion stim- pullback—though asmaller than 0.1%, the Shanghai Com- buying shares of Tesla, Roku oilprices. ulus package, has helped lift one—afterajump in spending positewas down 0.2% and and other stocks as asign to Tech and communication theS&P 500 to recordsinre- at the start of the year.Febru- South Korea’sKospi wasup ContinuedfrompageB1 double down. stocks still posted gains,with cent months.But anyindica- arytends to be aquiet month 0.9%. U.S. stock futures were down 25%. It gotpainful,” “Itmay sell off 50%,” said Apple, Microsoft and Google tions that the Fedisworried forretail sales,and the weather flat. Jackson Call,a24-year-old Shawn DaCruz, 31, a pharma- parent Alphabet all up more about inflation could dent the also depressed sales. dental student in Chapel Hill, cist who owns a few hundred than 1% and Facebook gaining stock market’srally. Industrial production fell N.C., said of the ARK Genomic shares of ARK’sgenomic fund. $5.53, or 2%, to $279.28. “Everything is feeding off 2.2% in Februarycompared AUCTION RESULTS Here are the results of Tuesday's Treasury auction. Revolution ETF. Mr. Call had “But if youlook at the compa- “Techhas faced headwinds thefact thereisthis hugere- with January, breaking four All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference just bought moreshares of the nies she owns,some of the forthe past couple of months,” covery taking place,” said Fa- consecutivemonths of gains, between that price and the face value. firm’ssecond-biggest fund, largerholdingslikeSquare said Jack Janasiewicz, portfolio had Kamal,chief investment of- according to newdatafromthe 19-YEAR, 11-MONTH BONDS boosting hisinvestment to andTesla, in five years, I’m manager at Natixis Investment ficeratKleinwort Hambros Fed. Thebulk of the declines Applications $64,599,088,700 about $50,000 when the tech pretty sure those companies ManagersSolutions.“But Ifind “That should obviously help were due to winter weather, Accepted bids $28,309,707,400 " noncompetitively $2,196,900 trade fizzled. will be around and they will be it hardtogiveupontech. In some of the sectorsthat have which sent some plantsoffline, " foreign noncompetitively $0 Thenearly daily declines bigger than they are now.” the longer term, when youlook been beaten down foralong the central bank said. Auction price (rate) 93.400551 (2.290%) proved hard forMr. Call to Mr. DaCruz is one of ARK’s at what’sreally driving the U.S. time and areobviously alot In bond markets, the yield Interest rate 1.875% stomach, so he sold some morepassionateinvestors. He economy, it’stech.” cheaper,” Mr.Kamal said. “We on 10-year Treasurynotes rose Bids at clearing yield accepted 98.83% shares.Including the losses,his says he reads everytweet, Investorsare keeping an eye aregoing to see arise of the to 1.622% from 1.609% on Mon- Cusip number 912810SW9 The bonds, dated March 31, 2021, mature on Feb. 15, investment in the ETFshrunk to watches everyvideo and lis- on the Federal Reservetosee forgotten.” day. Yields rise when bond 2041. $30,000.Hesays he considered tens to the podcastsput out selling moreuntil he watched by Ms.Wood and ARK—and one of Ms.Wood’sYouTube vid- hasevenfollowedMs. Wood Treasury yields can be splitintoexpected payouts from short-term assetsreliant on lowyields. eos reassuring investorsthat intosome of the individual Treasurys interest ratesoverabond's lifeand arisk,or‘term,’premium for Cyclical stocks sensitiveto thevolatility would die down stocks that her funds buy. locking up money. The recent rise wasdriven by the risk premium. economic growth such as car andultimately be a“gift” that Earlier this year,hestarted makersand upmarket retail- would drivefurther gains. designing T-shirts, sweatshirts Look a Bit Components 3.0% ersprovide adegree of pro- “She helped me not to sell,” andhatsemblazoned with ARK of 10-year tection against higher infla- Mr. Call added. or the ticker symbols of itsfive Treasury 2.5 tion created by faster Ms.Wood has leaned on tele- main ETFs.Hesells them Riskier yield* growth, and don’t tend to be 2.0 vision interviews and YouTube through an online storethat his hurt much by higher yields; Yield from fiancéehelped build. Ulti- 1.5 something similar applies to mately,hesaid he is sticking ContinuedfrompageB1 path of industrial and consumer interest ARK’s funds were with Ms.Wood, even though negative!) is driven either by 1.0 commodities such as copper hisinvestment in ARK’sge- sentiment or—as in 2013— rates and oil. All areupalot this hit particularly hard nomic fund, which he started changes in expected Fed 0.5 year.Gold is lessgood, since building up last fall, gaveupall bond-buying plans. As well Term it suffersfromthe higher af- by the selloff in premium of itsgains at one point. as moving quickly, there is 0 ter-inflation yields created technology stocks. Jeff Sanders, a 55-year-old no limit to how far it can by the fast-rising term pre- retiree,also follows Ms.Wood move, since there is little un- –0.5 mium, offsetting itsbenefits closely afterfirst buying derstanding of what drives as an inflation hedge—and it shares of the flagship ARK In- this risk factor, which is –1.0 is down 9% this year.Big videos,which racked up more novation ETF two years ago. known to bondholders as the 2012 ’14 ’16 ’18 ’20 technologystocks arehurt by than 1.5million views,toput in- He said he wasn’t tooworried term premium. higher yields,too,one reason vestorsatease throughout the during the selloff because he It isn’t easy to calculate, Probability of 80% the sector has laggedbehind volatility.Manyhaveembraced is invested forthe long term— either. Different models used inflation over the wider market this year. her vision of investing in “dis- at leastfiveyears—just like by the Fed’s Board of Gover- next fiveyears 60 Of course, just because ruptivecompanies” such as Ms.Wood. He opted to load up nors and the New York Fed averaging†: fear is starting to show in Square Inc., Roku Inc.and on more shares. can’t even agree on whether Treasurys doesn’t mean that 40 Tesla Inc.that she believes are Financial adviser LarryCar- it is positive or negative at Above 3% yields are bound to rise fur- on course to changethe world. roll has been investing his cli- the moment. But both mod- ther; there is no such thing “It’sexciting to be alive. entsinARK’sinnovation ETF els, and several other ap- Below1% 20 as a one-way trade. Investor We’reasexcited as ever about since2018,buying some proaches, show that the rise sentiment often reverses everything we’redoing,” Ms. $300,000 of shares.Hesaid he in 10-year yields this year 0 swiftly, and after such a big Wood said in avideo posted likes Ms.Wood and her funds has been more about a rising 2012 ’14 ’16 ’18 ’20 move it is plausible that March 5. An ARK spokes- so much that he organized a risk premium than a higher there will be a short-term woman said the firm’sofficers virtual meeting between Ms. path of predicted Fed rates. U.S. five-year break-even inflation rate switchback, which for bonds weren’t available forcomment. Wood and his clients, manyof Bond investorsdon’t think 3% would push yields back down Thetech-sector selloff pre- whom are retirees, so they runaway inflation is afore- and prices up. sented ARK with itsbiggest could hear firsthand about her gone conclusion. Steady 2 Butitiseasy to believe test sincelast year’s stock-mar- disruptiveinvestment strategy. rises in the market’sfive- 1 that inflation worries will ketcrash. ARK ultimately had a Mr.Carroll said he put pru- year break-even rate,inef- grow as stimulus checks blowout year in 2020,with its dent portfolio management fect aconsumer-priceinfla- 0 start to be spent, and those ETFs outpacing the broader ahead of his fandom and rou- tion forecast, reached the –1 who have been blindly using market. Investorsplowedmore tinely sold shares when the ETF highest since2008,but is Treasurys as ballast fortheir –2 than $36 billion intothe funds, moved erratically higher,net- still at only 2.54%, not far portfolios might think again. boosting assetstonearly $60 ting $468,000 in profit forhis from the Fed’starget(the 2008 ’10 ’12 ’14 ’16 ’18 ’20 Rising yields would again billion at one point. clientsthrough January. When Fedaims for2%onadiffer- *Using Adrian, Crump and Moench model †Calculatedfromcap and floor derivatives challengeBig Tech and simi- Even during the recent tu- growth stocks slid, he felt com- ent gaugethat on average Sources: Federal ReserveBank of NewYork (yield components); Federal ReserveBank lar growth stocks,and might mult, investorsput more fortable holding the remaining since1990 has been 0.43 of Minneapolis (inflation probability);Federal ReserveBank of St.Louis (inflation rate) drag down the whole market. money into most of the funds $221,000 investment, calling it percentagepoint belowcon- As Matt King, global mar- than they took out, adding a house money at that point. sumer-priceinflation). But rising uncertainty about the taking on the risk of inflation kets strategist at Citigroup, net $2 billion to ARK’scoffers “There’snothing wishy- the probability of inflation impact of stimulus combined will naturally be willing to puts it: “If it is just about over the past month. That is washyabout her opinions,” averaging over 3% forthe with easy money. paymorefor stocks and better growth then that is about $320 million morethan said Mr.Carroll. “Those come next five yearshas reached This has implications for commodities that might positive for equities, but if it JPMorganChase &Co.,the through loud and clear and are 30%, the highest sincethe other assets. Investorsde- hedgeagainst that risk,while is about risk premia coming eighth-largest ETFissuer in part of her success.” taper tantrum, showing the manding ahigher reward for higher yields hit the value of back then ugh.” Swine Fever Threatens U.S. Farmers

BY KIRK MALTAIS break could delaythat until as animal feed. Soymeal fu- nearly $14.50 abushel, lifted 2023,Rabobank found. tures trading on the Chicago by the strong export outlook. Aresurgenceofalethal pig African swine fever, adis- BoardofTrade hit their high- As aresult, U.S. farmersare disease is putting newstrain ease harmlesstohumans but est level sinceJune 2014early expected to plant more soy- on China’seffortstorebuild nearly always fatal to pigs, this year,topping out at an in- beans—90 million acres this itsherds—a threat to U.S. took a hugebiteout of tradayhigh of $474.10 per spring,the most since2017, farmers’ hopes to sell more China’shog supplies in recent short tononJan. 12. Since the USDA estimated last soybeans therethis year. years. In 2019,the spread of then, prices have shed nearly month. Anew outbreak of African the disease cut China’shog $100 aton, or 16%. “IfASF takesasubstantial swine feverinthe world’s herd by roughly 40% to 260 Thedisease’sreturn threat- toll on the pig population in leading hog- million head, according to Ra- ens otherwise strong export China, then arethe demand COMMODITIES producing bobank. demand expected forU.S.soy- expectations forcorn and soy- nation is “Concerns from our boots beans.The U.S. Department of beans overstated or is that killing increasing numbersof on theground in China esca- Agricultureforecaststhat soy- timeline moretruncated?” Chinese pigs, with the sow lated considerably afterthe bean export sales will total asked Steiner Consulting herdfalling 3% to 5% each Lunar NewYear holiday,” said 2.25 billion bushels in the Group in aresearch notedated

month sinceDecember,ac- Arlan Suderman, chief com- 2020/21 marketing year—over March 10. REUTERS Y/ cording to areport Tuesday modities economist with one-thirdmorethan last Meanwhile,U.S.hog prices IL from Rabobank.Chinese offi- StoneX Group Inc. year’s figure. have climbed—with the most- DA

cials had forecast the country Theoutbreak has pressured Soybean prices have risen activefutures contract on the CHINA would return to pre-disease U.S. soyprices—particularly to their highest levels since CME gaining 18% sincethe In 2019, the spread of the disease cut China’s hog herd by hog herds this year.The out- forsoymeal, commonly used June 2014this month at start of the year. roughly 40% to 260 million head, according to Rabobank. P2JW076000-0-B01400-1------XA

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

FINANCIAL ANALYSIS &COMMENTARY Instant Settlement May Not Be Gratifying for All

Trading haltsinmeme stocksspur interest in real- time trade settlement, but noteveryone sees upside GES

When it comes to settlement lion in U.S. equities transactions IMA times,not everyone in the market passing through the system on a maybefeeling the need forspeed. typical trading dayin2020,bythe GETTY Thebrief trading restrictions in day’send the typical totalvalue ON/ Januaryfor meme stocks like settled by the main stock clearing-

GameStop arecontinuing to draw house wasunder $40 billion. HENDERS attention to the nitty-gritty of how Sizecould work against big firms W. quickly U.S. stock trades settle. if those trillions have to change ON

Robinhood Markets and others hands throughout the dayastrades THEAR arguethat real-time settlement, areagreed upon. This would necessi- The purchase of a video of a LeBron James dunk for $208,000 doesn’t give the owner exclusivity. rather than it taking acouple of tate upgrades to paymentsand other days as under the current system for systems,such as firms’ processfor stocks,would protect customersby lending and borrowing shares,which not hitting brokerswith hugeor is oftenpart of howtrades areset- Scarcity Creates a Boom sudden cash requirementsatclear- tled. Securities financing is akey inghouses.Some lawmakerssaid part of market-makingand gener- faster settlement should be aprior- ates alot of revenue forlenders, al- ity.Other players acrossthe finan- most $8 billion globally in 2020 by Nonfungible tokens arenew,but making something scarce to liftits priceisn’t cial complexmight have complicated one measure, according to DataLend. feelingsonthe topic. LikeRobin- Some areadvocating amiddle hood, big established firms could ground fornow.DTCChas backed a The booming market for non- Daily trading volume of nonfungible tokens,seven-dayrolling average free up liquidity and avoid the risk move from the current system, fungible tokens made headlines of settlement failurewith instant which is trade date-plus-two days, this year, with various examples of $10 million settlement, because in theorythere or T+2, to one dayfaster,orT+1. digital art—including highlight wouldn’t need to be funds tied up to DTCC says that could reducethe reels of basketball star LeBron insureagainst the failureofatrad- volatility-related part of margin James—selling for hundreds of 8 ing party to deliver cash or shares. chargesby41%. Michael Piwowar, thousands of dollars or more. But thereare coststosuch amove. executivedirector of the Milken In- NFTtechnology—used to regis- 6 One thing about delayedsettle- stituteCenter forFinancial Markets, terand authenticatethe ownership ment that is helpful to banks and told the Senatelast week that regu- of adigital work on the block- brokersisthe so-called netting of latorsshould consider the moveto chain—is modern. But the concept 4 diverse flows. Firms have daytrad- T+1, but that “real-time settlement of turning something plentiful or ersasclientsbut also retirement is just abridgetoo far at this point.” easily replicable likeadigital paint- accounts, fund managersand so At the moment, big firms in par- ing intosomething scarce isn’t new. 2 on. These trades canall net against ticular maynot feel great urgency. Thestruggle over rightsto each other forafar lowerultimate Manybanks and brokersare awash cheaply replicable creativeworks settlement bill in the current sys- in cash with basically nowheretogo, has been raging forcenturies. Some 0 tem. TheDepositoryTrust &Clear- so having to park some at aclear- kinds of limited artificial scarcity are ing Corp.says out of over $1.7tril- inghouse maybearelatively light useful and incentivizecreativity.Mu- April 2020 ’21 burden fornow.Meanwhile,tech sic canbeanearly limitlessgood, Source:Nonfungible.com Cboe Volatility Index budgetsare facing expensiveup- but artistswould struggle to makea grades to consumer software,regu- living in aworld of totally free newhome buyers. tween the commodification of a 40 latorycompliancesystems and more. shareable digital audio.The same Sometimes artificial scarcity pieceofart and itsfinancialization. “Investing heavily in operations logic might apply,handily,tonews- creates even more pocket-picking. Thevideo is the commodity,avail- technologywould be necessaryfor paper paywalls.But in alot of other Economist Clotilde Champeyrache able to everyone.The scarce ele- 35 faster settlement to occur,” said Vir- cases,artificial scarcity is aneedless notes how the Italian mafia cre- ment, unrelated to the viewing right, ginie O’Shea, an industryconsultant limit on prosperity: It doesn’t incen- ated institutional scarcity to ex- is the newly created digital asset. and founder of Firebrand Research, tivizeproduction and extractsrent. tract elevated rents. Theway NFTsharnessimagi- 30 but “itisnot arevenue-generating In China, developable urban land NFTsare distinct—and curious, naryscarcity isn’t economically part of thebusiness” formanyfinan- is rationed as if it is scarce to fund from an economic perspective—in harmful likeland auctions or mafia cial institutions. local governments. Partly as aresult, the sense that they confer atype of rent-seeking.But in most cases it 25 Some will arguethat spending property prices in third-tier Chinese ownership without the ability to doesn’t seem to really be incentiv- todayisjustified to movetoward cities rantoaround 9.75 times aver- profit from use of the asset. The izing anything except speculative 20 the goal of abroadly instantaneous ageincomes in 2019,with the most purchase of avideo of aLeBron mania. Themarket is intriguing financial system. Technologyhas expensivefirst-tier cities at 23.9 James dunk from NBATop Shot for precisely because it is apureexam- evolved to potentially makesuch times incomes.This paid off for $208,000 doesn’t givethe owner ex- ple of scarcity forscarcity’s sake. 15 vast instant exchangepossible, early ownersand local governments clusivity—it canstill be watched Nothing underpins it—but perhaps by using forms of block- auctioning land,but is essentially a free of charge by anyone.Rachel equally, that’s something the buy- Oct. 2020 ’21 chain. But what is possible isn’t al- type of taxonbusinesses without O’Dwyer, aresearch fellowatTrinity ers seem to be well aware of. Source:FactSet waysprobable. —Telis Demos good government connections and CollegeDublin, distinguishes be- —Mike Bird The 5G Tower Party Is Just Getting Started Spending Is About Reliable5Gsignals will requirea To Spring Forward lot morecell towers.Itmight be a good time forinvestorstoconnect. One of the ironies of the smart- phone revolution has been how lit- Retail sales took a big step back The Commerce Department’s re- tle the companies that built the 4G in February. The next step almost tail sales report skews heavily to- networks underpinning it bene- inevitably will be a big one for- ward the goods sectors that have fited. While having to invest heav- ward, but it is what comes after in many cases actually benefited ily in stronger signals, mobile op- that that will matter most. from the pandemic, such as hard-

erators have struggled to charge S TheCommerce Department on ware stores, supermarkets on on- customers for downloading more Tuesdayreported that retail sales line retailers. Overall, retail sales NEW

data. Despite a recent bounce, G dropped 3% in February from Janu- last month were up 6.3% from a stocks such as Verizon Communi- ary, which wasmorethan the mod- year earlier, right before the crisis

cations in the U.S. and Vodafone OOMBER est decline economistshad ex- took hold.

in Europe have massively under- Z/BL pected. On the other hand, January’s Thecategoriesthat have taken performed their host stock mar- sales jump wasrevisedtoanin- big sales hitsare restaurantsand kets over five years. OPPIT crease of 7.6% from again of 5.3%. bars, clothing stores and department

With little prospect that 5G will SEN-K The causes of the zig and zag in stores.The easing of the pandemic bring different dynamics, opera- sales aren’t hard to figure out. could benefit all three—restaurants tors in Europe are raising funds by January sales were boosted by the and barsbecause people will be itch- JOHANNS

carving out the passive part of A government payments that began ing to go out again, and clothing and

their networks—the towers on LIES to arrive in late December. The department stores because as people which gear is hung—for full or Vodafone shares some towers with other operators, but wants to share more. fading of that boost would have go out again and maketheir first partial sales. Vodafone, which in been a drag on February sales, and forays back intothe office, they are 2014 raised funds for 4G by selling objections to tower deals. AT&T and Verizon long ago then winter storms hit, including going to care what they look like. its stake in Verizon, this week ex- Once listed, Vantage wants to started selling towers to specialist the one that left millions of people The bigger question is whether pects to complete a minority ini- buy more towers from operators real-estate investment trusts such in Texas without power. sales by the pandemic’s winners tial public offering of its Vantage that, like Vodafone, could use the as American Tower and Crown Credit-carddatafromBank of will be able to keep increasing. A Towers unit at a market value in cash. It is following the lead of Castle. The 5G shift will bring Americaand JPMorganChase rising tide is supposed to lift all the region of $15 billion. Cellnex Telecom, Europe’s largest growth to the U.S. sector too—pos- showthat sales so far this month boats, but what if some boats are Vodafone shares some towers independent tower company. Since sibly sooner given the slower pace rebounded from February—and already lifted? with other operators, but wants to November, Cellnex has agreed to of investment in Europe—but it that is beforethe next set of gov- —Justin Lahart share more. The cost of providing buy roughly $18 billion worth of has less scope for gains through ernment paymentswhich arenow connections drops if two or more towers from businesses controlled deals. American Tower wants to on the vergeofhitting manyAmer- Change in clothing and carriers agree to hang gear on the by Hong Kong billionaire Li Ka- join the party in Europe: In Janu- icans’ bank accounts. Throwinthe clothing-accessories store sales same structure. Co-tenancies will shing and Franco-Israeli tycoon ary, it agreed to pay $9.4 billion arrival of warmer weather that from ayearearlier become even more important as Patrick Drahi. for a tower business controlled by makes pandemic workarounds eas- the 5G rollout, which is just start- Carriers have a strong financial Spanish giant Telefónica. ier as well as the general sense of 20% ing in Europe, gathers pace. The motive to sell. Whereas stock pick- Stock pickers also might benefit relief that the end of the Covid-19 RECESSION new standard will require heavy ers until recent months shunned from looking across the Atlantic. crisis maybeinsight, and March 0 investment, including a denser network operators, they piled into European tower stocks fell in re- retail sales could be quitestrong. web of transmitters than 4G. Cellnex, leading to a huge valua- cent months, providing more rea- Nor will that likely be the end of –20 Such deals are a backdoor path tion divide. Investors like infra- sonable entry points, and the Van- it. At the recent paceofvaccination, to industrial consolidation, which structure providers’ low-risk reve- tage IPO is pitched lower than over half of U.S. adultswill have re- –40 allows big cost savings in the mo- nue profile—contracts with some analysts once hoped. ceived at least one vaccine dose by bile industry. While T-Mobile and European operators are typically Yet the growth prospects re- the end of April, and over two- –60 Sprint were allowed to merge in indexed to inflation—as well as the main, with consolidation well un- thirds will have received one by the U.S. under then-President Don- potential gains from tower-shar- der way and digital infrastructure Memorial Dayweekend at the end –80 ald Trump, the front-door route of ing. Vodafone’s move to spin off a a priority for European govern- of May. Manypeople will be alot network mergers remains barred minority of Vantage is a way to ments. Towers are the most direct morecomfortable returning to ac- –100 by European regulators for fear unlock value trapped in its busi- play on the 5G rollout investors tivities such as going to restaurants 2019 ’20 ’21 that it leads to higher prices. They ness without giving up strategic are likely to find. and taking trips.And with that, Note:Seasonally adjusted haven’t raised the same level of control. —Stephen Wilmot thereshould be ashiftinspending. Source:U.S. Census Bureau via St.Louis Fed