P2JW290000-6-A00100-17FFFF5178F

****** FRIDAY,OCTOBER 16,2020~VOL. CCLXXVI NO.91 WSJ.com HHHH $4.00

DJIA 28494.20 g 19.80 0.1% NASDAQ 11713.87 g 0.5% STOXX 600 362.91 g 2.1% 10-YR. TREAS. g 3/32 , yield 0.730% OIL $40.96 g $0.08 GOLD $1,903.20 À $1.90 EURO $1.1709 YEN 105.45 Trump and Biden Field Questions in Dueling TV Forums Jobless What’s News Claims Point to Business&Finance Slowing ew jobless-benefits ap- Nplications rose last week to the highest level sincelate Rebound August, as fresh layoffs add

to other signs the economic GES

recovery is losing steam IMA New applications amid the pandemic. A1

GETTY reach a recent high,

 Softwareexecutive Rob- SE/ adding to signs of a ert T. Brockman wascharged with hiding about $2 billion cooling recovery

in income from U.S. taxau- ANCE-PRES FR thorities over 20 years. A1 BY SARAH CHANEY ENCE

 LVMH said strong growth AG AND GWYNN GUILFORD

at itsbiggest fashion brands ON/ buoyedquarterly revenue, TS Thenumber of people in partly offsetting steep drops WA the U.S. filing newapplications in other luxurysegments. B1 JIM forunemployment benefits S; rose last week to the highest

 Morgan Stanley said its PRES level sincelateAugust, as

third-quarter profit rose 25%, TED fresh layoffs add to other signs

another big U.S. bank to CIA

SO the economic recovery is los- skateunscathed through the AS ing steam amid the pandemic.

rockiest economyinyears. B1 CI/ Claims increased to  Petrochemical makers VUC 898,000 last week,holding AN

are pausing multibillion- EV well abovethe pre-pandemic dollar U.S. expansions as : high point of 695,000, the La- the pandemic subdues what LEFT bor Department reported had been rapid growth in OM Thursday. Afterdeclining from FR demand for plastics. B1 REMOTE RIVALRY: President Trump and his Democratic challenger, Joe Biden, took part in separate town halls Thursday apeak of near seven million in night hosted by rival networks. The candidates laid out their sharply differing views on fighting the pandemic. A5 March, weekly claims have  U.S. stocks fell fora clocked in between 800,000 thirdstraight session, with and900,000 formorethan a the S&P 500,Dow and Nas- month as companies readjust daq retreating 0.2%, 0.1% their head counts. and 0.5%, respectively. B10 Theeconomyisflashing  TheCFTC set position lim- DailyU.S.Virus CasesClimb signs of slowdown. Monthly itson16agricultural, metal job gains cooled recently,as and energy commodities, has growth in consumer completing along-delayed spending and factory output. effort to enact aprovision of To Highest LevelSinceAugust “The joblessclaims contin- the2010 Dodd-Frank Act. B1 ued to reflect very difficult la- bor-market conditions,” said  Over 150 business and non- KathyBostjancic,economist at profit groups,including the BY JENNIFER CALFAS Forthe past week,the seven- hovering around 700for about a growing share of new cases OxfordEconomics.“It’srepre- U.S. Chamber of Commerce, dayaverage of newcases was three weeks,downfrom across the country. sentativeofstill uncertain and areasking Trump to withdraw Newcoronavirus cases hit outpacing the 14-dayaverage in around 1,000 two months ago. Anumber of factorsare challenging economic condi- his order that putsalimit on theirhighest level sincemid- morethan 40 states and Wash- TheU.S.has morefatalities likely contributing to the cur- tions at large.” some diversity training. A4 August, asign of afall surge ington, D.C.,according to aWall than anyother country—more rent rise in newinfections, The number of people col-  Blackstone is extending that public-health officials at- Street Journal analysis of Johns than 217,600 sincethe pan- some epidemiologistsand lecting unemployment benefits its big bet on biotechnol- tributetoinconsistent govern- Hopkins University figures. demic began. But it doesn’t public-health researcherssaid. through regular statepro- ogy and other life-science ment messaging,eased restric- When the seven-dayaverage is have the highest percentageof Thevirus has spread to grams,which covermost buildings, a hot sector that tions and the onset of cooler higher than the 14-dayaverage, cases that arefatal.About morerural counties and other workers, fell to about 10 mil- is getting hotter. B1 weather drivingpeople inside. it suggestscases arerising. 2.7% of reported cases in the communities,exposing vulnera- lion in the week ended Oct. 3 TheU.S.reported 59,494 Hospitalizations, too, have U.S. have been fatal, according ble populations that hadn’t yet from 11.2 million the prior World-Wide newdaily cases on Wednesday, swelled across the U.S. in re- to datafromJohns Hopkins. PleaseturntopageA6 week, according to the Labor the highest level sinceAug.14, cent weeks,though deaths ha- That figure has declined in re- Department. So-called con- according to datacompiled by ven’t surged. Deaths oftenlag cent months as treatments  Drop in cancer screenings tinuing claims declined  Newcoronavirus cases in Johns Hopkins University. behind newcases and hospi- have improved and testing has fuels worry...... A3 throughout the summer, indi- the U.S. hit their highest level That marked theeighth day talizations,given the duration expanded, allowing moremild  Survey finds many wary PleaseturntopageA2 sincemid-August, asign of in October that newly con- of the disease. The seven-day and asymptomatic cases to be about Covid vaccine...... A6 afall surge that public-health firmed cases nationally ticked average of daily deaths attri- detected. Sincethe summer,  Russia, China rush to fill void  Despite job losses, hiring is officials attributetoincon- above 50,000. buted to Covid-19 has been younger people have made up in other countries...... A7 booming for some...... A2 sistent government messag- ing,eased restrictions and the onset of cooler weather Freshman enrollment,percentage Covid-19 driving people inside. A1 White House Meddling, change from previous fall  Trump was pressed on Private Delays his handling of the pan- for-profit, College demic during acontentious four-year Private town hall on Thursday, Own Flubs Haunt CDC 3.7% nonprofit, Public, Public, Plans while Biden, at acompet- four-year four-year two-year ing event, wasasked what Across the U.S., he would do differently. A5 President Trump and his cial health guidance, altering said.Both effortsweresuc- undergraduate  WhiteHouse and Demo- advisershavetaken amore languagewrittenbyCDC sci- cessful. enrollment cratic negotiators agreed hands-on role than previously entistsonchurch choirs, so- Morerecently,aides to Vice declined this fall, on including acoronavirus- known in shaping Covid-19 cial distancing in barsand President MikePenceasked dragged down by testing strategy in broader recommendations from the restaurantsaswell as internal Dr.Redfield to have agencyof- –11.8% a sharp drop in economic-relief legislation, summaries of public-health re- ficials publicly substantiatean –13.7% first-year students as Trump again signaled his By Rebecca Ballhaus, ports, according to interviews assessment by Mr.Pence’s whose plans were desirefor an aid package Stephanie Armour with current and former doctor that it wassafefor him upended by the Overall –16.1% approaching $2 trillion. A3 and Betsy McKay agencyand administration of- to participateinlast week’s pandemic. Overall,  TheGOP-controlled Sen- ficials and their emails. election debate with Sen. Ka- undergraduate Centersfor Disease Control In one previouslyunre- mala Harris.Some CDC staff populations shrank ateJudiciaryCommitteeset Source:National Student –22.7% and Prevention,helping create ported Oval Officemeeting, membersworried that the re- Clearinghouse Research Center by 4%. A3 Oct. 22 as the datefor the acrisis of confidenceinthe thepresident and topWhite quest, which Dr.Redfield hon- panel’s vote on the nomina- tion of Barretttothe Su- nation’stop public-health House officials in Maypressed ored, drew the agencyinto preme Court, overruling agency. CDC Director Robert Redfield partisan politics. Thechanges the White to declarehouses of worship Theclashes stem in part Democratic objections. A4 House has sought—in many essential and allowthem to from aturfwar between a CEO Faces Biggest  TheSenate Judiciarypanel cases successfully—gobeyond reopen. Later, they pushed to WhiteHouse intent on con- plans to subpoena Twitter the agency’spublic messaging. strip certain languagefrom trolling broad elementsofthe CEO Dorsey after the firm WhiteHouse advisershave the guidance, current and for- coronavirus response and fed- Individual Tax Case blocked New York Post ar- made line-by-line editstooffi- mer administration officials PleaseturntopageA9 ticles that made new alle- gations about Biden, which BY DAVE MICHAELS from 2005 to 2014and agreed his campaign has denied. A5 Making Ads in a Pandemic AND MIRIAM GOTTFRIED to cooperatewith the continu-  Thailand issued an emer- TOMORROW ing investigation. Under aset- gencydecree banning gather- May Require Bribing Relatives A Houston software execu- tlementreached with the Jus- tive was charged with hiding tice Department, he will pay ingsofmorethan five people, about $2 billion in income $139 millioninfines and back seeking to end protestschal- iii lenging the government and from U.S. tax authorities over taxesbut won’t be prosecuted. Commercials stick close to home for 20 years, in what officials said Thechargesagainst Mr. the country’smonarchy. A7 was the largest criminal case Brockman, 79 yearsold, were  Kyrgyzstan’s president acting talent; ‘not the most cooperative’ ever broughtagainst aperson unsealed in federal court in San said he would resign, in- accused of evading U.S. taxes. Francisco. Mr.Brockman for jecting fresh uncertainty BY ALEXANDRA BRUELL with their pick of anew toyto Robert T. Brockman,chief yearsdirected investmentsof into the political crisis participate. Then the number executiveofautomotivesoft- tens of millions of dollarsinto that has engulfed the Cen- When director Giovanni of takespiled up,and the cou- ware-maker Reynolds &Reyn- Vista’sfunds,according to the tral Asian country. A7 Messner set out to makea ple worried the dough con- olds Co., wasindicted Thursday indictment. Prosecutorssaid he commercial earlier sumption was on chargesincluding taxeva- used secret bank accountsin CONTENTS Markets...... B10 this year forPills- getting excessive. sion, money laundering,failure Bermuda and Switzerland to Arts in ReviewA10-11 Opinion...... A13-15 Business News.. B3,6 Sports...... A12 bury’s newedible They spread out to disclose assetsheld overseas hide income,but the indictment Crossword...... A11 Technology...... B4 cookie dough, he the filming over and wirefraud. Mr.Brockman is doesn’t specifyhow much tax Equities...... B7 U.S. News...... A2-6 couldn’t bring in three days. the sole investor in the firstpri- Mr.Brockman skipped by hiding Heard on Street.. B11 Weather...... A11 actorsfor ashoot “I didn’t want vate-equity fund managed by offshorethe $2 billion he Mansion...... M1-12 World News...... A7-8 as usual due to the my kids to eat 45 VistaEquity Partners, afirm earned from Vista’sfunds. Covid-19 pandemic. cookies in arow,” founded by billionaireRobert Mr.Brockman pleaded not > So Mr.Messner Mr.Messner said. Smith.Authorities said Mr. guilty on all countsand wasre- cast his ownfam- The director’s children “It wasliketrying Brockman concealed gains he leased on a$1million bond af- WSJ. ily.His two chil- to hold them back made in Vista’sfunds from the terahearing conducted re- MAGAZINE dren, ages 5and 7, gotthe job from devouring it.” Internal Revenue Service. motely.“We look forwardto of excitedly eating the dough. Thepandemic has made Mr.Smith admittedondefending him against these s 2020 Dow Jones & Company, Inc. All Rights Reserved At first, Mr.Messner and producingads tough. With Thursdaytowillfully evading charges,” said his attorney, octoberissue his wife had to bribe the kids PleaseturntopageA9 $43 million in federal taxes PleaseturntopageA8 P2JW290000-0-A00200-1------XA

A2 | Friday, October 16, 2020 THE WALL STREET JOURNAL. U.S. NEWS Some Industries Enjoying a Hiring Boom

The economy has lost mil- hired roughly 300 newpeople fourth-quarter hiring tends to such as customer-servicerepre- hireroughly 500 newpeople staffing company. His office lionsofjobs this year.But in during the pandemic and is be dominated by seasonal sentatives,which don’t require this quarter,said Chirantan CJ currently averages around 400 manyindustries,hiring is looking forabout 200 moreto work at stores in preparation acollegedegree,and financial Desai, chief product officer.The job openings a week, up from booming. join by March,the company for holiday shopping. advisers. Thedemand reflects engineering and product-devel- about 55 aweek beforethe said. Thecurrent hiring boosts surging stock-market trading opment department that he pandemic. By Patrick Thomas, A two-track recovery is go beyond that need. Last volume and an uptick in inqui- oversees is expected to add at “It is unprecedented, and Chip Cutter emerging from the country’s month, Amazon.comInc. said ries from customersabout their least 275new hires in roles we’rehaving adifficult time and Te-Ping Chen pandemic-driven recession as it planned to hire100,000 401(k)s and other investments such as software engineer and filling them,” he said. some companies and careers moreworkersinthe U.S. and during the pandemic,said Bill product designer,bringing divi- To trytoenticepeople Paul Anselmo, chief execu- show signs of prospering de- Canada, as morepeople stay Ackerman, head of humanre- sion hiring to 1,300 forthe year. back,companies areoffering tive of EvolveMortgageSer- spite the recession while oth- home and shop online for ne- sourcesatthe firm. Cloud companies such as better compensation, flexible vices in Frisco, Texas,has ersinsectorssuch as hospital- cessities and other purchases. Fidelity’s hiring is up nearly ServiceNoware experiencing a hoursand signing bonuses.Six hired 120 new home-loan un- ity fall victim to continued Amazon added 175,000 ware- 40% so far this year,asthe boom as businesses,govern- months ago, the averagelocal derwritersinthe past 90 days lockdowns and changing con- house workersinMarch and companyadds thousands of mentsand universities bolster payratehesaw forthese and needs to find an addi- sumer behavior. April, 125,000 of whom it said other roles in technology and their digital capabilities amid types of roles was$10.92an tional 100 by the end of the When the pandemic set in, it would keep on. product development. Anum- theCovid-19 crisis,which is hour; now it is $14.80. year.The home-mortgagemar- theU.S.lost 22.2 million jobs Otherbig businesses—in- ber of positions don’t require pushing more people online. “Wages aregoing up faster ketisbooming,aslowinterest in March and April, causing the cluding cloud-computing com- afinancebackground, Mr. “For us,that has been a than it has in the previous 10 rates have led millions of economytoshrink 31.4% in the panies that help businesses Ackermansaid, adding that Fi- tailwind,” Mr. Desai said. yearsI’vebeen in the busi- Americans to refinanceand second quarter.Sincethe start digitizeand financial-services delity has arecordofhiring In Champaign, Ill.,compa- ness,” he said. continued work-from-home of May, employers have added firms—arealso ramping up people with customer-service nies in the manufacturing and “We know there are plenty policies are incentivizing peo- back morethan 11 million jobs, fourth-quarter hiring. experience at hotels and res- food-distribution sector have of people in themarket—we ple to buy new houses. with businessand hiring Fidelity InvestmentsInc. taurants and training them. dramatically ramped up hiring, just have to incentivize them In Maryland, mortgage booming in some sectors. needs 4,000 additional workers ServiceNowInc., acloud- said RichardYoerk,who owns to gettowork,” Mr.Yoerk companyNewDayUSA has In more-normal years, around the U.S. to fill roles computing company, plans to a local franchise of Express, a said. Jobless Initial unemployment claims 7 million Claims on 6 The Rise 5 4

ContinuedfromPageOne 3 Last week cating employers continued to 898,000 hire workers. 2 However, some of the re- cent declines in continuing 1 claims represent individuals who exhausted the maximum 0 duration of paymentsavailable April June Aug. Oct. through regular statepro- grams and arecollecting Note:Seasonally adjusted. The most recent money through a federal pro- national figurereflects the levelCalifornia

S reported during the lastweek prior to a gram that provides an extra13 two-week pause in claims processing. weeks of benefits. About 2.8 PRES Source:Labor Department

million people were receiving TED

aid through this extended-ben- CIA unemployment benefitsthat SO

efitsprogram in the week AS Mr. Trump authorized. ended Sept. 26,representing Nowearning around one-

the largest number sincethe SENNE/ fifth of what she made at the program began this spring,La- call center,Ms. Willetthas EVEN

bor Department data show. ST fallen behind on her rent. She This suggests many people Economists say the pace of jobs recovery largely depends on whether businesses see demand for goods and services pick up. has applied for30jobs,she areexperiencing long spells of said, but none panned out. unemployment and relying on insuranceisn’t helping enough. the jobs lost as aresult of the businesses see demand for ditional $300 in weekly bene- Thursday’sdatawas compli- unemployment insuranceto Ihaveworked all my life. Now pandemic.That is aslower goods and services pick up. fits.Stateswereauthorized to catedbyCalifornia pausing the paybills. The extended-bene- Ineed help,and it should be timeline than economistspre- TheWhiteHouse over the tap$44 billion in disaster-relief processing of newclaims for fits program is set to expireat therefor me,” she said. dicted six months ago. weekend formally submitted a funds to payuptosix weeks in two weeks.The statewill use the end of this year without Weekly figurescan be vola- Several factorsare converg- $1.88 trillion stimulus pro- supplemental benefitsfromthe this time to clear abacklog of additional federal stimulus. tile,but the four-week moving ing to hinder the economic re- posal,bringing the offer closer week ended Aug.1. unemployment filingsand im- Jonaisha Walton waslaid averagerose as well, to covery.For one,statesare lift- to the $2.2 trillion coronavirus Lateisha Willett, 27,ofDav- plement fraud-prevention tech- offfromher job as aprofes- 866,250, a sign more workers ing restrictions on business aid legislation House Demo- enport, Iowa,was let go in nology, the Labor Department sional driver on March 13. Al- are losing their jobs. activity moreslowly than in the cratspassed earlier this mid-March from the call cen- said. As aresult, the figuresre- though Ms.Walton filed for “We’veseen anumber of early summer amid an acceler- month. Negotiations continued terwhereshe worked. Thead- flect California’slevel during unemployment benefitsthat large firms report layoffs, ating rate of newcoronavirus Thursday over the details of a ditional $600 aweek in fed- the last week beforethe pause. same day, it wasn’t until June some of it because the paceof infections.Manytypes of in- possible deal. eral unemployment insurance Other government reports that she received word of her recovery is slowerthan maybe person services—such as travel, Afederally funded extra helped her endure the spring due for release Friday are ex- application’s approval. they had hoped for,” Ms.Bost- liveentertainment and indoor $600 in weekly unemployment and summer.But that boost pected to showU.S.retail Thebenefitshelped the 38- jancic said. dining—remain closed or oper- benefitsexpired at the end of expired in July,leaving Ms. sales rose in September for year-old resident of NewAl- AWall Street Journal survey ating at limitedcapacity.Many July as theWhiteHouse and Willetttoreceivethe state the fifthconsecutivemonth, bany,Ind., and her husband found morethan half of busi- consumersremain cautious many SenateRepublicans op- benefit of $90 aweek,plus an and industrial production—a catchuponbills.However, Ms. nessand academic economists about resuming pre-pandemic posed extending them at that extra$3granted to care for measureofoutput at factories, Walton is starting to facefinan- polled this month said they spending habits. Economists level. President Trump,aRe- her 2-year-old son—an amount mines and utilities—continued cial struggles as she remains didn’t expect the labor market said the paceofjobs recovery publican, signed an executive just shyofthe minimum to regain some of the ground without work.“Unemployment to regain until 2023 or later all largely dependsonwhether orderinAugust to fund an ad- threshold to qualify for extra lost earlier in the year. U.S. WATCH CORRECTIONS AMPLIFICATIONS FCC #METOO MOVEMENT TheU.S.arranged an ex- Liability Shield for Retaliation Cited in changethis week of two Ameri- Tech Firms Reviewed Harassment Cases cans held hostagebyHouthi militantsinYemen formore TheFederal Communications Three years into the #MeToo than 200 of the group’sloyalists Commission will begin arule-mak- movement, there may be more in Oman who had been blocked ing procedurethatcould scale awareness around workplace from returning to Yemen. A back legal protections forsocial- sexual harassment. But a new Page One headline on Thursday media platforms, in asteptoward report finds that almost three- incorrectly described the ex- the Trump administration’sgoal of quarters of people reporting changeasaprisoner swap. combating whatitviews as anti- such harassment suffer from re- conservativebias in the platforms’ taliation if they complain. Noticetoreaders content-moderation practices. More than 7 out of 10 people Wall Street Journal staff The review had been sought who reported sexual harassment membersare working remotely by President Trump and other at the workplace said they faced during the pandemic.For the conservatives, who say social- S some form of retaliation, up to foreseeable future, please send

media platforms have used Sec- PRES and including being fired, the re- reader commentsonly by email

tion 230 of the Communications TED port said. It analyzed 3,317 on- or phone,using the contacts

Decency Act to censor conserva- CIA line requests for legal help from below, not via U.S. Mail. tive viewpoints. SO the Time’s Up Legal Defense AS FCC Chairman Ajit Paisaid Fund, between January 2018 Readers can alert The Wall Street GLE/ Journal to any errors in news articles the law has been applied too EA and the end of April 2020. by emailing [email protected] or broadly. “Many advance an The finding on retaliation was by calling 888-410-2667. overly broad interpretation that one of the most striking of the

in some cases shields social-me- BERKSHIRE report. It also found thatwork- dia companies from consumer placeharassmentseverely af- THE WALL STREET JOURNAL protection laws in a way that fected workers’ economic, physi- (USPS 664-880) (Eastern Edition ISSN 0099- 9660) (Central Edition ISSN 1092-0935) (Western has no basis in the text of Sec- cal and mental health, and that Edition ISSN 0193-2241) LLSHAN/THE

tion 230,” Mr. Pai said. ZO often, people were subjected to Editorial and publication headquarters: 1211 Avenue The Internet Association morethan one form of workplace of the Americas, NewYork, N.Y. 10036 questioned the FCC’sauthorityto harassment—both sexual and ra- Published daily except Sundays and general legal

EPHANIE holidays.Periodicals postage paid at NewYork, N.Y.,

makechanges thatwould re- ST cial, forexample. and other mailing offices. strict the abilityofinternet plat- MAN VS. NATURE: William Beatty uses raking mitts while his son, Adam, squashes the leaves down The study wasconducted by Postmaster:Send addresschanges to The Wall forms to makecontent decisions. Thursday in Pittsfield, Mass. They say they rake up about 55 of the 39-gallon bags each year. the National Women’sLaw Cen- Street Journal, 200 BurnettRd., Chicopee, MA 01020. The FirstAmendmentprotects ter, which houses and adminis- AllAdvertising published in The Wall Street Journal is subject to the applicable rate card, copies of which every privateenterprise’sability meeting of the Committee on CALIFORNIA firedanger were in placefor much ters the Time’sUpLegal Defense areavailable from the Advertising Services to set and enforce rules forac- Parole means freedom, with con- of the San FranciscoBay Area Fund, launched in early 2018 to Department, DowJones &Co. Inc.,1211 Avenue of the Americas, NewYork, N.Y. 10036. The Journal ceptable contentontheir services. ditions, for Fair Wayne Bryant. Heat Wave Prompts wherewinds bringing hot, dry help workers who otherwise reserves the rightnot to accept an advertiser’s order. Only publication of an advertisementshall constitute —John D. McKinnon Louisiana’sSupreme Court had Power Shutdowns gusts of up to 55 mph were ex- wouldn’tbeable to affordto final acceptanceofthe advertiser’s order. denied release forMr. Bryant, 63 pected to pose athreatofspark- taketheir complaints of sexual Letters to the Editor: LOUISIANA years old, earlier this year forthe Morethan 50,000 California ing newblazes in aregion thatal- misconduct to court. It connects Fax: 212-416-2891; email: [email protected] burglary from acarport storage utilitycustomers were without ready has seen some of the worst them with legal assistanceand Need assistancewith your subscription? Parole Given in Life By web: customercenter.wsj.com; room. powerand others around the wildfires in statehistory. in some cases helps defray costs. By email: [email protected] Sentence After Theft The case drew national atten- statewereurged to conserve The Pacific Gas & Electric The number of people report- By phone: 1-800-JOURNAL (1-800-568-7625) tion foradissentbyChief Justice electricityThursdayamid afall utility began shutting off power ing retaliation was “shocking,” Reprints &licensing: By email: [email protected]; A Black man whose life sen- Bernette Johnson, the high heatwave thatbroughtanother Wednesday evening to custom- said Sharyn Tejani, director of By phone: 1-800-843-0008 tence for making off with hedge court’sonly Black justice. She said round of extreme wildfiredanger. ers in portions of 24 counties, the fund. “Retaliation takes all WSJback issues and framed pages:wsjshop.com clippers in a 1997 burglary drew the habitual offender lawunder The National Weather Service mainly in the Sierra Nevada and different forms,” she said. “Los- Our newspapers are100% sourcedfrom scathing criticism from the chief which Mr.Bryantwas sentenced issued heat advisories through the San Francisco Bay Area. ing your job, losing shifts, losing sustainably certified mills. justice of Louisiana’s Supreme wasa“modern manifestation” of Friday for temperatures in the The outages were a “last-re- pay—or if you’ve already lost Court was granted parole Thurs- Jim Crow eralawsaimed at jail- 90s and even triple digits in sort option,” said Mark Quinlan, your job, you can’t find another GOTATIP FORUS? day. ing Black people forsimple crime. many parts of the state. PG&E’s incident commander. job in that industry.” SUBMIT IT AT WSJ.COM/TIPS The 3-0 vote during an online —Associated Press Red-flag warnings forextreme —Associated Press —Associated Press P2JW290000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Friday, October 16, 2020 | A3 U.S. NEWS Stimulus Drop in Cancer ScreeningsFuels Worry TalksMake BY ANNA WILDE MATHEWS Headway AND MIKE CHERNEY A decline in mammograms and other screening proce- On Testing duresafter the coronavirus pandemic struck is leading to BY KATE DAVIDSON missed and delayed cancer di- AND ANDREW DUEHREN agnoses,according to data from insuranceclaims,lab or- WASHINGTON—White ders, Medicarebillingsand on- House and Democratic negoti- cology-practicerecords,an atorsagreed Thursdayonin- emerging pattern that is cludinganational coronavi- alarming oncologists. rus-testing strategyin Hundreds of thousands of broader economic-relief legis- cancer screeningswerede- lation, as President Trump ferred afterworries about again signaled his desirefor Covid-19 shut down much of

an aid packageapproaching theU.S.health-caresystem JOURNAL $2 trillion despiteopposition starting this spring.Because REET

from SenateRepublicans. manycancerscan advance ST

During anearly 90-minute rapidly,months without detec- LL

conversation with House tion could mean fewertreat- WA

Speaker NancyPelosi (D., Ca- ment options and worse out- THE R

lif.) on Thursdayafternoon, comes, including moredeaths. FO

Treasury SecretarySteven “There’sreally almost no NG

Mnuchin said he would accept way that doesn’t turn into in- KA the Democratic coronavirus- creasedmortality,” with the INHEA

testing plan with minor edits, full effectslikely to playout Y

according to aspokesman for over adecade,said Norman E. MAR Mrs. Pelosi and another per- “Ned” Sharpless, director of Brenda Hudson waited a few months to get a mammogram because she was concerned about being exposed to the coronavirus. sonfamiliar with the call. the National Cancer Institute. Democratshavepushed for Missed screeningsand other old respiratory therapist who sharplythis spring.The mean ignorenagging,unexplained said Deneen Vojta, executive afederally led approach to pandemic-related impacts on lived in Nolensville,Tenn., weekly number of newly diag- symptoms, oncologists say. vicepresident forglobal re- testing with consistent data care could result in about never made the follow-up ap- nosed breast cancer patients “We undoubtedly will have search and development at collection that they saywould 10,000 additional deaths from pointment. Hisson, Nic,and fell by nearly 52% forMarch delays in diagnoses,and more UnitedHealth. moreefficiently routere- breast and colon cancer alone the oncologist who treated and early April, compared with advanced cancers,” said Wil- “There’sclearly no sources. TheTrump adminis- over the next 10 years, the NCI him, Todd Bauer of Tennessee figuresbeforethe pandemic. liam Cance, chief medical and makeup,” she said. tration has favoredleaving projected earlier this year.Dr. Oncology, said he didn’t want This missing cohort means scientific officer of the Ameri- An analysisofasample of testing decisions on testing to Sharplesssaid the estimate to risk exposuretothe corona- thereare likely manypatients can Cancer Society. Medicarebillingsbythe Com- the states. now appears low. virus afteritemergedthis with undiagnosed cases,said Claims tallied by research- munity OncologyAllianceand The progressbetween Mr. Cancer-careprovider 21st spring,partly because his sons Harvey Kaufman, asenior ersatUnitedHealth Group AvalereHealth, aconsulting Mnuchin and Mrs. Pelosi on a CenturyOncology, which has have compromised immune medical director at Quest. Inc., parent of the largest U.S. firm owned by Inovalon Inc., national testing plan comes as 300 locations around the U.S., systems.After coughing up “Cancer doesn’t take a health insurer,showmammo- highlightsother signs of unde- PresidentTrump called on Mr. said about 18% of itsnewly di- blood, he went to ahospital in pause,” he said. gramsdropped by as much as tected cancer patients. New- Mnuchin to accept apricetag agnosed breast-cancer pa- August and learned the tiny In March, as much of the 95% in thesecond week of patient oncologyvisitswere even larger than the adminis- tientsthis year through Au- nodule had grown into meta- U.S. health-caresystem Aprilcompared with that down between 29% and 70%in tration’smost recent offer of gust had an advanced stageof static disease. stopped performing routine same week in previous years. the months between March $1.88trillion. An agreement the disease,compared with “I wish he would have pri- procedures,the number of Screeningsbegan to resume andJuly,compared with the over anational testing plan 12% in all of 2019. From 2015 oritized it,” said Nic Weh- cancer screeningsplummeted, later in the summer,though same months ayear earlier. would removeone of the big- to 2019,the shareofits meyer, who lives in New York according to data from insur- they returned only to typical Biopsies forbreast, lung and gest concerns Democratshad breast-cancer cases detected butstayedwith his father in ers, electronic medical records levels. colon cancer fell between 11% raised last weekend with the at an advanced stage was be- Tennessee this spring.The and apatientsurvey.Many Researchers didn’t see the and 79% over the span, ac- WhiteHouse’sproposal. The tween 11% and 12.5%. Thepro- cancer “wasn’t caught until it clinics paused in-person visits. above-normal totals that cording to DebraPatt, an exec- two sides remain at odds on vider has also seen ahigher was past the tipping point.” Some people,nervous about would be expected if all of utivevicepresident at Texas severalother topics. proportion of its lung-cancer Datafromlab giant Quest the virus, decided to hold off those who missed procedures Oncology, who was a lead re- “Go big or go home,” Mr. patients arriving with a more Diagnostics Inc.shows that on checkups.Other patients, this spring returned for them searcher on the study. Trumpsaid on FoxBusiness advanced stageofthe disease freshly detected cases of sev- seeking to avoid doctors’ of- later in the year and no one OneofDr. Patt’s patients, Network. this year. eral typesofcancer dropped ficesand hospitals,chose to else skipped their screenings, Brenda Hudson of Buda, Texas, “It’s distressing as a physi- says her primarycarephysi- cian,” said Constantine Mantz, Daily cancer screenings forpatients coveredbyUnitedHealth*New weekly cancer diagnoses cian told her to getamammo- chief policyofficer for21st gram in June, but she waited Mr. Mnuchin said he 2018 2019 2020 in QuestDiagnostics Century Oncology, which is a lab test orders until August to getitdone.At would accept the unit of Australian company Mammograms Colorectal cancer screenings 66,with no family historyof Democratic plan GenesisCare. 8,000 8,000 2,000 breast cancer,she felt her risk The early dataoncancer was low and she was nervous with minor edits. underscore concerns that the about the coronavirus. negative health impact of the “I’m like, ‘I’m just not ready coronavirus extends well be- 6,000 6,000 1,500 to be in alot of medical facili- yond the direct effectsof ties,’ ” she said. Thepresident said he had Covid-19. The mammogram detected pressed Mr.Mnuchin to reach Richard Wehmeyer died of a small lump in Ms. Hudson’s alargerdeal. “I’vetold him. lung cancer in September,just 4,000 4,000 1,000 Breast right breast and abiopsy con- So far he hasn’t come home amonth afterastage-four di- firmed the cancer diagnosis. with the bacon,” Mr.Trump agnosis wasconfirmed. A She will be treated with che- said on FoxBusiness. computerized tomography motherapy and alumpectomy, 2,000 2,000 500 Lung Mr.Trump’sinsistenceona scan ayear earlier had first followedbyradiation. Dr.Patt packagelargerthan the one detected atiny, potentially Colorectal said Ms.Hudson’scancer is hisadministration has pro- cancerous nodule in his right Pancreatic fast-growing and while she posedhas put him at odds lung and he was urged at the 0 0 0 has agood prognosis,she with SenateRepublicans. time to getanother scan in JJFMAM JJA JFMAM J AMarch April might not have needed to get ManyGOP lawmakersare three to six months. *For the company’scommercial and MedicareAdvantage membership, seven-daymoving averages. Data arethrough Aug. 31. chemotherapy if it had been wary of approving another Mr.Wehmeyer,a70-year- Sources: UnitedHealth; QuestDiagnostics detected in June. majoraid bill, with several criticizingthe administra- tion’soffer as tooexpensive. “Ifweagree to something, Enrollment Slides at U.S. Aims to Shield the Republicans will agree to it,” Mr.Trump said at atown hall event Thursdayevening. KeyTechnologies Negotiations between the Universities Nationwide WhiteHouse and Democrats have draggedonfor months, BY KATY STECH FEREK innovations that strengthen and the continued differences U.S. national security, the se- between the WhiteHouse and BY MELISSA KORN turns,with out-of-work adults had been trying to shrink its WASHINGTON—Artificial in- nior official said. SenateRepublicans have looking to add skills and youn- undergraduatepopulation, be- telligence, quantum informa- It is the firstgovern- clouded the outlook foran Undergraduate enrollment gerstudentstrying to save coming more selective in the tion scienceand semiconduc- mentwide directivefor federal agreement beforethe election. tumbled this fall at many col- money on tuition. process. tors areonanew list of agencies to givepriority to Discussions in recent days leges and universities around This time,initial discus- It set atargetfirst-year advanced technologies that the protecting acentrally desig- have focused on the language the country, draggeddownby sions of aquick, V-shaped eco- class of around 610 students, U.S. is aiming to protect under nated set of technologies, the around the testing strategy, asharp drop in first-year stu- nomic recovery may have left down from the roughly 650 it guidelines released Thursday. official said. Mr. Mnuchin said. The White dentswhose school plans were unemployedadults thinking it enrolled the prior fall, but ac- Thetechnologies on the list, Previously, guarding those House had proposed using lan- upended by the coronavirus wasn’t worth it to invest tual enrollment fell short of released by the WhiteHouse’s technologies wasuptodivi- guageincluded in aseparate pandemic. months or yearsinanew cer- the moremodest number by National Security Council, are sionswithin State,Defense, testing bill that had bipartisan Overall, undergraduatepop- tificateordegree program, 15%. considered critical to the coun- Commerce and other depart- support in the House and Sen- ulations shrank by 4%, and said Doug Shapiro, executive The school’s recent efforts try’snational security position, ments. ate, but Mr. Mnuchin said the first-year student countsfell director of the National Stu- to recruit morestudentsfrom including military, intelligence “What’snew hereisa administration was willing to by 16.1%, according to new dent Clearinghouse Research the Northeast and morefar- and economic interests. whole-of-government ap- acquiesce to the language re- data from the National Stu- Center. flung locales proved ill-timed. Thelist wasaccompanied by proach,” the senior official quested by Mrs. Pelosi. dent Clearinghouse Research And, he said, those who Manyadmittedstudentsfrom areport that gives government said. Theadministration has Center.Graduateenrollment the mid-Atlantic and NewEng- agencies specific guidelines on Thelist of 20 technologies agreed to include $75billion increasedby2.7%. Thetally land turned down their enroll- howtoprevent the technolo- also includes advancedcom- that Democratsproposed for includes 9.2 million students, The number of first­ ment offers, while the yield re- gies from falling intothe hands puting,biotech and aero-engine coronavirus testing and con- from morethan half of schools mained steady among local of foreign adversaries, such as technology. It builds upon an tact tracing and an additional that report data to the Clear- year students fell by students. China,according to asenior earlierlist of technologies,in- $28 billion forvaccine devel- inghouse. 16.1%, according to “This time last fall, we basi- administration official. cluding neurotech and quantum opment and distribution, Mr. Would-be studentshavein- cally manufactured the worst Thereport, acopy of which encryption, that Commerce De- Mnuchin said. terrupted their collegeaspira- a new study. admit pool possible to deal wasreviewedbyThe Wall partment officials have —Alex Leary tions forarangeofreasons, with a global pandemic,” said Street Journal, noted that guarded as they regulatewhich contributed to this article. including not wanting to take Brad Pochard, Furman’s asso- China is spending heavily to high-tech U.S. items canbe classes online,concern over ciatevicepresident forenroll- overtakethe U.S.’s lead in sev- shipped overseas under exist- traveling to places that were steered clear of enrolling as ment and dean of admissions eral topinnovation areas. ing federal export control laws. considered Covid-19 hot spots, freshmen at community col- and financial aid. That includes by “employing Thereport included ways and financial strains related to leges likely did so because of Families expressed discom- means that include stealing forfederal agencies and other family job losses. strained family finances or fort sending their studentsfar technology, coercing companies groups to protect U.S. technol- Thenumber of men en- other obstacles,not because of away or needing to getona to disclose intellectual prop- ogy, including by encouraging rolled in undergraduatepro- personal preferencefor acam- plane, Mr. Pochard said. erty,undercutting free and fair the private sector to consider grams fell by 6.4%, compared pus experience. Some deferred forasemes- markets, failing to provide re- national security implications with a2.2% drop among “I fear that manyofthose terorayear,while others ciprocal access in research and of pursuitsthat involvecritical women, exacerbating along- studentswill never getback,” opted fordifferent plans en- development projectsand pro- technology. standing imbalanceinthe gen- he said. tirely. moting authoritarian practices It also called forastrong der makeup of collegestu- Enrollment at four-year Theschool is aiming to that runcounter to democratic export control system that OL

PO dents. public colleges and universi- makeupthe differencenext values,” the report said. regulates which U.S. technolo- S By school type, enrollment ties fell by 1.4% overall, and year and bring totalenroll- Thenew initiativeismeant gies can be sent overseas.

/PRES declines were sharpest at 13.7%for first-year undergrad- ment up toward 2,400 from to signal U.S. government de- Commerce officials have ex- community colleges,off 9.4% uates.Atprivate, nonprofit the current 2,315. partmentsand agencies to panded their watch over criti- ONIS overall and 22.7%for first- colleges,those declines were “Wewill likely enroll a rally around the country’s ex- caltechnologies sinceCon- KLEP year students. 2% and 11.8%, respectively. largerfreshman class,” Mr. isting network of researchers, gresspassed newrules in 2018

CHRIS That sector generally fares Furman University,apri- Pochard said. “Or at least try academicsand the privatesec- calling forstrengthened U.S. Treasury Secretary Steven Mnuchin well during economic down- vate school in Greenville,S.C., to.” torplayers that turn ideas into export controls. P2JW290000-4-A00400-17FFFF5178F

A4 | Friday, October 16, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS Senate Panel to Vote Next Week on Barrett

BY LINDSAY WISE minority party to conduct ified,” its highest rating. business. Mr.Durbin pointed Thelist also included WASHINGTON—TheRepub- outthe situation and called judges and attorneyswho have lican-controlled SenateJudi- for lawmakers to adjourn. worked with or knowJudge ciaryCommitteeset Thursday The panel’s chairman, Sen. Barrett. as the datefor the panel’s vote Lindsey Graham (R., S.C.), said LauraWolk,one of Judge on the nomination of Judge the committeewould proceed Barrett’s former lawstudents, Amy Coney Barrett to the Su- anyway. In a vote along party told senators how her former preme Court, overruling Dem- lines,senatorsagreed to set a professorsupported and en- ocratic objections on the committee vote on Oct. 22 to couraged her to become the fourth dayofconfirmation advanceJudgeBarrett’snomi- first blind woman to serve as hearings to fill the seat left nation to the full Senate. Mr. a Supreme Court law clerk. vacant by the death of Justice Durbin votedfor all but one of Among those invited by Ruth Bader Ginsburg. his colleagues, who gradually Democratstotestifywerea SenatorsonThursday trickled in, by proxy. civil-rightsattorney,the wrappedupaheated but Sen. RichardBlumenthal mother of twins with multiple largely civil four-day hearing pre-existing conditions,and processfor President Trump’s CrystalGood, awoman who nominee,meeting to debate Senators wrapped testified about her fight to ob- andhear witnesses testify tain an abortion at age16after about her character and quali- up a largely civil being abused by her stepfather. fications—and about the four­day hearing for On Thursdaymorning, threat Democrats sayshe Democratic senatorsturned poses to health care,voting Trump’s nominee. their attention to their Repub- and other civil rights. lican colleagues in the hearing SenateMajority Leader room, asking them not to Mitch McConnell said Republi- move forward with a process cans were on track to confirm (D., Conn.) made another mo- they sayisunsafeduring a JudgeBarrettbeforethe elec- tion to indefinitely postpone pandemic,too close to an elec- tion. “We have the votes,” he JudgeBarrett’snomination, tion and aviolation of the told reporters in Kentucky. also defeated along party Senate’s norms. They say Re- JudgeBarrettmade it lines.Democrats, as the mi- publicans arebeing hypocriti- S through agantlet of question- nority party,lack the tools un- calbyracing to confirm Judge PRES ing on Tuesdayand Wednes- der Senaterules to signifi- Barrett after refusing to allow daywithout high drama or any cantly sloworstopJudge hearings on President Obama’s ZUMA major surprises.She didn’t at- Barrett’s confirmation. 2016 nomination of Judge

CALL/ tend Thursday’s proceedings. Thursday’switnesses in- Merrick Garland to the high LL Themorning started with a cluded representatives of the court. RO

Q protest by Democratsonthe American Bar Association, Republicans countered that /C

MS committee, who only had one which ratesfederal judges. their party controls the White member,Sen. Dick Durbin (D., They testified that the group’s House and the Senate, and that

WILLIA Ill.), in the room as the com- Standing Committeeonthe Democratswouldn’t hesitateto M

TO mittee came to order.Rules Federal Judiciaryhas found confirm anominee if they were The Senate Judiciary Committee is set to vote on Judge Amy Coney Barrett’s nomination on Thursday. requiretwo membersofthe JudgeBarretttobe“well qual- in Republicans’ place. Business GroupsUrgeTrump to Pull Back Diversity-Training Order

BY KHADEEJA SAFDAR ployers from combating Thursday, referring to the bias.” Theagencyoverseeing ALabor Department spokes- the policekilling of George AND LAUREN WEBER workplacediscrimination. training at issue as “indoctrina- federal contractorslast month woman said the agencyover- Floyd,aBlack man, in May, di- The executiveorder,issued tion sessions” that forcesome launched ahotline forworkers seeing the hotline “has experi- versity professionals say. Morethan 150 businessand Sept. 22,prohibitsfederal agen- people to apologize“forthe to report their companies for ence handling complaintsfor Some companies have been nonprofit groups,including the cies,companies with federal color of their skin.” potentially violating the order. many years, will provide due putting their training sessions U.S. Chamber of Commerce,are contractsand recipientsoffed- ASept. 28 memo from Rus- Employers areconcerned process, and will only seek rem- on pause while they seek to un- asking President Trump to eral grantsfrom participating in sell Vought, director of the Of- that the hotline “will invitenon- edies or complianceoncom- derstand the order. withdraw his executiveorder training that “promotes race or fice of Management and Bud- meritorious complaintsfrom plaintsthat aremeritorious.” Separately on Thursday, the that putsalimit on some diver- sex-stereotyping or scapegoat- get, encouraged federal employees who maybedisgrun- Diversity training programs BusinessRoundtable,agroup sity training. ing.” TheTrump administration agencies to reviewdiversity tled about arangeofdifferent have been offered fordecades of leadersfromabout 200 of In a lettersent to the White threatens to suspend or cancel training with the terms “critical matters,” the lettertothe White by public and privateemploy- the largest U.S. companies,said House on Thursday, the groups federal contractswith compa- race theory,” “whiteprivilege,” House said. Thehotline had re- ersalike. Manyhaveincreas- it would endorse several initia- said the order creates confu- nies that violatethe order. “intersectionality,” “systemic ceived around 60 calls as of late ingly focused on topics like tives aimed at closing the eco- sion, leads to unnecessaryin- Asenior administration offi- racism,” “positionality,” “racial last week,aperson with knowl- “antiracism” and “whiteprivi- nomic opportunity gapincom- vestigations and hindersem- cial defended the order on humility” and “unconscious edgeofthe situation said. lege” afterprotestssparked by munities of color.

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COVID-19 poses special risks to people with diabetes. So if you or someone youknowhas diabetes,make sureyou’refollowing the social distancingguidelines, wear masks, manage your lifestyle,and payattention to your numbers andyour doctor.You don’t havetobe afraid,just smart.Learn more at Hammdiabetescenter.org P2JW290000-6-A00500-1------XA

THE WALL STREET JOURNAL. ****** Friday, October 16, 2020 | A5 U.S. NEWS C-Span Suspends Anchor

CK Scully TO BY BENJAMIN MULLIN

SHUTTERS C-Span anchor Steve A/ Scully, who wasset to moder- atethe second presidential de- batebeforeitwas canceled, SHKEVICH/EP wassuspended indefinitely by ULA the outlet for falsely claiming A-

S that his Twitteraccount had

PRES been hacked. HERRER Mr.Scully,anexecutive BAL UMA /Z TO producer and political editor CRIS

SMG at C-Span, posted atweet last Supporters of Mr.Biden demonstrated in Miami, wherethe presidentheld his town hall Thursdaynight. Backers of Mr.Trump greeted him at Miami International Airport. week directed at former White House communications direc- tor Anthony Scaramucci, ask- ing him whether he should re- Parallel Town Halls Focus on Pandemic spond to President Trump, who earlier had called Mr. Scully a“never Trumper” in BY SABRINA SIDDIQUI earlier this month afterheand an interview with Fox News. AND REBECCA BALLHAUS Actors, Producers to choose which candidate to tive of NBCUniversal parent several WhiteHouse and cam- In a statement released by watch rather than carrying Mr. Comcast Corp., the group said paign aides tested positivefor C-Span Networks Thursday, President Trump was Criticize NBC Move Trump’s event later in the eve- the decision to give Mr. Trump the virus. Mr.Scully said he had received pressed on his handling of the ning or on a different night. such a platform after his re- Mr.Trump’sdiagnosis relentlesscriticism on social pandemic amid rising coronavi- On-air talent,executives and fusal to debate Mr. Biden is prompted the organizersofthe media in the weeks following ruscases during acontentious NBC News is under fire for producers at the NBC-owned “enabling the president’s bad second presidential debate, ini- his selection as the moderator town hall on Thursday, while its decision to give President MSNBC news channel have behavior while undercutting the tially scheduled forThursday, of the second presidential de- Democratic nominee JoeBiden Trump airtime for a town hall also expressed consternation at Presidential Debate Commis- to changethe format to avir- bate, which was to take place wasasked what he would do meeting Thursday night to run the decision of the network to sion and doing a disservice to tual event. Thedebatewas can- on Oct. 15.Hesaid the criti- differently. opposite a previously scheduled put Mr.Trump on head-to-head the American public.” celed afterthe president said cism culminated on Oct. 8, Thecandidates were given Joe Biden town hall on rival againstMr. Biden, severalpeo- Theletterdoesn’tcriticize he wouldn’t participateunless “when IheardPresident duelingopportunities to make ABC News. ple inside the network said. NBC forputting the presidenton it washeld in person. Trump go on national televi- their case directly to American The network is in the un- MSNBC is known forits left- its airwaves, but rather thatthe Mr.Biden instead signed up sion twiceand falsely attack voters livefromtwo swing usual position of having to de- leaning prime-time commenta- network is allowing Mr.Trump foratownhall on Thursday me by name.” states with lessthan three fend itself from people both ex- tors. An NBC News spokesman to “counterprogram” his rival. eveninghosted by ABC News. Thedebatewas canceled on weeks until the November elec- ternal and internal for providing declined to commentonany Mr. Conde issued a state- Days later,NBC News an- Oct. 9when Mr.Trump refused tion and only one remaining Mr. Trump airtime to make his tensions with MSNBC. ment, saying: “Our decision is nounced it had scheduled a to agree to avirtual debate af- presidential debate. Polls show case for a second term after he More than 100 prominent motivated only by fairness, not competing town hall with Mr. terhecontracted Covid-19. Mr.Biden leading Mr.Trump refused to participate in a de- actors, writers and producers, business considerations.” Trump.Both networks said the “Out of frustration, Isent a nationallyand in several battle- bate with Mr. Biden originally including many who are in- Mr. Conde said that NBC events were in accordancewith brief tweet addressed to An- ground states. scheduled for Thursday. The volved with NBC television scheduled Mr. Trump at 8 p.m. local health guidelines. thonyScaramucci,” Mr.Scully Mr.Trump,inhis NBC News debate format was changed to shows, are also protesting the because it had given the same NBC News drew criticism, said in the statement. “The next town hall in Miami, faced sev- virtual after Mr. Trump tested decision. In a letter to NBCUni- slot to Mr. Biden in a previous both publicly and internally, morning when Isaw that this eral questions from voters positive for the coronavirus. versal Chief Executive Jeff town hall and it wanted to over itsdecision to program tweet had created anew con- about whyhehadn’t acted ear- Some current and former Shell, NBCUniversal News keep all things equal between the president’stownhall oppo- troversy,Ifalsely claimed that lier to respond to the pan- NBC employees have criticized Group Chairman Cesar Conde the two candidates. siteMr. Biden’s, with critics my Twitteraccount had been demic,which has claimed more the network for forcing viewers and Brian Roberts, chief execu- —Joe Flint saying the moveforcedviewers hacked. These were both errors than 217,000 lives acrossthe to choose between the two can- in judgment forwhich Iamto- U.S. didates.Aspokesman forthe tally responsible.Iapologize.” Defending his response,Mr. Biden said. “It is the presiden- mustn’t be that important.” ceived anegativeCovid-19 test network said it programmed C-Span didn’t sayhow long Trump pointed to his decision tial responsibility to lead.” Thepresident oftenap- beforecontracting the virus Mr.Trump’stownhall opposite Mr.Scully would be sus- to restrict travel from China in Mr.Trump struggled to an- peared frustrated by the rapid- earlierthis month, he said he Mr.Biden’sbecause it had pended, adding that it be- Januaryand said he didn’t sweraquestion about whyhe fire natureofNBC News host didn’t recall. giventhe same slot to the lieved he would have the abil- want to panic the countryby didn’t encouragehis supporters Savannah Guthrie’squestions. “Possibly Idid, possibly I Democratic nominee in aprevi- ity to contributetothe raising alarms early in the year. to wear masks,saying that he At the firstdebateagainst Mr. didn’t,” he said, when asked if ous town hall and wanted to network “after some distance “Wehavedone an amazing job, supported mask wearing but Bidenearlier this month, Mr. he had been given atest the keep all thingsequal. from this episode.” and it’srounding the corner,” questioned whether they were Trump wascriticized by Demo- dayofthe firstpresidential de- Mr.Biden’stownhall also Through arepresentative, he said. always effective. When avoter cratsand some fellowRepubli- bateagainst Mr.Biden, for sawthe candidateattimes put Mr.Scully declined to com- In acompeting town hall asked whether his contraction cans foraggressively interrupt- which all guestswererequired on the defensiveoverhis re- ment. C-Span declined to com- hosted by ABC News in Phila- of Covid-19 has changed his ing his opponent formost of to test negative. Thepresident cord on racial justiceand posi- ment beyond its statement. delphia, Mr.Biden said the mind on wearing masks,the the 90-minuteevent. His advis- said he is tested regularly but tion on expanding the Supreme Mr.Scully asked forfor- president had panicked in the president said it hadn’t. ershaveurged him to take a not daily. Court. Mr.Biden again giveness in his statement and faceofcrisis and wasdirectly Mr.Biden, meanwhile,criti- slightly calmer approach in the TheWhiteHouse forweeks wouldn’t sayifhesupported said he wastrying to move responsible forthe rising death cized Mr.Trump forsending final debatenextweek. hasdeclined to saywhen the calls by some on the lefttoin- forward in a moment of “dis- toll and spread of the virus, mixedmessages about public In astatement following the president’slast negativetest crease thenumber of justices appointment in myself.” bringing thenation’s totalto health guidelines and forrarely event, Trumpcampaign com- before contracting the virus on thenation’s highest bench. In lieu of asecond debate, morethan 7.9million con- wearing amask. munications director Tim Mur- took place, raising questions Mr.Biden reiterated his view Mr.Trump and his Democratic firmed cases. “The wordsofapresident taugh accused Ms.Guthrie of aboutwhether the president that Mr.Trump’sSupreme challenger, former Vice Presi- “He missed enormous op- matter,” Mr.Biden said. “When acting as a“debateopponent could have had the virus for Courtnominee,Amy Coney dent Joe Biden, held compet- portunitiesand kept saying apresident doesn’t wear a andJoe Biden surrogate.” days beforehetested positive. Barrett,shouldn’t be confirmed ing town halls on separate thingsthat weren’t true,” Mr. mask…people say, well it Pressed on when he last re- Mr.Trump washospitalized beforethe election. networks Thursday evening. Senate Panel to Issue Subpoena to Twitter CEO Dorsey

BY SIOBHAN HUGHES entofJournal publisher Dow Jones &Co.,also owns the New WASHINGTON—TheSenate York Post. JudiciaryCommitteeplans to TheSenate’ssubpoena of issue asubpoena on Tuesdayto Mr.Dorsey escalates along- TwitterInc.Chief Executive running battle between Repub- Jack Dorsey afterthe social- licans and social-media compa- media company blocked apair nies,which conservatives see of NewYork Post articles that as biased in favorofliberal made newallegations about viewpoints. Democratic presidential nomi- It also revives aline of at- nee JoeBiden, which his cam- tack that Mr.Trump used dur- paign has denied. ing impeachment proceedings Thesubpoena would require againsthim, which focused in the Twitterexecutivetotestify part on his withholdingofaid on Oct. 23 beforethe commit- to Ukraine and his repeatedly tee, according to the Republi- pressing the countrytoan- cans who announced the hear- nounceinvestigations intothe ing. Bidens that could benefit him GOP lawmakersare singling politically.Atthe time,the out Twitterbecause it pre- president and his allies had at- vented usersfromposting links tempted to put the spotlight on

to the articles,which the Post S Hunter Biden’sserviceonBu-

said were based on email ex- NEW risma’sboardwhile JoeBiden changes with Hunter Biden,the G wasworking as vicepresident Democratic candidate’sson, on issues related to Ukraine.

provided by allies of President OOMBER Mr.Trump was acquittedof Trump.Those people in turn /BL both articles of impeachment in said they received them from a February.

computer-repair person who HARRER Hunter Biden has denied found them on alaptop,accord- wrongdoing and said it showed

ing to the Post. ANDREW poor judgment to serveonthe TheWall Street Journal Twitter CEO Jack Dorsey, shown at a hearing in September 2018, would be required to testify before a Senate committee on Oct. 23. company’sboard. During his hasn’t independently verified time as vicepresident, Mr.Bi- thePost articles. certain content rules,citing While Facebook didn’t pre- blocking sharing links without tainly never raised that Rudy den sought the removal of a “This is election interfer- “significant feedback” on how vent usersfromsharing the ar- contextwas unacceptable. Giuliani—whose discredited con- Ukrainian prosecutor involved ence, and we are19days out it handled recent articles from ticles,itflaggedthe content for ThePost articles,published spiracytheories and alliance in investigating the companyas from an election,” said Sen. Ted the NewYork Post. itsthird-party fact-checkersto Wednesdaymorning,cited with figuresconnected to Rus- part of abroad international ef- Cruz (R., Texas), acommittee “Wewill no longer remove review, astepthat reduces the emails it said were writtenand sian intelligencehavebeen fort to combat corruption in member who discussed the hacked content unlessitisdi- likelihood they will appear in received by Hunter Biden. One widely reported—claimed to Ukraine. subpoena with SenateJudiciary rectly shared by hackersor users’ news feeds. article included acopy of an have such materials,” he said, re- Sen. Josh Hawley of Mis- CommitteeChairman Lindsey those acting in concert with Twitterblocked usersfrom email said to have been sent to ferring to the president’sper- souri, another Republican Graham (R., S.C.). “Never be- them,” shewrote,saying that posting links to the Post arti- Hunter Biden apparently de- sonal lawyer whom the Post said member of the JudiciaryCom- fore have we seen activecen- Twitterinstead would seek to cles,initially citing apotential scribing ameeting between his acquired the emails. mittee, said he wanted Face- sorship of amajor presspubli- put such materials in context. violation of itsrules regarding father and an executiveatthe “Moreover,wehavere- book to testify, as well. Face- cation with serious allegations “Webelievethat labeling hacked materials.The company Ukrainian energy firm Burisma viewedJoe Biden’sofficial book had also limited the of corruption of one of the two Tweetsand empowering people later said the content also vio- Holdings, on whose board schedules from the time and no distribution of the Post’sarti- candidates forpresident.” to assesscontent forthem- lated itspolicies on displaying Hunter Biden served. meeting,asalleged by the New cles on itsplatform, saying it ATwitterspokesperson de- selves betterserves the public privateinformation likeemail TheBiden campaign chal- York Post, ever took place,” Mr. wasawaiting guidancefromits clined to comment on lawmak- interest.” addressesand phone numbers lenged the Post’sreporting. Batessaid. third-party fact-checking part- ers’ subpoena threat. Twitterand Facebook Inc. without aperson’spermission. “The NewYork Post never ThePost published anew ar- ners. Thursdayevening,Twitter’s separately took steps to limit Mr.Dorsey tweeted late asked the Biden campaign about ticle Thursdayabout Hunter Bi- —Sarah E. Needleman, legal and policychief,Vijaya the distribution of the Post ar- Wednesdaythat the company’s the critical elementsofthis den from what it said wasthe Jeff Horwitz Gadde,said that the company ticles published Wednesdayon communications about itsac- story,” spokesman Andrew Bates troveofemails it obtained. and Robert McMillan would changehow it enforces their platforms. tions weren’t ideal and that said in astatement. “They cer- News Corp,the corporatepar- contributed to this article. P2JW290000-0-A00600-1------XA

A6 | Friday, October 16, 2020 THE WALL STREET JOURNAL. U.S. NEWS Many Wary of Covid Vaccine Pfizer, Partner

BY JARED S. HOPKINS Scale Up Capacity

About 70%ofregistered voters surveyed said they For Inoculations would take aCovid-19 vaccine, although manywant to wait until it has been available for BY BOJAN PANCEVSKI haven’t disclosed howmany awhile to see if thereare ma- AND JARED S. HOPKINS doses they have already made. jor problems or side effects, a Afterthese promised doses new Wall Street Journal/NBC MAINZ, Germany—The aredelivered, “then we will News poll shows. chief executiveofthe German enter astruggle to provide it” Thesurvey found that 20% companypartnering with morewidely,Dr. Sahin said. of respondentssaid they would Pfizer Inc.inits coronavirus “There aregigantic amounts take avaccine as soon as one vaccine effort said the two are of vaccine doses that need to becomes available,while about racing to increase production be supplied to the people,and half the respondentswanted to S to meet the world’sneeds,as- this is a huge task which will

wait until they learned more NEW suming the shot wins aregula- take time.” information about the shot. G tory green light. Dr.Sahin said the two com- “There’s a really high reti- Thetwo companies arenow panies areramping up produc- cence to be first in line,” said OOMBER scrambling to scale up their tion and building a global lo- Kate Fridley,aDemocratic manufacturing capacities,said gistics network to continue GUI/BL

pollster whoworked on the TE Ugur Sahin, CEO of BioNTech supplying doses beyond those CA

survey with Republican Bill UZ SE. Both companies said they already sold. TheGerman McInturff. areconfident they will be able companysaid in September it

Seventeen percent said they MARIE to deliver all the doses they had purchased a large manu- A

would not take avaccine at EV have already agreed to provide facturingfacility in the Ger- all, according to the poll. Ten Some 70% of voters said theywould takeavaccine, but manywanttowait. Above,aclinical trial in Florida. to governments, including the percent said they would even- U.S. and the European Union. tually take avaccine,but only cized,” said Dr.Archana When avaccine forthe corona- TheJournal/NBC News poll BioNTech and Pfizer are The companies have if it was mandatory. Chatterjee,dean of the Chi- virus is available,whatbest interviewed1,000 registered among ahandful of companies Together,the percentages cago Medical School at Rosa- describes whatyou will do? voters from Oct. 9-12. The in advanced stages of testing vowed to have 450 of people who wouldn’t want lind Franklin University of Sci- margin of error wasplus or their vaccine.They committed million doses this to getvaccinated totaled 27%, enceand Medicine,who sits Wait until it's been available minus 3.1 percentage points. to supplying over 450 million according to the poll. Other on acommitteeadvising the forawhile Thepoll didn’t detail rea- doses this year and next year, year and next year. recent polls have also found U.S. Food and Drug Adminis- 50% sons whyrespondentsmight contingent on late-stagetrials around a third of people sur- tration about vaccines. or might not be interested in showing the vaccine to be safe Get the vaccine as soon as possible veyedopposed to getting vac- “What we would usually taking a vaccine. and effective, and governments cinated. rely upon,which is youtrust 20 Only 10% of Black people givethe go-ahead forits use. man city of Marburgfrom No- If toomanypeople refuse the doctors, youtrust the sci- said they would take avaccine TheU.S.government placed vartis AG. Theplant, Dr.Sahin to getthe shots, businesses, entists and the governmental Notwilling to get the vaccine onceone became available, an initial order of 100 million said, is expected to ramp up schools and other establish- processes by which safety and 17 compared with 20% of white doses,with the option to pur- Covid-19 vaccine manufactur- ments won’t be able to safely efficacyofvaccines areas- people and12% of Hispanic chase 500 million additional ing capacity to 750million Only willing to get the vaccine reopen, according to health sured, really have been under- if required people,according to the sur- doses.The EU ordered 200 doses a year by late 2021. authorities,because vaccines’ mined,” she said. vey. Thirty percent of Black million doses with an option Pfizer,too,has been scaling effectiveness hinges not only Challenges persuading peo- 10 people said they would not for an additional 100 million. up manufacturing formonths, on how well each works in an ple who arehesitant to geta Unsure take avaccine at all, compared The government of Japan or- ordering newequipment and individual but also on how vaccine,atleast initially, with 15% of white people and dered120 million doses,and buying rawmaterials.Itplans 3 widely they are used. might be heightened by recent 20% of Hispanic people,ac- Britain ordered 30 million. to make the U.S.-bound doses

To reach so-called herdim- pauses to trials testing two of Source:WSJ/NBC News telephone polls of cording to the WSJ/NBC poll. All ordersare subject to at aplant in Kalamazoo,Mich., munity forCovid-19,public- the leading candidates.Studies 1,000 registeredvoters conducted Oct. 9-12, “There’s along historyof regulatory approval, and only and is using afactoryinPuurs, health authoritiesestimate testing shotsfromAstraZen- 2020; margin of error +/– 3.1pct. pts. mistrust, abuse and racism re- the priceofthe U.S. deal— Belgium, forthe most of the that around 60%to70% of a ecaPLC and Johnson & John- flected in the numbers,” said $1.95billion—has been dis- rest of the world. given population would need to sonare on hold while safety ple to get vaccinated,” said Dr.Kawsar Talaat, assistant closed so far. Final-stagetrials of the develop an immune response concerns are investigated. Christophe Weber, chief execu- professor in the department of BioNTech and Pfizer previ- Pfizer-BioNTech vaccine could to the virus,either through in- Emily Brunson, amedical tiveofTakeda Pharmaceutical international health at the ously set atargettoproduce begin furnishing datalater fection or vaccination. anthropologist at Texas State Co.Heexpectsthat effortsto Johns Hopkins Bloomberg up to 100 million vaccines glob- this month that regulatorswill Yetthe relatively rapid de- University who studies vaccine educatepeople about the ben- School of Public Health. ally by the end of this year.Dr. need to makeacall about velopment of the shots, along hesitancy, said the survey re- efitsofvaccination to stop the Thepoll found that 82% of Sahin didn’t break down where whethertoauthorizeitfor with partisan apprehension the sultsshowmoreoutreach and spread of Covid-19 will help. registered Democratswould those firstdoses would go emergency use. Trump administration will rush education areneeded to get Vaccines from Moderna Inc., take avaccine immediately or among itsglobal government “I believewehaveavery them out, have helped fuel con- acceptance rates high enough as well as one from Pfizer Inc. afterlearning moreabout side customers. That initialbatch good vaccine candidate, but we cerns about the safety of the to help achieveherdimmunity. and partner BioNTech SE,are effects, compared with 62%of would only be enough for50 nowneed to work together on shots that authorities sayare Thepoll shows that many also in late-stagetesting.Exec- Republicanvoters. Thepoll million people,though, because expanding asupply infrastruc- necessaryfor herdimmunity. people whoare hesitant are utives at the companies have also found that individuals the vaccine,known as BNT162, turethat would makethe vac- “Unfortunately this pan- “not opposed but not entirely said key but preliminaryresults with collegeorgraduateschool consistsoftwo shots, aso- cine available globally,soevery- demic and the vaccine devel- sold on it,” she said. from the trials could come later degrees were morelikely to called prime vaccination and a one who wantsavaccine could opment have become politi- “Weneed to convincepeo- this month or next month. saythey would take avaccine. booster.The two companies getavaccine,” Dr.Sahin said.

but don’t entirely eliminateit, U.S. Posts especially without full compli- ance, health officials said. “Wehavebeen saying it for Big Rise in months nowthat if everybody doesn’t do it, we’re not going to have this huge, overwhelm- New Cases ing success,” said Jasmine Marcelin, an assistant profes- sor at the University of Ne- ContinuedfromPageOne braska Medical Center and in- experienced it significantly and fectious-diseases physician. who arenow reacting instead “It’ll be in fits and starts.” of taking steps to prevent the Compliancefatiguehas virus,public-health researchers been seen as acontributing said. Some people have grown factor to the second wave of

tired of restrictions on their S infections that has spread movementsand might be tak- acrossEurope in recent weeks. PRES ing morerisks than they did in Across the continent, restric- the spring,they said. TED tionsare snapping back into OCIA

Mixed and inconsistent SS place as cases rise and hospi-

messaging from federal and /A tals once again fill up.

local officials over preventive RLD In the U.S.,swelling cases measures has sowedconfusion WO have spurred record hospital- A and complacency. izations in states including Wis-

Some local governments /TULS consin,the Dakotas,Montana have eased restrictions on and Utah. TheU.S.recorded the

businesses and requirements SIMONS highest number of patientshos-

to wear masks. MIKE pitalized with Covid-19 since Meanwhile, collegestudents Steele Gregory Nowlin, 11 years old, of Tulsa, Okla., looks out at the 1,006 crosses in his front yard representing the state’s Covid-19 deaths. the end of August on Wednes- returned to campuses,leading day, according to datafromthe to some spreading of the vi- Average newdaily Covid-19 casesfor most recent week, mission has persisted in states Covid Tracking Project. rus, and cooler weather has likeFlorida and Texas where Moredeaths and hospitaliza- led manypeople indoors, per 100,000 people cases have dropped recently. tions arelikely to followas wherethe virus is moretrans- “It’salmost likewenever cases edgehigher and poten- mittable,the public-health re- ended the firstwave,” said tially shiftfromyounger people searchers said. 10 per 100,000 20 30 40 50 60 70 Fewornone Marissa Levine,aprofessor at to morevulnerable populations, But the researchersalso the University of South Florida asituation that is playing out in said it is difficult—and might College of Public Health. “We Europe.The latest projections be tooearly—toidentifythe maybegoing intothe third from the University of Washing- exact causes of the recent in- hump of the first wave.” ton’sInstitutefor Health Met- crease in cases. On anational scale, the U.S. rics and Evaluation indicatethat “I long forthe daywhen never saw the same substan- nearly 180,000 additional deaths each and everyday we see tial drops in cases experienced could occur in the U.S. by Feb. 1. fewercases than the daybe- in European countries before Health-careprofessionals are fore,” said David Aronoff,direc- infections rose there again. able to provide bettercarewhen torofthe Division of Infectious TheU.S.Centersfor Disease not overwhelmed with patients Diseases at Vanderbilt Univer- Control and Prevention said in or short on critical supplies, sity Medical Center in Nash- arecent report that divisive- said Ryan Demmer,anepidemi- ville,Tenn. “But if youwereto ness and mixed messages over ologist and associateprofessor ask me when that daywould mask-wearing might have con- at the University of Minnesota. be,Idon’t honestly know.” tributed to arise in coronavirus Epidemiologistsand public- SinceOct. 1, an averageof cases among younger people in health leadershavecontinued nearly 49,000 cases has been aWisconsin county. Another to urge people to stay vigilant reported each day, amarked CDC report found increases in to avoid this outcome. increase from the previous six positivity ratesamong older Seven months intothe pan- weeks,when the averagehov- agegroups followedsurgesin demic, Dr. Aronoff of Vander- ered below 41,000. younger populations. bilt has found himself often Daily case-count tallies are This week,ajudgeupheld thinking of Sisyphus,the likely to increase or remain at Wisconsin Gov.TonyEvers’s Greekmythological figure high levels without concerted mask mandateand public- known for his eternal plight. useofsuch strategies as en- health emergency after three “Every daysinceMarch, I hanced testing, widespread Note:LastupdatedonOct. 15 at 8:51a.m. Negativevalues aredue to revised figures. residentschallenged the ac- come to work,and Ipush up Sources: Johns Hopkins University(cases); Census Bureau (population) mask-wearing and clear, con- tions. against this boulder of sistent messaging,epidemiolo- Without avaccine or ather- Covid-19,and at the end of the gistsand public-health re- at theUniversity of Texas at from apandemic standpoint.” While cases have ebbed in apeutic breakthrough, preven- dayIfeel likeImay have ac- searchers said. Austin.“Thelonger it takes Newcase countsare high Sunbelt states likeArizona, tion tools arethe best approach complished something,” Dr. “Itdoesn’t have to be this forustoadopt behaviorsto nationally,but it is far from they have gone up throughout forcontrolling the spread. Aronoffsaid. “Then Icome way,” said JewelMullen, the lower collective risk, the lon- uniformacrossthe country; parts of the rest of the coun- Precautions likewearing back in the morning,and Isee associatedean forhealth eq- gerit’sgoing to take forusto oftenone area surgeswhen try, especially the upper Mid- masks and maintaining distance the boulder at the bottomof uity at the Dell Medical School recoversocially,economically another improves. west. And community trans- help lowerrisk of transmission the mountain again.” P2JW290000-6-A00700-1------XA

THE WALL STREET JOURNAL. ****** Friday, October 16, 2020 | A7 WORLD NEWS Russia, China Rush to Fill Vaccine Void

Emergency rollouts in beforethe vaccines’ side effects Abu Dhabi, one of the coun- and efficiencycan be properly try’smain centersfor treating countries including ascertained. Both countries are Covid-19,said he volunteered U.A.E., Indonesia reflect trying to use vaccine diplo- forthe shot because people his macy as part of awider push ageare morelikely to develop push forwide influence to raise their global influence, asevereform of the disease. with Beijing in particular hold- “I’m in amature agegroup,” BY RORY JONES ing up itssuccesses against the he said. “I’m convinced the AND YAROSLAV TROFIMOV coronavirus as proof itsau- benefitsoutweigh anyrisk.” thoritarian system is superior U.A.E. officials saythe Sino- DUBAI—While the U.S. and to Western democracies. pharm vaccine so far provoked Europe await the resultsof “Nothing guarantees the ef- only mild side effectsamong large-scale clinical trials before ficiencyofthese vaccines and the participants of the trials, deploying Covid-19 vaccines, nothingguarantees the safety which includes 1,000 volun-

some other nations aremoving of those who take them. It is a S teers with chronic diseases.

much faster with emergency- dangerous bet that could back- PRES On Monday, following a use rolloutsofexperimental fire against Russia and China,” phone call between Mr.Putin TED Chineseand Russian candi- said François Heisbourg, se- and the U.A.E.’s de facto OCIA

datesinanattempt to stem nior adviser forEurope at the SS leader,Sheikh Mohammed bin the global rise in infections. International Institutefor /A Zayed, Abu Dhabi said it would JR

Over the past month, the Strategic Studies in London. O also be carrying out Phase 3 United Arab Emirates has been “But the proof is in the pud- trials of the Sputnik Vvaccine. offering a Chinese vaccine to ding: If it works,they will look China, unlikethe U.A.E., Rus- thousands of medical workers, extremely smart and prescient, sia and much of the rest of the

teachers, airport staff and gov- and they will have aclaim to ZEMLIANICHENK world, has contained the pan- ernment officials in the most having abettermodel.” demic at home—which means

ambitious such program out- U.S. and European vaccine ANDER Chinese pharmaceutical compa- side China.Indonesia plans to developershavepledged not to nies need countries wherethe ALEX begin similar emergency-use seek government approvals to ARussian medical worker administers an experimental coronavirus vaccine in Moscow. virusisstill spreading to test vaccinations with three types market their vaccine candi- thevaccines’ efficiency. of Chinese Covid-19 vaccines dates to the public beforeget- likely to be effectiveatclose to Sinopharm, afterthe Gulf ple familiar with the project Thespeed of the Sinopharm as early as November,asenior ting sufficient datafromfinal- 100%, which is why public con- monarchy tested it on 31,000 said. Russia plans to eventu- vaccine’s rollout in the U.A.E. health official theresaid. stage, or Phase 3, clinical trials. fidenceinitand resulting high volunteersof125 nationalities ally secure40,000 volunteers. has skeptics.Some expatriates On Wednesday, Russiaap- Twoofthese trials—one by Ox- levels of vaccination in the pop- in Phase 3trials.Sincethen, Similar trials of Chinese expressed concern about tak- proved the emergencyuse of a ford University and AstraZen- ulation at large would be criti- several thousand workers vaccines by Sinopharm and ing avaccine that had been second vaccine aftergreen- ecaPLC andthe other by John- calfor ending the pandemic. most at risk of contracting the other developersare taking tested forsuch ashort period. lighting itsSputnik Vfor front- son &Johnson—have paused in “Wehavetotakevaccine de- virus have received the vac- placeinmorethan adozen In Bahrain, whereSino- line personnel in August, with the U.S. because of unexplained velopment extremely seriously cine,with moregetting ashot countries,including Indonesia, pharm’sPhase 3trials areun- President Vladimir Putin saying illnesses among participants. and cautiously,” said Prof.Luke everyday,aU.A.E. official Russia, Brazil and Pakistan. der way,Saqer Al-Khalifa, assis- the countrywould step up pro- Stuart Neil, aprofessor of vi- O’Neill, an immunologist at overseeing the trials said. Group 42, an Abu Dhabi-based tant undersecretaryfor youth duction of both. China has inoc- rologyatKing’sCollegeLondon, TrinityCollegeDublin. “The TheU.A.E. has moved much artificial-intelligencecompany centersand commissions at the ulated hundreds of thousands said he expectsthe multiple risk is that, if they have asafety faster than Russia with the that has teamed up with Sino- MinistryofYouth and Sports, of citizens at home, expanding Phase 3trials to begin generat- problem, this will threaten vac- vaccine’srollout. In Russia, pharm in the U.A.E., is also said he,too,has faced skepti- the distribution of experimental ing efficacydatabyDecember cinations forany disease.” some 2,000 front-line person- working with the Chinese cism about the Chinese vaccine. vaccines outside of clinical tri- or January. “I should imagine TheU.A.E. in September be- nel have been administered companyonPhase 3trials in Yet, he added, the trial has als to students, diplomatsand we’ll see the resultsofthose came the firstcountryoutside the Sputnik Vvaccine since Bahrain, Egypt and Jordan. offered an opportunity to serve otherstraveling abroad. dribbling out,” he said. “Wecan- China to approveemergency August, and some 13,000 peo- KenDittrich, a63-year-old the rest of humanity.“This is Some Western health ex- not cut corners, and we cannot use of a vaccine developed by ple have enrolled in Phase 3 Canadian consultant in the whereyou canbeproud of pertshavewarned that Russia be seen to be cutting corners.” state-owned China National trials,just over one-thirdof emergencydepartment of yourself,” he said, “whether and China aremoving toofast, No coronavirus vaccine is Pharmaceuticals Group,or the number in the U.A.E., peo- Sheikh Khalifa Medical City in youmakeitout aliveornot.” WORLDWATCH Thailand LimitsGatheringsasProtestsGrow NIGERIA Army Warns It Will BY FELIZ SOLOMON Quell Demonstrations SINGAPORE—Thailand is- sued an emergencydecree ban- Nigeria’sarmysignaled it was ning gatheringsofmorethan prepared to intervene in astand- five people,seeking to end stu- off between aburgeoning protest dent-led proteststhat have movementagainstpolicebrutal- grownbolder in challenging the ityand the governmentofAf- government and the country’s rica’sbiggestoil-producing nation. powerful monarchy. Nationwide protests have Thursday’sdecree came a rocked the country for eight con- dayafter thousands of people secutive days as thousands of gathered in the capital, Bang- mostly young Nigerians have kok, and marched to the gov- marched in the West African na- ernment headquarters, where tion’s largest cities. they camped out overnight. At The demonstrations began one point, as the queen’smo- with acall to ban anotorious po- torcade passed, protesters liceunit, the Special Anti-Robbery jeered and chanted “the peo- Squad, or SARS, which has been ple’staxes,” areferencetothe accused of torture, extortion and royalfamily’s luxurious life- extrajudicial killings. The govern- style. mentagreed to disband the unit Many young activistshave on Sundayafter the number of expanded their targetstotake

people killed in clashes with se- aim at the wealth and secrecy GES

curityforcesroseto10. But the of the monarchy, which is IMA demonstrations have sincemush- shielded from criticism by a roomed into broader protests strict lèse-majesté lawthat car- GETTY againstalleged policebrutality ries prison terms of up to 15 CA/ CIC

and corrupt government. yearsfor insulting the king or DE Nigeria’s army on Thursday his family. UREN

said it was prepared to act deci- King Maha Vajiralongkorn, LA sively to help the government whotook the throne upon the Thousands turned out in Bangkok Thursdaytoprotest the government’semergency decree banning gatherings of morethan fivepeople. maintain law and order, warning death of his widely reveredfa- “all subversive elements and ther in 2016,controls avast astepfurther,calling forcur- rested earlier.The protest and nationwide,havedone so demonstrationsare different troublemakers to desist.” Shortly fortune and spends most of his tailing the monarchy’spowers wound down peacefully after10 peacefully,and arefully enti- from those in the past, which after, the government banned time in southern Germany. and auditing itsbooks. p.m. Organizerscalled forfur- tled to raise concerns about the were typically led by two rival protests in the capital, Abuja. Wednesday’seventsmarked Policebegan arresting pro- ther demonstrations on Friday. current stateofdemocracyin political camps and pittedrural —Joe Parkinson the royalfamily’s firstdirect testersaround 5a.m. Thursday Thegovernment announced Thailand,” Mr.Santiagosaid. poor against urban elite. The exposuretothe public discon- and cleared the area around the the stateofemergencyinthe Wednesday’smostly peace- current movement comprises a UNITED KINGDOM tent that has grownintheir ab- Government House within a RoyalGazette,saying it was fuldemonstration included a coalition of mostly young,pro- sence—they arrived in Thailand few hours. Prominent protest prompted by “anaction that few minor confrontations be- democracyactivistswho say Queen Leaves Castle this week foravisit—fueled by leadersArnon Nampa and Parit hadanimpact on aroyal mo- tween antigovernment protest- they arefed up with the mili- For Public Event what protesterssay is an ero- Chiwarak were among the more torcade,” accusing protestersof ersand supportersofthe mili- tary’s outsizeinfluenceonpoli- sion of democraticfreedoms, than adozenpeople detained, “creating turbulence,chaos and tary-royalist establishment. tics.Prime Minister Prayuth Queen Elizabeth II on Thurs- an economycrippled by Covid according to the legal-aid group disorder.” These counterprotesters, wear- Chan-ochaisaformer army daycarried out her firstpublic lockdowns and widening in- Thai Lawyersfor Human Charles Santiago, amember ing yellowT-shirtssymbolic of leader who led acoup in 2014 engagementoutside aroyal resi- equality.The palacehasn’t Rights, which representsmany of Parliament in Malaysia and Thailand’sconservativeelite, andthen wona2019 election dencesinceearly March when commented on the protests. of the activists. chairman of the advocacy arrived in trucks throughout criticized by theopposition as the coronavirus pandemic started Themonths of protestshave On Thursdayevening,thou- group Asean Parliamentarians theday.Videos circulated on unfairly favoring his military- to affect all aspects of day-to- presented three core demands: sands rallied in central Bangkok forHuman Rights, called the social media appeared to show backed party.The government daylifeinthe U.K. dissolution of parliament, a in defianceofthe ban on large decree “anexcuse to shut down them hitting some antigovern- has denied these allegations. The 94-year-old monarch was newconstitution and an end to public gatherings. Many the peaceful protests.” ment protesters with sticks. —Wilawan Watcharasakwet joined by her grandson PrinceWil- harassment of government crit- shouted “Freeour friends,” in “The thousands that have Street protestsare common in Bangkok liam at the DefenceScienceand ics.Some protestershavegone referencetothe activistsar- takentothe streetsinBangkok, in Thailand, but the current contributed to this article. Technology Laboratory at Porton Down near Salisbury,insouthern England, and met with scientists battling the virus. Neither the Kyrgyzstan Leader to Resign as Turmoil GripsRussian Ally queen nor William wasseen don- ning afacecovering but both ob- BY THOMAS GROVE has called forthe nationaliza- peted forinfluence. It was PrimeMinister Sadyr Japarov served social distancing rules. tion of foreign-owned assets. Crisis comes amid home to aU.S.militarybase presentsfresh worries that an —Associated Press Kyrgyzstan’spresident said Theprotestshave also during much of itswar in Af- economic downturn, caused by he would resign, injecting alarmed Russia, the country’s unrest in Belarus ghanistan, but it wasclosed in slowing remittances from Rus- SPACE fresh uncertainty intoapoliti- most powerful ally and one of and other former 2014following pressurefrom sia, could add traction to his calcrisis that has engulfed the itsbiggest investors, which Russia, whichalso has an air calls forthe nationalization of Probe Views Venus resource-rich Central Asian said it would suspend further Soviet republics. base therethat it plans to ex- foreign-owned mines. En Route to Mercury countryafter allegations of financial aid. pand. Thecountryalso hosts In the short term, Mr.Jeen- voterfraud in aparliamentary “Insofar that thereisno several Chinese,Russian and bekov’s departurewould be a A spacecraft bound for Mer- election this month. government, it’s a moment of Western-owned gold and cop- politicalwin forMr. Japarov, cury swung by Venus on Thurs- President Sooronbai Jeen- crisis,” Kremlin spokesman more closely integratecoun- per mines,and Mr.Jeenbekov’s whohas called in recent days day, using Earth’s neighbor to bekovonThursdaysaid he in- DmitryPeskov said. He added triesspanning from Central plan to step down leavesan forthe president’sresignation. adjust its course on the way to tends to leave his post to avoid that the pause in financial aid Asia to Eastern Europe. unsettled outlook forthe coun- Mr.Jeenbekov,who had the solar system’s smallest and further clashes between secu- wasjustified “until all institu- Weekly massprotestsare try, though Russia isn’t in im- been in office since2017, innermost planet. rity forces and protesterswho tions are working.” weakening Belarus’sPresident mediatedanger of losing polit- pitched his plan to leave as a Launched almost two years took to the streetsafter the Theparliament needs to ap- Alexander Lukashenko, one of ical ground in Kyrgyzstan. selflessact forthe good of the ago, the European-Japanese Oct. 4vote,forcing him to proveMr. Jeenbekov’s resigna- Russia’sstrongest allies,while Moscow has good relations nation. probe BepiColombo took a black- temporarily leave the presiden- tion, which could take effect a conflict between Armenia acrossthe political spectrum, “I won’t hold on to power,” and-white snapshot of Venus tial residence. His promised on Friday. and Azerbaijan is threatening though China has developed he said in astatement.“Idon’t from a distance of 10,560 miles, departurepropels the former Therehas been awaveof Moscow’s influenceinthe significant economic sway want to go down in historyas with some of its own instru- Soviet republic intouncharted turmoil among former Soviet South Caucasus. thereinrecent years. the president who has spilled ments in the frame. waters,strengthening the hand republics in recent weeks,un- In Kyrgyzstan, Russia, China Forforeign investors, how- blood and shot at his ownciti- —Associated Press of anew prime minister who dermining Russia’seffortsto and the West have long com- ever,the rise of newly elected zens.” P2JW290000-6-A00800-1------XA

A8 | Friday, October 16, 2020 ****** THE WALL STREET JOURNAL. WORLD NEWS Lack of DollarsImperils Argentina U.S. Seizes Ex-Chief BY SANTIAGO PÉREZ The Argentine centralbank is selling dollarsinforeign-exchange marketstocontain the most doubled this year, mak- depreciation of the peso.Demand fordollarsissurging on Argentina’s black market. ing the Argentine peso worth- Aftermorethan four de- lessbecause the economyis Of Mexico cades selling tires forcars, Value of foreign- U.S. dollar deposits in HowmanyArgentine flooded with pesos,econo- trucks and buses acrossArgen- currency transactions Argentine bank accounts pesos $1 buys* mists say. tina, Edgardo Guerrini’scom- $50 million $20 billion 60pesos To save what little hardcur- Military pany nowsitsidle because au- Officialrate rencyithas left, the govern- thoritiesare refusing to grant 0 80 ment of Mr.Fernándezhas im- BY DAVID LUHNOW import permitsfor his products. 15 posed a35% taxondollar AND SANTIAGO PÉREZ Likethousands of compa- purchases by individuals,who –50 100 Scale inverted nies, Guerrini Neumáticos is to showthe arelimited to withdrawing MEXICOCITY—Mexico’s weaknessof unable to import goods be- the peso. $200 amonth. Purchases made former defense minister was cause the country’scentral –100 10 120 abroad with credit cardsorsub- arrested Thursday by U.S. au- bank is running out of dollars scriptions likeSpotifyorNetflix thoritiesatthe request of the to conduct basic foreign-ex- –150 140 count toward the allowance. Drug Enforcement Administra- change transactions. 5 It also ordered afreezein tion, senior Mexican officials “It’sacrazy situation that –200 160 Black-market rate prices of public services from said,the latest in astring of leadstoshortages,because public transport to cooking former high-ranking officials domestic tireproducersdon’t –250 0 180 gastotelecommunications, linked to drug corruption. have the capacity to coverde- crippling companies that face Gen. Salvador Cienfuegos, Sept. Oct. Sept. Oct. Aug. Sept. Oct. mand,” said Mr.Guerrini, who rising costsbecause of run- who served as defense minis-

compared the process of get- *AsofOct. 14 away inflation. And it has re- terfrom2012 to 2018 in Presi- ting import licenses to “draw- Sources: CentralBank of Argentina (transactions, deposits); Matías Carugati, SEIDO (peso) stricted imports. dent Enrique Peña Nieto’s ad- ing water from a stone.” But manyfeel that the mea- ministration, wasarrested Behind the dollar shortage country received in 2018. country’scapital is nowadvis- but it outlined the challenges. sures are insufficient. upon arrival at LosAngeles In- is agrowing crisis of confi- Nervous Argentines,who ing trusted clientstowithdraw Risingdemand fordollars “It’s like the tale of the lit- ternational Airport, Foreign dencethat nowthreatens to have endured repeated finan- dollars from their accounts. could forcethe government to tle Dutch boywho plugsadike Minister Marcelo Ebrard wipe out Argentina’sdwin- cial blowups in the past, have “In this countrywedon’t allowanabrupt devaluation of with his finger,” said Arturo wroteonTwitter. Gen. Cien- dling foreign reserves,testing been steadily buying dollars or have agood historythat the official exchangeratethat Porzecanski,anAmerican Uni- fuegos was traveling with his the ability of anationalistgov- withdrawing them from bank would allow us to feel safe to is used, among other things, to versity economist who closely family, Mr. Ebrard added. ernment to avoid another full- accounts. Sincemid-August, save in dollars and leave that import goods,eventhough tracks Argentina. Gen. Cienfuegos is the high- blown economic and financial the country’sliquid reserves— President Fernándezhas Argentina’srecent deal with est-ranking Mexican official to crisis in Latin America’sthird- dollarsitholds in cash or near promised that won’t happen. foreign creditors to restruc- be arrested in connection with biggest economy. It is also a cash—have fallen to about $1.6 Liquid reserves have But letting the currencyfind ture$65 billionindebt did lit- drug-related corruption. In the major political issue forPresi- billion from $6 billion, accord- itsmarket pricefuels infla- tle to alleviate the shortageof late1990s,another senior dent AlbertoFernándezand ing to economists who moni- fallen to about $1.6 tion, which is at 37%, even as dollars. Part of the problem is army leader,antidrug czar the ruling Peronist movement. tor Argentina’s central bank. billion from $6 thecountry’seconomyisex- that afternine defaultsonfor- Gen. Jesús Gutiérrez Rebollo, “Argentina faces very dra- Another sign of financial pected to contract more than eign debt, investorsare reluc- wasarrested and sentenced to matic challenges.The country stressisthe growing gapbe- billion in August. 12% this year.Further turmoil tant to lend moremoney to 40 yearsinprison fortaking is in deep recession, social tween the official value of the could prolong the economic Argentina. bribes from drug cartels.He conditions areworsening, peso,atabout 82 per dollar, contraction into 2021. Turning things around will died in 2013 in prison. [and] economic imbalances andwhat Argentines payin While most countries be amajor challengefor Mr. Thearrest will giveapoliti- aregrowing,” Kristalina Geor- “caves,” as black-market ex- money in the bank,” the man- around the world have taken Fernández’sPeronist Party, calboost to Mexican President gieva, managing director of changehouses areknown in Ar- ager said. “It happened before, on piles of debt to offset the which is more accustomed to AndrésManuel LópezObrador, the International Monetary gentina. In mid-August, caves the government could publish damage brought by the novel boosting spending rather than who has based his political ca- Fund, said on Wednesday. chargedabout 130 pesos per adecree converting those dol- coronavirus,the Argentine leading austerity programs of reer on denouncing corruption As aresult, Argentina and dollar.This week the black-mar- lars into pesos.” government is resorting to ex- the kind usually espoused by within the country’s political the IMF areembarking on ketdollar stood at 167 pesos. TheIMF,after avisit to Ar- tensivemoney printing to the IMF. andeconomic elites.The ar- talks to extend payment dates Abranch manager at a gentina this week,said it would boostpublic spending,driving —Silvina Frydlewsky rest also raises concerns about of a$44 billion bailout the leadingretail bank in the stand by to help the country, inflation. Money supply has al- contributed to this article. the use of Mexico’smilitaryto take on drug gangs, coming less than a year after the de- tention of GenaroGarcía Luna, Prisoner Swap Aims to Aid Ye men Peace Bid former head of Mexico’sfed- eral police. He led the coun- try’s war on drug cartels dur- BY SUNE ENGEL RASMUSSEN ing administration of AND SALEH AL-BATATI President Felipe Calderón. Mr.García Luna wasar- Yemen’sgovernment and rested in 2019 on chargeshe Houthi rebels began Thursday wasbribed by the Sinaloa Car- an exchangeofmorethan teltoallowcocaine shipments 1,000 prisoners, the largest to the U.S. and is in jail await- such swapsincethe war ing trial in New York. startedin2014aspart of ef- In recent months,two top fortstorevive United Nations- lieutenantsofMr. García Luna brokered peace talks. were also indicted in NewYork Theprisoner exchangeisthe in connection with his case. firstsign of progresssincethe Luis Cárdenas Palomino and twosides in late2018 agreed RamónPequeño,the ex-head of to apiecemeal cease-fireasa the antinarcotics division of step to end the nearly six-year Mexico’sFederal Police, face war—a conflict that has drawn similarchargesoftaking mil- in the Middle East’smajor mili- lionsofdollarsinbribes from tary powers and killed tens of the Sinaloa Cartel. Both are thousands of civilians. considered fugitives,federal Theswapcomes aday after prosecutorssay.The three men the Iran-backed rebels freed were chargedafter information two American hostages,and the surfaced in the 2019 NewYork

remains of athird, in return for S trial of Joaquín “El Chapo”

morethan 200 Houthi loyalists PRES Guzmán, former head of the Si-

who returned to the group’s TED naloa Cartel. stronghold San’afromOman. Since2005,violenceinMex- OCIA

Thetwo exchanges don’t SS icohas skyrocketed, as heavily appear directly linked, as /A armed drug cartels wage war

Thursday’sswapwas ce- MMED on each other to take over mented in 2018 as part of a smuggling routes and markets.

peaceprocess mediated by the MOHA An assault on cartels ordered

U.N. Meanwhile,the U.S. de- HANI by Mr.Calderónduring his tainees were released with Prisoners released by the Saudi-led coalition arrived at the airport in San’a, Yemen, on Thursday. 2006-12 presidency led to Omanihelp.But takento- morebloodshed.Morethan gether,both moves signal rare continued and talks have suf- hoped the exchangewith the cooperation from Saudi Ara- in the two swaps. 200,000 people have died. pragmatism between the war- fered repeated setbacks. government would revive the bia, which since 2015 has led The International Commit- Ahigh-ranking former U.S. ring sides to trytorestart a “Today’srelease operation, peace process. an international, U.S.-backed teeofthe Red CrossinYemen defense official said he was stagnant peace process. led by the International Com- “Any exchangeofprisoners coalition to fight the Houthis on Thursdaysaid it trans- surprised by the arrest of Gen. U.N. envoy to Yemen Martin mitteeofthe Red Cross and detainees in Yemen, which and imposed an air,sea and ferred the first 484 prisoners Cienfuegos.“We never had any Griffiths has fortwo years (ICRC), is another sign that witnesses an aggression and land blockade on San’a, Ye- between Riyadh and the Ye- indication of anything wrong,” tried to find waystoend the peaceful dialogue candeliver,” blockade, is positive and will men’scapital. Riyadh con- meni cities of San’aand Sei- the former official said. “He war. TheU.N.agreement, Mr. Griffiths said. open newhorizons in the path sented this week to flightsar- yun. Theexchangewas ex- went out of his way to reached in Stockholm, eased Houthi spokesman Moham- to peace,” he said. riving in San’a, returning pected to be completed on strengthen relations with the fighting, but skirmishes have med Abdel Salam said he Both exchanges required hundreds of Houthi detainees Friday. U.S.” FROM PAGE ONE

selling auto-parts-inventoryand his alleged trading of debt is- Mr.Smith wasunprecedented, Software accounting data-processing ser- sued by his owncompany, in vi- said Jeffrey Neiman, aformer vices.Hefounded Universal olation of an agreement with federal tax prosecutor. Computer Services Inc.in1970 investors. Thedebt wassyndi- Mr.Smith’scooperation with CEO Faces and became chairman and CEO catedin2006 through banks in- the government “put him on a of Reynolds &Reynolds when it cluding an arm of Deutsche path away from indictment.” acquired his companyin2006, BankAG, which the indictment Mr.Smith, whose net worth Tax Case according to abiographyonthe says wasdeceived about Mr. Forbes has estimated at more websiteofthe Brockman Foun- Brockman’strading. than $5 billion, founded Vista dation, his family charity. Mr.Brockman helped launch in 2000 with $1 billion from a ContinuedfromPageOne Reynolds &Reynolds,which the career of the 57-year-old charitable trust established by Kathryn Keneally. makes software forautodeal- Mr.Smith, who is the wealthi- Mr.Brockman’sfamily.The A spokesman for Vista and erships,and itsaffiliated com- est Black person in the U.S. Vistachief put over $200 mil- an attorney forMr. Smith both panies have about 5,000 em- Messrs. Brockman and Smith lion of his ownprofits intoone

declined to comment. ployees and annual sales of REUTERS met in 1997 when the younger offshoreentity and used an- Aspokeswoman forOhio- about $1.4billion, the founda- T/ man wasaninvestment banker other to conceal his ownership OT

basedReynolds &Reynolds tion’s website says. SC at GoldmanSachs Group Inc. and control of the first, the

said: “The allegations made by Messrs. Brockman’sand ERIN working to help sell Mr.Brock- government alleged. While the Department of Justice fo- Smith’salleged taxevasion was The IRS called the alleged tax evasion ‘intentional and significant.’ man’scompany, according to some of the money in the off- cus on activities Robert Brock- “brazen, intentional and signif- the government.Mr. Brockman shoreentity ultimately went man engaged in outside of his icant,” said Jim Lee, chief of plexnetwork of offshorecom- misconduct lasted from 1999 to told Mr.Smith that no taxes intoacharity Mr.Smith cre- professional responsibilities criminal investigations forthe panies andtrustsdesigned to 2019,authorities said. would be owedonasale be- ated, he withdrew untaxed with Reynolds &Reynolds.The Internal Revenue Service. conceal $2 billion in gains “Complexity will not hide cause the companywas owned funds forhis personal benefit, Companyisnot alleged to “These allegations should earned from investmentsin crime from lawenforcement,” by foreign trust located in Ber- according to court documents. have engaged in anywrongdo- disgust everyAmerican tax- Vista’sprivate-equity funds,ac- Mr. Anderson said. muda.The sale didn’t happen, He spent millions of it to ing,and we areconfident in payeraswell, because the law cording to the indictment. Vista To keep the taxevasion se- but Mr.Brockman urgedMr. buy and renovateavacation the integrity and strength of applies to all of us when it wired money to bank accounts cret,Mr. Brockman shredded Smith to set up aprivate-equity home in Sonoma, Calif., to pur- our business.” comes to taxand paying our in Bermuda and Switzerland documentsand used code fund in which Mr.Brockman chase two ski properties and a Mr.Brockman, aformer Ma- fair share,” he said. “I have not owned by an entity controlled wordsoverencrypted email ac- would be the sole outside inves- pieceofcommercial property rine Corps reservist, started seen this pattern of greed or by Mr.Brockman. Mr.Brock- counts, calling himself “Permit” tor, according to court docu- in Franceand to makeim- working at Ford Motor Co.upon concealment and coverupin man hid his control of the off- and referring to the IRS as “the ments. Mr.Smith lefthis bank- provementstoaresidencein graduation from collegeand my 25-plus yearsasaspecial shoreentities by filing false tax house,” Mr.Anderson said. ingjob to start Vista. Colorado,the documentssaid. later accepted ajob at Interna- agent.” returns,U.S.Attorney David L. Mr.Brockman wasalso Theannouncement of a —Laura Saunders tional BusinessMachines Corp. Mr.Brockman set up acom- Anderson said Thursday. The chargedwith wirefraud over nonprosecution agreement for contributed to this article. P2JW290000-0-A00900-1------XA

THE WALL STREET JOURNAL. Friday, October 16, 2020 | A9 FROM PAGE ONE

formore. “For other shootsI dough ad,Mr. Messner’s chil- sleep during the commer- Ad Makers did later in the month, she dren weren’t the only ones in- cials,” she said. “I pulled my asked, ‘Do they need akid?’ ” volved.Hehired four cinema- eyes open.” said Mr.Watts. tographerstofilm their own As brands turn to more Rope In Beforethe pandemic,docu- families as well, and everyone people without acting experi- mentary-style ads,showing appearing on camerawas ence, they arefinding they people in everyday moments, paid. Theadshows kids doing can’t be as creativewith their Relatives were already gaining popular- aseries of no-nos—cutting storytelling,because they ity as away to relatetocon- their ownhair,painting their can’t ask as much of the ac- sumers. Asmall percentageof face, squirting ketchup around tors.“It’salot of directors ContinuedfromPageOne brands were casting real fami- the kitchen—beforetheir par- capturing humanity,but lockdowns and social-distanc- lies in ads with the goal of entssay yestoeating the there’snot alot of big story- ing requirementslimiting in- creating amoreauthentic cookie dough. telling,” said Susan Credle, person shoots, advertisers feel, said casting director TheMessner family,includ- global chief creativeofficer at have used drones to gather MatthewWulf. ing the director and his wife, ad agencyFCB.“Eventually footage, picked up user-gener- Now, around three-quarters also starred in aTVadfor the novelty will wear off and ated videos andcreated ani- of his clientsare asking him Boll &Branch sheets.Inone we’ll want moreinteresting mation. But some brands,es- to audition families and peo- playful scene,the kids climb storytelling.” pecially those pitching plewho livetogether due to ontothe master bed and wake Fornow,manybrands are consumer products, still want production limitsand safety up their mom forafun day. embracing the spontaneity.In to use actual people to get requirements. In reality,Mr. Messner an ad forSnuggle fabric soft- their messages across. Casting directorsand ad says,his son accidentally ener by agencyTBWA/Chiat/ That’sled them to cast executives mayreach out to scratched his daughter on the Day, the cameraslowly zooms morenonprofessionals,in- families with acting experi- forehead while they were on out to showthe lifeofafam- cludingfamily membersof ence,and ask if they want to thebed. ily during lockdown. Thefam- anyone involved,adding a bring other relatives intothe “I gotascratch and ily wasthe director’s own. newlevel of chaostothe pro- audition. Casting director Stu- Momma thought it wouldn’t Thescene,inalaundry duction. art Stone said he’salso tapped look good on the commercial room, shows ason shaving his Photographer Ben Watts intohis personal and profes- so she tried to put makeup on ownhead, another on atablet has offered up his family as sional networks to find people it,” said daughter Harper. and athirdonthe floor. models to brands from his living in the same home or Aftertending to Harper’s Meanwhile,their mom is sit- home in Montauk,N.Y. neighborhood, and scouted on scratch, acameraman—one of ting in the same room on a “They’rethe most available, social-media platforms like ahandful of people at the work video call, wearing a butdefinitely not the most TikTok and Instagram. ANCH home—also started bleeding blazer and pajama pants. BR

cooperative,” he said. “There’s Not all families aregunning & from an existing cut on his Thedirector didn’t tell his not aprofessional in sight.” forfame.“I’vehad to beg in arm. Thefamily vigorously wife she would have lines to BOLL Macy’shired Mr.Watts and certain instances,” he said. Director Giovanni Messner’s wife and children appeared in a TV scrubbed out the dropletsof say until just before he began his 11-year-old daughter,Ruby, Campbell’sMeals &Bever- commercial he did for sheets. blood that had fallen on the shooting,said John Doris, foraclothing ad. Ruby’s pa- ages,part of Campbell Soup sheets with stain remover so TBWA’s head of integrated tience frayed when her dad Co., hasn’t had an easy time ad, the mom wassinging a tambourine.Instead, the girl they could continue filming. production.Hedidn’t want askedher to juggle asoccer finding families forads,said song thecompanyhad re- sat on thecounter randomly While Harper loved eating her to be nervous. ball and jump over objectsin the division’smarketing chief, quested, and the young shakingthe box, recalled Ms. cookie dough and playing in “You canimagine that dy- the lawn. By the end of the Linda Lee. In one audition daughter wassupposed to be Lee. the bed forboth shoots, the namic,” Mr.Doris said. “It was shoot, however, she wasready video foraPrego pastasauce shaking the boxofpastalikea Forthe Pillsburycookie days were long.“Iwanted to beautiful chaos.”

this spring as an HHS spokes- Meddling, man, over pandemic guidance. In May, the president was predicting the virus would “go Mistakes away” even as Covid-19 cases began to climb again. TheCDC issued aweekly report that Hurt CDC identified certain “super- spreader” eventsthat had helped acceleratethe spread ContinuedfromPageOne of Covid-19 in the U.S. in Feb- eral agencies like the CDC who ruaryand March. long prized their indepen- An interviewconducted by dence. Along with aseries of the Associated Presswith missteps by the CDC itself,the Anne Schuchat, the CDC’s sometimes-open tension has principal deputy director and helped erode trust in the author of thereport, carried world’spre-eminent public- theheadline,“Health official health organization, com- says U.S. missed some chances pounding the difficulty of nav- to slowvirus.” igating avirus that has killed morethan 217,000 Americans. When Ebola cases surfaced Furious accusation in the U.S. six yearsago, the Furious,Mr. Azar called Dr. CDC steered the public-health Redfield to accuse the agency response,holding 13 news of undermining the adminis- briefingsinone month and S tration,complaining that the deploying thousands of staff PRES report and interviewsug-

globally to stop the virus.The TED gested the Trump administra- CDC also wonaccolades forits CIA tion had been latetoact, ac- SO

leading role in the Zika epi- AS cording to aformer HHS demic and H1N1 flupandemic. official.

This year,the CDC didn’t ANDON/ Mr.Azarquestioned why

hold asingle news conference BR Dr.Redfield allowedDr. on the coronavirus pandemic Schuchat, who has worked at ALEX in four separatemonths. President Trump has complained publicly about Dr. Robert Redfield, director of the Centers for Disease Control and Prevention. the agencysince1988,served White House officials rou- as itsacting director twice tinely denied the agency’sre- officials say, and he has at Losing Faith and had been leading the queststobrief reporters, a times publicly criticized him. agency’sCovid-19 response,to former HHS official said. Administration officials say Americans aren't confidentabout the way PresidentTrump and the CDC arehandling the pandemic. publish the report and wasan- “It is an unprecedented Mr.Trump is considering add- People’s opinion of Trump’s Percentage of people who say Percentage of people who say grythat he hadn’t been able sidelining of the CDC,” said Dr. ing morepolitical appointees handling of the coronavirus theyhaveagreat deal or afair that, under the Trump to viewitfirst, the former of- TomFrieden, the agency’s to the CDC if he wins re-elec- outbreak amount of trustinthe CDC Administration, the CDC pays ficial said. chief during the Obama ad- tion.Still, one administration toomuch attention to politics An HHS spokeswoman, ministration. “They’rebeing official said Dr.Redfield’swill- 70% 100% when issuing coronavirus speaking forMr. Azar,said the micromanaged.” ingnesstowork closely with frustration wason“proce- Disapprove recommendations,September the WhiteHouse has wonhim dural grounds and had noth- 60 90 continued goodwill and job se- ingtodowith the content of Botched rollout curity. Democrats 56% the report.” TheCDC has created some TheWhiteHouse began to 50 80 TheCDC sawmoredirect of itsown problems, botching take amorehands-on role af- involvementwhen it wasgear- the rollout of itsinitial teraFeb.25briefing in which Democrats Independents 42% ing up to issue guidancefor 40 70 Covid-19 test in Februaryand CDC official NancyMessonnier Independents bars and restaurants, consid- accidentally posting adraft in warned that community Total ered by health officials to be Septemberupdating guidance spread of the virus in the U.S. 30 60 Total 42% major venues forspreading Approve Republicans on howthe coronavirus wasinevitable.The president the virus.ACDC report in spreads. wasenraged as the stock mar- September showedthat adults 20 50 Republicans 35% Trust in the agencyhas slid ketslid, and control of the who had Covid-19 were twice 16 pointssinceApril, to 67%, federal response to the virus March MayJuly Sept. April Sept. as likely to have visited ares- according to apoll from the moved abruptly from the CDC Source:KFF Health Tracking Polls, most recent conducted Aug. 28-Sept. 3ofof1,199 U.S. adults; margin of error +/- 3pct. pts. taurant shortly beforetheir nonpartisan Kaiser Family to the WhiteHouse and its illnessasadultswho weren’t Foundation released Sept. 10. coronavirus task force,admin- portsthat some states were “antipolicedemonstrations.” suspending singing.CDC offi- infected. In astatement, Dr.Redfield istration officials said. Dr. declaring liquor stores and Dr.Redfield agreed to the cials later investigated how said the CDC has “based deci- Messonnier declined to com- abortion clinics essential but WhiteHouse’schanges. the mistakehad been made sions on known scienceand ment. not houses of worship,and When the guidelines went and discovered the wrong ver- 6feet dataavailable and has been Soon after, administration told his CDC director: “We up,they included awarning sion had been posted because TheCDC had included a clear that, as morebecame officials told the agencythat need to getthis done.” that “the act of singing may the final draftwith the White line in itsdraft urging people known about the virus,guid- the coronavirus task force After the Oval Office meet- contributetotransmission of House’schanges hadn’t to social distance, which the anceand recommendations headed by Mr.Pencehad to ing,Dr. Redfield went over a Covid-19,possibly through marked what wasdifferent. guidance defined as staying 6 would evolveand change.” He sign off on anyguidanceit draftofthe CDC’schurch emission of aerosols.” It also Ms.Troye, who sinceleav- feet apart if possible. said he was“proud of the men planned to release.Previously, guidanceline-by-line with urgedagainst the sharing of ing the WhiteHouse this sum- Mr.Vought, director of the and women at CDC who are the CDC would at most alert WhiteHouse officials includ- collection plates. mer has been avocal critic of OfficeofManagement and grounded in science, data, and HHS or the WhiteHouse be- ing then-senior adviser Kelly- It wasn’t what Dr.Redfield the WhiteHouse’spandemic Budget, wasamong OMB offi- public service, as am I.” fore publishing newmaterials anne Conway,WhiteHouse had agreed to—and White response,said Dr.Redfield cials who urgedDr. Redfield to WhiteHouse spokesman but wouldn’t solicit edits. budget director Russell House officials were angry. wasdealing with immense removeorchangethe defini- Judd Deeresaid the president Vought and Roger Severino, AfterOlivia Troye, then an pressurefromthe White tion of “social distancing” and had directed the WhiteHouse who heads the HHS Officefor House,and that his response advise establishmentsinstead coronavirus task forcetoen- Houses of worship Civil Rights. showedhis effort to “manage to “enhancespacing.” surethat “any and all commu- CDC guidanceonhow to re- Administration officials ob- Aide warned against protecting hisworkforce but OMB officials were con- nication and guidelines” on open houses of worship this jected to languagethat recom- also trying to hang in there.” cerned that being overly spe- the virus were “fully reviewed, spring drew particular scru- mended suspending choirs, ‘dictating to cificwould pave the way for studied, and vetted by admin- tinyfromthe WhiteHouse.On shared cups and collection [faithful] how to lawsuitsagainst the busi- istration officials,including May19, the CDC and state plates,which some argued Morale problem nesses,aformer administra- the topmedical doctors, for health officials published a came tooclose to the federal worship God.’ Dr.Redfield pushed pri- tion official said. TheOMB accuracy, effectiveness, and Morbidity and Mortality government mandating how vately forthe CDC to be able supported encouraging people safety to protect the public Weekly Report article about a Americans practicereligion, to resume media briefingsand to maintain distanceand was health.” large Covid-19 outbreak at a according to current and for- to speak moreattask-force seeking to keep languagecon- White House advisers view ruralArkansas church involv- mer administration officials. aide to Mr.Pence, alerted Dr. briefings. He told associates sistent acrossadministration Dr.Redfield—whom some re- ing 61 people,including four Mr.Severinosaid in a Redfield to the situation, he he wasconcerned that the guidelines,anadministration fertoas“Papa Smurf” forhis who died. They hadeither at- statement: “Governmentshave called ahandful of aides and WhiteHouse involvementwas official said. whitebeard—as aweak leader tended church eventsorwere aduty to instruct the public suggested they had posted the affecting morale at the CDC Thetwo sides reached a who has failed to rein in contactsofpeople who at- on howtostaysafeduring wrong version deliberately. “I and discrediting his people. compromise: Therecommen- agencyofficials with their tended. this crisis and canabsolutely am the director,” he said, ac- Several times this year,Dr. dationtosocial distancere- ownagendas,current and for- Days later,Dr. Redfield re- do so without singling out cording to Ms.Troye, who was Redfield has been on the re- mained,but the definition of mer administration officials ceived acall from Mr.Trump people of faith and dictating on the call. “This is insubordi- ceiving end of afurious phone theterm as remaining 6feet said. on reopening houses of wor- to them howtoworship God.” nation.” call from the president, Health apartwas nixed—though the Thepresident doesn’t view ship,current and former ad- He said in an interviewthat By the next day, the CDC and Human Services Secretary guidancelinked to another Dr.Redfield as an effective ministration officials said. The the CDC hadn’t issued similar had updated itsguidance, AlexAzarorMichael Caputo, CDC pagethat advised people communicator,administration president wasincensed by re- guidanceagainst yelling at omitting the languageabout whom the president installed to keep 6feet apart. P2JW290000-2-A009A0-1------NS

A9A | Friday, October 16, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Citigroup Executive to Run for Mayor

A top deal maker, admired industryleaders, and caused a$9billion revenue profit; Carlos Menchaca, acity His track record on Wall has long been a powerful and shortfall, along with a gap in councilman from Brooklyn; and Street could hurt him in the McGuire could face pathbreaking voicefor the in- next year’s budget of around Shaun Donovan, aformer U.S. Democraticprimary, where anti-Wall Street dustryondiversity and inclu- $4 billion. Housing and Urban Develop- manycandidates have spoken sion,” they wroteinthe email, MayorBill de Blasio,a ment secretary. against the financial industry, sentiment in primary acopy of which wasviewedby Democrat, has instituted cost- Thecontest also includes pushed taxing the wealthyand The Wall Street Journal. S savingsmeasures acrossthe three former de Blasio admin- said they wouldn’t take dona-

BY KATIE HONAN Mr. McGuire, 63 years old, NEW city and has warned of poten- istration staffers: Kathryn Gar- tionsfromreal-estatecompa- G AND DAVID BENOIT is oneofthe highest-ranking tially laying off up to 22,000 cia, who stepped down from nies. Black executives working on city workersifthe city doesn’t her job as the sanitation com- Within Citigroup,manycol- RayMcGuire, avicechair- Wall Street. He served as head OOMBER receivefinancial help from the missioner; Maya Wiley,who leagues hoped Mr.McGuire

manatCitigroup,said he is of global corporateand invest- ON/BL federal government, or state wasacounsel to the mayor; would run. He has long been

leaving the investment bank to ment banking at Citigroup, LL authoritytoborrow money. and LoreeSutton, who wasthe considered one of the topdeal FA

runfor mayorofNew York which he joined in 2005,and T. Mr.deBlasio is prevented veteran-affairscommissioner. makersonWall Street, and City in the November 2021 wasmost recently avice from running forre-election Mr.McGuirewon’t take oneofthe banking world’s TRICK

election. chairman of the bank. PA due to term limits. part in the city’s matching- leading Black voices.He In amemo to employees on Embarking on his first po- Ray McGuire Mr.McGuirejoins many funds program. This program worked on some of the biggest Thursday, Citigroup Chief Ex- liticalcampaign and running other candidates in the Demo- has strict limitsonthe amount deals in history, including ecutiveMichael Corbat and as aDemocrat in the party’s now,” he said in astatement. cratic contest, with the primary of money an individual cando- helping Time Warner Inc. sell thehead of itsinvestment primaryrace, Mr.McGuire “It needs achief executivewho next year held in June forthe natetoacandidate. Aspokes- itself to AT&T Inc.for more bank praised Mr.McGuireasa said his businessacumen has avision, who knows howto firsttime instead of September. woman said Mr.McGuire than $80 billion. “torchbearer,trusted and val- would be valuable as NewYork spark growth, revivethe econ- Other candidates include won’t self-financehis cam- This year,hewas the lead ued colleague and friend.” City faces itslargest fiscal cri- omy, attractthe best talent and Comptroller ScottStringer; paignand will fundraise.He adviser to aprivate-equity “Through his performance, sis since the 1970s. getthis city back to work.” Brooklyn Borough President didn’t respond to requests group’s unsuccessful attempt Rayisacknowledged to be “This city is abig,complex The coronavirus pandemic Eric Adams; Dianne Morales, seeking comment beyond his to buy railroad Kansas City among the most respected and businessthat is failing right and shutdown of the city who rananantipoverty non- statement. Southern. Yo ung Families Drive Exodus To the Suburbs

BY STEPHANIE YANG president of the appraisal firm Miller Samuel. “You took what HarryWolff,asoftware-en- would be a natural trend and gineering manager who lived compressed five yearsinto in Manhattan’sStuyvesant aboutthree months of out- Town neighborhood complex, bound migration.” wasalready planning to move This wave of selling has to Connecticut with a second contributed to a glut of prop- childonthe way.Covid-19 ac- erties in anumber of New celerated that departure. York City neighborhoods and His ability to work remotely weighed on home prices.In eased concerns about alonger August, totalsales inventory officecommutefromthe sub- acrossthe five boroughs urbs.Then, afterhestruggled reached itshighest level for to find outdoor play space in datagoing back to 2010,ac- New York City for his 2-year- cording to real-estatelisting old son, his mind wasmade company StreetEasy. up. In June, Mr. Wolff moved Newsigned contractsin JOURNAL

his family to athree-bedroom Manhattandecreased 31% year REET house in Fairfield, Conn. over year forthe month of Au- ST LL

“Almost all of our friends gust, according to Miller Sam- WA have leftthe city,” he said, uel. Larger properties liketwo- THE

adding that manyofthem also to four-bedroom homes maybe R FO

were planning to move in the the most affected if families de- S

next few years. “It’ssad be- cide to leave NewYork rather RIO cause there’snocelebration of than purchase morespace, said

the departure. It’s almost like Danielle Hale,economist at Re- DESIREE a slow slink away.” altor.com. (News Corp,owner Rachel and Harry Wolff, with their 2-year-old son, Miles, left Manhattan and moved to a three-bedroom house in Fairfield, Conn. Thepandemic has led many of TheWall Street Journal, also NewYork City residentstoup- operates Realtor.com under li- taxbase and makeitharder to coming back.For Jonathan until the pandemic upended agreater number of New root their lives in search of cense from the National Associ- maintain services. Wasserstrum, chief executive much of the city’s appeal. Yorkersfleeing to the suburbs, morespacious living quarters ation of Realtors.) “Some of the calculus is of commercial real-estate “Why pay3.8%New York or if it is simply accelerating or cheaper rent. Among them Meanwhile,these former changing forfamilies,” said startup SquareFoot, abrief re- City taxwhen youdon’t get thepaceofthose who were areparentswith young chil- city dwellers have sparked Ms.Doulis.“We need more treat during the initial shut- the benefit of everything the likely to move anyway. dren. Manyalready were bidding wars in places like people to be in the city to down to his father-in-law’s city has to offer?” said Matt Some former NewYork City dreaming of tree-filled back- Long Island and Westchester keep our city growing and our house in Mamaroneck,in Hagel, chief financial officer at residents already are imagin- yardsand highly ratedpublic- County. They have helped re- economythriving.Parentswho Westchester,became ade the meal-deliverycompany ing an eventual return. Ashley school systemsinthe suburbs vivehousing marketsfrom choose to raise children here factomovetothe suburbs one Freshly. Healy, asales executiveat when the pandemic expedited Greenwich, Conn., to South Or- are part of that ecosystem.” year ahead of schedule. Mr. Hagel enjoyed living in Getty Images,purchased a their decision to move. ange, N.J. Fewerfamilies with small “When we firstwent out Brooklyn’sPark Slope neigh- home in NewJersey’s Mon- Now, with abusy summer “These houses arenot last- children, however, could cre- there, we didn’t knowthat it borhood forthe past five mouth County and moved and fall buying season winding ing aweek,” said JaredKa- atemorebuying opportunities wasgoing to be permanent,” years. Since the pandemic, he thereinAugust, but misses down, analystsare trying to liner,anUpper East Sider who foryoung NewYorkersand said Mr.Wasserstrum, who cannolonger go to concerts the old neighborhood. gaugethe persistenceofthe has been looking at homes easier entry for children into had his firstchild in May. Since or visit barsand restaurants “When Iwakeupinthe migration and itslasting im- around Montclair,Livingston the city’s competitiveschools. then, it has been morepracti- around the city. morning sometimes,Ican’t pactsonthe city’s housing and and Millburn, N.J.,for his fam- Some neighborhoods in the calfor the newparentstostay With a2-year-old and an- believeIcan’t go walk up and economy. ily of three. boroughs have even become upstaterather than return to other child on the way,heisin down Court Street and say‘hi’ “The stereotypical scenario Maria Doulis,vicepresident morepopular during the pan- their one-bedroom apartment the processofclosing on a to my favorite business own- is that ayoung professional of the Citizens Budget Com- demic,likeinBrooklyn, in Greenwich Village. house in his hometownofPort ers,” she said. “Brooklyn is in couple starts having kids and mission, anonpartisan fiscal where August sales rose 87%. Some recent suburban trans- Washington, on Long Island. our hearts and always will be then they moveout to the sub- watchdog, said the exodus of Still, some people who left plantshadn’t thought much It is still unclear if the pan- home.Welook forwardtoget- urbs,” said Jonathan Miller, families could hurt the city’s the city temporarily aren’t aboutleaving NewYork City demicwill ultimately result in ting back there someday.” Unemployment Claims Increase Across the Tri-State Region

BY KATE KING nesses aren’t doing well enough benefitswerefiled, a3.25% in- pretty direoutlook,” he said. afterseven months without no prospect forwork,” he said. to rehireorkeep on payroll the crease from the prior week, In NewJersey,morethan work. Mr. Waldman, an inde- Afterdeclining forseveral First-time joblessclaims in- employees they let go during according to the stateDepart- 29,000 people filed newunem- pendentlighting technician, weeks,weekly unemployment creased in NewYork,New Jer- thepandemic,said James Par- ment of Labor.The depart- ployment claims last week,the worked for media production claims in Connecticut ticked sey and Connecticut last week rott,aneconomist at the New ment received morethan highest number in 12 weeks and andcorporateclientsinNew up to about 4,700last week,a as the region’seconomic re- School in NewYork City. 29,000 applications forPan- a23% increase from the week York and NewJersey before 2.66% increase,according to covery continued to falter. “Some workersobviously demic Unemployment Assis- before, according to the state the pandemic shut down film- numbers reported to the U.S. Morethan 100,000 people aregoing back,but then other tance, a federal program that Department of Labor and Work- ing at the end of March. Department of Labor. filed forinitial stateunemploy- businesses that might have extends benefitstofreelance forceDevelopment.Morethan Mr. Waldman, who lives in TheConnecticut Depart- ment benefitsacrossthe three brought workersback arereal- and contract workers. 1.4million people have qualified NewJersey,applied forunem- ment of Labor has received states during the week ended izing they don’t have the con- Taking intoaccount all the forunemployment benefits ployment benefitsinboth morethan one million unem- Oct. 10,an8.12% increase from sumer demand to sustain it,” stateand federal unemploy- sincemid-March, and the state states but has only been able ployment benefitsapplications the week before, according to Mr.Parrottsaid. “And some ment programs currently avail- has paid out $16.5 billion in to collect from New York. His sincemid-March and paid out the states’ labor departments. businesses are just at the end able,morethan three million stateand federal assistance. benefitstotal $194aweek be- $5.5 billion in stateand federal Claims fell as lowas74,000 in of the line and arethrowing in people in NewYork have been Gabe Waldman,25years fore taxes, which he said assistance, the agencysaid. the firstweek of August before the towel.” receiving unemployment bene- old, said he wasconsidering wasn’t financially sustainable. About 230,000 people arecol- climbing again. In NewYork,nearly 69,000 fits in recent weeks,according leaving the film industry and “I’m still not making any lecting weekly unemployment Theshiftindicates busi- initial jobless claims for state to Mr.Parrott’sanalysis.“It’sa enrolling in graduateschool money whatsoever,and there’s benefitsinthe state. P2JW290000-2-A009B0-1------NS

THE WALL STREET JOURNAL. ** NY Friday, October 16, 2020 | A9B GREATER NEW YORK GREATER NEW YORK WATCH Trump Considers Selling Estate

BY CORINNE RAMEY A2011 Trump financial doc- AND KATHERINE CLARKE ument values the property at $261 million, based on what it The Trump Organization is said wasanassessment by Mr. considering selling itssprawl- Trump, his associates and out- ing Westchester County, N.Y., side professionals. It said the estate, according to people fa- figure comes from the funds miliar with the matter, after he would receiveashomes yearsofunsuccessfuldevelop- were constructed and sold, ment attemptsthat ended plus the value of the existing with an agreement to preserve mansion and other buildings. part of the property. Those homes were never TheNew York attorney gen- built. Local real-estate agents eral’sofficehas said it is exam- said Mr.Trump had aparticu- ining whether anybenefits larly difficult time getting his President Trump received from plans approved because the that agreement were improper property straddles several mu- as part of abroader investiga- nicipalities—Bedford, New

tion of alleged fraud by the Castle and North Castle. S

president and his businesses. In late2015,Mr. Trump en- PRES Trump representatives have teredintoanagreement with TED

had conversations with local thenonprofit North American CIA

brokersabout the possibility of Land Trust not to develop 158 SO asale,the people said. The213- acres of the property.That AS

acreproperty,known as Seven area included 95 acres of ma- HILL/ Springs, isn’t currently listed tureforest and 52 acres of her-

publicly.While Mr.Trump has baceous meadows,according to MICHAEL previouslyvalued the property the agreement. Under such Antoinette Bacon, acting U.S attorney for the Northern District of New York, spoke Thursday at a ceremony in Albany where ‘Winter,’ at more than $200 million, local agreements, aproperty owner a painting looted by the Nazis in 1933 that ended up in a museum in Canajoharie, N.Y., was returned to heirs of the Mosse family. agentsestimated it would trade candeduct the land’svalue in foraround $50 million or less. exchangefor not developing it. UPSTATE NEW YORK artworks on behalf of the Mosse NEW YORK CONNECTICUT ATrump Organization As part of itsfraud investi- heirs. The road to this restitu- spokeswoman called Seven gation into the president and Painting Nazis Stole tion started after the Arkell Mu- Juneteenth Becomes Dozens of Inmates Springs“one of the largest, his company, the officeofNew Is Restored to Family seum in Canajoharie, N.Y., noted Official State Holiday Contract Covid-19 most valuable and most iconic York Attorney General Letitia its seasonal closing in January properties in Bedford.” She James has said it is examining A painting of two young 2017 with a friendly Facebook Gov. Andrew Cuomo on Connecticut prison officials on added, “Ifthe right opportunity whether the value of the ease- 19th-century skaters that was post urging readers to “Enjoy Wednesday signed legislation of- Thursday were monitoring a cor- presentsitself,the Trump fam- ment wasimproperly inflated looted by Nazis from a Jewish Winter!” It was illustrated with a ficially making Juneteenth, a day onavirus outbreak at a Hartford ily would certainly entertain it.” to get a larger tax dedication. family in 1933 and recently dis- picture of “Winter.” commemorating the emancipa- jail where 56 inmates recently TheTrump Organization TheTrump Organization covered at a small museum in The post wasnoticed by a tion of enslaved people in the tested positive after two staff has owned Seven Springs has said the investigation by upstate New York was returned studentworking with Dr.Meike U.S., a New York state holiday. members contracted the virus. since1995,when it purchased Ms. James, a Democrat, is all Thursday after 87 years. Hoffmann of the Free University “This new public holiday will All 56 inmates, who weren’t the property for $7.5 million. about politics. The painting “Winter” by of Berlin. Dr.Hoffmann heads the serve as a day to recognize the showing symptoms and are now American artist Gari Melchers MosseArt Research Initiative, a achievements of the Black com- separated from the general pop- was part of a cache of more university-based collaboration in- munity,” said Mr. Cuomo. ulation, were detained in the than 1,000 pieces of art and ar- volving Mosseheirs and German The Democrat had used an units where the two employees tifacts seized from the Mosse public cultural institutions. Dr. executive order to make June- worked, prison officials said. family, prominentresidents of Hoffmann said in an email that teenth a paid holiday for state “The facility is on lockdown Berlin. Heirs have been seeking provenanceresearchers at MARI employees this year. The state status for deep cleaning,” De- to recover the lost pieces for the were able to link the painting to Legislature passed a bill in July partment of Correction spokes- past decade. the Mossefamily with the help to make it a state holiday. woman Karen Martucci said. “The Mosse family lost nearly of Arkell Museum ExecutiveDi- PresidentAbraham Lincoln is- The two employees reported everything because they were rector Suzan Friedlander. sued the Emancipation Proclama- testing positiverecently, which Jews. But they did not lose In 1934, “Winter” was pur- tion on Jan. 1, 1863. But notev- prompted routine contact tracing hope,” acting U.S Attorney for chased by Bartlett Arkell, and it eryone heardabout it rightaway. that identified the 56 inmates the Northern District of New became part of the collection of It wasn’tuntil June 19, 1865, that who tested positive, Ms. Mar- York Antoinette Bacon said at a the museum near the Mohawk enslavedpeople in Galveston, tucci said. The entire population repatriation ceremony at the Al- River that bears his name. There Texas, found out about it from of the Hartford Correctional Cen- Y bany FBI office. is no evidence Arkell was aware Union armypersonnel, making ter is being tested this week as

OMETR The Mosse Art Restitution of the painting’s dark history, them among the lasttoknow part of continued mass testing

PICT Project was started in 2011 to Ms. Bacon said. about their freedom. at prisons statewide, she said. The Trump Organization boughtSeven Springs in 1995 for$7.5 million. locate and restitute the stolen —Associated Press —Associated Press —Associated Press City Sees Progress in Fighting Coronavirus Surge in Hot Spots

BY JIMMY VIELKIND the Rockland County health jected requests by the Roman commissioner,announced an CatholicDiocese of Brooklyn Thenumber of Covid-19 order that would requireall andAgudath Israel, agroup cases is leveling off in areas of children over 2yearsofage to representing prominent ultra- Brooklyn and Queens where wear facecoveringswhile in Orthodoxrabbis,for an emer- the coronavirus recently schools and day-care settings. gency order to block enforce- surged, New York City Mayor Threerabbis in Rockland ment of the regulations. Bill de Blasio said Thursday, County sued Mr.Cuomo in Aspokesman forMr. adding that it indicated tighter federal court Wednesday, say- Cuomo pointed to comments restrictions and stronger en- ing the restrictions in last the governor made on a forcement of the rules are week’sorder disproportion- Thursdayconferencecall. He having an effect. ately fell on Jewish people and said that most Jewish leaders Mr.deBlasio said city offi- impinged on their right to supported the restrictions and cialsinspected 1,700sites on practice their religion. that they have “nothing to do Wednesdayand issued 25 Federal judges last week re- with what the religion is.” summonses fornoncompliance with measures such as mask wearing or bans on large gath- erings. He said city and state officials have focused testing in the relevant neighborhoods, LONDON which arehome to large ultra- JEWELERS OrthodoxJewish communities. ANNUAL “Weare seeing aplateauing nowofthe test resultsand that WATCH is avery, very good sign,” the FAIR mayorsaid. “Wecan stop this FRIDAY-SUNDAY onceand forall in these areas OCTOBER 16, 17 &18 of Brooklyn and Queens where NOON-5:00 PM it is aconcern and therefore CALL TO SCHEDULE YOUR APPOINTMENT 516-627-7475 protectthe whole city.” WALK-INS ARE WELCOME Gov.Andrew Cuomo last week announced restrictions in AMERICANA MANHASSET partsofsouthern Brooklyn, ar- 2046 NORTHERN BLVD. eas around the Queens neigh- borhoods of FarRockaway and KewGardens and partsofOr- angeand Rockland counties. Thestate created color-coded zones based on the degree to which cases were increasing. In redzones,whererestric- tions aremost severe, schools and nonessential businesses were closed and houses of wor- AUDEMARS PIGUET LONGINES BAUME &MERCIER LUMINOX ship were restricted to 25% ca- BLANCPAIN MICHELE pacity or 10 people,whichever BREGUET MONTBLANC is less.The statemandated in- BREITLING NOMOS GLASHÜTTE creased testing at schools in BULGARI OMEGA ORIS theless-restrictivezones. CARL F. BUCHERER CARTIER PANERAI On Thursday, the governor PATEK PHILIPPE said the rate of positive coro- CHANEL PIAGET CHOPARD navirus testsinred zones had RAYMOND WEIL GRAND SEIKO ROLEX fallen to 4.84% from 6.29% the HARRYWINSTON SHINOLA previous day. Thenumbersfor HUBLOT SWISS ARMY If youfind yourself in asituation younever thought Brooklyn and Queens declined, IWCSCHAFFHAUSEN TAGHEUER you’dbein, we’reheretohelp. No matter what you while ratesinRockland and JAEGER-LECOULTRE TUDOR andyourfamilyare goingthrough,wecan helpyou take on your child’sdrugoralcohol problem. Orange counties ticked up. LEICACAMERA ULYSSE NARDIN Connect with aParentSpecialistfor free. Statewide,the number of Call 1-855-DRUGFREE or Text 55753 people hospitalized for Covid-19 ticked down to 897, and 1.09% of the roughly 133,000 coronavirus testspro- cessed were positive, stateof- ficials said Thursday. ©Center on Addiction /Partnership forDrug-FreeKids Patricia Schnabel Ruppert, P2JW290000-0-A01000-1------XA

A10 | Friday, October 16, 2020 THE WALL STREET JOURNAL. ARTS IN REVIEW

FILM REVIEW |JOE MORGENSTERN ‘Trial’: Disorder In and Out of Court

n almost palpable air of chaos calls to us from more than half a cen- tury ago in Aaron Sor- Akin’s “The Trial of the Chicago 7,” streaming on Netflix. Then, as now, an angry, frightened nation was beset by po- litical and social divisions. We rec- ognize all too readily the tumult preceding the trial, demonstrators and cops facing off in the streets of Chicago during the 1968 Demo- cratic convention. The riots that followed evoke our worst night- mares. If the trial proceedings seem so bizarre as to beggar be- lief, we certainly grasp the central issue—whether the defendants had exercised their right to free speech and peaceful protest against the Vietnam War, or conspired to in- cite violence during the conven- tion. Mr. Sorkin’s film is some- times eloquent, and sustained for the most part by his flair for hy- perverbal entertainment. Yet it also diminishes its aura of authen- ticity with dubious inventions, and muddles its impact by taking on more history than it can handle. Thetrial alone would have been achallengetoconveyinthe course of asingle feature—it lasted almost six months.And the proceedings, based on transcripts,

areintercut with densely detailed (3) flashbacks to the riotsvia re-en-

actmentsand archival footage, NETFLIX plus dramatizations of defense and prose- Yahya Abdul-Mateen II, left; Eddie cution strategyses- Redmayne, far left; and Sacha sions outside the Baron Cohen, above right courtroom. The movie seems over- and clarity of his generation’s im- long at 129 minutes. perative for political action. Mr. (Phedon Papamichael Sorkin makes him the centerpiece did the excellent cin- of an emotional Hollywood ending ematography. The by giving him a rhetorical gesture production wasde- so implausibly elaborate, not to signed by Shane Val- mention shamelessly melodra- entino.) matic, that it leaves you wonder- As descriptions of ing how much license has been the event always taken elsewhere in a movie that note, it began as a seems to play fast but reasonably trial of the Chicago 8, tight with its facts. since the Black Pan- By now docudramas are a ven- ther leader Bobby Seale was in- larly canny in dialing back the vol- erable genre, and a valuable tool, cluded as a defendant, even atility of the radical defense attor- despite their simplifications, for though he was not involved in the ney William Kunstler. exploring significant events of the protests near the convention. (He’s The trial was political theater, past or recent present. No wonder a forceful presence in the film, as and Mr. Sorkin’s script capitalizes Mr. Sorkin has said he wanted his played by Yahya Abdul-Mateen II.) on its theatricality, though his di- film to be not so much about the His case was eventually severed rection isn’t always up to the task. riots of 1968 or the trial of 1969 as for a separate trial, but only after In between moments of turmoil, (The latter was no relation to the gives him the wit and complexity about right now. Yet then was then Seale’s outbursts provoked the confrontation or flamboyant judge, as the other Hoffman took to make Hoffman the movie’s most and right now is a singular time, a shocking spectacle of his being clowning, the tone turns stolid, pains to make clear, declaring intriguing character. period of unprecedented peril that chained and gagged at the instruc- even dull; some scenes end with from the bench that “he is not my Some script choices are ques- requires us to distinguish between tion of the judge, Julius J. Hoff- inexplicable thuds. son.”) They’re played respectively tionable, or worse. By all accounts reality and the bombardments of man. Frank Langella portrays Hoff- Eddie Redmayne is an oddly by Jeremy Strong, who brings the prosecutor Richard Schultz the media surround. That’s not to man without commenting on him, bland choice as Tom Hayden, more irony, even melancholy to his role, (Joseph Gordon-Levitt) was un- suggest that “The Trial of the Chi- no small achievement in the case preppy than prickly in the role of and Sacha Baron Cohen, a bold swervingly conservative, and con- cago 7” doesn’t have historical of a jurist who quickly grew infa- the radical leader and relentless choice who proves to be a memo- sidered a government attack dog value, which it does, or that it isn’t mous for his capricious behavior, strategist who deplores the glee- rable one. Mr. Cohen doesn’t quite at the time, yet Mr. Sorkin gives enjoyable, which it is, at least in his bias for the prosecution and fully anarchic approach to antiwar get the Massachusetts accent, but him covert liberal sympathies. At fits and starts—only to say that his inability to control his court- protest taken by two of his fellow his agility as a comic actor gives trial’s end the real-life Tom it’s a movie, not an instruction room in the face of the defendants’ defendants, the so-called Yippies him the key to Hoffman’s quicksil- Hayden, invited by the judge to manual, and should be treated disruptions. Mark Rylance is simi- Jerry Rubin and Abbie Hoffman. ver intelligence, while the script make a statement, spoke with calm with appropriate caution.

Dawn French, left, and Emily Reid and Arthur McBain, above

broadcast of her interview. Which plicated tale that encompasses the includes,toher horror,the com- lives of the villagersafter Maggie’s mentsshe’dmade on the scandal- revelations.That event, soon to be

(2) ous aspectsofher neighbors’ lives. known as Radiogate, makes news

PBS Among them: her observation that around the world, thanks to the the husband of the villagedoctor internet. TELEVISION REVIEW |DOROTHY RABINOWITZ leaveshis wifeevery weekend, not Not everybody named by Mag- forbusinessreasons but forsexual gie suffers. Some people named, assignations with alover—a man. however humiliated, recognize the Small-TownSecrets on the Record TheassemblagehearsMaggie’s kernel of truth in her wildly aimed referencetoalocal Polish family charges. Maggie herself pursues an WHATEVER IS AMISS with Mag- scribing herself—on grounds of her for all her self-delusion, all her whose attractivedaughter,she effort to make amends. She’s com- gie Cole,it’sclearly the prime acquaintancewith Thurlbury’s pretentions, and all the real-world, suggests, has made the rounds of forted by her unfailingly devoted source of all that makes this show past—as ahistorian. Her close frequently unfixable trouble she the neighborhood men. They also husband, Peter (a splendid Mark so irresistible atale.Inaddition, friend Jill (Julie Hesmondhalgh, causes, Maggie remains a remark- hear hersuspicion that there’sa Heap), a school headmaster, who that is,tothe exquisitesettings— “Coronation Street”)regularly re- ably appealing figure. local couple hiding the fact that faces his own difficulties, profes- “The Trouble With Maggie Cole” minds Maggie that what she actu- Thefirst step toward catastro- they wonthe lottery,aswell as her sional and personal, as a result of (begins Sunday, 8p.m., PBS) was ally does is runagiftshop. phe comes in that radio interview, viewthat the villagepub owner his wife’s ventures in broadcast- filmed in South Devon and Corn- Maggie’s view of her expertise during which—her tongue loosened surely has gangland connections ing. wall, in England. Maggie (a superb nonetheless leads to a call from a with alcohol and the reporter’s en- and is likely in the witnessprotec- A thriller of sorts—there are Dawn French), the heroine of this reporter, inviting her to join him couragement—she deliversher un- tion program. Morethan afew of plenty of dark forces here—with a six-part drama created and written for a radio appearance on the sub- inhibited viewofthe privatelives the townspeople named in this strong sitcom sensibility, “The by Mark Brotherhood, is inclined to ject of Thurlbury—an invitation and secretsofanumber of resi- verbal indictment—including Mag- Trouble With Maggie Cole” is a see herself as inhabiting ahigher that sets the tone for Maggie’s dentsofthe town, which the jour- gie’sdearest friend Jill, who is de- rollicking drama that shines with placeinsociety than is credited to character. Barely able to contain nalist happily records. Not long af- scribed as not terribly bright—are life. her.Awife, mother and longtime her ecstasy at the invitation, she ter, at awell attended barbecue guestsatthe barbecue. resident of the picturesque village regularly announces that the inter- hosted by the Coles,Maggie has What follows is asagaofThurl- The Trouble With Maggie Cole of Thurlbury, she’staken to de- view is of small importance. Still, arranged, as entertainment, the burysociety itself—a richly com- Begins Sunday, 8 p.m., PBS P2JW290000-0-A01100-1------XA

THE WALL STREET JOURNAL. Friday, October 16, 2020 | A11 ARTS IN REVIEW

FILM REVIEW |JOE MORGENSTERN

Bruce DuBose stars in ‘St. ‘The Sounding’: Nicholas’ Raising Her Voice

atherine Eaton’s “The Ms. Eaton’s dramatic CSounding,” available on imagination is strong. In one digital platforms start- of many lovely moments ing Oct. 20th, begins with a with an erotic charge, Liv, an mystery that gradually deep- accomplished painter, dem- ens rather than resolves, and onstrates her technique to a takes place mainly on a handsome visitor—more windswept island that could about him in a moment—by serve as the setting of a taking his wrist, lifting his Brontë novel, even though arm around her back in it’s somewhere off the Amer- something between a hug ican coast at the present and a caress, then putting time. Ms. Eaton directed his hand on top of hers as from a screenplay she wrote she guides both of them with Bryan Delaney. She also across the canvas. Yet the plays the central role, an at- filmmaker’s appetite for phi- tractive, reflective woman losophy is strong too. She TRE named Liv who, in a word- wants us to see her heroine

THEA less preface, goes around as a paradigm of indepen- nailing sheets of paper to dence, a creature apart, and tree trunks in a forest. Has not because of what seems

UNDERMAIN she lost a cat or dog? No, at the outset to be a disabil- they’re pages of Shakespeare ity, or a communication dis- sonnets, words cherished, as order. Liv presents questions THEATER REVIEW |TERRYTEACHOUT it turns out, by someone for which no answers are who hasn’t spoken in years— available—why she chooses not because she can’t, but to live as she does, if indeed AChilling Tale of simply because she doesn’t, she has made a choice; how TwoBloodsuckers

rior to the coming of the in vain to write his own plays: “I pacing of this production, making pandemic,Itraveled all over had no ideas for a story….I could sure that Mr. McPherson’s mysteri- Americatosee and review only write about what was there al- ous story unwinds bit by bit, neither regional theater productions. ready. I was a hack.” This is, need- rushing nor dragging. T Thanks to the theatrical we- less to say, an over-familiar piece of As forthe playitself,itnever BULA P A bcaststhat Istarted writing abuse flung at critics by those who stoops to the obvious.The opening about in March, though, I’vebeen resent them—but Mr. McPherson, lines have the perfect simplicity of A/MARIY

discovering first-ratecompanies of being not a hack but one of our very achildren’sstory:“When Iwas a OV

whose existenceIwas previouslyun- greatest playwrights, turns it into a boy, Iwas afraid of the dark…what NIL aware.That’sone of the manyrea- wholly believable tale of a troubled wasthere. And maybe one of the DA YA

sons whysmart theater companies soul who has lost his way in the thingsIthought wastherewas AS will makestreaming video an inte- dark. Moreover, William, the head vampires.” If you’veseen Mr. Catherine Eaton stars in her mysterious debut feature gral part of their plans forthe post- vampire of “St. Nicholas,” is not a McPherson’s“TheWeir,” which the Covid future—it’sanindispensable neck-chomping Bela Lugosi type but Irish Rep revived online in July, way to spread the word morewidely you’ll knowwhat to expect: All that though nothing is simple in she thinks; and who she ac- about what they’redoing. follows is ambiguity and stealth. this lyrical and audacious tually is in the secret syn- Dallas’ Undermain Theatre, the lat- One man plays thedual Theonly clue he supplies is in the debut feature. (David Kruta apses of her mind. est of these discoveries,was founded prefacetothe published version of did the fine cinematogra- The visitor, a young psy- in 1984 and performs in a90-seat au- role of aself­hating drama “St. Nicholas”:“Because we arere- phy.) chiatrist named Michael ditorium. While it’shighly thought of critic and avampire flectivebeingsand we likeneatness, Muteordeaf-mutehero- (Teddy Sears), has been in- in Texas,Ionly just found out about we want to knowwhat everything ines have been at the center vited to the island by Liv’s the theater and itscurrent show. longing foraconscience means.‘What thehell am Isup- of manymovies.Holly psychiatrist grandfather, Lio- BruceDuBose,the company’sproduc- posed to make of this?’ That’sus. Hunter wonanOscar forher nel (Harris Yulin, no stranger ing artistic director,isstarring in a That’swhat makes us responsible. performanceasAda, the to Shakespeare over a long webcast version of “St. Nicholas,” one And Ithink that’swhat ‘St. Nicho- 19th-centuryScotswoman and distinguished career). of Conor McPherson’smonologues an urbane fellow with troubles of las’ might be about. Theresponsi- sent to NewZealand in Jane Why two psychiatrists in- about unhappy people who livetoo his own, a vampire who “has no be- bility reason gives us.” Campion’s“ThePiano.” So stead of one? Or none? One close to the edgethat separates the cause” and longs no less vainly for a As clues go, that’s an opaque one, did Jane Wyman for reason is that the screenplay real from the unreal. Writtenin1997, conscience. but don’t feel the need to puzzle out “JohnnyBelinda,” and Mar- draws inspiration from the it has sincebecome one of Mr. Mr. DuBose plays his dual role the deeper meaning of “St. Nicho- lee Matlin for“Children of a great neurologist Oliver McPherson’smost admired mono- with skill and conviction: He gives las.” Just relax and simply let Un- Lesser God.” But “The Sacks and the provocative logues,and what Undermain is doing the critic just enough of an Irish ac- dermain Theatre’s production hap- Sounding” is different. It psychiatrist R.D. Laing. An- with it is thrilling.Not only is Mr. cent to convince, while William has pen to you…but be sure to leave the isn’t spoiling anything to other is that the plot lurches DuBose an outstanding performer, a deep, smooth, insinuating voice hall light on as you watch. saythat eventually Liv off into a climax set in a psy- but the production as awhole is that recalls George Sanders. And un- speaks again, in her own chiatric hospital, with clan- identical in quality to the superlative like most small-scale theatrical web- St. Nicholas voicebut not in her own gorous echoes of “One Flew work being done online by New casts, this one has been designed Undermain Theatre, Dallas (viewable words. She expresses herself Over the Cuckoo’s Nest.” Ms. York’sIrish RepertoryTheatre. with exceptional flair. Not only are online through Oct. 25, $15). To regis- by appropriating phrases Eaton’s film can be trying The premise of “St. Nicholas” is Robert Winn’s sets simple and sub- ter for viewing, go to undermain.org. and fragmentsfromShake- for its messiness, challeng- funny going in: The principal charac- tle, but Steve Woods’s lighting adds For more information, call speareand using them in ing in its allusiveness, or ter is a self-hating, booze-swilling greatly to the play’s spooky atmo- 214-747-5515 what amountstoalanguage precious in several spasms Dublin drama critic in his late 50s sphere, while Paul Semrad’s sound of her own. (Her ability to of ritual jubilation, but it’s who falls in with a group of vam- design is as good as anything I’ve Mr. Teachout, the Journal’s drama do so not only suggestsa never less than fascinating, pires. As if that weren’t enough, Mr. ever heard on Broadway. Blake critic, is the author of “Satchmo at photographic mind, it repre- and often beautiful, a com- McPherson’s critic is jealous of the Hackler, the director, has clearly the Waldorf.” Write to him at sentsimpressively ingenious muniqué in code from the people he reviews because he longs gone to much trouble to control the [email protected]. screenwriting.) far side of silence.

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. PUZZLE 30s 12345678 910111213 64 22-Across,e.g. 30s Eddtmonton <0 CONTEST 0s 65 Desirable skill VaV ncouverncouve CalgaryCClary 14 15 16 10s 66 “The Conqueror Winnipegip 17 18 Worm” writer Seattle 40s 50s 20s 29 Over athird PoPPortlandrtl d 30s 19 20 21 22 67 Ruhr Museum Helenal 40s Montreal 60s 30s of Earth’stotal 60s Bismarckk Ottawa site 60s AtAAugustg a 40s 23 24 25 26 area Eugene Down Boisei 50s 50s Billings Mpp/plsls.//SSttP.P. aulaua ToT rontto AAlbanybanyb y Bostont 30 One in adozen 40s 50s 27 28 29 30 1More, in Mexico Siouxoux Fallsll Hartfordd 60s 32 Capture 70s Pierre Milwaukeek Detroitt Buffalol 2Leaf-peeping mo. 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Asolver selected at random ONENOKARANWRAP Nashville 61 38 s6851s BuenosAires 72 64 s7565pc Toronto5237pc5646s will win aWSJ mug. Lastweek’swinner: Nancy Lillydale, Beverly,MA. DEVOUT ORO EUR NewOrleans 74 60 s7665s Dubai 97 76 pc 97 77 pc Vancouver 57 47 r5546r KMARTBOMBVERNE NewYork City 63 46 r5947pc Dublin 52 45 pc 52 42 pc Warsaw4839pc4536c Completecontest rules at WSJ.com/Puzzles.(No purchase necessary. AIDA SHOE ARTIS Oklahoma City 68 47 pc 75 53 s Edinburgh 51 42 pc 51 41 c Zurich 52 43 sh 52 38 c Void whereprohibited. U.S. residents 18 and overonly.) SCAD POPSKNOTS P2JW290000-4-A01200-1------XA

A12 | Friday, October 16, 2020 **** THE WALL STREET JOURNAL. SPORTS

JASONGAY Is Tampa BayBecoming Titletown?

The Lightning wonthe StanleyCup,the Rays have aWorld Series shotand TomBrady has given newenergy to the Bucs

This year has been bon- kers foreverybody,but what’shappening in Tampa Bayright nowis really bonkers. The hockey Lightning are the newly crowned Stanley Cup champions; the baseball Rays arein atight battle with Houston but re- main one win away from appearing in the World Series; new-in-town quarterback TomBrady andthe NFL Buccaneershaveashot at be- ing the firstteam to ever winaSu- per Bowl in their home stadium. Tampa Bay—league shorthand forthe coastal hub that includes the cities of Tampa and St.Peters- burg—could be on the vergeofbe- coming America’sTitletown. Ihad to call the man Iconsider the re- /REUTERS VO gion’sunofficial sportsmayor: Dick Vitale,aka “Dickie V.” DINO

“It’sjust fantastic—the area is MIKE just so excited,” It wasanother beautiful dayinFlorida, and the in- defatigably upbeat collegebasket- ball analyst wassitting courtside— ON/REUTERS;

at his grandson’stennis practice. NELS When we spoke, the Rays held a Y three games to zero lead in the PERR

American League Championship Se- GES;

ries.Houston then wonthe next IMA two,including awalk-off victoryin

Thursdaynight’sGame 5. GETTY “I’m glued to the set,” Vitale told W/ SHA

me.“Everynight, my stomach A

churns.Iput up some tweetslast EZR night, ‘Get the Maaloxout, man, I’m : anervous wreck here.’ ” LEFT OM

He wasnot going to prematurely FR celebrate, which seemed wise.The From left to right, Randy Arozarena and the Rays are on a roll; Blake Coleman hoists the Stanley Cup; Tom Brady brings a title pedigree to the Buccaneers. Astros were tough. “This thing ain’t over until youget No.4.” the hockey club wasembarrassingly “I missitsomuch,” Vitale said. kees in the AL Divisional Series. World Series in autumn 1969,and a At 81, Vitale remains asunbeam bounced in the firstround of the “They would be playing at home “David and Goliath,” Vitale said. Knicks championship the following of positivity—his catchphrase is 2019 playoffs aftercollecting the right now.” “That wasspecial.” May. (That wasn’t asimultaneous “awesome,baby,” and he canmake NHL’s best record,Vitale told Coo- TheRays remain amarvel. The TheBucs,meanwhile,are 3-2and trio,asthe ’69 Jets failed to make amildly capable collegeteam sound per the Lightning were going to be club endures some mockeryfor its have adifficult game Sunday the 1970Super Bowl.) likethe second coming of Wooden’s just likecollegebasketball’sVirginia light regular-season attendance— against the undefeated Packers. But Therewas even achancethe Bruins.He’sgot the same energy Cavaliers, who were shocked by last winter,pre-virus, MLB floated a the team has shown flashes,and Vi- Bucs could makeadditional history forwherehelives. His Twitterfeed UMBC in the firstround of March proposal to let the Rays split time tale felt that if enough players re- by sealing the deal with aSuper is afountain of civic enthusiasm; Madnessin2018,and rallied to win between St.Petersburgand Mon- turned from injury, aplayoff run Bowl in Tampa’sRaymond James youcan, at the right time of day, the NCAA title the very next year. could happen. Brady’s arrival in free Stadium, scheduled to be played, catchVitale on aTwitterlive Cooper took to wearing aUVA agencylast winter triggeredasurge with or without them, on Feb. 7. stream talking sportswhile out for hat. When the Lightning wonthe 2020 has been bonkers in football confidence. “What astory that would be!” astroll in near his home in Lake- 2020 Cup,hereached Vitale at “Oh my God,” Vitale said. “I can’t Vitale said. “Wouldn’t that be some- wood Ranch (about ahalf-hour home. but what’s happening in begin to tell youwhat it did to this thing?” drivefromTropicana Field in St. “I wasgetting ready to watchthe Tampa Bay right now is area, to be able to getthe ‘Greatest Even an optimist likeVitale Pete), or eating asocially distanced Biden-Trump debate, and, all of a of All Time.’ ” wasn’t quiteready to go there. The dinner at one of his favoriterestau- sudden Iget aFaceTime call, and reallybonkers. It still felt likelong odds,but it Rays have their work cut out— rants. Vitale’sannual cancer re- there[Jon] is with the Stanley Cup. remained possible: Tampa Bayhold- Houston is proving to be formida- search gala has raised $37 million He said, ‘Did yousee me last night ing three major sportschampion- ble.Brady andthe Bucs aren’t even over the years, including arecord with my Virginia hat?’ ” ships at the same time,something halfway through their season. But haul of $7.4 million in avirtual auc- As forthe Rays,Vitale has been a treal, an idea that made Vitale nuts. no sportstownhas done sinceDe- in aturbulent year,Vitale remained tion in September. season-ticket holder for21years. (“I went alittle ballistic.”)The on- troit in 1935,with the Lions,Red bullish on his home.Hewas always “The Lightning,the Rays,the His seatsare in the front row, next field product, however, is excep- Wingsand Tigers. NewYork pulled bullish on Tampa Bay. Whywould Bucs…they’veall been such sup- to the visitor’s dugout, though the tional. it off in 1927-28with the Yankees, anyone want to be anywhereelse? porters,” Vitale said. pandemic put ahold on that. The Thelow-budget Rays aredelight- Giantsand Rangers, and NewYork “It’sgot beaches,the weather. Vitale is good pals with the Rays and Astros areplaying before fulgiant killers; the prior week, came close in 1969-70 with aJets It’s just agreat placetobe,” Dickie Lightning’scoach, JonCooper.After no fans in SanDiego. It’sweird. they’d toppled the NewYork Yan- Super Bowl in January1969,aMets Vsaid.

BY BEN COHEN Rockets general manager Daryl Morey, left, with James Harden in 2012. DARYLMOREY, the pioneering basketball executivewhose em- founded aconferencefor analytics braceofanalytics made him one of dorks at the Massachusetts Insti- the NBA’smost successfulgeneral tuteofTechnologythat became managers, and whose tweet sup- the hottest ticket in sports. He un- porting protestersinHong Kong derstands that he should detach a sparked ageopolitical battle with processfromits results, but he China, is leaving the Houston gets so anxious during Rockets Rockets. games that he can’t bear to watch Afterrunning the Rocketsfor 13 around other people—if he can seasons,when they had the stand to watchatall. “Because I’m league’ssecond-highest winning stupid,” he says. percentage, Morey decided to step Just likeBilly Beane,the trail- down afterthe NBA’sbubble play- blazing A’sgeneral manager who is offs last month and spent this leaving Major League Baseball be- week negotiating his exit with hind him,Morey will also be re- Houston owner Tilman Fertitta, membered forhis team’splayoff who called him “a brilliant innova- failures. tor.” They hadtheir best chancein “It has been the most gratifying 2018,when the Rocketsbelieved experienceofmyprofessional life they could beat the seemingly un- to lead the Rockets,” Morey said in beatable Golden State Warriors, astatement released with Fer- and they nearly did. Houston took titta’s on Thursday. a3-2 lead in the Western Confer- His departurecomes just over enceFinals—and double-digit one turbulent year after his leads in Games 6and 7. They lost quickly deleted tweet supporting both.They had another enviable Hong Kong protesters—an image opportunity the next season, when with the phrase “Fight forFree- aKevinDurant injury with the se- dom. Stand With Hong Kong.”— ries tied 2-2 wasthe randomness touched off acrisis in which China they needed. They lost again. This abruptly severed arelationship End of the Rockets’ Moreyball Era year,after stealing Game 1ofa with the NBAthat had been culti- playoff series with LeBron James vatedfor decades.The tweet cost and the LosAngeles Lakers,they the league hundreds of millions of ciencies in the market and com- playisaspolarizing in basketball league’srecordfor threes in asea- whimpered intoahighly uncertain dollarsasChinese sponsorscut bine math, scienceand basketball as Morey’s philosophy. son in 2015.They broketheir own offseason. businessties and the Rocketswere savvyhavetaken over the sport. But his contrarianism washis record in 2017, then in 2018 and TheChina stalematecontinued banished in acountryof1.4billion Nowthereare five people who team’scompetitiveadvantage.Mo- then again in 2019.They were the to linger in the background over people.But even as people around worked with Morey who arelead- rey’saversion to conventional wis- first, and remain the only,teams the past year. the league speculated about his fu- ing NBAfront offices—including dom resulted in teams that seemed to shoot more3-pointersthan 2- Fertitta attempted to distance turewith the Rocketsand the Rafael Stone,his topremaining likethey were playing an entirely pointersinaseason. himself from Morey,writing on NBA, Morey wasnot fired, sus- deputy in Houston, who waspro- different sport. One of his firststa- But acurious thing happened as Twitterthat Morey “does NOT pended or forced to apologizeto moted to general manager after tistical breakthroughs waspushing the Rocketsplayedunlikeanyone speak” forthe Rocketsand that his keep his job. Morey’s departure. the Rocketstofeast on the game’s else: TheNBA became morelike team was“NOT apolitical organi- He exitsthe Rocketswithout a Thegreat breakthrough of bas- most valuable shots—free throws, the Rockets. When they brokethe zation,” but he eventually backed championship,but few people in ketball over the last decade is that layups and 3-pointers—while cut- record in 2015,3-pointersac- him. Only last week,exactly one the historyofthe league have 3-pointersare worth morethan 2- ting the other partsofthe court counted for39% of their shots. year afterMorey’s quickly deleted changed the game so much with- pointers. It seemed logical to from their diets. TheOakland A’s This season, 3-pointersaccounted tweet, did the NBAreturn to China out playing asingle minute. shoot moreofthe shotsthat are finding misvalued players on their for38% of the league’sshots. Central Television.

When he waspromoted to gen- worth more. Theonly thing stand- way to success as one of baseball’s Morey wasodd forsomeone in “He did cause youalittle S

eral manager in 2007,the NBAwas ing in the way of progresswas de- poorest teams wasthe storyof his job even as his peersvoted him ruckus,” President Trump said to PRES

on the vergeofarevolution. cades of NBAinertia. Morey “Moneyball.” This strategywould the league’s2018 executiveofthe Fertitta in MayataWhiteHouse TED

Someonewith Morey’s back- turned the Rocketsintobulldozers. come to be known as “Moreyball.” year.Heisaformer management event. “Whatever happened to CIA ground, experienceand allergy to His defining trade wasa2012 As they took the most 3-point- consultant who published aca- him, by the way?Ishestill work- SO basketball orthodoxy would never deal forJames Harden, who would ersofany team in league history, demic research and produces mu- ing foryou?” AS have runanNBA team. But geeky become avessel forhis peculiar the Rocketsconcluded they sicals in his sparetime.Helives in “Yes,heis,” Fertitta said. AN/

executives who root their deci- and prophetic ideas about howthe weren’t taking nearly enough 3- acity of urban sprawlbut sold his “He must be pretty good,” SULLIV T

sions in data, exploit the ineffi- game could be played. Harden’s pointers. They shatteredthe cartoUber everywhere.He Trump said. PA P2JW290000-0-A01300-1------XA

THE WALL STREET JOURNAL. Friday, October 16, 2020 | A13 OPINION A Justice Is Worth 1,000 Tweets BOOKSHELF | By Moira Hodgson

Democrats appointmentslater—soonto Democratic Party that wantsa ateedge. Majority Leader Forever spent the include athirdSupreme Court judiciarythat does what politi- Mitch McConnell’sability to week pelting justice—votersthis week were caloverseerstell it to do. put through this nomination JudgeAmy reminded that the stakes in Hanging over the proceedings todayisadirect result of Dem- Coney Barrett this election transcendMr. wasthe Democratic threat to ocrats’ ugly antics two years Fab with gotcha Trump’stweets. pack the court—toexpand its ago. POTOMAC questions de- As important, the hearing size, creating newvacancies Even Minority Leader Chuck WATCH signed to trap wasavisual ripostetothe forliberal judges to fill—if Mr. Schumer knows this,which is 150 Glimpses of the Beatles her intomak- left’swild claims.Democrats Biden is elected. whyhedirected his troops to By Kimberley ing their po- decried JudgeBarrettasanex- generally steer clear of nasty By Craig Brown A. Strassel litical points. tremist and aTrump crony personal attacks.Afew of the (Farrar, Straus & Giroux, 574 pages, $30) TheSupreme who would corruptly servethe Imagine if Trump moreprogressiveshowboaters Court nominee refused to play president’sinterests. But roll were as determined couldn’t help themselves (see ear Beatles,Please call me on the Telephone....If their game,and kept her re- thetape.Americans forthree NewJersey’s CoryBooker and ‘D my mother answers, hang up.” So reads one of the sponses focused on what mat- days watched atalented jurist and focused as Amy Hawaii’sMazie Hirono). But fan letters included in “150 Glimpses of the Beatles,” ters:her record,her philoso- answering complexquestions these lowmomentscontrasted Craig Brown’sriveting portrait of the FabFour.This quirky, phy, the big picture. It wasa without notes,expressing her Coney Barrett. with GOPsenators—several up irreverent book,writteninthe manner of Mr.Brown’s home-run performance, even love forher family and coun- forre-election—who used the bestselling “Ninety-Nine Glimpses of PrincessMargaret” as it wasaclosing lesson for try, and promising her fidelity questioning to remind voters (2017), is a kaleidoscope of essays, anecdotes, party lists the Trump campaign. to the Constitution and the Which means that—for that their racesmay provethe and personal reminiscence. Theprevious week was rule of law. once—Mr.Biden couldn’t hide most consequential in this Youmight think therewas nothing moretobesaid about tough forDonald Trump—be- It’seasy to cast an unknown from aquestion. With the Su- election. Moderates were re- the Beatles,but Mr.Brown, aperceptivewriter and agifted cause it wasall about Donald nominee as avillain in some preme Court hearing dominat- minded that aRepublican Sen- satirist, makes familiar stories fresh. Along the way he Trump.The president’scoro- Trumpian plot; much harder to ing everyheadline,the focus ate would be a check on a unearths manyfascinating tidbits, such as the ludicrous navirusdiagnosis allowedJoe do so when anominee speaks finally became the Democratic President Biden. The GOP amountspaid formemorabilia, among them £19,000 in 2011 Biden and the media to refocus forherself,atlength, and with nominee and his owninten- faithful were reminded that a (around $25,000) forone of John Lennon’steeth, bought by on itsfavoritesubject: the conviction. APolitico/Morning tions forthe judiciary. Mr.Bi- RepublicanSenatewould be adentist to identifythe DNA of illegitimateoffspring. president’spersona. This week, Consult poll on the dayMr. den wasasked at everystopif necessarytoMr. Trump’sabil- Mr.Brown, who wasborn by contrast, wasgood forMr. Trump nominated JudgeBar- he planned to pack the court. ity to continue his work on the in 1957,grewuponthe Trump,because it wasabout rett showed37% of Americans He refused to answeragain judiciary. Beatles.“As afan,” he writes, somethingelse—something thought she should be con- and again, making the issue an And all that is the lesson for “you expressed yourself by that canhelp him win re-elec- firmed. Thesame poll this even bigger liability forhis the Trump campaign. An elec- picking one over the others. tion. It wasn’t about his words; week sawan11-point rise,with campaign. tion that is aboutMr. Trump’s Each personified adifferent it wasabout his deeds. 48% in favor, 31% opposed and Howpolitically tough was latest tweet will proveaslog. element: John fire,Paul water, On one level, the Barrett 21% with no opinion. Demo- this week for Democrats? An election that is aboutMr. George air,Ringoearth.” hearing wasabout the nomi- cratic support forJudgeBar- Tough enough that they gener- Trump’srecord, his campaign He joins worshipful tours nee. On another,itwas amo- rett has doubled (from 14%to ally felt compelled to behave promises kept, his vow to re- of the four’s childhood houses ment forthe WhiteHouse to 27%) and independent support well at the hearings—a rarity. storethe economy—as well his in Liverpool, where, he notes highlight an overlooked fact: has grown10points(from 28% SenateDemocratsin2018 gave opponent’sradicalism—is wryly,visitorsfacerules and Thepresident has largely ful- to 38%). themselves over to their pro- something else entirely.Judge regulations morestringent than filled his campaign pledges,in Add to all this that the gressivebase’srageabout the Barrett managed to keep the the Sistine Chapel’s. Lennon’s particular on judicial nomina- hearingswereararepoint in BrettKavanaugh nomination. focus on what mattered—re- old home is treated likea tions.Mr. Trump wonoverany this election when Americans They paid foritatthe polls, cord,philosophy, the big pic- religious shrine.Few of the number of uncertain voters in were presented an actual phil- with four incumbent Demo- ture. Mr.Trump’sfuture contentsofthe now-historical 2016 with apledgetoput qual- osophical choice—in this case craticsenatorslosing their hinges on his ability to do the sites areoriginal, having been ified originalist judges on the between aGOP that wants seats. Had they all won, Demo- same. diligently re-created by the National Trust, from achunky federal courts. Morethan 200 judges to followthe law, and a cratswould have a51-49 Sen- Write to [email protected]. 1950s television to apacket of Luxsoap flakes,all cataloged, likeitems from the TowerofLondon. “150 Glimpses of the Beatles” is,among other things, a fascinating study of the cultural and social upheavalcreated by How Would Jesus Vote? Nobody Knows theband. They arrivedonthe scene in 1963,following atime of bitternessand frustration in Britain when working-class HOUSES OF Believersinnation could go? ATrump supporter had as- party in the U.S. has alock on youth remained trapped at the bottomofthe social system. WORSHIP the U.S. often These simplistic and hyper- saulted an opponent and then virtue or vice. To suggest oth- TheBeatles,Mr. Brownwrites,“threw off anysuch shackles By Libby feel politi- bolic descriptions aren’t en- sought reconciliation with the erwise is not only partisan; it’s to createaworld of their own; they arecheerfuland self- Sternberg cally home- tirely fair to Donald Trump or man he had attacked. The deeply deceptiveand leads to confident, scorning anypressuretoconform.” They ignored less, as no JoeBiden.Welcome to poli- bishop wasn’t saying which morepolitical strife. the social divisions,and in amereeight yearsunsettled political tics.Welcome also to the side wasmorally superior.But Loving your neighbor intellectuals and politicians as well as hordes of teenagegirls. party or politician aligns per- world of church public-policy when he doesn’tmention the means accepting that we In 1966,the Welsh journalist JanMorris (then James fectly with the ideals of their advocacy, wherebiblical ad- horrific violenceperpetrated by sometimes disagree—passion- Morris) wrote: “They have managed to makethe whole faith. This has felt truer than monitions canbeused to the “other side”—most notably ately—but stillcan embrace subject of personal origins,solong an obsession of the English, ever during this year’s presi- make a case for a candidate. the attempted assassination of each other,smile at each irrelevant to themselves.” Ms.Morris confessed that she was dential election. As Nov.3 Religious leadersgenerally Republicancongressmen by a other,and do good deeds for not their biggest fan. “I still, to be honest, don’t awfully like nears, manyare still struggling shyaway from endorsing can- Bernie Sanderssupporter in each other.Wecan solveprob- the look of them—which is to say, Idon’t liketheir faces, with howtoput belief intoac- didates officially.But they can 2017—it’seasy to assume which lems in our families and just as Idon’t happen to likecaraway seeds or Rubens.” tion at the ballot box. subtly,and sometimes not sub- side he prefers. neighborhoods,and we can In anyevent, Ms.Morris proclaimed “aninescapable sense of Should the faithful opt fora tly,point their congregations heal broken heartswith loving holidayinEngland today—aspringy, frothysense of release.” candidatewho wantsto“wel- to politicians they prefer. words and actions. NoëlCoward,however, found them “totally devoid of come the stranger”?Orone Consider the divisions Religious leaders Therhetoric of warperme- talent.” William F. Buckley Jr.wrote that they were who putsimmigrantsincages within the Catholic Church. ates politics.Cable-TV pundits “appallingly unmusical.” Anthony Burgess “prayed that before deporting them? Asked about Mr.Trump in should render unto talk of campaigns,war chests, there would be aspecial circle of hell set aside forthe Should they support the 2016,Pope Francis said that “a Caesar and refrain battleground states.That’s Beatles,inwhich they would be bound to ‘a white-hot one who’s bringing fractious person who thinks only about notall bad, because democ- turntable (45rpm for ever and ever) stuck all over with nations to “liveinharmony” building walls,wherever they from electioneering. racy is oftenasubstitutefor blunt and rusty acoustic needles.’ ” with one another in the Mid- maybe, and not building real violenceaspowershifts But by the end of 1964, “all but the most stalwart British dle East? Or should they select bridges,isnot Christian.” from one approach and candi- opponents...had runupthe whiteflag.” Ayear after the fellowwho wasvicepresi- Bishop Thomas Tobin of Provi- Howwould Jesus vote?I datetoanother. criticizing the boys’haircutsinthe House of Lords, Field dent in an administration that dence, R.I., tweeted earlier don’t know. These men don’t Ahealing messagefrom Marshal BernardMontgomerydeclared that “helooked perfected the art of the drone this year,“Biden-Harris.First knoweither.Noone truly church leaderswould be to cel- forwardtoinviting them down to his countryhouse ‘tosee strike? time in awhile that the Demo- does. But as religious leaders ebratethis raucous season, what kind of fellas they are.’ ” What aboutthinking of it cratic ticket hasn’t had aCath- their personal preferences, with itscheerfuland irritating as achoicebetween the man olic on it. Sad.” Likemanyself- when articulated implicitly or tumult, rejoicing in the wonder who wantsto“heal the sick” identified Catholics,Mr. Biden explicitly,suggest their fa- of millions heading to the polls The boys were not without their early critics. with expanded health-careac- disagrees with the church on voredcandidateisonthe right to changepower, not through Jan Morris disliked their faces. William F. cess and the man who wants some social issues. side of the moral ballot. forcebut through the mere to yank coverage away from TheRev.Michael B. Curry, Yetthere’sanother ap- peaceful casting of aballot af- Buckley thought them ‘appallingly unmusical.’ the most vulnerable? Should presiding bishop and primate proach that’s better than try- terall the shouting is over.We they vote forthe boor—the of the Episcopal Church,was ing to prod congregantsto- don’t knowhow Jesus would man whose rhetoric sends eti- less explicit in a sermon last ward aparticular candidate: vote,but we do knowhe Mr.Brown has akeen eyefor absurdist detail. He reports quette experts to the fainting month but still showedhis the “way of love” that Bishop blessed peacemakers. that Allen Ginsbergclaimed to have playedthe song “Eleanor couch? Or the borker—the preferences. Aftersoothing Curry so often talks about. Rigby” to EzraPound, who,hesaid, “smiled lightly.” When man who helped redefine how wordsabout divisiveness, he Loving your neighbor Ms. Sternberg is a novelist RingoStarr, whom Mr.Brown describes as the selfless, lowpolitical character assassi- told astory about forgiveness. means recognizing that neither in Lancaster, Pa. plodding and reliable Beatle,moved to London’sMontagu Square, crowdsquickly gathered outside.“By August, complaintswerecoming from the Swissembassy,which backed ontono. 34; inconsideratefans had apparently been Justice Ginsburg and the Va lue of Anonymity defacing the back wall with graffiti, much of it lewd.‘It is nowveryunsightly,’ explained an embassy spokesman. ‘Our By Daniel Suhr ect, Ginsburgtook on high- tion (1999), she wrotethe chauffeur,who is French and took part in the FirstWorld War, profile,politically charged court’sopinion striking says the languagesome of these young people use is worse en. Sheldon Whitehouse cases.Todayher work is down alaw requiring peti- than anything he ever heardinthe trenches.’ ” S of Rhode Island showed widely praised, but at the tion circulatorstodisclose George Harrison seemed to be the gentlest and most up to Judge Amy Coney time it wasadisruptiveas- their names and pay. She spiritual Beatle,yet he wasthe one who dared to toss out the Barrett’s hearing with ared sault on the status quo. noted that the trial court’s Hell’sAngels who’d moved themselves intothe Apple offices. marker pen and made-for-TV Meanwhile,her ACLU record had found arisk Lennon wasthe sharpest, brilliant at puns,but became self- charts.Heportrayed her as colleagues were in court de- that the circulatorswould important and narcissistic.YokoOno, whom he married, is the product of aright-wing fending donor privacy. Jus- be exposed to “intimida- perfect fodder forMr. Brown, aparodist forPrivateEye conspiracyorganized by the ticeThurgood Marshall— tion, harassment and retri- magazine: “Some have related Yoko’s pursuit of John in terms Federalist Society and other who himself argued in court bution.” And in Watch- of aHammer horror,with her little black-clad figure rearing nonprofitgroups,which he on behalf of NAACPmem- tower Bible &Tract Society up out of the fogatany time,day or night.” He imagines her calls “dark money” organiza- bers’ privacybeforebecom- v. Stratton (2002), she poems rewrittenbyRingo: “Sit at the dock.Watch theseagulls tions because they protect do- ing a judge—wrote in Cali- joined an opinion by Jus- dance. If they come near your chips,givethem agood whack.” nors’ privacy. fornia Bankers Association ticeJohn Paul Stevensthat Mr.Brown writes wistfully,“If Icould be anyBeatle,atany v. Shultz (1974) that the recognized: “It is offen- time,Iwould be Paul in his Wimpole Street years, living with government maynot run sive—not only to the values Jane [Asher], cosseted by her family,blessed by luck,happy The ACLU, for which “roughshod over the First protected by the First with life, alivetoculture, adored by the world, and with CHIVE

Amendment rightsofthe AR Amendment, but to the wonderfulsongsflowing,asifbymagic,frommybrain and she worked decades hundreds of lawful yetcon- very notion of afreesoci- out through the piano.”

ago, still fights to troversial organizations like MANN ety—that in the contextof Thefour boys from Liverpool created the most significant

the ACLU.” BETT everyday public discourse a band of the mid-20th century. “When youhear aBeatles shield donors’ names. TheACLUcontinues its Ginsburg in 1977 citizen must firstinform album,” Mr.Brown writes,“youfeel that all human lifeis fight for citizens’ privacy. I the government of her de- there. As John sawit, when they were composing together, recently represented aconser- As a justice, Ginsburg rec- siretospeak to her neighbors Paul ‘provided alightness, an optimism, while Iwould always Mr.Whitehouse didn’t vativeadvocacygroup that ognized the same danger. and then obtain apermit to go forsadness, the discords,acertain bluesy edge.’Itwas mention that JusticeRuth sued to stop aNew Jersey law Concurring in McIntyre v. do so.” this finely balanced push me/pull youtension that made their Bader Ginsburg spokeatFed- imposing “donor disclosure” Ohio Elections Commission That is thestandardthat greatest music so expressive, capable of being both universal eralist Society events, which mandates on nonprofit (1995), she sided with an anti- Mr.Whitehouse pushed at and particular at one and the same time.” host jurists and legal experts groups. The ACLU joined the taxprotester who had circu- JudgeBarrett’shearing.Inhis Afterreading this book Iwas inspired to listen to them from all sides of the political challenge. An Obama-ap- lated anonymouscampaign view, as soon as people band again. Ifelt just as Ihad the firsttime: sheer joy. spectrum—or that Ginsburg’s pointed judgerecognized that literature: “The Court’s deci- together to speak out on pub- career as awomen’s-rights today’sdonorslive“in acli- sion finds unnecessary, over- lic issues, they are fair game Ms. Hodgson is the author of “It Seemed Like aGood Idea lawyer was made possible by matemarked by the so-called intrusive, and inconsistent to be named and shamed. at the Time: My Adventures in Life and Food.” anonymous donors. cancel or call-out culturethat with American ideals the That’siswrongheaded and vi- Forpeople who challenge has resulted in people losing State’s imposition of afine on olates the FirstAmendment, the powerful in the name of employment, being ejected or an individual leafleteer who, as JusticeGinsburgrecog- Coming in BOOKSthis weekend individual rights, anonymity driven out of restaurants within her local community, nized—and we hope Justice Theenduring charm of CaryGrant •The blessingsofthe and privacyare essential safe- while eating their meals; and spokeher mind, but some- Barrett will as well. alphabet •Chicago’s‘Great Fire’•Herecomes the SunKing guards. As founding director wherethe Internet removes times not her name.” •Peter Guralnick: Awriter’s lifeinrock ’n’ roll •New novels of the American Civil Liberties anygeographic barrierstocy- In Buckley v. American Mr. Suhr is asenior attorney by Don DeLillo,Martin Amis &Ian Rankin •&much more Union’sWomen’sRightsProj- ber harassment of others.” Constitutional Law Founda- at the Liberty Justice Center. P2JW290000-2-A01400-1------XA

A14 | Friday, October 16, 2020 ** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Twitter’s Partisan Censors Rahm, Joe Biden Never Was a New Ideas Guy

epublicans arevoting to subpoena timesasmanyasinthe prior two years. Stories In “Biden’s Change Beats Trump’s Middle East peace, NATO allies pay- TwitterCEO Jack Dorsey to appear be- based on Administration leaks,including about Disruption” (op-ed, Oct. 13), former ing a greater share of defense costs, R fore the SenateJudiciaryCommittee national security matters,havecirculated White House Chief of Staff and Chi- diplomacy with North Korea, tough- cago Mayor Rahm Emanuel describes ened policy with China, ending Amer- next Fridaytoexplain the widely on Twitter. Senators have a chance Joe Biden as “a clear agent of ica’s wars, assuring American energy company’sunprecedented Such stories ought to be change” who will improve the coun- independence and prison reform speech blackout against aNew to explain why an open read with askeptical eye. But try “by bringing new ideas to Wash- would be standout examples of York Post storythat could em- Twitterwould never think of ington.” Forgive me, but hasn’t Mr. change (among others), especially for barrassthe JoeBiden cam- society matters. canceling the account of a Biden been a Washington insider official Washington, and given they paign. news outlet reporting on the since 1973? If Mr. Biden is bringing were all accomplished in less than This is the right call on a 2017leaked emails from the any new ideas to Washington now, four years. seriousissue,and we hope the Senatorscome Environmental Protection Agency, forexample. where have these ideas been hiding Mr. Emanuel misses the point. It prepared to persuade the American people,not Thesiteallowedfeverishfalsehoods about for the last 47 years? Casting Mr. Bi- isn’t “change” per se that is impor- grandstand. Big Tech’sincreasingly dishonest BrettKavanaugh to circulateasDemocrats den as a fresh, new, change candidate tant; it’s the ability to get things and abusiveassaultsonideas it dislikes will in- sought to sink his Supreme Court nomination. is like telling your friends about a done. And this quality is exactly what great new band—the Monkees. President Trump has over Sen. Biden tensifyunlessthe public comes to see that such Even the most partisan Democrat cansee DANA R. HERMANSON in spades and why his supporters en- manipulation is wrong no matterwhich side is Twitter’saggressiveeditorial discretion to si- Marietta, Ga. thusiastically back him. targeted. lencejournalism is not neutrally applied. The COL. CHRIS J. KRISINGER, USAF (RET.) Thepolitical actions takenWednesdayby companyhas aprogressiveagenda and is will- Mr. Emanuel asserts that Joe Biden Burke, Va. Twitter—and to alesser extent Facebook—went ing to use itssubstantial powers over America’s will “reform, improve and expand . . . far beyond normal content moderation. Here eliteinformation landscape to advancethat American life by bringing new ideas Rahm Emanuel can’t have it both arethe facts: JoeBiden supervised the Obama agenda.Itwon’t always work; this particular to Washington,” while claiming that ways. Joe Biden can’t be both a calm- Administration’sUkraine policywhile his son stunt mayhaveincreased the circulation of the President Trump “is an agent of nei- ing influence and a change agent for Hunter sat on the boardofaUkrainian gascom- Post storybecause the suppression wassoout- ther change nor the status quo.” Most the radical left. panycalled Burisma. TheNew York Post found rageous.But it’sanominous sign of what is to voters would say that President ED KAHL copies of emails it says arebetween aBurisma come if Americans become inured to such Big Trump’s tangible movement toward Woodside, Calif. executiveand Hunter,including one in which Tech behavior. the executivethanks Hunter for“giving an op- TheBig Tech bias against conservatives is portunity to meet” his father. deep and broad. Dick Costolo,Twitter’sprevious Supreme Court and the Presidential Election Thestory might not changevoters’ minds. CEO,tweeted recently that “me-first capitalists In “TheSupreme Court and the the Supreme Court, should ultimately President Trump has tried and failed to make who think youcan separatesociety from business Election Returns” (Oct. 12) David B. decide which electoral votesshould be Hunter’s Burisma dealingsacampaign issue.Yet aregoing to be the firstpeople lined up against RivkinJr. and LeeA.Casey assert that counted. Twitterpre-emptively sprang to the defense of the wall and shot in the revolution. I’ll happily Congresshas no role in resolving dis- The12th Amendment to the Consti- the Democratic nominee,taking extraordinary provide video commentary.” Shot? putes about which presidential elec- tution provides that the Senateand steps to stop Americans from reading it. Silicon Valley executives maybesurprised tors astate has lawfully selected. That House shall count the electoral votes, Userswho tried to sharethe link to the Post in 2021 at the fury and contempt in which they is contrarytofederal lawand to what but doesn’t provide what to do when both the majority and the dissenters thereare disputes as to who the law- story were shown amessagethat they couldn’t areheld by the Democrats’ anticapitalist left- said in Bush v. Gore. fulelectorsare.Congress, morethan a do so.The NewYork Post’sTwitteraccount wing.But they shouldn’t be surprised if the Thewritersdismiss3U.S.C.sec- centuryago, enacted procedures for with 1.8million followers wasshut down, as free-market Republicans they censor areunwill- tions 5and 15,which provide apro- resolving those disputes,and those wasWhiteHouse spokesperson Kayleigh ingtouse an ounceofpolitical capital to protect cess forCongresstoresolvedisputes statutes were cited by both the Bush McEnany’s; the “Team Trump” campaign ac- them from acommand economy. about which electorsshould be v. Gore majority and dissentersto count; and even that of Politicojournalist Jake Beware of politicians pitching one-size-fits- counted, as “constitutionally dubious.” support their positions.Itis, there- Sherman. all policyapproaches to this problem. Repeal- However, none of the majority or dis- fore,highly unlikely that the Supreme Twittersays it acted because the Post story ing the liability protections of Section 230 of sentersinBush v. Gore questioned the Court will nowrule that those stat- violated its“hacked materials” policy. It’strue the Communications DecencyAct could make constitutionality of those laws.Onthe utes areunconstitutional and issue or- that the provenanceofthe storyisopen forde- companies’ censorship trigger-finger even contrary, they relied upon them. derstoCongressonwhich electoral bateand scrutiny—the Post says alaptop with moretwitchy; government content moderators Themajority relied on Florida’sde- votestocount. siretocomply with 3U.S.C.section 5 DONALD B. STENBERG the emails wasdelivered to aDelaware repair could be even moreabusive; and smashing the as akey part of itsdecision. Thedis- Gretna, Neb. shop, and that the owner gave them to Donald companies with antitrust wouldn’t changeSili- sentersrelied on 3U.S.C.section 15 Mr. Stenberg is aformer Nebraska Trump lawyer Rudy Giuliani.Notably,the Biden conValley’s extreme progressiveideology. Yet forthe proposition that Congress, not attorney general. campaign has not explicitly denied the authen- we’reopen to reforms,and Supreme Court Jus- ticity of the emails. ticeClarenceThomas released an interesting Liberals saywithout evidencethat it’sadis- opinion this week on howcourtshaveinter- information operation—which is not out of the preted Section 230 toobroadly. No Cancel Mob at All for Bruce Gilley’s Book question. TheSenateHomeland Security Com- Beyond policy, afreesociety can’t surviveif mitteeis“in the processofvalidating the infor- itspeople aren’t committedtoitand arewilling Regarding Bruce Gilley’s “The Can- titles had been signed or published. mation,” Chairman Ron Johnson told Fox. to justifyanything to getpower. Silicon Valley's cel Mob Comes Back for More” (op- While I share Prof. Gilley’s concern Theproblem is that if Twitterhas apolicy partisan interferenceflies in the faceofAmeri- ed, Oct. 8): Since 1949, Rowman & about freedom of speech, it is impor- Littlefield has published high-quality, tant to make it clear that we canceled against “content obtained without authoriza- caninstinctsabout democracy, fair play, and the peer-reviewed scholarly books writ- Prof. Gilley’s book at his request and tion,” as thecompanyadded, it has apolicy spirit of the FirstAmendment. AsuccessfulSen- ten by authors holding views across we canceled the series because his againstjournalism—especially journalism in atehearing next week will expose the depth of the political spectrum. We are proud book was the only title that had been the Trump era. In 2017and 2018 the JusticeDe- the ideological uglinessthat is taking place, and of the diversity of thought and schol- signed for the series. We are proud of partment fielded 208 criminal referrals for what is at stakeifBig Tech executives abuse arship in our catalogs. Following a pe- our history of publishing the best leaks of classified information, morethan three theirstatus to limit American political debate. tition that raised questions about the scholarship, submitted to rigorous scholarship in Prof. Gilley’s book “The peer review, from a variety of view- Last Imperialist” and the series “The points across the social sciences and Harry Reid’s Filibuster Legacy Problems with Anti-Colonialism,” we humanities. put the book on hold and removed it JED LYONS from our website while we reviewed President & CEO my Coney Barrettseems headed for waiting to take off at O’HareInternational Air- the matter. A day later, before we had The Rowman & Littlefield Publishing Senateconfirmation afteranimpressive port. Imagine two or three moreClarence reached a decision concerning how to Group, Inc. A week of hearings, and Democratsinde- Thomases on the High Court confirmed with 51 move forward and before we had had Lanham, Md. spair might want to consider Senatevotes.Planned Parent- a chance to discuss our concerns with the price of their procedural Democrats are paying hood cansend itsregretsto him, Prof. Gilley asked that we release JedLyons engages in dissimulation radicalism. a dear price for their Harry Reid.” him from the contract to publish his by insisting that his companydid not NewJersey Sen. Cory Democratscompounded book. We agreed to his request and cancel my book and book series.Inan Booker summed up the Demo- procedural radicalism. that blunder in 2017bytrying canceled the contract for the book as Oct. 8lettertoDr. Andrew Nathan of cratic mood at the Judiciary to filibuster Justice Neil Gor- well as the series, for which no other Columbia University (which he has al- Committeeon Thursday with such,who in replacing the late lowedmetoshare), Mr.Lyons ex- his remark that “this goose is pretty much JusticeAntonin Scalia didn’t significantly alter plained that “Our editors’ concerns about the Gilley book arose when we cooked.” Thesous-chef washis ownformer Ma- the ideological composition of the Court. Mr. were made aware of problems regard- jority Leader,HarryReid. Harryblewupthe fili- McConnell then finished what Mr.Reid started ing his previous work,” contained in buster on judicial nominations in 2013 in order by ending the filibuster forSupreme Court criticisms of my 2017article “The to confirm three liberals to the D.C. Circuit nominees.The Democratsmight have kept their Case forColonialism” and that “We Court of Appeals. filibuster option to exert influenceonreplace- trust their judgement as well as that That “raw exercise of partisan political ments for Justices Anthony Kennedy or Ruth of other detractorsofBruce Gilley’s power,” as GOP Sen. Lamar Alexander called it Bader Ginsburg. academic work.” As he is well aware, at thetime,exempted Supreme Court nomi- Final filibuster scorecard: Democrats LexingtonBooks erased my book and series from their websiteshortly after

nees.But the departurefromnorms set the jammed through three appellatejudges but GES apetition waslaunched Sept. 26 call- precedent to confirm Justices with 51 votes. pavedthe way forthe GOP to confirm three Su- IMA “You’ll regret this,” then Minority Leader Mitch preme Court Justices. Thanks, Harry. ing fortheir cancellation. AfterI ETTY learned of the erasureonSept. 28,I McConnell warned, “and youmay regret this a Democrats are now promising to eliminate /G

CK spent two fruitlessdays emailing my

lot sooner than you think.” the legislativefilibuster if they win Senatecon- TO

IS editor seeking an explanation, only to We wroteatthe time that the “next GOP trol on Nov. 3. They might keep in mind that, The Illinois Statehouse in Springfield. receivesilence. To protect my book President should line up Federalist Society once it’s gone, Republicans will need only 51 from being deep-sixed by the pub- alumni forjudicial nominations likeplanes votes to dismantle whatever Democrats pass. Illinois Tax: Big Bite Even lisher (as wasallowedunder the con- Without the Amendment tract), Irequested the rightsback, which they did immediately and with- Andrew Cuomo Takes a ‘Hatchet’ Your editorial “An Illinois Tax out explanation. That Mr.Lyons Crossroads” (Oct. 6) on the Illinois should seek to exculpatehis act of ew York Gov.Andrew Cuomo likes to say policy being cut by ahatchet.It’sjust very proposal to introduce a graduated in- censorship with referencetothis come tax misses a significant issue technicality only adds to the disgrace that his virus policies,including astrict, blunt. Ididn’t propose this.Itwas proposed with its current income tax. In many of him and his organization in this N prolonged lockdown of NewYork City, by the mayorinthe city.Iamtrying to states, the income tax is calculated sordid affair. arebased on science. Well, he sharpen it and makeitbetter. based on the federal taxable income PROF. BRUCE GILLEY finally revealed the truth In a recorded call, he But it’sout of fear.People see (like Colorado) or on a parallel calcu- Portland State University when he told Jewish leaders explains why he favors the numbersgoing up—‘Close lation that allows similar deductions Portland, Ore. last week that he is locking everything! Close every- (like California). Illinois is somewhat down their communities again broad lockdowns. thing!’ unusual in calculating state income due to public fear. “It’snot the best way to do tax from federal adjusted gross In- Pepper ... CasesinBrooklyn, Queens it, but it is afear-driven re- come—very few deductions are per- And Salt and some NewYork City suburbs have been ris- sponse.The virus scares people.Hopefully if mitted in Illinois, not even for charity ing,and Mr.Cuomo blames orthodoxJewish we getthe numbersdowninthe zip codes,the or mortgage interest. Each time the THE WALL STREET JOURNAL legislators raise the rate, remember communities not adhering to his rules.Last anxiety comes down, and then we canhavea that the rate is applied to a higher in- week he shut down nonessential businesses and smarter,moretailored approach. Your point come base than other states. Right schools in these communities and limited gath- is right. ‘Why close everyschool? Whydon’t now, even at 4.95%, Illinois already is eringsathouses of worship to 10 people. youtest the schools and close the ones that pretty rough on its taxpayers, and “They have never been following the regula- have aproblem?’ Iknow. that’s before even considering the tions with anyrigor,” Mr.Cuomo said earlier “First Idon’t knowthat we have the re- horrifying property taxes. It’s almost this week.“Ihad an eye-opener in talking to sourcestodothat now, but Ican tell youhon- like Illinois has some other problem them. Nowyou see the result.” Eye-opening for estly the fear is toohigh to do anything other beside revenue. NewYorkerstoo.The Jewish newsletterHamo- than ‘Let’sdoeverything we cantoget the in- MATT DUPREE, CPA, CFA dia posted arecording of the call between the fection rate down now. Close the doors. Close Denver Governor and Jewish leaders. Hereheisex- the windows.’ That’swhereweare.” Lettersintended forpublication plaining his decision to lock down: Mr.Cuomo’s virus rules have always should be emailed to [email protected]. “I am 100% frank and candid. This is not a seemed arbitrary, and nowweknowhe’snot Please include your city, stateand highly nuanced, sophisticated response.This trying to educatethe public about the balance telephone number.All letters aresub- “It’s a deal. You’ll stop saying is afear-driven response.You know, this is not of risks.He’sprotecting himself politically by ject to editing,and unpublished letters ‘juxtapose’ and I’ll stop cannot be acknowledged. apolicybeing writtenbyascalpel. This is a letting fear drivestate policy. saying ‘guesstimate’.” P2JW290000-0-A01500-1------XA

THE WALL STREET JOURNAL. Friday, October 16, 2020 | A15 OPINION Amy Coney Barrett Opens Up

By Jonathan Turley isn’t up to me to updateorinfuse my (2008), on gunrights. ownpolicyviews intoit.” JudgeBarrettwas equally clear on salaw professor,Ihave JudgeBarrettisnot the firstto the use of customaryinternational long viewedconfirmation embracethe label of originalism but lawinU.S.cases.She challenged the hearingswith the same dis- she maybethe firstsinceAntonin use of international lawasanauthor- A dain as atonal music: They Scalia whotruly meansit. Even Jus- ity in shaping the meaning or limit- lack anycohesion or satis- ticeElena Kagansaid “weare all ing the application of U.S. constitu- faction. “Tothe uninitiated listener, originalists” at her 2010 confirmation tional or statutoryauthority.It atonal music cansound likechaotic, hearing,but she redefined the term. sounded very much likeher mentor, random noise,” says “Music forDum- “Sometimes they laid down very spe- JusticeScalia. mies.” Confirmation hearingsproduce cific rules,” she said of the Constitu- JudgeBarrettalso went intocon-

the same random noise of bloviating tion’sFramers. “Sometimes they laid GES siderable detail on prior opinions—

senatorsand evasivenominees. down broad principles.Either way we IMA sometimes so much that senators Until this week.The confirmation apply what they tried to do.Inthat seemed to wish they hadn’t asked.

hearing forJudgeAmy Coney Barrett way,weare all originalists.” GETTY Sen. Dick Durbin asked whyJudge had substanceand even adiscernible Chief JusticeJohn Robertsdoes M/ Barrett ruled in a2019 case that RU

pattern. Thenominee expressed her- not identifyhimself as an originalist CO states cannot strip Second Amend- self in astrong and unmistakable and few viewmost of the court as fol- ment rightsfromfelons who’vecom- MUEL

tone. lowing this viewofconstitutional in- SA pleted their sentences without proof terpretation. JusticeBrett Kavanaugh that they aredangerous,but main- identified himself as an originalist meaningonthe dateofits enact- WhenMs. Klobuchar asked whether tained that felons canbestripped of Her testimony was the butcited JusticeKagan’sstatement; ment—say, Dec.15, 1791, when the Bill Roe is super-precedent, JudgeBarrett voting rights. JudgeBarrettbegan to few academics viewhim as an origi- of Rightswas ratified—or whether landed this line: “I’m answering alot explain that these rightsare found in most candid and detailed nalist.Inhis confirmation hearing, youcan also consider interpretations of questions about Roe,which Ithink different partsofthe Constitution at a confirmation hearing JusticeNeil Gorsuch said that he from the months that preceded its indicates that Roe doesn’t fall into andthat the voting rules areleftto “was happy to be called an original- enactment. That is alifetime away that category.” She didn’t saythat the states.But Mr.Durbin cut her since Robert Bork in 1987. ist,” which isn’t the same as adhering from a“living Constitution.” she would overturn Roe,but rather off—thereby protecting the commit- to the doctrine. Another notable moment of clarity that thereisnothing inviolateabout teefromstumbling intoasubstantive JudgeBarrettisanhonest-to-God regarded Roe v. Wade (1973). Judge it;nothing that insulates the ruling discussion. While following the “Ginsburg originalist. At her hearing,she left Barrett did not hide her personal from later re-evaluations of itscon- Despitesuch effortstoavoid ac- Rule” in refusing to give“hints,” little question that her analysis of the pro-lifeviews,just as her predeces- stitutional foundation. tual consideration of firstprinciples “previews” or “forecasts” of future Constitution and the Bill of Rights sor,Ruth Bader Ginsburg, did not JudgeBarrettdid not entirely em- of law, the Senatehas beforeitarare rulings, JudgeBarrettwas moreopen would turn on the original meaning hide herpro-choiceviews.The two bracethe notion of super-precedent. sight: anominee who is unabashedly than anynominee sinceRobert Bork of thewords when they were made women arestrikingly similar.Both She described it as atheoryput for- conservativeand entirely open about in 1987. law. To interpret the Constitution’s graduated at the top of their law ward by academics in publications. her jurisprudential views.The prob- It wasclear from the outset that meaning,she cited debatefromthe classes. Both went on to distin- Manylegal scholarsquestion the ba- lem is not that the Democratsdid not this would be adifferent confirma- founding yearsorshortly thereafter, guished teaching careers. Both sis fordeclaring an ever-wider array learn what they would getinaJus- tion when JudgeBarrettanswered rather than centuries of subsequent started their careerswriting in the of cases to be super-precedent as a ticeAmy Coney Barrett. Theproblem the firstquestions from Sen. Chuck interpretiveorsocial change. For area of procreational rights, albeit way to protect favoredrulings. It is is that she told them precisely what Grassley.She came out of the gate JudgeBarrett, liberality in interpret- from differentperspectives. aconvenient theory. Democratic they would get. with this declaration: “I interpret the ing some partsofthe Constitution is One moment in the hearing made membershavedenounced nominees Constitution as alaw.That Iinterpret apparently limited to amatterof me drop my popcorn. Sen. Amy forconsidering overturning cases Mr.Turley is chairman of public itstextastext. And Iunderstand it to months in the 18th century. She ac- Klobuchar wasasking JudgeBarrett like Roe while in the next breath de- interest law at George Washington have the meaning that it had at the knowledged at one point that thereis about the hold of precedent, and manding they overturn otherslike University, where he teaches acourse time people ratified it. So that mean- alegitimaterangeofdebateon identified Brown v. Board of Educa- Citizens United v. FEC (2010),on on the Constitution and the Supreme ing doesn’t changeovertime,and it whether youconsider aprovision’s tion (1954) as “super-precedent.” free speech, and D.C. v. Heller Court. Lindsey Graham, Jaime Harrison and the Plexiglass Campaign

By Barton Swaim choices were his to make. who,with lotsofhelp from wealthy hearings in an election year. manded on Thursday that Mr. Gra- “I votedfor Kaganand Soto- liberals in other partsofthe country, In ordinarytimes,aracethis ham be tested for Covid-19 and Mr. Columbia, S.C. mayor,” he said at the Oct. 3de- could knock off ahated Southern Re- close would mean rallies,townhalls Graham, citing anegativetest a hat issues,” Sen. Lindsey bate—he pronounces the lattername publican. It didn’t work out for Mr. and glad-handing appearances ev- week earlier, refused. ‘W Graham wasasked at a “soda-mire”—“and Igot the crap O’Rourke,who lost to Sen. TedCruz erywhere—the kind of messy,unpre- Mr.Harrison’splexiglassshield recent debate, “will you beat out of me by Republicans here and used his momentaryfame to dictable eventsthat makethe job an nicely symbolizes this sterile cam- dissent from your party on?” Mr. at home.” That’strue. In 2014he launch an even moreunsuccessful adventurefor scribblerslikeme. But paign. No rallies,notalking to the Graham, slouching over his podium, wonthe Senateprimarybyasub- presidential run. Mr.Graham is preoccupied in Wash- candidates,noquerying their sup- grinned wryly and said: “How long stantial margin, but he had six oppo- ington with Judge Amy Coney Bar- porters. Instead we getinnumera- do you have?” nentsand each of them targeted the rett’s confirmation. Mr.Harrison, in ble TV ads and glossy mailers. Mr.Graham, who has spent much incumbent’s ideological defections. Even while campaigning keeping with his party’s attitudiniz- South Carolina voters can’t turn on of his 18-year Senatecareer fielding The situation is exactly reversed ing on the coronavirus, appears re- their televisions or open their mail- attacks from the right, is nowa in 2020.The great majority of South at a distance, the senator’s luctant to flout public-health ortho- boxeswithout seeing images of the prime target of the left. His record is Carolina Republicans support Mr. Democratic challenger doxy.Thereare no public events candidates,alternately flattering solidly conservativeonguns and Graham’s friendly relationship with scheduled for either candidate. andlurid. abortion,and he’shawkish on for- President Trump,but liberals regard manages to make it close. Theone event at which Isaw the Mr.Graham has one broadcasting eign policy, but the South Carolina it as abetrayal. Mr.Graham’soppo- candidates themselves—the afore- advantageoverMr. Harrison: his Republican is also famous for high- nent, Jaime Harrison,isanAfrican- mentioned debateatAllen Univer- chairmanship of theBarretthear- profile compromises with Demo- American former lobbyist and party Thepolls in South Carolina ap- sity,ahistorically black college—had ings. The senator’s spirited defense crats. In 2009 he negotiated a “cap chairman and the recipient of enor- pear tighter.Two Quinnipiac surveys alifeless, clinical feel. Thepublic of BrettKavanaugh two yearsago and trade” proposal with Sens.John mous campaign contributions, conducted in September have Mr. wasbarred, so the debatetook place earned the favorofconservatives Kerryand JoeLieberman.Helater mostly from out of state. Mr. Harri- Graham and Mr.Harrison tied at in an auditorium empty except fora who had grownunhappy with Mr. pulled out of the deal, but not before sonraised $57 million in the third 48%oflikely voters.Mr. Harrison, few technicians and journalists, all Graham forhis centrist views on im- earning the ire of conservatives. quarter,aU.S.Senatefundraising re- notwithstanding his candidacy’s dutifully distant and masked. Both migration and climatepolicy. A He has championed immigration cord.Intotal he has raised nearly popularity elsewhereinthe country, candidates coveredtheir faces until smooth path to JudgeBarrett’scon- reforms loathed by manyofhis con- $87 million and will almost certainly smartly distances himself from the the debatestarted, and Mr.Harrison firmation would consolidatehis Re- stituents, and in 2009 and 2010 Mr. exceed $100 million. (Mr.Graham national DemocraticParty; he plays took the extraprecaution of placing publican base and, Isuspect, gethim Graham votedtoconfirm both of Ba- holds the previous South Carolina down some of his progressivepolicy a6-foot-high plexiglassshield be- above50%. Whatever happens, there rack Obama’s Supreme Court nomi- record, $13 million in the six years views and calls the Green New Deal tween himself and Mr. Graham. will be no dissenting from his party nees—not, he said, because he liked before the 2014 election.) “too expensive.” He attacks Mr.Gra- Another debatewas scheduled for this time. their judicial philosophies,but be- In 2020 Mr.Harrison plays the ham, chairman of the JudiciaryCom- the following FridayinSpartanburg, cause Mr.Obama had wonthe presi- role of Texas Rep. Beto O’Rourke in mittee, forreversing hisposition on but it turned intoapair of separate Mr. Swaim is a Journal editorial dencyfair and squareand the 2018: the dashing young progressive holding Supreme Court confirmation interviews when Mr.Harrison de- page writer. Modi Can’t Deliver the Indian-American Vote to Trump

Foracommunity Ahmedabad. “They aretruly spectac- skew heavily Democratic—lessthan ate. Theforeign-born—morethan India have highlighted howthe Brit- that makes up only ular people.” African-Americans,but morethan half of Indian-Americancitizens— ish ConservativeParty has made about1%ofthe U.S. It makes sense to wooevery voter. Hispanics. Mr.Modi maybepopular tend to turn out in lowernumbers. deep inroads among British Hindus population, Indian- But contrarytowhat breathlessIn- in India, but the so-called Modi effect Most Indian-Americans liveinsafe since2015.Inaphone interview, Sun- Americans areenjoy- dian mediacoverageand prominent elsewhereismostly amyth. states.The topfivestatesbyIndian- der Katwala, director of the nonparti- ing unusual atten- supporters of Mr.Modi’sBharatiya Growing political interest in the In- American population: California, san think tank British Future, points EAST IS tion in this year’s JanataParty appear to believe, the dian-American community is natural. to a Runnymede Trust survey that es- EAST election. JoeBiden fate of U.S. democracywon’t be de- Ms.Harris has made them prominent timates the Tories nowattract about picked half-Indian cided by Mr.Patel in Edison,N.J. in the 2020 race,and in recent years 40% of the British-Indian vote,adra- By Sadanand The president has made Kamala Harris as his Nor do most Indian-Americans aclutch of Indian-Americans have matic shiftfor acommunity that Dhume running mate, re- seem to care much about Mr.Trump’s been elected to Congress. Republicans small inroads since 2016, onceidentified nearly monolithically leased alist of prom- relationship with Mr.Modi, or for Nikki Haley and Bobby Jindal have probably more thanks to with the Labour Party. ises aimed at Indian-Americans,and that matterabout U.S.-India rela- served as governors. According to Butthis isn’t Mr.Modi’svictory. has takentotweeting about Hindu tions.Seventy-two percent of Indian- census data, the community grew China and the economy. Much of the credit, in Mr.Katwala’s festivals likeGanesh Chaturthi. American registered voters support 150% between 2000 and 2018,to4.16 view, goes to former Prime Minister President Trump’scampaign has Mr.Biden, according to a YouGov sur- million people.Itisthe second-largest David Cameron fortransforming the showcased bonhomie between the vey forthe Carnegie Endowment and immigrant group in the U.S.,behind Texas,New York,New Jersey andIlli- Tories intoanethnically diverse president and Prime Minister Naren- two universities.Only 22%back Mr. Mexican-Americans.In2018 Indians nois.InMichigan, Pennsylvania and party by recruiting politicians such draModi. Avideo tweeted by Kim- Trump. made up 6.9% of naturalizations,far Florida,Indian-Americans account as currentChancellor of the Exche- berlyGuilfoyle shows Messrs. Modi Indian-Americans care most about behind Mexicans (17%), but ahead of forlessthan 1% of eligible voters;in quer Rishi Sunak and Home Secretary and Trump addressing joint rallies in kitchen-table issues: the economy Chinese and Filipinos. Wisconsin, Arizona, Ohio and North Priti Patel. “Cameron made ethnic di- Houston last year and in Ahmedabad and health care.Inthe Carnegie-You- But of 4.16 million Indian-Ameri- Carolina, lessthan 0.5%. versity totally normal in his party,” in February. “Wehavecome to know Gov survey,U.S.-India ties came in cans,only 2.62 million arecitizens,of What aboutthe prospectsofMr. says Mr.Katwala. “You cannolonger the splendor of the four million In- 11th out of 12 concerns.Asinthe which only 1.9million areold enough Modi moving the needle toward the look at ethnic minorities andassume dian-Americans,” says Mr.Trump in past, Indian-Americans continue to to vote—lessthan 1% of the elector- GOP? BJP supportersinthe U.K. and that they arewith Labour.” According to the YouGov survey, Mr.Trump has made modest inroads intothe Indian-American community. PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Oakland His 22%support is greater than the Rupert Murdoch Robert Thomson 16% he drew in 2016.and Mr.Biden’s Executive Chairman, News Corp Chief Executive Officer, News Corp Scott Wilson and Holly Bailey re- “wedid averygood job at impact- 72%islessthan the 77%who voted Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher porting for the Washington Post, ing the public debate—utilizing so- forHillaryClinton in 2016 or the 84% Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Oct. 7: cial media, utilizingnew tools—to who picked Barack Obama in 2012. A Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; really paint avisual pictureofthe September poll of Asian-American Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; Thereal push forchange[to polic- livedexperienceofBlack people in voters found that only 65% of Indian- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; ing in Oakland, Calif.] ...came in this countryatthe hands of law Americans support Mr.Biden while Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer 2009 with the fatal shooting of Oscar enforcement.” ... 28% support Mr.Trump.But even this Andrew Dowell, Asia; AnthonyGalloway, Video & Grant, an unarmedBlack 22-year-old, Brooks,who refers to herself as an higher figure maybeexplained by Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; at theFruitvale neighborhood’stran- “abolitionist,” said “wehavetostart factorslikeMr. Trump’sstewardship Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; sit station. BayAreaRapid Transit of- living up to our brand as the most of the economyorhis tough stanceon Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; ficerJohannes Mehserle shot Grant, progressivecity in America.” But she China and Islamic State. Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News an aspiring barber,inthe back on acknowledged that she is uncertain In the end, American presidents Thomas SanFilippo, Customer Service; NewYear’s Day. Thecrime wascap- how, without armed police, the most holding rallies with Indian leaders GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; tured on video and set off days of pro- serious crimes would be addressed. maybemoreabout public diplomacy Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; test. Afterhis involuntarymanslaugh- “Even as an abolitionist, Ican say than about U.S. domestic politics. Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International terconviction in 2010,Mehserle in this moment, and I get in trouble “Maybe Indian-Americans care about WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: apologized to Grant’sparents. over this with my abolitionist the same thingsasother Ameri- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head “When Ithink of that moment,” friends,Idon’t knowhow to deal cans,” says Milan Vaishnavofthe

EDITORIAL AND CORPORATEHEADQUARTERS: said Cat Brooks,who founded the with pedophiles or rapistsorreal Carnegie Endowment, aco-author of 1211 Avenue of the Americas, New York, N.Y., 10036 Anti Police-Terror Project about six killers. That’snot my bailiwick,” said the YouGov survey.“Whyshould we Telephone 1-800-DOWJONES yearsago to lobby fordefunding, Brooks. be surprised?” P2JW290000-0-A01600-1------XA

A16 | Friday, October 16, 2020 THE WALL STREET JOURNAL. P2JW290000-5-B00100-1------XA BUSITECHNOLOGNEY: IBM, SERVICENOSSW TEAM&FUP ON AI EFFORINT AIMED ATANOUTAGES B6 CE

© 2020 Dow Jones & Company. All Rights Reserved. ***** THE WALL STREET JOURNAL. Friday, October 16, 2020 | B1

S&P 3483.34 g 0.15% S&P FIN À 0.81% S&P IT g 0.44% DJ TRANS À 0.85% WSJ $ IDX À 0.41% LIBOR 3M 0.218 NIKKEI (Midday) 23519.09 À 0.05% See more at WSJ.com/Markets Big Brands Cushion LVMH’sLoss Morgan

Gains at Dior, Louis mentsofthe conglomerate’s €11.96 billion, equivalent to in the legal battle that LVMH performance. Thecompany Stanley’s luxury empire that have been $13.99billion. Adearth of fes- is waging with Tiffany&Co. said itsrevenue fell slightly in Vuitton helped offset slammedbythe coronavirus tiveoccasions hurt the con- over itssoured deal to buy the August and September com- declines in other pandemic. glomerate’s Champagne busi- U.S. jeweler.LVMH in court fil- pared with ayear ago, and op- Profit Revenue at the French con- ness, which includes Dom ings has argued that the pan- erating earningsrose 25%. Tif- luxury segments glomerate’sfashion and Pérignon and Moët&Chan- demic has been particularly fany’sdisclosurewas meant to leather-goods division, which don. Asharp drop in air travel harmful for Tiffany, causing a rebut LVMH’sargument that Advances BY MATTHEW DALTON includes Louis Vuittonand slammed DFS,LVMH’stravel material adverse changeinthe the pandemic has fundamen- Dior, rose 12% compared with retail division. businessthat would allowthe tally damaged Tiffany’s busi- LVMH MoëtHennessy a year ago. Sales of Hennessy And revenue at itswatch French conglomerate to back ness, aperson close to Tiffany By 25% Louis Vuitton SE said strong cognac held steady, driven by andjewelrybrands such as out of the merger agreement. said. The jeweler’s sales drop growth at itsbiggest fashion strong consumption in the U.S. Bulgariand TagHeuer was Tiffany, in an unexpected wasinthe lowsingle digitsby brands buoyedrevenue in the But LVMH’sother busi- down 14%, hit by the absence announcement Thursdaybe- percentagepoints, the person BY LIZ HOFFMAN thirdquarter,partly offsetting nesses fared badly,pulling of tourist shoppersfromAsia. fore LVMH’sresults, gavean said, suggesting that Tiffany steep declines in other seg- down overallrevenue 7% to That division is underscrutiny upbeat report on itsrecent PleaseturntopageB2 MorganStanley said its quarterly profit rose 25% from a year ago, another big U.S. bank to skateunscathed through the Petrochemical Firms Hit by Plastics Glut rockiest economyinyears. Profit of $2.72 billion, or $1.66 ashare, washigher than a year ago and beat analysts’ BY COLLIN EATON Companies racedtoexpand U.S. Gulf Coastethylene capacityduring America's shale-drilling forecasts. Revenue rose 16% to AND SAABIRA CHAUDHURI boom but margins have droppedsharply as the firms' expansions outpaced global demand $11.66 billion. MorganStanley rounded out Petrochemical makersare growth and oil prices fell. third-quarter earningsreports pausing multibillion-dollar U.S. from the nation’sbig banks, expansions as the coronavirus U.S. Gulf Coastethylene capacity U.S. Gulf Coastethylene margins which have weathered thepan- pandemic subdues what had 50 millionmetrictons $1,500 ametric ton demic betterthan manyofthe been rapid growth in demand clientsthey serve. Each posted forplastics. PROJECTIONS billions of dollarsinprofits— Companies such as Dow Inc. 1,250 and three including Morgan and Chevron Phillips Chemical 40 Stanley sawtheir profitsgrow Co.collectively poured tens of from ayear ago—despiteadeep billions of dollarsintoGulf 1,000 recession and an economic out- Coast petrochemical facilities look tied to the odds of acom- 30 over thepast decade,eager to promise in Washington. take advantageofthe gusher in 750 Big changes afoot at Mor- rawmaterials beingunlocked ganStanley haven’t yetshown by theAmerican shale-drilling 20 up in itsfinancial results. The boom. 500 firm struck two big deals this They betthat turning the year,acquiring E*Trade Finan- cheap byproductsinto ethylene cial Corp.for $11 billion earlier and other plastic-making ingre- 10 this month and fund manager 250 dients would boost earnings. Eaton VanceCorp.ina$7bil- Surging investmentsinthe lion deal that is expected to hot area overshot demand, as close next year. 0 0 sometimes happens in business. Together,the acquisitions Capacity to produceethylene 2015 ’20 ’25 ’30 2015 ’16 ’17 ’18 ’19 ’20 will continue MorganStanley’s rose 41% on the Gulf Coast over transformation under Chief Ex- the past five years, according Global polyethylene demand growth has declinedsharply this year amid the coronavirus pandemic, ecutiveJames Gorman away to research firm S&P Global from itsWall Street roots by Platts,while margins dropped but arecovery in virus-hit industries is expected to liftdemand in 2021. adding steadier revenue from morethan three-quartersover managing other people’s that period. Executives remain 2020 polyethylene demand by sector,change from previous year Polyethylene demand growth ratesbyregion money.One sign investorsare optimistic that profitswill re- –12% –8 –4 0 4 8 10.0% buying the story: Thefirm’s turn afterthe pandemic,but 2020 2021 market capitalization this week companies arereassessing fu- Health care passed that of Citigroup Inc., tureprojects. 7.5 which has morethan twice Oil giant Saudi Aramco, MorganStanley’s annual profit. chemical maker LyondellBasell Packaging 5.0 “For adecade now, we’ve Industries NV and Chevron been rebuilding MorganStan- Phillips,ajoint venturebetween Consumer/Institutional 2.5 ley from the depths of the cri- Chevron Corp.and Phillips 66 sis to a position to withstand Co., have delayedplans forthree 0 whatever comes our way,” Mr. Gulf Coast petrochemical invest- Agricultural Gorman said Thursday. “Our ments totaling $17billion. Tai- performancethis year has val- –2.5 wan’sFormosa Plastics Group Industrial idated that approach.” and Thailand’sPTT Global Shares rose 1.3% to $51.33 PleaseturntopageB6 –5.0 in Thursday trading. Construction/Automotive N. AmericaAsia Europe Global Thebiggest banks were  Heardonthe Street: Pandemic buoyedmostly by their Wall blunts U.S. firms’ edge...... B12 Sources: S&P Global Platts (ethylene capacity, margins); Wood Mackenzie (polyethylene demand) Street arms,with trading rev- enue rising between 4% at Bank of America Corp.and 30% at JPMorganChase &Co. Blackstone RaisesWager on Science Properties Underwriting fees boomed, too, as companies sold stock and debt to investors to refill their pandemic-hit coffers. BY CRAIG KARMIN taking public BioMed Realty want to continue owning billion gain in value from the That $6.5 billion profit is MorganStanley followed Trust, the second-largest U.S. BioMed rather than cashing 2016 purchase,Blackstone the thirdhighest achieved by suit, reporting a20% rise in Blackstone Group Inc.is owner of life-sciencebuildings, out, the investment firm said. said. To ensurethis repre- anyBlackstone fund, behind tradingrevenue anda118% extending itsbig bet on bio- with 93 properties,which So the fund has agreed to sell sented afair pricefor buyer only dispositions of Hilton Ho- rise in stockunderwriting.It technologyand other life-sci- Blackstone acquired in 2016. BioMed to another Blackstone and seller,Blackstone added, it tels Worldwide Inc.and Equity is asmaller playerindebt encebuildings,ahot field that TheBlackstone fund that owns fund that canhold it indefi- consulted outside advisersto OfficeProperties Trust. placementsand big commer- is getting hotterasscientists the companyeventually needs nitely and enable investorsto determine the value.Morgan Blackstone and itsinvestors’ cial loans. pursue avaccine forCovid-19. to exit from all holdingsand stay in. Stanley will also solicit bids on resolvetohold on to the com- The firm’s return on tangi- TheNew York investment return money to investors. Thesale priceof$14.6 bil- BioMed to determine whether pany—the firsttime Black- bleequity,ameasureofhow firm said it looked at selling or Butfund investorssaid they lion amountstoabout a$6.5 ahigher offer exists. PleaseturntopageB4 PleaseturntopageB2 HEARD ON THE STREET | By Carol Ryan INSIDE CFTC VotestoSet Limits Westfield’s Owner Offers Two Options On Size of CommodityBets That Don’t Appeal BY PAUL KIERNAN WASHINGTON—Thena- tion’stop derivatives regulator Sharehold- the boardataballot next RETAIL votedtoestablish limitson ersinEurope’s month, which could be trou- Uniqlo parentisamong the sizeofspeculators’ betsin largest prop- blesome.Although the dis- Japaneseexporters marketsfor commodities in- erty company sentersown just 4.1% of Uni- cluding gold, cattle and crude have achoice bail’sstock,the company benefiting from China’s oil, completing along-delayed between two needs two-thirds of itsshare- rebounding market. B3 effort to enact a provision of S bad options. holderstoapprovethe rights the 2010 Dodd-Frank Act. NEW

Agroup of investorsin issue.The activistswill tryto TheCommodity Futures G Unibail-Rodamco-Westfield, convincetheir peersthat an TradingCommission estab- which owns the big Westfield alternativeproposal forUni- lished so-called position limits OOMBER

malls in SanFranciscoand bail to sell its portfolio of Thursdayfor the firsttime on /BL

London as well as similar U.S. malls is abetteroption. 16 agricultural,metal and en- AY properties acrosscontinental That would effectively re- ergy commodities,while updat- GR VID

Europe,came out on Thurs- verseUnibail-Rodamco’s$25 ing federal caps on nine agri- DA dayagainst plans foradilu- billion takeover of the West- cultural productsthat were The commission set position limits for commodities such as gold. tiverightsissue worth €3.5 field portfolio lessthan three already subject to them. billion, equivalent to $4.1 bil- yearsafter the deal closed. By limiting the number of dynamics. crease in oil prices. lion. French telecoms billion- Something does need to be BIOTECH contractsthat asingle partici- TheDodd-Frank Act, passed But the issue proved re- aireXavier Niel is in the ac- done about Unibail’sdebt. Vertex stock plunges pant canamass, the rule aims afterthe 2008-09 financial cri- markably thorny, as it affects tivist camp.Inanadded Thecompanyheaded intothe 21%after the failureof to prevent speculators—as op- sis, included a provision re- aswath of market participants twist, so is one of the com- pandemic with borrowings posed to usersorproducersof quiring the CFTC to set posi- including farmers and ranch- pany’sformer chief execu- equivalent to 10 times its an experimental drug the commodities—from causing tion limitsinresponse to ers, hedgefunds,futures ex- tives,Leon Bressler. earningsbeforeinterest, forararedisease. B4 priceswingsthat don’t reflect lawmakers’ belief that specula- changes,energy producersand They plan to vote against PleaseturntopageB2 underlying supply-and-demand tors had caused a sharp in- PleaseturntopageB2 P2JW290000-4-B00200-1------XA

B2 | Friday, October 16, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes. Albertsons Wins Bankruptcy A Goldman Sachs...... B10 Related...... B4 Albertsons...... B2 Guerrini Neumáticos..A8 Reynolds & Reynolds.A1 Alphabet...... A5 I Royal Dutch Shell.....B10 Anglo American...... B6 International Business S Auction for Kings, Balducci’s Stores B Machines...... B6 Sasol...... B12 Bankia...... B10 Interpublic...... B4 Saudi Aramco...... B1 Bank of America.B1,B10 J Serene Investment BY BECKY YERAK Barnes & Noble...... B4 JPMorgan Chase Management...... B6 BHP Group...... B6 ...... B1,B4,B10 ServiceNow...... B6 Sinopec Shanghai Thebankrupt parent com- BioNTech...... A6 K Blackstone...... B1 Petrochemical...... B12 pany of KingsFood Markets KB...... B2 BP...... B10 Société Générale...... B10 and Balducci’s named Albert- Business Roundtable..A4 L T sons Cos.the winner at a chapter 11 auction for the su- C Lotte Chemical...... B12 Tegna...... B4 permarket operatorswith a CaixaBank...... B10 LVMH Moet Hennessy U Louis Vuitton...... B1 $96.4 million cash bid. CBRE Group...... B4 LyondellBasell Unibail-Rodamco- The backup bidder is New Chevron...... B1 Industries...... B1,B12 Westfield...... B1 York investment firm TLI Bed- Citigroup...... B1,B10 M - N United Airlines...... B10 rock LLC,which had earlier Comcast...... A5 V served as the lead bidder with McCann Worldgroup...B4 D a$75 million offer to set a Mitsui Chemicals...... B12 Vertex Pharmaceuticals Disarm Therapeutics..B4 floor to beat at auction. Morgan Stanley...... B1 ...... B4 Dow Chemical...... B1,B12 Thesale to Albertsons divi- NBCUniversal...... A5 Vista Equity Partners A1 E sion Acme MarketsInc.will P W Eli Lilly...... B4 requirethe approval of the Pfizer...... A6 Walgreens Boots ENI...... B10 U.S. BankruptcyCourt in Phillips 66...... B1 Alliance...... B3,B10 WhitePlains,N.Y., beforeclos- F Publicis Groupe...... B4 Walmart...... A4

ing.Ahearing to consider the BIN/REUTERS Walt Disney...... A5 Fast Retailing...... B3 R proposed deal is scheduled for TO

Ford Motor...... B4 Westlake Chemical...B12 RD Rabobank...... B10 later this month. Thedeal is G Y WA

Raiffeisen Bank also subject to reviewbythe ED Glencore...... B6 International...... B10 YogaWorks...... B6 Federal Trade Commission, The winning bid covers 27 stores that are expected to continue to operate as Kings or Balducci’s. Acme said. The winning bid covers 27 necticut,Virginia and Mary- cash flow suffered, causing a woman said that Acme has a stores that areexpected to land. default on $114 million in se- great relationship with its INDEX TO PEOPLE continue to operateunder the Even beforethe coronavirus nior debt and apause in in- unions and that Albertsons is Kings and Balducci’s banners, pandemic,KBsaid it had been vestmentsinstore renova- recognizing the unions repre- B Gorman, James...... B1 Patel, Bhavesh...... B12 Acme said. experiencing historically low tions. senting Kings employees. Barrasa, Carlo...... B6 J Patel, Bob...... B6 KB US Holdings Inc., which earnings, which it had blamed Unions represent about Representatives forKBand Bogliolo, Alessandro...B2 Jacques Guiony, Jean.B2 Pessina, Stefano...... B3 bought Balducci’sin2009, en- on competitive pressures, la- 1,900employees at Kings forseveral United Food and Bressler, Leon...... B1 K Porges, Geoffrey...... B4 teredbankruptcy in August bor costs—a portion of the stores in NewJersey,New Commercial WorkersUnion lo- Brockman, Robert...... A1 Pruzan, Jonathan...... B2 with 35 supermarkets—25 chain’sworkforce is union- York and Connecticut, court cals either couldn’t be reached Kehoe, James...... B3 Purpura, Steve...... B4 C Kewalramani, Reshma Kingsand 10 Balducci’s—in ized—and pension obligations. records show. or had no immediatecom- Chitalia, Ashish...... B6 ...... B4 R NewYork,New Jersey,Con- Thecompany’sliquidity and An Albertsons spokes- ment. D Kolb, Bill...... B4 Roth, Michael...... B4 Diamond, Harris...... B4 Krakowsky, Philippe...B4 S Dinter, Jennifer Van.B12 L Sadoun, Arthur...... B4 Dorsey, Jack...... A5 Lashier, Mark...... B6 Schulze, Jeff...... B10 E M Shiller, Robert...... B12 Elliot, Stephen...... B6 McCarthy, Kathleen....B4 T F - G N - P Tadashi, Yanai...... B3 Fitterling, Jim...... B6 Niel, Xavier...... B1 Takeshi, Okazaki...... B3

ble system.” CFTC Sets Commissionersvoted 3-2to approvethe final rule,with thepanel’stwo Democrats, Limits on RostinBehnam and Dan Berk- ovitz,dissenting.Both have said the rule delegates too Some Bets much authority to futures ex- changes. “The proposed rule de- ContinuedfrompageB1 moted the Commission from banks. Four previous formal head coach to Monday-morn- attemptsbythe CFTC to es- ingquarterback,” Mr.Berko- tablish position limitsfailed vitz said in astatement dur-

amid opposition from indus- ing awebcast meeting.“I /REUTERS

try, including one final rule support effectiveposition lim- NG

that wasthrownout by afed- itstorestrain excessivespec- WA eral court in 2012. ulation in physical commodity

Completing therule wasa markets, coupled with legiti- TINGSHU priority forcommission Chair- matebona fide hedgeexemp- Customers shop at a store of French luxury brand Louis Vuitton inside a shopping mall in Beijing. man Heath Tarbert, who took tionsfor commercial market office last year. participants.” LVMH revenue by segment,first nine months Shareperformance “We’vecome along way, Messrs. Behnam and Berko- LVMH Is 10% and todaywe’vereached the vitz also said the CFTC should 2019 2020 Change endofanarduous journey,” have waited to vote on a final €0 billion €4 €8 €12 €16 Mr.Tarbert said. “We’vebal- rule until it had completed a Helped by LVMH Fashion and anced the interestsofall the report on acollapse in oil 12% 0 participantsinthis market, prices in April that sent prices leather goods some of which areindiamet- forone commonly used fu- Big Brands Selective 32% ric opposition, and we’ve tures contract to minus $37.63 retailing craftedaworkable and flexi- a barrel on April 20. –10 ContinuedfrompageB1 Perfumesand 25% has performed betterthan cosmetics Tiffany&Co. Unibail-Rodamco-Westfield LVMH’scomparable business –20 Mall Owner shareprice division. Wines and 15% “We are very pleased with spirits €300 Westfield deal theway the businesshas re- announced Watches and –30 Deals Don’t bounded following the first 31% 250 quarter and continues to re- jewelry JFMAMJ JASO bound in the thirdquarter,es- €1 =$1.1748 Appeal 200 pecially in Mainland China, Sources: the company(revenue); FactSet (performance) andtorecover in the United 150 States,” TiffanyChief Execu- Jean Jacques Guiony, Dior.” witheringabout the stateof ContinuedfrompageB1 tive Alessandro Bogliolo said. LVMH’schief financial officer, Bulgari has been so suc- Tiffany, calling it “a misman- taxes, depreciation and amor- 100 LVMH’sresultshighlight said the conglomerate’swatch cessfulinAsia, the Middle aged businessthat over the tization. That multiple will the challengefacing luxury and jewelrybrands suffered East and Russia that the brand firsthalf of 2020 hemorrhaged look even worsethis year as brands at atime international, from Chinese and other Asian has focused lessoncultivating cash forthe firsttime in a 50 rent-collection ratesfall and long-haul travel has plum- travelersbeing stuck at clientsinWestern Europe,Mr. quarter century, with no end tenantsnegotiatecheaper meted. The industry relies on home,wherethey areless Guionysaid. “It’sclear the to its problems in sight.” deals. 0 spending by shoppersontrips likely to splurge than when on currentsituation means we YetonThursday, Mr.Gui- Issuing equity would help 2016 '17'18 '19'20 abroad, particularly Chinese trips abroad. Those brands need to do that as well,” he onystruck adifferent tone the companytoquickly slash Note:€1=$1.17 consumerswho spend heavily aren’t as strong among West- said. when asked what LVMH would itsdebt and hang on to itsin- Source:FactSet on trips to luxuryshopping ern clientsasLVMH’sbig fash- LVMH and Tiffanyhave do if it were forced by the vestment-grade credit rating. destinationssuch as Paris, ion brands, Mr. Guiony said. sued each other in Delaware court to buy Tiffany. Tiffany Some fearsabout futureac- block.Getting an acceptable London and NewYork.With- “Welost abig chunk of the ChanceryCourt, afterLVMH has asked the Delaware court cess to bond marketsor pricecould mean waiting two out them, brands are looking touristic business,” he said. said last month that it was to require LVMH to complete breaching loan covenants or three yearsuntil the retail to encouragecustomersto “Wedidn’t have the boost of pulling out of the $16 billion the deal, or award Tiffany could be put to rest. Unibail sector has settled intoanew spend wherethey liveand cul- the local client bases,which deal, the largest takeover ever damages. used to pitch itsstrong credit normal. tivatenew clientele,particu- arelesswell-developed than in the luxuryindustry.In “Westill believethat Tif- rating and lowcost of debt to Theactivistsargue Unibail larly in the West. they are at Louis Vuitton and court filings, LVMH has been fanyisagreat brand,” he said. investorsasanimportant canaffordtosit tight. The competitiveadvantage. companyhas enough liquidity Theflip side is that share- to covermost of itsdebt ma- jockeying ahead of the presi- holderswould be diluted. Un- turities through 2025 and Morgan Goldman Sachs 93% dentialelection next month. ibail might be repeating the could meet the remainder Thefirm set aside $111 mil- Morgan Stanley 25 mistakemade by most U.K. with futurecash flows. And lion forloan losses,morethan real-estateinvestment trusts thereisnoimmediatetrouble Stanley’s JPMorgan 4 ayear agobut about half of its in 2009 by selling the stock in the bond market. Unibail provisions in the second quar- at the very bottomofthe issued a12-year bond in June Bank of America –16 Third-quarterprofit, ter.Unlikepeerswherelending market. Hopes that dilution at alow 2% coupon. Profit Rises percentagechangefrom has stalled or fallen during the might be avoided sent the Theboardmay not neces- Citigroup –34 ayearearlier pandemic,MorganStanley’s shares up 13% on Thursday. sarily deservetowin this bat- loan book grew by 6% from a

Unibail’sU.S.shopping malls tle: Thecompany’smarket ContinuedfrompageB1 Wells Fargo –56 Source:the companies year ago, prompting one stock could be worth up to €14bil- value,which was€29 billion profitably it putssharehold- analyst on Thursdaytoask Mr. lion and thereisacase to get at the time of the Westfield ers’ money to use,was 15% for Gorman what risk might be out. deal, has dwindled to just €5 the quarter,hitting atarget yearslobbying to reverseit. from buying back stock and lurking and “how you’reget- TheU.S.has morethan billion. Mr.Gorman set earlier this “Weclawedour way back,” their dividends arecapped, as ting what others arenot.” seven times as much retail Still, convincing investors year,beforethe pandemic Chief Financial Officer Jonathan regulatorsawait signs that the MorganStanley doesn’t spaceper 1,000 inhabitants to grit their teeth through to- crushed the global economy. Pruzan said in an interview. worstofthe recession has make certain kinds of loans as Unibail’scoreEuropean day’sdebt levels,evenas Moody’s InvestorsService With that longtime bugbear passed. That meansthat capital that arelikely to go bad in a market, so the U.S. shakeout Covid-19 cases rise in the U.S. upgraded the bank’scredit rat- resolved, Mr.Gorman on stash will only grow as profits recession, likecredit cardsor as moresales moveonline and Europe,and online shop- ing earlier this month, which Thursdayreturned to another: come in, crimping returns and loans to small businesses.Most could be moredramatic.The ping booms in Unibail’score would lowerits borrowing costs the billions of dollarsofcapital likely keeping alid on Morgan of itsloan growth is existing division wasunderperform- markets, will be tough. The and makeits tradersmorecom- that MorganStanley is sitting Stanley’s stock price. wealth-management clients ing even beforethe pan- activists’ answersimply petitive. The 2012 ratings on, over and abovewhat it Banks’medium-term for- borrowing against their portfo- demic. pushes the question intoafu- downgrade wasone of the dark- needs to meet federal sound- tunes are tied to Washington, lios of stocks and bonds,which But it’sclearly not agood turethat has rarely looked est momentsofMr. Gorman’s nessstandards.All big U.S. whereanew round of stimulus the bank canseizeand sell if time to put malls on the less predictable. tenureasCEO,and he has spent banks arecurrently barred has been held up by partisan needed,Mr. Gorman said. P2JW290000-0-B00300-1------NS

THE WALL STREET JOURNAL. NY Friday, October 16, 2020 | B3 BUSINESS NEWS Walgreens Boosts China Buoys Japan Sellers Store Closures Uniqlo parent among exporters crediting As Profit Declines market’s rebound for boosting bottom line BY MICAH MAIDENBERG 2014 aftertaking a45% stake AND RENATA GERALDO in the company two yearsear- BY MEGUMI FUJIKAWA lier.Ithas been alucrative Walgreens BootsAlliance businessfor the U.S. chain, As the coronavirus pan- Inc.said itsoverseas business driven by strong sales of up- demic continues to pummel the struggled again in itslatest scalebeauty and health prod- world’smajor economies, quarter as the Covid-19 pan- ucts. Walgreens’ U.S. opera- Japan’scorporategiantsare demic cut intocustomer traffic tions have struggled with pinningtheir hopes on the one and prescription demand in smaller revenue forprescrip- market that is really rebound- the U.K. tion drugsand competition ing: China. Thecompany, which is the from online retailers. Uniqlo operator Fast Retail- largest U.S. pharmacychain Walgreens said sales in its ing Co.said on Thursdaythat with roughly 9,000 locations, retail-pharmacy unit in the salesofits casual clothing in also will shut moreU.S.stores U.S. totaled $27 billion in the China arerecovering faster

than additionally planned. Wal- latest quarter,up3.6%. Filled than expected and will be abig S

greens on Thursdaysaid it prescriptionsincreased 3.6% driver of what it hopes will be PRES would close 250 locations,up on acomparable basis and de- record resultsinthe current UMA

from 200.Sofar the company mand forhealth, personal-care fiscal year ending August 2021. /Z

has closed 215 of those stores. and personal-protectiveprod- Thecompanyforecast an 83% GES

Executives also said they ex- ucts rose. Those gains were rise in netprofitto¥165 bil- IMA

pect the pandemic to continue partially offset by weaker lion, the equivalent of $1.6bil- PA SO

to weigh on resultsintothe salesfor beauty items,the lion, and a10% increase in rev- I/

middle of next year. companysaid. enue. TA

“It is realistic to assume Online salesrose in the During the past fiscal year, ALEX continued negativeCovid-19 quarter,according to the com- Uniqlo added 59 stores to its Chain owner Fast Retailing Co.forecastan83% net-profit rise this fiscal year.Astore in Shenzhen. impactsinthe firsttwo quar- pany. Chief ExecutiveStefano network of 800-plus in the ters of the year,” Chief Finan- Pessina,who had previously greater China region including apredicted 1.9%, the Interna- Japan’s exports to China, forsummer clothing and ca- cial OfficerJames Kehoe said Hong Kong and Taiwan, and it tional MonetaryFund said this change from previous year sual outfits forworking from on acall with analysts. The is planning to add 100 more week.That growth means the home,said Chief Financial Offi- 10% companyexpectsconditions to The company this year. world’seconomic downturn cerTakeshi Okazaki. gradually improveinthe sec- “I believewecan have 3,000 won’t be quiteasbad as ex- Shiseido sawasurge in its ond half of the year as people expects conditions stores in China alone,” said pected, the IMF said. mainland China sales of what it getvaccinated, he said. to gradually improve Fast Retailing Chief Executive Theeconomic rebound of its 5 calls itsprestigebrands—items Walgreens doesn’t expect Tadashi Yanai at an earnings biggest trading partner is also including Clé de Peau Beauté major newgovernment restric- in the second half. conferenceinTokyo. abig boon forJapan, where skin care that were popular tions or stay-in-placeorders Other Japanese companies exportsare an engine of among Chinese touristsbefore tied to the coronavirus during that have credited strong growth. 0 the pandemic barred them itsnew fiscal year.The com- China performancefor helping ExportstoChina returned from entering the country. panydoesn’t makeany as- announced he will step down, to support sales recently in- to almost the same level as a Those sales rose morethan sumptionsabout the role it said thecompany’sbig effort clude carmakersToyotaMotor year agoinJune,according to 50% in the April-June quarter could potentially playindis- in modernizing will continue Corp.and Nissan Motor Co. Japan MinistryofFinance –5 from the year-earlier period. tributing Covid-19 vaccines,ex- with thenextCEO. andcosmetics manufacturers data. In contrast, exportsto Kose’ssales in China started ecutives said on the call. There Overall, salesfor the fiscal Shiseido Co.and Kose Corp. the U.S.,Japan’sNo. 2trading improving in April and have re- still could be morelocalized fourth quarter that ended Aug. China’srapid recovery fol- partner,continued to drop. –10 coveredtopre-pandemic lev- lockdownstied to the pan- 31 rose to $34.75 billion from lowing some of the world’s One worryfor Japan is that els,acompanyspokesman 2020 demic,they said. $33.95 billionayear earlier. strictestcoronavirus lock- it could getcaught up in the said. Asia outside of Japan ac- TheBootsU.K.businesshas Analystspolled by FactSet pre- downs this year is proving to growing tensions between Source:Japan's Ministry of Finance countsfor 20% of Kose’ssales. emergedasasource of con- dicted $34.37 billion forthe be the one bright spot in a China and the U.S.,which is its Car makerswhose sales cern forinvestorsand achal- latest period. gloomyglobal economic pic- biggest geopolitical ally. proving demand in China. plunged earlier this year also lengefor the Deerfield, Ill., Profit fell to $373million, or ture. Those draconian mea- Some Japanese executives Uniqlo’s sales in China were seeChinese demand coming company, which is primarily 43 centsashare, from $677 sureshelped China nearly worrythat their businesswith hardhit by the country’scoro- back.Toyota’ssales in China tied to the U.S. market. In July, million, or 75 centsashare, the eliminatenew cases of China could suffer if the U.S. navirus lockdown, falling 9.3% startedrecovering slowly in Walgreens said it would cut year earlier.After adjustments, Covid-19,the disease caused by demands that Japan support it during the year ended Aug.31. April, rising 27%inAugust about 4,000 jobs in the U.K. the companyreported earnings the coronavirus,letting busi- in the increasingly hardline it But they have recoveredfast in from ayear earlier,compared and recorded $2 billion in im- of $1.02 ashare, betterthan nessand consumer activity re- is taking on everything from the past few months,the com- with a10% decline in sales at pairment chargestied to the expectations from analysts. turn almost to normal. tradetohuman rights. pany said. Monthly sales since home.Nissan also said its Bootsbusiness. Shares rose about 4.8% to China will be the only major But fornow,Japanese com- mid-July have topped previous China sales rose 4.4% in the Walgreens acquired Bootsin $37.64. economytogrowthis year, by panies arebenefiting from im- years’ levels thanks to demand thirdquarter from ayear ago.

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B4 | Friday, October 16, 2020 ** THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA WSJ.com/Tech Publicis Revenue Measures Improve From Earlier in Year

BY ALEXANDRA BRUELL Organic revenue in North Americadeclined 3% in the Madison Avenue has taken thirdquarter,compared with abeating as advertisershave the period a year earlier, the slashed budgetsamid the companysaid. global pandemic,but the third Elsewhereitfared worse: quarter offered some improve- Organic revenue fell 9% in Eu-

GES ment forone of the world’s rope, 11% in the Middle East

IMA largest ad holding companies. andAfricaand 15% in Latin At Paris-based Publicis America. GETTY Groupe SA,organic revenue— The company beat analyst

OBE/ an industrymeasurethat expectations of adecrease in GL strips out currencyeffects, ac- organic revenue of 8.3%, ac- ON

ST quisitions and disposals—fell cording to FactSet.

BO 5.6% in the quarter compared Top-spending sectorsinthe

/THE with the prior year,the com- ad business, including travel,

AYA panyreported. Thedecline fast food, retailers and auto-

ANT representsanimprovement motive,haveslashed ad bud-

NIC from the 13% drop in the sec- gets in recent months as they The biotech company’s shares fell 20.7% to $215.28 on Thursday, shedding about $14 billion in market value. ond quarter. have struggled with home- Publicis has captured busi- bound consumers and manu- nessfromclientsshifting bud- gets to digital media and com- Vertex Shares Plunge After merce,Chief ExecutiveOfficer Arthur Sadoun said in an in- terview. $2.7B Despitethe disruption to Experimental Drug Is Halted the global economythis year, Net revenue at Publicis in the revenue from the company’s third quarter top200 clients, which account forabout 60% of itstotal reve- BY JOSEPH WALKER tex’sprospectsfor diversifying Nearly all of the company’s To stock itspipeline and di- nue,hasn’t fallen, but in- a lineup concentrated on cys- sales last year were derived versifyits revenue,Vertex has creased—nearly 1% year-to- facturers. “It’samixed bag of Theflop of apromising tic-fibrosis drugs. from itstreatments forthe ge- looked to expand its research date, he said. clientswith some investing drug from Vertex Pharmaceu- “Vertex has afraction of netic lung disease.Analysts into other diseases and new That doesn’tmean the cri- moreand some less,” said Mr. ticals Inc. led to a sharp drop the R&Dportfolio required to project total 2020 revenue to technologies such as gene ed- sis is over forthe company, Sadoun. in thecompany’sshareprice sustain an enterprise of their increase 50% to about $6 bil- iting. which owns ad agencies in- Thetwo categories that on Thursdayasanalystsques- scale and value,” and will now lion, according to FactSet. An- ThefailureofVX-814un- cluding LeoBurnettWorld- have hurt Publicis’s revenue tioned the biotech’s ability to likely do morebusiness-devel- alysts at RBC Capital Markets derscored concerns about the wide andSaatchi &Saatchi most this year areautomotive replicate its success in cystic opment deals in the coming had projected combined sales near-term economic potential Group Ltd. and financial services,said Mr. fibrosis and diversifyits reve- year to beef up itspipeline, of VX-814and VX-864 to reach of the company’spipeline. “Things are very very un- Sadoun. nue. said Geoffrey C. Porges,an $99.3 million in 2024and to “Public market investorsare certain and with the resur- Categories offsetting some Boston-based Vertex dis- SVBLeerink analyst, in anote increase to $568 million in likely to apply ahealthyde- gence of the virus, Q4 might of those declines include closed late Wednesday it was to investors. 2029. gree of skepticism to the po- be very difficult,” said Mr.Sa- health care and consumer stopping development of the Vertex said it would con- tential returns from such in- doun. In its earnings report, packaged goods,hesaid. experimental drug because of tinue testing another of its vestments, at leastuntil thecompanywarned that re- Earlier this year, many ad its potential for liver toxicity. drugs for AATD, VX-864, and Wa ll Street viewed proven otherwise,” Mr.Porges sultsinthe final quarter could businesses began hiring Thesafety concerns arose in a expectstoreport Phase 2 said. be worsethan in the third. freezesand drastically cut ex- Phase 2trial forthe treatment study resultsinthe firsthalf VX­814 as among Vertex’s stock has been If thereare lockdowns dur- penses.Publicis withdrew its of arareliver and lung disease of 2021. the most promising among the best performing of ing the holidays,for example, financial guidanceand said it called alpha-1antitrypsin defi- “Wehaveabroad and deep largerbiotechs in recent years it will be difficult to anticipate would reducecostsby€500 ciency, or AATD. pipeline of potential medicines in Ve rtex’s pipeline. thanks to itsadvancesin the blowtothe ad business million this year. Vertex shares fell 20.7% to acrossseven differentdiseases treating cystic fibrosis.Bytar- and itsclients, said Mr.Sa- Rival Interpublic Group of $215.28 on Thursday, shedding and multiple modalities…that geting specific genetic muta- doun. Cos.also withdrew itsfull-year $14.6billion in market value we hope will one daytrans- tionsthat cause the disease, Publicis reported net reve- financial performancetargets. and erasing all the gains the form the lives of people Vertex is in aperiod of the company’sdrugs have nue of €2.3billion, equivalent Publicis is still on track to stock had made in 2020.The around the world with serious leadership transition while it helped to dramatically im- to $2.7billion, down from €2.6 cut costsby€500 million this stock is down 1.7% this year. diseases,aswe’vedone in cys- is seekingtoalleviate inves- provelifeexpectancy and billion in the year-agoperiod. year,said Mr.Sadoun. Theday’s drop wasasiz- tic fibrosis,” a Vertex spokes- tors’concerns about diversifi- qualityoflifefor adisease able tumble considering the woman said in an email. cation. In April, Reshma Ke- that formerly killed many pa- drug,code-named VX-814, was ManyonWall Street con- walramani took over as chief tients before adulthood. still years away from coming sidered VX-814among the executive, succeeding longtime Before Thursday, the com- on the market and wasn’t ex- most promisinginVertex’s CEO Jeffrey Leiden, who pany’s sharepricehad risen pected to be ablockbuster.Yet pipeline and a primary driver helmed the company’ssuccess 134% over the past five years, the drug’sdevelopment was of its market value outside of in cystic fibrosis.Dr. Leiden compared with a36% increase closely watched by investors its core drug franchise forcys- remains with the company as in the Nasdaq Biotechnology and analysts as a sign of Ver- tic fibrosis, analysts said. executive chairman. Index. CORPORATEWATCH

BARNES & NOBLE Barnes & Noble said, but the expects full-year subscription tional payments based on the company initially closed down its revenue to grow by apercentage successful development and Bookstore Chain Is networks as a precaution. The in the high 20s, betterthan it commercialization of new prod- spokesman said Barnes & Noble expected in August. It said it ex- ucts resulting from the pur- Hit by Cyberattack S has since restored the networks. pects adjustedearnings before chase. Eli Lilly said Disarm has Barnes & Noble Inc. was hit —Matt Grossman interest,taxes, depreciation and discovered a promising approach PRES

with a cyberattack that may amortization of $259 million, up to combat axonal degeneration, UMA have exposed some customers’ TEGNA 65% from ayear earlier. characteristic in many neurode- /Z GO

personal information, a spokes- —Dave Sebastian generative conditions. IMA man said. Results Expected to —Colin Kellaher Arthur Sadoun says the fourth quarter could be difficult. The bookstore chain notified Get Political-AdBump ELI LILLY customers in an email thatitbe- FORD MOTOR came awareofthe attack on Tegna Inc. said it expects to Biotech Company’s Saturday. Credit-cardand finan- gain from political advertising Purchase Is Set Huntsman Gains New CEO Appointed cial data weren’texposed, Barnes ahead of the U.S. presidential Seat on Board Again &Noble said, but attackers may election for the third quarter. Eli Lilly & Co. said it agreed have gained access to customer The owner of morethan 60 to buy privately held biotechnol- Ford Motor Co.has re-elected At McCann Ad Agency email, billing and shipping ad- television stations said it expects ogy company Disarm Therapeu- Jon M. Huntsman Jr.toits board dresses, and phone numbers. net income of $132.2 million for tics for an initial $135 million in of directors three years after he BY ALEXANDRA BRUELL creating aconstant flow of A firm of cybersecurity con- the quarter,upfrom$48.35 mil- a deal that expands its efforts in left aboardseattoserveasU.S. content for social media plat- sultants that Barnes & Noble lion ayear earlier.Itsees reve- pain and neurodegeneration. ambassador to Russia, the com- Interpublic Group of Cos. forms,for example,inanef- engaged to evaluate the threat nue rising 34% to $738 million. The Indianapolis drugmaker panysaid. The election brings the has promoted Bill Kolb to fort to reach increasingly elu- hasn’t detected evidence of data Excluding political advertising, said Disarm’s shareholders could sizeofthe boardto14. chairman and CEO of creative sive consumers. being exposed to the attackers, revenue would rise 14%. Tegna get up to $1.225 billion in addi- —Matt Grossman agencynetwork McCann Meanwhile, agencies areat- Worldgroup,the company tempting to capturenew busi- said Thursday. He will succeed ness supporting clients’ com- ues to shiftits $329 billion Harris Diamond,who plans to plicated dataand digital Blackstone global real-estateportfolio retireatthe end of the year, strategies. away from manytraditional the company said. Mr.Kolb,57, wasnamed bricks-and-mortar investments “Bill’slong and successful McCann Worldgroup’schief Increases to properties serving newbusi- historyatMcCann spans over operating officer just in June. nesses and industries. two decades,and uniquely po- He waspreviously global pres- “Welook at what is happen- sitions him to develop the Science Bet ing in the world,” said Kath- Worldgroup model for the fu- leen McCarthy, global co-head ture,” said IPGChief Executive Bill Kolb’s of Blackstone’sreal-estate Michael Roth in a statement. promotion is ContinuedfrompageB1 group,“and ask if thereisa Thechangeispart of a part of a stone real-estatefunds have way to put what we see intoa broader succession plan at broader executed this kind of transac- real-estatecontext.” IPG, which also owns agency succession tion—isthe latest sign of in- ForBlackstone,that has groups FCB, IPGMediabrands plan at parent

tensifying demand forthe fast- NE meant ramping up purchases and MullenLowe Group.Ad Interpublic.

growing real-estateniche. TO of industrial warehouses that holding companies are under

Thebusinessofproviding CKS servicee-commerce and ac- pressure to adapt their busi-

lab spacehas takenoff in re- /BLA quiring stakes in production ness models as brands shift ident of diversified agencies, cent yearsasnew drugs, treat- facilities wherecompanies like focus from traditional TV and focusing on innovation, health mentsand devices areincreas- ORKS Netflix Inc.and Walt Disney print advertising to digital and data analytics across the TW

ingly developed at startup AR Co.are creating content. marketingand e-commerce, group’s agencies. firms,rather than in-house at Life-sciencebuildingsare andcompetitorsarise such as He has worked for the net- largedrugcompanies. NSEK also part of this emerging vi- consulting firms and digital work,which houses the name- WO

“Interest in the life-sciences ED sion.Blackstone brought in a publishers. sakecreative agency, cus- sector from developers, inves- A BioMed property in Cambridge, Mass., leased to a drugmaker newleadership team for IPGlast year promoted tomer-relationship tors and financial backersal- BioMed shortly afterthe 2016 longtime executivePhilippe management agencyMRM and ready wasstrong in recent the second quarter,compared have also been ownersoflife- acquisition. It sold and bought Krakowsky to the newly cre- event-marketingshop Momen- years, and the unfortunatear- with an office-vacancyrate scienceproperties,while ven- properties so that the portfolio ated position of chief operat- tum Worldwide, for 20 years. rival of Covid-19 brought even nearly double that in those ture-capital money continues would be concentrated in the ing officer,putting him in line Mr.Diamond, 67,joined IPG moreattention and capital into markets, CBRE said. With the to pour intolife-sciencestart- topmarketsfor lifescience, in- to succeed Mr.Roth. Thecom- as CEO of PR agencygiant We- the sector,” said StevePurpura, industrymoving some over- ups—$17.8billion forthe year cluding the Boston area, San pany acquired datacompany ber Shandwick in 2001 and avicechairman in real-estate seas operational facilities back ended in the second quarter,a Franciscoand SanDiego. Acxiom LLC in 2018. later became CEO of IPG’s firm CBRE Group Inc.’slife- to the U.S.,that could generate record forafour-quarter pe- Blackstone also boosted the McCann, a storied creative Constituency Management sciences group. even more demand, the firm riod, according to dataina occupancylevelsatthe proper- agency, is in the midst of its Group,anetwork of marketing Theaverage vacancyrate added. CBRE report. ties,which was91% when it ac- ownevolution to betterde- services agencies.Hewas forthe 13 largest life-sciences Divisions of JPMorgan TheBioMed transaction also quired BioMed and nowstands liver on clients’ newpriorities. named CEO of McCann World- marketswas 6.1% at the end of Chase &Co. and RelatedCos. reflectshow Blackstone contin- at 97%, Ms.McCarthysaid. They’retasking agencies with group in 2012. P2JW290000-0-B00500-1------XA

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B6 | Friday, October 16, 2020 THE WALL STREET JOURNAL. BUSINESS NEWS Prices of European Coal Climb IBM Joint Service Continent is rare bright spot for fossil Aims at fuel, which benefits from rise in gas Outages

BYJOE WALLACE BY JOHN MCCORMICK

European coal prices have International BusinessMa- jumped to their highest level chines Corp.and ServiceNow in almost ayear,after asurge Inc.are partnering on an artifi- in natural-gas prices spurred cial-intelligence-based offering demand forthe cheaper fossil aimed at helping organizations fuel. predict, prevent and remediate Prices for thermal coal de- outages and other information- livered into northwestern Eu- technologyproblems. rope have leapt 50% from Theoffering will combine their lowinMay to $57.77a ServiceNow’sITServiceMan- metric ton, according to data agement and IT Operations from ArgusMedia, atrade Management systems with publication that tracks com- S IBM’srecently introduced Wat-

modity prices.Thermal coal, NEW son AIOps. the kind that powerstations G Watson AIOps uses AI to au- burn to generateelectricity, tomatehow companies detect OOMBER

hasn’t cost as much in Europe BL andrespond to IT anomalies.

since late October 2019. O/ TheAIOps platform also can SS

Unusually,coal is nowmore RO recommend howtofix prob- expensiveinEurope than in O lems based on an analysis of

Australia, whereprices were FILIPP howpast eventswereresolved.

hit by reports that China had O Thenew offering also could OL

curbed imports amid a diplo- NIC launch an automated Service- matic feud with Canberra. Any uptick is likely to be fleeting, as Europe continues to pivot from thermal coal to gas and renewable sources of energy. Nowprocess to fixaproblem. Australia’sgovernment has Thecombination of the two said it is working to clarifythe burned forheating.Still, “it Thermal-coal prices extra emissions. which have steadily declined services could help companies situation. does look like coal is going to “It’sactually making coal in recent years, could start to find problems about 60% faster Europe’srally has turned be phased out sooner rather $70 ametric ton burn fairly attractive,” said pick up if prices rise to around than human monitors, IBM the region intoasurprise than later,” Mr.Horslen added. Georgi Slavov, head of funda- $65 ametric ton, traderssaid. said. bright spot in theinterna- Coal prices measureslightly 65 mental research at commodi- Anyuptick is likely to be Without an automated solu- tional coal market. Prices tum- different thingsinEurope and Australia ties brokerageMarex Spec- fleeting,however, as Europe tion, it oftentakes adedicated bled globally this spring,when Australia, reflecting their posi- 60 tron. Half of Europe’scoal- continues to pivot from ther- team to spot irregular IT activ- coronavirus restrictions ham- tions in the market. firedpower-plant capacity was mal coal to gasand renewable ity.But IBM has millions of sce- mered demand forelectrical In northwest Europe,they 55 in use this week,Mr. Slavov sources of energy. narios built intoits Watson AI- power, and remain under pres- reflect the price of coal deliv- calculates,upfromunder a “You have to getpast 60 Ops to help IT organizations sureinthe Asia-Pacific region. ered to aport, including insur- 50 10th at the start of June. buckstoget the Americans remedy anyproblem, said IBM Taking intoaccount coking ance and freight costs. Giving prices an additional in,” said David Price, senior di- Chief ExecutiveArvind Krishna. coal, which is used to make Thebenchmark in Austra- 45 boost: crimped output in Co- rector in IHS Markit’scoal “Weare continuously im- steel, global consumption is on lia, one of the biggest export- lombia, Europe’s second-larg- unit. He doubtsprices will get proving what we’redoing Europe course to slump 7% in 2020, ers, representsthe priceof 40 est source of thermal coal af- that high. there,” said Mr.Krishna, “and the International Energy coal cleared forshipment and ter Russia. In the long run, the outlook then beingable to put all that Agency said this week. loaded onto a vessel. 35 WorkersatColombia’sCer- forthermal-coal suppliersin knowledgeright back in the cli- European governments are European powerplants 2020 rejónmine,jointly owned by Europe remains gloomy. Coal ent solution.” moving faster than those in started to burn morecoal over BHP Group, Anglo American consumption will drop nearly Thecomplexity of IT opera- other regions to drop coal the summer and the early au- Notes: Weekly data through Oct. 9.;European PLC and Glencore PLC, went 60% in the EU from 2019 tions in recent yearshas ex- prices include insurance, freightand other from theenergy mix to cut tumn as natural gasbecame expenses; Australian prices arefor coal only. on strikeinAugust. Mean- through 2030,faster than in ploded, and finding aproblem planet-warming emissions. steadily more expensive. Source:Argus/McCloskey's while production by Prodeco anyother region, the IEA acrossanITenvironment that Therecent rise in prices Gas prices in northwestern Coal PriceIndexReport Group,aunit of Glencorethat said. Thepowersector is set includes hardware,networks shows that coal’s decline will Europe have morethan qua- owns two mines in the coun- to account foralmost all of andapplications on-premise be halting,analystssaid, with drupled from their trough in reason why we did see a sort try’snorthern Cesar region, that decline,suggesting the and in the cloud is difficult, bursts of higher demand even May, partly driven by a fall in of rally.” has been suspended since pressurewill be particularly said Stephen Elliot,avicepres- as the continent’sshifttoward the supply of liquefied-natural Gas prices have risen faster March. acutefor producersofther- ident at research group Inter- cleaner sources of energy ac- gas from the U.S. than the price of carbon per- “There’shugeconcern right malcoal. national DataCorp. celerates. “In Germanyand in some of mits,which utilities and other nowabout the availability of Portugal is likely to close all Not catching aproblem can “There’s still going to be a the other markets, youactu- users of fossil fuels purchase Colombian coal,” said Mr. its coal-fired power plants by be expensive. Unplanned sys- need forcoal,” said Jake ally sawcoal-fired powergen- under the European Union’s Horslen. 2021, followed by France, the temdowntime cancost alarge Horslen,editor of Argus’sCoal eration come back intothe emissions-trading program. American mining compa- U.K.,Ireland and Slovakia in companyhundreds of thou- Daily International, pointing market,just because it was That created afinancial incen- nies standtobenefit if the the following years, the Organ- sands of dollarsanhour in lost to the flexibility that coal cheaper,” said MatthewBoyle, tivetodial back gasconsump- rally in European thermal-coal ization of the Petroleum Ex- revenue,not to mention dam- gives utilities,especially in the lead coal analyst at S&P Global tion, burn more coal and buy prices keeps running. porting Countries said this agetoits reputation, Mr.Elliot winter when alot of gasis Platts.“That waspart of the carbon permitstocover the U.S. exportstoEurope, month. said.

CEO,said that petrochemical YogaWorksShutsSites Plastics companies had decided to pur- sue major U.S. expansion plans as profitshad peaked forthe de- And SeeksBankruptcy Makers Hit cade.But he said he believes the worstofthe pressureonprofits BY JONATHAN RANDLES firm Great Hill Partnersin is over,because fewerplantsare AND COLIN KELLAHER 2014. By Glut coming online next year and de- YogaWorks said it has an mand will eventually bounce Private-equity-backed Yo- agreement to sell itsbrand, back to pre-pandemic levels. gaWorks Inc.has filed for digital platform and educa- ContinuedfrompageB1 “We’recoming intoaperiod bankruptcy and plans to per- tion businesstoSerene In- Chemical also have pushed back whereweharvest the value of manently close itsdozens of vestment Management LLC, plans forlarge U.S. plants. the investmentswe’vebeen studios acrossthe U.S. but subject to betteroffersata Chemical companies since making,” Mr.Patel said.“When keep offering virtual classes. potential bankruptcy auction. 2010 have spent $96 billion to the recovery really takeshold, TheCalifornia-based yoga Serene has also agreed to completemorethan 200 proj- we could see averystrong studio chain is the latest fit- provide YogaWorks with a ectslinked to the U.S. shale in- business environment, with nessbusinesstosuccumb to $3.35million bankruptcy loan dustry, with afurther $99 bil- pent-updemand in the back shutdowns and restrictions to fund itschapter 11 case, lion in projectsunder half of 2021 and 2022.” on gyms and in-person gath- court paperssay. construction or in planning Though overcapacity has eringsrelated to the corona- Other fitnessbusinesses stages,according to the Ameri- weighed on petrochemical mar- virus pandemic. have been hit hardbythe canChemistryCouncil. gins,the pandemic drovede- Thecompanysaid Wednes- pandemic. Gold’sGym Inter- Dowled the recent American mand forproductssuch as daythat itsoperations will national Inc., 24 Hour Fitness petrochemical boom with the gloves,masks,gowns and clean- continue via itslive-stream Worldwide Inc.and the construction of the Gulf Coast’s ing wipes,all made from plastic. and on-demand digital plat- owner of NewYork Sports largest ethylene plant, which Supermarketsare packaging forms,YogaWorks Liveand Clubs have all filed forchap- opened in 2017. But last year,as groceries forhome deliveryin MyYogaWorks,aswell as its ter11protection in recent Dowswung to a$1.4billion an- single-use plastic bags rather teacher training and work- months. nual loss, the companyvowed than reusable crates because of CHEMICAL shop departments. Thedigital YogaWorks Chief Executive to cut spending,moveaway virus concerns.Ajump in e- businesshas been profitable Brian Cooper said the from building large newfacili- commerce also added to the sinceitwas started in 2013, Covid-19 pandemic “created ties and focus on lower-risk,in- PHILLIPS consumption of plastic bags. the companysaid. YogaWorks unprecedented challenges for cremental investmentsthat ON But the changeinconsumer

wasfounded in 1987 and was our industryand business,” generatequicker returns. CHEVR behavior isn’t likely to last for- acquired by private-equity including studio closures. Covid-19,the illnesscaused by Margins on ethylene, widely used in making plastics, areprojected ever.And governmentshave the newvirus,has only acceler- to fall by morethan half in 2022. Chevron Phillips plastic pellets. been moving to penalizethe ated thecompany’sshift, Chief use of virgin plastic and incen- ADVERTISEMENT ExecutiveJim Fitterling said. demand over the same period, Chemical DataLLC. tivizerecycling,which could “You’vejust come off abig in- according to Wood Mackenzie. In July,Chevron Phillips de- further hit the prospectsofpet- The Marketplace dustrygrowthphase,” Mr.Fitter- At the peak in late2014and cided to delayfinal approval of rochemical plants. ling said. “When yougothrough early 2015,Gulf Coast margins an $8 billionGulf Coast project Packaging accountsfor To advertise: 800-366-3975orWSJ.com/classifieds asituation likeyou’vegot with forethylene,abellwether it had expected to sanction next about one-quarter of all plastic Covid-19,and dramatic changes chemical in U.S. plastics manu- year with Qatar Petroleum. production globally,according BUSINESSOPPORTUNITIES COMMERCIAL REAL ESTATE with oil price, focus on cash and facturing,averaged$558 amet- Chief ExecutiveMark Lashier to the Ellen McArthur Founda- liquidity becomes king.” ric ton, and companies were said that while some companies tion, anonprofit. Growth in de- *<-9(Q$,>&Q(>#MQ>9; !9<-';6 7>Q@ O5?6N'( (N!9(P Mr.Fitterling remains opti- racing to build petrochemical have paused projectstowait mand forthat type of packag- '& =N'PN( >; 9LB!N -(9PM!Q& >;PM&Q(6 >& '8'>='#=N L9( )/6$0 0$%!0!6& mistic that the company’sexist- facilities known as crackersthat forthe economics to improve, ing in North Americais &'=N #6 -(>8'QN 97;N( !9;QN<-='Q>;A (NQ>(N;N&&>;)M>(6:O5O5%A<'>=+!9< ? *<83%8+&7; /37.) Ashish Chitalia of consulting margin dropped to $127 amet- LyondellBasell, which ex- turning plastic wasteintofeed- THE firm Wood Mackenzie said pet- ric tonthis year and is pro- panded aCorpus Christi, Texas, stock to makenew plastic. 587# "41'.,+(7-*(3+-2 8*'-'+ rochemical margins arepro- jected to fall to $50 in 2022, ac- ethylene facility in 2017, isn’t Chevron Phillips last week an- %@., 43?D=7 F 17//K !'2 ?3+/G@3;1 MARKETPLACE jected to remain well below cording to S&P Global Platts. planning to embark on newU.S. nounced asuccessfultest of E.24 &/3KK 6/?7K 951E"0 2015 levels until around 2028. Thesqueeze has caused compa- ethylene projectsoverthe next chemical-recycling technology 38101>,8 3&1I=:K.B8-;5+;?+?L 0&1=8=1> ADVERTISE TODAY Theindustryhas expanded nies to lose their appetitefor few years. It slashed chemical andplans to increase output of 3!>8KBB1D *5;==.=,0 4,/;2,)=)> 7+LAA 8% (800)366-3975 faster than global demand for growth. Newethylene projects production, cut spending by plastic derived from plastic- 3(=2K019K11D (K110 80>,= (K11)1,5> (==;+">00>+ %>>) Formoreinformation visit: plastics,with U.S. polyethylene after2020 arenow forecast to one-thirdand delayedthe late wastefeedstock to some 450,000 821=8+$;2/ 0$>%>>) 0&=11>!=G #2I=, '>K,0D+'6> wsj.com/classifieds capacity and production grow- add 4.5million metric tons a 2021 startupofa$2.4billion metric tons ayear by 2030.That 47/C :/33@G/-?7H6G/3;. *//;<1 ing about 39% from 2015 to year of North American capac- Texas plant by ayear to con- is still tiny, however, compared :8$(') 9I>4".>... ©2020Dow Jones &Company,Inc. 2020.That is compared with a ity,downfromthe original ex- servecash. Itsnet income last with the5.4 million metric tons &//C :/D@GG)5I.1J4I14."" All Rights Reserved. 2% increase in domestic de- pectation of 11.3million, ac- year fell 28% from 2018. ayear of ethylene it makes from #/G,7/@;7 (D//C)5I.15FI1000J mand anda17% rise in global cording to consulting firm Bob Patel, the company’s ethane on the Gulf Coast. P2JW290000-0-B00700-1------XA

THE WALL STREET JOURNAL. Friday, October 16, 2020 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 28494.20 t19.80, or 0.07% Trailing P/E ratio 27.06 19.43 3483.34 t5.33, or 0.15% Trailing P/E ratio * 37.86 22.81 11713.87 t 54.86, or 0.47% Trailing P/E ratio *† 36.45 23.86 High, low, open and close for each P/E estimate * 24.78 17.41 High, low, open and close for each P/E estimate * 25.75 17.75 High, low, open and close for each P/E estimate *† 31.24 21.25 trading day of the past three months. Dividend yield 2.16 2.28 trading day of the past three months. Dividend yield * 1.75 1.94 trading day of the past three months. Dividend yield *† 0.76 1.04 All-time high 29551.42, 02/12/20 All-time high 3580.84, 09/02/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 29000 3650 12100

28000 3525 11450

27000 3400 10800

26000 3275 10150 Session high DOWN UP 65-day moving average Session open Close t 25000 3150 9500 65-day moving average Close Open t 65-day moving average 24000 3025 8850 Session low Bars measure the point change from session's open 23000 2900 8200 July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 749,223,687 13,329,308 Industrial Average 28535.85 28181.54 28494.20 -19.80 -0.07 29551.42 18591.93 5.4 -0.2 7.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 460,257,082 3,890,741 Transportation Avg 11997.41 11733.49 11988.83 101.34 0.85 11988.83 6703.63 14.2 10.0 6.5 Most-active issues in late trading Decl. volume* 280,507,628 9,135,209 Utility Average 880.45 864.07 875.22 0.03 0.003 960.89 610.89 1.5 -0.4 5.9 Volume After Hours Issues traded 3,127 261 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 35836.16 35294.57 35778.99 -20.79 -0.06 36434.12 22462.76 16.7 8.3 10.5 Advances 1,707 100 Invsc Natl AMT-Fr Muni PZA 11,400.0 26.43 ... unch. 26.43 26.43 Barron's 400 764.71 748.29 763.63 5.16 0.68 767.01 455.11 11.7 4.3 3.7 Declines 1,327 149 iShares iBoxx $ HY Cp Bd HYG 6,514.6 84.73 ... unch. 84.77 84.73 Unchanged 93 12 iShares MSCI ACWI ETF ACWI Nasdaq Stock Market 4,640.0 82.40 ... unch. 82.40 82.40 New highs 73 0 Nasdaq Composite 11740.68 11559.10 11713.87 -54.86 -0.47 12056.44 6860.67 43.6 30.6 21.0 SPDR S&P 500 SPY 3,714.0 347.78 0.28 0.08 347.92 347.38 New lows 20 0 Nasdaq 100 11928.63 11765.49 11898.57 -86.79 -0.72 12420.54 6994.29 49.8 36.2 25.0 Apple AAPL 2,999.4 121.06 0.35 0.29 121.10 120.50 Closing Arms† 0.77 1.13 Comcast Cl A CMCSA 2,836.5 45.34 0.23 0.51 45.45 45.06 S&P Block trades* 4,663 136 Bristol Myers Squibb BMY 2,795.6 60.42 ... unch. 60.43 60.34 500 Index 3489.08 3440.89 3483.34 -5.33 -0.15 3580.84 2237.40 16.2 7.8 10.9 Nasdaq NYSE Arca NIO ADR NIO 2,037.7 28.15 0.08 0.29 28.25 27.90 MidCap 400 2006.25 1957.24 2002.82 18.54 0.93 2106.12 1218.55 3.3 -2.9 3.3 Total volume*3,247,655,994 192,807,874 SmallCap 600 930.99 904.58 929.57 12.22 1.33 1041.03 595.67 -2.7 -9.0 0.8 Percentage gainers… Adv. volume*1,600,294,275 81,060,034 Decl. volume*1,584,921,120 109,154,559 Other Indexes Flexible Solutions FSI 952.6 2.86 0.73 34.27 3.12 2.30 Issues traded 3,554 1,401 Russell 2000 1641.00 1598.49 1638.88 17.23 1.06 1705.22 991.16 6.3 -1.8 2.9 Entasis Therapeutics ETTX 62.5 2.30 0.20 9.52 2.31 2.10 Advances 1,870 535 NYSE Composite 13148.70 12960.98 13137.25 -5.92 -0.05 14183.20 8777.38 0.8 -5.6 2.1 Radius Gl Infr Cl A RADI 441.1 8.09 0.35 4.52 8.09 8.09 Declines 1,570 840 Chewy CHWY 148.9 67.45 2.57 3.96 68.00 64.84 Value Line 489.70 479.49 489.18 3.04 0.63 562.05 305.71 -5.9 -11.4 -3.4 Unchanged 114 26 Amarin ADR AMRN 450.2 5.22 0.17 3.37 5.68 5.05 NYSE Arca Biotech 5526.91 5448.20 5479.58 -68.13 -1.23 6142.96 3855.67 27.4 8.1 8.7 New highs 63 12 NYSE Arca Pharma 652.00 647.22 650.27 -8.41 -1.28 675.64 494.36 9.6 -0.5 5.5 ...And losers New lows 32 4 KBW Bank 78.10 75.99 78.09 1.28 1.66 114.12 56.19 -22.0 -31.1 -7.6 Marten Transport MRTN 52.3 16.89 -1.13 -6.27 18.07 16.23 Closing Arms† 1.18 0.72 § PHLX Gold/Silver 150.02 147.63 149.07 -1.61 -1.07 161.14 70.12 65.6 39.4 19.5 NTN Buzztime NTN 117.8 2.18 -0.13 -5.63 2.31 1.94 Block trades* 15,782 1,152 § PHLX Oil Service 29.60 28.31 29.60 0.47 1.61 80.99 21.47 -53.7 -62.2 -40.2 Commercial Metals CMC 75.2 21.33 -0.98 -4.39 22.31 21.33 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2416.42 2369.17 2411.13 -6.07 -0.25 2433.48 1286.84 50.0 30.4 25.5 Intuitive Surgical ISRG 90.1 713.00 -28.00 -3.78 759.88 709.00 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 29.06 26.82 26.97 0.57 2.16 82.69 11.54 95.6 95.7 41.1 CAL Caleres 66.5 9.39 -0.30 -3.06 9.69 9.39 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg World The Global Dow 3026.89 –29.77 –0.97 –6.9 Array Technologies ARRY 36.45 14.45 65.68 37.35 22.00 ... Fastly Cl A FSLY 89.70 -33.48 -27.18 136.50 10.63 282.4 DJ Global Index 444.20 –3.52 –0.79 2.3 Huttig Building Products HBP 3.42 1.01 41.66 3.75 0.49 54.8 VivoPower International VVPR 8.98 -2.51 -21.85 24.33 0.59 542.8 DJ Global ex U.S. 251.04 –4.15 –1.63 –4.8 PolyPid PYPD 13.45 2.90 27.49 19.45 9.81 ... Vertex Pharm VRTX 215.28 -56.18 -20.70 306.08 174.82 21.1 Americas DJ Americas 813.31 –1.14 –0.14 6.9 SPI Energy SPI 9.14 1.96 27.30 46.67 0.55 237.3 Aphria APHA 4.80 -1.08 -18.37 6.44 1.95 -2.6 Brazil Sao Paulo Bovespa 99054.06 –280.37 –0.28 –14.3 Cars.com CARS 10.06 2.05 25.59 13.55 3.25 -8.1 Medicenna Therapeutics MDNA 3.95 -0.57 -12.61 5.32 0.88 330.9 Canada S&P/TSX Comp 16501.03 45.63 0.28 –3.3 Nano Dimension ADR NNDM 4.48 0.83 22.74 4.89 0.51 28.3 Leaf Group LEAF 6.17 -0.89 -12.61 7.45 1.03 117.3 Mexico S&P/BMV IPC 38059.23 33.51 0.09 –12.6 Eastern Bankshares EBC 12.15 2.15 21.50 12.49 10.00 ... Cellectis ADR CLLS 19.32 -2.60 -11.86 22.58 7.32 83.1 Chile Santiago IPSA 2523.05 –1.85 –0.07 –24.4 Organogenesis Hldgs Cl A ORGO 4.58 0.80 21.16 8.34 2.47 -39.5 Comstock Hldg Cl A CHCI 2.49 -0.33 -11.70 6.26 1.06 31.1 Apex Global Brands APEX 7.40 1.24 20.13 23.30 2.60 -30.2 ADC Therapeutics ADCT 27.26 -3.55 -11.52 56.59 26.83 ... EMEA Stoxx Europe 600 362.91 –7.71 –2.08 –12.7 Eiger BioPharmaceuticals EIGR 10.13 1.51 17.52 15.82 4.55 -7.9 Cyclerion Therapeutics CYCN 2.97 -0.38 -11.34 14.77 1.69 -71.2 Eurozone Euro Stoxx 356.92 –7.91 –2.17 –11.6 Belgium Bel-20 3242.06 –74.10 –2.23 –18.0 Beam Therapeutics BEAM 32.92 4.59 16.20 34.38 13.00 ... iHuman ADR IH 23.14 -2.95 -11.31 29.00 12.12 ... Denmark OMX Copenhagen 20 1408.78 –26.32 –1.83 24.0 Yalla Group ADR YALA 8.96 1.20 15.46 10.99 6.26 ... Fulcrum Therapeutics FULC 10.08 -1.19 -10.56 22.96 4.37 113.6 France CAC 40 4837.42 –104.24 –2.11 –19.1 NexPoint Strat Opps Fund NHF 9.62 1.26 15.07 18.05 6.30 -44.5 Liquidia Technologies LQDA 2.99 -0.35 -10.48 12.10 2.65 -37.1 Ocean Power Techs OPTT Optical Cable OCC Germany DAX 12703.75 –324.31 –2.49 –4.1 2.47 0.32 14.88 3.72 0.33 59.4 2.92 -0.34 -10.43 4.62 2.05 -8.8 ReneSola ADR SOL 4.18 0.52 14.21 4.39 0.85 164.6 Performant Financial PFMT 1.85 -0.21 -10.19 2.17 0.54 72.9 Israel Tel Aviv 1358.23 –12.15 –0.89 –19.3 Italy FTSE MIB 19065.44 –542.29 –2.77 –18.9 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 560.47 –11.52 –2.01 –7.3 Russia RTS Index 1132.29 –28.01 –2.41 –26.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 54843.96 –550.27 –0.99 –3.9 Spain IBEX 35 6816.80 –99.80 –1.44 –28.6 NIO ADR NIO 383,030 259.9 28.07 5.92 29.23 1.36 FS Development FSDC 2,626 19201 10.70 -3.95 12.60 10.10 Sweden OMX Stockholm 728.57 –11.34 –1.53 7.0 Staffing 360 Solutions STAF 153,887 36119.0 1.32 67.94 3.34 0.28 VicSh EM Vol Wtd CEZ 1,155 12965 23.18 -0.88 27.16 17.05 Apple AAPL VicSh USAA MSCI EM Value UEVM Switzerland Swiss Market 10067.96 –224.70 –2.18 –5.2 111,283 -35.9 120.71 -0.40 137.98 53.15 681 2991 40.08 -0.28 45.65 28.63 General Electric GE 88,919 -4.9 6.87 0.73 13.26 5.48 iSh MSCI Emg Mkts Asia EEMA 1,321 2933 76.78 -0.65 78.61 49.13 Turkey BIST 100 1180.43 –8.86 –0.74 3.2 ProSh UltraPro Shrt QQQ SQQQ 67,861 23.4 20.52 2.14 162.15 18.95 SPDR Portfolio MSCI GSM SPGM 457 2734 44.62 -0.49 46.33 28.77 U.K. FTSE 100 5832.52 –102.54 –1.73 –22.7 U.K. FTSE 250 17838.45 –111.96 –0.62 –18.5 Bank of America BAC 66,187 12.4 24.15 2.24 35.72 17.95 First Tr Inst Pfd FPEI 1,542 2642 19.44 -0.26 20.49 14.09 Wells Fargo WFC 59,844 47.1 22.95 -1.29 54.75 22.00 Holicity Cl A HOL 861 2014 9.80 -0.51 10.00 9.77 Asia-Pacific SPDR S&P 500 SPY 59,822 -11.1 347.50 -0.12 358.75 218.26 GreenVision Acquisition GRNV 383 1926 10.03 0.40 10.20 9.45 Australia S&P/ASX 200 6210.30 31.13 0.50 –7.1 SPI Energy SPI 58,987 644.2 9.14 27.30 46.67 0.55 Radius Gl Infr Cl A RADI 700 1844 7.74 -5.15 9.75 6.57 China Shanghai Composite 3332.18 –8.60 –0.26 9.2 Gevo GEVO 58,564 50.0 1.21 4.31 2.91 0.46 Replimune Group REPL 6,862 1831 40.97 13.02 46.30 8.58 Hong Kong Hang Seng 24158.54 –508.55 –2.06 –14.3 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least India S&P BSE Sensex 39728.41 –1066.32 –2.61 –3.7 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23507.23 –119.50 –0.51 –0.6 Singapore Straits Times 2523.62 –31.97 –1.25 –21.7 Track the Markets South Korea Kospi 2361.21 –19.27 –0.81 7.4 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12827.82 –0.71 6.9 global stock indexes, bond ETFs, –91.49 currencies and commodities at Currencies Thailand SET 1242.96 –21.03 –1.66 –21.3 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Thurs YTD chg Thurs YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004314 23180 0.03 Argentina peso .0129 77.4919 29.4 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1781 5.6142 39.7 Czech Rep. koruna .04280 23.364 3.0 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7561 1.3227 1.8 Denmark krone .1573 6.3575 –4.6 notes and bonds major U.S. trading partners Chile peso .001244 804.10 8.8 Euro area euro 1.1709 .8541 –4.2 A consumer rate against its 30-year mortgage, Rate Colombiapeso .000260 3850.25 17.3 Hungary forint .003210 311.52 5.5 Ecuador US dollar 11unch Iceland krona .007174 139.39 15.1 benchmark over the past year 2.50% Bankrate.com avg†: 3.02% 10% Mexico peso .0470 21.2768 12.4 Norway krone .1069 9.3512 6.5 Uruguay peso .02336 42.8150 15.3 Poland zloty .2572 3.8879 2.5 30-year fixed-rate East Boston Savings Bank 2.63% One year ago 2.00 Asia-Pacific Russia ruble .01282 78.009 25.7

mortgage 4.00% Boston, MA 800-657-EBSB t 5 Euro s s Sweden krona .1127 8.8757 –5.2 t 1.50 Australian dollar .7093 1.4098 –1.1 Yen Switzerland franc 1.0935 .9145 –5.5 Home Loans Today 2.63% China yuan .1487 6.7254 –3.4 3.00 0 Turkey lira .1260 7.9355 33.4 Centennial, CO 866-919-2064 1.00 Hong Kong dollar .1290 7.7502 –0.5 Ukraine hryvnia .0353 28.3500 19.7 Tradeweb ICE India rupee .01362 73.435 2.9 2.00 First National Bank 2.75% UK pound 1.2905 .7749 2.8 Thursday Close 0.50 –5 s Indonesia rupiah .0000681 14690 5.8 10-year Treasury Waverly, IA 319-266-2000 t WSJ Dollar index Japan yen .009483 105.45 –2.9 Middle East/Africa t note yield 1.00 TBK Bank, SSB 2.85% 0.00 –10 Kazakhstan tenge .002329 429.32 12.4 Bahrain dinar 2.6522 .3771 ... Macau pataca .1252 7.9885 –0.4 Egypt pound .0637 15.7021 –2.2 Dallas, TX 214-365-6900 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2406 4.1555 1.6 Israel shekel .2950 3.3896 –1.9 N D J F M A M J J A S O Dearborn Federal Svgs Bk 2.88% New Zealand dollar .6597 1.5158 2.0 Kuwait dinar 3.2669 .3061 1.0 maturity 2019 2020 Dearborn, MI 313-565-3100 Pakistan rupee .00613 163.150 5.3 Oman sul rial 2.5974 .3850 ... Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0205 48.695 –4.0 Qatar rial .2746 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7353 1.3600 1.0 Saudi Arabia riyal .2666 3.7511 –0.01 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008732 1145.23 –0.9 South Africa rand .0601 16.6339 18.8 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.00 Sri Lanka rupee .0054157 184.65 1.8 Yield (%) 52-Week Total Return (%) Taiwan dollar .03478 28.749 –3.9 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.00 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03206 31.190 4.8 WSJ Dollar Index 88.68 0.36 0.41 –0.99 Libor, 3-month 0.22 0.22 0.22 l 1.97 -1.14 U.S. Treasury, Barclays 2473.110 0.520 0.540 1.870 0.400 8.20 5.30 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.22 0.22 0.22 l 0.73 -0.10 Five-year CD, annual yield 0.62 0.62 0.62 l 1.53 -0.84 U.S. Treasury Long, Barclays 4829.770 1.380 1.430 2.370 0.980 17.56 11.19 Commodities 30-year mortgage, fixed† 3.02 3.03 2.93 l 4.22 -0.84 Aggregate, Barclays 2276.850 1.180 1.200 2.410 1.020 7.33 5.14 Thursday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.53 2.55 2.48 l 3.57 -0.62 Fixed-Rate MBS, Barclays 2223.770 1.310 1.300 2.690 0.930 4.27 3.58 Jumbo mortgages, $510,400-plus† 3.06 3.06 2.93 l 4.42 -1.27 DJ Commodity 653.76 2.62 0.40 653.76 433.70 6.20 1.78 High Yield 100, ICE BofA 3182.893 4.612 4.503 10.740 4.235 2.248 3.631 Five-year adj mortgage (ARM)† 3.23 3.24 2.85 l 4.61 -0.16 TR/CC CRB Index 151.74 0.23 0.15 187.39 106.29 -13.55 -18.32 Muni Master, ICE BofA 585.244 1.118 1.129 3.441 0.838 4.076 3.842 New-car loan, 48-month 4.14 4.14 4.14 l 4.56 1.07 Crude oil, $ per barrel 40.96 -0.08 -0.19 63.27 -37.63 -24.05 -32.92 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 897.111 4.705 4.739 7.480 4.523 3.698 3.632 Natural gas, $/MMBtu 2.775 0.139 5.27 2.881 1.482 19.72 26.77 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1903.20 1.90 0.10 2051.50 1452.10 27.53 25.25 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW290000-0-B00800-1------XA

B8 | Friday, October 16, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Cash Prices Thursday, October 15, 2020 Open High hilo Low Settle Chg interest These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Metal & Petroleum Futures March'21 112.05 113.80 109.25 112.10 –.10 71,258 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future Contract Open March 14.22 14.49 14.02 14.18 –.02 444,289 Open High hi lo Low Settle Chg interest months. May 13.73 13.86 13.53 13.66 –.05 156,571 Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Thursday Thursday Thursday Oct 3.0520 3.0840 3.0485 3.0830 0.0355 1,188 Jan 27.30 27.37 27.30 27.37 –.13 1,857 Energy Aluminum, LME, $ per metric ton *1836.0 Wheat,No.1soft white,Portld,OR-u 5.8000 Dec 3.0505 3.0920 3.0245 3.0855 0.0350 138,850 March 27.50 27.50 27.50 27.50 …2,760 Copper,Comex spot 3.0830 Gold (CMX)-100 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Iron Ore, 62% Fe CFR China-s 118.9 Food Oct 1897.30 1897.30 1889.60 1903.20 1.90 1,696 Dec 69.10 69.27 68.41 69.22 .29 125,824 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Shredded Scrap, US Midwest-s,m 281 Dec 1906.00 1912.20 1892.70 1908.90 1.60 442,942 Beef,carcass equiv. index March'21 69.83 70.00 69.23 69.93 .21 63,680 Steel, HRC USA, FOB Midwest Mill-s 654 Feb'21 1911.50 1919.70 1900.50 1916.60 1.50 48,374 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Metals choice 1-3,600-900 lbs.-u 180.07 April 1920.40 1924.90 1907.20 1922.60 1.40 22,655 Nov 115.30 117.75 113.95 117.30 1.50 4,414 Fibers and Textiles select 1-3,600-900 lbs.-u 167.33 June 1925.70 1930.60 1913.20 1927.60 1.10 15,767 Jan'21 115.50 117.30 113.80 116.85 1.35 5,373 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6506 Dec 1933.70 1933.70 1923.90 1935.80 0.80 7,828 Engelhard industrial 1896.00 Burlap,10-oz,40-inch NY yd-n,w 0.6175 Butter,AA Chicago 1.5125 Palladium (NYM) - 50 troy oz.; $ per troy oz. Interest Rate Futures Handy & Harman base 1891.90 Cotton,1 1/16 std lw-mdMphs-u 0.6547 Cheddar cheese,bbl,Chicago 220.50 Oct …… …2357.90 0.80 ... Handy & Harman fabricated 2100.01 Cotlook 'A' Index-t *74.50 Cheddar cheese,blk,Chicago 272.00 Dec 2363.60 2374.20 2327.10 2367.10 0.80 9,616 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% LBMA Gold Price AM *1896.45 Hides,hvy native steers piece fob-u 36.000 Milk,Nonfat dry,Chicago lb. 113.75 March'21 2351.80 2377.90 2337.10 2376.30 –0.80 322 Dec 219-250 222-020 219-090 219-270 –10.0 983,069 LBMA Gold Price PM *1910.05 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp Platinum (NYM)-50 troy oz.; $ per troy oz. March'21 218-250 220-060 217-240 218-040 –10.0 4 1.0255 Krugerrand,wholesale-e 1981.10 Oct 852.00 861.80 838.90 856.30 –1.80 297 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Grains and Feeds Coffee,Colombian, NY 1.5572 Jan'21 862.80 870.10 841.70 861.30 –2.10 50,052 Dec 175-080 176-100 175-000 175-080 –4.0 1,197,135 Maple Leaf-e 2000.15 Eggs,large white,Chicago-u 1.0450 Barley,top-quality Mnpls-u n.a. Silver (CMX)-5,000 troy oz.; $ per troy oz. March'21 176-240 177-230 176-160 176-230 –2.0 7,063 American Eagle-e 2000.15 Flour,hard winter KC 15.75 Bran,wheat middlings, KC-u 128 Oct ...... 24.193 –0.171 152 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican peso-e 2304.74 Hams,17-20 lbs,Mid-US fob-u 0.66 Corn,No. 2 yellow,Cent IL-bp,u Dec 24.370 24.415 23.650 24.224 –0.171 129,212 Dec 139-065 139-140 139-020 139-040 –3.0 3,229,029 Austria crown-e 1870.18 3.8050 Hogs,Iowa-So. Minnesota-u 75.99 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March'21 139-000 139-030 138-240 138-250 –3.5 2,192 Austria phil-e 2000.15 Corn gluten feed,Midwest-u,w 123.4 Pork bellies,12-14 lb MidUS-u n.a. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Corn gluten meal,Midwest-u,w Nov 41.13 41.29 39.22 40.96 –0.08 101,748 Silver, troy oz. 429.0 Pork loins,13-19 lb MidUS-u 1.1526 Dec 125-280 125-310 125-262 125-270 –1.5 3,132,693 Cottonseed meal-u,w 295 Dec 41.43 41.57 39.52 41.24 –0.10 408,135 Engelhard industrial 23.8000 Steers,Tex.-Okla. Choice-u 108.03 Jan'21 41.77 41.87 39.85 41.55 –0.11 215,877 March'21 126-047 126-110 126-065 126-070 –2.0 125 Hominy feed,Cent IL-u,w 98 Handy & Harman base 24.1000 Steers,feeder,Okla. City-u,w 142.50 March 42.35 42.42 40.52 42.09 –0.15 147,837 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Meat-bonemeal,50% pro Mnpls-u,w 220 Handy & Harman fabricated 30.1250 June 42.85 43.00 41.27 42.67 –0.21 208,941 Dec 110-140 110-145 110-139 110-140 … 1,976,689 Oats,No.2 milling,Mnpls-u 3.0925 LBMA spot price *£18.6700 Fats and Oils Dec 43.35 43.39 41.91 43.12 –0.18 220,889 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Rice, Long Grain Milled, No. 2 AR-u,w 29.25 Oct 99.9125 99.9125 99.9100 99.9100 –.0025 216,925 (U.S.$ equivalent) *24.1750 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Sorghum,(Milo) No.2 Gulf-u 6.0375 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.0800 Jan'21 99.9300 99.9300 99.9250 99.9250 –.0050 176,977 Coins,wholesale $1,000 face-a 18483 Nov 1.1946 1.1982 1.1489 1.1887 –.0038 76,286 SoybeanMeal,Cent IL,rail,ton48%-u 371.10 Grease,choice white,Chicago-h 0.2950 Dec 1.1989 1.2043 1.1553 1.1941 –.0048 92,889 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Other metals Soybeans,No.1 yllw IL-bp,u 10.3750 Lard,Chicago-u n.a. Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 102-110 102-125 101-310 102-015 –1.5 130,814 LBMA Platinum Price PM *873.0 Wheat,Spring14%-pro Mnpls-u 6.8375 Soybean oil,crude;Centl IL-u 0.3380 Nov 1.1971 1.2034 1.1384 1.1800 –.0171 72,941 Eurodollar (CME)-$1,000,000; pts of 100% Platinum,Engelhard industrial 849.0 Tallow,bleach;Chicago-h 0.3200 Dec 1.1795 1.1858 1.1238 1.1637 –.0158 104,666 Oct 99.7725 99.7800 99.7700 99.7775 .0050 256,291 Wheat,No.2 soft red,St.Louis-u 6.2825 Palladium,Engelhard industrial 2346.0 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 99.7550 99.7650 99.7550 99.7600 .0050 989,109 Wheat - Hard - KC (USDA) $ per bu-u 5.6800 Tallow,edible,Chicago-u n.a. Nov 2.645 2.829 2.639 2.775 .139 121,000 March'21 99.7900 99.8000 99.7900 99.7900 –.0050 1,030,225 June 99.8000 99.8050 99.8000 99.8000 –.0050 848,119 Dec 3.209 3.291 3.200 3.261 .072 164,736 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; H=American Commodities Brokerage Co; Jan'21 3.353 3.424 3.348 3.396 .064 203,115 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 10/14 March 3.199 3.260 3.181 3.235 .054 136,952 Currency Futures April 2.896 2.946 s 2.895 2.934 .036 89,917 Source: Dow Jones Market Data Japanese Yen (CME)-¥12,500,000; $ per 100¥ Oct 2.946 2.988 s 2.946 2.982 .031 87,592 Oct .9498 .9515 .9480 .9483 –.0031 421 Agriculture Futures Dec .9520 .9521 .9485 .9489 –.0031 169,219 Canadian Dollar (CME)-CAD 100,000; $ per CAD Bonds | wsj.com/market-data/bonds/benchmarks Corn (CBT)-5,000 bu.; cents per bu. Oct .7611 .7608 .7542 .7562 –.0046 193 Dec 396.00 404.25 393.50 403.75 7.25 749,846 Dec .7608 .7609 .7542 .7563 –.0046 119,697 March'21 401.50 408.75 399.50 408.00 5.50 302,129 British Pound (CME)-£62,500; $ per £ Tracking Bond Benchmarks Oats (CBT)-5,000 bu.; cents per bu. Oct 1.3019 1.3029 1.2891 1.2901 –.0124 460 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Dec 287.00 295.50 285.25 293.75 6.00 4,628 Dec 1.3017 1.3033 1.2893 1.2904 –.0124 143,053 March'21 288.50 295.50 288.25 294.25 3.75 644 Swiss Franc (CME)-CHF 125,000; $ per CHF highs and lows for different types of bonds Soybeans (CBT)-5,000 bu.; cents per bu. Dec 1.0969 1.0975 1.0940 1.0945 –.0025 47,487 Total Total Nov 1057.50 1064.25 1037.25 1062.25 6.00 259,387 March'21 1.0974 1.1005 1.0972 1.0976 –.0025 135 return YTD total Yield (%) return YTD total Yield (%) Jan'21 1057.75 1064.00 1038.25 1062.00 4.75 302,919 Australian Dollar (CME)-AUD 100,000; $ per AUD close return (%) Index Latest Low High close return (%) Index Latest Low High Soybean Meal (CBT)-100 tons; $ per ton. Oct .7167 .7167 .7057 .7091 –.0074 342 Mortgage-Backed Bloomberg Barclays Dec 364.40 372.50 s 361.10 372.10 8.50 157,972 Dec .7166 .7169 .7057 .7093 –.0074 134,212 Broad Market Bloomberg Barclays Jan'21 360.60 367.30 s 357.10 366.90 6.90 81,007 Mexican Peso (CME)-MXN 500,000; $ per MXN U.S. Aggregate 2223.77 3.5 Mortgage-Backed 1.310 0.930 2.690 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Oct .04668 .04696 .04650 .04688 –.00002 70 2276.85 6.8 1.180 1.020 2.410 Dec 33.89 34.09 32.82 33.17 –.71 156,786 Dec .04658 .04670 .04615 .04660 –.00001 120,819 U.S. Corporate Indexes Bloomberg Barclays 2169.47 3.3 Ginnie Mae (GNMA) 0.750 0.290 2.660 Jan'21 33.86 34.05 32.81 33.14 –.71 88,735 Euro (CME)-€125,000; $ per € Rough Rice (CBT)-2,000 cwt.; $ per cwt. Oct 1.1747 1.1758 1.1690 1.1698 –.0054 2,315 3374.29 7.2 U.S. Corporate 1.960 1.820 4.580 1313.60 3.7 Fannie mae (FNMA) 1.500 1.110 2.690 Nov 12.41 12.57 12.41 12.52 .09 7,298 Dec 1.1763 1.1773 1.1702 1.1712 –.0055 630,474 2016.07 3.6 Freddie Mac (FHLMC) 1.490 1.080 2.710 Jan'21 12.62 12.76 12.61 12.72 .09 2,481 3068.62 6.0 Intermediate 1.310 1.230 4.400 Wheat (CBT)-5,000 bu.; cents per bu. Index Futures 4980.90 9.4 Long term 3.010 2.730 4.930 585.24 3.4 Muni Master 1.118 0.838 3.441 Dec 596.75 619.50 s 594.00 618.25 21.50 212,502 March'21 600.50 620.50 s 600.25 619.50 18.75 72,762 Mini DJ Industrial Average (CBT)-$5 x index 691.50 7.4 Double-A-rated 1.480 1.300 3.360 413.23 3.6 7-12 year 1.120 0.771 3.447 Wheat (KC)-5,000 bu.; cents per bu. Dec 28405 28454 28025 28386 –28 86,297 Dec 536.75 559.50 s 533.75 558.00 22.75 112,282 March'21 28340 28357 27948 28296 –28 1,923 890.45 6.4 Triple-B-rated 2.330 2.210 5.350 469.80 3.7 12-22 year 1.609 1.224 3.690 S&P 500 Index (CME)-$250 x index March'21 545.00 568.00 s 543.00 566.25 22.00 64,446 High Yield Bonds ICE BofA 452.54 2.7 22-plus year 2.347 1.765 4.123 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 3445.30 3483.90 3434.60 3475.40 –5.50 16,050 Oct 138.125 139.050 138.000 138.925 .550 2,389 March'21 …… …3465.90 –5.60 26 470.85 0.8 High Yield Constrained 5.399 5.151 11.400 Global Government J.P. Morgan† Jan'21 133.125 133.800 131.850 132.100 –1.225 18,586 Mini S&P 500 (CME)-$50 x index Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 3479.25 3486.50 3431.50 3475.50 –5.50 2,426,698 412.33 -5.8 Triple-C-rated 11.226 10.735 19.071 616.31 5.7 Global Government 0.520 0.390 1.060 March'21 3474.75 3476.50 3423.00 3466.00 –5.50 21,487 Oct 108.100 108.350 107.600 107.775 –.600 6,304 High Yield 100 866.62 7.8 Canada 0.750 0.590 1.740 Dec 110.100 110.325 109.400 109.550 –.725 109,741 Mini S&P Midcap 400 (CME)-$100 x index 3182.89 -0.3 4.612 4.235 10.740 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 1983.60 2002.50 1950.90 1999.00 19.40 56,072 424.73 0.8 Global High Yield Constrained 5.457 4.893 11.310 419.17 4.8 EMU§ 0.077 0.077 0.794 Dec 68.200 69.925 s 68.025 69.875 1.450 92,468 March'21 …1991.80 1953.10 1997.50 19.40 ... April'21 74.425 75.100 74.050 74.450 –.275 45,029 Mini Nasdaq 100 (CME)-$20 x index 323.08 -1.7 Europe High Yield Constrained 3.915 2.464 8.183 794.53 4.7 France -0.130 -0.160 0.430 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 11950.00 11983.25 11736.50 11874.00 –100.25 219,180 Germany Nov 541.30 546.90 536.00 537.70 –11.20 1,818 March'21 11973.50 11973.50 11730.50 11865.75 –100.25 1,769 U.S Agency Bloomberg Barclays 554.52 3.5 -0.500 -0.740 -0.050 Mini Russell 2000 (CME)-$50 x index Jan'21 455.20 464.90 452.30 459.40 –1.10 1,024 1865.57 5.4 U.S Agency 0.490 0.470 1.950 295.05 -1.0 Japan 0.290 0.040 0.320 Milk (CME)-200,000 lbs., cents per lb. Dec 1620.60 1639.90 1595.50 1635.40 15.90 536,492 Oct 21.31 21.38 s 21.26 21.32 .02 4,534 Mini Russell 1000 (CME)-$50 x index 1624.99 4.0 10-20 years 0.360 0.340 1.850 618.92 3.8 Netherlands -0.390 -0.540 0.080 Nov 20.45 20.94 20.45 20.83 .38 4,899 Dec 1933.30 1945.80 1920.30 1942.50 –2.80 8,929 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index 4289.63 12.4 20-plus years 1.500 1.170 2.480 1097.14 9.2 U.K. 0.530 0.390 1.180 Dec 2,390 2,392 2,331 2,343 –48 78,946 Dec 93.44 93.93 93.37 93.86 .50 26,961 2888.91 5.7 Yankee 1.490 1.430 3.500 1.7 Emerging Markets ** March'21 2,384 2,384 2,331 2,341 –42 68,721 March'21 93.40 93.85 93.39 93.83 .48 667 897.11 4.705 4.523 7.480 Coffee (ICE-US)-37,500 lbs.; cents per lb. *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Dec 109.55 111.35 106.50 109.50 –.10 93,008 Source: FactSet ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Macro & Market Economics Global Government Bonds: Mapping Yields Watching the Gauges: U.S. Supply and Demand Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Inventories, imports and demand for the week ended October 9. Current figures are in thousands of barrels or selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points and demand data are available monthly only. Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 0.125 U.S. 2 0.137 t l 0.141 0.141 1.618 Inventories, 000s barrels Imports, 000s barrels per day 0.625 10 0.731 s l 0.731 0.682 1.774 Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year 2.250 Australia 2 0.158 t l 0.163 0.202 0.712 2.1 2.2 -90.6 Current change week ago avg avg Current change week ago avg avg 1.000 10 0.777 t l 0.849 0.876 1.026 4.6 11.8 -74.8 Crude oil and 0.000 France 2 -0.685 t l -0.678 -0.623 -0.623 -81.9 -224.1 petroleum prod 1,402,338 ... 1,419 1,287 1,416 1,276 7,321 ... 7,889 8,202 7,371 9,156 -82.2 Crude oil 0.000 10 -0.329 t l -0.303 -0.208 -0.125 -106.1 -103.4 -189.9 excluding SPR 489,109 -1,900 493 435 492 455 5,286 ... 5,732 6,295 5,327 7,162 0.000 Germany 2 -0.760 t l -0.742 -0.685 -0.687 -89.7 -88.3 -230.5 Gasoline 225,121 ... 227 226 227 218 398 ... 849 651 613 468 0.000 10 -0.607 t l -0.579 -0.477 -0.415 -133.9 -131.0 -218.9 Finished gasoline 23,036 -1,500 23 23 24 24 11 ... 165 94 123 52 1.000 Italy 2 -0.306 s l -0.355 -0.147 -0.260 -44.3 -49.6 -187.8 Reformulated 41 ... 00 00 0... 00 00 1.650 10 0.704 s l 0.668 0.944 0.933 -6.3 -84.1 Conventional 22,995 ... 23 23 24 24 11 ... 165 94 123 52 -2.8 Blend. components 202,085 ... 203 203 203 194 387 ... 684 558 491 416 0.100 Japan 2 -0.142 t l -0.134 -0.141 -0.284 -27.9 -27.5 -190.2 Natural gas (bcf) 3,877 ... 44 44...... 0.100 10 0.023 t l 0.031 0.020 -0.171 -70.8 -69.9 -194.5 Kerosene-type 0.400 Spain 2 -0.542 s l -0.561 -0.466 -0.450 -67.9 -70.2 -206.8 jet fuel 38,120 ... 40 43 39 40 260 ... 174 35 188 174 1.250 10 0.159 s l 0.138 0.272 0.226 -57.2 -59.2 -154.8 Distillates 164,551 -2,000 172 124 171 131 160 ... 230 197 167 160 0.500 U.K. 2 -0.047 t l -0.042 -0.062 0.541 -18.4 -18.3 -107.7 Heating oil 9,056 ... 911912 0... 00 017 4.750 10 0.182 t l 0.222 0.219 0.695 -55.0 -50.8 -107.8 Diesel 155,495 ... 162 112 162 119 159 ... 230 197 167 143 Residual fuel oil 32,963 ... 32 29 33 35 226 ... 194 75 205 162 Source: Tullett Prebon Other oils 332,570 ... 334 308 334 286 867 ... 614 851 742 866 Corporate Debt Net crude, petroleum Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific products, incl. SPR 2,043,185 ... 2,061 1,930 2,059 1,947 -204 ... -10 -31 -647 3,296 expectations Investment-grade spreads that tightened the most… Weekly Demand, 000s barrels per day Natural gas storage Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals MU –17 Current change week ago avg avg Micron Technology 2.497 0.62 April 24, ’23 44 n.a. Private Export Funding PEFCO 3.250 0.53 June 15, ’25 22 –16 n.a. Total petroleum –13 Natural gas, 4250 Nutrien NTRCN 5.875 3.39 Dec. 1, ’36 190 200 product 19,475 ... 18,345 20,905 18,427 20,566 lower 48 states Cargill CARGIL 3.250 0.42 March 1, ’23 25 –10 n.a. t Finished 3250 Pfizer PFE 3.000 0.37 June 15, ’23 20 –8 n.a. motor gasoline 8,576 ... 8,896 9,354 8,629 9,268 Bank of Nova Scotia BNS 1.950 0.46 Feb. 1, ’23 n.a. –7 31

Kerosene-type 2250 Cummins CMI 7.125 1.83 March 1, ’28 110 –6 n.a. jet fuel 1,172 ... 907 1,613 968 1,793 t Dominion Energy South Carolina … 5.500 2.92 Dec. 15, ’39 144 –6 n.a. Distillates 4,175 ... 3,868 4,366 3,914 4,191 Five-year average 1250 Residual fuel oil 256 ... 165 436 242 341 for each week …And spreads that widened the most Propane/propylene 1,138 ... 1,199 1,053 1,000 ... 250 Equinor ASA EQNR 3.700 0.54 March 1, ’24 23 12 30 N D J F M A M J J A S Other oils 4,158 ... 3,310 4,083 3,674 ... Valero Energy VLO 4.900 4.41 March 15, ’45 290 12 282 2019 2020 Banco Santander SANTAN 9 163 Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. 3.490 2.42 May 28, ’30 170 Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Exxon Mobil XOM 1.571 0.40 April 15, ’23 22 9 23 Apple AAPL 0.750 0.30 May 11, ’23 13 8 12 Exchange-Traded Portfolios | WSJ.com/ETFresearch GTE Florida … 6.860 7.22 Feb. 1, ’28 650 8 640 Ge Capital International Funding Unlimited … 3.373 1.93 Nov. 15, ’25 162 8 161 Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Nationwide Building Society NWIDE 3.900 1.03 July 21, ’25 72 8 n.a. Schwab US TIPs SCHP 61.55 –0.02 8.7 Thursday, October 15, 2020 Closing Chg YTD ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 285.04 –0.03 –0.0 High-yield issues with the biggest price increases… Closing Chg YTD SPDR S&PMdCpTr MDY 364.95 0.96 –2.8 ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 82.40 –0.52 4.0 SPDR S&P 500 SPY 347.50 –0.12 8.0 Bond Price as % of face value Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week CommSvsSPDR XLC 60.77 –0.77 13.3 iShMSCI EAFE EFA 64.44 –1.18 –7.2 SPDR S&P Div SDY 97.31 0.52 –9.5 iShMSCIEmgMarkets EEM 45.40 –0.72 1.2 TechSelectSector XLK 121.47 32.5 CnsmrDiscSelSector XLY 154.25 0.37 23.0 –0.45 Ford Motor Credit … 3.336 2.60 March 18, ’21 100.300 0.30 99.919 CnsStapleSelSector XLP 66.15 0.06 5.0 iShMSCIJapan EWJ 59.02 –0.84 –0.4 UtilitiesSelSector XLU 63.32 –0.06 –2.0 FinSelSectorSPDR XLF 24.97 0.77 –18.9 iShNatlMuniBd MUB 115.27 –0.05 1.2 VanEckGoldMiner GDX 40.30 –1.61 37.6 QVC QVCN 4.375 2.45 March 15, ’23 104.465 0.22 104.469 iSh1-5YIGCorpBd IGSB 54.94 ... 2.4 FT DJ Internet FDN 199.38 –0.21 43.3 VangdInfoTech VGT 326.82 –0.38 33.5 iShPfd&Incm PFF 36.91 0.03 –1.8 VangdSC Val VBR Marks & Spencer MARSPE 7.125 6.51 Dec. 1, ’37 106.250 0.13 n.a. GSActiveBetaUSLC GSLC 70.77 –0.03 9.4 119.77 1.12 –12.6 iShRussell1000Gwth IWF 225.97 –0.55 28.5 VangdSC Grwth VBK 231.07 0.09 16.3 HealthCareSelSect XLV 106.86 –0.72 4.9 Sprint Communications S 6.000 1.92 Nov. 15, ’22 108.250 0.10 108.000 iShRussell1000 IWB 194.84 –0.16 9.2 VangdExtMkt VXF 139.85 0.38 11.0 IndSelSectorSPDR XLI 81.01 0.36 –0.6 iShRussell1000Val IWD 122.89 0.32 –10.0 VangdDivApp VIG 133.59 0.08 7.2 InvscQQQI QQQ 290.10 –0.67 36.4 Dish DBS … 7.750 5.67 July 1, ’26 110.000 0.06 110.250 iShRussell2000 IWM 162.75 1.03 –1.8 VangdFTSEDevMk VEA 41.43 –1.10 –6.0 InvscS&P500EW RSP 113.50 0.46 –1.9 iShRussellMid-Cap IWR 61.02 0.35 2.3 VangdFTSE EM VWO 44.56 –0.80 0.2 Fiat Chrysler Automobiles FCAIM 5.250 2.17 April 15, ’23 107.427 0.06 106.875 iSh3-7YTreasuryBd IEI 133.31 –0.04 6.0 iShRussellMCValue IWS 85.72 0.72 –9.5 VangdFTSE Europe VGK 53.02 –1.54 –9.5 iShCoreDivGrowth DGRO 41.25 0.27 –1.9 iShS&P500Growth IVW 240.36 –0.41 24.1 VangdFTSEAWxUS VEU 51.37 –1.00 –4.4 iShCoreMSCIEAFE IEFA 60.98 –1.23 –6.5 iShS&P500Value IVE 116.33 0.27 –10.6 VangdGrowth VUG 237.35 –0.47 30.3 …And with the biggest price decreases iShCoreMSCIEM IEMG 54.24 –0.79 0.9 iShShortTreaBd SHV 110.69 0.01 0.2 VangdHlthCr VHT 208.80 –0.50 8.9 iShCoreMSCITotInt IXUS 59.44 –0.98 –4.0 iShSilver SLV 22.59 0.22 35.4 VangdHiDiv VYM 83.83 0.23 –10.5 Genworth Holdings GNW 4.800 7.02 Feb. 15, ’24 93.500 –1.75 94.000 iShCoreS&P500 IVV 348.76 –0.12 7.9 iShTIPSBondETF TIP 126.29 –0.03 8.3 VangdIntermBd BIV 93.32 –0.17 7.0 –1.64 iShCoreS&P MC IJH 199.63 0.94 –3.0 iSh1-3YTreasuryBd SHY 86.45 0.02 2.2 VangdIntrCorpBd VCIT 96.03 –0.17 5.1 American Airlines AAL 3.750 21.86 March 1, ’25 50.625 52.250 iShCoreS&P SC IJR 76.27 1.29 –9.0 iSh7-10YTreasuryBd IEF 121.32 –0.11 10.1 VangdLC VV 162.50 –0.12 9.9 Cenovus Energy CVECN 6.750 6.80 Nov. 15, ’39 99.500 –1.50 100.500 iShS&PTotlUSStkMkt ITOT 78.83 –0.04 8.4 iSh20+YTreasuryBd TLT 161.84 –0.17 19.5 VangdMC VO 186.11 0.30 4.5 iShCoreUSAggBd AGG 117.95 –0.08 5.0 iShRussellMCGrowth IWP 185.02 –0.01 21.3 VangdMBS VMBS 54.09 0.02 1.7 Teva Pharmaceutical Finance Netherlands … 4.100 5.19 Oct. 1, ’46 84.522 –1.48 84.850 iShSelectDividend DVY 86.39 0.63 –18.2 iShUSTreasuryBdETF GOVT 27.85 –0.04 7.4 VangdRealEst VNQ 81.40 0.52 –12.3 iShEdgeMSCIMinEAFE EFAV 68.43 –1.14 –8.2 JPM UltShtIncm JPST 50.79 –0.01 0.7 VangdS&P500ETF VOO 319.26 –0.12 7.9 Navient NAVI 5.625 7.10 Aug. 1, ’33 87.770 –1.23 87.420 iShEdgeMSCIMinUSA USMV 65.29 –0.44 –0.5 PIMCOEnhShMaturity MINT 101.96 ... 0.4 VangdST Bond BSV 82.93 –0.02 2.9 Ball BLL 5.250 2.00 July 1, ’25 114.500 –1.00 114.492 iShEdgeMSCIUSAMom MTUM 152.87 –0.66 21.8 SPDR BlmBarcHYBd JNK 105.34 –0.06 –3.8 VangdSTCpBd VCSH 82.91 –0.02 2.3 iShEdgeMSCIUSAQual QUAL 107.44 –0.13 6.4 SPDRBloomBar1-3MTB BIL 91.52 ... 0.1 VangdSC VB 166.10 0.67 0.3 Occidental Petroleum OXY 6.450 8.15 Sept. 15, ’36 85.000 –1.00 86.530 iSh5-10YIGCorpBd IGIB 60.99 –0.11 5.2 SPDR Gold GLD 178.92 0.36 25.2 VangdTotalBd BND 88.14 –0.06 5.1 –0.94 iShGoldTr IAU 18.18 0.39 25.4 SchwabIntEquity SCHF 31.78 –1.18 –5.5 VangdTotIntlBd BNDX 58.43 0.09 3.3 Ford Motor F 7.400 6.66 Nov. 1, ’46 109.065 109.400 iShiBoxx$InvGrCpBd LQD 135.57 –0.10 5.9 SchwabUS BrdMkt SCHB 83.21 0.01 8.2 VangdTotIntlStk VXUS 53.13 –1.04 –4.6 iShiBoxx$HYCpBd HYG 84.73 –0.07 –3.7 SchwabUS Div SCHD 58.63 0.51 1.2 VangdTotalStk VTI 177.87 0.03 8.7 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. iShJPMUSDEmgBd EMB 111.96 –0.40 –2.3 SchwabUS LC SCHX 83.87 –0.20 9.2 VangdTotlWrld VT 83.32 –0.48 2.9 Note: Data are for the most active issue of bonds with maturities of two years or more iShMBSETF MBB 110.13 ... 1.9 SchwabUS LC Grw SCHG 120.38 –0.59 29.6 VangdValue VTV 108.06 0.25 –9.8 Source: MarketAxess P2JW290000-0-B00900-1------XA

THE WALL STREET JOURNAL. Friday, October 16, 2020 | B9 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. Ferrari RACE187.71 1.95 JFrog FROG 75.01 1.21 NewsCorp B NWS 13.89 -0.23 PublicServiceEnt PEG 58.45 0.43 SolarWinds SWI 21.63 0.11 3M MMM 169.08 0.68 Vodafone VOD 14.32 -0.05 Market listed securities. Prices are composite dd-Indicates loss in the most recent FiatChrysler FCAU 12.31 -0.05 J&J JNJ 147.19 -0.91 NextEraEnergy NEE 298.46 -2.18 PublicStorage PSA 234.34 0.84 Sony SNE 73.27 -1.14 Tiffany TIF 121.69 2.63 VornadoRealty VNO 34.16 0.18 quotations that include primary market trades four quarters. FidNatlFin FNF 33.19 0.19 JohnsonControls JCI 42.62 0.11 Nike NKE 129.00 1.34 PulteGroup PHM 48.90 0.62 Southern SO 58.02 0.02 Toll Bros TOL 49.62 0.16 VoyaFinancial VOYA 50.46 0.79 as well as trades reported by Nasdaq BX FD-First day of trading. FidNatlInfo FIS 143.88 -0.19 JuniperNetworks JNPR 22.50 ... Nikola NKLA 23.30 -0.81 QTS Realty QTS 65.40 -0.06 SoCopper SCCO 47.98 0.42 TopBuild BLD 188.78 3.05 Vroom VRM 48.82 -0.16 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing FifthThirdBncp FITB 23.40 0.67 KB Fin KB 34.39 0.52 NiSource NI 23.39 0.09 Qiagen QGEN 52.54 0.17 SouthwestAir LUV 38.80 -0.45 Toro TTC 87.33 -0.73 VulcanMatls VMC 145.83 -1.90 Cboe, NYSE National and Nasdaq ISE. standards FirstRepBank FRC 125.62 4.48 s KE Holdings BEKE 69.72 4.33 Nokia NOK 4.04 -0.04 Qorvo QRVO 135.96 0.81 Splunk SPLK 205.29 -3.94 TorontoDomBk TD 45.85 0.21 The list comprises the 1,000 largest lf-Late filing FirstSolar FSLR 82.28 -1.44 KKR KKR 37.09 0.68 NomuraHoldings NMR 4.60 -0.01 Qualcomm QCOM 128.58 -1.30 Spotify SPOT 261.55 3.93 Total TOT 33.29 -0.60 W X Y Z FirstEnergy FE 31.51 0.08 KLA KLAC Nordson NDSN 206.94 4.46 s QuantaServices PWR 62.05 1.23 ToyotaMotor TM 131.17 -0.36 companies based on market capitalization. q-Temporary exemption from Nasdaq 213.09 -2.91 Square SQ 188.60 1.11 WEC Energy WEC 99.96 0.37 requirements. Fiserv FISV 101.81 -0.90 KSCitySouthern KSU 184.01 -0.39 NorfolkSouthern NSC 219.35 2.00 QuestDiag DGX 118.14 0.52 StanleyBlackDck SWK TractorSupply TSCO 152.10 0.21 Underlined quotations are those stocks with 176.65 -0.87 WEX WEX 149.35 -0.05 t-NYSE bankruptcy NorthernTrust NTRS Quidel QDEL TradeDesk TTD 600.01-53.95 large changes in volume compared with the FiveBelow FIVE 137.56 1.47 Kellogg K 67.14 0.28 87.02 2.63 266.09 -4.52 Starbucks SBUX 88.83 -0.48 W.P.Carey WPC 67.48 0.79 v-Trading halted on primary market. Tradeweb TW 58.92 0.88 issue’s average trading volume. Five9 FIVN 146.20 1.53 KeurigDrPepper KDP 29.44 -0.23 NorthropGrum NOC 314.82 -0.07 StateStreet STT 66.95 0.92 WPP WPP 41.89 -0.28 vj-In bankruptcy or receivership or R S TraneTech TT 130.64 0.44 FiverrIntl FVRR 171.67 -3.68 KeyCorp KEY 12.98 0.31 NortonLifeLock NLOK 21.10 -0.47 SteelDynamics STLD 33.39 0.13 Wabtec WAB 63.51 -0.75 Boldfaced quotations highlight those issues being reorganized under the FleetCorTech FLT 246.51 -3.68 KeysightTechs KEYS 105.68 0.70 Novartis NVS 85.39 -2.04 Steris STE 187.33 0.75 TransDigm TDG 491.32 7.59 RELX RELX 21.43 -0.58 WalgreensBoots WBA 37.64 1.73 whose price changed by 5% or more if their Bankruptcy Code, or securities s Floor&Decor FND 84.07 0.27 KilroyRealty KRC 52.66 0.03 Novavax NVAX 111.42 -0.34 STMicroelec STM 34.25 -0.32 TransUnion TRU 88.35 -1.14 RH RH 389.65 0.31 Walmart WMT 144.53 0.59 previous closing price was $2 or higher. assumed by such companies. FomentoEconMex FMX 57.99 -0.36 KimberlyClark KMB 154.32 1.68 NovoNordisk NVO 70.57 -1.16 StoneCo STNE 58.00 0.43 Travelers TRV 112.64 0.61 RPM RPM 89.55 0.68 WarnerMusic WMG 29.67 0.77 FordMotor F 7.62 0.05 KinderMorgan KMI 12.99 0.03 Novocure NVCR 133.86 -2.96 Stryker SYK 222.33 1.11 Trex TREX 78.33-0.40 RaymondJames RJF 79.40 1.50 WasteConnections WCN 104.18 -0.59 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Fortinet FTNT 131.75 1.61 KingsoftCloud KC 29.70 -0.70 NuanceComms NUAN 34.82 0.05 SumitomoMits SMFG 5.62 ... Trimble TRMB 52.29 1.75 RaytheonTech RTX 60.49 0.55 WasteMgt WM 115.27 0.69 changes in the closing prices from 4 p.m. the previous day. Fortis FTS 41.18 0.09 KinrossGold KGC 9.20 -0.15 Nucor NUE 49.26 -0.12 SunComms SUI 148.10 -0.42 Trip.com TCOM 29.75 -0.09 RealtyIncome O 60.41 -0.59 Waters WAT 213.70 1.51 Fortive FTV 67.42 0.42 KirklandLakeGold KL 50.72 -0.17 Nutrien NTR 40.26 0.23 SunLifeFinancial SLF 41.35 -0.20 TruistFinl TFC 42.11 -0.12 RegencyCtrs REG 38.54 0.88 Watsco WSO 239.16 1.20 FortBrandsHome FBHS 89.81 1.31 Knight-Swift KNX 42.24 0.81 NVIDIA NVDA 558.80 -5.01 SuncorEnergy SU 12.14 -0.23 Twilio TWLO 325.90 2.48 Thursday, October 15, 2020 Net Net RegenPharm REGN 585.18-15.64 Wayfair W 298.00 4.12 FoxA FOXA 26.93 ... KoninklijkePhil PHG 47.04 -1.03 SunRun RUN 64.21 0.94 Twitter TWTR 46.03 0.05 Net Stock Sym Close Chg Stock Sym Close Chg RegionsFin RF 12.54 0.29 Weibo WB 37.83 -0.96 FoxB FOX 27.20 0.07 KoreaElcPwr KEP 9.15 0.08 O P Q Suzano SUZ 8.56 -0.03 TylerTech TYL 396.70 3.19 Stock Sym Close Chg ReinsGrp RGA 103.39 0.56 WellsFargo WFC 22.95 -0.30 BankofAmerica BAC 24.15 0.53 Coca-Cola KO 49.99 -0.13 Franco-Nevada FNV 140.43 -1.03 KraftHeinz KHC 32.30 0.15 SynchronyFin SYF 29.10 0.43 TysonFoods TSN 60.49 1.21 OGE Energy OGE 31.45 0.53 RelianceSteel RS 113.21 0.87 Welltower WELL 55.05 1.18 BankofMontreal BMO 61.35 -0.08 Coca-Cola Euro CCEP 38.46 -1.37 FranklinRscs BEN 23.62 0.21 Kroger KR 33.98 0.14 SyneosHealth SYNH 60.78 -0.22 UBS Group UBS 11.44 -0.07 A B C ONEOK OKE 29.82 -0.13 RenaissanceRe RNR 172.85 -1.80 WestPharmSvcs WST 291.37 3.22 BankNY Mellon BK 37.23 0.64 Cognex CGNX 67.21 -0.15 FreeportMcM FCX 17.21 0.27 s L Brands LB 33.61 1.63 Synnex SNX 148.10 2.96 UDR UDR 33.81 -0.05 OReillyAuto ORLY 469.50 4.87 Repligen RGEN 170.01 0.17 WesternDigital WDC 38.00 0.27 BkNovaScotia BNS 42.47 -0.02 CognizantTech CTSH 73.72 -0.24 FreseniusMed FMS 41.33 -1.46 LHC Group LHCG 225.15 0.86 Synopsys SNPS 228.03 1.22 UGI UGI 34.24 -0.01 ABB ABB 26.65 -0.11 OakStreetHealth OSH 52.80 -0.01 RepublicSvcs RSG 93.42 -0.03 WesternUnion WU 22.16 0.30 Barclays BCS 5.19 -0.04 ColgatePalm CL 79.71 -0.15 Line LN 51.29 -0.14 Sysco SYY 66.58 -0.32 Uber UBER 34.26 -0.85 AcadiaPharm ACAD 42.71 -0.21 OccidentalPetrol OXY 10.61 0.16 ResMed RMD 179.60 1.79 WestlakeChem WLK 70.76 -1.30 BarrickGold GOLD 27.75 -0.56 Comcast A CMCSA 45.11 -0.17 G H I LKQ LKQ 31.80 0.84 Ubiquiti UI 191.81 3.11 ADT ADT 8.12 0.04 Okta OKTA 246.31 3.20 RestaurantBrands QSR 58.69 -0.77 WestpacBanking WBK 13.29 -0.01 BaxterIntl BAX 80.56 0.52 CommerceBcshrs CBSH 58.54 1.06 LPL Financial LPLA 81.93 1.16 T U V UltaBeauty ULTA 238.94 -0.73 AECOM ACM 46.10 0.44 GCI LibertyA GLIBA 85.58 0.50 OldDomFreight ODFL 204.01 1.50 ReynoldsCnsmr REYN 31.72 0.41 WestRock WRK 39.64 1.54 BectonDicknsn BDX 235.01 1.32 ConagraBrands CAG 37.79 0.10 L3HarrisTech LHX 173.47 -2.88 Unilever UN 61.17 -1.07 Weyerhaeuser WY 29.79 0.53 AES AES 19.86 0.23 GDS Holdings GDS 81.07 -1.59 OmegaHealthcare OHI 30.93 0.22 RingCentral RNG 276.36 -1.51 TAL Education TAL 80.01 -0.25 BeiGene BGNE 304.07 0.14 ConchoRscs CXO 49.54 0.88 LabCpAm LH 192.74 -0.13 Unilever UL 62.30 -1.14 WheatonPrecMet WPM 50.46 -0.37 Aflac AFL 37.25 0.27 GFLEnvironmental GFL 22.36 -0.06 Omnicom OMC 52.79 -0.39 RioTinto RIO 60.55 -0.45 TC Energy TRP 43.78 0.36 s BentleySystems BSY 39.19 2.02 ConocoPhillips COP 35.40 0.87 LamResearch LRCX 375.49 1.25 s UnionPacific UNP 208.81 4.00 Whirlpool WHR 202.00 -1.43 AGNC Invt AGNC 14.18 0.06 GSXTechedu GSX 107.92 -3.00 ON Semi ON 26.07 0.14 RitchieBros RBA 63.46 0.22 TE Connectivity TEL 107.13 1.48 Berkley WRB 62.06 0.35 ConEd ED 81.74 -0.50 LamarAdv LAMR 66.16 -0.28 UnitedAirlines UAL 34.25 -1.36 Williams WMB 19.71 0.03 Ansys ANSS 351.70 0.30 Galapagos GLPG 138.50 -4.05 OneConnectFinTech OCFT 19.79 -0.75 RobertHalf RHI 56.79 -0.28 Telus TU 18.29 0.06 BerkHathwy A BRK.A 3175401460.00 ConstBrands A STZ 181.55 -1.56 LambWeston LW 73.24 1.11 UnitedMicro UMC 5.41 -0.09 Williams-Sonoma WSM 105.28 0.92 ASETech ASX 4.24 0.03 Gallagher AJG 108.16 0.33 OpenText OTEX 41.57 0.03 RocketCos. RKT 22.35 -0.41 TJX TJX 57.41 ... BerkHathwy B BRK.B 211.65 0.74 Cooper COO 353.42 -0.45 LasVegasSands LVS 45.74 0.76 UPS B UPS 174.04 -0.34 WillisTowers WLTW 216.62 4.09 ASML ASML 386.57-11.46 Gaming&Leisure GLPI 38.61 1.20 Oracle ORCL 60.52 -0.44 Rockwell ROK 247.45 3.47 BerryGlobal BERY 50.38 0.23 Copart CPRT 117.64 1.84 Lear LEA 129.53 0.90 T-MobileUS TMUS 115.30 -1.37 UnitedRentals URI 188.43 0.30 Wipro WIT 5.03 -0.08 AT&T T 27.45 -0.04 Gap GPS 19.86 0.25 Orange ORAN 11.34 0.05 RogersComm B RCI 40.94 0.23 s s BestBuy BBY 120.56 2.12 Corning GLW 34.96 0.46 Leidos LDOS 87.78 -0.71 TRowePrice TROW 146.89 2.24 US Bancorp USB 39.14 0.89 Wix.com WIX 283.50 -4.17 AbbottLabs ABT 107.32 -0.43 Garmin GRMN 99.03 0.54 Orix IX 64.21 -0.02 Roku ROKU 226.47 -6.58 BeyondMeat BYND 184.85 -3.88 Corteva CTVA 33.99 0.17 Lennar A LEN 84.68 1.61 TaiwanSemi TSM 88.15 -0.45 UnitedHealth UNH 324.57 2.72 Workday WDAY 226.67 -3.87 AbbVie ABBV 85.23 -0.84 Gartner IT 129.59 4.82 OtisWorldwide OTIS 65.20 -0.41 s Rollins ROL 59.47 0.68 BigCommerce BIGC 105.63 -0.36 CoStar CSGP 867.39 -2.02 Lennar B LEN.B 68.72 1.52 TakeTwoSoftware TTWO 168.03 -0.91 UnitySoftware U 91.43 1.41 WynnResorts WYNN 72.70 1.00 Abiomed ABMD 283.57 2.73 Generac GNRC 209.79 6.79 OwensCorning OC 75.57 0.44 RoperTech ROP 430.45 3.24 Bilibili BILI 43.76 0.07 Costco COST 376.58 -1.76 LennoxIntl LII 288.16 0.16 TakedaPharm TAK 16.89 -0.54 UnivDisplay OLED 192.36 -6.59 XP XP 42.19 -0.81 AcceleronPharma XLRN 116.74 -1.05 GeneralDynamics GD 140.81 -2.08 PG&E PCG 10.51 0.14 RossStores ROST 96.19 -0.10 Bill.com BILL 116.44 -3.39 CoupaSoftware COUP 306.00 -6.06 LeviStrauss LEVI 16.02 0.51 TandemDiabetes TNDM 121.60 0.12 UniversalHealthB UHS 112.71 1.66 XPO Logistics XPO 97.91 1.70 Accenture ACN 228.77 -0.66 GeneralElec GE 6.87 0.05 PNC Fin PNC 109.56 0.88 RoyalBkCanada RY 73.47 -0.35 Bio-Techne TECH 265.56 -3.31 Credicorp BAP 120.71 -0.07 LiAuto LI 20.50 -0.28 Target TGT 165.46 1.49 VEREIT VER 6.75 -0.04 XcelEnergy XEL 72.20 -0.15 ActivisionBliz ATVI 80.35 -1.55 GeneralMills GIS 62.70 0.61 POSCO PKX 44.45 0.83 RoyalCaribbean RCL 59.38 -0.53 Bio-RadLab A BIO 552.61 -4.78 CreditSuisse CS 10.23 -0.12 LibertyBroadbandA LBRDA 147.52 0.34 TeckRscsB TECK 13.70 -0.15 VF VFC 77.74 2.00 Xilinx XLNX 118.23 0.48 AdaptiveBiotech ADPT 51.44 -0.45 GeneralMotors GM 32.59 0.92 PPD PPD 36.79 -0.02 RoyalDutchA RDS.A 25.37 -0.42 Biogen BIIB 280.63 -8.39 Cree CREE 71.37 -0.01 LibertyBroadbandC LBRDK 148.86 0.71 TeladocHealth TDOC 224.35 -6.10 VICI Prop VICI 23.94 0.26 XPeng XPEV 22.16 0.11 Adobe ADBE 501.15 -5.16 s PPG Ind PPG RoyalDutchB RDS.B 24.28 -0.43 BioMarinPharm BMRN 77.67 -1.12 CrowdStrike CRWD 145.36 -2.43 Genmab GMAB 36.69 -1.30 136.74 2.15 TelecomArgentina TEO 7.21 -0.13 VailResorts MTN 234.50 -3.22 Xylem XYL 90.97 0.15 AdvanceAuto AAP 157.52 0.94 LibertyGlobal A LBTYA 22.05 -0.01 BioNTech BNTX 90.38 3.52 CrownCastle CCI 168.14 3.11 Genpact G 38.78 -0.14 PPL PPL 28.55 0.07 RoyalGold RGLD 123.84 -0.92 TeledyneTech TDY 327.67 4.71 Vale VALE 11.18 -0.16 Yandex YNDX 60.73 -0.63 AdvMicroDevices AMD 83.13 -1.08 LibertyGlobal C LBTYK 21.79 0.02 s BlackKnight BKI 94.95 1.45 CrownHoldings CCK 82.45 0.55 Gentex GNTX 27.38 0.24 PRA HealthSci PRAH 110.65 -1.15 RoyaltyPharma RPRX 42.48 -0.31 Teleflex TFX 361.80 -2.70 ValeroEnergy VLO 41.56 -0.15 YumBrands YUM 99.49 2.97 AgilentTechs A 105.32 0.26 LibertyFormOne A FWONA 33.38 -0.29 s BlackRock BLK 646.24 6.39 s CubeSmart CUBE 34.87 0.26 GenuineParts GPC 101.28 0.35 PTC PTC 87.79 2.01 Ryanair RYAAY 83.66 -2.52 Ericsson ERIC 10.80 -0.02 VarianMed VAR 172.00 ... YumChina YUMC 53.34 -0.07 AgnicoEagle AEM 82.86 -1.32 LibertyFormOne C FWONK 36.29 -0.27 Blackstone BX 55.40 0.30 Cummins CMI 222.45 0.68 Gerdau GGB 4.02 0.08 Paccar PCAR 89.16 0.19 SAP SAP 153.80 -3.64 TelefonicaBras VIV 7.81 -0.02 VeevaSystems VEEV 308.25 7.64 ZTO Express ZTO 28.67 -0.34 AirProducts APD 295.96 -1.95 LibertyBraves A BATRA 20.61 -0.89 Boeing BA 164.24 1.00 CureVac CVAC 52.00 -1.92 GileadSciences GILD 62.96 -1.09 s PackagingCpAm PKG 118.70 2.14 S&P Global SPGI 347.45 -4.06 Telefonica TEF 3.66 0.01 Ventas VTR 43.56 -0.40 ZaiLab ZLAB 88.33 -2.67 AkamaiTech AKAM 109.05 -4.28 LibertyBraves C BATRK 20.27 -0.95 BookingHldgs BKNG 1702.11-30.49 CyrusOne CONE 76.08 -0.55 GSK GSK 35.98 -1.23 PagSeguroDig PAGS 39.19 -0.35 SBA Comm SBAC 310.54 3.94 TelekmIndonesia TLK 18.93 -0.06 VeriSign VRSN 208.60 -3.54 ZebraTech ZBRA 287.31 2.54 Albemarle ALB 94.35 -0.24 LibertySirius A LSXMA 34.93 -0.24 BoozAllen BAH 82.02 -0.35 GlobalPayments GPN 176.02 -1.17 PalantirTech PLTR 9.91 0.57 SEI Investments SEIC 55.90 0.24 10xGenomics TXG 161.95 0.48 VeriskAnalytics VRSK 192.02 0.26 Zendesk ZEN 111.98 0.81 Albertsons ACI 14.29 0.02 LibertySirius C LSXMK 34.72 -0.29 BorgWarner BWA 39.21 0.65 D E F Globant GLOB 198.85 1.02 PaloAltoNtwks PANW 251.82 -4.28 SK Telecom SKM 22.47 0.22 TencentMusic TME 14.30 0.01 Verizon VZ 58.16 -0.27 Zillow C Z 101.86 -1.01 Alcon ALC 61.43 -0.94 EliLilly LLY 146.78 -1.68 BostonBeer SAM 947.21-17.60 GlobeLife GL 82.87 1.35 LincolnNational LNC 34.03 0.15 PanAmerSilver PAAS 33.52 -0.86 SS&C Tech SSNC 64.64 0.04 Teradyne TER 87.29 0.36 VertxPharm VRTX 215.28-56.18 Zillow A ZG 102.29 -1.07 AlexandriaRlEst ARE 161.93 -0.34 DISH Network DISH 27.64 -0.42 s BostonProps BXP 79.50 -0.11 GoDaddy GDDY 76.41 -0.60 Linde LIN 229.60 -5.26 ParkerHannifin PH 222.66 6.64 StoreCapital STOR 27.44 0.15 Tesla TSLA 448.88-12.42 ViacomCBS B VIAC 27.83 0.49 ZimmerBiomet ZBH 147.54 1.82 AlexionPharm ALXN 122.03 -0.49 DTE Energy DTE 117.94 -1.46 BostonSci BSX 39.00 -1.62 GoldFields GFI 12.74 -0.27 LithiaMotors LAD 277.05 10.73 Paychex PAYX 83.28 -1.06 SVB Fin SIVB 273.39 5.61 TevaPharm TEVA 9.31 0.02 ViacomCBS A VIACA 29.86 0.56 Zoetis ZTS 162.99 -0.67 Alibaba BABA 299.46 -1.58 DadaNexus DADA 33.71 0.96 BrightHorizons BFAM 157.26 2.57 GoldmanSachs GS 208.60 -2.63 LiveNationEnt LYV 54.37 0.01 PaycomSoftware PAYC 375.91 2.97 Salesforce.com CRM 257.72 -4.11 TexasInstruments TXN 152.55 -0.22 Vipshop VIPS 17.65 0.49 s ZoomVideo ZM 536.40 27.15 AlignTech ALGN 336.67 3.57 Danaher DHR 225.42 -1.13 BristolMyers BMY 60.42 -0.58 GoodRx GDRX 51.56 0.30 LivongoHealth LVGO 143.93 -3.51 s Paylocity PCTY 193.93 3.57 Sanofi SNY 49.96 -1.18 Textron TXT 36.34 0.35 Visa V 199.55 -2.65 ZoomInfoTech ZI 42.77 0.91 Alleghany Y 547.45 -1.75 Darden DRI 100.13 0.90 BritishAmTob BTI 33.84 -0.82 Graco GGG 65.36 -0.37 LloydsBanking LYG 1.34 -0.02 PayPal PYPL 203.14 -0.46 SantanderCons SC 19.99 -0.16 ThermoFisherSci TMO 464.56 -2.45 Vistra VST 18.75 -0.01 Zscaler ZS 154.97 -0.12 Allegion ALLE 104.82 0.34 DarlingIngred DAR 43.64 0.36 Broadcom AVGO 379.93 -0.37 Grainger GWW 385.65 -0.59 LockheedMartin LMT 386.12 -4.60 Pegasystems PEGA 130.05 -1.44 SareptaTherap SRPT 143.33 -1.79 ThomsonReuters TRI 82.89 0.21 VMware VMW 153.18 -2.48 Zynga ZNGA 9.18 -0.19 AlliantEnergy LNT 54.55 0.50 Datadog DDOG 113.29 -0.26 BroadridgeFinl BR 143.27 1.57 Grifols GRFS 19.63 1.28 Loews L 35.64 0.29 s Peloton PTON 136.43 4.99 Schlumberger SLB 16.42 0.47 Allstate ALL 91.71 0.43 DaVita DVA 88.91 0.04 BrookfieldMgt BAM 33.76 -0.24 s Grubhub GRUB 83.59 2.30 LogitechIntl LOGI 79.78 -0.37 PembinaPipeline PBA 22.01 0.23 SchwabC SCHW 39.03 1.91 AllyFinancial ALLY 27.87 0.48 s DeckersOutdoor DECK 262.10 6.00 BrookfieldInfr BIP 46.22 -0.45 GuardantHealth GH 102.24 -4.03 s Lowe's LOW 176.15 2.54 PennNational PENN 69.34 1.97 ScottsMiracleGro SMG 166.39 -0.03 AlnylamPharm ALNY 143.94 0.03 Deere DE 238.24 -0.23 BrookfieldPropREIT BPYU 13.77 0.08 Guidewire GWRE 103.43 0.60 lululemon LULU 353.61 1.54 Pentair PNR 49.78 0.34 Sea SE 169.30 1.67 Alphabet A GOOGL 1555.47 -7.97 DellTechC DELL 70.04 -0.61 Dividend Changes BrookfieldRenew BEPC 65.63 0.18 HCA Healthcare HCA 137.79 3.13 LumenTech LUMN 9.93 0.13 Penumbra PEN 215.40 9.60 Seagate STX 51.35 0.31 Alphabet C GOOG 1559.13 -8.95 DeltaAir DAL 31.34 -0.42 Brown&Brown BRO 47.32 0.34 HDFC Bank HDB 55.40 -1.01 Lumentum LITE 83.54 0.87 PepsiCo PEP 141.43 -1.09 Seagen SGEN 204.49 -4.66 Alteryx AYX 139.19 -2.52 DentsplySirona XRAY 45.40 -0.20 Brown-Forman A BF.A 68.83 -0.88 HD Supply HDS 42.18 -0.05 Lyft LYFT 25.60 -1.15 PerkinElmer PKI 123.33 1.35 SealedAir SEE 41.92 0.71 Dividend announcements from October 15. AlticeUSA ATUS 28.45 0.45 DeutscheBank DB 9.02 -0.04 Brown-Forman B BF.B 76.26 -1.23 HP HPQ 19.56 0.06 LyondellBasell LYB 76.99 -1.01 Perrigo PRGO 46.70 0.58 SempraEnergy SRE 128.54 1.45 Altria MO 39.70 0.15 Bruker BRKR 41.70 -0.35 DexCom DXCM 399.58 5.57 HSBC HSBC 19.40 0.17 PetroChina PTR 28.52 -0.14 SensataTechs ST 47.58 0.28 Amount Payable / AlumofChina ACH 5.33 -0.07 Bunge BG 54.21 2.06 Diageo DEO 136.73 -2.99 Halliburton HAL 13.07 0.35 M N PetroleoBrasil PBR 7.01 -0.14 ServiceCorp SCI 43.98 0.22 Company Symbol Yld %New/Old Frq Record Amazon.com AMZN 3338.65-25.06 BurlingtonStrs BURL 213.93 3.40 DigitalRealty DLR 156.67 0.31 HartfordFinl HIG 37.83 0.41 PetroleoBrasilA PBR.A 7.01 -0.12 s ServiceNow NOW 520.68 3.79 Ambev ABEV 2.42 -0.09 CBRE Group CBRE 49.04 0.02 DiscoverFinSvcs DFS 64.59 0.26 Hasbro HAS 86.81 0.96 M&T Bank MTB 101.02 3.22 Pfizer PFE 36.55 -0.31 ShawComm B SJR 17.57 -0.01 Increased Amcor AMCR 11.47 0.07 DiscoveryB DISCB CDW CDW 129.80 0.28 33.83 0.73 HealthcareAmer HTA 25.91 0.21 MGMGrowthProp MGP 27.94 0.45 PhilipMorris PM 79.14 0.23 SherwinWilliams SHW 688.00 -5.99 Century Bancorp Cl A CNBKA 0.8 .16 /.14 Q Nov16 /Nov02 Amdocs DOX 58.56 0.54 DiscoveryA DISCA 20.97 0.04 MGM Resorts MGM 21.16 0.07 CF Industries CF 29.66 -0.15 HealthpeakProp PEAK 27.62 0.11 Phillips66 PSX 52.51 0.43 ShinhanFin SHG 24.40 0.17 Cummins CMI 2.4 1.35 /1.311 Q Dec03 /Nov20 Amedisys AMED 253.44 2.98 CGI GIB 69.27 0.02 DiscoveryC DISCK 18.92 0.14 Heico HEI 114.59 4.81 MKS Instrum MKSI 116.71 -0.15 Pinduoduo PDD 82.79 0.13 Shopify SHOP 1078.30 -3.82 Gladstone Land LAND 3.8 .0449 /.0448 M Oct30 /Oct23 Amerco UHAL 360.38 -0.67 CH Robinson CHRW 105.12 0.30 Disney DIS 127.36 0.77 Heico A HEI.A 98.46 3.65 MPLX MPLX 17.14 -0.07 PinnacleWest PNW 80.88 0.62 Sibanye-Stillwater SBSW 12.44 -0.24 Ameren AEE 81.15 -0.20 CME Group CME 167.09 0.39 DocuSign DOCU 240.45 3.35 HenrySchein HSIC 61.36 0.49 MSCI MSCI 361.62 2.58 Pinterest PINS 43.65 -0.34 SimonProperty SPG 65.12 -0.60 Foreign AmericaMovil AMX 12.77 -0.16 CMS Energy CMS 64.77 -0.02 DolbyLab DLB 69.31 1.15 Herbalife HLF 48.91 -0.81 MagellanMid MMP 37.24 0.28 PioneerNatRscs PXD 92.22 2.13 SiriusXM SIRI 5.84 ... AmericaMovil A AMOV 12.63 -0.10 CNA Fin CNA 29.83 -0.17 DollarGeneral DG 222.87 2.77 Hershey HSY 150.42 0.95 MagnaIntl MGA 52.70 0.70 PlainsAllAmPipe PAA 6.73 -0.07 Skyworks SWKS 153.38 0.07 Algonquin Pwr Nts 2078 AQNA 6.4 .42969 Q Jan17 /Jan03 AmerAirlines AAL 12.23 -0.13 CNH Indl CNHI 8.33 -0.09 DollarTree DLTR 96.54 1.38 Hess HES 39.32 0.73 ManhattanAssoc MANH 104.36 1.09 PlugPower PLUG 17.03 -0.27 SlackTech WORK 32.57 -0.16 Algonquin Pwr Nts 2079 AQNB 5.6 .3875 Q Jan01 /Dec15 AEP AEP 89.54 0.20 CNOOC CEO 94.69 -0.94 DominionEner D 80.81 -0.24 HewlettPackard HPE 9.88 0.12 ManulifeFin MFC 14.16 -0.03 Pool POOL 360.38 0.07 Smartsheet SMAR 55.42 0.91 ASML Holding ASML 0.6 1.40952 SA Nov13 /Nov03 AmerExpress AXP 104.43 -0.38 Domino's DPZ 401.84 -1.37 MarathonPetrol MPC 30.54 0.63 CRH CRH 37.87 -0.45 HighwoodsProp HIW 33.97 0.32 PostHoldings POST 91.87 -0.08 SmithAO AOS 55.83 0.26 Knot Offshore Partners KNOP 14.9 .52 Q Nov13 /Oct30 AmericanFin AFG 71.71 1.55 CRISPR Therap CRSP 99.89 -1.48 Donaldson DCI 51.11 0.37 Hilton HLT 88.68 0.38 Markel MKL 983.54 -5.83 PrincipalFin PFG 41.56 0.32 Smith&Nephew SNN 38.63 -0.53 AmHomes4Rent AMH 29.39 0.02 CSX CSX 81.03 0.56 Dover DOV 113.90 0.28 Hologic HOLX 65.93 -0.57 MarketAxess MKTX 540.48 5.05 Procter&Gamble PG 143.83 -0.21 Smucker SJM 118.86 -0.11 Special AIG AIG 29.96 0.31 Dow DOW 49.01 0.18 Marriott MAR 97.07 ... s CVS Health CVS 59.32 0.81 HomeDepot HD 287.54 0.45 Progressive PGR 97.51 -2.14 Snap SNAP 28.06 0.74 Winmark WINA 0.6 3.00 Dec15 /Nov11 AmerTowerREIT AMT 239.60 1.10 CableOne CABO 1838.31-16.71 DrReddy'sLab RDY 68.32 -1.49 HondaMotor HMC 24.06 0.06 Marsh&McLen MMC 114.36 -0.15 Prologis PLD 104.98 0.95 SnapOn SNA 157.97 1.14 AmerWaterWorks AWK 155.86 0.10 DraftKings DKNG 45.00 -2.56 MartinMarietta MLM 256.86 -2.97 CabotOil COG 19.47 0.28 Honeywell HON 172.61 -0.86 Proofpoint PFPT 111.40 -0.49 Snowflake SNOW 241.00 -2.18 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and AmericanWell AMWL 33.70 -0.11 CadenceDesign CDNS 115.96 -1.01 Dropbox DBX 20.14 0.30 HorizonTherap HZNP 79.33 -0.98 MarvellTech MRVL 42.95 -0.39 PrudentialFin PRU 66.53 0.20 SOQUIMICH SQM 34.30 -0.23 AmericoldRealty COLD 37.52 -0.25 CaesarsEnt CZR 55.60 0.27 DukeEnergy DUK 91.96 -0.71 HormelFoods HRL 50.47 0.24 Masco MAS 57.45 0.57 Prudential PUK 28.09 -0.84 SolarEdgeTech SEDG 302.50 -2.02 ratio; SO: spin-off. Ameriprise AMP 170.98 3.91 CamdenProperty CPT 94.47 -0.72 DukeRealty DRE 38.94 0.31 DR Horton DHI 78.82 0.55 Masimo MASI 232.75 0.86 AmerisourceBrgn ABC 99.35 0.91 CampbellSoup CPB 49.16 -0.30 Dun&Bradstreet DNB 27.52 0.06 HostHotels HST 11.02 0.07 Mastercard MA 338.57 -4.13 s Ametek AME 109.01 1.11 CIBC CM 76.11 -0.20 s Dunkin' DNKN 86.62 0.63 HowmetAerospace HWM 18.50 0.24 MaximIntProducts MXIM 73.67 0.72 Amgen AMGN 235.01 -2.64 CanNtlRlwy CNI 111.30 0.09 DuPont DD 59.28 0.51 HuanengPower HNP 15.73 -0.72 McCormickVtg MKC.V 198.39 -1.53 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Amphenol APH 114.36 0.88 CanNaturalRes CNQ 17.96 -0.06 Dynatrace DT 43.50 -0.21 Huazhu HTHT 41.31 -0.62 McCormick MKC 199.15 1.14 AnalogDevices ADI 123.98 0.94 s CanPacRlwy CP 324.78 2.72 ENI E 15.11 -0.49 Hubbell HUBB 144.33 -0.22 s McDonalds MCD 229.64 2.02 Anaplan PLAN 61.78 0.29 t Canon CAJ 15.80 0.01 EOG Rscs EOG 38.08 0.84 HubSpot HUBS 312.19 -1.17 McKesson MCK 156.55 2.54 Money Rates October 15, 2020 AngloGoldAsh AU 27.11 -0.86 CanopyGrowth CGC 18.05 -0.29 EPAM Systems EPAM 349.04 2.15 Humana HUM 435.36 12.36 MedicalProp MPW 18.32 0.08 AB InBev BUD 54.92 -2.41 CapitalOne COF 78.55 -0.11 EastmanChem EMN 86.13 0.52 JBHunt JBHT 141.84 1.83 Medtronic MDT 107.52 -0.04 AnnalyCap NLY 7.31 -0.01 CardinalHealth CAH 48.92 0.55 Eaton ETN 108.63 0.44 HuntingtonBcshs HBAN 9.66 0.20 MelcoResorts MLCO 14.95 0.04 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Anthem ANTM s 294.90 2.56 Carlisle CSL 127.73 1.48 EatonVance EV 61.63 0.42 HuntingIngalls HII 147.55 -3.98 MercadoLibre MELI 1257.89 19.19 guide to general levels but don’t always represent actual transactions. Aon AON 212.78 2.69 Carlyle CG 27.27 0.42 eBay EBAY 55.40 -1.06 s IAA IAA 58.41 1.47 Merck MRK 79.06 -1.45 ApolloGlbMgmt APO 43.04 0.06 CarMax KMX 93.12 1.54 Ecolab ECL 201.44 0.13 ICICI Bank IBN 10.87 -0.26 MetLife MET 39.13 0.16 Week —52-WEEK— Week —52-WEEK— Apple AAPL 120.71 -0.48 Carnival CCL 14.02 0.05 Ecopetrol EC 9.72 -0.09 IdexxLab IDXX 422.72 2.21 MettlerToledo MTD 1018.53 -3.86 Inflation Latest ago High Low Latest ago High Low ApplMaterials AMAT 63.51 -0.47 Carnival CUK 11.98 -0.02 EdisonInt EIX 56.81 0.57 IHS Markit INFO 80.11 0.67 MicrochipTech MCHP 111.34 0.59 Sept. index Chg From (%) Aptargroup ATR 116.34 -0.10 CarrierGlobal CARR 32.60 0.09 EdwardsLife EW 85.32 0.15 ING Groep ING 7.23 -0.03 MicronTech MU 51.94 0.31 Six month 0.25325 0.24638 1.97450 0.23375 Aptiv APTV level Aug. '20 Sept. '19 Treasury bill auction 97.68 1.94 Carvana CVNA 224.39 11.17 ElancoAnimal ELAN 31.83 -0.04 Invesco IVZ 14.25 0.22 Microsoft MSFT 219.66 -1.20 One year 0.34775 0.34950 2.01200 0.34388 Aramark ARMK 27.95 0.45 CaseysGenStores CASY 183.29 0.49 Elastic ESTC 120.14 -4.00 s IPG Photonics IPGP 185.97 4.07 MidAmApt MAA 122.47 -0.29 4 weeks 0.090 0.090 1.720 0.000 ArcelorMittal MT U.S. consumer price index 13.99 0.03 Catalent CTLT 92.20 -0.41 ElectronicArts EA 131.34 -1.41 IQVIA IQV 162.00 -3.89 MiratiTherap MRTX 194.47 2.89 13 weeks 0.105 0.095 1.640 0.000 Euro Libor ArchCapital ACGL 30.89 0.43 MitsubishiUFJ MUFG s Caterpillar CAT 165.04 1.43 EmersonElec EMR 69.58 0.20 IcahnEnterprises IEP 51.53 0.15 4.00 -0.02 All items 260.280 0.14 1.4 26 weeks 0.115 0.110 1.620 0.080 ArcherDaniels ADM One month 49.94 1.09 Celanese CE 119.50 1.00 Enbridge ENB 29.27 -0.17 Icon ICLR 203.82 -3.77 MizuhoFin MFG 2.48 0.03 -0.562 -0.563 -0.360 -0.621 AresMgmt ARES Core 269.054 0.11 1.7 44.17 0.31 Centene CNC 65.86 0.67 EncompassHealth EHC 68.11 0.81 IDEX IEX 189.62 1.47 MobileTeleSys MBT 8.14 -0.45 Three month -0.532 -0.520 -0.142 -0.539 arGEN-X ARGX 267.04 -9.90 Secondary market CenterPointEner CNP 20.92 0.13 EnelAmericas ENIA 6.42 -0.06 IllinoisToolWks ITW 203.79 0.69 Moderna MRNA 75.58 -0.98 Six month -0.511 -0.496 -0.052 -0.511 AristaNetworks ANET 226.23 -1.80 International rates CentraisElBras EBR 5.81 0.06 EnergyTransfer ET 6.29 ... Illumina ILMN 323.78 -6.34 MohawkInds MHK 103.00 -0.61 ArrowElec ARW 84.22 0.65 s Fannie Mae One year -0.461 -0.441 0.008 -0.463 CeridianHCM CDAY 89.94 0.49 EnphaseEnergy ENPH 110.71 1.74 Immunomedics IMMU 87.49 0.06 MolinaHealthcare MOH 206.50 3.65 AscendisPharma ASND 157.50 -0.25 Week 52-Week Cerner CERN 73.76 -0.47 Entegris ENTG 82.02 -0.41 ImperialOil IMO 12.49 0.05 MolsonCoorsA TAP.A 52.00 -0.47 30-year mortgage yields AspenTech AZPN 134.56 1.48 Entergy ETR Latest High Low Secured Overnight Financing Rate CharlesRiverLabs CRL 242.15 -2.49 105.32 -0.44 Incyte INCY 90.53 -2.82 MolsonCoorsB TAP 35.57 0.17 ago 30 days 1.891 1.952 3.388 1.751 Assurant AIZ 123.12 0.68 EnterpriseProd EPD 17.49 0.38 CharterComms CHTR 636.89 -1.73 Infosys INFY 15.26 -1.10 Mondelez MDLZ 58.34 -0.24 0.09 0.09 2.05 0.01 AstraZeneca AZN 52.55 -0.64 Equifax EFX 162.38 -1.79 60 days 1.919 1.981 3.403 1.804 CheckPoint CHKP 127.67 -0.36 IngersollRand IR 37.07 -0.30 MongoDB MDB 269.87 4.68 Prime rates Athene ATH 35.72 0.02 Equinix EQIX 814.83 -2.57 s Value 52-Week Chegg CHGG 84.06 0.06 Inphi IPHI 121.03 -1.45 MonolithicPower MPWR 320.93 6.54 Atlassian TEAM 190.93 -0.88 Equinor EQNR 14.30 -0.20 U.S. 3.25 3.25 5.00 3.25 Other short-term rates Latest Traded High Low Chemed CHE 495.60 1.13 Insulet PODD 250.64 2.72 MonsterBev MNST 81.39 -1.41 AtmosEnergy ATO 94.50 -0.54 Equitable EQH 20.58 0.28 Canada 2.45 2.45 3.95 2.45 CheniereEnergy LNG 50.89 1.38 Intel INTC 53.85 0.30 Moody's MCO 290.48 0.37 Autodesk ADSK252.03 5.33 EquityLife ELS 64.62 -0.04 DTCC GCF Repo Index CheniereEnerPtrs CQP 37.12 0.58 InteractiveBrkrs IBKR 50.09 0.51 MorganStanley MS 51.33 0.68 Japan 1.475 1.475 1.475 1.475 Week 52-Week Autohome ATHM 97.85 -1.59 EquityResdntl EQR 52.31 -0.50 Morningstar MORN Chevron CVX 73.51 0.56 ICE ICE 102.07 -0.24 182.18 0.06 Latest ago high low Treasury 0.131 55.000 1.974 0.002 Autoliv ALV 82.27 -0.90 ErieIndemnity A ERIE 229.27 2.06 Mosaic MOS 19.49 0.18 Chewy CHWY 64.88 0.76 InterContinentl IHG 53.19 -1.27 Policy Rates MBS ADP ADP 147.39 -1.12 EssentialUtil WTRG 41.47 -0.12 MotorolaSol MSI 171.59 4.67 0.136 64.450 1.996 0.011 ChinaEastrnAir CEA 20.57 -0.55 IBM IBM 124.89 -1.05 Call money AutoZone AZO 1193.26 24.23 EssexProp ESS 204.69 -2.20 Mylan MYL 15.74 0.18 Euro zone 0.00 0.00 0.00 0.00 ChinaLifeIns LFC 11.61 0.04 IntlFlavors IFF 116.01 -0.90 s Avalara AVLR 158.15 2.22 EsteeLauder EL 221.88 -0.96 MyoKardia MYOK 221.66 -0.34 Switzerland 0.00 0.00 0.50 0.00 2.00 2.00 3.75 2.00 Weekly survey ChinaMobile CHL 32.33 -0.49 IntlPaper IP 45.55 0.89 Avalonbay AVB 153.16 -0.46 t Etsy ETSY 150.67 0.70 NICE NICE 235.87 0.91 Britain ChinaPetrol SNP 38.97 -0.20 Interpublic IPG 17.96 -0.11 0.10 0.10 0.75 0.10 Latest Week ago Year ago Avangrid AGR 55.35 0.11 EverestRe RE 201.80 -0.56 s NIO NIO 28.07 1.57 Commercial paper (AA financial) ChinaSoAirlines ZNH 26.63 -0.28 Intuit INTU 341.97 -3.33 Australia 0.25 0.25 0.75 0.25 Avantor AVTR 24.02 0.30 Evergy EVRG 54.42 0.97 NRG Energy NRG 34.04 0.33 ChinaTelecom CHA 31.19 0.01 IntuitiveSurgical ISRG 741.00-10.08 90 days 0.12 0.13 2.53 0.04 AveryDennison AVY 132.86 1.68 EversourceEner ES 91.02 -0.81 NVR NVR 4446.65 85.88 Freddie Mac ChinaUnicom CHU 6.95 -0.09 Invitae NVTA 47.68 -1.60 Overnight repurchase s AxonEnterprise AAXN 105.86 4.44 ExactSciences EXAS 102.62 -0.88 NXP Semi NXPI 136.87 -0.24 Chipotle CMG 1343.25 21.88 InvitatHomes INVH 28.45 -0.03 Libor 30-year fixed 2.81 2.87 3.69 BCE BCE 42.85 0.14 Chubb CB Exelixis EXEL 23.42 -0.16 Nasdaq NDAQ 128.41 0.76 U.S. 0.11 0.07 1.97 -0.07 120.16 1.60 IonisPharma IONS 48.29 0.58 One month 0.14725 0.14688 1.85025 0.13950 15-year fixed 2.35 2.37 3.15 BHP Group BHP 51.81 -0.11 ChunghwaTel CHT 36.70 -0.29 Exelon EXC 41.40 0.37 NationalGrid NGG 60.26 -0.99 iQIYI IQ 22.97 -0.03 Five-year ARM 2.90 2.89 3.35 BHP Group BBL 42.33 -0.24 Church&Dwight CHD 95.10 0.63 Expedia EXPE 90.23 -2.17 Natura&Co NTCO 17.68 0.09 U.S. government rates Three month 0.21775 0.22050 1.96588 0.21775 iRhythmTechs IRTC 244.03 -0.16 BP BP 16.44 -0.15 ChurchillDowns CHDN 173.60 2.76 ExpeditorsIntl EXPD 93.86 0.11 NatWest NWG 2.83 -0.01 IronMountain IRM 27.65 0.14 B2Gold BTG 7.04 -0.01 Ciena CIEN 42.11 0.04 ExtraSpaceSt EXR 114.94 1.57 nCino NCNO 77.48 0.99 Discount ItauUnibanco ITUB 4.17 -0.06 Baidu BIDU130.04 -6.03 Cigna CI 176.82 2.33 ExxonMobil XOM 34.45 0.30 NetApp NTAP 47.05 0.38 0.25 0.25 2.50 0.25 Notes on data: BakerHughes BKR 13.45 0.30 CincinnatiFin CINF 78.82 0.05 F5Networks FFIV 132.27 3.16 J K L NetEase NTES 88.33 -1.24 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, s Ball BLL 90.81 0.75 Cintas CTAS 348.38 -2.81 FMC FMC 109.07 -0.36 Netflix NFLX 541.94 0.49 Federal funds and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary BancoBilbaoViz BBVA 2.65 0.03 CiscoSystems CSCO 39.97 0.08 Facebook FB 266.72 -5.10 JD.com JD 80.25 -0.85 Neurocrine NBIX 99.83 -1.20 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is BancoBradesco BBDO 3.47 0.09 Citigroup C 43.61 0.58 FactSet FDS 337.74 2.50 Joyy YY 80.14 1.51 s NewFortressEner NFE 49.96 -1.26 Effective rate 0.0900 0.0900 1.8500 0.0600 as of October 14, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted BancodeChile BCH 15.08 0.08 CitizensFin CFG 27.90 0.32 FairIsaac FICO 437.01 -0.72 JPMorganChase JPM 101.72 1.50 NewOrientalEduc EDU 164.98 -0.50 High 0.1000 0.1000 1.9500 0.1000 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- BancSanBrasil BSBR 5.58 -0.06 CitrixSystems CTXS 138.91 -2.00 Farfetch FTCH 27.20 0.23 JackHenry JKHY 162.31 1.38 NYTimes A NYT 45.57 0.42 Low 0.0500 0.0500 1.7700 0.0100 funds rates are Tullett Prebon rates as of 5:30 p.m. ET. BcoSantChile BSAC 14.03 0.44 Clarivate CCC 30.95 -0.20 Fastenal FAST 44.62 -0.33 JacobsEngg J 99.37 0.46 NewellBrands NWL 18.13 -0.14 BancoSantander SAN 1.88 -0.01 Clorox CLX 218.37 -0.56 Fastly FSLY 89.70-33.48 s JamesHardie JHX 26.36 0.76 Newmont NEM 63.00 -1.00 Bid 0.0800 0.0800 1.7800 0.0100 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; BanColombia CIB 25.27 -0.40 Cloudflare NET 58.78 -2.72 s FedEx FDX 282.11 5.87 JazzPharma JAZZ 150.42 -1.78 NewsCorp A NWSA 13.97 -0.21 Offer 0.1100 0.1100 1.8500 0.0500 Tullett Prebon Information, Ltd.

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

DelTaco TACO 10.43 11.4 HorizonAcqnWt HZAC.WS 1.25 2.1 MINISOGroupHolding MNSO 24.90 4.4 ProvidenceService PRSC 104.42 4.2 TRowePrice TROW 146.97 1.5 AspirationalCns ASPL.U 9.93 -0.1 Mack-Cali CLI 11.79 1.4 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE Dick's DKS 63.17 1.2 HuttigBuilding HBP 3.75 41.7 McDonalds MCD 230.00 0.9 PublicStoragePfI PSApI 28.05 0.4 TexasRoadhouse TXRH 73.88 2.0 AuroraCannabis ACB 4.28 -5.5 Marcus MCS 6.84 1.8 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low Dunkin' DNKN 86.66 0.7 IAA IAA 58.67 2.6 Metlife pfA METpA 25.32 0.6 PublicStoragePfdN PSApN 25.30 0.7 Trupanion TRUP 93.66 2.6 AziyoBiologics AZYO 11.48 -4.1 MotionAcqnUn MOTNU 9.87 -1.2 in the latest session. %CHG-Daily percentage change from the previous trading session. EasternBankshares EBC 12.49 21.5 IPG Photonics IPGP 187.60 2.2 MonolithicPower MPWR 322.87 2.1 PurpleInnovation PRPL 31.00 3.1 TuscanIIUn THCAU 10.56 5.0 BEST BEST 2.52 -1.5 NewYorkCityReit NYC 11.20 0.9 EatonVance EV 61.98 0.7 iRobot IRBT 92.00 -0.8 NIO NIO 29.23 5.9 PurpleInnovWt PRPLW 9.71 5.3 TwistBiosci TWST 100.00 10.7 Canon CAJ 15.62 0.1 1347 Property PIH 3.21 -2.1 Thursday, October 15, 2020 EchoGlobalLog ECHO 28.57 2.7 JamesHardie JHX 26.37 3.0 Natuzzi NTZ 3.67 8.2 QuantaServices PWR 62.40 2.0 UnionPacific UNP 209.43 2.0 Celsion CLSN 0.61 -5.6 PandionTherap PAND 10.52 -7.8 EldoradoGold EGO 14.17 3.0 Jewett-Cameron JCTCF 9.65 7.5 Nautilus NLS 23.73 6.6 ReneSola SOL 4.39 14.2 VirtusInvtPtrs VRTS 163.64 2.4 ChinaPetrol SNP 38.47 -0.5 PeabodyEnergy BTU 1.60 -4.6 52-Wk % 52-Wk % 52-Wk % EnphaseEnergy ENPH 111.59 1.6 JinkoSolar JKS 69.47 -1.7 NetfinAcqnA NFIN 12.45 2.3 RocketPharm RCKT 29.51 4.5 VistasMediaAcqnUn VMACU 10.22 2.8 ChurchillCapIVWt CCIV.WS 1.17 0.8 PermianBasin PBT 2.37 ... Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg EnvivaPartners EVA 43.50 1.7 KB Home KBH 41.60 2.2 NetfinAcqnWt NFINW 2.71 3.1 Rollins ROL 59.93 1.2 W.R.BerkleyDeb59 WRBpF 26.99 0.2 ChurchillCapIV CCIV 9.65 ... ProQR Therap PRQR 4.36 -2.0 Q&K Intl QK 4.76 -9.7 AutoNation AN 63.46 3.8 CanPacRlwy CP 325.26 0.8 eXpWorld EXPI 61.70 3.1 KE Holdings BEKE 71.40 6.6 NetfinAcqn NFINU 14.80 2.8 ServiceNow NOW 522.99 0.7 Watford WTRE 36.79 10.7 CodiakBioSciences CDAK 11.50 -0.2 Wendy's WEN 24.74 2.5 RadiusGlbInfr RADI 6.57 -5.1 Avalara AVLR 158.44 1.4 CapitalOnePfdK COFpK 25.00 0.4 FastAcqnWt FST.WS 0.88 13.3 Kraton KRA 29.04 11.6 NewFortressEner NFE 51.80 -2.5 SiTime SITM 95.23 4.5 ConyersParkII Wt CPAAW 1.11 10.8 Highs WorthingtonInds WOR 49.08 3.3 Reading A RDI 2.64 -2.5 AxonEnterprise AAXN 106.55 4.4 Caterpillar CAT 165.78 0.9 FedEx FDX 282.14 2.1 KronosBio KRON 34.90 0.7 NiuTech NIU 29.78 1.1 SleepNumber SNBR 67.30 11.3 CumberlandPharm CPIX 2.95 -0.7 ZoomVideo ZM 540.05 5.3 Revlon REV 6.01 -5.3 A-MarkPrecMet AMRK 37.60 0.6 Ball BLL 91.19 0.8 ChartIndustries GTLS 85.19 1.4 FirstHorizonPfdC FHNpC 27.40 4.2 L Brands LB 33.70 5.1 OcwenFinancial OCN 29.50 5.9 Snap SNAP 28.10 2.7 DyneTherapeutics DYN 16.14 -2.9 AcademySports ASO 14.00 2.9 SilenceTherap SLN 15.50 -5.5 BeamTherap BEAM 34.38 16.2 ChinaYuchai CYD 20.49 4.7 5:01Acquisition FVAM 11.00 ... LandcadiaIII LCYAU 9.98 -0.4 oneA AONE 10.50 -0.4 SocCapHedII Wt IPOB.WS 7.89 -12.0 E.MergeTechA ETAC 9.64 -0.8 SpartacusAcqnUn TMTSU 9.95 ... AllstatePfdI ALLpI 27.55 0.4 Lows BedBath BBBY 24.99 4.2 ClearPtNeuro CLPT 7.12 13.0 Floor&Decor FND 84.59 0.3 LarimarTherap LRMR 20.70 3.7 PPG Ind PPG 137.29 1.6 SocCapHedII A IPOB 27.00 -9.6 ForumMergerIIIWt FIIIW 1.26 -2.9 StateAutoFin STFC 13.16 0.5 AlussaEnergy ALUS.U 10.56 -0.2 BentleySystems BSY 39.89 5.4 ColonnadeWt CLA.WS 0.60 -1.7 FlotekIndustries FTK 3.00 1.4 LincolnElectric LECO 100.73 1.8 PacBiosciCA PACB 14.50 2.7 SocialCapHedIII IPOB.U 29.32 -10.3 AconS2Acqn STWOU 9.97 ... GoHealth GOCO 12.05 -1.7 The9 NCTY 0.25 -11.9 Ameresco AMRC 40.853.7 BestBuy BBY 120.74 1.8 Covetrus CVET 27.29 4.9 FranklinElec FELE 64.65 2.2 LiveOakAcqnUn LOAK.U 12.35 2.4 PacificEthanol PEIX 9.81 1.6 SoftwareII A SAII 9.75 0.5 ADC Therap ADCT 26.83 -11.5 GoresV Wt GRSVW 1.12 -6.5 TitanPharm TTNP 0.14 -7.2 AmerSupercond AMSC 18.48 3.4 BlackKnight BKI 95.06 1.6 Cowen COWN 19.03 2.0 GameStop GME 15.10 12.9 LiveOakAcqn LOAK 11.05 0.5 PackagingCpAm PKG 118.83 1.8 SouthernNts2020C SOJE 25.33 0.2 Alector ALEC 9.52 -3.3 GulfportEnergy GPOR 0.29 -13.0 uniQure QURE 34.38 0.5 Ametek AME 109.07 1.0 BlackRock BLK 648.90 1.0 Crocs CROX 51.47 4.8 GoPro GPRO 7.20 1.4 LiveOakBcshs LOB 32.83 2.6 ParkerHannifin PH 222.73 3.1 SpartacusAcqnUn TMTSU 10.03 ... ArteloBiosci ARTL 0.59 -16.0 HPX A HPX 9.60 -0.9 UnitedInsurance UIHC 5.30 0.9 AmicusTherap FOLD 16.96 3.3 BrightSphere BSIG 15.89 0.3 CubeSmart CUBE 35.22 0.8 Grubhub GRUB 84.35 2.8 Lowe's LOW 176.40 1.5 Paylocity PCTY 196.17 1.9 Staffing360 STAF 3.34 67.9 ArtiusAcqnA AACQ 9.72 -0.1 HolicityA HOL 9.77 -0.5 ViaOptronics VIAO 7.04 -2.4 Ampco-Pitt AP 4.56 6.7 BrinkerIntl EAT 50.43 4.6 CuriosityStream CURI 12.06 10.9 Hanesbrands HBI 17.37 1.9 MDC Holdings MDC 51.99 1.5 Peloton PTON 137.24 3.8 TPGPaceTechOpps PACE.U 10.20 0.9 Asana ASAN 22.90 2.7 HolicityWt HOLUW 1.04 -12.3 VastaPlatform VSTA 13.04 2.4 ArrayTechnologies ARRY 37.35 65.7 BurgundyTechWt BTAQW 0.68 13.3 DeckersOutdoor DECK 262.85 2.3 HavertyFurn HVT 25.46 2.0 MI Homes MHO 49.25 2.5 PingtanMarineEnt PME 2.20 12.2 TRI Pointe TPH 19.39 2.4 AshfordHosp AHT 1.31 -2.1 HorizonAcqnA HZAC 9.75 0.8 Verso VRS 7.43 9.3

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret SmCpIdxInstPrem 20.85 +0.22 -0.6 Softwr r 25.80 -0.16 34.2 Growth I 160.35 -1.20 26.1 AggGrowth r 50.73 -0.20 13.0 TotBdAdml 11.61 -0.01 7.0 TotIntBdIxInv 11.68 +0.01 4.0 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. TMktIdxInstPrem 99.20 -0.05 9.8 Tech r 28.12 -0.12 47.1 ValueI 42.03 +0.03 -4.5 Schwab Funds TotIntBdIdxAdm 23.36 +0.02 4.0 USGro 62.55 -0.42 45.4 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s USBdIdxInstPrem 12.44 -0.01 7.0 First Eagle Funds MFS Funds Instl 1000 Inv r 78.57 -0.08 10.4 TotIntlAdmIdx r 28.56 -0.30 -3.0 WellsI 27.89 ... 4.3 apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- Fidelity Advisor I GlbA 57.67 -0.22 -0.5 IntlEq 27.40 -0.45 -1.7 S&P Sel 54.05 -0.08 9.4 TotStAdml 86.53 -0.05 10.1 Welltn 44.64 -0.05 4.8 Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes NwInsghtI 38.73 -0.28 18.4 FPA Funds Northern Funds TSM Sel r 61.44 -0.03 9.8 TxMCapAdml 181.48 -0.23 10.8 WndsrII 36.61 +0.07 1.3 xand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Notavailable due to incomplete Fidelity Freedom FPACres 31.92 -0.13 -2.7 StkIdx 39.94 -0.06 9.3 TIAA/CREF Funds TxMIn r 13.32 -0.15 -4.4 VANGUARD INDEX FDS price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not FF2020 16.61 -0.05 5.6 Franklin A1 Old Westbury Fds EqIdxInst 25.66 -0.02 9.9 USGroAdml 162.13 -1.09 45.5 IdxIntl 17.07 -0.18 -3.1 tracked. NS-Fund didn’texistatstart of period. FF2025 14.76 -0.05 5.7 CA TF A1 p 7.65 +0.01 2.4 LrgCpStr 16.04 -0.08 6.4 VANGUARD ADMIRAL ValAdml 42.14 +0.10 -7.7 SmValAdml 51.48 +0.58 -11.3 FF2030 18.29 -0.07 5.6 IncomeA1 p 2.12 ... -5.4 Parnassus Fds 500Adml 321.63 -0.48 9.4 WdsrllAdml 64.95 +0.11 1.4 TotBd2 11.53 -0.01 6.6 Freedom2020 K 16.60 -0.05 5.7 FrankTemp/Frank Adv ParnEqFd 52.95 -0.08 13.2 BalAdml 42.28 -0.02 9.6 WellsIAdml 67.55 ... 4.4 TotIntlInstIdx r 114.20 -1.20 -3.0 Thursday, October 15, 2020 Freedom2025 K 14.74 -0.05 5.7 IncomeAdv 2.10 ... -5.4 PGIM Funds Cl Z CAITAdml 12.24 ... 3.1 WelltnAdml 77.09 -0.09 4.9 TotItlInstPlId r 114.22 -1.20 -3.0 Net YTD Net YTD Net YTD Freedom2030 K 18.27 -0.08 5.7 FrankTemp/Franklin A TotalReturnBond NA ... NA CapOpAdml r 172.67 -0.81 9.5 WndsrAdml 65.85 +0.31 -7.9 TotSt 86.51 -0.04 10.0 Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Freedom2035 K 15.41 -0.07 5.4 Growth A p 135.58 -0.33 20.8 PIMCO Fds Instl DivAppIdxAdm 36.25 +0.03 8.7 VANGUARD FDS VANGUARD INSTL FDS Freedom2040 K 10.80 -0.06 5.3 RisDv A p 74.72 +0.05 8.1 AllAsset NA ... NA EMAdmr 37.07 -0.29 1.9 DivdGro 31.84 -0.05 5.1 BalInst 42.28 -0.03 9.6 American Century Inv HiYBlk 7.51 -0.02 0.9 US CoreEq1 26.84 +0.05 4.9 DevMktsIndInst 13.33 -0.16 -4.5 Ultra 72.25 -0.34 38.5 HiYldBd Inst 7.50 -0.03 0.8 US CoreEq2 24.21 +0.07 3.5 Fidelity Invest FrankTemp/Franklin C InvGrdCrBd NA ... NA EqIncAdml 73.44 +0.14 -5.4 INSTTRF2020 25.48 -0.06 5.7 Balanc 26.47 -0.05 13.0 Income C t 2.15 -0.01 -5.8 TotRt 10.92 -0.01 7.7 ExplrAdml 108.89 +0.54 12.0 INSTTRF2025 26.15 -0.07 5.7 DevMktsInxInst 20.84 -0.24 -4.4 American Funds Cl A BlackRock Funds A US Small 32.74 +0.39 -5.7 ExtndInst 106.05 +0.42 11.9 BluCh 150.77 -0.73 45.9 Guggenheim Funds Tru PIMCO Funds A ExtndAdml 106.06 +0.42 11.9 INSTTRF2030 26.52 -0.09 5.6 AmcpA p 37.04 -0.05 12.3 GlblAlloc p 20.57 -0.10 10.9 US SmCpVal 29.01 +0.44 -15.0 GrwthInst 122.17 -0.60 31.0 Contra 17.25 -0.15 26.7 TotRtnBdFdClInst 29.86 -0.03 12.4 IncomeFd NA ... 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NA InfProAd 28.21 -0.02 9.3 CapWGrA 53.11 -0.43 2.9 CorePlusBond 10.68 -0.01 7.4 Intl Stk 36.34 -0.47 -16.7 GroCo 32.82 -0.16 53.7 INSTTRF2055 27.67 -0.11 5.1 MidCpInst 50.94 +0.19 5.9 Invesco Funds Y Price Funds IntlGrAdml 139.83 -1.95 36.0 EupacA p 59.48 -0.78 6.9 Intl Eq 11.86 -0.13 -1.1 Stock 173.35 +0.46 -7.7 GrowCoK 32.90 -0.15 53.8 IntlVal 33.90 -0.34 -9.7 MidCpIstPl 251.21 +0.93 5.9 DevMktY 46.04 -0.65 1.0 BlChip 161.00 -1.23 29.5 ITBondAdml 12.65 -0.01 9.1 FdInvA p 63.37 -0.27 4.6 LargeCapGrowth 19.80 -0.07 25.1 DoubleLine Funds InvGrBd 11.79 -0.01 8.2 LifeCon 22.02 -0.05 6.1 SmCapInst 79.56 +0.56 1.2 JPMorgan I Class DivGro 55.65 +0.04 5.4 ITIGradeAdml 10.64 -0.01 8.8 GwthA p 63.22 -0.38 23.6 LargeCapValue 13.04 +0.03 -3.4 CoreFxdIncmI 11.25 ... 4.0 LowP r 44.80 -0.02 -3.9 LifeGro 37.80 -0.14 5.4 STIGradeInst 10.99 ... 4.4 CoreBond 12.43 -0.01 NA HI TrA p 9.72 -0.03 1.0 ClearBridge TotRetBdI NA ... 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NA Edgewood Growth Instituti NASDAQ r 147.92 -0.69 31.3 EqIndex 92.53 -0.14 9.3 MidCpAdml 230.59 +0.86 5.9 PrmcpCor 27.99 -0.10 0.3 TotBdInst 11.61 -0.01 7.0 JPMorgan R Class IncoA p 22.31 -0.07 -1.6 Columbia Class I EdgewoodGrInst 50.26 -0.20 30.5 OTC 16.13 -0.11 34.4 Growth 93.30 -0.49 27.2 MuHYAdml 11.67 ... 2.0 STAR 30.12 -0.09 10.9 TotBdInst2 11.53 -0.01 6.6 CoreBond 12.44 -0.01 NA N PerA p 55.57 -0.65 17.6 DivIncom I 24.17 +0.04 0.5 Fidelity Puritn 25.32 -0.09 14.9 HelSci 96.63 -0.87 18.7 MuIntAdml 14.65 ... 3.2 TgtRe2015 16.03 -0.03 5.6 TotBdInstPl 11.61 -0.01 7.0 Lord Abbett A NEcoA p 54.38 -0.25 18.9 Dimensional Fds 500IdxInstPrem 120.87 -0.18 9.4 SrsEmrgMkt 21.78 -0.21 5.6 LgCapGow I 56.48 -0.33 28.2 MuLTAdml 12.03 ... 3.5 TgtRe2020 34.36 -0.08 5.6 TotIntBdIdxInst 35.05 +0.03 4.0 NwWrldA 76.18 -0.72 8.0 5GlbFxdInc 10.89 +0.01 1.5 Contrafund K6 18.13 -0.15 25.3 SrsGlobal 12.73 -0.17 -3.3 ShtDurIncmA p 4.18 ... 1.7 MidCap 106.73 +0.25 12.0 MuLtdAdml 11.21 ... 2.6 TgtRe2025 20.97 -0.06 5.7 TotStInst 86.55 -0.04 10.1 SmCpA p 69.70 -0.27 18.5 EmgMktVa 24.38 -0.12 -13.3 ExtMktIdxInstPre 71.36 +0.28 11.8 SrsGroCoRetail 27.61 -0.13 55.5 Lord Abbett F NHoriz 85.49 +0.08 44.0 MuShtAdml 15.93 -0.01 1.6 TgtRe2030 38.48 -0.12 5.6 ValueInst 42.14 +0.10 -7.7 TxExA p 13.39 ... 2.3 EmMktCorEq 20.71 -0.13 -3.1 FidSerToMarket 11.92 -0.01 9.8 SrsIntlGrw 19.03 -0.30 8.6 ShtDurIncm 4.17 -0.01 1.5 R2020 23.31 -0.05 5.5 PrmcpAdml r 152.51 -0.97 5.8 TgtRe2035 23.74 -0.08 5.4 WCM Focus Funds WshA p 47.26 +0.01 -0.4 IntlCoreEq 12.70 -0.14 -6.6 IntlIdxInstPrem 40.49 -0.63 -5.7 SrsIntlVal 8.67 -0.14 -12.4 Metropolitan West R2025 18.84 -0.05 6.0 RealEstatAdml 115.36 +0.60 -10.1 TgtRe2040 41.17 -0.16 5.2 WCMFocIntlGrwIns 22.31 -0.25 18.0 Baird Funds IntSmCo 17.75 -0.18 -5.6 MidCpInxInstPrem 24.40 +0.10 3.9 TotalBond 11.19 -0.02 7.5 TotRetBd 11.62 -0.01 7.6 R2030 27.51 -0.07 6.2 SmCapAdml 79.56 +0.56 1.2 TgtRe2045 25.97 -0.11 5.1 Western Asset AggBdInst 11.85 -0.01 7.6 IntSmVa 16.42 -0.17 -14.8 SAIUSLgCpIndxFd 18.67 -0.03 9.3 Fidelity SAI TotRetBdI 11.62 -0.01 7.9 R2035 20.26 -0.05 6.5 SmGthAdml 81.27 +0.17 16.7 TgtRe2050 41.82 -0.17 5.2 CoreBondI NA ... NA CorBdInst 12.17 -0.02 7.3 LgCo 26.73 -0.04 9.4 SeriesBondFd 10.78 -0.01 7.1 TotalBd 10.62 -0.02 6.9 TRBdPlan 10.93 -0.01 7.8 R2040 28.88 -0.08 6.7 STBondAdml 10.87 -0.01 4.4 TgtRet2055 45.41 -0.18 5.1 CorePlusBdI 12.46 -0.03 6.4 BlackRock Funds TAUSCoreEq2 20.63 +0.07 3.6 SeriesOverseas 11.27 -0.19 4.5 Fidelity Selects MFS Funds Class I PRIMECAP Odyssey Fds STIGradeAdml 10.99 ... 4.4 TgtRetInc 14.70 -0.02 5.8 CorePlusBdIS 12.46 -0.03 6.5 P2JW290000-5-B01000-1------XA

B10 | Friday, October 16, 2020 ***** THE WALL STREET JOURNAL. MARKETS Stocks Fall as Jobs Data Worsen China’s Bond Sale BY WILL HORNER Indexperformance, Thursday 2016,thereisalot of hesitation largerrelief package. AND KAREN LANGLEY to pricethingsin.” Among individual stocks, DowJones London became the latest shares of Walgreens BootsAl- Draws In Stocks dropped as tightening Industrial Average European capital to tighten liance rose $1.73,or4.8%, to coronavirus lockdowns in Eu- lockdown measures,with re- $37.64after the drugstore rope and aweakening jobs pic- S&P500 strictions set to come intoforce chain reported stronger-than- $6 Billion tureinthe U.S. cast ashadow Shanghai this weekend. On Wednesday, expected earnings. on markets. Composite Francedeclared astate of Shares of United Airlines BY FRANCES YOON Major indexesrecorded a emergencyand imposed a Holdings fell $1.36,or3.8%, to thirdconsecutiveday of de- Nasdaq Composite nightly curfew forthe Paris re- $34.25 afterthe airline re- China raised $6 billion with clines as investorspulled back gion and eight other metropoli- ported aquarterly lossof$1.8 itslatestinternational bond from the big Nikkei 225 tanareas acrossthe country. billion and said it is preparing sale, matching arecordset THURSDAY’S technology Thenew measures threat- to ride out along downturn in last year,ahead of economic MARKETS stocks that Hang Seng Index ened to imperil Europe’sfragile air travel. datathat is likely to show have helped recovery,said Altaf Kassam, Theyield on the 10-year growth is recovering toward propel the market this year. Stoxx Europe 600 EMEA head of investment Treasurynoteedged up to pre-pandemic levels. TheS&P 500 fell 5.33 points, strategyand research at State 0.730% from 0.721% Wednesday. Despiteheightened tensions or 0.2%, to 3483.34, dragged -2.5% -2 -1.5 -1 -0.5 0 Street Global Advisors. Thedollar rose,with the WSJ with the U.S.,this wasChina’s lowerbythe health- care,com- Source:FactSet “Wehavedone the easy bit Dollar Indexincreasing 0.4%. firstbond sale in recent years munication-services and tech- of theeconomic recovery,the At middayFridayinTokyo, targeted partly nologysectors. TheDow Jones has gone from alot of opti- ward,it’sjust not in afast initial rebound. Nowwehave the Nikkei wasup0.1%. U.S. CREDIT at investorsin Industrial Averageedged down mism to alot of pessimism,” enough manner to appease all gottodothe hardyards of get- stock futures were up 0.3%. MARKETS America. U.S. 19.80points, or 0.1%, to said JimMcCormick,global investors.” ting economies back to where buyerssnapped 28494.20.The tech-heavy Nas- head of desk strategyat Marketsalso reflect inves- they were beforelockdown, be- up large chunks of the four- daq Compositedropped 54.86 Natwest Markets. “And we are tors’reluctancetomakeany fore Covid,” said Mr.Kassam. AUCTION RESULTS part deal, including 47%ofa Here are the results of Thursday's Treasury auctions. points, or 0.5%, to 11713.87. seeing setbacks on thevaccine large betsuntil afterthe elec- The deadlock between the All bids are awarded at a single price at the market- $500 million offering of 30- clearing yield. Rates are determined by the difference Thepullback followedlosses and ageneral pessimism about tion, when the risk of contested WhiteHouse and Congress over between that price and the face value. year debt, according to one of overseas,with the pan-conti- the worsening Covid situation resultshas been eliminated, anyadditional government the banks that handled the sale. FOUR-WEEK BILLS nental StoxxEurope 600 down in Europe.” said Mr.McCormick. spending appeared to become Applications $101,658,281,800 Economic indicatorslikere- 2.1% as governmentshurried to Fresh dataThursdaysug- Former Vice President Joe more entrenched Wednesday. Accepted bids $32,892,222,300 tail sales and export datashow impose lockdown measures to gested that persistent layoffs Biden holds an 11-point lead TreasurySecretarySteven " noncompetitively $861,373,800 China is shaking off the effects " foreign noncompetitively $568,000,000 halt the spread of Covid-19.In areholding back the economic over President Trump with less Mnuchin playeddownthe Auction price (rate) 99.993000 of the pandemic.Gross domes- Asia, Hong Kong’sHang Seng recovery.New applications for than three weeks to go before chances of apre-election break- (0.090%) tic product figures due Mon- Coupon equivalent 0.091% retreated 2.1%. TheAsian unemployment benefits rose Election Day, according to the through and House Speaker Bids at clearing yield accepted 21.71% dayare likely to showgrowth benchmark wasup0.8%early last week to the highest level latest Wall Street Journal/NBC NancyPelosi (D., Calif.,) said Cusip number 9127964S5 rose to 5.3% from ayear ear- The bills, dated Oct. 20, 2020, mature on Nov. 17, Friday. sincelateAugust, with claims News poll. DespiteMr. Biden’s major disagreementshad yetto 2020. lier in the thirdquarter,ac- Uncertainty surrounding the increasing to 898,000. lead,uncertainty about asur- be resolved. cording to economists polled coming elections and the on- “This has been one of the prise on election night keeps On Thursday, therewas a EIGHT-WEEK BILLS by TheWall Street Journal. Applications $115,794,213,600 again, off-againstimulus talks biggest flies in the ointment, if investorscautious. sign that progresscould be Accepted bids $38,373,909,600 That is up from 3.2% aquarter as well as risks of asecond youwill, about the economic “Weare in this holding pat- possible in one area of negotia- " noncompetitively $209,645,400 earlier and approaching the " foreign noncompetitively $529,000,000 wave of coronavirus infections recovery that we’veseen,” said tern whereIthink the market tions,with Mr.Mnuchin saying Auction price (rate) 99.985222 6.1% rate for2019. have leftmanyinvestorssitting Jeff Schulze, investment strate- is realizing the Democratic the administration waspre- (0.095%) China’sMinistryofFinance on the sidelines. gist at ClearBridgeInvest- sweep is becoming morelikely,” pared to meet Democrats’ de- Coupon equivalent 0.096% said in adeal document the Bids at clearing yield accepted 9.12% “The back andforth on the ments. “The labor market is Mr.McCormick said. “But be- mands foranational coronavi- Cusip number 9127965C9 countrywas “exhibiting re- pre-election stimulus program still continuing to movefor- cause of the experiences of rus-testing strategyaspart of a The bills, dated Oct. 20, 2020, mature on Dec. 15, 2020. storativegrowthand asteady recovery.” This month the Interna- tional MonetaryFund said Europe’s Covid Lockdowns Dim Fuel Outlook China will be the only major economytogrowthis year,ex- panding 1.9%. BY JOE WALLACE Europe wasabout 10% lower Thedeal drew astrong re- AND WILL HORNER in the thirdquarter than a ception from institutional in- year before, the International vestors, said Samuel Fischer, New coronavirus lockdown Energy Agencysaid this week. head of China onshoredebt measures in Europe dragged Corporatedebt also sold off capital marketsatDeutsche the region’sstocks lower in Europe and the U.S. on Bank. It wasaided by the IMF’s Thursdayand threatened to Thursday. In the credit deriva- upgraded forecast, aChinese hamper fuel demand, reignit- tives markets, the cost of pro- stockrally and improving con- ing worries about slowing eco- tecting European investment- sumption data, he said. nomic growth around the grade bonds against default Central banks in the U.S. world. over thenextfiveyearsrose and elsewherecut interest TheStoxxEurope 600 index to nearly €57,000 annually per ratesand bought hugequanti- fell 2.1%, a third straight loss €10 million of bonds.That is ties of government debt, help- forthe pan-European gauge up from just over €53,000 an- ing push sovereign bond yields and itsbiggest daily drop nually at Wednesday’sclose, to very lowornegativelevels. sinceSept. 21. according to IHS Markit. That boostedthe appeal of COMMODITIES Shares in ma- Oilprices areparticularly slightly higher-yielding debt jor oil compa- sensitivetothe outlook for sold by emerging countries. nies RoyalDutch Shell PLC, economic growth thanks to China’sfour-part deal in- BP PLCand Eni SpAposted the fuel’suse in transporta- cluded bondsdue in three, some of the biggest losses. tion,trade and industry. De- Brent-crude futures,the mand is recovering apacein

global benchmark of oil prices, S Asia, but has stalled in the The country’s first ended the daydown0.4%at West partly because of the re- PRES $43.16 abarrel, afterearlier surgence of Covid-19. debt sale in years falling as much as 4.1%. Rising UMA Some of the world’sbiggest /Z was targeted partly coronavirus cases in the U.S. oil tradersexpect global de- and deadlocked negotiations CHIU mand will remain well below at U.S. investors.

over economic stimulus have RINGO pre-coronavirus levels at least kept oil prices in a tight trad- Some oil traders expect global demand will remain below pre-coronavirus levels for the next six months. forthe next six months.Global ing range recently. U.S. crude demand will fall 5-6% from futures closed down 0.2% at thoritieswrestled ameasure pinch demand forfuels used in people to stop mixing with last year’s levels through the five, 10 and 30 years, accord- $40.96 a barrel, paring much of control over the spread of transportation and industry. otherhouseholds indoors. winter beforepicking up in the ing to aterm sheet. Theshort- of their drop aftergovernment the novel coronavirus by im- “European oil demand had Health SecretaryMattHan- second quarter if the virus be- est dated was priced to yield datashoweddomestic stock- posing some of theWestern been recovering and the con- cock said infections in the gins to abate, said Russell 0.25 percentagepoint over piles fell more than expected world’s toughest restrictions, cern isn’t just about Europe, British capital were doubling Hardy, chief executiveofVitol corresponding U.S. Treasurys, last week. cases are once again soaring. it’sabout whether this is go- every10days.Franceon Group,atanindustryevent while the bond due in 2050 of- U.S. crude has stayed Governments have responded ing to spread around the Wednesdaydeclared astate of Thursday. feredanextrayield of 0.8per- around $40 in recent months, in recent days with curbs on world again,” said Phil Flynn, emergencyand imposed a “It’sgoing to be abumpy centage point. with tradersconcerned that travel and leisure designed to senior energy analyst at Price nightly curfew forthe Paris ride,” Mr.Hardy said. “It’sgo- China has solid investment- demand will stagnate moving suppress a second wave. Futures Group.“Thereare region and eight other metro- ingtobetrickyoverthe com- grade credit ratings, with an forward. Therestrictions areafar growing concerns about per- politan areas acrossthe coun- ing winter in the Northern A-plus grade from S&P Global In another sign of concern cryfromthe full lockdowns manent demand destruction.” try. Hemisphere. There’sobviously Ratings and an equivalent A1 about the European economic that brought entiresectorsto TheU.K.government on Thelockdowns stand to re- still a lot of virus around from Moody’s InvestorsSer- outlook,the dollar rose Thurs- astandstill this spring.Still, Thursdaysaid London would duce gasoline, diesel and jet- which is allowing…some reduc- vice. Those ratings are in line day and advanced against the investorsand traderssaid they be put on level two of the fuel consumption in the com- tion in that demand recovery.” with Japan’s. euroand British pound. threaten to tap the brakes on country’s three-tier alert sys- ing months,tradersand —Amrith Ramkumar Thecost of insuring China’s Months afterEuropean au- Europe’seconomic revival and tem from Saturday, requiring analystssaid. Oil demand in contributed to this article. dollar debtsagainst default, as measured by credit default swaps,has fallen in recent years, showing investor con- European BanksLureDebtBuyersas Shares Stall cerns about China’screditwor- thinesshavewaned. It now costslessthan $40,000 ayear BY ANNA HIRTENSTEIN that are“pretty much lower as an opportunity,despite Euro-denominated Eurozone bank stocks vs. to insure$10 million of Chinese than anything we’veseen in those economies being among bank-bond spreads* the broader market, debt against default forfive Bond investorsare signal- the past decade. There’s a lot the hardest-hit in Europe by change overthe pastyear years, Refinitiv data shows. ingconfidenceinEuropean of stress priced in.” the pandemic.“We think after Asia has been one of the banks even as their share But European banks arein doingour ownstresstests[the 4 percentagepoints 20% best-performing regions this prices languish. good financial health as mea- banks] will be able to weather year forinvestorsindollar-de- Subordinatedbonds That is because the Euro- suredbyother metrics that thestorm,” he said. 3 0 EuroStoxx nominated sovereign bonds, pean CentralBank has pro- makebondholdersmoreopti- CaixaBank and Bankia are said Alan Siow, fixed-income videdthe banks with more mistic.Based on ameasureof seen as particularly appealing portfolio manager at Ninety than €1.5trillion, equivalent to capital abovewhat regulators as they areabout to merge, 2 –20 One. Mr.Siowsaid this was about $1.8trillion, in cheap require, they all have better which is expected to thanks in part to the way loans,bolstering their balance solvencythan last year,accord- strengthen their balance China and itsneighbors“have sheets, even as theECB’sneg- ing to analystsatABN Amro. sheets further, analysts said. 1 –40 dealt with the economic and ative interest-ratepolicyhas “Capital bufferslook solid,” Demand forbank debt is health impacts of Covid-19.” Senior bonds made it harder forthem to meaning that banks canab- likely to be boosted because it EuroStoxx Banks This is the fourth year in a turn a profit. sorb credit losses if need be, isn’t eligible forthe central 0 –60 row that China has raised bil- While their shares have said JanWillem de Moor,a bank’s bond-buying program. Feb. 2020 Oct. Jan. 2020 Oct. lions of dollarswith an au- been underperforming the fixed-income portfolio man- It is another example of inves- tumn sale of international market, the yields on their ager at Robeco. tors being pushed intoother Eurozone banks’ solvency ratios†, Eurozone bonds. Thenew bonds were bonds have been edging down, This is creating adiver- corners of the credit market, change from fourth-quarter2019 Swiss sold in both a144a format, even for riskier debt. The ad- genceintheir stocks and as theECB vacuums up gov- which allows debt to be sold ditional cost of debt forbanks bonds,which highlightsthe ernment bonds and invest- UniCredit 1.9 pct. pts. to investorsinthe U.S.,aswell compared with Treasurys dur- unusual way coronavirus relief ment-grade corporate debt. ING 1.7 as underthe lessonerous Reg- ing the thirdquarter tightened measures arefeeding through Bankdebt investorsare Intesa Sanpaolo 1.6 ulation-S framework forinter- 0.3percentagepoint and have to the banks. also buying European institu- BNP Paribas 1.0 national debt sales. continued to decline in Octo- Shareholdersare concerned tions’ riskierbonds,such as BancoSantander 1.0 China hasn’t used the 144a ber,according to an ICE index. about profitability and growth junior or subordinated securi- Deutsche Bank 0.8 format in anyprevious dollar- Bond yields and prices move prospects. TheECB’sdemand ties whereholdersare typi- SocieteGenerale 0.6 bond sale since 1996, accord- in opposite directions. that lendersfreezedividends cally second or thirdinline to ing to Dealogic. Commerzbank 0.5 European bank stocks “cur- and sharebuybacks has made claims.The yield on such debt Chinaworked on the deal Credit Suisse rently have valuations that are their stocks lessprofitable, issued by Société Générale, –0.3 with 13 banks,including units brutal, just brutal,” said while protecting the capital Raiffeisen Bank and Ra- –0.5 UBSGroup of Bank of America Corp., Philipp Lisibach,head of cushions that bond buyerslike. bobank that matures in 2023 *Shows options-adjustedspreads, or howmuch interest overTreasurysbankspay to borrow Citigroup Inc., Goldman global equity strategyat Mr.Willem de Moor sees all tightened by over athirdin †Compares the excess capital above CET1regulatory requirement, nowvsQ42019 Sachs Group Inc.and JPMor- Credit Suisse.They’reatlevels Spanish and Italian bank bonds the last quarter. Sources: ICE (spreads); FactSet (performance); ABN Amro(ratios) gan Chase & Co. P2JW290000-0-B01100-1------XA

THE WALL STREET JOURNAL. Friday, October 16, 2020 | B11

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B12 | Friday, October 16, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Covid-19 Stocks and Bonds Shakes Up Imply Cash Isn’t Trash World Stock valuations are incredibly Yield on U.S. 10-yearTreasury high, but the long-term Treasurys 6% Of Plastics S that investors typically use to

NEW safeguard their portfolios are G shockingly expensive. Under these 5 circumstances, the better hedge

Pandemic blunts OOMBER might be old-fashioned cash. 4 U.S. companies’ edge /BL Almost any way you look at ANT them, stocks seem quite expensive. The S&P 500 trades at about 22 3 MORD Theshale boom wasabonanza times its expected earnings over

forAmerican plastic producerstoo. ANGUS the next year, its richest forward 2 Abusinessthat had been struggling Loweroil prices brought down the cost of non-U.S.companies’ feedstock price/earnings ratio since the dot- became world-beating as cheap and choked offexcessgas co-produced from oil wells in the Permian Basin. com bubble. Against its inflation- natural gasgaveitanedgeover adjusted earnings over the past 1 competitorsacrossthe Atlantic and Commodity-priceperformance intoaccount transportation coststo decade—the valuation method Pacific.But the coronavirus pan- overthe pastthree months the importing countries. popularized by economist Robert 0 demic has leveled the playing field. This narrowing has already made Shiller—it is similarly expensive. In the past 10 years, U.S.-based 80% adent in U.S. producers’ income. Other yardsticks, such as the over- 2007 ’10 ’15 ’20 petrochemical companies Westlake Natural gas Houston-based WestlakeChemical all value of U.S. stocks in compari- Source:TullettPrebon Chemical and LyondellBasell In- 60 said itsnet income declined by son to gross domestic product, tell dustries have roughly tripled and $104 million in itssecond quarter a similar story. plenty of downside. Consider a sit- doubled in value,respectively,along- compared with ayear earlier partly No valuation method is perfect uation where next year a massive side the fracking revolution. Asian 40 because of the drop in oil prices. of course, but when so many of stimulus plan is enacted and a vac- producerssuch as Sinopec Shang- The new pricing dynamics could them point in the same direction it cine against the new coronavirus hai and LotteChemical fell in value. 20 be one reason to take a look at is a reason for caution. Indeed, becomes widely available, the Acollapse in oil prices had a Asian petrochemical companies, about the only way to argue that combination of which makes the dual effect, bringing down the cost which have seen low valuations in stocks aren’t significantly over- economy really hum, while the of non-U.S.companies’ feedstock 0 recent years. According to Morgan valued is to compare them to long- Federal Reserve steadfastly keeps while choking off excess gasco-pro- Stanley estimates, Lotte Chemical, term Treasurys. The 10-year Trea- short-term rates near zero. If that duced from oil wells in the Permian Brentcrude oil Sinopec Shanghai and Mitsui sury note yields just 0.73%, putting pushed the yield on the 10-year to Basin and oftensold forpennies. –20 Chemicals all trade below 10 it near its lowest levels in history. 2.5%, the 10-year note would lose Natural-gas prices are25% higher Aug. 2020 Sept. Oct. times expected 2021 earnings. Ly- Against that, the low earnings about 16% of its value. than wherethey were at thebegin- Note:Continuous contracts ondellBasell, Dow and Westlake all yield on stocks (the inverse of the Short-term Treasurys don’t ning of the year,and manyanalysts Source:FactSet trade above that—with Westlake price/earnings yield, 4.5% on a for- carryanything likethose down- predict the rally will be sticky, while at 35 times. ward basis) doesn’t seem so bad. side risks,and their yields aren’t oil prices aredown35% and recov- and Europe. Right now, however, it None of this is to saythe future Whether stocks really are inex- substantially lowerthan their eryisexpected to be slow. This is a “pretty flat curve,” she said. forU.S.petrochemical producers pensive in comparison with long- long-term counterparts—the saps away the advantageU.S.-based In an early October call discuss- looks bleak.Demand has been rela- term Treasurys is an open ques- three-month bill’sis0.1%. Anum- producersrelied on when they built ing ajoint venturewith Sasol,Lyon- tively resilient this year thanks to tion, especially because the low- ber of high-yield savingsaccounts newpetrochemical plants. dellBasell Chief ExecutiveOfficer packaging and hygiene demand. inflation, low-growth environment have interest ratesthat approach Jennifer Van Dinter, global head Bhavesh Patelsaid the oil-to-gas Polyethylene producersacrossthe that Treasury yields are predicated or exceed the yield on the 10- of natural-gas liquids and petro- feedstock advantageisunlikely to boardhavebeen able to push on calls into question the strength year note. chemical analytics at S&P Global return to its2014heydaywhen through four consecutivepricein- of future earnings growth. When investors turn to cash, it Platts, said there is typically a dis- Brent crude-oil prices per barrel creases between June to September, One thing that seems clear, is usually because market losses tinct “cost curve” when it comes were about 40 to 50 times the price according to aresearch notefrom however, is that as an investment, have made them deeply worried, to the cost of producing ethylene, of HenryHub natural gasper mil- Citi. And industryanalystssay new Treasurys don’t have much room leading them to miss out on gains a petrochemical that is widely lion British thermal units. Theratio petrochemical capacity additions left for upside. If worries about made in the subsequent recovery. used for consumer goods such as is likely to hover around the 20s peaked in 2020,relieving some pres- the economy became severe But now, when both stocks and packaging. U.S. and Middle East- mark “veryconsistently,” according surethat had been weighing on the enough to send the 10-year’s yield long-term Treasurys seem awfully based producers, which use natu- to Mr.Patel.Evenwhen the absolute industry’sprofitability as awhole. down to zero, for example, its expensive, a bit of cash might pro- ral gas liquids-based feedstock, priceofproduction is still cheaper There is a great future in plas- market value would rise by only vide them with a margin of safety, tend to be cheaper than oil- or forU.S.and Middle East-produced tics—and not just on this conti- about 7%. and an easier night’s sleep to boot. naphtha-based producers in Asia petrochemicals,one has to also take nent. —Jinjoo Lee In contrast, there could be —Justin Lahart

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HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, October 16, 2020 | M1 AMidcentury Modern Star

One of architect Richard Neutra’s best-known designs and one of the most important Modernist homes in Palm Springs, a city famous for Modernist architecture, is coming on the market

$25 MILLION 3,200 sq. ft., carefully restored, five bedrooms, open-air covered patio,

pool, pool pavilion (2) MON LO SO N DA Built in 1946 on the edge of Palm Springs, the low-slung, glass, steel and stone property is cruciform in shape, anchored in the center by the living and dining room. Separate wings branch out from the center, each with their own separate function: One is home to the guest quarters, another is home to the service wing and one comprises the main bedroom suite.

BY KATHERINE CLARKE

tisone of architect Richard Neutra’sbest-known homes,a 1946 Modernist glass, steel and stone house on the edgeof IPalm Springs, Calif.The low- slung house wasimmortalized by sev- eral important photographers, includ- ing Slim Aarons,whose popular 1970 photograph “Poolside Gossip” features two fashionable women lounging by the pool in midriff-baring outfits,the house and the silhouette of the desert mountains providing the backdrop. Theimagecan nowbeseen printed on tote bags, lunchboxesand vintage posters. Known as the Kaufmann Desert House, the property, which is named for its original owner, American de- partment-store entrepreneur and ar- chitecture enthusiast Edgar J. Kauf- mann Sr., is coming on the market for $25 million, according to listing agent Gerard Bisignano of Vista So- theby’s International Realty. Thestory of the home provides an insight intothe architecturerivalries and shifting tastes of the day. Mr. awaterfall andhas cantilevered ter- ownpracticein1930. greater feeling of lightnessand open- Kaufmann, who waslooking to build a racesoflocal sandstone.Itisone of “Kaufmann’sson Edgar,Jr.,anar- nessthan Wright had imparted” to winter getaway,originally considered Mr.Wright’sbest-known works. chitect, historian and fond disciple of Fallingwater, writes Thomas S. Hines architect Frank Lloyd Wright, who Eventually though, Mr.Kaufmann Wright’s, wanted his father to engage in the book,“Richard Neutraand the had designed his home in Mill Run, decided on Mr.Neutra, ayounger ar- Wright again to design the newPalm Search forModern Architecture.” Pa.Designed in 1935,that home, chitect known forhis moreModernist Springswinter house,but the senior Thepricetag matches the pedi- known as Fallingwater, is an organic approach. Mr.Neutrahad worked un- Kaufmann, while awarm admirer of gree: Themost expensiveproperty Modern home that sitsdirectly above der Mr.Wright beforestarting his Wright, wanted forthe desert house a PleaseturntopageM8

Newburyport’sLatest Moment in theSun

The Massachusetts seaside city has a robust luxury market, with the average listing for a single-family hitting $1.15 million

BY HANNAH SELINGER $1.7 MILLION “NEWBURYPORT WAS part of my childhood,” said Gina Weishaupt. She and her husband Frank, both 49, moved to the city on the North Shore of Massachusetts in 2018 from nearby Boxford, when they purchased a rare 1891 Victo- rian for $1.7 million on presti- gious High Street. Newburyport factored promi-

nently in Mrs. Weishaupt’sforma- ForLife tiveyears: Her father owned a businessinthe city,her mother

JOURNAL taught at the parochial school, and Mrs. Weishaupt “just always had a REET

ST lovefor Newburyport” and its LL proximity to the water. She grew WA up in neighboring Groveland. THE

R Located38miles from down- FO town Boston, Newburyport, or the

NNOR Clipper City,asitisnicknamed (it Gina and Frank Weishaupt’s 1891 Victorian home on CO

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M2 | Friday, October 16, 2020 THE WALL STREET JOURNAL. MANSION

Total cost: $120,000 (5)

The casita features exposed concrete walls inside and out. Above, JOURNAL Michelle Lee, right, followed by her children, Emily and J.R. Wallingford. REET ST LL WA THE R FO MIKLER Y AM

INSIDE STORY ATexas Two‑Step: Home and Casita

Interior woodwork: $10,000 An Austin family was hard-pressed to give up their beloved backyard shed, but they gained a multiuse contemporary guest suite and activity space prising benefit of the casita: It can be used as a temporary land- ing pad for friends after breakups BY CHRISTINA POLETTO or for visitors who need a conve- nient spot to work remotely while ustin homeowners in Austin. Michelle Lee, 49, and The casita became indispens- her husband, John able when Covid-19 struck and a Wallingford, 50, and shelter-in-place order was issued. Atheir two children, Mr. Wallingford’s parents, who watched as the finishing touches live in Houston, moved in. were put on their 610-square-foot “It was nice having them close backyard casita in the city’s his- skylight. Sliding doors and glazing by so they wouldn’t have to shop toric Hyde Park neighborhood. for windows and glass cost or make meals,” said Ms. Lee, an The one-bathroom contempo- $10,000. The two-zone HVAC sys- emergency-room doctor. “I ended rary guesthouse came at an added tem was $9,000. Wood framing up not needing it to quarantine. cost: losing the 200-square-foot, for the casita was an additional That was certainly a consideration tin backyard shed with a peaked $20,000. for me. Fortunately, I never be- roof that the family cherished for The casita’s historically de- came sick. But we were com- its classic Texas style and for pro- tailed gable-shaped Corten steel pletely ready for that possibility.” viding crucial storage for bikes, roof evokes the shape of the tin The family has since trans- outdoor gear and other miscella- Ms. Lee of the casita. and concrete. shed that was removed. The metal formed some of the casita’s 150- nea for the active family. The couple bought their origi- The casita’s walls are exposed roof and siding cost about square-foot storage space into a “I loved the look and feel of it,” nal property, on 0.15 acre, for board-formed concrete on the in- $10,000. A high-profile standing home gym featuring a small said Mr. Wallingford, a biology $360,000 in 2003. Currently, side and outside. A specialized in- seam helps keep the frequent climbing wall, rowing machine professor, about the old shed. homes in that area are valued be- terior core of insulation helps reg- heavy rains away from the exte- and weights. It has its own roll-up But the family wanted to create tween $750,000 and $1.5 million, ulate indoor temperatures in a rior wall surface, Mr. Finnell said. door for open-air workouts. a separate space for visiting rela- according to Kumara Wilcoxon of cost-efficient way, mitigating the The structure divides the back- As a homage to Mr. Walling- tives, particularly for Ms. Lee’s Kuper Sotheby’s International Re- effects of Texas summers and yard into a set of smaller culti- ford’s love of the old metal build- parents, who are retired and live alty in Austin. winter cold. The concrete work, vated courtyards, including cen- ing that was torn down, the fam- in San Francisco. The project was To design and build the casita, including slab foundation and tral gathering areas and private ily refers to the gym and storage completed in the fall of 2017. the family turned to Austin-based walls, cost $25,000. spaces. The living space has two area as “the shed.” “Now we say Ultimately,the newbackyard Ravel Architecture. The 460-square-foot guest suite entrances on opposite sides. things like ‘I’ll be working out in spacehad to be multifunctional, al- “Instead of modifying the home in the casita has custom-made Before Covid-19, the casita had the shed,’ ” said Ms. Lee. lowing enough room forstorage, or expanding out, we designed sliding partitions for closing off become a popular go-to spot for In the future, Ms.Lee hopes to enough comfort forthe long-term this jackknife minihouse that the bedroom and bathroom areas. the couple’s two children, J.R., 16, add asmall plungepool, and envi- visitsfromthe grandparentsand could flex with them,” said Alex The main space, Mr. Finnell and Emily, almost 13, to hang out sions the casitaasapossible main enough flexibility to accommodate Finnell, a partner at the firm. said, is like a large custom cabinet with friends, watch movies and living spacefor her and her hus- avariety of overflow activities and The structure, which cost clad in white oak that separates host the occasional sleepover. band. guestsfromthe 2,200-square-foot, $120,000 to build, mirrors the tra- the living area from the bedroom “It’s like an old-time kid’s club- “Our futuredreams might in- five-bedroom, three-bathroom main ditional gabled architectural style area with a galley kitchenette and house, but with Wi-Fi and a big clude renting out the main house family home,just 34 feet away. found in the area but uses more enclosed full bath. The custom in- TV,” said Ms. Lee. “It affords them when the kids aregone.Wewould “We live in a remodeled 1929 modern materials, such as Corten terior woodwork cost $10,000. some privacy while still keeping liveinthe casitapart time and bungalow, so it’s like having a steel, which develops a rusted ap- The kitchen and bath areas re- them close by.” liveout of avan part time as itin- sculpture in the backyard,” said pearance after weathering, glass ceive natural light from a shared The homeowners found a sur- erant climbers.”

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M2B | Friday, October 16, 2020 NY THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. NY Friday, October 16, 2020 | M3 MANSION

PORTFOLIO TheBig Time Buys of a Low‑Profile Billionaire

Entrepreneur Robert J. Pera has spent at least $70 million on real-estate purchases in New York City, in Seattle and on Miami Beach’s Star Island

another LLC tied to Mr.Pera roughly 2,400-square-foot condo bought asiteinthe same neigh- looks out ontothe PugetSound and borhood for$19.95million, records comes with all the amenities of the show. TheHubert Street property Four Seasons hotel attached, in- washome to an unused building cluding avalet, aspa, room service that used to be afreight terminal. and aconcierge,according to the It wasformerly owned by technol- original listing. ogyexecutiveAdam Zoia, who had Many of the purchases are reg- plans foranew house designed by istered to the same Seattle-based Maya Lin, the architect behind the accountancy firm, and most were Vietnam Veterans Memorial in gotten at a significant discount. Washington, D.C. At 56 Leonard, the unit he pur- Mr. Pera’s company ultimately chased came on the market in filed plans for a residence on the 2013 for $29.5 million—he bought site by Seattle architect Eric it for roughly 27% less. The Cobb, which called for a 17,000- lower levels looked like the ram- Tribeca townhouse had been ask- square-foot, 70-foot-high building parts of a medieval fort.” ing as much as $35 million at its made largely of glass and granite. On Miami Beach’sStarIsland, an peak—he paid roughly 43% less. Community Board 1’s Landmarks enclave of roughly 30 homes that The Star Island home had asked

and Preservation Committee ini- has drawnthe likes of Rosie O’Don- as much as $49 million before the JOURNAL Four Seasons, Seattle tially rejected the proposal late nell and Sean “Diddy” Combs,an sale—he paid nearly 49% less. REET

last year, but later approved a LLC tied to Mr.Perapurchased a Todd Michael Glaser, a local de- ST

BY KATHERINE CLARKE both the Hudson and East rivers, modified version, according to home for$25 million last year veloper who has built homes on LL according to the listing.Italso has Bruce Ehrmann, chair of the com- from the family of Lennar Chair- Star Island, said Mr. Pera’s Star WA THE

obert J. Pera, an under- 1,763feet of exterior space. The mittee who had criticized the ini- man Stuart Miller,according to a Island investment is likely already R

the-radar, 42-year-old unit had been initially reserved for tial design as hostile. person familiar with the deal. Mr. paying off. He estimated that FO tech billionaire who Izak Senbahar,one of the build- “The original proposal was in- Pera is currently in the processof property could now be worth as AN SIR

Rowns the NBA’s Mem- AS ing’sdevelopers, according to a tended to shelter whoever was the demolishing the home and building much as $50 million thanks to a phis Grizzlies, has been steadily person familiar with the situation. purchaser from the neighbor- areplacement, the person said. string of recent megawatt deals Y adding real estate to his asset Beforeclosing on the penthouse, hood,” Mr. Ehrmann said. “The That housewill also be designed on the island and increased inter- EMIL portfolio. by Mr.Cobb,ac- est in the area from Northeastern- TH; Over the past four years, the cording to another ers looking to escape high-rise liv- EAR Star Island, Miami youthful founder of wireless person familiar ing during the pandemic. GOOGLE equipment maker Ubiquiti Net- with the plans. Mr.Pera, an engineer,worked at :

works has pieced together acol- Mr.Peraalso Apple and leftin2005.Hemade his LEFT

lection of properties acrossthe owns an apartment fortune as the founder and chief OM TT

country, including at least four for at the Four Seasons executiveofUbiquiti, which manu- BO

acombined roughly $70million. Residences in Seat- factures wirelessdatacommunica- OM He has purchased in some of the tle,which he tion products. Thecompanyhas a FR most expensiveand exclusive bought for$3.03 market capitalization of about $12

buildingsinboth NewYork and millionin2016,re- billion. Mr.Perabought amajority JOURNAL; Seattle,and is building abrand- cordsshow. The stakeinthe Grizzlies in 2012. REET

newmansion on ahighly exclusive ST island in Miami Beach, according LL WA to public recordsand people fa- THE

miliar with his dealings. R Mr. Pera didn’t respond to nu- FO merous requests for comment on REZ VA

his purchases, which were trans- AL acted under a number of different limited-liability companies. KEANE In New York City, an LLC tied ONY to Mr. Pera recently purchased a ANT Hubert Street building site, New York NEW YORK $21.55 million penthouse at 56 PENTHOUSE Leonard Street, records show. The MIDDLE: quirky, cantilevered Herzog & de $21.55 ZUMA; Meuron-designed tower in down- AN/

town Manhattan has attracted a MILLION TM number of financiers and business BOER executives.

Thepenthouse wasthe last of NEW YORK LOT NIKKI the unitsowned by the building’s developer,bringing to aclose a $19.95 CHNEIDER; sales processthat launched in

MILLION BENS September 2008,the same week IN

Lehman Brotherscollapsed, and AM then relaunched yearslater.The BENJ

MIAMI : unit, aroughly 5,250-square-foot LEFT

spread with four bedrooms,has P floor-to-ceiling windows and pan- $25 TO

56 Leonard, New York OM oramic views of Manhattanand MILLION FR

ALL SELLING WITHOUT RESERVE

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M4 | Friday, October 16, 2020 NY THE WALL STREET JOURNAL. PRIVATE PROPERTIES Whimsical Hamptons Home Up for Sale

A Hamptons estate owned by The Pressmans built Phyllis Pressman, the wife of late the home 45 years ago. Barneys New York department store Chairman Fred Pressman, is coming on the market for $52.5 million. The Pressmans built the home about 45 years ago, according to Tim Davis of the Corcoran Group, one of Ms. Pressman’s real-estate agents. The roughly 6,000-square- foot house, which sits on South- ampton’s FOR SALE Meadow Lane, one of the most $52.5 expensive and exclusive en- MILLION claves in the On Meadow Hamptons, has a Lane, wood- kind of fairy- shingled roof, tale look, with a tennis court, wood-shingled pool roof that resem- bles thatching. Thehouse wasdesigned by the architecturefirm Beyer Blinder Belle,which has been involved in therestoration of NewYork City institutions likethe Met Breuer museum and the EmpireState Building,Mr. Davis said. Theinte- riorsweredone by AndréePut- man, aprominent French designer. In contrast to its exterior, which wouldn’t look out of place in the English Cotswolds, the seven-bedroom property has con- temporary interiors. There is a large family room with a dramatic bay of windows. From the entry foyer, a curving staircase leads to the second floor, which has a stu- dio-style open plan living room with an office area, doors opening onto a large terrace and a dining room with a fireplace. A third the founder of Barneys. He died in floor is home to the master suite 1996, and Ms. Pressman now and a circular sitting room and a spends most of her time in Flor- guest room. The property also in- ida and doesn’t use the house cludes a 35-foot pool, a tennis much, Mr. Davis said. She de- court and a two-car garage with a clined to comment. studio apartment. Mr. Davis shares the exclusive The house sits directly on the with Jay Schneider of Jay Schnei- ocean on Meadow Lane, which is der & Partners. home to a number of financiers, —Katherine Clarke celebrities and business titans, re- cords show. Large Montecito, Calif., estate Ms. Pressman’s late husband sells for $63.25 million. M12 was the son of Barney Pressman,

Wood-shingled roof resembles thatching (AERIAL) SEN GNUS MA GEIR (4); OUP GR AN OR RC CO MEDIA/THE RISE

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Compassisalicensed real estate broker and abides by Equal Housing Opportunitylaws. All material presentedherein is intendedfor informational purposesonly.Information is compiled from sourcesdeemed reliable but is subject to errors, omissions, changes in price, condition, sale,orwithdrawal without notice. No statementismade as to the accuracy of anydescription. All measurements andsquarefootages areapproximate. This is notintended to solicit propertyalready listed. Nothing herein shall be construed 29 MeetingHouse Lane,LittleCompton,RI•401-635-8887 as legal, accounting or other professional adviceoutside the realm of real estate brokerage. www.countryandcoastal.com P2JW290000-0-M004A0-1------NS

THE WALL STREET JOURNAL. NY Friday, October 16, 2020 | M4A

SpecialSpecialAdAdvertisingvertising SectionFeature NewJerseyGold Coast TransformingOld Sites Into LUXURY LIVINGSPACES

COURTESY OF ROSELAND RESIDENTIAL TRUST From the apartments of The BLVD Collection, recently updated by Roseland Real Estate and Development Management, residents can enjoythe lights of Manhattan while relaxing on their private pool deck. By JulieBennett omanysparkling high-rises nowline the Hudson Riverin ResidentialTrust,calls “anexcitinglife- Collection, contain atotal of 1,246 resi- style” by designingand buildingsleek, dential units, plus luxuries like24-hour Northern NewJerseythatthe 18-mile stripbetween the Bayonne amenity-rich apartmenttowers likethe concierge services,two fitnesscenters, S 295-unit RiverHouse,surroundedby heatedoutdoorpools and terraces with and GeorgeWashington Bridges is called the Gold Coast. About open space and parks. grills,fireplaces and sundecks, plus cov- an hour’sdrive southisLong Branch, abeachside summer retreatof “Wealsorealizedthe untapped poten- ered garage parking. Studios startat$1,900 tialofHarborside in Jersey City,”Tycher amonth and the largest units,with three celebrities and U.S.presidents thatfell into hardtimes in the late 20th adds,“and createdvibrantdestination bedrooms and three bathrooms,rentin century.Itnow rivals Miami Beach forupscale condo developments. neighborhoodstherethat continue to the $4,000- to $5,000-per-month range. attract new residents from Manhattan “The rooftop is stunningand hastwo and beyond.” Thesetransformations were ledbyvi- in 1981.His dream wastodevelop a privaterooms you canrentfor parties,” sionaries who drew up masterplans for “Venice on the Hudson” on the land mass, ELEGANT LIVING AND ROOFTOP REVELING says Urvi Prunier,who movedintowhat is nowcalledBLVD401 with her boyfriend waterfronthousing decades ago, plus Port Imperial, that nowbears hisname. Besides addingnew high-rises, twoyearsago.“I’dlived in Manhattan for one stubborn manwho boughtabeach- Other developers arrivedand built RoselandResidential Trustupdated 30 years,” she says,“butmyboyfriend’s job frontstrip mall and waited20yearsfor the ashiningneighborhood of high-rise three of its older towers —the Monaco, is on this sideofthe Hudson. We have a neighborhood to improve. residentialand office towers.Roseland Marbella andM2@Marbella —with the two-bedroom,two-bath apartmentwith Amongthe firstofthesereal estate vi- ResidentialTrust,asubsidiaryofMack- latestininterior finishes and amenities, morespace than we could ever find for sionarieswas truckingmagnateArthur Cali, purchased 200 acres of water- says Roseland’svice presidentofprop- this price in Manhattan.” ImperatoreSr. whoboughta2.5-mile strip frontinPortImperial and createdwhat erty management, Juan Lent. The re- of abandonedwaterfrontinWeehawken MarshallB.Tycher, chairman of Roseland brandedbuildings,now calledTheBLVD ContinuedonPageM4F The Wall Street Journal news organization was notinvolved in the creation of this content.

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M4B | Friday, October 16, 2020 NY THE WALL STREET JOURNAL.

SpecialSpecialAdAdvertisingvertising SectionFeature NewJerseyGold Coast

NEW JERSEY: THE GREAT ESCAPE THE LOFTS HUDSON PIER THE VILLAGE ON NINE Leaving the city doesn’t mean giving up luxuryoramenities. NewJersey offers an elegant lifestyle at Nine on the Hudson, eight minutes from Manhattan, or the beach vibe of The Lofts at Pier Village. By JulieBennett ales and leasing agents on NewJersey’sGold Coastand shore laughs,“my wife said she’d never even and occupied, theproject is 80% sold out, date anyone from NewJersey.Now she Betancourtsays. Prices begin at $629,000 report an unexpected benefit from the coronavirus pandemic: loveslivinghere.” for aone-bedroom unit and go up to $2 S million for four bedrooms.Propertytaxes Formanypeople,living in NewJerseysuddenlylooks more SAFETYATTHE SEASIDE arelow,she says,thanks to a30-year tax attractive than Manhattan. LifelongManhattaniteUrviPrunier abatementand other incentives. alsoresisted leaving NewYorkwhen she Manhattan residentRonnyShmoel “Half of oursales since the COVID-19 CHANGE OF HEART AND LOCATION and her boyfriend movedintoBLVD401, is buyingtwo three-bedroom condos in aRoseland Residential Trustapartment pandemic hit have been buyers coming NewresidentDerek Riemenschneider The Lofts,one for his family and the sec- buildinginJersey City, twoyearsago.“But from NewYork,”saysBill Bergin, sales con- says he and his wife,Dr. Angela Yeung, ond as an investment. “Beforethe coro- sultantfor K. HovnanianatPortImperial were livinginaone-bedroom apartment movingtothis side beforethe coronavi- navirus,” he says,“Isaw Long Branchasa Urban Renewal VI LLC, developers of with an office in Manhattan when the city rushit wasperfect timing. Iwas able to closer,moreaccessible vacation property Nine on the Hudson, a13-story waterfront lockeddownand theyhad to work from make oursecond bedroomintoanoffice,” than the Hamptons. Now, if Ididn’t have condominiumbuildinginWestNew York home.“I’minfinance and everyother Prunier says.“And there’ssomuch space responsibilities in the city and adaugh- within Port Imperial. “Historically, 20% daywe’drotate places,workinginthe of- here. Ican go up to the rooftop deck and ter in school there, I’dliketorelocate. to 30% of the people touringour models fice or the livingroom. We knew we want- read outside.Idon’t feel scared the wayI There’s lots of room to work remotely and come from NewYork. And mostare asking ed morespace,with an extrabedroom would have in the city.” ourdaughter is very excitedabout having aboutlargerunits.Our buildinghas 278 for guests,and we startedlookingall over “Since the pandemic started, we’ve abeachdownstairs.I’m sure we’ll spend residencesand 80%ofthemare sold.” Manhattan, Long Islandand parts of New been busierthanever,”saysJane moretime at The Lofts.” “Evenpeople who were aversetocom- Jersey.Werealizedthis area is up and Betancourt, director of salesatTheLofts at Like mostdevelopers,Landsea Homes ingtoNew Jersey getexcitedwhen theysee comingand we could getalot morefor Pier Village in Long Branch.“We’veprob- quickly shiftedtoprovidingvirtual tours of ourparklikesetting, beautiful lobbyand ourmoney.” ably hada25% increaseinbuyers from Avora, its Gold Coastcondominium prop- buildingamenities that include atwo-story Riemenschneider and his wife,apsy- NewYork. Many toldusworkingremotely erty in Port Imperial. Landsea division fitness center and achildren’splayroom,” chologist, selectedathree-bedroom unit hasgiven them the opportunity to escape vice presidentJed Lowrysays, “Wehad Bergin says.Theoutside space features plus aden in Nine on the Hudson and the confines of the city in aluxurious astronginterestfrompeople who were an infinity pool, diningareas and firepits. movedthereinJuly.“We’rewithinwalking home theycan useasaprimary residence spendingalot to rent luxuryapartments Condos startatabout $1 million for aone- distance of the ferry that canget us across or vacation retreat.” in Manhattan and wanted to move up to bedroomand up to $3.5 million for apent- the riverineight minutes,and canwalk to The Lofts is a245-unit oceansidecondo acondominium.Weworkedclosely with house. All have floor-to-ceilingwindows, grocerystoresand restaurants, just as we projectbeingbuilt by ExtellDevelopment buyers to meet theirneedsduringthis upscale cabinets and appliances,and se- did before.” GroupofNew York.Although onlyone time,includingvirtual home tours and lectedunits have large privateterraces. “Beforeshe met me,” Riemenschneider of The Lofts’three buildings is complete closings when needed.”

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Virtual Tours Available, Brokers Welcome ©2020 Landsea Homes. Plans, pricing, product information, squarefootage, amenities and community/building information aresubject to change without notice or obligation. Photographs, renderings, floor plans and virtual tours arefor representational purposes only and may not reflect the exact features or dimensions of your home. Some features and options shown may not be offered in your community/ www.365oceanNJ.com/everyday building. Please see the actual purchase agreement for additional information, disclosures and disclaimers relating to your home and its features. All rights reserved and strictly enforced. This is not an offering whereprohibited by law.Noinformation contained herein shall be deemed to constitute arepresentation or warranty of any kind. Models shown do not reflect racial preference. Please consult a All offerings and prices are subject to change or withdrawal at any time without notice. Subject to errors and omissions. ©2020 Coldwell Banker Realty.All Rights Landsea Homes Sales Counselor for further details. The complete offering terms areinanoffering plan available from Landsea Homes. Reserved. Coldwell Banker Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by asubsidiaryofsubsidiaryofRealogy File R-4774. Obtain acopy of the State of New York CPS-12 application and exhibits prior to purchase. Request File No. CP16-008. Brokerage Group LLC. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC. P2JW290000-0-M004C0-1------NS

THE WALL STREET JOURNAL. NY Friday, October 16, 2020 | M4C

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M4D | Friday, October 16, 2020 NY THE WALL STREET JOURNAL.

SpecialSpecialAdAdvertisingvertising SectionFeature NewJerseyGold Coast Vacationing close to home By JulieBennett OVID-19 upendedthe concept of va- been an amazingexperience,” he says.“If you have cation for millions who believed get- to work from home,you mayaswell work from a tingawayinvolved cruiseships and beach.Thechildren love the ocean andboardwalk plane rides.Now,people areescap- andthe nice parkacrossthe street.And we love Cingeverydaystressbynot goingfar the amenities.Wewatch movies in thebuilding’s at all. screeningroom—aprivate theaterjustfor us.” In February, rightbeforethe pandemic,Steve Other amenities include alarge heatedpooland Gjolanga and his family closed on athree-bed- sundeck, aspa,fitnesscenter,libraryand game NIKOLAS KOENIG room condominium in 365 Ocean on NewJersey’s room,abusiness center with privateoffices and a The residents’drawing room at the AsburyOcean Club provides an elegant retreat northern shoreinLongBranch.Thepropertyis glass-enclosed lounge.Residents canalsouse the and is within walking distance of the lively Jersey ShoretownofAsburyPark. an hour drivefromboth their home in Fort Lee, amenities and services of the Asbury Ocean Club NewJersey,and from the family’sbusiness in Hotel,operatedbySalt Hotels, that occupiesthe Manhattan. “It’samazing,”Gjolanga says,“to be building’sfourthfloor. “The hotel and concierge only an hour away and be on vacation. Oursum- services allowour owners to celebratespecialocca- mer was100 times better,safer,morefun and eas- sions and sharevacations with family and friends,” ier than it could have been.” Stasse points out. “Wehaveafour-year-old boyand he spentall summer at the beach acrossthe street,” he adds. RETIRE TO ARESORT “The buildinghas luxuryappointments,including Asbury Ocean Club,developed by international abeautiful meetingroomand pool. Even when it firmiStar,has 130 residences, includingsix duplex gets colder out, we’ll probably spend mostofour penthouses.Thelargest penthouse, with four bed- time there.” rooms,fourbathrooms and 2,300 squarefeetofout- 365 Ocean,aseven-storyoceanfrontbuilding door rooms,balconies and arooftop terrace with just south of Long Branch’s thrivingshoppingand outdoor kitchen,was listedat$5.9 million this year. diningcenter,was developed by award-winning “Another residence recently sold to someone across Mark Built Homes.David Schoner,vice president the countrywho wanted aplace wheretheycould of Coldwell Banker NewHomes,the property’sex- entertain localfamily duringthe holidays,” Stasse clusivemarketingagency, says that 70% of its 57 says.“Theymade their decision via virtual tours and COURTESY OF AVORA condos aresold. All have at leasttwo bedrooms videocalls.” Youdon’t need city restaurants when you haveachef’s kitchen like this at home. All and twobaths,plus full-sized gourmet kitchens The building’sone-bedroom apartments start the spacious condos in Avora, an 11-storyGold Coast building that overlooks the and privateterraces or balconies.Prices range at $897,000; two-bedrooms startat$1.2 million Hudson, also havespa bathrooms and views of the Manhattan skyline. from the low$900,000s to $2.7 million. “One pent- and three-bedrooms at $1.6 million. Condo owner house, with an enormous balconyfacingright on Boidman says he hasonly one regret:“If I’dknown the ocean,isstillavailable,” Schoner says.“Most the pandemic wasgoingtolastthis long,”hesays, “I buyers arefromNew York and NewJersey using would have boughtalargerunit.” their 365 Ocean condos as asecond or thirdhome.” Yetanother trend is drivingcondo sales alongthe northern shore. “A largerpercentage of ourNew WATCHING FOR SEAGULLS Jersey buyers arecapitalizingonthe desires of city- The 17-story Asbury Ocean Club in nearby dwellers to move to large suburban homes,”says Asbury Park is alsodrawing buyers from NewYork Jane Betancourt, sales director at The Lofts at Pier City and nearby NewJersey communities,says Village in Long Branch.“It’s aperfect opportunity Jodi Stasse,senior managingdirector of Corcoran for empty nestersto‘right-size’bybuying aresort- Sunshine,the building’ssales and marketingteam. stylepropertyatthe beach.” “Buyers arelooking for adrivable escape,”Stasse Retired executiveGerardCriscuolo hadsold his says,“aprivate residence nearthe ocean that they large houseinWestLongBranch and movedinto canlockand leave when it’s time to return to their aone-bedroom unit at The Lofts in February. “This primaryhomes.” place haseverything,”Criscuolo says,“apool, fitness MARK BUILT HOMES Investmentbanker Mark Boidman, of ShortHills, center,high-end appliances,evenadog-washing 365 Ocean in Long Branch, developed by Mark Built Homes and marketed by CB New NewJersey,closed on atwo-bedroom unit in June station. Inever pictured myself doingthis,but I’m Homes, is so comfortable, some vacation homebuyers don’t ever want to leave. and movedinwith his children, ages 8and 11. “It’s livinginaresortonthe Jersey Shore.”

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THE WALL STREET JOURNAL. NY Friday, October 16, 2020 | M4E

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M4F | Friday, October 16, 2020 NY THE WALL STREET JOURNAL.

SpecialSpecialAdAdvertisingvertising SectionFeature NewJerseyGold Coast

Enjoyingthe PERKS of NYCwithout livingthere

NEWPORT ASSOCIATES DEVELOPMENT The best viewofManhattan may be from abalcony in The Ellipse, the dramatic 41-storyapartment tower built in the Gold Coast’s Newportneighborhood by the LeFrakand Simon organizations. By JulieBennett ew Jersey Gold Coastdevelopersare attracting NewYork care and aprivate school for kindergarten makesmoresensetoplantaflag and buya through 8th grade students. condo in NewJersey than continue to pay residents by incorporating manyofManhattan’sbestfeatures Gold Coastresidents who work in New high rentsinManhattan.” N York’s financial district mayhaveaneasier Finally, some people liveonthe New within their designs. and faster commute than their Manhattan Jersey Gold Coastbecause theysimply colleagues.Mostneighborhoodshave prefer it.Melissa Ford movedtherefrom “Inthe pastfew years,alot of new con- ered an additional borough.Wehavesuch PATH (rapid transit), busand ferry servic- Houston when her husband, David, was struction herehas amplifiedthe con- an array of options,includingavibrant es that getthem to Wall Street in afew min- transferredtoNew York City. veniences NewYorkers areused to,like restaurant scene,growing retail centers utes.Ortheycan drivethemselves.Most “Atfirst we rented acondo in Hoboken,” walkability. Residents canwalk from their and new hotels.” Gold Coastresidential buildings have their she says,“butwehad to move outand condominiums in quiet neighborhoods ownparkinggarages. find someplace quickly. Because we have alongthe Hudson or to nearbyrestaurants OUTDOOR LIVING FOR ALL AGES alarge dog —his name is Jackson—that or storesand feel safe,thanks to 24/7 se- Gold Coastresidential buildings include VIEWING MANHATTAN FROM ABALCONY wasn’teasy, butwedid find an apart- curityand quietneighborhoods,” says Bill all the amenities developers areofferingin Butthe biggestattraction to NewJersey mentinManhattan and putdownasec- Bergin, sales consultantfor K. Hovnanian high-end apartments and condo complex- maybethe prices.Construction costs less urity deposit.” at Port Imperial Urban Renewal VI LLC, es in Manhattan and Brooklyn, plus several on the west side of the Hudson, allowing “One day, beforeweleft Hoboken, Iwas the developer of Nine on the Hudson, in more. At Avora, alsoinPortImperial on apartments and condos to be larger, yet walkingJackson alongthe Hudson and West NewYorkwithin Port Imperial. the Weehawkenwaterfront, condo owners lessexpensivethanthoseacrossthe river. sawcrews workingonTheEllipseand As in Manhattan, you canevenwalk shareastate-of-the-artfitnesscenter with “Manyofour apartmentresidents were fell in love with it,” she says.TheFords into history. Hamilton Park,justwest saunaand lockerrooms,swimmingpool pricedout of Manhattan,”Lentsays. “We forfeitedtheir deposit and movedintoa of the Newportplanneddevelopment, with cabanas,residents’loungeand co- recently did astudyand discoveredthat our two-bedroom,two-bath apartmentinthe is ahistoric neighborhood of brown- workingspaces.They canalsoenjoyapri- rentsare 35% lowerthanfor comparable LeFrak and Simon Organizations’newest stones,plus afive-acreopenspace with vate landscaped courtyardwith barbecues units in Chelsea.And we have better views.” residentialtower in Newportassoonas fountain gardens. and outdoor dining areas. Taxes, too, areusually lowerfor buildings it opened. “PortImperial doesn’t want to be the Because so many buyers of Gold Coast within redevelopmentzones alongthe Gold “There’sadog-friendly parknearby and nextManhattan,”saysJuan Lent, vice condos areyoung couples who firstrented CoastthaninNew York,includingNine on the neighborhood is one of the safestplaces presidentofpropertymanagementfor apartments there, developments all include the Hudson. “Our property’s20-year tax I’ve ever lived,”she says.“When my moth- RoselandResidential Trust, developer of indoor children’splayrooms and outdoor abatementishugefor first-time homebuy- er-in-lawvisits,she prefers to sit on our luxuryapartmentbuildings,includingThe playgrounds.The600-acreNewportarea ers,” Bergin explains.“Combine that with terrace and look at the city, rather than go BLVD Collection. “But we could be consid- contains apreschool that alsoprovides day the lowest mortgagerates in historyand it thereherself.”

ContinuedfrompageM4A 30-YEAR-OLD PLAN COMES TO LIFE The Port Imperial masterplan alsoincludes sites for UnlikePortImperial, Newportonthe Gold Coastisstill high-endcondos,liketheAvora,constructedbyCalifornia- beingdeveloped by the LeFrak and Simon Organizations, based homebuilder Landsea Homes.The11-story Avora the same families that purchased the 600-acretract just sits rightonthe waterfrontnearthe ferryterminal, making south of Hobokenin1985. The Newportplannedcom- Manhattan “a quick10-minute ride away,” says JedLowry, munity, which is home to over 15,000 residents,consists division vice presidentfor Landsea. of 16 luxurytowers,with moreunder construction. It also Since openingin2018, 75% of Avora’sresidences have includes acres of parksand open spaces,markets,ashop- been sold. Besides professionals from NewYorkCity, buy- pingmall, PATH and lightrail transit stations,aswim- ers include younger couples who hadbeenrentingGold and-fitnessfacility, restaurantsand the Hudson River Coastapartments andnow want apermanenthome in the WaterfrontWalkway. area,Lowry reveals.Prices rangefrom$900,000 for aone- RichardWernick, who hasmanaged the residential bedroomresidence to over $2 million for largerunits and leasingprogram forLeFrak for 12 years, says,“The LeFrak penthouses.All featurechef’s kitchens, designer spabath- Organization and its partner,the Simon Organization, un- rooms and unobstructedviews of the Manhattan skyline. lockedthe potentialofthissite foralarge-scale,mixed-use Avora’soutdoordiningspaces and swimmingpoolalso developmentthat we arestill buildingout three decades sharethat view, while the residents’clubincludesachil- later.” Future projects,hesays, include moreluxuryhigh dren’s playroom, fitnesscenter,co-workingspace and a PHIL KEAN ARCHITECTS rises, anumberofoffice towers andmoreparks,restau- When finished next year,each of the 26 three-storyoceanfront townhouses golf simulator.There’sevenadedicated lifestyle manager rantsand retail stores. of The Reef at Long Branch will include fivebedrooms and baths, sunken who arranges pop-up and virtual activities and events “to “Newportoffers avariety of apartmentfinishes and garages, rooftop decks and their ownprivate elevators. encouragecommunity engagement,”Lowry adds. price points,” he reports, “from studios rentingfor under $2,000 permonth to morethan$7,000 for athree-bedroom apartmentinour newesttower,TheEllipse. Whenyou have that variety, you attract adiverseclientele,fromstudents and first-time workers to families with young children.” The dramatic elliptical shapeofthe 41-story Ellipse wasdesigned by the Miami-based international firm Arquitectonica. “AssoonasweopenedTheEllipsefor leasing, therewas an extremelyhighdemand for its 381 luxuryunits,” Wernicksays, although afew units are still available. MorrisD.Matalon, of Aventura, Florida,had no mas-

SE LL ter plan, buthesays, “Morethan20yearsago,Iknew that C, TF EQ

AN the siteofastrip mall Iowned on Ocean Ave. in Long UA OR LH TH IST Branch would be aperfect place to build oceanfront AR IN OU homes.”Although the siteisnexttothe SevenPresidents TH SING CO EP

MP OceanfrontPark, the elegant homes PresidentUlysses S. AN UB OP Grantand others used as summer retreats hadlongago LI Y, POR CO

AN been razedand Long Branch’s main attraction, apier and TU FFER DM NI amusementpark, hadburnedtothe ground. Matalon TY AK ING .T

ES says he waited patiently andboughtseveral adjacentpar- HE ST

NO cels until alot of new developmenthappenedand Long AT SPON EM

RE Branch startedtolookmorelikeMiamiBeach. ENT SO PR Matalon, his three sons Eli, Samuel and Michael, and .N RI ESE OO SA NT Chris Amato, presidentofCMM Construction, arenow AT FFE PB

IO buildingTheReefatLongBranch.Amatosaysthat the RI NO LO developmentconsists of 26 individual three-storytown- SM CK RW

ADE houses,with fivebedrooms and fivebathrooms.Each unit 17 AR 6V

RA hasatwo-car garage and afourth-level rooftop deck with WH ENT NT

ER privateelevators connectingall four floors.All unitshave IES UR EP

EU panoramic ocean viewsand prices startat$1.9 million. EX RO CEPT RB HI Although occupancywill startinmid-2021, Amato BI AN TED

AS says as soon as he openedsales for the firsteight town- RE BY MA NEW homes,“we hadreservations for seven. Some buyers YB LA

AL, hadowned homes in Long Branch beforeand will make W E this their primaryresidence with asecondaryhome in another partofthe country; others arefromBrooklyn and Manhattan.” YOUR HOMEFOR THEHOLIDAYS Matalon says he is not surprised by the strong interest. “I alwaysbelieved that livinginLongBranch,facingthe LIVE OCEANFRONT,YEAR-ROUND ocean andbeach, would be paradise.” PRICING FROM $1.2M Julie Bennett is afreelance writer specializinginfranchis- 732 8195068ASBURYOCEANCLUB COM ing, smallbusinessand lifestyle issues. P2JW290000-0-M00500-1------NS

THE WALL STREET JOURNAL. NY Friday, October 16, 2020 | M5 MANSION

IN THE TRENCHES | AMY GAMERMAN Who IsThat Masked Agent?

A body-language expert helped a pair of brokers in Beverly Hills navigate the new normal

Have youcome up withaningenious Qworkaround to show homes while observing strict Covid‑19 protocols?

HEATHER T. ROY a body-language expert. I am sin- LEARKA BOSNAK gle and I had met with a couple of matchmakers in L.A. One had her Real-estate agents, clients meet with a body-language Douglas Elliman, Beverly Hills expert—Mark Edgar Stephens. Ms. Bosnak: Heather’s still single, Ms.Bosnak: Heather and Ihave but we love this guy. (2) been working together for15 Ms. Roy: So we called Mark and yearsand we areverycomfort- told him what we were after, and

able doing showings together. we had a two-hour Zoom meeting BAHMANN Then Covid shut everything down. with him and our operations man- We did ashowing and Icame ager, Matthew Ingraham. DOMENIC back completely frustrated,be- Ms. Bosnak: Matthew had gotten cause we were wearing masks. I us “Heather and Learka” masks— felt muzzled. Iwas constantly run- very classy—black with white let- of us would be shouting, “Oh my and makesureyour feet areinthe be careful with is I forget I have ning around saying, “I’msmiling ting along the cheekbone. God, you don’t like it!” He ex- rightplace. Otherwise youare sig- sunglasses on. This is L.A. and we under here!” This businessisall Ms. Roy: Mark said, “Get your plained how much is communi- naling thatyou arenot listening. all have multiple pairs. We wear about rapport,comfort level. masks out, let’s do this.” He had Nowit’sbecome so rote,Idon’t them all the time, they match our cated through eye movement, like Ms. Roy: We’re like, “We need new planned exercises for us. He put a even think about notfacing aclient cute outfits. But if we have masks skills. We need people to know mask on and he was like, “OK, I’m crinkles and stuff like that. when I’mtalking to them. If they and sunglasses on, that becomes what we’re thinking, and we also just seeing this house. How do I Ms.Bosnak: Oneofhis other big arebehind me and ask aquestion, very challenging. Now we have to need to know what they’re think- feel?” And he’d make us tell him tips wastomakesureyour whole Iwill turn around and look at them. take our sunglasses off. ing.” It was almost like we needed what we thought he felt. All three body is working. Face the person Ms. Roy: The thing we’ve had to Ms. Bosnak: Absolutely.

VANESSA WOLF you couldn’t find anything. My food online from this Mexican res- the same time. While I’m calling Real-estate agent dad had sent me the remainder taurant, Sharky’sWoodfired Mexi- my thought was, “Please say yes, Wish Sotheby’s International of his gloves and I had just used canGrill in Studio City. Iwas scroll- please say yes that you still have Realty, Sherman Oaks, Calif. them up. But business was pretty ing down their menu and for gloves for dessert.” And the slow then. I ordered some gloves “dessert” the only thing theyhad woman who answered the phone A lot of the rules were changing online, thinking, “I’m sure they’ll was“abox of gloves.” Iwas like, was like, “Yes, we do!” She was week to week: You’ve got to have be here at some point.” And then “Thatisgenius,” but Ididn’t order so nice. She could probably sense a face covering or a mask, you’ve I get a call from an agent who them because Ihad glovescoming. my frantic energy. got to have gloves, booties and wanted to see a listing in the Val- Iclocked it in my brain though. Isaid, “Perfect! I’ll takeabox of hand sanitizer. In that time pe- ley. Her client was in New York, “Note to self: Sharky’shas gloves.” glovesand an icetea.” They were riod, everyone at a showing had and they wanted to do a Face- And then this agentcalls. on the way,10minutes from the to have gloves. You could get in Time tour. It was, “Can I meet I was nervous that Sharky’s showing. Those gloveslasted trouble—and I’m a rule-follower. you in one hour?” and I said, “Of maybe sold out all their gloves. I about twomonths.Itwas abig The hard thing to get was course.” called them minutes before I had box. gloves. This was in May when Four days before, Ihad ordered to leave, and I’m getting ready at —Edited from interviews

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M6 | Friday, October 16, 2020 THE WALL STREET JOURNAL. MANSION

HOUSE CALL | ELIZABETH MARVEL MARVEL’S MARVELS

What’s “Helstrom” about? The adult children of institu- TheGirlWho tionalized serial killer Victoria Helstrom use supernatural powers to stop bad guys.

Fell to Earth Who do you play? Victoria Helstrom

People would be surprised if The ‘Helstrom’ actress had an active imagination they knew…? I was a Dead- as a child and an early obsession with space head who followed the Grateful Dead on their tours.

hen I was 4, I My parents were amused by my Favorite was convinced I fascination with space. They en- Dead con- was an alien couraged me to write letters to cert? A from another NASA. In turn, NASA sent me warm-up Wplanet. I felt as stickers and pencils and rocket outside if my brain operated differently stuff. I was an odd duck. Monterey, from everyone else’s. My mother, Alo, was a home- Calif., in 1988. Two years later, I had this reve- maker, but her life was volunteer lation that a camera had been in- work. When she worked with Why?  Jerry Garcia, Bob stalled in my head so I could Meals on Wheels, I’d tag along Weir and Phil Lesh played beam images back to my home and sit and talk with people un- acoustic for over an hour. Only planet. The camera was activated able to leave their homes. Even as 50 people were there. by blinking my eyes twice. I even a kid, I was hyperobservant and went so far as to gather flash- sensitive to language and accents. lights from the house, lay down My father, Tom, was president ting in the thirdrow and was of Heyco Metals, a brass overwhelmed. Isaid to myself, and copper rolling company “Whatever that is,Iwant to do it.” in Reading. Interlochen was a feeder school The landscape in Mohn- to Juilliard. My best friend from

ton was beautiful, but we school, Rebecca, was there and GES

weren’t country people. My urged me to apply. So I did and IMA

mother was sophisticated, auditioned. But I nearly was re- ETTY and my parents liked having jected. John Stix, a professor /G parties. I spent a lot of time there, went to bat for me. I was sitting on the floor with Elizabeth Marvel, above, at her home in Brooklyn in 2018 and, left, with an odd one, and he liked that. I SENFELDER

adult guests. her father, Tom, in New York City in 1976. met my husband, actor Bill Camp, MO

My parents were heavy there. TIM smokers, and I was asth- After I graduated, my first job GES; matic. I was always sick as cially Edgar Allan Poe. I lived in ing school in Michigan. was playing Isabella in Shake- IMA a kid. But I wasn’t a loner. I my mind and had an active imagi- I struggled with the feelings I speare’s “Measure for Measure” at ETTY

often had sleepovers. nation. had when my mother sent me Canada’s Stratford Festival in ’92. /G I had a wild fashion My father died when I was 11. away. I tried to channel them to- Today, Bill and I live with our CK sense. I made my own He had a heart attack at 45. I was ward my artistry. I became self- son, Silas, in a two-bedroom MA clothes out of garbage bags extremely close to him, and he conscious and worked hard to as- Brooklyn loft. GAN ME

and duct tape. For whatever was very sweet to me, as odd as I similate in a way I never had I’m over the outer-space thing. ); reason, kids at school was. I felt supported by him. I before. But from time to time, I catch my- TO PHO

thought my eccentricity was couldn’t wait for him to return At 15, I had some trouble obey- self double-blinking out of reflex. Y IL

on our front lawn and line up the cool. All except for two girls, who home each evening from work. ing the rules in school. As a re- —As told to Marc Myers AM lights on either side of me point- beat me up on a regular basis. I His death was extremely hard for sult, I never completed my art (F ing skyward. I was signaling my don’t have memories of being sad, me. My world changed from that portfolio. When I graduated from Elizabeth Marvel, 50, is an actress VEL fellow aliens. just being in this intense, compli- point forward. Interlochen, I was really lost. I best known for her roles on TV’s MAR We lived in Mohnton, Pa., a cated constructed world in my It was just my mother and me had no idea what I was going to “Homeland” and “House of ABETH small town near Reading that was mind. at home. Then, when I was 13, she do. I ended up in London for a lit- Cards,” and in the films “The ELIZ mostly farmland. Our ranch-style My two older brothers were married and moved with her hus- tle while in 1988. Meyerowitz Stories,” “True Grit” : house was set back in the woods out or away at college, so I spent band to Sicily. She sent me to In- There, Isaw Vanessa Redgrave and “Lincoln.” She stars in Hulu’s LEFT where I liked to roam. a lot of time alone reading, espe- terlochen Arts Academy, a board- in “A Touch of the Poet.” Iwas sit- “Helstrom,” which begins today. OM FR

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THE WALL STREET JOURNAL. NY Friday, October 16, 2020 | M6A

HEART OF THE SAG HARBOR VILLAGE -HISTORIC HOME BRIDGEHAMPTON SOUTH PONDFRONT

Introducing the Captain John Hulbert House located at 6Union Streetinthe heart of Historic Sag Harbor Situated on nearly 2acres within agated south-of-the-highway enclave, a6,800 SF,8+bedroom Village.This magnificent 6000 sq. ft. home features afireplaced great room with kitchen. The kitchen was traditional residence sits perched aside Kellis Pond. Formal living room with fireplace,aformal dining masterfully designed and constructedbyfifth generation Ciuffo Custom Cabinetry with ahigh gloss room, adjacent butler's pantry and acustom gourmetkitchen with its own spacious den and breakfast finish and brass accents. Thereisaccented brass shelving from Amuneal as well as aLaCornue stove and room. Second floor boasts awelcoming open recreation room with afull wetbar,wood-burning fireplace, Sub-Zero refrigerator.The great room features French doors overlooking the garden and built-in 16’X36’ billiardareaand an adjacent outside terrace,made of Brazilian Ipe wood. Twoadditional master suites heated gunitepool with bluestone surround. The main levelalso includes aformal living room and dining occupythe second floor; the southern-most with aradiantly-heated solarium tower with awalk-around room with restored Venetian plasterwork, adouble-sided fireplace,and full-service butler’spantry with deck and the northern-most suitewith aprivateterrace and large,accommodating closets. The lower access to awraparound mahogany front porch. Additionally,the 1500 squareftlower levelfeatures two leveloffers afull gym, additional staffbedroom, alower "pool house"areawith stairs to the outside,and additional bedrooms with ashared full bathroom, aseparatehalf bath, aspacious media room with a unfinished areas pre-wired foratheater and wine room. Elevator connects all three levels of living space. fireplace and custom cabinetry. WebID 1164993 $6,495,000 The lakeside grounds offeraninfinity edged pool with spa and waterfall. WebID 1070807$6,995,000

James Giugliano [email protected] James Giugliano [email protected] J.B. Andreassi [email protected] J.B. Andreassi [email protected]

DISTINCTIVE AMAGANSETT RETREAT

In an idyllic location moments from Alberts Landing this distinctivenew construction awaits the ever-discerning connoisseur seeking the unparalleled standardincustom homes. Ahandsome traditional with anuanced flare, Charlie Bordsen’s latest opus joins the marketplace in Amagansett’sstoried Bell EstateEnclave. Nearly 11,000 squarefeetofliving space -8bedroom, 8full and 3half bathroom residence with afully finished lower level. Awash in natural light from exquisitewalls of windows throughout the interior,the home features 5fireplaces, a3-stop elevator,random width whiteoak flooring with a3-coats of satin water base finish, and custom paneling and wainscoting. Acinema with stadium seating and a200+ bottle wine room, and oversized powder room all work to createaneffortless recreational space.Set against the backdrop of the Estategrounds and surrounded by lavish lounge spaces and manicured plantings, the heated gunitesaltwater pool with infinity edge and 2deep end corner seats is an experience in itself.Pool house is equipped with akitchenette, beverage center,inaddition to the half bath, changing room and outdoor cedar shower. WebID 1396425$12,495,000

Christine Grossman [email protected]| James Giugliano [email protected]| ElizabethB.Bowden 484-653-8504 [email protected]

OX PASTURE HISTORICESTATESECTION

Hidden behind privet and an impressivegated entrance,you will find this spectacular new build located The rest of the first floor is comprised of agenerous family room, acustom ebony paneled library with a within SouthamptonVillage’s prime estatesection. Agorgeous 1.8acreparcel with incredibly manicured wetbar and built in floor to ceiling bookshelves, plus ajunior master suitewith custom walk in closets and grounds designed by renowned Landscape ArchitectDean Gomolka. Perfectly positioned along Ox asoaking tub.Second floor is outfitted with four additional en-suitebedrooms, a2room guest suiteand PastureRoad makes an ideal setting forthis immaculate15,352 sq ft home.Custom designed and built agenerous master suitewhich features his/her bathrooms, separatewalk in closets and aprivatecovered with all of the modern amenities in mind. The entry foyeropens intothe formal living room with coffered balcony.Lower levelwhich boasts amassive22seat movie theater! Therealso is afull size gym with a ceilings and an oversized brick hearth fireplace.Entertaining is made seamless with smart technology sauna and steam shower to enjoyplus an additional oversized media room with afull marble bar and that is embedded throughout the home coupled with the grand chefs eat in kitchen, which comes custom sliding doors that open to a17x23ft lower levelterrace.Sunken har-tru tennis court and aheated complete with custom marble countertops, prep areas and high end appliances from Wolf,Subzeroand gunitepool surrounded by beautiful bluestone patio. WebID 1329428$22,750,000 Miele. James Giugliano [email protected]

NESTSEEKERS.COM

All material presented herein is intended for informational purposes only and has been compiledfromsources deemedreliable. Though information is believedtobecorrect, it is presented subject to errors, omissions,changes or withdrawal without notice. ©2020 Nest Seekers International. all rights reserved. Licensed Real EstateBrokerNY, NJ, FL, CA, CT.Nest Seekers International fully supports the principles of the Fair Housing Act And The Equal Opportunity Act.

THE HAMPTONS |NEW YORK |LONDON |BEVERLYHILLS |MIAMI |GREENWICH |PALM BEACH |GOLD COAST, LI |ASIA P2JW290000-0-M006B0-1------NS

M6B | Friday, October 16, 2020 NY THE WALL STREET JOURNAL.

meet WARBURGREALTY'S #1 PRODUCER 2019 ALLISON CHIARAMONTE #19 100+ in NYCand #180 in the U.S. press hits in toplocal, by closed sales volume in national and international REAL Trends' 2020 annual media across digital, print ranking, The Thousand. and broadcast. MBA 38% from Columbia Graduate higher averagesale price School of Business, and a in 2019 than Manhattan BA in Communications market overall. from UPenn.

meet TANIA, ALLI'S PARTNER

Tania I. Friedland is Alli’s close friend and business partner.As native NewYorkers (both sheltering herethroughthe shutdown), they sharedeep community roots and areconsistent topperformers in the local marketplace.Together,Alliand Tania redefine high-touch service and aretrustedbyarobustnetwork of loyalclients and referrals.

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THE WALL STREET JOURNAL. NY/NE Friday, October 16, 2020 | M7 MANSION

A Seaside Renovation: $1 million City’s Moment

ContinuedfrompageM1 nervecenter forthe produc- tion of clipper ships), is en- joying amoment in the sun. Fueling this moment is not only the city’s long- standing accessibility,via multiple highwaysand a commuter rail, but also newercultural touchstones, likeaninfusion of high-end restaurantsand retail, and the recently completed Clip- per City Rail Trail, a3.9-mile walk along defunct railroad tracks,marked by sculptures north, to Portsmouth, N.H., Frank and Gina and interactiveart. New- a coastal town with a simi- Weishauptand buryport has aburgeoning lar look and feel to New- son, Cooper,in urban-suburban feel. buryport, to find a compa- their home, Newburyport’s market is rable market: The median which features more robust than those of price is $416 per square aceiling-high most of its neighbors. In foot, and 122 homes sold fireplace, atwo- the city, 144 single-family March to September, 14 of tone kitchen homes sold between March which were more than $1 island and a Andover, North Andover, The new build mimics some and September, 35 of which million. Still, more homes nautical-theme and Middlesex County. of the city’s late-period were more than $1 million, in Newburyport are selling bedroom. Many of her buyers are Federals, with design de- according to MLS data. at luxury prices. making the move to find a tails such as brick fire- Theaverage priceper “This spring market Williams International. await an ideal property. more urban style of living places, iron door handles squarefoot, according to re- started in June, and it’s on Newburyport’s inventory Many committed buyers, without having to move and wide-plank floors. altor.com, is $400,despite fire,” said Newburyport- shortage isn’t driving buy- like the Weishaupts, feel into a big city. The latest wave of buy- lowinventory(forMay,that based Barb Cullen, real-es- ers away, Ms. Cullen said, that proximity to Newbury- Janet Daisley, 61, and her ers to the luxury arm of the pricewas higher: $411). As tate adviser at Keller Wil- but is encouraging some port isn’t the same as living husband, Tripp Peake, 64, market include empty-nest- of September,the average liams Luxury and Keller buyers to rent while they there. Before moving to the were living in the ers seeking a vibrant list pricefor asingle-family city, the Weishaupts lived a South End of Bos- downtown, said Ms. home in Newburyport was few towns over, in rural ton when they MA Cullen, and up- $1.15 million, compared with Boxford, but craved New- began consid- grading, afflu-

$722,000 in 2016. buryport’s amenities. ering a relo- Atlantic ent Newbury- In nearby Essex, where “[E]verything we did, we cation to the Ocean port ) the price per square foot is were doing in Newbury- North Shore. residents. $460, 33 single-family port,” Mrs. Weishaupt said. Their priori- Addition- (MAP homes sold between March Their new6,000-square- ties included NEWBURYPORT ally, she said, LEE and September, seven of foot home,which recently more square people are relo- ON JAS which exceeded $1 million. underwent a$1million reno- footage from cating from other In Ipswich, roughly 10 vation, has preserved ban- what Boston deliv- areas, such as New (10); miles from Newburyport, nistersand carved fireplaces ered, access to parking York, drawn to Massa-

82 single-family homes— and is a1-mile walk from the and walkability to a down- chusetts’ strong real-estate JOURNAL nine of which were listed city’s brick-paveddowntown, town area. and job markets. REET

for more than $1 million— the result of acitywide “We began to really fo- As a result, the New- ST sold in the same period. 1970s restoration project. cus on Newburyport, be- buryport market hasn’t nec- LL WA One has to go farther Dolores Person, owner/ cause we loved the restau- essarily peaked. “[T]his is a THE

broker of the William rant scene, we loved the whole new level of wealth R Raveis franchise in New- outdoors,” Ms. Daisley said. that has come to our com- FO $1.55 MILLION

buryport, said she sold In March, they bought a munity,” said Ms. Person. “I NNOR CO

homes to people from 3,000-square-foot Newbury- just don’t know if it’s the O’ around Boxford, Topsfield, port home for $1.55 million. top yet.” BOB 1529 ME

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M8 | Friday, October 16, 2020 THE WALL STREET JOURNAL. MANSION

it to Eugene Klein, the lateonetime The house was built in 1946. owner of the SanDiegoChargers. “Clark Gable,Marilyn Monroe,they were all hereinPalm PALM Springs. They came out to SPRINGS the desert because no one MARKET would bother them here.” Thehome has sincecy- 70% cled through multiple increase in ownersoverthe decades, third-quarter including singer BarryMa- sales compared nilow, Mr.Bisignano said. with same Thecurrent owner is quarter last Brent R. Harris,managing year director at Newport Beach, Calif.-based Pacific Invest- ment Management Co.Mr. 14% Harris purchased the Median price property with his then- increase over wifeinthe early 1990s. the same Theresearch and restora- period tion took about five years, according to the agent. Starting in 1993,Marmol Radziner conducted what $13 the agent described as an MILLION “architectural dig” to deter- Current mine the original materials, highest-priced finishes and colorsthat the sale record, home had been built with. set in 2016 Thehouse had undergone yearsofalterations,and the architectspeeled back the lay- erstorevealthe original materials. They then replaced sections of the home using original manufacturers Original owner and craftsmen. They also used ar- The second levelfeatures Midcentury Edgar J. chival research in the Neutraar- an open-air coveredpatio. Kaufmann Sr., chives at the University of Califor- considered nia, LosAngeles and Mr.Shulman’s Modern hiring architect photographs to verifytheir work. Frank Lloyd Theteam used petrographic ContinuedfrompageM1 Wright, who analysis—an investigation of the ever sold in Palm Springswas a had designed chemical and physical featuresofa home owned by the lateenter- his Mill Run, rock sample—todetermine the tainer Bob Hope,which traded for Pa., home. source of the stone used forthe about $13 million in 2016 to inves- That home, house,then persuaded aquarryin torRon Burkle,records show. known as Utah to reopen an old section used Built in 1946,Kaufmann House is Fallingwater, is in the 1940s to securethe original 3,200 squarefeet and is cruciform now one of Mr. sandstone in the same sunset-pink- in shape,anchored in the center by Wright’s best- ish hue to replacesections that had the living and dining rooms. known works. been damaged. Crimped metal trim Separatewingsbranch out from Instead Mr. wasproduced in Kansas on ama- the center,each with their own Kaufmann chine that had previouslybeen out separatefunction, according to Mr. elected to hire of work forabout 50 years. Bisignano.One is home to the Modernist “I think there were many peo- guest quarters, another is home to architect ple who thought we’d lost our the servicewing and one com- Richard Neutra. minds,” said Mr. Marmol. “We prises the main bedroom suite. were re-creating light fixtures Thefive-bedroom house is tured the Modern fantasy.” from the 1940s.” largely on onelevel asidefroman In 1970, Mr.Aarons snapped After completing the restora- open-air coveredpatioonthe sec- “Poolside Gossip,” which became tion, Mr. Harris coaxed Mr. Shul- ond level which Mr.Neutranamed one of his best-known pictures, man out of retirement to take an- “the Gloriette,” from the 12th-cen- according to the book “Slim other set of shots of the house in turyFrench word “gloire” meaning Aarons: Women.” “Was it the big the 1990s, this time in color, ac- “little room.” Mr.Neutrawas also a hair and baremidriffs,the mod cording to the agent. fan of the pool. It wascompleted 1970s outfits,the dramatic view, Mr. Bisignano said his client is beforethe house,and Mr.Neutra or its‘martini Modern’ aesthetic?” selling the property because “he “enjoyedcritiquing the rest of the posited the book. feels like it’s time to pass it on.” construction while splashing and Palm SpringssocialiteNelda The property has since undergone floating in the water,” according to Linsk owned the home at the time yet another restoration, costing Mr.Hines’sbook.The morethan 2- and is in the photo. She recalled an additional $2.5 million, Mr. that yearslater,Mr. Aarons once Bisignano said. asked her whyshe thought the The property is the “crown photograph wassofamous.She jewel,” of the Palm Spring market, The property is a joked, “Slim, it’sbecause I’m in it.” said local agent Jeff Kohl of real- throwback to the early “Those were the good days,” estate brokerage The Agency, who added Ms.Linsk,who lived at the is not involved in the listing. He postwar boom of the late property in the 1970s beforeselling said it is incredibly rare to find a 1940s and to the rise of Modernism on the We st Coast.

acreproperty also includes apool pavilion built by the current owner. The property is a throwback to the early postwar boom of the late 1940s and to the rise of Mod- ernism on the West Coast. “Though manyclientsstill pre- ferred traditional styles,their archi- tects, committedtoModern ideas, A quarry in Utah reopened to championed itscause,” according to replace the original sandstone. areport by the Palm SpringsCity Council on the postwarperiod. In one case,singer Frank Sinatrare- quested aGeorgian Revival-style house foralot he had purchased in the area. His architect E. Stewart Williams instead designed alow- slung Modern house built from stone,stucco and redwood siding, the council report said. Palm Springs soon became a haven for Modernist architects like Mr. Neutra, John Lautner and Albert Frey, thanks to its bright, dry climate, which is well suited for Modernist design, with its flat roofs, shaded verandas and sliding glass. The Kaufmann home has been captured on camera by sev- eral notable photographers, in- cluding Julius Shulman, who shot a well-known picture of the home OM)

at twilight in 1947. The shot, a TT time lapse photo, shows a glow (BO

behind the desert mountains. GES Mrs. Kaufmann helped with the IMA

setup by lying down in the garden ETTY /G

to block the pool light, and a NS

strangeshadowy figure on the grass RO is the family dog,which sneaked AA

intoshot, according to LeoMarmol, SLIM ‘Poolside Gossip,’ managing partner at the architec- (5); one of Slim

tural restoration firm Marmol MON

Aarons’s best- LO Radziner,which worked on aresto- known photos, SO ration of the home in the 1990s.He N

was taken in DA

calls the shot “one of the seminal P:

1970. TO definitions of Modern architecture in California,” noting that “itcap- OM FR P2JW290000-0-M00900-1------NS

THE WALL STREET JOURNAL. NY Friday, October 16, 2020 | M9 MANSION

Research and restoration of the house took five years.

Richard Neutra referred to this patio, above, as ‘the Gloriette,’ from the 12th-century French word ‘gloire’ meaning ‘little room.’ There is also a pool house property with such compelling ar- on the over 2-acre property, below. Palm Springs was a haven for Modernist architects because of its bright, dry climate. chitectural pedigree in such good condition in the area. “It’s in- sane,” he said. An ‘architectural dig’ determined the original materials, Mr.Bisignano noted that the finishes and colors that the home had been built with. property taxesonthe house are about $8,000 ayear,thanks to a historical designation the property wasgranted under the Mills Act, which provides taxbreaks to Cali- fornia ownerswho actively partici- pateinthe restoration and mainte- nanceoftheir historic properties. “This is not just ahome.This is a home that changed howwesee ar- chitecturetoday,” Mr.Marmol said. Mr. Kohl noted that the Palm Springs market has been ex- tremely active over the past few months as buyers from Los Ange- les, San Francisco and San Diego, tired of being holed up in denser areas as a result of the coronavi- rus, fled to the desert to escape the city and play golf and tennis. Before that, the market had been just “plugging along,” he said. Palm Springssales datapoints to aremarkable turnaround in the market this year.Sales in the third quarter skyrocketed by 70%com- pared with the same quarter one year ago, combined with amedian priceincrease of 14%overthe same period, according to datafromThe Agency. Therapid paceofsales has (3) reduced the number of activeprop-

MON erties on the market by 39%. LO

SO “The market has exploded,” Mr. N Kohl said. DA

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M10 | Friday, October 16, 2020 THE WALL STREET JOURNAL. MANSION

INSIDE STORY Listed for $2.9 million TheHouse Of Next Day

A Chicago mansion inspired by the 1930s world’s fair then rebuilt in the 1990s hits the market

BY ANTHONY PALETTA bedroom, 12-bathroom home on South Green Bay Road is on the Chicago heir to a market for $2.9 million. The prop- clothing-manufactur- erty, which has a five-car garage, ing fortune was so in- is on just over 3 acres with 2 ad- spired by the House ditional acres under conservation. Aof Tomorrow in the Owners Gopal N. Bhalala, a doc- city’s 1933-34 Century of Progress tor, and his wife, Rajul Bhalala, an International Exposition that she office manager, asked its architect, George Keck, bought the house The formal dining room has a wall-length garden, above. Below, one of to build her a private residence. in 2004 for $4.9 the many gathering areas in the home with broad views. The house, completed in 1937 million and lived for Irene Kuppenheimer and her there with their husband, Bertram J. Cahn, in Lake four children, Forest, Ill., was unquestionably fu- now grown. Com- turistic. It featured an innovative menting on the solar-heating system, a fireproof listed price, Scott steel frame and elegant modern Newman, princi- lines in an unusual semicircular pal at RNP Real layout. Kuppenheimer, clearly Estate Group, (3)

pleased, dubbed it “the house of which has the S the day after tomorrow.” listing, said, “The TO The current house might be sellers simply re- PHO

called “the house of the day after positioned the HOME

the day after tomorrow.” It was home to account GO 15,411 square feet, 7 bedrooms rebuilt in 1997 by the architec- for the compli- CHICA tural firm Shepherd Partnership, cated times we’re of Milwaukee, for a previous living in.” gild the space. Atiered fountain, abundant even in colder months, Two acres of the property have owner, with interiors by designer The home is on three levels, roughly 40 feet long,onthe main with a wall-length interior garden been deeded to a local conserva- John Regas, of Chicago. with an elevator. The main floor floor has avariety of settingsto that has ficus and other plants. tion group, the Lake Forest Open Only the bones of the house— has multiple social areas—several createasoothing atmosphere. “I just put down a yoga mat Lands Association, so they can’t its steel frame—and the patio tiles of them double-height—and three Thehouse oncedoubled as aHol- and take advantage of the sun- be developed. Many neighbors remain from the original Keck bedrooms. Another three bed- lywood Hills home in aparty light,” says Ms. Bhalala. have done the same, ensuring pas- home. The building’s 1930s mod- rooms and a family room are on scene in the 2019 Netflix series She said decorative exterior de- toral views (and resulting in lower ernism was swapped for volumi- the upper floor. The seventh bed- “Soundtrack.” tails create giant icicles in the taxes), adds Ms. Bhalala. Lake nous marble columns, in-built room is in the basement, along The Bhalalas added paintings winter, adding a natural adorn- Michigan is a half-hour walk away. statuary, chandeliers and a multi- with a second kitchen, a bar and a by Pakistani-American artist Ja- ment. “I would say we’ve experienced tiered fountain. gym. Every bedroom has a walk-in mali to bring in color. Numerous fireplaces combat a lot of serenity,” Ms. Bhalala said There is a certain design conti- closet and bath. Shepherd Partnership retained the chill of the Midwestern win- of the views. nuity between the two iterations The home’s gathering spaces the original home’s placement in ter. Commercial-grade utilities in Lake Forest has long been in the use of glass, although the were planned with furniture relation to the sun. The interior, the home include a powerful home to the wealthy. F. Scott current house has much more of pieces by Mr. Regas. with its walls of glass, is spared HVAC system and heated floors on Fitzgerald wrote in a letter in it, in part because of the addition Theinterior is done in arange direct sun in the summer while al- the upper level. 1940, “Once I thought that Lake of a second story above ground. of pastel shades of Italian marble. lowing a maximum amount of Outdoors, there is a large pool, Forest was the most glamorous The 15,411-square-foot, seven- Chandeliersand other touches light in the winter. Greenery is and a covered-grill and bar area. place in the world. Maybe it was.”

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Cleveland,OH|$6,500,000 SkaneaTeleS,nY|$5,500,000 SHadYSIde, Pa |$4,500,000 ORIenTal,nC|$4,500,000 vIRgInIaBeaCH,va|$4,450,000 Howard Hanna Real estateServices Howard Hanna Real estateServices Howard Hanna Real estateServices allen Tate Realtors Howard Hanna Real estateServices Adam Kaufman —+1216 831 7370 Linda Roche —+1315 685 0111 Nettie Mercer—+1412 417 3132 Judi Margulies —+1919 880 2813 Erin and KarenO’Brien —+1757 575 8768 WeBId: JTMX4 WeBId: WBUH4 WeBId: FOUl4 WeBId: lHII4 WeBId: HkaM4

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ROCkY RIveR, OH |$2,999,000 FOXCHaPel,Pa|$2,790,000 MIddleSeX,nY|$2,700,000 RaleIgH,nC|$2,700,000 kIRTland HIllS,OH|$2,695,000 Howard Hanna Real estateServices Howard Hanna Real estateServices Howard Hanna Real estateServices allen Tate Realtors Howard Hanna Real estateServices Kim Crane —+1440 652 3002 Stephanie Veenis —+1412 551 9117 RichardTesta—+1585 739 3521 Salli Worth—+1919 271 9629 M. Holtcamp/J. Black —+1440 567 1987 WeBId: SZCF4 WeBId: RBaP4 WeBId: lUaM4 WeBId: kPSF4 WeBId: SlQP4

CORnelIUS,nC|$2,599,000 OldTaPPan, nJ |$2,590,000 lakeSIde-MaRBleHead,OH |$2,490,000 ORangeBURg, nY |$2,485,000 UPPeR gRand vIeW,nY|$2,480,000 allen Tate Realtors Howard Hanna |Rand Realty Howard Hanna Real estateServices Howard Hanna |Rand Realty Howard Hanna |Rand Realty AnitaSabates —+1704 562 2515 Attilio Adamo —+1201 264 8305 KenSpero—+1216 990 9422 Peggy&David Connolly —+1845 735 3020 HillaryAppell —+1646 584 0420 WeBId: eJgk4 WeBId: ZaWk4 WeBId: ZaXS4 WeBId: XdFF4 WeBId: XTTS4

MadISOn, nJ |$2,475,000 akROn, OH |$2,450,000 POMFReT,nY|$2,445,000 MOReland HIllS,OH|$2,395,000 vIRgInIaBeaCH,va|$2,250,000 Howard Hanna |Rand Realty Howard Hanna Real estateServices Howard Hanna Real estateServices Howard Hanna Real estateServices Howard Hanna Real estateServices K. Kirkwood/D. Cadmore—+1973 532 5727 JennyFrantz—+1330 329 7220 DebraMeyers—+1716 440 2870 Adam Kaufman —+1216 831 7370 Susie Edmunds —+1757 718 1970 WeBId: YkBO4 WeBId: UCkZ4 WeBId: aCeg4 WeBId: PRTl4 WeBId: WYTI4

HaRRISBURg, Pa |$2,250,000 dOBBSFeRRY, nY |$2,175,000 SHadYSIde, Pa |$2,150,000 COnCORdTOWnSHIP,Pa|$2,100,000 SCaRSdale, nY |$2,064,000 Howard Hanna Real estateServices Howard Hanna |Rand Realty Howard Hanna Real estateServices Howard Hanna Real estateServices Howard Hanna |Rand Realty Christine Farrell —+1717 421 0292 AlfonsoVanacoro—+1914 282 9911 Lori Hummel —+1412 287 1739 Marcia Maher —+1724 584 2894 RichardGutner —+1914 643 1560 WeBId: gISl4 WeBId: kePl4 WeBId: dYla4 WeBId: Rken4 WeBId: lOHO4

MOOReSvIlle,nC|$1,999,999 CHaRlOTTe,nC|$1,999,990 MT.leBanOn,Pa|$1,975,000 gReenSBORO,nC|$1,900,000 MenandS,nY|$1,850,000 allen Tate Realtors allen Tate Realtors Howard Hanna Real estateServices allen Tate Realtors Howard Hanna Real estateServices Bree Appleton —+1704 491 7249 BrentAndy Bovender —+1704 267 6127 Melissa Prunzik —+1412 780 9567 Bill Guill —+1336 549 0410 CathyCooley—+1518 331 8525 WeBId: FdSM4 WeBId: BHeO4 WeBId: JeIJ4 WeBId: lBkR4 WeBId: WdlI4

UPPeR nYaCk, nY |$1,850,000 CHaTHaM TWP.,nJ|$1,749,000 vIRgInIaBeaCH,va|$1,650,000 CHaRleS CITY,va|$1,500,000 CHaRlOTTe,nC|$1,400,000 Howard Hanna |Rand Realty Howard Hanna |Rand Realty Howard Hanna Real estateServices Howard Hanna Real estateServices allen Tate Realtors Nancy Blaker Weber —+1914 263 3403 K. Kirkwood/D. Cadmore—+1973 532 5727 K. Marks/J. Miller —+1757 469 4690 J. Colley/C. Roberts —+1757 254 5292 Lauren Campbell —+1704 579 8333 WeBId: FTHn4 WeBId: FSJg4 WeBId: kgPg4 WeBId: lHvM4 WeBId: SIUS4

LUXURYHOMES FROM

©2020 Luxury Portfolio International® Equal Housing Opportunity.Offering is subject to errors, omissions, change of price, or withdrawal without notice. All information considered reliable; however,ithas been supplied by thirdparties and should not be relied on as accurate or complete. P2JW290000-0-M01200-1018200020C

M12 | Friday, October 16, 2020 THE WALL STREET JOURNAL. PRIVATE PROPERTIES

Big Montecito Originally listed for: $125 million Estate Finally Finds a Buyer

One of the largest residential to Santa Barbara County amid the properties in Montecito, Calif., a pandemic. Actor Rob Lowe and popular haven for the wealthy, his wife, Sheryl Lowe, recently has sold for $63.25 million, about sold their Montecito home for half of its original $125 million $45.5 million, the Journal re- asking price, property ported. records show. SOLD Rancho San Carlos has The roughly 240-acre enormous scale and a property initially came $63.25 host of quirky amenities. on the market in 2014, Built around an interior The Wall Street Journal MILLION courtyard, the main reported. 240 acres, house has an English- 30,000-sq.-ft.

Known as Rancho San style pub accessed MAPS Carlos, the estate in- home, through a hidden door, cludes a roughly 30,000- 10 cottages an underground badmin- GOOGLE square-foot Monterey ton court and a small Colonial-style house with 12 bed- tower accessible from the master bred race horses and dogs on the difficult to maintain. Theproperty Harry Kolb of Sotheby’s Interna- rooms, 10 cottages, a small office suite via an interior staircase, the property. The buyer’s identity hasn’t been used as afull-time tional Realty. Both agents de- building, equestrian facilities, and listing agents said in 2014. couldn’t be determined. residencesinceAnn Jackson died clined to comment. about 100 acres of citrus and avo- The sellers are the family of Jim Jackson, Mr.Jackson’s in 1990,hesaid at the time.He —Katherine Clarke cado orchards. late rancher and property investor grandson, told the Journal in 2014 couldn’t be reached forcomment The property is the latest ma- Charles H. Jackson Jr., and his that the family wasselling be- on the sale.  See more photos of notable jor transaction to close in the wife, Ann Jackson, who bought cause they were spread acrossthe The property was listed by Su- homes at WSJ.com/RealEstate. Montecito area as Angelenos head the land in the 1920s. The couple country, and the property wastoo zanne Perkins of Compass and Email: [email protected]

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THE WALL STREET JOURNAL. Friday, October 16, 2020 | M13

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M14 | Friday, October 16, 2020 THE WALL STREET JOURNAL.

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77 Chestnut Street 8East63rdStreet 220 CentralParkSouth, 36B 64 East7th Street 75 CentralParkWest, PHA $1,975,000 PropertyID|SCTFT5 $29,995,000 PropertyID|PN82CN $26,900,000 PropertyID|SQ2DVC $18,500,000 PropertyID|7MSTP3 $9,400,000 PropertyID|CL24Q3 JuliaBFee.com 8East63rdStreet.com 220CentralParkSouth36B.com SothebysRealty.com SothebysRealty.com Julia BFee Sotheby'sInternational Realty Sotheby'sInternational RealtyEastSide Manhattan Brokerage Sotheby'sInternational RealtyEastSide Manhattan Brokerage Sotheby'sInternational RealtyDowntownManhattan Brokerage Sotheby'sInternational RealtyEastSide Manhattan Brokerage Gia M. Young Louise Beit Louise Beit Debbie Korb KathrynSteinberg Gia.Yo [email protected] +1 914.330.1328 [email protected]+1917.544.5515 [email protected]+1917.544.5515 [email protected]+1917.701.7758 [email protected]+1212.606.7756

NEWYORK, NEWYORK RYE, NEWYORK RYE, NEWYORK BEND,OREGON BEND,OREGON

704Broadway, 4th Floor 22 Seville Avenue 441SterlingRoad 61794Tam McArthur Loop 3337NWShevlin Ridge $7,500,000 PropertyID|YWCF7D $5,200,000 PropertyID| X7KLJG $2,795,000 PropertyID|7YFMBV $3,899,000 PropertyID|XY77C7 $1,695,000 PropertyID|FY62ST 704Broadway4thFloor.com JuliaBFee.com JuliaBFee.com CascadeSothebysRealty.com CascadeSothebysRealty.com Sotheby'sInternational RealtyEastSide Manhattan Brokerage Julia B. FeeSotheby'sInternational Realty Julia B. FeeSotheby'sInternational RealtyRye Cascade Sotheby'sInternational Realty Cascade Sotheby’sInternational Realty Linda M. Maloney|Azad Zubair Loretta Rapisardi Linda Darer |Susan McDonnell DebTebbs |BetseyLittle SandyKohlmoos |John Kohlmoos [email protected]+1917.544.4604 [email protected] +1 914.522.5347 [email protected] +1 914.552.2872 Te [email protected] +1 541.419.4553 [email protected] +1 541.408.4309

GETTYSBURG, PENNSYLVANIA BLUFFTON, SOUTH CAROLINA ISLE OF PALMS,SOUTH CAROLINA LAKE KEOWEE, SOUTH CAROLINA LAKE KEOWEE, SOUTH CAROLINA

236 Irishtown Road, Fairfield 63 Oak Tree Road 3908 Palm Boulevard 104Nine Bark Way 115WoodSageCourt $8,000,000 PropertyID|KTMLK9 $1,500,000 PropertyID|EE99M2 $7,950,000 PropertyID|H842R5 $3,629,500 PropertyID|E4RYF2 $3,399,000 PropertyID|SL7DJS SothebysRealty.com ColletonRiverClub.com 3908PalmBlvd.com SothebysRealty.com SothebysRealty.com TTR &Monument Sotheby'sInternational Realty Celia Dunn Sotheby'sInternational Realty Daniel Ravenel Sotheby'sInternational Realty Justin Winter Sotheby'sInternational Realty Justin Winter Sotheby'sInternational Realty Paul Sudano |Heather Corey Judy Collins Ruthie Ravenel Justin Winter Justin Winter [email protected]+1410.456.8449 [email protected]+1843.836.4451 [email protected]+1843.696.8858 [email protected] +1 864.506.6387 [email protected] +1 864.506.6387

LAKE KEOWEE, SOUTH CAROLINA AUSTIN, TEXAS AUSTIN, TEXAS PARK CITY,UTAH JACKSONHOLE, WYOMING

310EastFort George Way The Four Seasons 30th Floor Penthouse 16219 Flintrock Road 4671 Nelson Court 185North Glenwood $2,899,000 PropertyID|3FZPTG $21,500,000 PropertyID|S6YGDT $4,995,000 PropertyID|HMHJER $2,400,000 PropertyID|5CW35R $3,890,000 PropertyID|2N82D5 SothebysRealty.com TheFourSeasonsPentHouse.com LuxuryResortRanch.com SummitSothebysRealty.com TheGlenwoodJH.com Justin Winter Sotheby'sInternational Realty Kuper Sotheby'sInternational Realty Kuper Sotheby'sInternational Realty Summit Sotheby'sInternational Realty JacksonHole Sotheby'sInternational Realty Justin Winter KumaraWilcoxon KumaraWilcoxon Sheila Hall Bill VanGelder [email protected] +1 864.506.6387 [email protected]+1512.423.5035 [email protected]+1512.423.5035 [email protected]+1435.640.7162 [email protected] +1 307.690.0178

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