P2JW116000-7-A00100-17FFFF5178F

Reopening theU.S. EconomyEvenif ThePandemic Endures REVIEW Flowers to Power WSJ Yo ur Garden THE WALL STREETJOURNAL WEEKEND OFF DUTY

******* SATURDAY/SUNDAY,APRIL 25 -26, 2020 ~VOL. CCLXXV NO.97 WSJ.com HHHH $5.00 AT&T What’s News Chief to Retireat World-Wide TheEnd he FDAsaid two ma- Tlaria drugstouted by Trump and some doctorsfor Of June use against the coronavirus arelinked to heart problems and should only be used on Stankey to take reins hospitalized patientsoras part of clinical trials. A1 from Stephenson just  Health experts and the as new streaming maker of Lysol issued warn- ingsafter Trump speculated service set to launch about using disinfectants inside the body,comments BY DREW FITZGERALD that he later walked back. A6 AT&T Inc. Chief Executive  TheU.S.death toll from

JOURNAL Randall Stephenson said he the coronavirus surpassed would step aside at the end of 50,000 as some states be- REET

ST June, handing leadership of one ganreopening partsoftheir LL of the world’slargest media

economies.Trump signed WA and telecommunications com- stimulus legislation. A5 THE panies to alongtime deputy R

 Esper told Navy officials FO amid the coronavirus pandemic. that he wasn’t ready to sign N Companyveteran John TO off on arecommendation Stankey will succeed Mr. Ste- MEL

to reinstatethe USS Theo- A phenson, whoturned 60 this DR

doreRoosevelt’scaptain. A3 AU week.Mr. Stephenson has A barber worked with a client in Decatur, Ga., on Friday, after the state permitted many businesses to reopen. spent most of his 13 years as  Trump indicated he plans chairman and CEO piecing to- to use acoronavirus-relief gether a modern media busi- lawasleveragetoforce the ness by scooping up DirecTV Postal Servicetoraise rates Big Stores Hold Off Reopening and then Time Warner,remak- forpackagedelivery. A2 ing the telephone company  Online donations to that launched his career. Democratic candidates and He had long been preparing causes dropped off in the As States Ease Restrictions to retireatsome point this latter part of March. A4 year but in October said he would remain in charge  America’sallies have through “at least” 2020 after been reluctant to fill the gap Even as Georgia becomes dersorcurbside pickup. an activist investor challenged leftbythe U.S. decision to the firstinanumber of states By Heather Haddon, Big chains saytheir phased his strategy. Afteratruce was halt funding forthe WHO. A7 settorestart their economies Sarah Nassauer reopening plans will rely on THE brokered, the succession plan-  The pandemic has dealt after coronavirus closures, and Esther Fung stateand local guidelines,along CORONAVIRUS ning proceeded, setting the a blow to the Catholic manybig companies remain with infection rates, their own scene for the 57-year-old Mr. Church’sfinances,threaten- hesitant to open their doors. their doorsclosed. market analysis and consumer PANDEMIC Stankey to take over as CEO ing itscharitable activities. A7 With the reported U.S. death Regardlessofstate orders, surveys. Manylarge retail loca- just as the company’snew toll from the pandemic surpass- Macy’sInc., Gap Inc.and TGI tions aren’t profitable if the streaming service, HBO Max, Business&Finance ing 50,000 on Friday, some Fridays Inc.are among big na- number of shoppers who can Testsmeasureefficacy is slated to launch. states have begun lifting re- tional chains saying they would safely enter is restricted to just of homemade masks, A2 “John will be an outstand- strictions that kept manynon- sit out the early phase of re- ahandful of people,consultants Producing mac and cheese ing CEO forthis company, and  Manynational chains essential businesses closed. In opening,citing health concerns say. at asafedistance, A5 Icouldn’t be moreconfident say they will sit out the Georgia, officials on Fridayal- and uncertain customer demand. Retailers that have opened or pleased in passing him the Warnings about internal use early phase of reopenings lowedbusinessesssuch as bar- Other businesses,including Best areworking to reassureshop- baton,” Mr.Stephenson said of of disinfectants, A6 as states ease restrictions, ber shops,bowling alleysand Buy Co.and Starbucks Corp., pers. Dick’sSporting Goods Inc. his successor in avideo to citing health concerns and gyms to open, although many will also continue in lockdown opened some stores this past Pandemic squeezes Catholic AT&T’s staff. uncertain demand. A1 acrossmorepopulous areas mode,keeping stores closed to week in South Carolina, Iowa, Church finances, A7 Mr.Stankey,likethe man he such as metroAtlantakept shoppersand fulfilling online or- PleaseturntopageA5 PleaseturntopageA12  AT&T chief Stephenson said he would retireatthe end of June,handing leader- ship of the media and tele- Banks Make Weak Fed Partner communications giant to Behind Oil-Price Gyrations, Changes sincethe financial crisis mean banks arelessable to longtime deputy Stankey. A1 move moneythrough the economy, including by lending. B1  Thepandemic is expected to delaythe return of Boeing’s Nonbank lendersdominate $30 billion AFrantic Searchfor Storage 737MAX until at least late consumer loans. summer or early fall, adding to Consumer-loan value the firm’sfinancial strain. B1 Online-only Stranded tankers lurk offshore as refineries close, producers struggle  TheFCC ordered four Other nonbank Chinese state-owned tele- Credit union 20 communications operators BY BENOIT FAUCONAND DAVID HODARI tion system. Oil markets broke down this to explain whyitshouldn’t Bank week as buyers vanished for lack of storage revoke their U.S. licenses. A3 During his daily stroll along Southern Cal- space. At one point, the squeeze was so in-  U.S. stocks rose, with the ifornia’s Seal Beach, film-industry executive tense, sellers with oil at a key U.S. delivery Dowadding 1.1%, but all three Josh Haynie usually sees little but surfers point in Cushing, Okla., were paying buyers 10 major indexeslost ground for and the occasional marine mammal. to take the stuff off their hands. the week aftertwo consecu- These days the vista also includes around Prices have since stabilized a bit and were tiveweeks of big gains. B11 20 oil tankers. trading Friday afternoon at around $16 a He worries the interlopers could collide barrel for the U.S. benchmark. But storage at  Facebook is rolling out with the private yachts that ply these wa- Cushing is on track to be fully in use by mid- anew video-chat feature to ters. “We are not Galveston, Texas,” he says. May, threatening similar price drops if buy- rival Zoom, part of asuite 0 The world may have to get used to oil ers can’t find alternatives. of newofferingsaimed at 2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 turning up in unusual places. An enormous The math is unforgiving. The world nor- homebound users. B3 Source:TransUnion glut of crude sparked by the coronavirus mally produces 100 million barrels of oil a  AmEx morethan tripled pandemic and the resulting collapse in de- day. With much of the industrialized world itsprovision forcredit mand has overwhelmed the global distribu- PleaseturntopageA10 losses and itsCEO said the pandemic weighed on cardholder spending. B3 ForAdultsBunking With Parents, EXCHANGE  Verizon said that the FDA Warns of Danger pandemic slowedits core Pandemic Brings Flashbacks wirelessbusinessinthe iii March quarter. B3 From Virus Treatment Mom and Dad eavesdrop on video calls; BY THOMAS M. BURTON virus,the drugsare oftenused NOONAN ‘like I am at home on summer break’ AND JARED S. HOPKINS with the antibiotic azithromy- WhatComes After cin—a combination that could WASHINGTON—TheFood cause heart problems,apanel The Covid Storm? A15 BY JENNIFER CALFAS with his parents, who areex- and Drug Administration convened by the U.S. National cited to have him. warned that two malaria Institutes of Health has BeforeBradMalone starts “Itfeels likeIamathome drugs touted by President warned. CONTENTS Markets...... B11 Books...... C7-12 Obituaries...... A12 his 9:15 a.m. call forwork each on summer break in middle Trump and some doctorsfor Thousands of Covid-19 pa- Business News...... B3 Opinion...... A13-15 day, his parentsoffer some school,” said Mr.Malone,who treating the new coronavirus tientsworld-wide have signed Design &Decor.D5,8-9 Sports...... A16 wordsofencouragement. afew weeks agodrove about arelinked to serious heart up forstudies exploring Food...... D6-7 Style & Fashion D2-3 “Traffic shouldn’t be too 45 miles from his condo in At- problems and should only be whether antimalaria drugs Gear &Gadgets D11-12 U.S. News...... A2-3 Heard on Street...B12 Weather...... A16 bad,” they quip from the lantatoride out the coronavi- used on hospitalized patients fight off infections of the new kitchen table. ruspandemic with his parents. or as part of clinical trials. coronavirus,according to a The32-year-old nowlogs “Being 32 and under your Thechemically similar Wall Street Journal review of > intowork at the Georgia Tech parents’ roof—it’sstrange,” he drugshydroxychloroquine and aclinical-trial database,and BEER GLUT Athletic Association from the said. chloroquine pose heart- thousands moreare taking the Amillion unsold kegs room in which he grew up Young adultsaround the rhythm dangers, including the pills as part of their treat- posea$1billion playing videogames,athis par- countryhavefled to their par- too-fast heartbeat called ven- ment. ents’ house in Loganville,Ga. ents’ homes amid the pan- tricular tachycardia, the FDA Researchershavedrawn up problem that’srippling s 2020 Dow Jones & Company, Inc. All Rights Reserved Hisdaily commuteconsistsof demic,returning to childhood said. In treating Covid-19, the plans to enroll about 200,000 acrossindustries B1 awalk upstairsafter breakfast PleaseturntopageA10 disease caused by the corona- PleaseturntopageA6 P2JW116000-6-A00200-1------XA

A2 | Saturday/Sunday, April 25 - 26, 2020 ****** THE WALL STREET JOURNAL. U.S. NEWS

THE NUMBERS | By Jo Craven McGinty TestsMeasureHomemade Masks’ Efficacy

Even before Respiratorsare made of Percentage of particles thesizeofthe coronavirus blocked by sures 0.12 micron. paper towels blocked 40% Gov.Andrew nonwovenfabric that’sen- various household materials “It’sextremely small, al- and two coffee filtersblocked Cuomo or- hanced with an electrostatic most 1,000times smaller 10%. In addition, they found dered New charge to trap particles that Furnacefilters* (three 98% than the width of ahuman that three to five layers of a to fivelayers) Yorkers to might otherwise penetrateits hair,” said SergeyGrinshpun, furnacefilter made of elec- covertheir surface. Themasks fittightly Automotivefilters 95 director of the Center for trostatically chargedpolypro- faces in public to prevent the around the nose and mouth Health-Related Aerosol Stud- pylene and polyolefin blocked spread of Covid-19,instruc- and areintended to reduce Vacuum bags 90 ies at the University of Cin- 98% of the particles. tions forcreating homemade the wearer’s exposuretopar- Swiffer dry sweeping cinnati. It’simportant to notethat 60 masks were circulating. ticles smaller than 100 mi- cloth (five layers) the researcherstested only But different sourcesof- crons; amicron is one-mil- T-shirtfabric (five layers) 60 he pores in fabrics used the materials—not masks feredconflicting advice. lionth of ameter. to hinder dust mites made of the materials—so Is T-shirt fabric the best Surgical masks aremade of T Bed sheets(fivelayers) 50 and other allergens are the findingsdon’t account material forfashioning a similar material but might not around 3.5microns to 6mi- forproblems likeair leaks mask…orthe worst? Is thick have an electrostatic charge. Paper towels (five layers) 40 crons—or 30 to 50 times as caused by poor fit, and some cloth moreimpervious to air- They’reprimarily designed to large as the virus—but of the items might not be borne viruses…orisatightly prevent the wearer’s spit or Coffeefilters(twolayers) 10 smaller particles canstill get breathable or pliable enough wovensheet? Arevacuum mucus from reaching patients, caught in the fibersand be to use as facemasks. bagsessential…or will asim- but sometimes have fluid-re- *Electrostatically charged polypropylene and polyolefin collected there, Dr.Pui said. “That’sthe trade-off,” said Note:Researchers testedonly the materials, notmasksmade of the materials, and didn't account ple bandanna do? sistant properties that also forpoor fitting, breathabilityand other issues. “It’slikeahighway bar- Yiqi Yang,atextile expert at Anything is betterthan protect the wearer from pa- Source:David Pui and Qisheng Ou, Center forFiltration Research at the UniversityofMinnesota rier,” said Juan Hinestroza, the University of Nebraska nothing,according to filtra- tients’ spatter. an associateprofessor of fi- Center forMaterials and tion experts, but thereare at the U.S. Centersfor Dis- searchersatthe National In- ber scienceatCornell Univer- Nanoscience. “Ifyou want differences in the intended omemade masks made ease Control and Prevention. stitutes of Health and the sity.“Youmay be going 90 betterfiltration, youwill have function and level of protec- from fabrics such as “That’s not what this is University of Pennsylvania mph, but if youhit abarrier, lessair flow.Itwill feel more tion offered by the coverings. H wovenorknittedcot- about. It’sabout not spraying found that speaking the your velocity will change.” difficult to have oxygen.” Simple masks,whether tonare not charged; they’re respiratorysecretions and words“stay healthy” gener- Still, with medical-grade Moreefficient materials, medical or makeshift, prevent moreporous than masks spit intothe air around you.” ated thousands of droplets masks and respiratorsin likefurnacefilters, could be wearersfromdispersing vi- made of nonwovenmaterial; Acough or sneeze will that were invisible to the eye. short supply,Dr. Puiand his inserted intothe pocket of a ruses through coughing, andthey don’t fitassnugly. launch dropletsofmucus or A100-micron particle will colleague Qisheng Ou have cloth mask,Dr. Puisaid. But sneezing,talking or breathing. But when viruses are salivameasuring 80 to 300 sink at arateofabout one tested howwell different if the wearer can’t inhale or Respirators, likethe N95 ejected, they’reencapsulated microns at speeds of 50 foot asecond, Dr.Pui said, household materials work as exhale through the material masks meant forhealth-care in dropletsofmucus or saliva, miles an hour to 100 miles an and in very dryconditions,it alternatives. and instead pulls air from workers, do the same but and almost anyfacecovering hour,according to David Pui, will evaporateinaround They tested several mate- around the mask’sedges,it also protect wearersfromin- will trap those particles. director of the Center forFil- seven seconds—so some drop- rials and found that five lay- could defeat the purpose. haling viruses oncethey be- “Normally,you think about tration Research at the Uni- letsmight settle to the ground ersofT-shirt fabric or Thebest plan, the experts come airborne. wearing amask to protect versity of Minnesota. beforereleasing avirus—but Swiffer drysheetsblocked said, is to don amask,what- Thedifferences areafunc- yourself,” said MikeBell, dep- But even breathing or talk- particles lessthan one micron 60% of particles the sizeof ever the material, and pre- tion of the material and con- uty director of the Division of ing will expel particles. will float indefinitely. the coronavirus; five layers of vent the virus from becoming struction. HealthcareQuality Promotion One experiment by re- Thenew coronavirus mea- bed sheetsblocked 50%; five airborne to begin with. U.S. WATCH

U.S. POSTAL SERVICE shrink 12% in the second quar- ter—a 40% drop if it were to Trump Links Aid persist for a year—and the job- To Revamp of Rates less rate will average 14%, the nonpartisan research service President Trump indicated said Friday. Job losses will come that he plans to use a coronavi- to 27 million in the second and rus-relief law as leverage to third quarters. force the U.S. Postal Service to The federal budget deficit is raise rates for package delivery, expected to reach $3.7 trillion by including those it delivers for the end of the fiscal year on Amazon and other e-commerce Sept. 30, the CBO said, up from firms. about $1 trillion in the 12 The coronavirus aid package months through March. Con-

GES authorizes the Postal Service to gress has authorized unprece-

IMA borrow up to $10 billion from dented deficit spending to offset the Treasury Department to the shutdown of vast swaths of ETTY

/G fund operating expenses during the U.S. economy. the pandemic. Terms and condi- As a proportion of gross do- HEAR

AS tions for such lending should be mestic product, the deficit will

BR mutually agreed upon by Trea- end the fiscal year at almost sury Secretary Steven Mnuchin 18%, its highest level since EPHEN

ST and the Postal Service, the law World War II and up from 4.6% An employee works on a Boeing 737 MAX near one of the company’s manufacturing facilities in Renton, Wash. says. in 2019, the CBO said. Mr. Trump on Friday said he Federal debt held by the pub- wouldn’t authorize any lending lic is projected to hit 101% of Durable-Goods Orders Plunge as to the Postal Service unless it gross domestic product by the charged more to deliver pack- end of the fiscal year, up from ages. “The Postal Service is a 79% at the end of fiscal 2019, joke, because they’re handing the CBO said. Consumers’ Economic View Sours out packages for Amazon and The silver lining is that inter- other internet companies. And est rates are projected to fall so every time they bring a package, low that the government’s net BY DAVID HARRISON Newordersofcivilian aircraft grounded formorethan ayear single-month decline,accord- they lose money on it,” the pres- borrowing costs will decline even and parts awaiting regulatoryapproval to ing to aUniversity of Michigan ident said, adding that delivery with the dramatic increase in WASHINGTON—Orders for flyagain aftertwo fatal survey released Friday. charges should be quadrupled. borrowing, the CBO said. aircraft, cars and spare parts $80 billion crashes. Thesurvey’s indexofcon- “If they don’t raise the price, —Paul Kiernan fell sharply in March, and con- Thecompanyremoved sumer sentiment fell to 71.8in I’m not signing anything,” he sumers’ souring viewonthe 60 deals for307 planes from its April, from 89.1 in March. said. FEDERAL RESERVE economysuggested the de- order book in the firstquarter, Thecurrent conditions in- A USPS spokesman declined cline in demand related to the while aerospacesuppliersalso dexdropped by 29.4 pointsin to comment. Amazon declined to Limits, Fees on coronavirus pandemic could 40 suffered abig drop in sales of April, to 74.3,while the expec- comment. Withdrawals Eased deepen in the coming months. sparepartstoairlines in tations indexfell by 9.6points The president is a longtime Newordersfor aircraftand 20 March as the collapse in air to 70.1. critic of Amazon and its chief The Federal Reserve wants to partsfell by morethan travel forced the grounding of Richard Curtin,the survey’s executive, Jeff Bezos, accusing make it easier for consumers to $16.3 billion in March from two-thirds of the global jet chief economist, warned that the company of exploiting the access cash in savings accounts February, the Commerce De- 0 fleet. prematureeffortstorestart the Postal Service’s delivery network. and money-market funds during partment said Friday. Because Analystssaid the transpor- economyinsome states could Postal Service regulators re- the pandemic. orders arerecorded on anet –20 tation sector appearstohave produceaswing in expecta- view shipping agreements with On Friday, the centralbank basis,the figure incorporates been the firsttobear the brunt tions,with consumersfirst ex- large customers annually and said it waseliminating arule canceled orders. Neworders of the economic shock related pecting an upswing,followed haven’t found that the service thatgenerally limits individuals forautomobiles and partsfell –40 to the coronavirus.Other sec- by amoreprofound pessimism, used by Amazon is a money- from making morethan six with- 18.4%inMarch. 2007 ’10 ’15 ’20 tors will probably showsimilar which could deepen the eco- loser. drawals from such accounts each Overallordersfor durable sharp declines in the months nomic downturn. — Paul Kiernan month without paying afee. Note:Negativevalues reflect cancellations goods—productsdesigned to of existing orders. ahead, said GregoryDaco, chief “The necessity to reimpose The Fed said in a release that last at least three years—were Source:Commerce Department U.S. economist at OxfordEco- restrictions could cause a FEDERAL BUDGET it is acting because “financial down 14.4%inMarch,the big- nomics. deeper and morelasting pessi- events associated with the coro- gest monthly drop sinceAu- ordersinMarch reflected what Friday’sreport covers the mism acrossall consumers, Fiscal-Year Deficit navirus pandemic” have made gust 2014. Boeing Co.called itsbiggest month of March, when the even thoseinstatesthat did Could Hit $3.7 Trillion access to cash “more urgent.” Excluding the volatile trans- monthly surge in jetliner can- lockdowns to contain the notrelax their restrictions,” The move enables banks to portation sector,orderswere cellations in decades as airlines spread of the coronavirus were Mr.Curtin said. The coronavirus shutdown allow for unlimited withdrawals down amoremodest 0.2%. started to adjust their fleetsin in their early stages. Thesurvey wasconducted will induce the sharpest eco- and transfers each month, Newordersfor nondefense response to the pandemic. “We’regoing to see steep between March 25 and April nomic downturn and push the though lenders aren’t required to capital goods excluding air- Boeing secured deals for31 drops acrossdifferent catego- 20,asthe pandemic gathered U.S. budget deficit to the high- eliminate the existing limits and craft—a closely watched proxy jetslast month compared with ries,” he said. momentum in the U.S. est levels since the 1940s, the can retain their existing fees on forbusinessinvestment—were 43 in March 2019,but it had Separately,anindexmeasur- —Doug Cameron Congressional Budget Office transactions of more than six a up 0.1%. cancellations for150 of its737 ing Americans’ outlook forthe and Gwynn Guilford projects. month, the Fed said. Thecollapse in net aircraft MAXplanes,which have been economyposted the sharpest contributed to this article. The economy is likely to —Andrew Ackerman

THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Editorial and publication headquarters: 1211 Avenue of the Americas, NewYork, N.Y. 10036 Sarah Makin,senior direc- sent last week. Banks makemoney on the ticle about returning to work Published daily except Sundays and general legal holidays. tor for international religious spread between what they can in Friday’sNavigating the Cor- Periodicals postage paid at NewYork, N.Y.,and other mailing offices. freedom at the National Secu- Theprovince of Bergamo, pay depositors and what they onavirus report incorrectly Postmaster:Send addresschanges to The Wall Street Journal, 200 BurnettRd., Chicopee, MA 01020. rity Council, in early April was Italy,was locked down on cancharge borrowers.ABusi- omittedher firstname and af- AllAdvertising published in The Wall Street Journal is subject to the applicable rate card, copies of sent avideo messagefromthe March 8, around the same ness & Finance article Friday filiation. which areavailable from the Advertising Services Department, DowJones &Co. Inc.,1211 Avenue of lawyer representing Sikhs and time that newcoronavirus about bank depositsincor- the Americas, NewYork, N.Y. 10036. The Journal reserves the rightnot to accept an advertiser’s order. Only publication of an advertisementshall constitutefinal acceptanceofthe advertiser’s order. Hindus in Afghanistan who are cases in Bergamo began to ex- rectly said banks makemoney Notice to readers Letters to the Editor: Fax: 212-416-2891; email: [email protected] seeking asylum in the U.S. A ceed those in the province of on the spread between what Wall Street Journal staff Need assistancewith your subscription? World News article Monday Lodi. Agraphic showing the they canpay depositorsand membersare working re- By web: customercenter.wsj.com; By email: [email protected] aboutthe asylum plea incor- number of cases in the two what they cancharge lenders. motely during the pandemic. By phone: 1-800-JOURNAL (1-800-568-7625) rectly said she is asenior Italian provinces with aMarch Forthe foreseeable future, Reprints &licensing: member of Vice President 17 Coronavirus Pandemic arti- Melissa Peters is special please send reader comments By email: [email protected] By phone: 1-800-843-0008 Mike Pence’s team, a position cle about Italy incorrectly la- counsel at Littler, an employ- only by email or phone, using WSJback issues and framed pages: wsjshop.com sheheld until March. And it beledthe tick forMarch 5as ment and labor law firm rep- the contactsbelow, not via Our newspapers are100% sourcedfromsustainably certified mills. incorrectly said the video was March 8. resenting management. An ar- U.S. Mail.

GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling 888-410-2667. P2JW116000-7-A00300-1------XA

THE WALL STREET JOURNAL. ******* Saturday/Sunday, April 25 - 26, 2020 | A3 U.S. NEWS Chinese Esper Defers Move on Navy Captain Telecoms BY NANCY A. YOUSSEF AND LINDSAY WISE

Targeted GES Defense SecretaryMark Es- IMA per told the Navy on Friday

that he couldn’t sign off on a ETTY By FCC /G

Navy recommendation to rein- FP BY KATE O’KEEFFE statethe USS TheodoreRoose- /A VY

velt’scaptain, who wasfired NA

WASHINGTON—TheFederal earlier this month afterplead- US

Communications Commission ing forhelp to combat the RPS,

ordered four Chinese state- ship’scoronavirus outbreak, CO owned telecommunications op- according to people familiar

eratorstoexplain whyit with therecommendation. MARINE S.

shouldn’t withdraw permission TheNavyconcluded aftera U. forthem to operateinthe U.S., weeklong investigation that T/ paving the way forlikely li- Capt. BrettCrozier should be GILBER

cense revocations. reinstated as captain of the nu- E.

TheFCC sent ordersFriday clear-poweredaircraftcarrier, AN to the U.S. unitsofChina Tele- according to congressional of- JORD com Corp.and China Unicom, ficials.Mr. Esper told Navy of- . as well as to Pacific Networks ficials that he needs moretime SGT

Corp.and ComNet (USA)LLC, to reviewthe investigation re- AFF ST both of which arecontrolled by port, according to the people government investment firm familiar with thesituation. Citic Group Corp. Therecommendation that TheFCC said itsorders“give Capt.Crozier be reinstated is M/REUTERS,

the companies the opportunity the latest in asagathat began KHA

to demonstratethat they arenot when the Navy started airlift- HUY subject to the influenceand con- ingvirus-stricken sailorsoff trol of theChinese government.” theship while it wasatsea a NGUYEN

Themoveispart of arecent month ago. By Friday, more P: push by U.S. regulatorstoroot than 850had been sickened, TO OM

out Chinese links to U.S. tele- with onedeath. FR communications infrastructure. Capt.Crozier,who himself Theorders“reflect our deep tested positivefor coronavirus, The USS Theodore Roosevelt concern—one shared by the U.S. wasrelieved of duty in early off the coast of Vietnam in DepartmentsofCommerce,De- April afterwriting and distrib- March. At left, sailors assigned fense,Homeland Security,Justice uting amemo demanding to the aircraft carrier were and State and the U.S. Trade Rep- moreaggressiveaction to ad- briefed about the novel resentative—about these compa- dressthe virus outbreak on his coronavirus at a base in Guam nies’ vulnerability to the exploita- ship.His removal and the epi- this month. Capt. Brett Crozier, tion, influenceand control of the demic triggeredthe probe. below, was relieved of his Chinese Communist Party,given Adm. MikeGilday, the U.S. command, but after a probe that they aresubsidiaries of Chi- chief of navaloperations and the Navy has recommended nese state-owned entities,” FCC ActingNavySecretaryJames that he be reinstated. Chairman Ajit Paisaid. McPherson met fornearly two TheFCC is giving the Chi- hourswith Mr.Esper on Fri- nese companies 30 days to re- daytodiscussthe findingsof spond. It is also instructing the Navy investigation. China Telecom to respond to al- In astatement, Mr.Esper’s legations against it by other spokesman Jonathan Hoffman U.S. regulatorswho this month said thesecretarywould thor- accused it of presenting na- oughly reviewawrittencopy tional security risks andwho of the investigation report and recommended itslicenses to meet with Navy officials again operateinthe U.S. be revoked. “todiscussnextsteps.” Arepresentativefor China “He remains focused on and Telecom’sU.S.unit said the committedtorestoring the full firm looks forwardto“sharing health of the crew and getting information with the FCCthat the ship at sea again soon,” speaks to our role as arespon- Mr.Hoffman said. in the Navy who cheered his de- command, and some Navy offi- Capt. Crozier on March 30 videdthe Navy as it battles sible telecom company.” It has Earlier Friday, Mr.Hoffman cision to issue the memo calling cials have said Capt. Crozier wroteand distributed amemo coronavirus outbreaks among denied the allegations against it said the secretarylikely would forgreater attention to the cor- wrotethe memo that led to his pleading forafaster and more several of itsships’ crews. by the officials who makeupa back the Navy’s conclusion and onavirus outbreak at sea. firing because he was frus- thorough response to the out- Some sailorshavesaid JusticeDepartment-led group that he truststhe Navy’s judg- House Armed Services Com- trated by those problems. break.Atthe time,about 70 Capt. Crozier’s removal sug- of regulatorsknown as Team ment. mitteeChairman Adam Smith Theadmirals who arepart crew membershad tested pos- gested that the Navy cared Telecom. Adm. Gildaybriefed Army (D., Wash.) said while Capt. Cro- of the communication chain all itivefor Covid-19. moreabout protecting its Representatives forthe Gen. Mark Milley,the chair- zier’s decision to writeand dis- remain in placeatU.S.Indo- On April 2, Capt. Crozier leadership than the health of other Chinese companies didn’t man of the Joint Chiefs of seminatehis memo at the onset wasrelieved of command by itsranks,and that they immediately provide comment; Staff, earlier this week, de- of the virus outbreak wasim- then-NavySecretaryThomas wouldn’t re-enlist because of neither did the Chinese Em- fense officials said. Gen. Milley perfect, he wasonly trying to Defense Secretary Modly,who said he lost confi- the Navy’s handling of the car- bassyinWashington. China also raised questions about the protect his crew. denceinthe commander.Mr. rier outbreak.Navyofficials Unicom’sU.S.unit and ComNet investigation, the officials said. “Not only did Captain Cro- will review Navy’s Modly,inturn, resigned the have said itspriorities arethe and Pacific Networks previ- Capt. Crozier didn’t respond zier have the full support of call to reinstate following week afteranuproar health and safety of itscrew ously said their businesses have to arequest to comment. his crew,healso attempted to over disparaging remarks he membersand carrying out na- always complied with U.S. laws Navy regulations don’t re- work within his chain of com- Capt. Crozier. made about Capt. Crozier valmissions. and regulations. quirethe defense chief to ap- mand,” Mr.Smith said.“Dur- while addressing the aircraft Thecommander’s removal TheWall Street Journal re- provethe reinstatement of ana- ing this time of crisis,Captain carrier’s crew. also raised questions about the ported Sundayonfindingsbythe valcaptain. “This is acourtesy Crozier is exactly what our When Capt. Crozier leftthe command climateinthe Navy’s Senate Permanent Subcommittee to ensurethat SecretaryEsper Sailorsneed: aleader who in- Pacific Command, which is in vessel following his removal, most important area of opera- on Investigations,led by Sens. concurswith the reinstatement spires confidence.” charge of U.S. militaryopera- he wascheered by throngsof tions,the Pacific. Rob Portman (R., Ohio) and Tom giventhe high-profile natureof But his return as the air- tions in the region. sailorsinasalutethat wascap- Theaircraftcarrier has re- Carper (D., Del.), that U.S. regula- the firing and that the president craftcarrier’s commander also TheNavyopened the probe tured on video and circulated mained docked in Guam. The tors historically exercised poor weighed in,” said BryanClark, would present the Navy with a on April1,the week afterthe world-wide on social media. Navy has tested all of the or no oversight of the carriers senior fellowatthe Hudson In- newset of challenges.Adm. firstcoronavirus cases began Militaryofficials had said nearly 5,000 sailorswho serve targeted by the FCCorders. A stitute, athink tank. Gildaypublicly has said there appearing on the TheodoreRoo- they hoped the findingsofthe on the vessel. In addition to the Team Telecom official said in re- Capt. Crozier’s reinstatement were communication problems sevelt and days afterthe ship probe would end the pro- 856 who tested positive, 4,098 sponse that that erawas over. would be popular among many within the carrier’s chain of wasdiverted to port in Guam. tracted ordeal, which has di- were negativefor the virus. With No Plans for Redeployment, Court Won’t Hospital Ship to Leave New Yo rk Halt Public

BY NANCY A. YOUSSEF Charge Rule TheNavy’smedical ship In Pandemic USNS Comfort soon will leave NewYork with no current BY JESS BRAVIN plans to redeployelsewherein the national coronavirus re- WASHINGTON—TheSu- sponse,and Navy officials and preme Court rejected Friday expertssaid the role of the pleas from liberal-leaning

floating hospitals and other CK states and local governments

military effortsinthe pan- TO to block a Trump administra- demic may be on the decline. tion policy that penalizes im- Theship is expected to be migrantsfor seeking public SHUTTERS

back in itshome port in Vir- A/ benefits during the coronavi-

ginia as early as the end of the /EP rus pandemic. month, defense officials said. VY Thetwo-sentenceorder,un- NA

TheComfort’s arrival in New US signed and with no dissents York on March 30 washeralded Alaboratory technician on the USNS Comfort testsplasma samples. noted, leftopen the possibility as the symbol of a militarymo- In all, the ship treated182 patients from NewYork and NewJersey. of further action on the matter bilization against the virus out- in district court. break.However, the Navy’s acutesymptoms,commanders time,New York had 53,000 hos- NewYork Attorney General ship,along with the Army’s said. TheNavysaid itscrew pital beds with projections Letitia James said she would makeshifthospital nearby,in- performed appendectomies, showing aneed forupto pursue that route. steadhaveprovided beds that bronchoscopies,chest tube in- 140,000.While therehavebeen “The public-charge rule largely have gone unused. sertions,laparoscopic proce- morethan 250,000 Covid-19 threatens the public’s health, “The militaryisdesigned duresand tracheotomies on cases in NewYork,the rate of our economy, and all New forintense,high-end conflicts boardthe Comfort. It also hospitalizations is far lower. Yorkers—citizens and nonciti- or disasterswhererapid re- treated homeless patients in- TheComfort’soriginal mis- zens alike,” Ms. James said. sponse and mobilization are fected with the virus. sion called forthe ship to take “Every person who doesn’t needed. It is not designed for But the ship’s tour also ex- non-Covid-19 patients. But getthe health coverage they protracted infrastructureproj- posed the limitations of using plansshiftedafter few such need todayrisks infecting an- ects,” said BryanClark,senior amilitaryhospital ship,de- patientsarrived. While it took other person with the corona- fellowatthe Hudson Institute. signed to treat wartrauma. days forthe ship to begin virus tomorrow,” she said. “NewYork did getanother Covid-19 marked the first de- treating a notable number of A Justice Department rep- hospital—it’sjust not opti- ployment of the 33-year-old Covid-19 patients, Navy offi- resentativehad no immediate mized for what they needed.” Comfort in response to an in- cials said the mission fulfilled comment. AVAILABLE AT NEIMAN MARCUS In all, the Comfort treated fectious disease outbreak,said expectations.“We provided Last August, the Depart- PRECIOUS JEWELS SALONS 800-937-9146 182 patientsfromNew York Capt. Patrick Amersbach, com- the relief we were tasked here ment of Homeland Security and NewJersey over four mander of the USNS Comfort. to do.Fortunately,the hospital tightened so-called public- weeks.Because the ship is a Theship sailed past the system didn’t getoverrun,” charge rules,which disqualify (540) 837-3088 or www.elizabethlockejewels.com fully functioning hospital with Statue of Liberty amid anticipa- said Capt.Joseph O’Brien, noncitizens who take advan- 70 ventilators, it oftentook tion that it could help tackle a commodoreofAmphibious tage of welfareprograms from patientswith multiple and burgeoning outbreak.Atthe Squadron Six. obtaining legal residency. P2JW116000-6-A00400-17FFFF5178F

A4 | Saturday/Sunday, April 25 - 26, 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. POLITICS

up state budgets that were in GreatRecession, Stiglitz said. Olympia Snowe of Maine and gressive priorities, led lawmakers off their drug policy and small poor shape prior to the pan- President Trump has said a former Govs.Ronnie Musgrove of like New York Rep. Alexandria businessbona fides. California demic and go toward long-term new round of relief legislation Mississippi and TommyThomp- Ocasio-Cortez to blast the bill: Democratic Rep. BarbaraLee pension payments that have will provide aid to states and lo- son of Wisconsin, highlights the “Rent doesn’t wait on Congress,” and Sen. Kamala Harris pro- posed fiscal challenges in states cal governments after a Demo- “direaccess problems” and “fra- she said. Presumptive Demo- motedlegislation to expunge such as Illinois. “A lot of these cratic push to include them in gility” of rural health care. The re- cratic nominee Joe Biden has pot-related convictions from blue states believe there’s some this week’s legislation was un- port calls foroverhauling rural called for rents to be frozen for criminal recordsand legalize pot of gold at the end of this successful. But Senate Republi- health-carefunding mechanisms, three months and forgiven. marijuana at the federal level. rainbow,” said Stephen Moore, a cans may change those plans. boosting access to specialists and Former Colorado Gov. John Hick- conservative economist and for- telemedicine, and improving coor- SENATE REPUBLICANS on the enlooper, aDemocratic Senate mer Trump adviser. “It’s not fair RURAL HOSPITALS are bracing dination between regional provid- Foreign Relations Committee are candidate,called forcannabis WASHINGTON to red states that have built up for the worst outcomes of coro- ers. demanding an investigation by businesses to be given access to for rainy days.” navirus, and policy makers from an independent panel appointed coronavirus small businessloans. WIRE Nobel laureate Joseph Stiglitz, both parties worry that decades EVICTION AND FORECLOSURE by the United Nations into the And AlaskaGOP Rep. Don the liberal former World Bank of closures and mounting finan- freezes related to coronavirus World Health Organization’s re- Young tweeted aphoto of him- Dispatches from the chief economist, worries thatU.S. cial pressures could leave mil- are being applied unevenly sponse to coronavirus. All 12 Re- self holding amarijuana plant Nation’s Capital policy makers haven’tlearned a lions without access to reliable throughout the country, leading publicans on the committee and potbanking legislation, earn- fundamental lesson from the health-care infrastructure. Last some housing groups and pro- signed a letter asking for “an in- ing asupportivemessage from 2008 financial crisis: Insufficient month’s $2.2 trillion stimulus gressive lawmakers to call for terim assessment of the WHO’s the National Organization forthe BY GABRIEL T. RUBIN stimulus measures followedby packages created a $100 billion increased federal assistance. A performance to date and recom- Reform of Marijuana Laws. austeritylead to aslowand un- fund for health-care providers to Princeton University analysis of mendations for short, medium, HOW MUCH STIMULUS IS even recovery from economic ca- pay for Covid-related expenses, the moratoria finds that “the and long-term course corrections MINOR MEMOS: Senate’s ENOUGH? The financial crisis- tastrophe. The U.S. should follow as well as supplemental funding vast majority still allow for or reforms.” The WHO has be- bearded contingent grows era debate plays out again in European countries’ lead and im- for community health centers widespread eviction as soon as come a top recipient of criticism among Republicans with Alaska’s Washington. Though massive plementtemporary guaranteed and increased Medicare pay- state and federal emergency from Republicans, especially Dan Sullivan, South Dakota’s funding packages have passed income programs and freezes on ments to rural hospitals, but a declarations expire.” Trump, who has cut off funding John Thune, Wyoming’s Mike Congress without a major back- rent and utilitypayments, Stiglitz majority of those funds haven’t Trump administration restric- to the organization for what he Enzi and Kentucky’s Rand Paul lash, traditional fault lines on said in an interview. Additionally, been disbursed yet. This week’s tions on evictions and foreclo- considers its failure to control all sporting new scruff…. Ms. spending have re-emerged over the finances of battered state small business-focused bill pro- sures extend to properties with the pandemic. Harris offers help after seeing aid to states hit hard by the cor- and local governments and insti- vides additional funds. government-backed mortgages. Senate Democratic colleague onavirus pandemic. tutions thatfuel long-term But anew report this past The Congressional Progressive APRIL20used to be acounter- Mark Warner’s attempt at mak- Republican leaders, led by growth, such as universities, week from aBipartisan Policy Caucus pushed for including cultural holidayfor devotedmar- ing a microwaved tuna melt.… Senate Majority Leader Mitch need support. “The Republican Center task forceonrural health housing assistance funds in this ijuana aficionados. Nowit’sa Biden floats erstwhile TV “veep” McConnell, have resisted funding Partydoes notseem to have care, led by former Sens. Tom week’s stimulus package, and its time forpoliticians (from states Julia Louis-Dreyfus as potential requests they say would shore learned thatlesson” from the Daschle of South Dakotaand exclusion, along with other pro- thathave legalized it) to show running mate. Online Donations to DemocratsSlumped Virus Poses Giving slowed in latter half of March, even as Biden posted his strongest fundraising month yet Parallel

Online political donations to Problems for Democratic candidates and causes dropped off in the latter part of March, as the coronavi- Candidates ruspandemic upended daily life, tanked the global economy BY GERALD F. SEIB and pushed millions of Ameri- cans intounemployment. President Trump was near the end of his daily White By Chad Day, House coronavirus briefing Luis Melgar Thursday when he was asked and Jessica Wang how the crisis might affect this fall’s election. He took For the first time since at the opportunity to launch an least the beginning of the attack on the election cycle, Democratic  man who will payment platform ActBlue oppose him saw fewer political dollars THIS then: come through during the sec- WEEK “We have ond half of a month than the a sleepy guy first half, ac- in a basement ELECTION cording to of a house that the press is Federal Elec- giving a free pass to, who S 22 tion Commis- doesn’t want to do debates sion data. PRES because of Covid.”

Still, former Vice President TED Mr. Trump didn’t mention Joe Biden posted his stron- CIA the name of former Vice SO

gest fundraising month, and AS President Joe Biden, and several Democratic Senate didn’t need to. That moment,

candidates outraised their RIEDEL/ though, reflected how the GOP opponents in the first two presidential candidates

quarter, as Republicans en- CHARLIE face different but parallel couraged use of their newer Democratic presidential candidate Joe Biden trails President Trump’s re-election effort in cash on hand by about $187 million. problems as the coronavirus payment processor, WinRed. maintains its grip on the According to an analysis of Contributions through Daily online contributions through WinRed ActBlue country. donation records in public ActBlue by month and ActBlue $15 million During the crisis, Mr. filings, Democrats, including Trump has dominated the First half of the month WinRed started lastyear as theGOP’s Mr. Biden, saw a surge of answertothe Democratic paymentplatform. national conversation, as is contributions at the begin- Second half his wont. Yet after a period 10 ning of the month. Donations when his poll ratings ratch- then dropped off, as the $200 million eted up as a result, they Democratic presidential field WinRed have drifted back down. The narrowed, and the effects of $5 million 5 share of Americans disap- the virus intensified. Candi- proving of his job perfor- dates have expressed con- Forthe first time since mance has been at or above cerns that political giving is the beginning of the election 0 0 50% in each of the past eight cycle,the Democratic slackening, as Americans feel Nov. ’19 Dec.Jan. ’20 Feb. March Nov. ’19 Dec.Jan. ’20 Feb. March national polls chronicled by the economic effects of the paymentplatform Realclearpolitics.com. coronavirus pandemic. Many processedfewer dollars Trump advisers are wor- campaigns are making fewer during the second half ried about that slippage, as of the month Daily online contributions to candidates fundraising appeals. Dona- well as a decline for some Aspikeofdonations early in March propelledBiden’s highestmonthly haul through ActBlue even tions may also be shifting Republicans in tough Senate as contributions droppedlater in the month. PresidentTrump had astronger finish to March, but from political causes to non- races. Meantime, Mr. Trump his monthly total waslowerthan February, when he sawasurge of donations around his profits. ActBlue said in a blog appears restless at his in- impeachment trial acquittal. post that charitable giving on ability to resume his signa- its platform increased in the 100 ture rallies. One adviser calls latter half of March. President Trump’s reelection effort* Joe Biden’s campaign him “a caged tiger.” Any donation drop-off $6 million Mr. Biden has a different would be a troubling devel- FEBRUARY 29 problem. He has largely dis- DECEMBER 18 opment for Mr. Biden, who South Carolina’s primary appeared from a national despite seeing a surge of The House impeachedPresidentTrump conversation dominated by fundraising in March trails the coronavirus. As Mr. President Trump’s re-elec- FEBRUARY 4 Trump’s dig from the White Daybeforethe Senate voted tion effort in cash on hand by on impeachmentcharges Donationsrocketed afterBiden’s House briefing room sug- about $187 million. 3 victories in South Carolina's gests, the presumptive Dem- Mr. Trump has thrived on primaryand on Super Tuesday ocratic nominee has been MARCH3 a steady stream of small-dol- Super forced to try to maintain vis- lar donations, but down-bal- Tuesday ibility through a camera in lot Republicans have been his Delaware home. more dependent on the kind For a time, Democrats of in-person, big-ticket fund- thought that was fine. Some raisers prevented by social- 0 0 think their best chance of re- distancing recommendations. 2019 ’20 Nov. ’19 Dec.Jan. ’20 Feb. March Nov. ’19 Dec.Jan. ’20 Feb. March claiming the White House is

Overall in March, ActBlue *Includes contributions to the Trump campaign and twocommittees (Republican National Committee, Trump MakeAmerica GreatAgain Committee). to frame the election largely processed morethan $157 mil- Note:This cycle, ActBlue has processed donations formorethan 2,300 federal political candidatesand groups thatrequiredisclosuretothe FEC, according to its public filings. as a referendum on Mr. lion fornearly 1,600 Demo- Source:Federal Election Commission Trump, and criticism of the cratic campaigns and groups president’s handling of the that arerequired to be re- ActBlue executivedirector cial also noted internal num- million online afterMarch 16. National Committeetook in coronavirus has appeared to ported to the FEC.WinRed Erin Hill said in astatement bers so far in April show do- In astatement, Biden $2.9million through WinRed serve that end. handled $47million fornearly that small-dollar fundraising in nations rebounding for some spokesman TJ Ducklo said on- in March, down from $3.6 mil- Now, though, the Trump 600 groups during the month, April has been solid. “Many down-ballot campaigns who line small-dollar donations lion in February. Thepresi- campaign is signaling it will according to FEC data. candidates,especially incum- saw drop-offs in March. made up about 70%ofMr. Bi- dent’smain small-dollar oper- counter by going after Mr. Thesecond-half dip for bents, have been sending fewer Mr.Trump’sthree main re- den’s$46.7 million March ation, Trump MakeAmerica Biden hard, starting by Democratscountered the usual emails or using their email election committees together haul. “Nowthat he is the pre- Great Again Committee, fared charging he has been soft on fundraising trend. Campaigns liststodoother types of orga- also sawdonations pick up in sumptivenominee,weare betterwith only a6%de- China, where the coronavirus and political groups generally nizing work,” Ms.Hill said. the latterpart of March but seeing that same energy and crease.The committeetook in originated. see stronger fundraising to- “But when campaigns and or- brought in lessmoney during enthusiasm—powerednow by $11.4million in contributions “He is going to be skinned ward the end of amonth or ganizations do ask formoney, the month than in February. the full weight of the Demo- through WinRed in March. alive by the Trump forces,” quarter,asthey blanket sup- we’veseen astrong response ForMr. Biden, March was cratic Party uniting behind the In astatement, the Trump says Democratic pollster Pe- porterswith messages asking from small-dollar donors.” the strongest online fundrais- Vice President—continue to campaign said fundraising had ter Hart, who helps conduct forlast-minutedonations Overall, WinRed saw more ing month yet, with morethan build and translateintothe re- increased in each of the past The Wall Street Journal/NBC ahead of public filing dead- money come in during the $35 million raised through sourceswe’ll need to beat seven quarters. “The President News poll. Mr. Biden, he lines.After lackluster fundrais- latter half of March than the ActBlue.The increase largely Donald Trump in November.” and the RNC will have all the says, needs to counter with a ing through the thirdand first half, though the end-of- stemmedfromaspikeindo- Online contributions to the resourcesweneed, and the message of his own, which is fourth weeks of March, dona- month bump wasn’t as large nations around the time of his Trump campaign fell from stronger he is,the betteritis more important than tions on ActBlue’splatform did as previous quarters. A strong performances in the $6.7 million in February, a forall down-ballot candi- whether he can campaign in pick up in the final days of the WinRed official said the plat- South Carolina primaryand month when donations dates,” the statement said. A person. month. But it wasasmaller form was surprised by the on Super Tuesday. Donations poured in afterthe president’s Trump campaign official also “So, for Biden, it is not a end-of-month spikecompared strength of the donations in slowed, however, in the sec- acquittalinthe Senateim- noted that the campaign pulled question of presence, but a with the previous three the latter part of the month, ond half of the month, with peachment trial, to $5.5 mil- back on itsfundraising appeals question of what he pres- months. given the pandemic. The offi- Mr.Biden raising around $8.5 lion in March. TheRepublican on some days in March. ents,” Mr. Hart says. P2JW116000-8-A00500-1------XA

THE WALL STREET JOURNAL. ******** Saturday/Sunday, April 25 - 26, 2020 | A5 THE CORONAVIRUS PANDEMIC Limits Lifted As Death Toll Hits 50,000

BY TALAL ANSARI, bottrelaxed stay-at-home rules. Mr.Abbottisexpected to TheU.S.death toll from the announce Monday plans for a coronavirus pandemic sur- more widespread reopening. passed 50,000 as some states Other states aremoving began reopening partsoftheir more slowly.InMichigan, economies and President Democratic Gov.Gretchen (2) Trump signed stimulus legisla- Whitmer on Fridayextended

tion that boostssmall busi- her stay-at-home order to May JOURNAL nesses, hospitals and testing. 15, while easing some restric- REET

Confirmed coronavirus tions for some sectors. States ST

cases world-wide Fridayex- including NewYork,Califor- LL ceeded 2.79 million, with nia, Massachusetts,North Car- WA

nearly 196,000 dead, according olina and Illinois have also ex- THE R

to datafromJohns Hopkins tended their social-distancing FO University.The U.S. accounted measures. N TO fornearly athirdofthe cases. Public-health experts have MEL

As the economic toll of cautioned against lifting lock- A DR

statewide stay-at-home orders downs tooearly,saying that AU continues to deepen, some easing social-distancing mea- Clients waited outside Candler Nails in Decatur, Ga., on Friday, which opened for business after the state relaxed lockdown restrictions. states have started to open up sures without adequatetesting their economies—even as many and the ability to track those big companies remain hesitant whohavecome intocontact Georgia’s Shops Open, Tentatively about reopening their doors. with infected individuals could Texas stores were allowedto result in asecond, deadly reopen on a“retail-to-go” basis wave of Covid-19. BY CAMERON MCWHIRTER the statehavepushed back on ratesare worseinless-popu- locations. Friday, running productsto Vice President MikePence AND VALERIE BAUERLEIN the reopening plans.Atlanta lated partsofthe state, accord- Outside Atlanta, several customer cars and homes,after said administration officials in MayorKeisha LanceBottoms,a ing to the Georgia Department businessownerssaid they were ordersfromGOP Gov.GregAb- a conference call with gover- ATLANTA—While many Democrat, said she disagrees of Public Health. ready to open oncethey parsed nors on Friday afternoon dis- shops herestayedclosed and with the governor and is asking Fulton County,which in- through updated guidelines re- Coronavirus cussed efforts to expand test- the streetsremained as quiet people to stay home. cludes much of Atlanta, had leased lateThursday. ing to allowthe countryto as recent weeks,some nones- “I feel we arenot in aposi- 227cases per 100,000 people as HalDavis,owner of Gorilla Daily Update start reopening.Hesaid the sentialbusinesses took advan- tion yetinwhich we need to of Friday, while Dougherty Crossfit in Macon, an hour federal government waswork- tage of an easing of statere- begin opening up businesses in County in ruralsouthwest south of Atlanta, made plans to As of 5:31 p.m. EDT April 24 ingwith states to allowgover- strictions to reopen Friday. our city,” Ms.Bottoms said. Georgia had 1,592 cases per reopen and announced boot- norstoaccessthe “existing ca- At Candler Nails in suburban MayorShirley Sessions of 100,000 people. camp classes on his Facebook pacity” of tests so they could DeKalb County,12women— TybeeIsland, abeach town Health expertssay lifting page starting at 6:30 a.m. Fri- 890,524 responsibly reopen. most wearing masks—waited near Savannah, said the quickly lockdowns across the U.S. be- day. When he wasunlocking In NewYork,the hardest- outside to gettheir nails done. shifting ordersfromthe state fore newcases have fallen to the doorsat4a.m., he sawthe U.S. cases hit state, Gov.Andrew Cuomo Theshop would let only three have been confusing forher benchmark levels could make newrules on his phone,which said Fridayhewould makea customersinatatime and was 3,000 year-round residents. thecoronavirus spikeagain. said gyms could open but not decision next week on whether doing just hands,not feet. Georgia wasone of the last They also saythe countrystill conduct classes. 2,790,986 or howtoextendcoronavirus- “It’sessential. It’slikefood,” states to issue astay-at-home lacks anumber of measures “I said, ‘You’vegot to be kid- related restrictions,which cur- said customer Nicole Harris,37 order and is among the firstto that must be in placebeforeit ding me,’ ” said Mr.Davis,53. World-wide cases rently expireMay 15.The yearsold, who waslaid off from reopen. is safetogoback to some new “It’sreally akick in the teeth.” Democratic governor said ear- her job at awarehouse.She said Ms.Sessions,who holds a version of normal, such as Some residentssaid they lier this past week that he she found most nail salons were nonpartisan post, said she is enough testing to identifynew were anxious to return to some 51,017 would take aregional ap- still closed and waited more telling residents, “Don’t look to cases quickly. semblanceofanormal life. proach to reopening the econ- than two hoursfor her turn in government to tell youwhat to Forweeks,Mr. Kemp com- HarryNeville, 68,afur- U.S. deaths omy. the salon. do.Ifyou want to go and get plained that testing in the state loughed hotel worker,showed Thenumber of NewYorkers Gov.Brian Kemp’sorder al- your hair done,that’sonyou.” has been toolow,and this past up at 8:30 a.m. Fridayathis fa- hospitalized and placed on lowing nonessential businesses As of Friday, the statehad week he announced effortsto voritehaircutting place, aGreat 195,920 breathing equipment as a re- such as hair salons and gyms to nearly 22,000 cases of corona- expand testing through public Clips in ashopping center near sult of Covid-19 ticked down, open is the most aggressivein virus,with 881 deaths,accord- andprivateefforts, including Atlanta’sPonceCity Market. He World-wide deaths but Mr. Cuomo warned that a the nation. Restaurant dining ing to datafromJohns Hopkins working with the University found the placeclosed. second virus peak or wave rooms,bowling alleysand other University.The majority of the System of Georgia. Some phar- “I missliving,” he said. “I could come later this year,and businesses canopen next week. state’sCovid-19 cases arein macies have started to open missmyfriends,Imissmyfam- 96,677 he said officials should be TheRepublican governor said metroAtlanta, but infection drive-through testing at some ily,Imissmyco-workers.” morevigilant. He said the viral his order set out social-distanc- U.S. recoveries strain most common in New ing and sanitation guidelines York came from Europe,not meanttobalancethe need to China, and that travel should save lives with the need to save 781,382 be quickly restricted if new businesses. outbreaks emerge overseas. AcrossmetroAtlantaonFri- World-wide recoveries “What is the lesson? An day, almost all of these busi-

Source: Johns Hopkins University Center outbreak anywhere is an out- nesses remained closed in the for Systems Science and Engineering break everywhere,” he said. wealthier partsofthe city.In less-affluent areas,some shops were open and bringing in cus- tomers. Producing Macand At the Men’sRoom Barber Shop in suburban Atlanta, owner AnthonySellars, 47,reopened CheeseatSafeDistance because he desperately needed money,hesaid. He hasn’t re- ceived anyunemployment yet As the new Afterthe reopening,afew and has been burning through coronavirus morepeople who had gone out savingstokeep afew bills paid forces big sick were tested forCovid-19. “and keep the lightson.” changes in “Those were people that Ihad Men came in asteady stream how we interacted with,” she said. to the doorway to ask whether work, The Wall Street Journal “That waskind of likeadefin- Mr.Sellarscould fitthem in. “It is looking at how different ing moment.” They endedup hasn’t stoppedsinceweopened people are coping with the testing negative. at 9a.m.,” he said. stresses and risks. For earlier Food companies areracing Manymayorsthroughout Harry Neville showed up at his Atlanta Great Clips, only to find it was closed on Friday. articles in the series, visit to meet demand foritems like wsj.com/makingitwork. Oscar Mayerdeli meat or Velveeta cheese.While a to open itsdoorsgiven the po- taurants, said McDonald’sU.S. unemployedAmericans an ex- BY ANNIE GASPARRO small number of the nearly Chains Are tential virus exposurefor cus- President JoeErlinger and tra$600 in weekly benefits un- 1,000 employees at the plant tomersand workers. “Wedon’t Vicki Chancellor,anAtlanta- til July 31, which means some The coronavirus hit a Kraft areable to work from home, want to be on the leading edge basedfranchisee and chair of hourly staffwould take home Heinz Co.macaroni-and- most need to be present. Hesitant here,” he said. thecompany’snational adver- less if they returned to the job cheese factorylast month, Ms.Burk,46, has printed Major U.S. theater chains tising committee. beforethen. forcing BrookeBurk to makea out signs about hand-washing such as AMCEntertainment Georgia franchisees will re- Kohl’sCorp.plans aphased changethat’sabit out of and put markingsonthe To Reopen Holding Inc.and Cinemark viewthe governor’s reopening reopening based on stateand character forsomeone who floorsofthe cafeteria and the HoldingsInc.are unlikely to guidanceand decide on where localguidelines,health data deals with people all day. factorytokeep people at a open in some states beforeoth- it candosowhile keeping cus- and the installation of protec- Ms.Burk,ahuman-re- distancefromone another. ContinuedfrompageA1 ers, according to people famil- tomersand workerssafe, Ms. tive equipment, aspokesman sourcesstaffer,asked to have Ms.Burk made sureevery Nebraska,Oklahoma and Vir- iar with the matter. With Holly- Chancellor said. said. When the lightscome aplexiglassshield installed table in the cafeteria had ginia, aftermoving to curbside wood holding back on major Manychains have fur- back on, the department-store around her desk to separate hand sanitizer.She helped pickup and online orderslast film releases,the overhead re- loughed workersand skipped chain mayadd safety measures from other employees. “It hirethree temporaryworkers month. quired to reopen doesn’t make Aprilrentstopreservecash. including removing beauty- kind of looks likeafish tank to clean doorknobs,table tops “Wewant to assureyou that fiscal sense,the people said. Retailerscontinue to handle counter testersand signagere- in here,” she said during are- and other surfaces. we aretaking preventativemea- “While some states andlo- online orders,but have lost minding shopperstokeep a cent interviewfromthe “It honestly wasareally, sures to keep our stores clean calities arebeginning to autho- most of their sales.Gap,for ex- safedistance. Springfield, Mo., factory. really crazy time forthat first and safe,” said the company’s rizethe opening of movie the- ample,has some staff using in- Anderson Mall in Anderson, She could be working from couple weeks,” she said. websitefor those local stores on atersunder certain conditions, ventoryfromstorestofill on- S.C.,reopened Friday, one of home,but has decided she “Sincethen, Ican’t saythat Thursday. Thecompanytold an- the movie theater industryis line orders.But on Thursday, the few malls in the stateopt- needs to be thereinperson to it’sgottenany lesscrazy.” alystsThursdaythat it is work- also anational one,” the Na- the companywarned it was ingtodosoafter restrictions support line and warehouse ing to figure out the right staff- tional Association of Theatre burning through itssavingsand were liftedonretailersthere workers. She implementsand ing and operating model as Owners said this past week. needed to raise additional this past week.Still, LouCon- enforcessocial distancing at stores open and has canceled “Until the majority of markets funds this year. forti, CEO of mall owner Wash- the factory—from production some product orderstoadapt. in the U.S. areopen, and major Best Buy stores acrossthe ingtonPrime Group Inc., lines to the breakroom to the Georgia next week will ex- marketsinparticular,new wide countryhavesold productson- doesn’t expect crowdsfor now. HR officewhereshe sits. pand itsopening to restaurants release movies areunlikely to line and allowedcustomersto “I don’t think therewill be a That jobgot tougher when and theaters. South Carolina’s be available.” pick up curbside sinceshutting threshold issue forthe first two people in the warehouse governor allowedretail stores Retailers arelikely to reopen stores.“While we’restill re- week,” he said, adding that were diagnosed with Covid-19 to resume operations this past gradually to avoid financial viewing the ordersinfull, for smaller,local tenantsare more

last month. “I wasjust inun- JOURNAL week at 20% of normal capacity strain, considering some shop- nowwewill continue operating likely than big chains to roll up dated with people coming in, but said local authorities could perswill be uneasy going into solely with contactlesscurbside their shutters this week. REET

youknow, nervous and ST choose to keep restrictions in physical stores forsome time, serviceacrossthe country, in- Ordersrequiring malls to

scared,” Ms.Burk said. LL place—apatchwork that some said Jean-Emmanuel Biondi,re- cludinginSouth Carolina and close in Tennessee and Georgia

KraftHeinz alerted work- WA executives find vexing. tail consultant at Deloitte.The Georgia,” aBest Buy spokes- haven'tbeen liftedyet. Saks

ersusing an emergencyre- THE “Governor says one thing firm is using cellphone location woman said. FifthAvenue opened forcurb- R

sponse system set up mostly FO and amayor says something and credit-carddatatoadvise Reopening would requirena- side pickup at itsHouston and forsevereweather.The fac- else.Thereisalot of conversa- clientswhich areas arelikely to tional retailerstorehirethou- SanAntonio locations Friday tory wasclosed foracouple EMKE tion and it’snot necessarily see storetraffic return first. sands of workersand add buthasn’t set adatefor open- of days in lateMarch fordeep congruent,” said RayBlanch- McDonald’sCorp.executives cleaning costs, even though it ing stores to shoppers.

cleaning,and management BARRETT ette,CEO of TGI Fridays. will discussreopening dine-in could be weeks beforeshoppers —Suzanne Kapner ramped up preventivemea- Brooke Burk, a human-resources Mr.Blanchette said the 840- servicewith franchisees,who return in large numbers. The and R.T. Watson sures when it reopened. staffer at Kraft Heinz unit chainwouldn’t be the first own95% of the chain’sU.S.res- coronavirus stimulus bill gives contributed to this article. P2JW116000-6-A00600-1------XA

A6 | Saturday/Sunday, April 25 - 26, 2020 ****** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC WarningsGiven on Use Of Disinfectant in Body

BY CATHERINE LUCEY briefing Thursdaynight, Mr. wasasked by Mr.Trump if she AND STEPHANIE ARMOUR Trump pondered whether had heard that heat and light treatmentsinvolving light or could work as atreatmentfor WASHINGTON—Health ex- disinfectantsshould be studied. the virus.She replied: “Not as pertsand acompanythat “So,supposing we hit the a treatment, no.” makes cleaning productsis- body with atremendous— AfterMr. Trump’scomments sued warningstoAmericans on whether it’sultraviolet or just drew criticism, he sought to Friday, afterPresident Trump very powerful light—and I dismisshis remarks,telling re- speculated that using disinfec- think yousaid that that hasn’t portersFridayafternoon: “I tantsorsolar light inside the been checked, but you’regoing wasasking aquestion sarcasti- body could be an effectivecor- to test it,” he said. “And then I cally to reporterslikeyou just onavirus treatment, comments said, supposing youbrought to see what would happen.” that he later walked back. the light inside the body.” He said that he wanted ex-

Reckitt Benckiser,the maker Mr.Trump added: “And pertsto“look intowhether or MOON/REUTERS of the Lysol line of household then Isee the disinfectant, not sun—and disinfectant on

disinfectant products,said it whereitknocks it out in a the hands—but whether or not JEENAH wascompelled to issue astate- minute.One minute. And is sun canhelp us.” Thevirus,he The maker of Lysol issued a warning statement after comments by President Trump on Thursday. ment “due to recent specula- there a way we can do some- said, “doesn’t livewell with tion and social-media activity” thing likethat, by injection in- heat and sun and disinfectant. health provider firstbefore Thestate of Maryland morehealth commissioner and and warned against the im- side or almost a cleaning. Be- And that’s what I brought up, administering any treatment/ tweeted awarning about not an emergencydoctor, said that proper use of itsproducts: “We cause yousee it gets in the andIthought that wasclear.” medication to yourself or a ingesting or injecting disinfec- “injecting people with disin- must be clear that under no lungsand it does atremen- Surgeon General Jerome loved one,” and quoted a tants, and aspokesman forRe- fectant is harmful and could circumstanceshould our disin- dous number on the lungs.” Adams,amember of the coro- WhiteHouse statement saying publican Gov.LarryHogan said be deadly.Ithas no benefit fectant productsbeadminis- At the briefing,Dr. Deborah navirus task force, tweeted a that Mr.Trump has warned itshotline had received more whatsoever,and could perma- teredintothe human body.” Birx,the administration’scor- reminder forAmericans to Americans to get advice from than 100 calls about the matter. nently damageblood vessels During hiscoronavirus onavirus response coordinator, “PLEASE always talk to your their doctor. Leana Wen, former Balti- and tissue, and even kill.”

at NewYork’sWeill Cornell Some doctorswho have been Chloroquine wasapproved immune response seen in naryresults. They sayawidely FDA Flags Medicine and NewYork-Presby- giving thedrugs to Covid-19 decades agototreat andpre- Covid-19 patients. cited French study,which terian. “We’renot thereyet.” patients praise their benefits, vent malaria by fighting the Themedicines’ potential tested hydroxychloroquine and Scientistsincluding Dr.An- and saypatients can’t wait disease parasite. Hydroxychlo- gained traction in March as azithromycin in 20 patients, Guidance thonyFauci of the National In- weeks or months forrigorous roquine,discovered later,is President Trump praised them wasflawed, partly because sev- stituteofAllergy and Infectious studies. considered by doctorstobe on Twitterand during news eral patientswho fared poorly Diseases have also cautioned “I don’t need anything else lesstoxic.Researcherslater conferences. weren’t factored intoconclu- On Drugs that clinical trials areneeded to to convinceme,” said Joseph found both could reducein- One reason forthe excite- sions.The International Society determine the drugs’ effective- Brewer, an infectious-disease flammation. Hydroxychloro- ment:Alaboratorystudy in of Antimicrobial Chemotherapy, nessagainst the coronavirus. quine is nowapproved forau- China found that chloroquine the medical society whose jour- ContinuedfromPageOne TheFDA had previouslyis- toimmune diseases likelupus could inhibit the coronavirus nal published the research, people to test whether the sued an EmergencyUse Autho- Many hospitals are and rheumatoid arthritis,and from entering cells,suggesting later said it fell short of its“ex- drugscould be used to prevent rization to allowuse of these chloroquine has been used for it could stop the virus.Studies pected standard.” infections or help the sick get drugsintreatmentfor corona- giving the drugs to those diseases,too. in China and Francetesting the Also,some other studies ha- over them. Morethan 100 stud- virus,citing the public health relieve breathing Thepills canhaverareside pills in small groups of patients ven’t found aclear benefit. In ies areunder way,according to emergency. That remains in ef- effects, including eyeand heart found their symptoms im- Brazil this month, part of a the analysis,which reviewed fect, but in Friday’swarning difficulties. problems,although hydroxy- proved and levels of the virus trialwas suspended because the U.S. government’sclinical- the FDAcautioned consumers chloroquine lessso. in theblood dropped. patientsgetting high doses of trials.gov registryand inter- not to use the drugswithout a Researchershaverepeatedly Preliminaryresearch justi- chloroquine developed heart viewedresearchers. prescription, and it advised explored whether the malaria fies deploying the drugsto problems andappeared more Manyexpertssay thereisn’t health-careprofessionals to be specialist at St.Luke’sHospital drugscould fight off viruses, treat mild coronavirus patients, likely to die. sufficient evidencetodeter- aware of the risks and consider in Kansas City,Mo.,who says from HIV to influenzaand coro- beforethey requirehospitaliza- Unlikesome of the firsttri- mine whethertaking an anti- enrolling patientsinaclinical most of thefour dozenmoder- naviruses,but the pills have tion, said PeterMcCullough, a als to produceresults, many malaria pill will help in asafe trial. ateand severepatients he never worked forthat purpose cardiologist at Baylor Scott& trials nowunder way compare way,especially studies compar- Manyhospitals,however, are treated with the drugshaveim- in humans. WhiteHealth in Dallas,which is patientsgetting the drug with a ing howpatients who took the giving the drugstoCovid-19 proved. “I’veseen people get Some scientistsand doctors, studying hydroxychloroquine as control group of patientswho drug fared with those who patientsinabid to relieve betterinone to two days.” looking forsomething that aprophylactic in health-care aren’t, which researcherscon- didn’t. breathing difficulties,while Theantimalarials areamong could help treat coronavirus workers. sider the best way of evaluating “’Does it offer benefit?’ is doctorsare prescribing the pills dozens of drugsdeveloped for cases,weredrawn to the ma- “Wehavetomakesome de- whether an experimental medi- the big question we want to to patientswith mild symptoms other uses that arenow under laria pills,theorizing their anti- cisions now,” he said. cine works. knowthe answerto,” said Roy such as cough and fevertostop study to see if they canhelp inflammatoryproperties might Yetmanyinfectious-disease —Denise Roland Gulick,infectious-disease chief the condition from worsening. tackle the virus. help contain the hyperactive expertsquestion the prelimi- contributed to this article.

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THE WALL STREET JOURNAL. ****** Saturday/Sunday, April 25 - 26, 2020 | A7 THE CORONAVIRUS PANDEMIC U.S. AlliesBalk at Filling WHO Fund Gap

As the Trump disputeabout howmuch the ment to help fund the WHO. rus. Theagencyalso counseled eases such as AIDS and malaria. distributefacemasks,corona- pandemic could have been pre- “Weneed astructural fixfor in Februaryagainst restricting TheU.S.inthe past has virus tests, and ventilatorsfor administration freezes vented if Beijing had been more the WHO,” U.S. Secretaryof international travel from givenabout $400 million a the African and Latin Ameri- financial support, China transparent in the early weeks State MikePompeo said in aFox China, while praising restric- year to the organization, about cangovernmentsthat regu- of the firstoutbreak in Wuhan. News interviewThursday. “It tions on travel within China. $300 million of it as so-called larly call Director-General boostsits contribution Morethan 194,000 deaths had maybethe case that the United Some health expertsargued voluntarypayments, usually Tedros Adhanom Ghebreyesus been attributed to the virus Statescan never return to un- that a U.S. travel ban against earmarked forspecific pro- to beg forsupplies.Italso is BY DREW HINSHAW world-wide as of Friday, with derwriting—having U.S. tax- Chinawould have been inef- gramssuch as polio-vaccina- paying health workerstotrack AND LUKAS I. ALPERT 4,636ofthem in China. payerdollarsgotothe WHO.” fectivebecause airline passen- tion drives.Manyofthe WHO’s the spread of adeadly Ebola Leadersinthe European Theagencysaid it is still as- gers would have made it to the toptechnical staff areU.S.offi- epidemic in eastern Congo. America’sallies have been re- Union and Japan have said sessing the impact of the fund- U.S. via other countries. cials posted to the agencyand “Thereisthis ongoing politi- luctant to fill the gapleftbythe they shareWashington’scon- ing freeze. “Weare determined Japan’s Deputy Prime Min- on the government’s payroll. calwar between the U.S. and U.S. decision to halt funding for cerns that early missteps by to continue to servethe people isterTaroAso has called the Mr.Trump moved to sus- China and nowthe WHO has the World Health Organization, Chineseauthorities allowed who depend on us for lifesav- agency the “China Health Or- pend paymentstothe WHO for been thrown in the middle of with some looking to accommo- the virus to spread rapidly— ing health assistance,” it said. 60 to 90 days,immediately this.They can’t win,” said Lara dateWashington’sconcerns and that the WHO was praising PresidentTrump and some halting voluntarypayments, Gautier, apostdoctoral fellowat about the agency’smanagement Beijing’sresponse at the time. of his supporters in Congress congressional aides said. That McGill University’s Department of the coronavirus pandemic. Australian Prime Minister have blamed China forsup- includes stopping apayment for of Sociology. “Yes,they could In the week since the WHO ScottMorrison has sought pressing news of the outbreak $30M the last two-thirds of a$90 mil- have made abig splash in Janu- lost its largest donor, French, support from European lead- and said it took toolong to lion U.S. Agencyfor Interna- aryand made headlines calling Australian, and German lead- ersinrecent days forajoint confirm that the virus can Additional pledge Beijing made tional Development fund to help out China, and then they would ershavediscussed howtosup- effort to hold the WHO ac- spread from human to human. to the health organization the WHO confront the virus. have lost Chinese cooperation.” port the United Nations agency countable forany failures it TheWHO shared dataand Theadministration said it Some Western political and out of concern that the lossof made early in the public- medical findingsfromChina is looking forother public- public-health leadershavede- U.S. funding would hamper the health crisis that contributed withoutpublicly expressing health bodies to coverthat nounced Mr.Trump’sdecision fight against the new corona- to the pandemic. enough skepticism toward that ganization.” $60 million payment. and defended the institution virusand cede greater influ- French President Emmanuel information, they said. Chinahas defended itsac- No single country as anecessary, if flawed, bu- encetoChina, government of- Macron backs such an effort in TheWHO has few powers tions. “Since the outbreak be- comes close to U.S. funding, reaucracy. Still few govern- ficials said. None of these principle as long as it takes to force governments to hand gan, the Chinese government which accountsfor 15% of the mentshaveoffered to help countries have plans to in- placeafter the crisis,his ad- over medical data, and limited has been nothing but open, WHO’sbudget. TheU.K.finances plug the gap left by the U.S. crease their contributions,ac- visers said. resourcesonthe ground to transparent and responsible in 8% of the budget, or about $215 Most of the newfunding cording to the officials. German Chancellor Angela verifyit. WHO leadersrarely timely informing the WHO and million annually,while 6% comes pledges sincethe U.S. freeze China pledged an additional Merkel praised the WHO on denouncegovernment con- relevant countries and regions from Germany, whose finance have come from charities. $30 million in WHO funding Fridayduring an appeal for duct. including the U.S. of pandemic- ministrysaid it is waiting to as- “One World: Together at on Thursdayinaddition to its governments and private do- AWHO official said any related information,” aforeign sessthe global picturebefore Home,” alive-streamed con- annual contribution of about norstoraise billions of dollars public criticism or skepticism ministry spokesman said. considering anynew commit- cert on April 18 that raised $43 million—though still well to fast track avaccine.Ms. toward the Chinese govern- Mr.Trump’sturn against the ments. Until the newcoronavi- nearly $128 million, provided short of the annual $300 mil- Merkel said Germanywould ment would have endangered agencyleavesits funding in rus, mainland China funded less $55.1 million to the WHO’s lion in funds frozenbythe U.S. make asubstantial contribu- thehelp the U.N. agencyand doubt forits immediateefforts than 1% of the WHO’sbudget. coronavirus fund, according to America’sfunding freeze tion toward that cause,but itsmembersneeded to under- against the virus and the lon- The WHO said it needs the organizers Global Citizen and putsthe WHO in the center of a she made no specific commit- stand the still-newcoronavi- ger-term struggle against dis- funds to source,inspect, and Lady Gaga. WORLDWATCH Muslim Holy Month of Ramadan Will Be Like No Other

EUROPEAN UNION Brexit Talks Failing To Make Progress Brexit trade talkshit early trou- bles as British and European Union negotiators accused each other of being inflexible and concerns mountedthattherewon’tbe enough time to completeabroad deal by the end-of-year deadline. EU chief negotiator Michel Barnier said Friday the British government has so far failed to discuss seriously key aspects of a future trade agreement, as the first full round of post-Brexit ne- gotiations since early March ended on an acrimonious note. The U.K. said “limited prog- ress” was made in the talks. “We do not recognize the sug- gestion that we have not en- gaged seriously with the EU in any area. We have just had a negotiating round lasting most of a week,” said a British gov- ernment spokesman. The twosides have an end-of-

year deadline to completeadeal CK

although theycould extend that TO period if both sides agreed to do so by the end of June. The Brit- SHUTTERS

ish governmentrepeatedFriday A/ that“we will notagree to an ex- tension under anycircumstances.” KHAN/EP —Laurence Norman REHAN BRAZIL FRIDAY WORSHIP: People prayed at a mosque in Karachi, Pakistan. Countries are struggling to balance the risk of a new surge in novel coronavirus infections against Bolsonaro’s Justice the weight of Ramadan traditions. Health officials in Pakistan were alarmed after the government agreed to keep mosques open if social-distancing was observed. Minister Resigns Brazil’spopular justiceminis- terresigned Fridayafter accusing Pandemic Further Squeezes Church Finances PresidentJair Bolsonaroofpoliti- cal interferenceinfederal criminal investigations, triggering apoliti- BY FRANCIS X. ROCCA questsfor reductions in rent Thebulk of the pope’sworld- TheVaticanregularly re- 2018. cal conflict as the right-wing gov- paymentsfromtenantssuffer- wide annual charity collec- ceives financial assistance Thecurrent economic crisis ernmentstruggles to contain the ROME—Thecoronavirus ing hardship. tion wasn’t going to the from bishops in rich coun- will reducethose paymentsby coronavirus pandemic. pandemic has dealt ablowto TheRev.AugustoZampini, poor but being used to plug tries—particularly in the U.S., alarge though still unknown JusticeMinisterSérgio Moro, the Catholic Church’sfi- amember of the pope’stask thedeficit, TheWall Street Germany and Italy—the three amount, said Matthias Kopp,a known forhis role as acrusad- nances,threatening itsexten- forceonthe coronavirus,told Journal discovered. topsourcesofanannual gift spokesman forthe German ing judge who helped bring down sivecharitable activities and reportersThursdaythat the In response to the current from bishops that regularly BishopsConference, in part toppoliticians and businessmen leading bishops and parish Vatican is tapping emergency shortfall, the Vatican has cut yields morethan €20 million. because church taxesaren’t forcorruption, accused the presi- prieststoslash expenses and financial reserves during the coststhrough various mea- But church institutions and paid on state-backed furlough dentofwanting to meddle in in- seek funds elsewhere. crisis,and that some senior sures,including afreezeon donorsinthose countries also payments. vestigations by firing the federal Theimpact of the pan- officials had offered to take hiring and promotions,aban have been hit by the crisis. In Italy,the Catholic policechief whom the minister demic,which has pulled the paycutstoease the financial on most overtime work,the In Germany, the Catholic Church’sprincipal source of had appointed. global economyinto alikely pressure. cancellation of conferences Church’s medical and social- funding is asmall percentage In atelevised speech, Mr.Bol- recession,has been felt at the Theeconomic downturn and the suspension of busi- serviceoperations makeit of income-tax paymentsthat sonarosaid he had no plans to in- highest levels of the church. aggravates adiresituation for nesstravel, according to Vati- one of the country’slargest taxpayers candesignatefor tervene in policeinvestigations. TheVaticanhas temporar- the Vatican. canofficials.Pay cutsorlay- employers, funded largely by charity. But he did nothide his differences ily lost itslargest single Pope Francis urgedofficials offs of the Vatican’sroughly agovernment-collected Nearly 80% choose the with the policechief,Mauricio Va- source of income, the Vatican last year to addressthe Holy 5,000 employees aren’t on the church taxthat brought in Catholic Church, providing it leixo, and said he wanted achief Museums,sincethey closed See’sgaping budget deficit. table,the officials said. morethan €6.6 billion in with morethan €1.1 billion with whom he could interact. last month. Themuseums typ- last year.Almost €220 million The country’s stock exchange ically receivemorethan six of this money,most of it ear- main index tumbled 7.6% on Fri- millionvisitorseach year, lier slated forchurch con- day afternoon, and the Brazilian yielding revenue of some €40 struction and maintenance, is currency slid 3.5% to 5.74 per million ($43 million). nowbeing dedicated to pan- dollar, a low. “The principal problem for demic-related relief,said Ste- the Catholic Church is that it fano Proietti,aspokesman for —Christiana Sciaudone is asset rich but liquidity the Italian bishops conference. poor,” said the Rev.Anthony Thesuspension of Masses RUSSIA Stoeppel, who teaches church in Germanyand Italy has in financeatSt. Patrick’sSemi- effect cut off weekly collec- Central Bank Cuts naryand University in Menlo tions—a leading source of

Interest Rate Park,Calif.“Thepope could in JOURNAL funding forparishes,which in theorysell St.Peter’s Basilica both countries areresponsible REET

Russia’scentral bank cut its but unlesshedoes so he ST formanyoftheir ownex-

benchmark interest rate in amove doesn’t have that money.” LL penses.Few areequipped to

to shoreupthe country’secon- TheVaticanalso normally WA receivedonations online.

omyasitlurches toward adeep earns between €40million THE By contrast, nearly 90% of R

recession because of depressed oil and€50 million in rentson FO the 17,000 Catholic parishes in prices and shutdowns overthe real-estate properties, mostly I the U.S. have some method of AW spread of the coronavirus. in Rome,but those also are accepting online giving,ac- The bank lowered its key rate likely to diminish during are- cording to a2019 survey by I ALHIND by a deeper-than-usual 0.50 per- cession expected to last well GiveCatholic,anonline plat- centage point to 5.5% on Friday, beyondthe reopening of the form. That survey also found its strongest action yet to ease Italian economy, nowslowly ZEYNEB that 50%ofparishes receive

the country’s economic woes. underway.The Vatican has DIANA less than 10% of their annual —Georgi Kantchev said it would consider re- The Rev. Daniel Kearney celebrated Mass in New York on Thursday for a Sunday online broadcast. donations online. P2JW116000-4-A00800-1------XA

A8 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | A9

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A10 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. FROM PAGE ONE Oil Faces Storage Crisis

ContinuedfromPageOne in lockdown to combat the pandemic,the daily demand could fall as lowas70million barrels. Global onshore storage fa- cilities totaling 4.4billion bar- rels arecurrently about 65% full, said Antoine Halff,chief analyst at Paris-based com- modities-analysis company Kayrros. But he added that as of early April they were filling at a “monster rate” of 10 mil- lion barrels a day. S

“It’slikewhen there’safire NEW and everyone is rushing G through the exit door,” says Mr.Halff.“At current rates, OOMBER

storagecould be full within ON/BL

100 days.” LL FA

Absent amarket, the oil in- T. dustryisstaring at financial TRICK

disaster.Morethan 70 debt- PA burdened U.S. oil producers Oil tankers sit anchored outside the Port of Long Beach and Port of Los Angeles on Friday as refiners scale back and onshore storage facilities rapidly fill up. arenow at risk of bankruptcy, according to oil consulting Awash in Oil KoreaonMarch 1with been closed for2½years, as it firm Rystad Energy. Analysts 850,000 barrels of jet fuel, just wasleased by the Venezuelan As demand forrefinedproducts craters, crude oil is increasingly being diverted to onshore sayroughly half of those are before demand in Europe col- government’ssanctioned oil storage facilities and even to tankersonthe high seas. in Texas.Key oilproducersNi- lapsed amid airline ground- company. Refineria di Korsou geria, Algeria, Iraq and Iran Anchored Moored Restricted maneuverability Underway using engine Constrainedbydraught ings. According to datacol- took back control of the opera- areeither considering or seek- lected by oil analytics tion in Januaryand is now ing emergencyfunding from companyVortexa. it stopped carrying out safety checks and theInternational Monetary 20 days agooffshoreMalta maintenancework.Mr. de Fund, while others like Saudi waiting for orders. Lannoysaid the facility won’t Arabia arescrambling for 9idle RUSSIA With most portsrefusing to be up and running until June. ways to make savings. tankers let crewsdisembark and Thestorage challengeisa U.K. flightscanceled everywhere, boon to the few players who Unprecedented crash Captain B. Murthyand his have invested in storageca- U.S. crew have been spending their pacity.Royal Vopak,the Thescarcity of storage CHINA free time playing bingoand world’sbiggest independent tanks and the unprecedented Atlantic Ocean foosball and singing Bolly- tank storagecompany, says its oil crash aredirectly corre- 19 idle INDIA wood classics on akaraoke facilities arenearly full. The lated. Even would-be buyers tankers system. Nowthey arewonder- company has seen a substan- looking to take advantageof ing when they will makeit tial increase in requestsfor bargains can’t jump because back home. space recently, says Chief Ex- Pacific Ocean they have nowheretoput their BRAZIL From the deck,“Ican see a purchases. lot of tankers. We areall stuck “A lack of physical storage here,” the captain said in a ‘At current rates, is forcing oil-market econom- Indian Ocean AUS. phoneinterview. “Wedon’t ics to fall to shut-in levels,” know what the next port is.” storage could be full says Jason Bordoff,aformer Next to him, Chief Engineer within 100 days,’ one Obama administration energy Samir Gulwadi wasseriously adviser,who is nowthe found- Note:AsofApril 7 homesick.“When Icome back, analyst estimates. ing director of Columbia Uni- Iwonder if my kids will recog- versity’s Center on Global En- nize me,” he says. ergy Policy. “Incredibly low U.S. refiner netusage of crude oil U.S. crude-oil stockpiles in Another vessel had arrived prices that will continue for refineries and tank farms with 250,000 barrels of gaso- ecutive Eelco Hoekstra. some time reflect the fact that 20 million 700 thousand line from Italy—where some “The only tanks that we are supply needs to come off the regions have been in lockdown not renting out arethose that market at an unprecedented Twelve-week average Weekly 600 foralmost two months; one are out of service,” he says. rate and volume.” 18 Working storage capacity wasaMonaco-based tanker Some storage points aren’t Refineryand tank farm storage Offshoreoil drillershave 500 as of Sept.30, 2019 laden with refining stock from physically full, but are essen- begun shutting off wells in the Russia. tially off the market. About 16 U.S. Gulf of Mexico, and some 400 Nearby,therewas aGreek 30% to 40% “of storage in the executives worry that the re- tanker that had loaded U.S. is empty,but it’sall gion’sproduction maytake 300 580,000 barrels from aLibyan booked and in the hands of years to fully recover. 14 oil platform on March 3. tradersand operators,” said With few storageplaces on 200 Trader VitolGroup PLC opted Chris Midgley,head of analyt- dry land available, producers, 12 to storethe cargorather than ics at S&P Global Platts.“We tradersand buyersare turning 100 trytoreselling it, hoping for canprobably saythe same for to the sea. Acluster of ships better prices later, according all storage around the world. brimming with crudesitsin 10 0 to aperson familiar with the There is storage available but the turquoise waters of Hurd transaction. Vitol declined to not to rent.” 2000 ’05 ’10 ’15 ’20 Jan. 17 Feb. March April Bankoff Maltainthe middle comment. Until the world gets moving of the Mediterranean this Sources: IHS Markit (tankers); FleetMon (Malta and California offshore); U.S. Energy Information Administration (output, stockpiles) Elsewhere, about 8 million again and begins to burn off week.Othersfloat in South Af- barrels aresitting in South Af- the excess oil, controlling stor- rica’s coastal waters. armada of about 20 tankers crude processing. cently.Aspokesman forVene- rica’sSaldanha Bay, anumber age is power—and Saudi Ara- That adds to the financial lining the horizon there—they On the other side of the zuela’s oil ministry didn’t re- that is set to double in the bia has become king of it. Oil burden. The cost of renting a areamong at least 35 idle world, Malta is turning into a spond to calls seeking coming four weeks,according stored inside the countryrose supertanker is about$4.50 a along the U.S. Pacific Coast— popular destination forvessels comment. to Kpler. by 8million barrels to 79 mil- barrel amonth, according to have come to the Greater Los storing oil. Foryears, the Nowmainstream tankers In the Caribbean Sea, about lion in 2½ weeks beforeMarch datafromRystad, or $9 mil- Angeles area from portsin Mediterranean’sHurdBank filled with oil originally des- 2.5 million barrels are stored 26,according to Kayrros, lion foranaverage-sizetanker Vancouver,Rotterdam and hasbeen known as aplace tined for Italy and Turkey are in five tankersnear Curaçao, which uses satelliteimageryto holding 2 million barrels. Basra,Iraq, according to ship- whereillicit oil cargoes can flocking there, lured by the according to the dataprovider. analyze commodity markets. Thevolume of oil stored on tracking firm FleetMon. hide in plain sight. no-hassleparking spaceand “It’sahot potato,” said Mar- The Saudis booked remaining ships at sea is up 76%from As people in the U.S.’s sec- Vessels transferring illegal proximity to Maltese ports, a celino de Lannoy, interim capacity in an Egyptian stor- March 1, to 153 million barrels, ond-largest metropolitan area Libyan fuel on itsway to Italy steady source of food and fuel. managing director at Refineria age facility. Still, demand fell according to oil-datacompany enteredlockdown in response have moored in the interna- Manyofthe ships idled at di Korsou. “People are calling faster than it could lease stor- Kpler, roughly 1½ days worth to the pandemic,people left tional waters near Malta.Buy- HurdBank offer their owntale me from alloverthe world,” age. of global production before their cars in the garage.Mara- ersofdisputed Iraqi Kurdish of the demand destruction he said, citing the U.S., China TheSaudi strategyhas been the crisis. thon Petroleum Corp.’snearby oil have also used the sand currently wreaking havocin and countries in the Middle that “oursshould be the last Homeless oil is turning up refineryinMartinez, Calif., bank as atransit point and, the oil market. East. tanks that need to be filled— in places like Seal Beach, fa- temporarily closed. Others, in- according to shipping trackers, Sitting among the crowd is Thestate-owned refiner has the last tanks standing,” says mous forits long wooden pier cluding Chevron Corp’s El Se- Venezuelan sanctions-busters the Marshall Islands-flagged storage capacity of 15 million Platts’s Mr.Midgley.“Every- and prime surfing spots. The gundo refinery, cut back on have done the same more re- Front Tiger, which left South barrels but itsoperations have body wants to be the last.”

unexpectedly turned into frequent artlessons. has made appearances. Adults lengthystays. Jake Miller,a27-year-old Her 70-year-old father,im- Arianne Hogan, 34, and her singer-songwriter,has featured migration lawyer IraKurzban, husband areliving indefinitely his parentsand sister in ase- said: “Atmyage,it’salittle Bunk With at herparents’ house in Michi- ries of musicalvideos posted difficult to do the whole class, ganafter moving back to the forhundreds of thousands of but Itry to do at least some of U.S. from Australia in early followers on TikTok and Insta- it.” He oftensteps aside when Parents March, delaying plans to move gram. twerking is involved. to California. “Everybody in this house is Forkids back home,some When Ms.Hogan tried to re- just so bored that these videos thingsdon’t change: Maintain- ContinuedfromPageOne serveleftovers with aPost-it have kind of been away forus ing asocial life, even virtually, bedrooms and old, familiar Note with her name on it, her to take two hours, be goofy canbealittle embarrassing rhythms. mom took to Facebook to mock and funny, and just getrid of when your parentsare around. Oftenleaving urban apart- her daughter’s behavior.“I allthe stress,” said Mr.Miller, Mr.Mathur is trying to be mentslacking amenities for thought it wasfunny,” Ms.Ho- who flew from LosAngeles to more carefulwhen participat- the sprawling suburbs,they are gansays. his parents’ Florida home ex- ing in Zoom happy hourswith experiencing the longest period She has earned pointsasthe pecting the lockdown to last friends. “Therehavebeen mo- under the same roof as their family’s designated grocery ONE just afew weeks. mentswheresomebody said parentssincethey were teen- shopper.Her mother grades MAL Thevideos ofteninclude something that Iwould rather AD

agers. Theunexpected return hershopping trips.“Thelast BR household items as makeshift have not had my parentsover- to apast lifehas proved com- shop Igot an A-,ormaybe it Brad Malone and his mother, Mary Malone, at his childhood home instrumentsand some acting hear,” he said. “Therewas this forting formanyfamilies dur- wasaB+,” Ms.Hogan said. “I in Loganville, Ga. He moved there from his Atlanta condo. from thefamily.Inone video, one time whereIwas like, OK, ing atime of global upheaval. didn’t getanything wrong,but his father,57-year-old ophthal- this is when my headphones go As lockdownsdragonand therewereacouple of things— compromise: His father gotthe startup whereheworks.But mologist BruceMiller,dressed in.” thenovelty wearsoff,ithas maybe the raspberries were room, and he gotthe chair. his dad waseavesdropping. up likerapper Post Malone. ForMr. Malone in Georgia, also ledtoawkward encoun- looking abit sad.” “Mainly during the dayI’m “Mydad waslike, ‘You re- In Miami, 30-year-old Sadie it’sthe happy hour itself that is ters and bickering over work- At Praful Mathur’sparents’ just trying to getmywork ally need to be moreassertive, Kurzban is teaching workout strange. spaces.Some parentsare step- home in Chicago, one room is done,” said the younger Mr. youknow?’ ” said Mr.Hazan, classes liveonYouTube from “I’vecracked abeer and ping intotheir children’sat- particularly conducivetooffice Mathur.“But it is kind of weird 24,fromhis parents’ house in her parents’ backyard.During a been upstairswhereIwas 10 home workoutsand even work,with adesk and good when my mom walks into Cupertino,Calif.“And Iwas recent class, her father jumped yearsold and playing video- eavesdropping on their work chair.The 25-year-old software meetingsand hands me grapes like, ‘Well, Iwould, if Iwasn’t in beside her as she led aspir- games,” he said. “And nowI’m calls. engineer,who flew from San or something to eat.” listening to apresentation ited danceroutine forclientsof sitting up heredrinking abeer Manyparentsasked their Franciscotobewith his par- Omri Hazan thought he had right now.’ ” 305 Fitness, her NewYork- on Zoom.” children, regardlessofage,to entsduring the pandemic,said enough privacyinhis parents’ His father is thrilled to have based fitnessstudio. “You almost feel likeyou come home as stay-at-home or- his family fought over who got living room forthe hourlong all of his children home.A “It’smuch morefun to do it need to ask forpermission,” dersspread acrossthe country. the rightstouse it. presentation he needed to tune painter who recently returned with somebody,” said Ms. said Mr.Malone,who turned 21 In some cases,weekend visits They eventually reached a in to at theSan Francisco to his craft, he nowgives them Kurzban, whose husband also morethan adecade ago. P2JW116000-4-A01100-1------XA

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A12 | Saturday/Sunday, April 25 - 26, 2020 ****** THE WALL STREET JOURNAL. OBITUARIES

BARNEYALES MAURICE DOTSON 1934 —2020 1969—2020 Executive Helped Motown Nursing Assistant Broaden Its Audience Kept Showing Up BY JAMES R. HAGERTY Brooke Ladner, a senior vice president at Regency Integrated or residents of the West Health Services, based in Victoria, BY JAMES R. HAGERTY The prominent role of the Italian- F Oaks Nursing and Rehabili- Texas, which manages the West American Mr. Ales helped stoke ru- tation Center in Austin, Oaks home, said the loss of Mr. otown Record Corp., mors that Motown was linked to Texas, Maurice Dotson was a Dotson was “keenly felt by his M founded in 1959 by Berry the mafia, a charge Mr. Gordy de- daily presence. As a nursing as- friends and co-workers” at the fa- Gordy Jr., was a triumph nied. The rumors helped in one sistant, he hoisted them out of cility. “He touched countless lives of African-American entrepreneur- way, though. “Sometimes it was a bed, helped them dress, fetched and was a respected and comfort- ship. One of Mr. Gordy’s most im- little easier to collect our money,” water, changed diapers and ing presence,” she said. portant executives, however, was Mr. Gordy wrote. watched for signs of distress. Regency screens staff members Barney Ales, a white guy with a Because the sales team was He also made sure to help cele- before shifts, tests ones who are goatee and no claim to musical tal- loyal to Mr. Ales, tensions some- brate their birthdays. showing symptoms and doesn’t ent. times arose between him and Mr. As thousands of nursing-home allow those who have tested posi- Mr. Ales (pronounced A-less), Gordy, who wrote later: “The situa- residents across the country die tive to resume their work until who died April 17 at the age of 85, tion was not unlike me being a of Covid-19, Mr. Dotson knew the they have recovered, Ms. Ladner steamrolled disc jockeys of all col- president of a small nation, loved risks he took by reporting for said. ors into playing the latest Motown by all the folk, and him being the work. The median hourly wage of hit and intimidated deadbeat dis- big general who controls the Yet frail people, deprived of nursing assistants employed in tributors into paying their bills. He army.” family visits, depended on him. U.S. nursing homes is $13.38 and served as head of sales in the early Still friends, they agreed to part “He felt obligated to make sure their median annual income is 1960s before rising to president of ways in the early 1970s. Motown they were taken care of,” said Mr. $22,200, according to the most the record label in the late 1970s. moved its headquarters to Los An- Dotson’s sister Felicia Dodson, recent PHI data. More than 90% “I just thought Barney was the geles; Mr. Ales stayed in Detroit who uses a different spelling of greatest salesperson in the world,” leased, because it was the only one and formed Prodigal Records. the family name. “It was like his Mr. Gordy said in a statement re- we had.” It was a top seller and In 1975, Mr. Gordy decided he family, pretty much.” ‘He felt obligated to leased after his colleague’s death. critics’ favorite. needed “a czarlike character” to About three weeks ago, he The founder credited Mr. Ales with Baldassare Ales, known as Bar- whip the label into shape. He re- stopped working when he fell ill. make sure they were broadening Motown’s appeal. “I ney, was born May 13, 1934, in De- cruited Mr. Ales back as an execu- A few days later, he called an am- taken care of. It was like wanted to sell music to all people: troit. His father, a native of Sicily, tive vice president and then as bulance. He tested positive for whites, blacks, Jews, gentiles, the was a barber. One of Barney Ales’s president. He led a hugely success- the novel coronavirus and was his family, pretty much.’ cops and the robbers,” Mr. Gordy first jobs was working at a Dodge ful promotion of Stevie Wonder’s put on a ventilator at an Austin said. auto plant. “Songs in the Key of Life” album. hospital, where he died April 17, In July 1964, Mr. Ales told Bill- He broke into the record busi- As Motown’s hits grew less fre- Ms. Dodson said. He was 51 years board magazine that a then-ob- ness by joining the Detroit branch quent, money became a problem. old. are women. About 21% were born scure band called the Supremes of Capitol Records, where he “I didn’t have very much and he Born in Little Rock, Ark., in outside the U.S. On average, they was releasing a song that would started in the stockroom and kept asking for more,” Mr. Gordy 1969, Mr. Dotson didn’t finish care for 12 people at a time, top the charts. He was right: worked his way into sales and pro- wrote. Mr. Ales left Motown in high school but later passed a though that number may be much “Where Did Our Love Go” swiftly motion. He later worked for War- 1979 and worked for a variety of GED exam and trained as a certi- higher at homes where many staff became the group’s first major hit. ner Bros. Records and ran his own other labels. fied nursing assistant. He had members are quarantined at Motown’s roster abounded with record-distribution company. He is survived by his wife, the worked at West Oaks for 25 home. hit makers, including Marvin Gaye, As a distributor, he met Mr. former Eileen Cauley, as well as years. Stevie Wonder, the Temptations, Gordy, who had been a profes- five children, nine grandchildren Being a nursing assistant has artly because they lift resi- Smokey Robinson and the Jackson sional boxer and automobile as- and six great-grandchildren. always been a tough, low-paid P dents out of bed and off 5. Many eventually outgrew the sembly-line worker before becom- In recent years, Mr. Ales collab- job. Now, says Kezia Scales, direc- toilets, the workplace-injury house sound. ing a songwriter and record orated with Adam White on the tor of policy research at PHI, a rate for nursing assistants is producer. 2016 book “Motown: The Sound of New York-based nonprofit that more than triple that for all U.S. n 1970, Mr. Gaye recorded Mr. Gordy first hired Mr. Ales to Young America.” advocates for better care for workers. “What’s Going On,” a jazzy an- distribute records for his Motown Mr. White said Messrs. Ales and older and disabled people, nurs- Mr. Dotson, who was unmar- I ried and had no children, enjoyed tiwar song bearing no resem- and Tamla labels. They began play- Gordy once went for dinner at a ing assistants are stretched thin- blance to the Motown formula. Af- ing table tennis and cards. “He restaurant in Detroit. “We don’t ner than usual as illness depletes watching reality TV shows and ter initially rejecting the song, hated to lose,” Mr. Gordy wrote in serve colored people,” a woman at their ranks. They may lack ade- cooking in his free time, his sister Motown’s Tamla label released it his 1994 memoir, “To Be Loved.” the reception said. quate protective gear, risk being Felicia said. in 1971. Late in 1960, Mr. Gordy hired Mr. “Good,” Mr. Ales replied, “be- blamed for spreading the virus As a young man, he helped “We needed a Marvin Gaye re- Ales to head sales. cause I don’t eat them.” and are mourning residents they raise his younger sisters. “He was cord desperately,” Mr. Ales told When collecting money from love. always the guy who took care of the Free Press later. “He made distributors became a problem, Mr.  Read in-depth profiles at “They’re in an impossible situ- everything,” Felicia Dodson said. sure that’s the one that was re- Ales was put in charge of that too. WSJ.com/news/types/obituaries ation,” Dr. Scales said. “He was that true big brother.” FROM PAGE ONE

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WT/?@ :83 >&V8WKO]?.8WW "? ;4?&2WKV833?@O setsand questioned Mr. legemajor of animal hus- addedHBO,CNN and Warner it had about $120 billion in an- %048U; 2:?3? @8>=^0W2 28V?3Z 2:? >&V8WK Stankey’s elevation to heir ap- bandryafter recognizing what Bros.tothe network operator’s nual revenue and nearly 60% &3X3>T4 UT @TU&28TU3O Y032 3&K &R4&K?4 ©2020Dow Jones &Company,Inc. parent.Last year,AT&Tpro- breeding work would entail. stable of brands.Italso saddled came from itslandline arm. >T4 *&44KO All Rights Reserved. moted Mr.Stankey,then the ThefutureCEO rose AT&T with moredebt, pressur- Shares have slid 27% sinceMr. head of itsmedia unit, to No.2 through Southwestern Bell’s ing the company’sshares. Stephenson took the helm. P2JW116000-4-A01300-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | A13 OPINION

THE WEEKEND INTERVIEWwith John Ioannidis | By Allysia Finley The Bearer of Good Coronavirus News

efendersofcoronavirus that Iwas very interested in the do,” he says.“But there’sfar,far, lockdown mandates keep methods—not necessarily the re- far more...young people who talking about science. sultsbut howexactly youdothat, commit suicide.” If the panic and D “Weare going to do the howexactly youtry to avoid bias, attendant disruption continue,he right thing,not judgeby howyou avoid error.” When he be- says,“we will see manyyoung politics,not judgebyprotests, but ganexamining studies,hediscov- people committing suicide ...just by science,” California’sGov.Gavin ered that few headline-grabbing because we arespreading horror Newsom said this week.Michigan findingscould be replicated, and stories with Covid-19.There’sfar, Gov.Gretchen Whitmer defended manywerelater contradicted by far moreyoung people who get an order that, among other things, newevidence. cancer and will not be treated, be- banned the sale of paint and vege- Scientific studies areoften in- cause again, they will not go to table seeds but not liquor or lot- fected by biases.“Several years the hospital to gettreated because tery tickets. “Each action has been ago, along with one of my col- of Covid-19.There’sfar,far more informed by the best scienceand leagues,wehad mapped 235 biases people whose mental health will epidemiologycounsel thereis,” she acrossscience. And maybe the big- collapse.” wroteinanop-ed. gest cluster is biases that aretry- He argues that public officials But scientistsare almost never ing to generatesignificant, spec- need to weigh these factorswhen unanimous,and manyappeals to tacular,fascinating,extraordinary making public-health decisions, “science” aretransparently political results,” he says.“Early results and moreharddatafromantibody or ideological. Consider the storyof tend to be inflated. Claims forsig- and other studies will help.“Ithink John Ioannidis, aprofessor at Stan- nificancetend to be exaggerated.” that we should just take everything LLIN

ford’s School of Medicine. His ex- An example is a 2012 meta-anal- FA that we know, put it on the table,

pertise is wide-ranging—he juggles ysis on nutritional research, in KEN and trytosee,OK, what’sthe next appointmentsinstatistics,biomedi- which he randomly selected 50 step,and see what happens when caldata, prevention research and common cooking ingredients, such cial distancing orderswererelaxed. the world will yield moredata. A we take the next step.Ithink this health research and policy. Google as sugar,flour and milk.Eighty (Confirmed cases were 0.17%ofthe study publishedthis week by the sort of data-driven feedback will Scholar ranks him among the percent of them had been studied population as of Thursday.)But the University of Southern California be the best. So youstart opening, world’s100 most-cited scientists. forlinks to cancer,and 72%ofthe basis forthis projection is unclear. and the LosAngeles County De- youstart opening your schools. He has published morethan 1,000 studies linked an ingredient to a “Ataminimum, we need openness partment of Public Health esti- Youcan see what happens,” he papers, manyofthem meta-analy- higher or lowerrisk.Yet three- and transparencyinorder to be mated that the virus is 28 to 55 says.“We need to be open minded, ses—reviews of other studies.Yet quartersofthe findingswereweak able to sayanything,” Dr.Ioannidis times as prevalent in that county we need to just be calm, allowfor he’snow found himself pilloried be- or statistically insignificant. says. as confirmed cases are. ANew some error,it’sunavoidable.We cause he dissentsfromthe theories Dr.Ioannidis calls the coronavi- Most important, “what we need York study released Thursdayesti- started knowing nothing.Weknow behind the lockdowns—because ruspandemic “the perfect storm of is data. We need real data. We mated that 13.9%ofthe stateand alot now, but we still don’t know he’slooked at the dataand found that quest forveryurgent, spectac- need dataonhow manypeople are 21.2% of the city had been infected, everything.” good news. ular,exciting,apocalyptic results. infected so far,how manypeople morethan 10 times the confirmed And as yousee,apparently our areactively infected, what is really cases. ecautions against drawing early estimates seem to have been the death rate,how manybeds do Yetmost criticism of the Stan- broad conclusions about the tremendously exaggeratedinmany we have to spare, howhas this ford study has been aimed at de- H A leading scientist finds efficacyoflockdowns based fronts.” changed.” fending the lockdown mandates on national infection and fatality himself under attack for Chief among them wasastudy against the implication that they’re rates. “It’snot that we have ran- questioning the prevailing by modelersatImperial College hat will requiremoretesting. an overreaction. “There’ssome domized 10 countries to go into London, which predicted more Dr.Ioannidis and colleagues sort of mob mentality hereoperat- lockdown and another 10 countries wisdom about lockdowns. than 2.2 million coronavirus deaths T at Stanfordlast week pub- ing that they just insist that this to remain relatively open and see in the U.S. absent “any control lished astudy on the prevalenceof has to be the end of the world, and what happens,and do that ran- measures or spontaneous changes coronavirus antibodies in Santa it has to be that the skyisfalling. domly.Different prime ministers, In aMarch article forStatNews, in individual behaviour.” Thestudy ClaraCounty.Based on blood tests It’sattacking studies with data different presidents, different task Dr.Ioannidis argued that Covid-19 waspublished March 16—the same of 3,300 volunteersinthe county— based on speculation and science forces makedecisions,they imple- is far lessdeadly than modelers daythe Trump administration re- which includes SanJose,Califor- fiction,” he says.“But dismissing ment them in different sequences, were assuming.Heconsidered the leased its“15 Days to Slowthe nia’sthird-largest city—during the real datainfavor of mathematical at different times,indifferent experienceofthe Diamond Prin- Spread” initiative, which included firstweek of April, they estimated speculation is mind-boggling.” phases of the epidemic.And then cess cruise ship,which wasquar- strict social-distancing guidelines. that between 2.49% and 4.16% of In part he blames the media: people start looking at this data antined Feb. 4inJapan. Nine of Dr.Ioannidis says the Imperial the county population had been in- “Wehavesome evidencethat bad and they say, ‘Oh look at that, this 700infected passengersand crew projection nowappearstobea fected. That’s50to85times the news,negativenews[stories], are placedid very well. Why? Oh, be- died. Based on the demographics grossoverestimate. “They used in- number of confirmed cases and im- moreattractivethan positive cause of this measure.’This is of the ship’spopulation, Dr.Ioan- putsthat were completely off in plies afatalityratebetween 0.12% news—they lead to moreclicks, completely,completely opinion- nidis estimated that the U.S. fatal- some of their calculation,” he says. and 0.2%, consistent with that of they lead to people being moreen- based.” ity rate could be as lowas0.025% “Ifdataare limited or flawed, their the Diamond Princess. gaged. And of course we knowthat People aremaking “big state- to 0.625% and put the upper bound errorsare being propagated Thestudy immediately came un- fakenewstravels faster than true mentsabout ‘lockdowns save the at 0.05% to 1%—comparable to that through the model. ...Soifyou der attack.Some statisticians news.Sointhe current environ- world.’Ithink that they’reimma- of seasonal flu. have asmall error,and youexpo- questioned itsmethods.Critics ment, unfortunately,wehavegen- ture. They’retremendously imma- “Ifthat is the true rate,” he nentiatethat error,the magnitude noted the study sample wasnot erated averyheavily panic-driven, ture. They mayhaveworked in wrote, “locking down the world of the final error in the prediction randomly selected, and white horror-driven, death-reality-show some cases,they mayhavehad no with potentially tremendous social or whatever canbeastronomical.” women under 64 were dispropor- type of situation.” effect in others, and they mayhave and financial consequences maybe “I lovemodels,” he adds.“Idoa tionately represented. TheStan- Thenewsisfilled with stories of been damaging still in others.” totally irrational. It’slikeanele- lot of mathematical modeling my- ford team adjusted forthe sam- healthyyoung people who die of Most disagreementsamong sci- phant being attacked by ahouse self.But Ithink we need to recog- pling bias by weighting the results coronavirus.But Dr.Ioannidis re- entists, he notes,reflect differ- cat. Frustrated and trying to avoid nizethat they’revery, very lowin by sex, race and ZIP Code,but the cently published apaper with his ences in perspective, not facts. the cat, the elephant accidentally terms of howmuch weight we can study acknowledges that “other bi- wife, Despina Contopoulos-Ioan- Some find the Stanfordstudy wor- jumps off acliff and dies.” placeonthem and howmuch we ases,such as bias favoring individ- nidis, an infectious-disease special- risome because it suggeststhe vi- Dr.Ioannidis,54, likes meta- cantrust them. ...They cangive uals in good health capable of at- ist at Stanford, that showedthis to rusismoreeasily transmitted, phors. ANew York nativewho youaveryfirst kind of mathemati- tending our testing sites,orbias be aclassic man-bites-dog story. while othersare hopeful because it grew up in Athens,healso teaches caljustification to agut feeling, favoring those with prior Covid- Thecouple found that people un- suggeststhe virus is far lesslethal. comparativeliteratureand has but beyond that point, depending likeillnesses seeking antibody con- der 65 without underlying condi- “It’sbasically an issue of whether published seven literaryworks— on models forevidence, Ithink it’s firmation arealso possible.The tions accounted foronly 0.7% of you’reanoptimist or apessimist. poetryand fiction, the latest being averybad recipe.” overall effect of such biases is hard coronavirus deaths in Italy and Even scientistscan be optimists an epistolarynovel—in Greek.In Modelerssometimes refuse to to ascertain.” 1.8% in NewYork City. and pessimists. Probably usually his sparetime,helikes to fence, disclose their assumptions or data, Dr.Ioannidis admitshis study “Compared to almost anyother I’m apessimist, but in this case, swim, hikeand playbasketball. so their errorsgoundetected. Los isn’t “bulletproof” and says he wel- cause of disease that Ican think I’m probably an optimist.” Early in his career,herealized Angeles County predicted last comes scrutiny. But he’sconfident of,it’sreally sparing young people. that “the common denominator for week that 95.6%ofits population the findingswill hold up,and he I’m not saying that the lives of 80- Ms. Finley is amember of the everything that Iwas doing was would be infected by August if so- says antibody studies from around year-olds do not have value—they Journal’s editorial board. A Bailout for Illinois? Not Without Strict Conditions

The day the proph- turn on those contributions,but re- So Congressmay want to offer barely maketheir contributions us- linois acontract forlife. By con- etsofpublic finance ceived an averageofonly 5.2%. Over assistance, but it should come with ing the lenient public-sector fund- trast, federal laws governing private long foretold has that same period, the averagebene- strict conditions: Anystate looking ing rules,much lessthe stricter pensions prohibit cutstobenefits come to pass: Illi- fitpaid to aretired full-career state forapension handout must either rules forprivateplans. that have already been accrued but nois has requested a employeerose from $41,700to livebythe stricter accounting rules Thealternativeiswhat the Puerto allowemployers flexibility to alter federal bailout of its $49,700.Further,pensionersre- federal lawimposes on privatepen- RicoOversight Boardinsisted on: the rate at whichfuturebenefitsare CROSS struggling public- ceived aguaranteed 3% annual cost- sion plans or freeze itspension and Freeze the old pension to prevent earned. Anyassistanceshould be COUNTRY employeeretirement of-living adjustment, even though shiftall employees to defined-con- anynew benefit accruals while shift- premised on constitutional or legal plans,which had un- the Consumer PriceIndexrose only tribution retirement plans. ing all employees to 401(k)-likere- changes to align statepension rules By Andrew funded liabilities 2.2% annually over that period. Private-sector plans must assume tirement accounts. Freezing apen- with federal law. Biggs topping $469 billion What thePrairie State wants, ac- more-conservativeinvestment re- sion doesn’t makeits unfunded It wasperhaps inevitable that Illi- in 2018,according to cording to aleaked April 14 letter turns than public-sector plans and liabilities go away.But it caps exist- nois would somedaycome knocking aFederal Reservestudy.Asdifficult writtenbyIllinois SenatePresident addressunfunded liabilities more ing liabilities while shifting employ- on the federal government’sdoor as the coronavirus crisis has been Don Harmon to the state’scongres- rapidly.Asaresult, privatepen- ees to plans in which the govern- looking forapension bailout. Other forstate governmentsand their pen- sional delegation, is “$10 billion in sions todayhaveset aside more ment’sfunding obligation is clearly states mayfollow. Agovernmental sion systems,Washingtonshouldn’t pension relief,directly forthe state’s than twiceasmuch funding per defined and can’t be evaded using bankruptcy is aterrible thing,but bail out Illinois or anyother peren- retirement systems.” While making dollar of promised futurebenefits actuarialoraccounting tricks. federal assistanceshouldn’t flow un- nial bad actor without firstrequiring the obligatorynoises about stateef- than have stateand local pensions. Illinois politicians will claim their lessstatesfix their pension prob- stringent and permanent reforms. fortstorestorepension funding,Mr. If adopted decades ago, stricter stateconstitution preventspension lems,onceand forall. Harmon asks forfederal grantsor funding rules could have savedpen- changes.But it wasamisguided low-interest loans to keep Illinois’s sions such as Illinois’s. But today 1970 amendment to that constitu- Mr. Biggs is aresident scholar at Other states will line up pension plans afloat. If Congress those states areinabind: Manycan tion that made public pensions in Il- the American Enterprise Institute. bails out Illinois,you canbesure for money if Washington other poorly funded states likeCon- rewards Springfield for necticut, Kentuckyand NewJersey would come asking fortheir own Why Are Counterprotesters in Scrubs? mismanaging its pensions. lifelines. Given Illinois’srecordofpoor pen- By Michael Segal avoid bringing infections out on two special objectsinviewwith re- sion stewardship,Congressshould re- scrubs or bringing dirt in. At some gard to disease,namely,todogood or Thecoronavirus downturn comes ject anybailout on the merits. And ou’veprobably seen those pho- pointthat changed, and health-care to do no harm.” Clinicians have done at aparticularly bad time forstate yetthe alternativemight be worse. I Y tosofhealth-careworkers workersstarted removing scrubs at enormous good in recent weeks and and local government pension funds, have spent the past three yearsasa counterprotesting in favorof home and washing them there. have much moral authority by virtue whose investmentslost $419 billion member of the federal Financial coronavirus lockdowns.Inone case a Is that wise during apandemic? In of the risks they’retaking and the ter- in the firstquarter of 2020 even as Oversight and Management Boardfor physician’sassistant stands in aDen- recent weeks,several people Iknow rible suffering they witnesssimply in the government taxrevenue that PuertoRico, wrestling with the is- vercrosswalk,blocking protesters’ have gotten sick—possibly from coro- doing their jobs.Some areevengoing fundspension contributions plum- land’s2016 insolvency, which in- cars.Your reaction mayvarydepend- navirus—afterbeing exposed to out of their way to minimizeharm by meted. Despiteyearsofrhetoric cluded theexhaustion of itsmain ing on what youthink of the lock- health-careworkers. One instanceoc- sleeping in hotels or their basements about funding reforms,most retire- public pension funds.Agovernmental down. Iside morewith the counter- curred two weeks beforesocial-dis- to avoid contaminating others. Yet ment plans aremorepoorly funded bankruptcy is an ugly processfrom protestersbecause some of the tancing recommendations; the other some aretaking unnecessaryrisks todaythan they were 10 yearsago. which no quick or clean resolution protesters’ demands,such as ending involved agatheringataresidenceto that maydoharm. But some states areworse off canbeexpected. Illinois’sunfunded all restrictions on large crowds, are which anurse came from work in Thecounterprotestersinscrubs than others, with Illinois long at the pensionliabilities substantially ex- dangerous. But Ialso wonder: Why scrubs.(Thepeople Iknowhavere- aremaking an important point. But forefront of pension mismanage- ceed itsbonded debt, meaning that arethe counterprotesterswearing covered, and until antibody testing they’d have morecredibility if they ment. From 2001 to 2019,Illinois even acompletedebt default scrubs? becomes reliable and easily available, also set agood example by not wear- made only 80% of the actuarially de- wouldn’t put itsfinances back on When Iwas being trained as adoc- we won’t knowwhether these were ing scrubs in public. termined contributions to itsmain track.Astatewide economic contrac- torinthe 1980s,wewereforbidden coronavirus infections.) stateplan. Worse, Illinois assumed a tion could also become aregional to leave the hospital in scrubs.You In “Of the Epidemics,” Hippocrates Dr. Segal is aneurologist and neu- roughly 8% annual investment re- threat. changedclothes in the hospital to wrotethat physicians should “have roscientist. P2JW116000-4-A01400-1------XA

A14 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Piling on Georgia’s Governor Trump, Coronavirus and the New Federalism

onsistencyhas never been Donald right, but I disagree with him on what he’s do- In “Trump Rewrites the Book on Of course,byApril 17 he’dgone back to Trump’s strong suit, but during a na- ing ...Ithink spas and beauty salons and tattoo Emergencies” (op-ed, April 18), Chris- his previous position that the responsi- C tional calamity it would be terrific if the parlors and barbershops in phase one—we’re topher DeMuth rightly applauds the bility forthe coronavirus response lay president forhis light touch in re- mostly with the governors, which is President would decide what going to have phase two very Trump joins the press sponse to Covid-19.Counter to what the position that Mr.DeMuth praises. he wantswithout shifting soon—is just toosoon. Ithink some feared, President Trump resisted If the pandemic in the U.S. is,in from day to day. We suspect corps and Democrats in it’s too soon.” demands forafederal takeover.He fact, under control now, and if the Georgia Gov.Brian Kemp Thefollowing dayPresi- didn’t declaremartial law, restrict in- loosening up that Mr.Trump is advo- would agree. bashing Brian Kemp. dent Trump was asked about terstate travel or impose other ex- cating actually happens without aseri- On Monday Gov. Kemp an- Georgia again, and his re- treme measures.Hedid close the bor- ous resurgenceofthe virus,this will nounced that the state would sponse wasevenmorecritical. ders, which waswell within his seem likequibbling over small details allow certain businesses, forcibly closed since “I didn’t like to see spas opening, frankly,” he purview, but only reluctantly,and and Iwill be glad to admit Iwas wrong April 3, to reopen on April 24. The businesses said. “I didn’t liketosee alot of thingshappen- lightly applied the Defense Production about this.However, the datapoint in covered: fitness centers, bowling alleys, body ing. And I wasn’t happy with it. And I wasn’t Act. Most important, he allowed exactly the oppositedirection. We will art studios, barbers, cosmetologists, hair de- happy with Brian Kemp.” Again, just to stress Pharma, other companies and the knowinthe near futurewhich wascor- states to respond in different waysto rect: Mr.DeMuth or the data. signers, nail-careartists, estheticians and mas- the point: “I want him to open as soon as possi- the crisis.AsMr. DeMuth pointsout, TOM ALRICH sage therapists. These are the businesses, the ble. And I want the state to open. But I wasn’t President Trump recognizes “the in- Evanston, Ill. Governor explained, that had been subject to happy with Brian Kemp.” tensity of the epidemic varies widely full-on shutdowns,not simply restricted service Our reporting indicates that the President and is best met by calibrated stateand Mr.DeMuth strives to reframe the orders, and they are typically populated with was“happy” with the Georgia Governor on local judgments.” This mirrorsNobel dilatory, chaotic and contradictoryre- lower-income workers. Tuesdaynight, but that Dr.Deborah Birx,a laureateFriedrich Hayek’swise advice: sponse from the Trump administration Mr.Kemp made agood case.Georgia has not member of the WhiteHouse Coronavirus Task “Weneed decentralization because to the pandemic,especially from Presi- seen a devastating outbreak of Covid-19. As of Force, expressed skepticism about the Georgia only thus canweinsure...knowledge dent Trump himself,asamasterfulex- Friday the state has had 22,147 known cases, policy. That is herright, and it is the President’s of the particular circumstances of time ample of using deregulation and reli- with 892 deaths related to the virus—a per cap- right either to heed her advice or reject it. If and placewill be promptly used.” Hap- anceonstate and local governments itaratefar belowthat of such hard-hit areas as only he had done one or the other. He might pily,President Trump appearsinclined rather than empowering Washington to followthe same lesson as we reboot to seizemorepower. Louisiana, Michigan and New York. Georgia’s have called the Governor and urgedhim to alter our economy. Mr.DeMuth is correct, to an extent. hospital system has not been overwhelmed. The his order in some way,orhemight have heeded FRANCOIS MELESE Yes, the states have had to fill the void number of documented cases appearstobedi- his own counsel and let the Governor find the Pacific Grove, Calif. President Trump’sdelays in ramping minishing, with the number of tests concomi- best policyfor Georgians.Instead he blathered up forthe pandemic created, but what tantly increasing. about howhe“wasn’t happy” with Brian Mr.DeMuth praises President sense does it makefor governorsto An executiveorder extending the shelter-in- Kemp—as if presidential happinessisthe rele- Trump formanaging the coronavirus have to outbid each other to get placerequirement forthe elderly and immuno- vant policy criterion. response through “vigorous localism, needed medical supplies? What sense compromised residents will continue through Gov. Kemp is now, thanks to his ally in the privateenterprise and professional does it make forstatestohavetobuild at leastMay 13.Businesses reopening their White House, getting it from both political di- dedication, with the federal govern- up their owntesting facilities when a doors on April 24, meanwhile, will be subject rections. ment providing essential national lead- unified approach and funding is called ership but staying within itsconstitu- for? What sensedoes it makefor Pres- to sanitation and social-distancing restrictions. iii tional rails.” This is awonderful ident Trump himself,for personal po- Nightclubs, bars and live performance venues Theplain fact is that we don’t knowwhat the example of making avirtue of neces- litical advantage, to eggonhis sup- will remain closed. perfect policyisinany part of the country. Gov. sity sincethe president asserted on porterstoundercut the very rules his Gov. Kemp’s order is no free-for-all, and it Kemp is right to believethat the economic well- April 14 that he had absolutepowerto ownadministration has implored conforms to Phase One of the White House’s being of Georgians is at least as important as control the response and thereforethe Americans to follow? guidelines forre-establishing economic activity. the public-health dangersposed by the corona- governorswouldn’t have anysay in the STEVE HORWITZ He rightly assumed he had the blessing of the virus, and we applaud his concern for the mil- matterifthey didn’t agree with him. Moraga, Calif. WhiteHouse.The President has openly sup- lions who, unlike the elites who dismiss their ported people protesting draconian lockdowns worries,can’t earn aliving on their laptops.The in Michigan and elsewhere, and he has generally Governor maybewrong to open gyms and nail emphasized the need to let Americans work at salons this early,orhemay save the livelihoods PPP,SBA Program HitSome but Miss aLot the earliest possible date. On Tuesdaynight of thousands of Georgians without significantly Thequestion manyofussmall-busi- tinue to regard us as second-class Gov.Kemp spokeinseparatecalls to President reducing the health risk. We will find out. nessownersreally want answeredisn’t customers. Trump and Vice President MikePence, and That is thevalue of afederal system. Not ev- howRuth’sHospitality Group Inc.got BRUCE FELDMAN those calls went smoothly. ery problem has the same solution for every two loans,but whyour banks priori- Jasper &James Corp. Yet the following day, when asked during a part of the country, and we will learn from both tized their biggest customerswhile Santa Monica, Calif. briefing about the Georgia Governor’s decision wise and unwise policies.What we could do leaving the rest of us in limbo (“Dining to liftsome restrictions,the President re- without arepartisan media pile-ons and capri- Chains Get Seconds On Aid,” TheCoro- Ihaveasmall, privateear,nose and marked, “I want him to do what he thinks is cious expressions of presidential pique. navirus Pandemic,April 20). I’vebeen throat practicewith 13 employees; six in business13yearswith sterling already have been laid off and asatel- credit, relatively high averagebank bal- lite officeclosed. Iwas denied funds ances and an unblemished financial re- because the Small BusinessAdminis- Battering Norman Borlaug cord.Ifiled forthe Paycheck Protection tration ranout of funding.Why does Program benefitsthe moment Citibank the government value jobs at restau- tseems to be an iron lawofmodern life: wasawarded the Nobel PeacePrize. started taking applications.Ifinally rantsand hotel chains morethan Be successfulatwhat youdo, and sooner Nowcomes PBS to rewritehistory, going heardback from them aweek later,a those of health-careworkersortrue I or later youwill be labeled an enemyof light on the lives saved and heavy on the “un- dayafter the money ranout. small businesses likethe furniture the people.The latest target intended consequences.” Iheardthe same storyfromanac- storemyparentsowned when Iwas of this treatment is the late PBS rewrites the history These include everything quaintancewith an established firm growing up or the few local private Norman Borlaug, who is fea- of the father of the from diminished watersup- who banks at Wells Fargoand an- pharmacies leftinthis country? Why tured in anew PBS documen- plies and depleted soil to in- other,inbusinessfor 30 years, who do big corporations have morevalue tary called “The Man Who Green Revolution. creased urbanization in Mex- thought using abrokerwould be the to our public officials? Isuspect Con- Tried to Feed the World: A icoand a“broken society” in best way to getresults. We were all gresshad to protect itsspecial-inter- abandoned by our banks.Perhaps the est groups in crafting the bill. This Tale of Good Deeds and Unin- India. big-bank CEOs could tell us whythey representsanother one of the reasons tended Consequences.” What thesecritics never sayiswhat the failed their customers. Big banks say thereshould be morenoncareer peo- Borlaug wasanIowa-born agronomist who alternativewas,oranswerwhether their im- they want to servesmall businesses, ple in Congresswho represent their is rightly regarded as the father of the Green plicit messageisthat it might have been bet- but in truth they don’t. This is an ex- constituentsrather than lobbies. Revolution. By producing disease-resistant terifBorlaug had done nothing and let tens istential issue forsmall-businessown- MELISSA NEUMANN SCHWARTZ, D.O. strains of wheat, and later rice, Borlaug dra- of millions of people starve. One alternative ers. We will never thriveifbanks con- Elkins Park, Pa. matically increased the yields that farmers— to urbanization is continuing to liveassub- especially those in ThirdWorld nations— sistencefarmers, digging yams with sticks. could extract from the land. Poor people movetocities,eventhough life Payroll-Tax Cut Won’t Help the Unemployed As the film does acknowledge, feeding the is often hard, because they are seeking better world without Borlaug’sinnovations would be opportunity. Although Iamafan of both Steve afterreopening or if workersare re- Forbes and Arthur Laffer and agree in sisting going back to work and instead difficult. Readersofacertain agewill recall Toward the end of the film, the narrator principle that apayroll-tax break could want to liveonthe inflated unemploy- the lamentsinthe 1960s that humanity’s ex- claims that though Borlaug remains lionized be an effectiveway to stimulatethe ment benefitsthey arereceiving,then I panding population, especially in the develop- in some quarters,“the legacyofthe Green economyunder normal conditions,these agree with the logic of offering apay- ing world, would lead to massstarvation. Revolution is becoming ever moretroubled.” arefar from normal conditions (“Sus- roll-tax holiday. But my bet is on em- Famines were not uncommon in those years This is adistorted portrait of aman who has pend the Payroll Tax,” op-ed, April 20). ployers rejoicing in reopening their in India, China and elsewhere, and Borlaug likely savedthe lives of morehuman beings Businessownershaven’t closed their doorsand employees clamoring to get helped to makethem rare and almost solely than anyone who ever lived. Maybe someone doorsdue to mismanagement. Workers back to work.Iknowmyhairdresser the result of bad governance. In 1970Borlaug should do afilm about that. aren’t sitting idle due to lazinessora and my son-in-lawcan’t wait. desiretostayhome and collect unem- SUZANNE KNEBES ployment benefits. Businesses have Spokane, Wash. been ordered to close.Workershaven’t Schiff’s Secret Transcripts been allowedtogotowork.Myhair- Workersbuild equity in Medicare dresser isn’t allowedtoopen her salon. and Social Security through payroll he Trump-Russia collusion narrativecol- Mr.Schiff isn’t explaining his newopposition My son-in-lawhas been furloughed taxesovertheir working lives.This is lapsed ayear agowith the Robert Muel- to transparency, though it seems likely he wants from his job because it involves large whythey admonish politicians to T ler report, but the story’snot over.Dem- to shield promotersofthe collusion theoryfrom groups and travel. So apayroll-tax holi- “keep your hands off my Medicare.” ocratsare nowtrying to scrutiny. Among the tran- daygiving aworker or employera YetMessrs. Forbes and Laffer now suppressdetails of howthe Why is he sitting on scriptshe’sblocking areinter- 7.65% (FICAtax) raise when they are want to hold apayroll-tax holidaythat bogus theorywas promoted, declassified interviews views with former Obama Na- making nothing is still nothing.Zero could sever the connection between led by House Intelligence tional Security Adviser Susan times 15.3%(payroll tax) is still zero. the taxesand workers’ equity in the Chairman Adam Schiff. in the collusion probe? Riceand former Ambassador If the economydoesn’t bounceback two systems.According to the au- Republicans on the Intelli- to the United Nations Saman- thors, “the Treasurywould transfer money from the general fund to these genceCommittee, under then- tha Power. Their authority was Trump Was Five Weeks Late programs.” But what if the payroll chairman Devin Nunes,wrapped up their investi- used to “unmask” the names of Trump campaign taxesare never turned back on and National Security Adviser Robert gation of election interferenceinApril 2018. officials who talked with foreignerswho were both systems become vote-getting re- C. O’Brien’s“Seven FatefulCoronavi- They found no collusion between the Trump wiretapped by U.S. intelligence. distribution programs? rusDecisions” (op-ed, April 21) cor- campaign and Russians.Mr. Schiff and Demo- We’retold that another blocked interviewis ANSON J. GLACY JR., CFA rectly highlightsactions the president cratsobjected to that conclusion and accused Re- with former Acting Attorney General Sally New York has takentofight the coronavirus publicans of hiding incriminating evidence. GOP Yates—who in early 2017used awild reading of and save lives.Itisnotable,however, Memberswerethereforeonly toohappy in Sep- the LoganAct that helped lead to the ouster of that no “fateful” decision is men- Pepper ... tember 2018 to vote to release the transcriptsof President Trump’sfirst national security ad- tioned in thetime period from Jan. 31 the investigation’s53witnessinterviews.The viser,Michael Flynn. to March 11. While President Trump And Salt committeevotewas unanimous.The documents Mr.Schiff is also sitting on interviewtran- indeed took decisiveaction that his were sent to the intelligencecommunity in the scriptswith Donald Trump Jr., son-in-lawJared opponentsconveniently disregard, THE WALL STREET JOURNAL executivebranch fordeclassification. Kushner and former Trump campaign advisers what substantiveaction wastaken by Our sourcessay that processisnow com- Corey Lewandowski,Sam Clovis and SteveBan- our federal government during the pletefor 43 interviews,yet Mr.Schiff is refusing non.Isheworried that the transcriptswill high- critical five-week period when the to makethem public.The Chairman is also light howlittle substancetherewas to his collu- firstU.S.coronavirus cases and deaths were reported? blocking declassification of the other 10.Ina sion claims? Theinterviews would also allow JAMES PIERCE lettersent morethan ayear agotothe Office the public to comparethe early testimonyoffor- Oakland, Calif. of theDirector of National Intelligence, Mr. mer FBI and intelligenceofficials (James Clap- Schiff claimed ownership of the transcriptsand per, Andrew McCabe)against what we now insisted that “under no circumstances” could know really happened. Lettersintended forpublication should they be shared with “any persons associated Mr.Schiff spent yearsshouting cover-up only be addressed to:The Editor,1211 Avenue of the Americas, NewYork, NY 10036, with the WhiteHouse or [President Trump].” to be exposed formaking thingsup. Nowthat or emailed to [email protected]. Please This makes declassification impossible,asit the evidenceisready forpublic release,he’sde- includeyour cityand state. All letters barsthe WhiteHouse from itsnecessaryrole fying the unanimous vote of abipartisan com- aresubject to editing,and unpublished of checking thetranscriptsfor privileged or mitteetomakethem public.What doesn’t Mr. letters canbeneither acknowledged nor returned. othersensitiveinformation. Schiff want Americatosee? “Did you wash your hands?” P2JW116000-4-A01500-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | A15 OPINION What Comes After the Covid Storm?

rawmaterialfor facemasks and when we walked intothe house, surgical gowns.The workersfig- isn’t the Americaintowhich we’ll ured if they gotsick it would slow re-emerge.Itmay look the same, production,sothey volunteered to butitwill be different. Alot more DECLARATIONS stay in the plant, work long shifts, people will need alot morehelp. By Peggy Noonan and sleep on air mattresses.They Twenty-six millionpeople areun- called it a“live-in.” At one point employed. And little normalities of eare not all in their families held adrive-by pa- lifethat we oncetook forgranted— the same boat. rade so they could wave through some will be gone. We areall in the thewindows. Twoexamples: Retail has been ‘W same storm.” “Wewerejust happy to be able struggling foryears—small stores That succinct to help,” JoeBoyce,ashiftsupervi- closingfromrising costsand Ama- summation came from the writer Da- sor,told Post reporter Meagan zon. Nowmorewill close,orrather mian Barrthis week,onTwitter. He’s Flynn. When the storybroke they never reopen, which will change right. Some areinyachts, he said, were flooded with grateful mes- Main Street and howweexperience and“some have just the one oar.” sages from doctorsand nurses.“But our towns.The big department Some will sail through, health we want to thank them forwhat stores tooare in peril. JCPenney’s and profession intact, some will lose they did and arecontinuing to do,” stores closed in March, its85,000 one or both. Some of us gettofeel Mr.Boyce said. employees furloughed. Sincethe we’repart of asubstantial crew. ’Murcans,baby. pandemic,CNBC reports, itsmarket Some of us feel we’rerowing alone. Thesubject nowisstate and re- capitalization has fallen 75%, and it KELLEY

We canmoveforwardthrough gional reopening.We’refighting A just skipped an interest payment on this crisis experiencing our country about who’s going tooearly or mov- itsdebt. Macy’sisstruggling after

as an embitterednavywaiting to ing tooslowly,which is understand- BARBAR closing itsstoresand furloughing fight it out on shore. Or,alterna- able,aswe’reall interrelated and 130,000 workers. Aratingsagency tively,asabig crazy armada with germs don’t respect statelines.But urgencytoreopen as those who tures.New Jersey isn’tWyoming; downgraded itsdebt to junk status. millions of people throwing and we should tryhardnot to be harsh must be physically present, in retail Colorado isn’t Arkansas.This used Nordstrom and Kohl’stoo arehav- in our judgmentsaseach state and at diner counters. to be called “regional differences.” ing ahardtime. chooses different times and ways. Conspiracynutswho think the We can’t tamp them all down, and We’veall been thinking we can’t We’ll eventually get to a Opening is what we all want to do. virus wasahoax to bring down we don’t want to.Sopeople will do wait to getback to movies,concerts safe harbor, but we’ll find We’vegot to be patient with each Donald Trump will always be with thingsatdifferent speeds in differ- and shows.Now we’readmitting it other,observewith good faith, hope us.Sowill grim leftistswho take ent ways. Thething is to watch, maybeawhile beforewewant to we’re a changed country. lifting restrictions succeeds but be pleasureinevery death of aguy judgefairly and movetocounter- sit with athousand strangers. War- quick to point out—and admit—dan- who called the threat overblown. mand what proves dangerous. ner Bros.just pulled one of itsbig gerareas and failures. But we’retoo quick to categorize, Governorswho makethe deci- summer movies from release in the- catching millions of lifelines.Which No one is certain what to do.Ev- and ungenerous in our categoriza- sion should stay aware of the cre- aters; it will go straight to video-on- Isuppose is howalot of us tend to eryone’sacting on insufficient infor- tions.Everybody isn’t only the role ativity of theircitizens.Aguy who demand.Universal did the same.It’s seethis countryofdeep inequalities mation. No plan will come without they’replaying at the moment. runs ahair salon shared with me reflectsthe lockdown but also what and glittering possibilities.The lat- cost. Alot will become clear in ret- They came from something—us. this week his reopening plans: face Screencrush.comcalled “audience’s terattitude will be morehelpful in rospect. Thebias should be opening Hatethat young guywith the smart shields forstylists, masks forwork- increasing dependenceon(and per- getting us through, and as Lincoln as soon as possible as safely as pos- mouth in the MAGA hat honking his ersand clients, gloves,gun ther- haps even preferencefor) home observed, attitude is everything. sible.Don’t sacrificesafefor soon. horn in the demonstration in Aus- mometers foreveryone who walks viewing.” John Stankey,COO of We have all been told to be pro- Have asolid, sophisticated, mature tin? In another time and adifferent in. “Robes will be individually AT&T,which owns Warner Bros., tectiveofeach other—stay inside— definition of “safe.” struggle he wasAudie Murphy, the wrapped and therewill be someone said in an earningscall that the stu- andsupportive. What is thenightly What will hurt us is secretly guywho jumps on the tank,starts wiping door handles.” He knows dio is “rethinking the theatrical 7p.m. pot-banging but aspontane- rooting fordisaster forthose who shooting,and savesevery lifeinthe business startsonly when people model.” ous showofappreciation? But Iam don’t shareour priors. Everyone is convoy.Hatethe scientist in rimless feel safe. He’sgoing to see they do Imagine an Americawithout the thinking of howmuch we actually trying to live. It doesn’t help to be glasses repeating his endless warn- fortheir sakeand his. expression: “Let’sgotothe movies.” just likeeach other,admireeach aNortherner who looks down on ingsonTV? He’sJonas Salk, who Iclose with the psychologyofthe Anyway,what aresettling of other,and barely notice. TheWash- Southerners, or asecurely employed savedour children. We’reall more current moment. Thenovelty has things. What effort, patienceand ingtonPost Thursdayhad astory professional in anational corpora- than what we seem. We all require worn off.We’veabsorbed the pan- creativity it will take to reach safe about the release of 43 men who tion who has no clue what it means some give. demic and the lockdown. We’ve haven. Howmuch easier it will be if lived foramonth inside the when asmall-townbusiness We forget we are50different marveled,complained and made we see ourselves not as separate Braskem petrochemical plant in crashes.People who canwork re- states with different histories,ways jokes.Now we’reabsorbing that the ships but membersofthe most bril- Marcus Hook,Pa. Braskem produces motely probably don’t feel the same and attitudes,evendifferent cul- Americawestepped away from liant, raucous and varied armada. A Harvard Professor Shows Her Prejudice Against Homeschoolers

By Samuel James lation in all 50 states means,toher, andwarns that the homeschooling ucation in away that would have prayerfulparentswho teach their that “people canhomeschool who’ve “lobby” is “overwhelmingly powerful been very familiar to almost every children math, logic and literature? merica’sparentsare dealing never gone to school themselves, politically.” American until about 60 yearsago. Or thoseinthe employofeliteuni- A with aproblem of nearly un- who don’t read or writethem- So which is it? Arehomeschool- My mother and father raised their versities,wherefamilies of under- precedentedsize: the long- selves.” I’venever knownahome- ersanignorant cultic fringe, like three children in aconservativeevan- graduates earn incomes that aretri- term closing of the country’s schooling family about whom that something out of “Deliverance,” or a gelical home,and therewas never a ple the national median? schools.Hundreds of millions of us wastrue. My parentswereboth col- politically engaged, constitutionally hint that our faith should blunt our Homeschoolersdonot threaten have relocated learning from class- legegraduates,and my mother literate, cohesivemovement? curiosityorlicense our ignorance. society, but sweeping edictsthat rooms to living rooms.The editors worked in the public-school system Theanswerisneither.The over- We solved algebraic formulas,recited rely on misguidedtropes cando of HarvardMagazine have judged before starting her family. whelming majority of homeschool- Shakespeareand O. Henry, memo- much harm. Instead of caricaturing this an opportune time to advancea In high school Iattended asemi- ing families arenormal, caring, rized the laws of thermodynamics— and demonizing homeschoolers, provocativeargument against home- weekly “consortium” that met in a tuned-in Americans who work for a and read the Gospels. which stirsuphatred andsocial schooling and homeschoolers. local church and provided proctored living,volunteer in their communi- If this sounds likeacivilizational mistrust, critics likeMs. Bartholet classroom instruction as asupple- ties,and paytaxes.The odds are threat to homeschooling’scritics, might trylistening to these families ment to my work at home.All of the good you’reliving close to afew al- they maywish to reconsider their and hearing about their motivations I was taught in a house full teacherswerehomeschooling par- ready. definition of “civilization.” When and experiences.What they say ents themselves with bachelor’s de- It’struethat manywho choose Ms.Bartholet expresses dismaythat could help us craftbetterschools for of books. My education grees or higher.Not long afterIen- homeschooling fortheir children are religious homeschooling families everyone. included languages, music, rolled in college, asimilar institution likemyparents: devoutly religious “removetheir children from main- began meeting in my father’s people who want to integratetheir stream culture,” we must ask who Mr. James is an editor at Cross- math—and lots of friends. church—a classically based “cottage children’sacademic and spiritual ed- really is outside the mainstream: way Books. school” forhomeschoolersthat re- quired Latin and rhetoric.Thereare In an interview published in the thousands of such places all over the May-June issue,Elizabeth Bartho- country. Thepotential forabuse and The Lockdowns Were the Black Swan let, alaw professor at Harvard, con- misuse is not an argument forbroad tends that homeschooling families criminalization of homeschooling, To some the coro- betterwedoatequipping local hos- ticing or hasn’t found it necessary. areathreat to American society. anymorethan the potential forbul- navirus is a sup- pitals,the lessweneed to bankrupt With itsporous southern border, Homeschooling,she writes,isnot lying andillicit teacher-student ac- porting actor in a local businesses and their workersto with itsnine million overseas citizens “a meaningfuleducation” and crip- tivity is an argument forabolishing drama titled “The slowthe virus as it runs itscourse who cancome home whenever they ples students’ capacities for“con- public school. Iniquities of Donald through society.That wasthe idea want, the U.S. isn’t NewZealand. tributing positively to ademocratic Ms.Bartholet maybelievethese Trump.” Those of we started with. Even so,Iwonder if NewZealand a society.” examples arerarities,and that real BUSINESS morebalanced Not even the U.K. Imperial College year from nowwill think it wassensi- I’veheardthis argument before. I homeschoolersare the ones depicted WORLD mind wonder study that so alarmed the world’s ble to seal itself off from the world to washomeschooled through high in movies like“Captain Fantastic”— whether Mr. policy makersrecommended indis- avoid adisease that maynot be By Holman W. school. So were my two sisters. Con- living off the land and totally un- Trump’s failings criminatelockdowns and shelter-in- greatlymoredeadly forthe average Jenkins, Jr. trarytosome resilient stereotypes, aware of the world beyond their hip- canbedistin- placeorders. If we meant what we person than the fluand certainly will we received agood education in a pie parents. She cites Tara guished from the said, we’veovershot in manyplaces. not be extinguished elsewhere. small house that wasfilled with Westover’s memoir,“Educated,” as predictable and expected failingsof Beds areempty.Aventilator shortage U.S. politicians,sensitivetotheir books—an education that included an example of homeschooling’sdan- the U.S. government. did not materialize. We failed to set survival in office, arestuck trying to musical training,field trips,long gers.She neglectstomention that But it’sunlikely Mr.Trump will aside enough capacity to treat other save their constituentssimultane- hoursstudying languages and high- Ms.Westover’s family wasonthe seem important to historians telling medical conditions likestrokes and ously from the virus and poverty,and level mathematics,and many, many ideologicalfringeofits ownreli- thestory.Columbia University once heart attacks.This is costing lives. getonly cheap shotsfromthe media. friends.IappreciateMs. Bartholet’s gious community. found that 20% of flusufferersand Restarting the economywill lead to keen interest in the educational rights This is one of the most common 5% of cold sufferersbothered to see morecoronavirus deaths—and more of children, but her views exemplify contradictions of anti-homeschool- adoctor.This is whythe Wuhan virus How and why we went motor-vehicle deaths,morework- the sort of ignoranceshe ascribes to ing sentiment. On the one hand, we wasdestined to go world-wide even placedeaths,evenflu deaths. homeschooling families. are alleged to be extreme isolation- if China had been upfront or an from ‘flatten the curve’ What Americansneed nowisnot Ms.Bartholet’scase against ist fanatics,paradigms of antisocial American president had been clair- to choosing between our another celebrity ad repeating the un- homeschooling follows afamiliar and regressive“bunker” mentality. voyant. Everybit of datasincehas sustainable “stayathome” mantra. script. She begins by assuming that On the other hand, we’reexpanding confirmed it. Infectious respiratory economy and the virus. They need detailed advicefromgov- whatever horrible thing could hap- our influenceand taking over Amer- diseases areafact of nature. Beijing ernment about howtransmission does pen to ahomeschooling child proba- ican education. Ms.Bartholet be- wasfinally driven to action by the and does not occur (do masks help? bly is happening.Lack of strict regu- moanspro-homeschooling politics same consideration that droveother What happened?FromBill Gates aresurfaceresidues asignificant countries to action—when the num- to your local editorialist, anew prior- threat? does infection confer immu- ber of infected people and the dura- ity waddled to the fore.Wedecided nity?) so they canlearn to livewith a tion of their cases overwhelmed alo- that, whatever contributes to killing virus that isn’t going away at leastun- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY calhospital system. Americansataroutine totalrateof til avaccine is developed. Rupert Murdoch Robert Thomson This is the proximatecrisis that 8,000 or so aday,itshouldn’t be the And, forGod’ssake, the media Executive Chairman, News Corp Chief Executive Officer, News Corp called forapublic response around coronavirus. should stop confusing “infection fatal- Matt Murray William Lewis Editor in Chief Chief Executive Officer and Publisher the world. Novel pandemic diseases Accidents, yes—6% of deaths. ity rate” with “case fatality rate,” gro- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: arenot ablack swan. Our lockdown Heartdisease,yes—23%. Flu and tesquely misleading the public on the Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; response wasablack swan. pneumonia, yes—20%. true death rate.It’shardtosee why Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; We started off sensibly.“This is These deaths areallowedbut not anybody would even report case fatal- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; not something [American families] deaths from the coronavirus even at ity rate,anumber without meaning Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer generally need to worryabout,” said the cost of economic ruin formil- sincemost of those tested either had Features &Special Projects; Andrew Dowell, OPERATING EXECUTIVES: CDC’sDr. NancyMessonnier in mid- lions.Ofcourse the media and public celebrity access to testing or symp- Asia; AnthonyGalloway, Video &Audio; Kenneth Breen, Commercial; AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; January. “It’savery, very lowrisk to arefreetodecide nowthey never toms severeenough to requirehospi- Features &Weekend; Emma Moody, Standards; TracyCorrigan, Chief Strategy Officer; the United States,” said Dr.Anthony wanted flatten the curve; they talization (i.e.,it’sthe equivalent of Shazna Nessa, Visuals; MatthewRose, Enterprise; Frank Filippo, Print Products &Services; Fauci aweek later. wanted to be spared the virus alto- counting drunks and people who drive Michael Siconolfi, Investigations; Nikki Waller, Live Kristin Heitmann, Chief Commercial Officer; Journalism; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; Bill de Blasio,mayor of NewYork, gether.But explain howthis is to be blue Austin-Healeystoestimatethe Thomas SanFilippo, Customer Service; urgedresidentstogoabout their done.And explain why. TheEcono- risk of dying in acar accident). GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; business normally as recently as mist magazine says we can’t restart NoticeIhavenot mentioned Don- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International March 11. theeconomywithout an “unprece- ald Trump sincethe second para- Barron’s Group: Almar Latour, Publisher As coldblooded as it seems,these dented” $180 billiontesting regime. graph, because he has yettofind a WALL STREETJOURNAL MANAGEMENT: Professional Information Business: were the right statementsatthe Unprecedented is an interesting word way to be particularly relevant to Joseph B. Vincent, Operations; Christopher Lloyd, Head; LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head time.Under “flattenthe curve,” because China, acountryof1.4 billion this story—which Iknowwill be

EDITORIAL AND CORPORATEHEADQUARTERS: changes in public behavior aren’t people with eight cities largerthan shocking to readerswho think the 1211 Avenue of the Americas, New York, N.Y., 10036 needed untilthey areneeded. Roll NewYork,either must have devel- failingsofMr. Trump dwarfall other Telephone 1-800-DOWJONES that around in your mind abit. The oped such asystemwith nobody no- narratives. P2JW116000-4-A01600-1------XA

A16 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. SPORTS

JASONGAY Riding the Seas of the NFL Draft

Is that Cowboys owner Jerry Jones on a...yacht? A football tradition gets a ‘virtual’ makeover amid a pandemic.

Sure,Iwatched theNFL draft. You probably watched some of the draft, too. Let’sbereal. What else do we have going on? Besides, the first-ever “vir- tual” draft wasbound to be a surreal viewing experience. TheNFL draftisabizarreTV cocktail in a normal year,and this year’s washappening amid apandemic,which meant it would not go down as previ- ously arranged in LasVegas, amid the dancing fountains of the Bellagio. Instead, it wasastay-at- home draft, socially distanced. Therewas apreshowpep talk from Dr.Fauci, if youneeded a reminder.Collegefootball stars huddled remotely with small nestsofrelatives.Coaches and praise on Zoom third-grade GMs idled in homebound war teachersthe way we venerate rooms.ESPN and the NFL Net- NFL front offices patching to- work mergedlikemac & gether Ethernet cables—but cheese.Roger Goodell hun- considering all of the moving keredinhis basement, even parts, it wasastunningly pulling off an outfitchange seamlessproduction. Ihad mid-show, alaElton John high hopes foratleast one (alas,switching from asuit tech glitch disaster—or at jacket intoacomfysweater, least acat walking across notaDonald Duck costume). somebody’s computer key- Thewhole night felt both board—but it wasnot to be.I familiar and morethan alittle did not see asingle call voyeuristic—a combination of crashed by a5-year-old, acomforting sportstradition, screaming that her brother and awandering surveillance smashed her Legos. Iguess camfromacondo association. that just happens in my house. TheNFL washerefor America, Truthfully,thereweretimes in crisis,gamely offering dis- the draftwas so smooth, I traction. Therewas the stir- stopped paying attention. ring theater of collegeplayers Whenever the picks were realizing lifelong dreams. But Clockwise from top left, scenes quarterback Tua Tagovailoa made,and ESPN/NFL Network also: Is that abust of Kurt from the NFL’s ‘virtual’ draft didn’t slide on account of in- went intoone of those pre- Warner behind Kurt Warner? on Thursday night: No. 1 pick jury—he went fifth, to the Mi- packaged highlight montages Whoelse gotobsessed look- Joe Burrow, Tua Tagovailoa, ami Dolphins.The Green Bay with the resident draftniks ing at Other People’sHouses? I Jordan Love, Cowboys owner Packerscreated palace in- speaking that draft-night Es- suredid. Especially NFL peo- Jerry Jones and Chase Young. trigue by drafting aquarter- perantolike intangibles,I ple’shouses.Therewerealot back,Jordan Love. checked out. That’sthe draftI of sterile NFL warrooms that Jr., tweeted that the Cowboys Therewas some occasional know. Iwanted to go back to looked likesomebody had owner wassimply floating awkwardnesshere. Idon’t Jerry’syacht. Iwanted to go spent 10 minutes rearranging aboardhis $250 million super- mean awkwardnesswith back to the coach caves. I the businesscenter at aMar- yacht. Aaron Rodgers. Therewas a wanted to go back to “Life- riott. Goodell’sbasement It wasreally something.We nagging disconnect between styles of the Gainfully Em- looked exactly likeI’d imagined aresupposedly amid anew Goodell’sliveannouncement ployed—Until They Go 3-13.” it would look,disappointingly. dawn of humility,wherewe of the picks,and the playerre- Didthe NFL pull it off?Yes, (What did Iexpect—a signed areflattening the curve, noting actions—I assume the show they pulled it off.There’smore Foghat poster and abearded the chasm-likeinequalities of producersdidn’t want to take drafttocome—hang ontoyour dragon under anight light?) sadly,asthe Grumpy Lobster adining room table,with three the human existenceand will the chanceofputting apre- hatsfor the deep rounds,as Tampa Bay’sBruce Arians did Boat Captain does what the laptops,and the blinds down, no longer be entranced by sumed pick on aliveshot, and Belichick debates between a his drafting from an outdoor Grumpy Lobster Boat Captain of course. flamboyant displays of wealth. embarrassing him if he didn’t backpacking Aussie Rules table on the patio,laid back does—ghoststhe whole prime- Thankfully,Jerrystepped And yet…I loved Jerryquaran- getpicked. But sometimes, kicker and alacrosse mid- and on-brand forBruce Arians. time deal, trading out of the up.Imean JerryJones—do I tining aboardthe JerryYacht. when the big,life-altering an- fielder from Williams—but Tennessee’sMikeVrabel really firstround altogether.Ihad really have to makethat clear? Is that OK to admit? Idon’t nouncement came through— Thursday’sfirst round wasthe leaned intopossibilities of in- fantasies of aPatriots war Midway through the show want Jerrybunkered in the ga- Congratulations, you’re a main event, and it wasall any- ternet meme-ification, with room on the high seas,per- came the evening’shighlight— rage,worried about the Wi-Fi. ______—it looked as if the one could have hoped for, dur- sidekicks wearing bizarrecos- haps on Belichick’sown fishing the Dallas Cowboys owner nes- Iwant JerrytobeJerry. playerwas simply sitting there ing this period of heartbreak tumes.The Arizona Cardinals vessel, an angryAtlantic roil- tled on acouch in aspotless, Ishould mention the picks. bored, flipping through Insta- and waiting.Fridayhas ar- wonthe humblebrag prize ing,the man himself seated at seemingly windowless, white LSUquarterback JoeBurrow gram. rived, and the countryisstill with ashot of coach Kliff atable in the downstairs monochromatic lair Ivery went No.1to the Cincinnati We’d eventually getthe cel- in asurreal state, unsureof Kingsburylounging foot up in cabin, likeCapt. Quint in much wanted to believewas a Bengals—weevengot an “O ebration shots, and they were what’snext, including whether alavish desert home,looking “Jaws,” asmall light swinging Cowboys submarine,orper- Cam” of Burrow’s college great. And, to be fair,the night or not therewill be anyfoot- likeKendall Royonthe cover overhead, alone glasssliding haps amysterious zeppelin, coach, Ed Orgeron. Next, the waslargely amarvel of tech- ball to playinthe fall. At least of Scottsdale Luxe. back and forth with the batter- hovering 6,000 feet abovethe WashingtonSadnessMachine nology. Imade funofthe vir- JoeBurrow is officially aBen- We didn’t getanextended ing waves. It turned out DFW suburbs.But ESPN’s picked Ohio State defensive tual draftprep in aprior col- gal. Thejourney to normal can peep inside BelichickHQ, Belichick wassimply chilling at JerryBoswell, Don VanNatta end Chase Young.Alabama umn—I wish we would lavish begin.

Weather Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. No Sports Until Schools Reopen 50s Eddmontton 60s 40s 20s <0 30s 30s VaV ncouver 0s 50s BY LAINE HIGGINS CalgaryCalgary 40s 10s Winnipegip Seattle 20s WHEN THE CORONAVIRUS PoPPortlandrtl d Montrealt 50s 30s invaded the U.S., universities Helenal Ottattawwaa 50s Bismarckk 40s responded by moving lec- Billings AAugustg ta Eugene 60s Boisei tures online and shutting Mpp/plsls.//SSttP.P. auaul 50s ToT rontto Bostont 50s 40s Pierre AAlbanb y down campuses. The NCAA Siouxux FFallsll Milwaukeek Hartford 60s Detroitt Buffalol 50s Newew YYorkk only canceled its sports cal- 70s 40sCChChicagog CleveClClevelandld 70s 80s Reno Salt LLake CCityCity Deses Moines endar later, after most stu- Cheyenney Omahah PPhiladelphiahilh dllphi 80s Sacramento 40s PittPittssbbhurggh Springfieldp d Indianapolisdi p dents had been sent home. Sanan Francisco Denver CharlesChharleltston Washingtonhihingtgtonon D.CD.DCC.. 90s Topekka Kansas LoLLouisville Now university athletic 90s CColorldadod City 60s Richmondh d 100+ Las Springsp g St..LLoouis officials, fearing lost revenue Vegas 60s Wichhithita Nashvilleh Raleighihgh as football season comes LosAAngeelles 90s 70s CChCharlottltte SantaFe Oklahomakl ma CityC Memphisphih into view, are desperate to PPhoenixh Atltlanta CColumbiab Albuquerque Warm Rain San Diego 100s 70s Little Rock let athletes be among the Tuccson Birmingham FtFt..WWoorthrth DlDallasl JaJacckkson first to return. But a stub- El PPaso 80s Cold T-storms 90s Jacksonville born reality is settling in. College football is unlikely this fall if campuses remain closed. AAtAustini Mobilebil 20s 10s 80s Houstton Stationary With universities extending Orlandod Snow 30s 90s New Orleans campus closures through the empty stadiums to preserve last week when Vice Presi- 40s Sanan AntonioAtA i Tampap 50s Showers Flurries end of summer, it’s becom- media rights revenue. dent Mike Pence asked NCAA Honolulull Miami 50s AAnchorh age 80s 90s 70s 90s ing clear that there will be College football coaches Division I conference com- 50s Ice no sports until institutions expressed hope that they’d missioners and leadership are ready to repopulate the be practicing as usual in from the College Football TodayTomorrow TodayTomorrow U.S. Forecasts GES City Hi Lo WHiLoW City Hi Lo WHiLoW entire campus. July. Playoff what it would take

s...sunny; pc... partly cloudy; c...cloudy; sh...showers; IMA Omaha 67 43 t7454pc Frankfurt 67 43 pc 72 45 s “The most pressing issue Some doctors suggested for football to resume. The t...t’storms; r...rain; sf...snowflurries; sn...snow; i...ice Orlando 89 71 t8861t Geneva 72 52 t6750t is to get our schools back that universities could use message to Pence was clear:

TodayTomorrow Philadelphia 65 48 pc 55 43 r Havana 92 73 s9374t GETTY

open. Plain and simple,” said athletes as guinea pigs, until universities deem it X/ City Hi Lo WHiLoW Phoenix 100 71 s103 74 s Hong Kong 77 67 c7870pc Anchorage 50 34 s4934s Pittsburgh 64 45 r5039r Istanbul 59 51 s6751pc Mid-American Conference bringing them back to cam- safe for all of their students CO C. Atlanta 75 54 t6747s Portland, Maine 56 37 s5235r Jakarta 92 77 t9177t commissioner Jon Stein- pus in small numbers before to return to dorms and lec- Austin 81 51 s8557s Portland, Ore. 65 44 r6749pc Jerusalem 60 52 pc 63 50 s

brecher. the entire student body is ture halls, athletes should KEVIN Baltimore6649pc6345r Sacramento 88 54 pc 83 52 s Johannesburg6950pc7151pc Boise 72 48 c7151pc St.Louis 59 44 r6647pc London 66 41 pc 69 46 pc Sun Belt commissioner cleared to return. not be welcome. Boston5341s 47 38 r Salt LakeCity 69 54 pc 76 54 pc Madrid 73 53 t6847t Keith Gill added: “The deci- “It would almost be a dry Before students can come

Burlington 58 37 s5238r SanFrancisco7053pc6552pc Manila 96 82 pc 97 81 s sion to get our campuses to run for bringing students flooding back by the tens of TWITTER, Charlotte 74 58 t7448s SantaFe7438s 80 46 pc Melbourne 72 59 pc 64 46 sh (2), Chicago 48 39 r5938pc Seattle6247r 63 49 pc MexicoCity 80 56 t7554t some point of what seems back to campus,” said Dr. thousands in the fall, univer- Cleveland 57 45 c4939r Sioux Falls 66 39 t7249pc Milan 76 52 s7255t like normal operations is key Jeffrey Dugas, an orthopedic sities will likely have to de- Dallas 77 55 s8162s Wash., D.C.6553pc6747r Moscow 46 32 c4929c to whether or not we’ll be surgeon in Birmingham, Ala., velop “emergency action Denver6242c 72 44 pc Mumbai 92 81 pc 90 82 pc able to find a path to have and member of the NCAA plans” in the event that /REUTERS Detroit 56 42 c5738pc Paris 71 47 pc 73 51 s TO International our sports as we know them. Committee on Competitive someone on campus tests

Honolulu 82 71 s8370s Rio de Janeiro8070s 80 70 s PHO Houston8460s 85 61 s TodayTomorrow Riyadh 102 76 t9969s At the end of the day we are Safeguards and Medical As- positive for the coronavirus, City Hi Lo WHiLoW Indianapolis 65 44 r5938pc Rome 66 48 s6650pc inextricably linked.” pects of Sports. “[Athletes] said Dr. Dugas. Kansas City 65 43 pc 70 54 pc Amsterdam 58 39 pc 61 42 s SanJuan 87 75 s8775pc

Las Vegas 92 71 pc 95 69 pc Athens 70 54 s7054pc Seoul 63 41 pc 64 41 s Athletic departments are are a much smaller number Assuming that campuses HANDOUT Shanghai 80 58 pc 74 57 c Little Rock 71 49 pc 73 51 pc Baghdad 94 65 pc 83 58 s desperate to resume compe- and would give the univer- open around Labor Day NFL LosAngeles 91 64 s8561pc Bangkok 91 77 t9579t Singapore8977t 88 78 t

tition, especially in football. sity a chance to test their re- weekend, that means that (2), Miami 92 79 t8873t Beijing 72 47 pc 73 43 s Sydney7963s 81 62 c S Milwaukee 48 40 c5237pc Berlin 60 42 pc 63 43 pc Taipei City 74 67 c7366sh Initially, ideas flew around sources and test their pro- the first football games of

Minneapolis 66 45 t6449pc Brussels 61 38 pc 64 43 s Tokyo6454s 71 53 pc involving teams quarantining cesses before they have an the 2020 season, currently PRES Nashville 68 49 t6242pc BuenosAires 69 61 r6962c Toronto5340pc5038r

themselves on closed cam- influx of thousands upon scheduled for Aug. 29, would TED NewOrleans 87 67 s8164s Dubai 98 81 pc 103 82 pc Vancouver 59 44 r5844r NewYork City 62 46 pc 50 42 r Dublin 61 45 pc 54 38 pc Warsaw5834sh5940pc puses over the summer and thousands of students.” not kick off until mid-Sep- CIA Oklahoma City 69 47 s7557pc Edinburgh 61 42 pc 59 38 pc Zurich 71 46 pc 69 48 pc SO

staging televised games in But that idea was deflated tember at the earliest. AS P2JW116000-6-B00100-1------XA

Robo­Delivery Hard Choices Services that deliver If you need cash, is it by robot are in better to tap your high demand B2 EXCHANGE home or IRA? B5

BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT THE WALL STREET JOURNAL. ****** Saturday/Sunday, April 25 - 26, 2020 | B1

DJIA 23775.27 À 260.01 1.1% NASDAQ 8634.52 À 1.6% STOXX 600 329.59 g 1.1% 10-YR. TREAS. À 6/32 , yield 0.594% OIL $16.94 À $0.44 GOLD $1,723.50 g $9.80 EURO $1.0823 YEN 107.48

A$1Billion Problem Is Brewing S NEW G OOMBER BL T/ SHOR MICHAEL March Madness was cancelled. St. Patrick’s Day was a bust. Baseball is on hiatus. That leaves one million kegs of beer with no one to drink them—and creates an unprecedented problem for a host of industries.

BY SAABIRA CHAUDHURI

illions of gallons of beer stuck in sta- tradersare searching forfloating supertankersto 10 rivers because it can disturb the pH balance, re- diums, concert halls, restaurants and storeanoverabundanceofcrude oil. duce oxygen in the water and produce undesirable bars are fast going stale, leaving the The virus has been especially disruptive for million bacteria. Before deciding where the stale beer beer industry with a tricky problem: food and drink makers who have struggled to redi- Gallons of beer goes, brewers or distributors must first access tens M What to do with all that booze no- rect the nation’s sprawling food supply chain to abandoned of thousands of locked-down venues, lift the heavy body will ever drink? meet a surge in demand caused by the pandemic. in venues in kegs out of cellars and safely balance trucks that The coronavirus pandemic forced U.S. bars to The closure of restaurants, offices and schools March may be carrying a mix of full and empty barrels. close ahead of two of the country’s biggest drink- across the U.S. has left producers with huge “This is ahot potatobecause none of our ing occasions: St. Patrick’s Day and the “March amounts of vegetables and meat to dispose of be- businesses areset up to return massiveamounts Madness” basketball tournament. Beer intended cause those products can’t easily be redirected to of beer,” says Dan Vorlage, marketing head for for those events is now spoiling in locked estab- retail stores. Farmers are destroying hundreds of $1 billion Denver-based MicroStarLogistics LLC,the U.S.’s lishments, and brewers are trying to get it back so acres of vegetables, dumping milk and shrinking Estimated cost largest keg-logistics company. “It takesthree kegs can be refilled before lockdowns lift. Execu- chicken flocks—all to curb supplies that could to the industry times as manytrucks to transport full kegs tives say draft beer typically stays fresh for be- weigh on prices for months to come. in unsold and than empty ones.” tween two and six months. The beer industry’s troubles ramped up in expiring beer MicroStar—whose customers include 1,000 “This wasthe absoluteworst time forthis to March when roughly 10 million gallons of suds brewers—plans to treat the beer with defoamer happen fordraft beer,” said Craig Purser,chief exec- were abandoned in venues that month alone, ac- and balance the pH before sending it to city water utiveofthe National Beer WholesalersAssociation, cording to an NBWA estimate. That is the equiva- authorities for further testing and treatment so it atrade body.“We have never ever seen an interrup- lent of almost one million kegs. Even more beer is 50 can be released into waterways. tion likethis whereeverything freezesinplace.” stuck at distributors’ warehouses, in transit from million Brewers and other keg owners say they are also Manyindustries arewrestling with similar dilem- other countries and in breweries. Unsold and ex- eager to quickly recover the containers—which mas about what to do with their excess supply while piring beer could cost the beer industry as much Pints of beer cost between $100 and $120 apiece—in case they the global economyrecedes and adeadly virus rages as $1 billion, according to the NBWA. expected to get tied up in bankruptcy proceedings. around the world. Cruise ships arestranded at sea Dumping the unused ale en masse isn’t an op- go to waste Who ultimately pays for all that beer that no without anypassengers. Air carriersare looking for tion. Environmental regulations say large volumes in the U.K. one consumed is another point of contention. places to park all of their idled planes.Commodity of beer shouldn’t be poured down drains or into PleaseturntopageB4

Bank Shift Pandemic HampersFed Getting Hinders Rescue Plan The Lending, trading cuts 737 MAX mean it'sharder to get moneywhereit’sneeded Restart Return

BY JULIA-AMBRA VERLAINE AND LIZ HOFFMAN BY ANDREW TANGEL Right AND ANDY PASZTOR In September 2008,eight bank chiefs filed out of black town cars and The coronavirus pandemic is ex- intothe Federal Reserve. Their firms pected to delaythe return of Boeing hadtipped the countrytoward eco- Co.’s737 MAXuntil at least late nomic collapse.But they also offered a summer or early fall, people briefed way out, and the government handed on the mattersaid, adding to the them marching orders, in exchangefor plane maker’s mounting financial billion-dollar bailouts. strain. Today, the banks arenot the cause Thetroubled jet isn’t likely to win of the economic crisis.But nor are Federal Aviation Administration ap- they thesolution. Changes to the fi- proval to flyagain until August or nancial system, put in placeafter the later,asign Boeing’santicipated 2008 crash to prevent arepeat, have ÉN midyeartargetislikely to slip,ac- JA sapped banks’ tolerancefor the kinds cording to these people. VIER

of risks that arenecessarytobring JA The FAA hasn’t signed off on de- about arecovery, according to regula- tails of two software fixes to flight- tors,expertsand bank executives. After a sprint of crisis management, the real leadership test is what control systems because agency ex- Regulatorsringfenced Wall Street pertsare still reviewing them, from Main Street after2008,and insu- comes next. Returning to the familiar would be a mistake. according to one U.S. government of- lated the real economyfromthe finan- ficial, and the contagion has slowed cial one.New rules curbed banks’ risk- BY SAM WALKER other parts of the effort. taking and pushed morelending and Regulators’ work to approve the trading outside of banks,toless-regu- jets for passenger service has been lated institutions such as hedgefunds For business In addition to the staggering chiavelli, who wrote: “The great hampered by stay-at-home orders and nonbank lenders. leaders, the pan- human toll, this crisis has up- majority of mankind are satisfied covering employees,while travel re- Banks arefar safer today, but the demic has been, up ended everything we thought we with appearances, as though they strictions have created aformidable costsofthose changes have become to now, a baptism knew about finance and the were realities.” stumbling block forneeded flight clear recently: sustained turbulence in crisis manage- global economy and exposed They will trytoreducethe testsinvolving foreign pilotsand the across Wall Street securities-trading, ment; an exercise glaring operational weaknesses anxiety in the air by restoring FAA’splans to brief international credit drying up forsome corporations in improvisation across business. Early predic- familiar routines,procedures regulators, some of the people and the Fedtaking unprecedented ac- and difficult choices, of staying tions of a “V” shaped recovery and traditions. briefed on the matter said. tion,insome cases sidestepping banks calm, projecting confidence and have softened to a “U,” or possi- Theproblem is that business, as Separately, two influential proxy that have proven to be imperfect con- providing comfort. bly an “L” if we’re not careful. we knewit, cannot be recovered. It advisers are recommending Boeing duitsfor itsrescue efforts. Deep down, however, we all When the Great Restart be- will need to be reinvented. shareholdersvoteagainst key board “Thereislessrisk-taking in the know that the real leadership gins, many leaders will fall back Before the pandemic, every memberstoprotest the plane PleaseturntopageB11 test is yet to come. on an idea once espoused by Ma- PleaseturntopageB6 PleaseturntopageB2 P2JW116000-6-B00200-1------XA

B2 | Saturday/Sunday, April 25 - 26, 2020 ****** THE WALL STREET JOURNAL. THE SCORE

THE BUSINESS WEEK IN 7STOCKS

SHAKE SHACK INC. EXPEDIA GROUP INC. TARGET CORP. PERFORMANCE OF ENERGY STOCKS THIS PAST WEEK ShakeShack is returning a Source:FactSet Expedia has reached a deal Coronavirus lockdowns are  $10 million loan meant to  to sell a stake to private-eq-  cutting into Target’s bottom SHAK help small businesses during 20% EXPE uity firms after widespread TGT line. Consumers stocked up in the coronavirus pandemic. travel bans ravaged the on- late February and early 6.7% The burger chain, which em- Noble 7.3% line-booking company’s busi- 2.8% March, but Target Chief Exec- 15 ploys morethan 8,000 peo- Energy ness. The Wall Street Journal utive Brian Cornell said ple,isone of severallarger restaurant reported late Tuesday that the invest- Thursday that traffic slowed consider- operatorsthat received funds from the 10 ment was likely to total around $1 bil- ably as shoppers grew more reluctant to federal Paycheck Protection Program. lion and could tide the company over venture outside amid the pandemic. The companysaid Mondaythat it until travel restrictions are lifted and Sales from stores weakened significantly would return its PPP loan, afterraising 5 the economy recovers. The company in late March and early April, and buy- additional capital from stock investors. Occidental named a new CEO and confirmed the ing shifted online through home delivery Petroleum The TreasuryDepartment on Thursday 0 investment on Thursday. Demand for and store pickups. Target customers asked publicly tradedcompanies to Chevron Expedia’s flights and lodging has disap- snapped up more food, household goods, repayloanstheyreceived from the peared as many stay at home to limit office supplies and cooking appliances, program. ShakeShack shares gained –5 the spread of the new coronavirus. Ex- while sales of apparel and accessories 6.7% Monday. pedia shares added 7.3% Wednesday. fell. Target shares fell 2.8% Thursday. –10 HCA HEALTHCARE INC. SNAP INC. J.C. PENNEY CO. –15 The coronavirus pandemic is Mon. Tues. Wed. Thurs. Fri. People stuck at home are One of the dominant depart-  upending how hospitals make  turning to Snapchat to con-  ment-store chains of the last HCA money. HCA Healthcare, one SNAP nect with friends during the JCP century appearscloser to suc- of the nation’s largest hospi- NOBLE ENERGY INC. pandemic. Snap on Tuesday cumbing to the economic col- 4.5% tal chains, said Tuesday that 37% reported a surge in revenue 11% lapse caused by the coronavi- its first-quarter profit fell as It wasanother wild, chaotic week in the oil world. and users, surprising analysts rus pandemic.The Wall Street emergency departments and operating  Crude prices droppedbelowzerofor the first time expecting decreases in digital ad spend- Journal reportedlateThursdaythat J.C. rooms emptied out in response to state NBL ing. Communication with friends on the Penneyisinadvanced talks with a orders to combat the spread of the vi- Monday, the result of falling demand from the coro- company’s Snapchat app increased by groupoflendersfor funding that would rus. The company suspended its quar- 2% navirus pandemic and afailurebyenergy and oil more than 30% in the last week of supportthe chain’s operations during a terly dividend and said it couldn’t pre- March compared with the last week of court-supervisedbankruptcy.The loan dict how the pandemic would continue producerstoreduceoutput fast enough. Noble Energy fell January. In areas hardest hit by the package could total roughly $800 million to affect HCA’s performance. Many 2% the following day, while Chevron Corp.fell 2.3% and Oc- pandemic, communication with friends to $1 billion, with some of that money states have required hospitals and sur- cidentalPetroleum Corp.fell 2%.Oil prices then rebounded on Snapchat increased more than 50%. potentially includingexisting debt.Ithas gery centers to suspend procedures that Snap’s performance could bode well for been losing moneyfor years. J.C. Penney weren’t urgent or emergencies. Shares laterinthe week on the prospect of fresh U.S.-Iran tensions. social-media rivals like Facebook Inc. shares fell 11% Friday. lost 4.5% Tuesday. Snap shares soared 37% Wednesday. —Francesca Fontana

KEYWORDS | CHRISTOPHER MIMS Virus Slows RobotsGet Drafted to Delivery Front Lines Return of 737 MAX Startups scramble as businessesand regulators embraceatechnology thatsuddenly makes moresense

ContinuedfrompageB1 This past week, a maker’s handling of the 737MAX pair of sleek, four- debacle. wheeled robots be- Ahead of Boeing’sannual gan trundling across meeting Monday, GlassLewis the cracked pave- has recommended voting against ment outside the Chairman LarryKellner,aformer Sleep Train Arena, airline executive who previously the defunct former home of the oversawthe board’saudit com- Sacramento Kings, which the state mittee. Institutional Shareholder of California has turned into a Services recommended share- field Covid-19 hospital. holdersvoteagainst four long- The robots, dubbed R2, were time boardmemberswho served supposed to be delivering grocer- during the 737MAX’s develop- ies to residents of a wealthy Hous- ment and rollout. ton neighborhood, part of a rollout Boeing Chief Executive David by the Mountain View, Calif.-based Calhounisexpected to address startup Nuro. Instead, like other the challenges posed by the pan- robots the world over, they have demic next week when sharehold- been pressed into service deliver- ers meet and when the company ing goods and medical supplies. reportsfirst-quarter earningson In Sacramento, Nuro’s robots Wednesday. are shuttling food, fresh linens and Mr.Calhoun has previously personal protective equipment be- said regulatorsweremaking tween a supply depot and the field progressinrecertifying the MAX hospital, allowing support workers despiteworking virtually,telling to remain physically distanced ORK CNBC on March 24: “We’re very

from patients and hospital staff. ANTW close to the finish line.” ABoeing Some variation of this process spokesman said this week the is happening in cities including Tel MAX’sreturn could facedelays ARSHIP;

Aviv; Hangzhou, China; Washing- ST depending on howlong the coro- ton, D.C.; and Grand Forks, N.D. P: navirus crisis lasts. TO These efforts range from pilot pro- TheMAX’s deliverychallenges OM

grams to large-scale operations, FR would deprivethe companyof with hundreds of robotscollec- With sidewalks nearly empty, robots from Starship Technologies have recently expanded their delivery zone in much-needed cash from airlines tively covering thousands of miles. Fairfax, Va. In China, Antwork Technology has been making drone deliveries, below. willing to accept planes and pay While some of these robots are forthem. Boeing has sought fed- quickly becoming an important eral stimulus aid and is mulling part of health-care supply chains, tween an off-site kitchen and production cutsand layoffs.Itre- most are helping simply by allow- housing for patients in quarantine. cently suspended itsdividend and ing “contactless” delivery of gro- In China, drone-delivery firm drew down a $13.8 billion loan. ceries and other essentials. Antwork Technology has been fer- Airlines arenolonger clamor- The arrival of robot delivery rying food from Starbucks and ing for the fuel-efficient, single- had already seemed a foregone KFC in its home province of Zheji- aisleplanes nowthat global air conclusion. But the pandemic has ang in a pilot program for the past travel has collapsed because of turned businesses, governments two years, says Leon Zhao, the and consumers from cautious beta company’s chief operating officer. testers into eager early adopters. When the coronavirus hit, the The pandemic has left Yet what should be a windfall for company pivoted to making deliv- startups may have arrived too eries for hospitals, and became a much of the final early—before they are able to critical part of the local testing engineering work and ramp up manufacturing and ahead and quarantine infrastructure. of approvals by national and re- At one hospital in Hangzhou, reviews in limbo. gional governments that determine Antwork’s drones flew test sam- how robots can be deployed. ples to a larger hospital nearby to “BeforeCovid, the driver forau- expedite testing. the pandemic.The plane maker’s tomation wasmostly around [reduc- Having prepared for a much agreementswith customersgen- ing] cost of delivery,” says Anthony slower rollout, all of these compa- erally allowthem to walk away Townsend, an urban-tech consul- nies are now scrambling. Flytrex, without penalty if deliveries are tant. “Nowit’sabout capacity.” They’re always on Zoom,” says Mr. but some students remain on cam- for example, can’t conduct critical delayedayear,people familiar For companies like Flytrex, an Bash. “Since Covid-19 started we pus and Starship still delivers. drone field tests because of stay- with the arrangements said. Israeli drone delivery startup, the have three, four, sometimes even In response to the pandemic, at-home orders, says Mr. Bash. Theprovision could leave Boe- pandemic means less regulatory five calls per week with them, the company also recently ex- Nuro, which recently received ing with diminished leverage as red tape, historically the biggest where before it was only maybe panded delivery outside the cam- approval from both the federal airlines haggle over deferring or barrier to use of the technology, one a week.” pus and to the surrounding town. government for the design of its canceling their ordersfor planes says Chief Executive Yariv Bash. Starship Technologies has been Nuro, maker of the R2 robots R2 delivery robot and from the they suddenly don’t need or can’t On Friday, Flytrex launched a delivering groceries in the British now operating in Sacramento, con- state of California for its autono- afford. Boeing has already suf- pilot of its autonomous-drone de- town of Milton Keynes since 2018. tinues itsdelivery service in Hous- mous operation on roads, has lim- feredmorethan 400 MAXcancel- livery service in Grand Forks, de- Its terrier-size, six-wheel robots ton and has seen demand nearly ited capacity to produce them. lations. It halted MAX deliveries livering goods ordered from a Wal- operate 14 hours a day. The com- double. Those deliveries aren’t “We don’t have the ability to scale in March 2019. mart Supercenter to a handful of pany had been able to reach ap- made by robots, but by modified overnight,” says Mr. Ferguson. In January, Boeing signaled it backyards nearby. (Walmart is not proximately 100,000 people in Mil- Toyota Priuses with safety drivers; Until there’s a reserve of robots expected the FAAwould clear the a partner; Flytrex buys goods di- ton Keynes. In response to the for the consumer it’s little differ- comparable with the reserve of hu- MAXtofly againbyJuly.Now rectly from the store.) In the com- pandemic, delivery has expanded ent than a delivery from Post- mans that can be called upon by the pandemic has leftmuch of ing months, the company plans to to 180,000 people, says Starship mates or Instacart. Amazon and Instacart at times of thefinal engineering work and expand, enabling delivery to hun- CEO Lex Bayer. Nuro had planned to roll out the great need, robot delivery can reviews in limbo. dreds of homes. “I haven’t been out the front R2 in Texas by now, says Dave Fer- have only a limited role in re- Dates for formal certification Flytrex has been a part of the door of my house for nearly seven guson, co-founder and president. sponse to pandemic-scale crises, flightshaven’t yetbeen set, ac- Federal Aviation Administration’s weeks,” says PJ Jarvis, a Milton The robot is limited to a top speed especially with the high costs of cording to some of the people trials of drone delivery for the Keynes resident who is among the of 35 miles an hour and can travel maintaining extra capacity. briefed on the matter. Nor is past two years, inching its way to- most vulnerable to infection after only on surface roads, not high- It is more likely robots will thereaschedule formandatory ward approval of its custom-made he received a kidney from his wife ways. But once the pandemic hit, gradually supplement human test flightsbyagroup of interna- delivery drones. While coronavirus 18 months ago. “To be able to have the company refocused. workers as delivery expands. tional airline pilotstoestablish has delayed the final field tests of these robots whenever you need is As of Wednesday, R2 robots are That also means that delivery training requirements. its drones, which were to take a godsend.” now in use at a second field hospi- robots aren’t likely to take any- Regulatorsgrounded the MAX place in North Carolina, other as- In the U.S., Starship has focused tal in California. This one was set body’s job soon. “What we’ll be re- in March 2019 following two pects of the process have sped up. on delivery on college campuses. up by the county of San Mateo, placing is not a delivery driver, but crashes linked to a faulty flight- “I think [FAA regulators] are ac- In Fairfax, Va., George Mason Uni- south of San Francisco, and the ro- you driving to the store yourself,” control system that took a total tually working harder from home. versity has closed many operations bots are transporting food be- says Nuro’s Mr. Ferguson. of 346 lives. P2JW116000-8-B00300-1------XA

THE WALL STREET JOURNAL. ******** Saturday/Sunday, April 25 - 26, 2020 | B3 BUSINESS NEWS Ve rizon’s Facebook Launches a Rival to Zoom Wireless Messenger Rooms because of the coronavirus, with videomessaging dou- Business video-chat project was blingsincethe onset of the accelerated to meet pandemic.Inthe hardest-hit areas,such as Italy,video call- Moderates demand in pandemic ing rose by morethan 1,000%. Thecompanynow says that BY SARAH KROUSE BY JEFF HORWITZ morethan 700million people use one of its voice- or video- Verizon Communications Facebook Inc.isrolling out calling options each day. Inc.said the coronavirus pan- anew video-chat feature to ri- TheRooms product is one demic slowedits core wireless valZoom, part of asuiteof of several featuresannounced businessinthe March quarter newofferingsaimed at users by the companyFridaywith as Americans bought fewer kept home by the coronavirus. the goal of allowing usersto new smartphones amid wide- Thecompanysaid Friday transition quickly to livevideo spread store closures. that it is launching Messenger when using other Facebook Thelargest U.S. wireless Rooms,aninvitation-based products. Besides adding video carrier by subscriberstem- group video chat that canac- chat to itsdating product, pered itsfinancial forecasts commodateupto50people, Facebook is expanding the forthe rest of the year,lower- alongwith additional video number of people allowedin ing itsprofitgoals and with- options forgamersand singles WhatsApp videochatsand al- drawing itsrevenue targets. In looking to chat with matches lowing people to watchliveIn- the firstquarter,the company on Facebook Dating.The com- stagram videos on their desk- posted aslight drop in wire- panyalso announced an ex- topcomputersand to live- less subscribers, as gains in pansion of itsMessenger Kids stream videogames from their CEBOOK

businessaccountswereoffset app,which includes parental FA phones to Facebook. by asteep decline in newcon- restrictions,tonew countries. The company’splatforms have seen asurge because of the pandemic, with video messaging doubling. Facebook has made anum- sumer accounts. In aFacebook Livebroad- ber of attempts to develop its Verizon increased itsbad- cast, Chief ExecutiveOfficer video and live-streaming fea- debt reserveby$228million Mark Zuckerberg called the Privacy-Violations urged the court to approve the billion settlement is ‘by far’ the tures,with mixed success.Mr. based on the number of cus- productsaneffort to address deal, while privacy advocates largest monetary penalty ever Zuckerbergsaid the company’s tomersitexpected won’t be thenew reality of social dis- Accord Is Approved argued it brushed aside some obtained by the United States futurewas video firstback in able to paytheir bills.The tancing.“We’regoing to be of Facebook’s illegal actions. on behalf of the FTC,” he said. 2017, the same year the com- companyand other carriers dealingwith this forquite The judge’s approval was Facebook said in a blog post panybegan working on a signed a pledge with the Fed- some time to come,” he said. WASHINGTON— A judge expected, though it came 10 that the judge’s approval will video-chat offering similar to eral Communications Commis- Facebook already offersdi- approved Facebook Inc.’s $5 bil- months after the deal was an- pave the way for the company that of Houseparty,apopular sion not to cut off service for rect video-calling options lion settlement with the Fed- nounced in July—and only after to implement some of the set- app with teens.Facebook’s 60 days or charge late fees to acrossits platforms that rival eral Trade Commission over pri- the judge allowed detailed ar- tlement’s provisions, such as version, Bonfire, failed to consumersfacing pandemic- Microsoft Corp.’sSkype, Ap- vacy violations—overruling guments from the interested adding a new privacy commit- catchonand wasshut down related hardships. ple Inc.’sFaceTime and objections from privacy advo- parties. tee to its board and requiring last year. Thecarrier is considering Google’svideo- chatting ser- cates that it didn’t adequately Judge Kelly’s April 23 writ- executives to certify that its Facebook said it had al- whether to extend that offer vices.Other big companies are punish the company. ten opinion called Facebook’s le- privacy practices are meeting ready been working on many furtherand said 800,000 cus- trying to position themselves Judge Timothy Kelly of the gal violations stunning. But he the government’s expectations. of the featuresinquestion be- tomershavetold it they may forafutureinvolving more U.S. District Court for the Dis- said the FTC has discretion to “This agreement has already fore the pandemic,but accel- have trouble paying their bills virtual meetings. Verizon trict of Columbia greenlighted enter into the settlement and brought fundamental changes erated the work because of the because of the pandemic.Veri- Communications Inc.earlier the deal reached last summer, the court would defer to the to our company and advances obvious desirefor video as a zonhasn’t disclosed howmany this month agreed to buy vid- which included the $5 billion agency about the appropriate in how we protect people’s pri- substitutefor in-person social customershavestopped pay- eoconferencing firm Blue fine, restrictions on some as- punishment. vacy beyond anything we’ve contact. Facebook stressed the ing, but said manyconsumers Jeans Network Inc. pects of Facebook’s business FTC Chairman Joseph Si- done before,” wrote Michel privacy-friendly featuresof continue to paytheir wireless Mr.Zuckerbergsaid Face- decisions, and ongoing over- mons said the agency was Protti, the company’s chief pri- the Rooms product, which al- bill even when they can’t pay book is seeking to adapt to a sight of the social-media giant. pleased with the decision. “As vacy officer for product. lows achat’sorganizer to lock carloans or mortgages. newpandemic reality. FTC and Facebook had the Court notes, the historic $5 —Ryan Tracy it and easily removepeople on Earlier this week,rival While basic video technol- the call. AT&T Inc.set aside $250 mil- ogyisall the same,“the prod- Zoom drew aflurryofcom- lion to cover bad debt from uct experiences canbequite regarding Facebook’sprod- companythat jumped from 10 Rooms is avenue to “host cel- plaintsabout privacyprob- customersskipping payment different, whether it’sfor dat- ucts. Ayear agothe company million usersatthe end of last ebrations,gather abook club lems andharassment on the and pulled itsfinancial targets. ing or kids or secureuse cases wastightening itsrules for year to morethan 200 million or just hang out on the couch platform, most notably the Verizon lost 68,000 post- whereyou really want encryp- livevideo in the wake of a as stay-at-home ordersprolif- with friends.” prevalenceof“Zoombombing,” paid phone connections during tion,” Mr.Zuckerbergsaid. He NewZealand whitesuprema- erated. Zoom shares,which have in which people gain unau- the firstthree months of the likened the ability to maintain cist’sbroadcast of amass While Zoom wasdesigned morethan tripled this year, thorized access to ameeting year,compared with anet loss continuously open chatsin murder at amosque.Now the forbusiness-focused videocon- dropped morethan 6% follow- and post hatespeech or por- of 44,000 such connections Messenger Rooms to acasual companyisseeking to keep up ferencing,ithas been widely ing Facebook’sannouncement. nographicimages.Those is- during the year-earlier period. social gathering people visit. with demand forlive-video adopted by churches,families Facebook shares ticked up sues prompted CEO Eric Yuan Postpaid customerstypi- Thepush to video commu- productsfromboth itsown and other groups as asocial 2.7%. to tell TheWall Street Journal, cally pay bills monthly under nications highlightshow platforms and Zoom Video outlet during widespread soci- Mr.Zuckerbergsaid last “I really messed up,” and to longer-term contractsand are quickly the coronavirus pan- Communications Inc., the en- etal lockdowns. month that Facebook’splat- pledgetightening security less likely to switch carriers. demic has altered discussion terprise videoconferencing Facebook said Messenger forms have seen asurge in use acrossthe platform. Lawsuit AmEx Ups Slams Reserves Redstone Over Deal For Credit BY BENJAMIN MULLIN Losses ViacomCBS investorsare ac- cusing media mogul Shari Red- BY ALLISON PRANG stone of forcing through the mergerofCBS and Viacom last American Express Co. year to protect her investment morethan tripled itsprovi- in Viacom, according to alaw- sion forcredit losses and its suit seeking class-action status. chiefexecutivesaid the coro- The119-pagelawsuit, which navirus pandemic weighed on wasfiled jointly in Delaware cardholder spending. on Tuesdaybythe Bucks Chief Executiveand Chair-

County Employees Retirement S man Stephen Squeri said the Fund and the International Covid-19 pandemic “dramati- Union of Operating Engineers PRES cally impacted our volumes”

of EasternPennsylvania and UMA andsaid the companyis“ag- Delaware,isacombined ver- /Z gressively” lowering itscosts. sion of earlier complaintsfiled GES Mr.Squeri also said the com- against ViacomCBS. IMA panyiscommittedtonot lay- PA

Thesuit said financial ad- SO ing anyone off forthe rest of visers, executives and board theyear because of the pan-

membersatViacom and CBS HOGAN/ demic. conducted “a monthslong Ka- Y Quarterly revenue at the

buki-likenegotiation” to en- JEREM company—which includes sure that Ms.Redstone would Many packaged-food items were cleaned out last month at a Kroger grocery store in downtown Bloomington, Ind. card fees and money from in- realizeher goal to combine the terest—slipped by half aper- companies on favorable terms cent to $10.31billion. That to National Amusements,Inc., Comfort Foods Make a Comeback wasunder analysts’ consensus the holding company con- of $10.71billion, according to trolled by the Redstone family. FactSet. National Amusementsde- BY SAABIRA CHAUDHURI Demand forthose prod- meals aday at home,rather boost advertising spending to Net interest income rose at clined to comment on the law- ucts—as well as Purina pet than at officecafeterias, win back consumers. American Express, but the suit. Aspokesman forViacom- Comfort foods from big food, Nescafé coffee and Ger- schools and restaurants, de- “We’ve seen time and time company’snoninterest reve- CBS said that the complaint is brands are seeing aresur- ber baby products—drovea mand for easy-to-make foods again that big brands tend to nue—itslargerrevenue “without merit,” adding that gence, executives say, as con- 7.4% rise in organic sales in has risen, company and inde- do well when people are feel- driver—declined. the company intends to file a sumersseek familiarity and the Americas in the firstthree pendent datashow. Executives ing anxious and under threat,” Thecompanymorethan motion to dismissthe lawsuit. convenienceamid the corona- months of the year and helped have said they expect restau- Unilever Chief Executive Alan tripled itsprovisions for Aredacted version of the virus pandemic. outweigh weakness in China. rantstooperateatlowerca- Jope said. He added that he credit losses,which was$2.62 lawsuitlays out aversion of Manyshoppershavefa- Overall, the world’sbiggest pacity formonths to come be- expectsthe shifttolarger billion, up from $809 million a events that castsMs. Redstone voredfresh and specialty packaged foods maker said or- cause of social-distancing brands to last acouple of year earlier. as a deal-making mastermind brands over Big Food’spro- ganic sales growth—a key protocols,meaning the shiftto years. Banks in thefirst quarter who appointed loyaliststothe cessed productsinrecent measurethat strips out cur- cooking at home could last ForNestlé,the strong per- also stowedaway money to boards of both Viacom and years, while othershaveopted rencychanges,acquisitions even as lockdowns lift. formanceofits food brands in covercredit losses.The Wall CBS to advanceher agenda to forcheaper storebrands.Now, and divestments—rose 4.3% in Overall, U.S. storesales of developed marketsinthe first Street Journal reported last combine the two companies. the world’s largest makers of the firstthree months of the soup rose 37%, canned meat quarter offset weaker sales in month that some financial The company’s stock price packaged foods sayfrozen year,beating analyst estimates climbed 60% and frozenpizza China, whereorganic sales fell companies including American has plunged sincethe deal was pizza,pastasauce, and mac of 3%. jumped 51% forthe week to forice cream, peanut milk and Express were scaling back of- announced, and is down more and cheese are rising in favor Nestlé Chief ExecutiveMark April 11, according to research confectionery. Nestlé’s business fers to small businesses. than 60% so far this year.Via- as consumersinlockdown eat Schneider said the company’s firm Nielsen. that sells ingredientstorestau- Thefinancial-services com- comCBS’smajor rivals,such as at home. food and drink brands “pro- Earlier this month, Kraft rantsalso suffered as the coun- pany’snet income was$367 Walt Disney Co. and Discov- Nestlé SA became the latest vide comfort” to consumers, Heinz Co.’sChief ExecutiveMi- trybattled coronavirus. million, down 76%fromayear ery Inc., have seen their share to detail the trend Friday echoing recent comments guel Patricio said almost all of Overall, sales fell 6.2% to earlier.Earningswere41cents prices fall by morethan 30% when it reported stronger or- made by executives acrossthe the company’sbrands were in 20.81billion Swissfrancs ashare, down from $1.80 a sincethe start of the year ganic sales growth forthe first industry. high demand,including Mac & ($21.29 billion) because of cur- share. amid thecoronavirus pan- quarter driven by Americans Thecomfort food comeback Cheese,Classicopastasauce rencychanges and mergers Those resultswerebelow demic. stockpiling itsDiGiorno pizza, is just one way consumer be- andOscar Mayerbacon and and acquisitions. the $1.46-a-shareconsensus Thelawsuit’sdemands in- Stouffer’s frozenmeals and havior is changing amid the hot dogs. That resurgence Despiteuncertainty over from analysts. clude granting the plaintiffs ad- Hot Pockets sandwiches. Bak- pandemic,with companies comes after the company last the pandemic,Nestlé main- Adjusted earningswere ditional stock in ViacomCBS and ing brands likeToll House and also flagging shifts in cleaning year wrote down the value of tained itsfull-year guidance, $1.98 ashare. Those topped declaring that the defendants Carnation also performed well, habits and online shopping. some of itsbig brands and saying it expectsorganic sales the consensus of $1.75 a breached their fiduciaryduties. it said. As consumerseat three said in Februaryitwould growth to improve. share. P2JW116000-4-B00400-1------XA

B4 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. EXCHANGE Our Online Social Life Is Splintering

More people look for respite from the noise on sites like Facebook in niche communities centered around their passions

BY SARAH E. NEEDLEMAN

idney Drill downloaded from close friends and family in the fitnessapp Strava a news feeds,haveresulted in less fewyearsago to log her CathyWiechert, 61, time spent on the app,though he runs.It’snow acentral Hopkins,Minn. said the changes areimportant to Spart of howshe networks Accounts-payable specialist. Facebook’slong-term health. online,especially with the A competitive baker who’s won Facebook is nowencouraging coronavirus pandemic limiting her several baking contests. the 2.5billion people who use its ability to socializewith friends. flagship platform monthly to form The26-year-old Philadelphia Favorite niche social-media and join interest-based groups.Its sales professional says Strava of- networks: Became hooked on firstSuper Bowl commercial in fers something she can’t geton BakeSpace more than a decade Februaryhighlighted ones forpeo- Facebook or other mainstream so- ago. “It was really interesting to ple passionateabout subjectslike cial networks. see how many people downloaded craftcocktails,rock climbing and On the fitnessapp,people “are my little muffin recipes.” stone sculpting. totally cool with talking about run- Views on big social-media Morethan 1.4billion people use ning 24/7,” said Ms.Drill, who uses networks: Uses Facebook to brag Facebook Groups everymonth and about ahalf-dozensocial apps regu- about her grandkids. “Facebook is in the U.S.,morethan 4.5million larly.It’s“definitely anicehiatus more for keeping in touch with people have joined Covid-19 support from Facebook,which is almost friends and relatives that don’t groups,said Fidji Simo, head of the 100% pandemic-related.” necessarily have the same hobby.” company’sflagship app.The com- Even beforethe outbreak, anew panydeclined to comment on the trend had begun to emerge online. impact of niche networks on Face- Rather than spend all their time on book’sbusiness. broad, and oftennoisy,platforms As usersrecalibratetheir social- likeFacebook or Twitter, people networking relationships,sites are have looked forrespiteinnarrowly scrambling to keep up,said Lee defined communities. Michael Brooker,36, NewYork Rainie, director of internet and Just as Ms.Drill connectswith Amanager at anonprofit.Likes to technologyresearch at PewRe- running-obsessed pals on Strava, listentoelectronic music and create search Center. similar clustering has been forming his owntunes. “In Facebook’searly days it felt around interestsfromknitting and likeanintimateplacefor young music to cannabis and creativewrit- Favoriteniche social-media folks to saythingsthey wouldn’t ing.Social distancing is now networks: Rate Your Music and sharewith their parents,” he said. strengthening the trend as morepeo- Elektronauts givehim an outlet to Oncethe platform started to attract ple turn to the internet to connect “geekout.” The user-generated alltypes of people,those early us- and focus moreintently on pursuits content“makes it feel personal and erseither leftorbegan using niche such as cooking or online gaming. free of advertiser influence.” social networks in addition to Face- Niche platforms have been si- Views on mainstreamsocial-media book,hesaid. phoning away attention from the networks: Quit Facebook afew world’slargest social-networking yearsago becauseoftoo many The Game Is On company. “The social-networking people arguing with one another.“It Gamer-centric network Discord, world used to be centered on startedtofeellikeanegativeplace.” started in 2015,says itssign-up rate Facebook and it’snow becoming is up 200% sincethe start of the splintered,” said Michael Wolf, health crisis.Ithas seen daily users chief executiveoftechnology-con- of itsvoice-chat servicemorethan sulting firm Activate. “They’renot triple in Italy and morethan double trying to become your everything in Franceand Spain, all countries social network.They don’t want hit hardbythe pandemic.Inthe to be Facebook.” U.S. it has seen at least 50% growth, Theaverage person will use 10 it said on April 10.About half of its social networks daily by 2023,up Sidney Drill, 26, Philadelphia usersspend four or morehoursa from six currently,according to Ac- Worksinsales foradata- dayonthe platform, which sup- tivate.Nearly 30% of adultsaged18 analytics company. Likes long- portsvoice, text andvideo chatting. to 24 already use 10 or more, the distancerunning. Effortstopursue people on fan companysaid. Favorite niche social-media sites formultiplayergames such as networks: Strava helps her “World of Warcraft” had already JOURNAL AClubhouseFeel helped Discordbecome home to identify routes with few other REET Only ahandful of social apps have runners. Also uses Slack for morethan 300 million userswho ST emergedasreal rivals to the indus- messaging. createtheir own, invitation-only LL WA trygiants. Snap Inc.says 229mil- Views on mainstream social- conversation groups.“We designed lion people use itsephemeral-mes- it forpeople who wanted to play THE media networks: Follows famous R

saging Snapchat app everyday, games together,but it turned out FO

runners and bakers as well as N with engagement up dramatically this works well forall kinds of peo-

friends on Instagram. Checks FSO

in recent weeks.Injust three Twitter for real-time news. ple,” said Jason Citron, the com- TA

years, TikTok,developed by Bei- pany’sfounder and CEO.Thereare GUS jing-based ByteDanceLtd., has nowgroups dedicated to cats,poli- reached nearly two billion down- tics,anime and cryptocurrencies.

loads world-wide,according to an- Discord, which wasvalued at MICHELLE alytics firm Sensor Tower. morethan $2 billion in 2018,gener- Some niche networks also claim ates revenue through subscriptions. sizable user numbers. Wattpad, a Facebook’s Blues fill afunction forpeople in the 61-year-old Hopkins,Minn., resi- Mr.Citron declined to saywhether JOURNAL;

websitewherepeople post and dis- same physical community,with in- dent, described BakeSpaceas“a it’sprofitable. REET

The time thatU.S.adults spenton ST cussoriginal works of fiction, has stitutions such as Rotaryclubs now safezone.” By contrast, she said Manynarrow networks also Facebook declinedinrecentyears, LL

80 million monthly visitors, while playing asmaller role in society— Facebook is toodivisive, with peo- generatecash through advertising WA though it haspicked up during Strava has 54 million registered us- and even moresonow as people ple interjecting politics intonearly that directly aligns with their com-

the pandemic. /THE ers, according to the companies. can’t gather forreligious services or everyconversation. munity.For example,Untappd, an “It’snicetofind aplacewhere Average time per dayonsocial sportscompetitions. app forbeer enthusiasts, shows other people care about something networks,U.S.adults SarahFriar,CEO of SanFran- AGrowing Appetite only ads or promotions from bars, BUCHER as much as youdo,” said 37-year- PROJECTION cisco-based Nextdoor,said the plat- Last year,U.S.adultsspent 57 bil- breweries and other alcohol suppli-

old Michael Brooker,who frequents 60 minutes form has expanded itsuser base lion hoursusing social networking ers. In recent weeks,ithas seen an MICHAEL online music communities such as dramatically sincethe outbreak and and messaging apps just on An- influx in ad demand from busi- Rate Your Music.“Thereiskind of a Total that people aregoing on it to see if droid devices,up10% from 2018, nesses that deliver alcohol to peo-

Facebook JOURNAL; clubhouse feel.” 40 elderly neighborsneed help getting according to mobile dataand ana- ple’sdoorsteps such as Drizly and

Mr.Brooker,amanager at anon- groceries or medication. She used lytics firm App Annie Inc. Postmates, according to Trace REET

profit, said he quit Facebook afew Nextdoor to find someone to shop In the past few years, the aver- Smith, the firm’sCEO. ST yearsago because he found himself forher ownparents, who livein ageamount of time U.S. adults To keep up with multiple social LL having to think about whether his 20 Northern Ireland. spent on Facebook declined, accord- networks,people saythey arecarv- WA THE

postswereappropriatefor all of his In recent weeks,usershave ing to estimates from eMarketer, ing out afew minutes to check in, R connections,fromhis mother to his flocked to BakeSpace,asocial net- though it said that sincethe health such as while sipping their morn- FO boss. Thehealth crisis hasn’t 0 work and digital cookbook pub- crisis unfolded it has seen arise in ing coffee.

changed his thinking.With Face- 2010 ’15 ’20 lisher founded in 2006,wherepeo- Facebook use.The firm expects Ms.Drill, the runner, creditsher KERMAN book,“youwould have to put on a Note:Includes all time spentwith social networks, ple shareand discussrecipes—and time spent on the platform to trend Strava cohortsfor helping her iden- AC very public face,” said Mr.Brooker, regardlessofmultitasking, and includes desktop, laptop, pretty much nothing else.“Every- downward again starting next year. tifyroutes whereshe canbest avoid smartphones and tablet usage. Time spentonFacebook JENN of NewYork City.“It felt generic one is cooking and baking,” said Facebook CEO Mark Zuckerberg coming intoclose contact with any- P:

while multitasking is countedastime on Facebook. TO and broad, which wasboring.” Projection made in early April. founder Babette Pepaj. has said changes made in recent one.“Theonly reason I’m leaving Source:eMarketer OM

Niche platforms also sometimes Longtime user CathyWiechert, a years, including prioritizing content my apartment is to go forarun.” FR

ers that are typically more depen- he’snow buying fresh supplies, One Million dent on bars than liquor stores. delivering small kegs and growlers Brewers and distributorsface to local customers. morechallenges in the months “I thought, ‘Right, I’m going Kegs of Beer ahead as big summer sporting to take the pub to people,’ ” said eventsare put on hold or cancelled Mr. Todd, who now makes 60% of altogether,supressing demand for his ordinary weekly revenue Going Stale months to come.The major league through deliveries. baseball season is postponed, Euro- Some brewers already have a pean soccerplayissuspended and strategyfor howtohandle ex- ContinuedfrompageB1 thereare no summer Olympics in pired beer.Samuel Adams owner Guinness maker Diageo PLC, Bud- Tokyothis July.Barsand restau- Boston Beer Co.isstepping up its

weiser brewer Anheuser Busch In- rantsare expected to operateat S practiceofrecapturing the etha-

Bev SA and Modelo owner Constel- lowercapacity when eventually al- NEW nol forgasoline.New York brew- lation Brands Inc. are among lowedtoreopen. G ersMontauk Brewing Co.and AB brewers that have said they would In the U.K.,anevenbiggerpor- InBev-owned Blue Point Brewing

share the cost of the undrunk beer tion of beer is at risk,sinceabout OOMBER Co.are sending expired beer to a BL

with their distributors to spare 49% of beer is drunk in pubs,res- T/ nearby craftdistiller to be turned bars and restaurants from picking taurantsand bars, compared with intohand sanitizer. up the tab. AB InBev and Constel- 20% in the U.S.,according to indus- SHOR For D.G. Yuengling & Son, send- lation have also temporarily ex- trytracker IWSR.The Campaign for ing its flagship Yuengling beer to

tended the expiration dates on RealAle,aconsumer-focused beer MICHAEL distillers isn’t a solution because their draft beers to buy the com- group,estimates about 50 million For the beer industry, the dilemma of what to do with 10 million gallons volumes are far too high, accord- panies more time to deal with the pintsofbeer could go to waste. of stale suds that were abandoned in March is coming to a head. ing to Chief Operating Officer Da- glut of expiring beer. Many pubs serve cask ale—the vid Casinelli. The company, which “We’re afraid lots of places will peculiarly British, naturally car- has several million dollars worth close and won’t be able to open bonated beer that is often drunk few days, according to Matt Todd, When pubs were forced to close of beer stuck in bars and restau- back up—they’re on very thin mar- at room temperature—which has a who owns the Wonston Arms, a in the U.K.,Mr. Todd created a rants, is looking for operators to gins,” said Bob Pease, head of the shorter shelf life than most beer. village pub in the Southwest of the websiteoffering home deliveryto dispose of its beer safely. Brewers Association, a trade body An unopened cask lasts about a U.K. “They’re a ticking time sell his existing inventoryofex- “With each week going by more for small and medium-sized brew- month but once opened lasts just a bomb,” he said. piring ale.Strong demand means beer goes off,” said Mr. Casinelli. P2JW116000-4-B00500-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | B5 WEEKEND INVESTOR

TAXREPORT | LAURA SAUNDERS Need Cash Now? Don’t Ignorethe TaxBill Later

Unemployment benefits, retirement accounts and your home can provide UM a quick source of funds, but consider the tax effects before acting NABA ALEX With 26 million and Roth 401(k)s and similar cated. Withdrawals areprorated THE INTELLIGENT INVESTOR | JASONZWEIG workersnewly un- plans, and Congress has waived to reflect the totalamount of employed and many the 10% penalty for early with- contributions and earningsinan people jolted by de- drawals by people younger than account. So if the account is 70% clines in their retire- 59½. While such withdrawals are contributions and 30% earnings, Returns Areinthe ment and brokerage usually taxable, savers have up to awithdrawalisassumed to con- accounts, Americans three years to put the payout sist of 70%contributions and at all economic levels arelooking back into the account. If they 30% earnings. to free up cash. 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Borrowers with new or ex- bution portion of the with- from their IRAor401(k) retire- isting 401(k) loans can delay pay- drawal, according to Mark Kan- Mutual-fund votes 500,Putnam captured an additional ment savings. Another family ments due in 2020 for up to a trowitz,the publisher of areusually proforma $6 million in fulcrum fees. that has profitsinlong-held year. No borrowing is allowed SavingforCollege.com. rituals in which inves- Meanwhile, the fund’sreturns stocks might be able use asale from IRAs. “If contributions to the ac- tors do whatever the started fading.Capital Spectrum’sA of loserstowipe out taxesona count are much higher than earn- fund manager asks. shares lost 9% in 2015.Between the sale of winners. >> Tapping Your Home. Some ings, the cost of pulling money An upcoming one at beginning of 2016 and the end of Laid-off workers may not know homeownersmay look to tap out of a 529 plan can be fairly Putnam Investments 2019,they returned minus 0.2% an- that unemployment compensa- the equity in their home for low,” he says. should have investorsasking what nually—while the S&P 500 grew at tion, which got a recent boost cash or want to refinanceto A reminder for families with the manager has been doing. 14.4%annually. from Congress, is itself taxable lock in alowermonthly pay- children in college now: refunds On April 15,shareholdersinPut- Shareholdersfled the fund, pull- income. If they can, they may ment. If so,they should be care- of college expenses this year that nam Capital Spectrum Fund were ing $1.5billion and withdrawing a want to sign up to have some of fulofthe taxconsequences—es- were paid with 529 plan funds scheduled to decide on aproposal further $7 billion from 2016 through the check set aside this year to pecially of “cash-out” should be returned to the 529 to merge the mutual fund out of ex- the end of last year,estimates avoid a bad tax-time surprise refinancingsthat in the past plan within 60 days, says Mr. istenceafter yearsofdismal perfor- Morningstar. next year. have freed up funds by raising Kantrowitz. If not, they could be mance. Thevote, stymied by the In recent years, Capital Spectrum In a financial crisis like the the borrowing against ahome. subject to tax and a 10% penalty. coronavirus shutdown, will likely be has laggedbehind even its50% current one, taxes aren’t every- The 2017 tax overhaul imposed rescheduled forlater this spring. bond benchmark—compelling Put- thing. “When the airplane is on new limits on the deductibility of >> Selling securities in a taxable Putnam launched Capital Spec- nam to paymoney intothe fund. fire in midair, you may not be interest on home-mortgage debt. account. Investors who have both trum (and asibling fund, Equity Mr.Glancy, who leftPutnam late worried about the cost of the However, homeowners can still winners and losers in taxable ac- Spectrum) in 2009 with unusual ob- last year,declined to comment. parachute,” says Troy Lewis, an deduct interest on up to $1 mil- counts—as opposed to retirement jectives and fees. Iasked Douglas Scheidt, former Capital Spectrum would be a“go- chief counsel in the investment- anywhere” fund, meaning it could management division of the SEC buy not just stocks,but whatever its and nowanadjunct lawprofessor at manager,David Glancy, found at- Howard University,for his viewon tractive: U.S. and international Capital Spectrum’sfulcrum fees. bonds,bank loans,preferred stocks, “The people involved here knew, youname it. or should have known, they were Thefees were atypical, too. benefiting from investing in aman- At most funds,fees areafixed ner drastically inconsistent with percentageofassets, typically 1% or the indexthat wasused to calcu- less. Themanager gets paid at the latetheir performancefee,” said same rate whether the resultsare Mr.Scheidt. “Asaresult they ob- good or bad. tained excessivecompensation in Afew mutual-fund managersuse good times and lessnegativecom- aversion of the performance-incen- pensation in bad times.” tivefees popular among hedge Did Putnam benefit unfairly from funds.The manager chargesalower this feearrangement? base rate and, in exchange, canearn “Wedon’t aim to be fair; we aim abonus when the fund beatsamea- to be morethan fair,” Brian Len- sureofmarket returns. hardt, chief operating officer for In mutual funds,such fees come Putnam’sinvestment division, told with atwist: When afund earns a me.“Thebest interest of our clients lowerreturn than itsbenchmark, is of the utmost importancetous. the manager is required to geta We fully believethat the benchmark negativeincentivefee—meaning it is fair and appropriatefor the fund,

must paymoney intothe fund. given itsopportunistic approach.” SENPREIS Theratemust go down as much In itsearly years, Capital Spec- ES

when returns arebad as it goes up trum held “significant allocations” TEN

when they’regood, so these incen- in bonds that later “tailed off,” Mr. KIERS tives areoften called fulcrum fees. Lenhardt said. “In the viewofthe Capital Spectrum wasdesigned portfolio manager,this wasafund with afulcrum feetied to apeculiar that absolutely would circle back accountant and adviser based in lion of mortgage debt on up to accounts—can sell some of both benchmark.With Mr.Glancyplan- intothe fixed-income marketsover Draper, Utah. two homes, as long as the debt and use the losses to offset gains ning to hold amotley mixtureofin- time when opportunities dictated. Still, smart tax planning can was in place by Dec. 15, 2017, ac- on the winners and minimize or vestments, Putnam calculated the As it turned out, therewas an 11- avoid pitfalls and yield more cash cording to Evan Liddiard, a tax avoid capital-gains tax. Excess net fund’sincentivefee against a50-50 year bull market that made equities for pressing needs. Here are the specialist with the National Asso- losses up to $3,000 can offset tax blend of the S&P 500 and the J.P. anaturalplacetoinvest.” tax effects of common strategies ciation of Realtors. If not, the on ordinary income such as MorganDeveloped High Yield in- Mr. Lenhardt says Putnam’s for filling a cash hole. limit is interest on $750,000 of wages or interest, and unused dex, aglobal basket of low-rated management and the fund’s board debt on up to two homes. losses carry over for future use. corporatebonds. periodically reviewed whether the >> Collecting unemployment. The For the mortgage interest on a Single filers with taxable in- Capital Spectrum’searly perfor- benchmark remained appropri- amount of this pay and its dura- refinancing to remain fully de- come less than $40,000 and mar- mancewas superb—especially ate— and always concluded it was. tion vary greatly from state to ductible, it can’t exceed the exist- ried couples with less than considering that Mr.Glancykept The fund’s public disclosures, he state. The stimulus bill passed by ing amount of debt and the term $80,000 in 2020 can benefit from 20% to 30% of totalassetsinlow- says, always made the fee arrange- Congress last month added an ex- can’t be longer. For example, say a zero tax rate on long-term capi- yielding cash. ments clear. tra $600 a week for up to four that John had a $1 million mort- tal gains, which are on assets From itsMay 2009 launch Fulcrum fees have oftenbeen months for millions of unem- gage that he has paid down to held longer than a year. through October 2013,the fund’s praised, including by me,for align- ployed workers. $800,000. He can refinance the Sellerswith higher incomes ClassAshares earned an averageof ing the interestsoffund managers This pay is taxable by Uncle $800,000 debt and continue to for2020 should beware of the 23.7%annually; itsblended bench- and investors. Unfortunately,those Sam, while state taxes vary. For deduct the interest if the new 3.8%surtax on net investment in- mark compounded at 18% and the interestscan end up misaligned un- example, New York taxes unem- loan has the same term as the old come if adjusted grossincome S&P 500 at 18.4%. (All figuresin- lessthe fees arederived in away ployment compensation, while one, says Mr. Liddiard. exceeds $250,000 formost mar- clude reinvested dividends.) that makes sense to managersand California doesn’t. Recipients can But if the new loan is for ried couples,or$200,000 for Those hot returns attracted investorsalike. elect to have a flat 10% withheld $900,000 and John pockets most singles.The surtax applies swarms of investors. Thefund’sas- for federal taxes by filling out $100,000 of cash, only the inter- to the investment income above setsswelled to nearly $11 billion in Form W-4V when they sign up. est on $750,000 is deductible, those thresholds. early 2015. It’s All Relative Some may choose not to because says Mr. Liddiard. And if Susan However, the fund never had they need the money badly now, has a $200,000 mortgage that Borrowing against a portfolio. The managementofPutnam Capital >> anything close to 50% of itsassets but they’ll face a reckoning later: she refinances for $250,000, she Asset values are down, but inves- Spectrum Fund oftenearnedextra in global high-yield bonds.Most of Early in 2021, recipients will re- can deduct interest on only tors with portfolios in taxable ac- fees forbeating an indexmade up of the time,most of the assetsinthis ceive a Form 1099-G reporting $200,000. counts (not retirement accounts 50% high-yield bonds,eventhough “go-anywhere” fund went nowhere unemployment compensation to As for home-equity loans or such as 401(k)s and IRAs) may be the fund usually kept mostofits except intostocks. them and to the IRS. lines of credit: the 2017 overhaul able to borrow against their as- assets in stocks. Because,overtime,stocks usu- took away homeowners’ ability to sets at good rates. ally outperform bonds,afund with Putnam Capital Spectrum Fund’s >> Taking funds from IRAs and deduct interest on $100,000 of This borrowing is called a the bulk of itsholdingsinstocks assetallocation, six-month intervals 401(k)s. In response to the pan- this debt, no matter what it was margin loan. Theamount of the will tend to beat abenchmark that demic, Congress has relaxed rules used for. Now the interest on loan and the interest rate on it consistsof50% bonds.That’swhat Common stocks* on borrowings and early with- these loans and lines of credit is will depend on the broker’s as- happened in Capital Spectrum’s Governmentsecurities† Cash drawals from tax-sheltered retire- deductible only if the borrowing sessment of factorslikethe size early years. Hybrid securities‡ Corporatebonds** ment plans such as individual re- is used to buy, build, or improve of the account and howmarket- Over the 12 months ended April tirement accounts and 401(k) a home. The debt also must be able the assetsare.Ifthe hold- 2015,the fund’sAshares returned 100% plans this year. As a result, some secured by the home where that ingsshrink while the loan is in 9.2%, thumping the 7.6% return of savers will be able to access up to work is being done. force, the broker oftenhas the itsbenchmark.The S&P 500,how- $200,000 through a combination right to sell them—so paycareful 75 ever,returned 13%. of withdrawals and plan loans, >> Withdrawing from a529 edu- attention to the terms,given to- According to Securities and Ex- according to retirement-plan spe- cation-savings account. These ac- day’svolatile markets. changeCommission filings, the 50 cialist Ed Slott. countsare typically set up by par- Interest on margin loans isn’t fund had as much as 80% of its Savers are typically eligible for entsorgrandparentstopay deductible if it’s used for some money in stocks during the period, these benefits if they, their education expenses forchildren purposes, such as to pay college giving it abig tailwind against its 25 spouses or dependents have con- or grandchildren. There’snofed- tuition or credit-card debt, but it half-bond benchmark. tracted the virus or lost earnings eral taxdeduction forcontribu- will likely be deductible if it’s During that period, thanks in 0 due to it. For those who want to tions,although about two-thirds used to make other investments. part to beating that easy bench- 2010 ’12 ’14 ’16 ’18 get money from 401(k) and simi- of the states offer deductions.The Interest on margin loans used mark,Putnam earned $10 million in lar workplace accounts, the plan contributions grow tax-free,and to invest in a business is a tricky fulcrum fees on topofthe $65 mil- *Include ETFsand small allocation to warrants sponsor also has to opt into the withdrawals aretax-free if they’re area, as it may or may not be de- lion Iestimateitearned in flat man- †Include mortgage-backed securities and U.S. Treasurys new rules. used to payeligible expenses. ductible, says Mr. Lewis. He ad- agementfees.Inthe following six ‡Include convertible bonds, preferred stocksand Those who qualify can take out Taxesonfunds withdrawnfor vises business owners consider- convertible preferred stocks **Include senior loans months,when the fund again beat Note:Positions arenet of short sales. a total of $100,000 from tradi- non-eligible expenses,such as to ing them to get good tax advice itsbenchmark and laggedthe S&P Source:SEC filings tional IRAs, Roth IRAs, traditional free up cash, areoften compli- up front. P2JW116000-4-B00600-1------XA

B6 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. EXCHANGE

ing in self-assurance and diplo- Seizing the matic refinement. (He later admit- ted he’d been wrong). Deng made no attempt to spell- Opportunity bind people.Inhis 2011 book, “Deng Xiaoping and the Transformation of China,” Dr.Vogel noted that Deng Of the Restart didn’t talk very much. Instead of fo- cusing on appearances,Deng per- fected the subtler artsofleadership. ContinuedfrompageB1 In person, he wasfamously direct company had problems. Many of and blunt, but always engaged in- them were negligible, so we lived tensely and listened closely. with them. Whether it’s the ro- In the wake of the pandemic bustness of the supply chain, the everyone,including leaders, will culture of meetings or the criteria have to work through grief and we use to hire and promote, every- trauma without letting it affect thing’s on the table now. their performance. MarcAndrees- Thevalue maybedifficult to ex- sen, co-founder of the venture- tract, but therehas never been a capital firm Andreessen Horowitz, betteropportunity to createposi- oncewrote that the most difficult tive, productiveand lasting change. skill he had to learn as achief ex- Very few modern leaders have ecutive“wasthe ability to man- ever successfully navigated some- agemyown psychology.” thing like this.There is, however, Under Mao’s regime, Deng had one very useful example. And it’s been “purged” on occasion, but al- TO not one you might expect. ways made his way back. He PHO Thefirst indication of what Deng trained himself to never show an- /UN TA

Xiaoping had in mind forChina ger or frustration. He wouldn’t GA came in 1974, when he flew to New hesitate to remove people from NA A

York foraspecial session of the U.N. power but he wasn’t vindictive. AK

General Assembly. In his 2001 book “Good to YUT At the time, Mao Zedong was Great,” Jim Collins found that When Deng Xiaoping, center,visited NewYork foraU.N. meeting in 1974,hemade aspecial outing to Wall Street. still in power and his Cultural Rev- most executives who led super- He wasn’t yetChina’s paramount leader,but he wasalready working on aplan thatwould redefine his country. olution—a brutal, top-down, ideo- growth companies were, much like logically driven reform campaign— Deng, quiet, reserved and self-ef- had left the economy in shambles. facing. They possessed “indomita- with its progress by the following don’t have the luxury to cling to challenge. But they also need to Deng would not be formally in- ble will” but directed their ambi- week, they changed course. sentiment. You can’t move forward remind them of the strengths stalled as China’s paramount tion toward the organization and Mr.Joly oncelikened his strategy unless you’re willing to break they’ve already shown, empower leader for another four years, but its goals, rather than themselves. to riding abikefor the firsttime. strong attachments to the past. them to act, and above all, show he was already working on a plan. Youdon’t want to go toofast, but some enthusiasm. On April 14, Deng’s handlers it’salot easier to makecourse cor- The Churchill Method This crisis, like any crisis, is a booked a limousine to take him For businesses, there rections onceyou’removing. Historyhas shown that periods of once-in-a-lifetime opportunity to sightseeing. When they asked the turbulenceare sometimes neces- make significant, lasting changes. 69-year-old Communist what New has rarely been a better Firing Snoopy sary.But the leader who really mat- York landmarks he’d like to see, he time for productive, When Steven Kandarian became ters is the one who comes next. Setting the Compass had only one destination in mind. CEO of MetLifeInc., the company Deng couldn’t have reformed China In 2008,Howard Schulz returned “Wall Street,” he said. lasting change. wasboggeddownbyultralowinter- if Mao hadn’t broken the economy. as Starbucks CEO.He’d grown Deng’spilgrimagetothe seat of est rates. Mr.Kandarian believed Thetrickypart forthese lead- concerned that the companyhad American financial powerdidn’t that afederal regulatorypanel ersisfiguring out howtomoti- lost the “essential magic” that come to light until aHarvardprofes- The lesson seems to be this: In formed in the wake of the 2008 fi- vate people. had made itscaféssopopular.His sor,EzraVogel, learned of it from moments of radical uncertainty, nancial crisis might movetoimpose In his newbook, “The Splendid agenda turned heavily on restor- Deng’sinterpreter.Inretrospect, nobody cares about your God- strict newrequirementsthat could and the Vile,” Erik Larson describes ing the “emotional attachment” however, it made perfect sense. given eloquence and magnetism. forcehim to break up the company. howWinston Churchill quickly with customers. In the years that followed, Deng Your leadership is a function of So he beat them to the punch. changed British public opinion As the global financial crisis began a long, methodical program how you behave. Mr. Kandarian made a “difficult” about the looming prospect of war deepened, Starbucks retrained of free-market reforms that over- and “emotional” decision to spin with Germany. His rhetorical strat- staff, opened forums where em- turned decades of socialist dogma. Revolution, Gradually off the bulk of MetLife’s U.S. life- egywasn’t complicated. He simply ployees could share ideas, added In time, the move turned China Deng knew full well that returning insurance business, a unit that spokehardtruths,then ended on a music to stores and donated into an economic power and to the status quo was not an op- dated back to 1868. “There was a noteofoptimism. money to social causes. helped millions lift themselves out tion. But he also understood that lot of attachment to that business In May1995,Bill Gates sent a The following year, this pur- of poverty. Against all odds, Deng in an upended world, meaningful in our company,” he said. long,impassioned memo to Mi- veyor of $6 lattes saw its net in- reinvented the way China does progress comes haltingly. Then, MetLife made another crosoftemployees,declaring an come grow 21%. By 2012, it had business. To do so, however, he Rather than opening China’s painful decision. It decided to fire end to the company’sprimaryfo- more than tripled. had to redefine China. markets by decree, Deng moved Snoopy, the company’s beloved cus on software. At some point, millions of rat- It may seem incongruous, given only as fast as practical and politi- longtime marketing mascot. In a Theinternet had to be elevated to tled employees will return to work Beijing’s initial response to the cal realities allowed. He gradually statement, the company said “the highest level of importance,” he and begin adapting to the new re- coronavirus, to look to China for gave local managers more freedom Snoopy had served his purpose, wrote, and everyfacet of Microsoft’s alities of temperature checks, stag- leadership guidance. But if you and encouraged indirect invest- but was no longer necessary since businessneeded to be rethought. gered shifts, and devices that buzz look closely, Deng Xiaoping has a ments in light manufacturing. the company would no longer be At the end of this sobering mes- when people get too close. lot in common with other leaders When Hubert Joly took over as selling much to consumers. sage, however, he inserted a Some will thrive. Others will and executives who have overseen CEO of Best Buy in 2012, he faced Severing these ties didn’t spook Churchillian note, describing the grow demoralized. successful reinventions. a monumental turnaround chal- investors or customers. MetLife’s shiftasanincredible opportunity. On arecent podcast,IBM’sfor- Added together,they offer an in- lenge. There were scores of urgent share price rose nearly 25% in two “Weenter this newera with some mer CEO Ginni Rometty said the teresting playbook forthe present. planning decisions to make that months, and net income more than considerable strengths,” he wrote, pandemic has reinforced“the value might take months to fully judge. tripled the following year. that “position us very well to lead.” of adaptability.” In the future, she Substance Over Style To limit paralysis by analysis, he Deng Xiaoping wasn’t afraid to Deng wasalso blunt about added, the most important quality Deng Xiaoping wasachunkyman decided to avoid launching big ini- break sentimental attachments, ei- China’schallenges.But he also gave anyworker canpossessmay be “the with melancholy eyes who stood 5 tiatives and begin by making lots ther.Hebelieved that Confucius had them hope by promising them a propensity to learn.” feet tall, smoked incessantly and of small plans and decisions that handcuffed China’sthinking and betterfuture. “Socialism does not I’d argue that this also applies spokeMandarin with aheavy Sich- could easily be undone. progressfor 2,000 years. He quickly mean shared poverty,” he oncesaid. to leaders, especially now. uan accent. Unlikethe charismatic “Instead of making some plan repudiated the Cultural Revolution As business leaders prepare —Mr. Walker, a former reporter Mao,hewas easy to underestimate. for the next six months,” he told and in 1982, described Mao as their employees for the possibility and editor at The Wall Street When Henry Kissinger met Deng an audience in 2018, “we’d get to- “seven partsgood, three partsbad.” of more lockdowns, layoffs and Journal, is the author of “The Cap- for the first time in 1974, he found gether to plan a week’s worth of In a time like the present, when abrupt course corrections, they tain Class: A New Theory of Lead- him “acerbic” and somewhat lack- work.” If his team wasn’t satisfied the past has failed us, leaders shouldn’t sugarcoat the size of the ership” (Random House).

Revenue diversifi- ON BUSINESS | JOHN D. STOLL Inc. 100,000 electric vans off the cation is as old as skateboard. Amazon told me this businessitself.For week it expectsthem on roads companies likePanera within 20 months. Bread, the ancient An Old Strategy Is NewAgain Making work vans is the unsexy strategycould repre- part of the autobusiness. Kids don’t sent alifeline. tack postersofGrumman LLVmail TheSt. Louis chain has spent years trucks to their walls.For Mr.Scar- reworking around the edges.Itbeefed inge, acar lover from his youth, the up itssmoothie offerings; improved Businessesare looking to diversifytheir revenue streams amid the pandemic deliveryvan is aray of hope and a itssmartphone app; added delivery. foothold in an emerging trend. Itsrecent introduction of an $8.99- “Therehas been adefiniteaccel- per-month coffee club made my day. diversification wasinits bones. eration of having thingsdelivered Restaurant chains responding to Nokia started as apulp mill, but to homes,” Mr.Scaringesaid. Now apandemic need to do morethan eventually added rubber-boot mak- other clientsbesides Amazon are rearrangethe deck chairs, though. ing.For decades,itevenmade—get knocking on Rivian’sdoor. “Wesaw amajor disruption,” Pan- this—toilet paper and respirators. This newbusinessprovides an ul- eraChief Executive Niren Chaud- Modern diversification strate- tra-stable and potentially recession- hary told me Monday. Revenue gistswarn companies from straying resistant revenue stream foracom- slowedascoronavirus lockdowns toofar from core competencies or panywith agigantic factoryand strangled dining-room traffic. synergies.Nokia’sphone-to-gear hundreds of hourly employees in Illi- Acrisis might seem likeaterri- pivot makes sense under this think- nois,who remain on the payroll and ble time foraCEO to be out search- ing,but the pulp-to-rubber-boot eventually need to getback to work. ing forthat whitespaceorgreen moveisharder to pull off. Panera’sgrocery businessis shoot or blue skythat businesspeo- RJ Scaringe,the founder of Rivian equally unsexy as awork van, but ple talk about. But Mr.Chaudhary Automotive, built his electric-vehicle it provides Mr.Chaudharythe type had little choice. companywith amodern-dayap- of boost that Amazon trucks lend “Wewerehaving this conversa- proach to diversification. His plan, Mr.Scaringe. tion one Fridaynight, sharing pain firsthatched in 2009,was to createa Groceries arealready contributing points,” Mr.Chaudharysaid, refer- premium electric truck,the R1T,that 1% to 2% of sales,which representsa ring to his executiveteam. Every- could competewith aTesla. It was small but promising sliceofpost-cor- one seemed to have trouble getting BREAD slated to go on sale this year. onavirus business. Theoperation is A basic groceries at the storeordeliv- Along the way,headded other po- profitable,and Mr.Chaudharyexpects NER

ered to their house. PA tential waystomakeabuck.The it to be a“meaningful” financial con- Panerawas already buying fruit, Panera built a grocery business in two weeks, after the company’s company, forinstance, has found a tribution in the near term. He plans vegetables and dairyproductsin executives realized they had to diversify and saw a need they could fill. way to repurpose batteries afterthey to add morefood categories and meal bulk.Itmade sense to wonder if in- outlivetheir use in automobiles,and kitstoPaneraGrocery soon. It will be stead of slicing and dicing all that manyexpertssee this as away to abusinessline afterthe crisis. food it should sell aportion of it to in and out of style fordecades. paddling to stay afloat. In recent makeunprofitable EVsprofitable. Yes, thereare kinks to fix: Panera’s people needing to restock the fridge. Skeptics point to Coca-Cola Co.’s weeks I’veprofiled several CEOs,in- Another idea wastouse the selection is extremely limited and “Can we do it?” someone asked. forgettable forayintowine; Quaker cluding foundersofAirbnb Inc.and “skateboard” that underpinned his grocerysupply chains are different “Wehad the infrastructure, the e- Oats’ ill-fated purchase of Snapple; ZipRecruiter,who don’t have the electric carasaplatform forother from restaurant supply chains.Gro- commerce plumbing,the operating the oil companies’ unsuccessful time and money to do anything battery-poweredsolutions.Until re- cery margins arecutthroat, pricing is system,” Mr.Chaudharysaid. “In 48 ventures in mineral extraction. other than hang on. cently,that seemed likeaninterest- volatile,consumersare fickle and of- hours, the team said, ‘Yes we are Proponents saydiversification cre- Nokia Corp.’s135-year historyis ing side business, but asupporting tenshop in bulk. going to do it.’ ” ates empires.The Samsung Group, perhaps the best testament to di- actor to the R1T’sstarring role. “Never in my entirecareer have I Within two weeks, PaneraBread Walt Disney Co., and 3M Co.made versification. It’sthe tale of scrappy AfterRivian sent employees home seen anything of this complexity Grocery wasborn. Driveinfor a billions in the conglomeration Finns seizing opportunities that and paused retooling at itsIllinois and this magnitude and being this chipotle-chicken-and-avocado melt game.Apple Inc., Amazon, and Mi- have kept the companyastep factoryamid coronavirus lockdowns, nuanced pulled off in 14 days,” Mr. and tomatochicken-noodle soup, crosoftCorp.havediversified their ahead of disaster. delaying the R1T’sdebut until 2021, Chaudharysaid, referring to the driveaway with acup of blueber- way to becoming the world’smost Onceamobile-phone giant, that skateboardidea went from sup- time frame in which PaneraBread ries,aloaf of sourdough and agal- valuable companies. Nokia emergedasatelecom-gear porting actor to sharing center stage. Grocerywas built. lon of skim milk. Diversification is handy in acri- powerhouse just as itscellphone Last summer,Mr. Scaringehad “But, then again, I’venever seen Revenue diversification has come sis,but it’shardtoachievewhen businesscollapsed. Why? Because struck adeal to build Amazon.com anything likeCovid-19.” P2JW116000-4-B00700-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and 23775.27 Trailing P/E ratio 18.71 18.47 2836.74 Trailing P/E ratio * 22.54 21.98 8634.52 Trailing P/E ratio *† 26.82 23.67 commodities performed around the world for the week. P/E estimate * 20.58 16.71 P/E estimate * 20.98 17.61 s 139.77 P/E estimate *† 25.63 21.55 s 260.01 s 38.94 Stock Currency, Commodity, Exchange- Dividend yield 2.61 2.16 Dividend yield * 2.14 1.90 Dividend yield *† 1.00 0.99 or 1.11% or 1.39% or 1.65% index vs. U.S. dollar traded in U.S.* traded fund All-time high: All-time high Current divisor All-time high Lean hogs 38.50% 9817.18, 02/19/20 29551.42, 02/12/20 0.14579812049809 3386.15, 02/19/20 Comex gold 2.03 iSh 20+ Treasury 1.81 65-day moving average Session high DOWN UP 30000 3500 10500 S&P 500 Energy 1.67 Session open Close t iSh TIPS Bond 1.32 65-day moving average 65-day moving average Close Open 9750 WSJ Dollar Index 0.63

t 27500 3250 Australian dollar 0.42 Session low S&P/TSX Comp 0.42 25000 3000 9000 Indian rupee 0.38 Russell 2000 0.32 8250 22500 2750 iSh 7-10 Treasury 0.32 VangdTotIntlBd 0.32 20000 2500 7500 Indonesian rupiah 0.19 Comex silver 0.11 17500 2250 6750 Japanese yen 0.04 Bars measure the point change from session's open VangdTotalBd 0.01 15000 2000 6000 -0.02 iSh 1-3 Treasury Feb. Mar. Apr. Feb. Mar. Apr. Feb. Mar. Apr. -0.03 Soybeans Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index -0.04 S&P 500 Telecom Svcs -0.12 Chinese yuan -0.18 Nasdaq Composite Major U.S. Stock-Market Indexes Trading Diary -0.22 S&P 500 Consumer Discr

Latest 52-Week % chg Volume, Advancers, Decliners -0.23 Comex copper High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. -0.40 Nymex natural gas Dow Jones Total volume*1,058,941,458 31,307,882 -0.45 IPC All-Share Industrial Average 23826.00 23417.68 23775.27 260.01 1.11 29551.42 18591.93 -10.4 -16.7 4.6 Adv. volume* 624,214,722 23,006,400 -0.47 S&P 500 Health Care Transportation Avg 8112.80 7925.71 8092.40 140.74 1.77 11304.97 6703.63 -25.6 -25.8 -4.5 Decl. volume* 418,318,649 7,915,740 -0.48 South African rand Utility Average 799.08 783.68 795.09 4.34 0.55 960.89 610.89 1.6 -9.6 3.9 Issues traded 3,014 270 -0.49 Euro area euro -0.51 iShiBoxx$InvGrdCp Total Stock Market 28574.65 28048.87 28507.11 396.82 1.41 34631.28 22462.76 -5.8 -13.7 5.0 Advances 1,835 130 -0.52 Nasdaq 100 Barron's 400 583.47 570.77 581.44 9.07 1.58 746.64 455.11 -18.8 -20.6 -3.0 Declines 1,107 130 Unchanged 72 10 -0.60 FTSE 100 Nasdaq Stock Market New highs 14 3 -0.62 Swiss franc Nasdaq Composite 8642.93 8464.42 8634.52 139.77 1.65 9817.18 6860.67 6.2 -3.8 13.0 New lows 23 4 -0.67 Canada dollar Nasdaq 100 8791.36 8599.99 8786.60 145.10 1.68 9718.73 6978.02 12.3 0.6 16.8 Closing Arms† 1.29 0.24 -0.71 S&P MidCap 400 Block trades* 5,769 273 -0.76 Russian ruble S&P -0.80 S&P 500 Information Tech 500 Index 2842.71 2791.76 2836.74 38.94 1.39 3386.15 2237.40 -3.5 -12.2 6.1 Nasdaq NYSE Arca -0.83 S&P BSE Sensex MidCap 400 1556.89 1523.09 1550.37 21.36 1.40 2106.12 1218.55 -21.5 -24.8 -3.7 Total volume*3,713,825,402 271,260,790 -0.89 S&P 500 Materials SmallCap 600 719.55 704.30 715.14 7.65 1041.03 595.67 -26.5 -30.0 -5.6 Adv. volume*2,744,015,444 142,530,115 1.08 -1.03 S&P SmallCap 600 Decl. volume* 861,641,752 121,783,372 Other Indexes -1.06 Shanghai Composite Issues traded 3,314 1,387 Russell 2000 1238.31 1210.62 1233.05 18.99 1.56 1705.22 991.16 -22.5 -26.1 -4.1 -1.08 UK pound Advances 2,147 980 -1.15 FTSE MIB NYSE Composite 11050.01 10868.93 11017.90 101.22 0.93 14183.20 8777.38 -15.2 -20.8 -1.5 Declines 1,072 388 -1.16 Stoxx Europe 600 Value Line 385.29 377.20 383.59 4.67 1.23 562.05 305.71 -30.3 -30.5 -9.8 Unchanged 95 19 -1.20 South Korean won NYSE Arca Biotech 5322.88 5185.34 5312.78 104.32 2.00 5313.05 3855.67 11.6 4.8 14.5 New highs 39 5 -1.27 Wheat NYSE Arca Pharma 654.54 646.50 653.47 7.12 1.10 670.32 494.36 12.5 -0.02 9.0 New lows 23 6 -1.32 S&P 500 KBW Bank 69.61 67.35 69.03 1.45 2.15 114.12 56.19 -31.8 -39.1 -9.1 Closing Arms† 0.63 2.41 -1.33 Kospi Composite § Block trades* 26,828 1,191 PHLX Gold/Silver 119.25 114.48 117.55 2.30 2.00 117.55 66.14 61.8 9.9 11.2 -1.47 iShNatlMuniBd § PHLX Oil Service 30.20 27.67 28.12 -0.53 -1.85 95.62 21.47 -70.6 -64.1 -43.7 * Primary market NYSE, NYSE American NYSE Arca only. -1.72 Dow Jones Transportation Average PHLX§ Semiconductor 1704.09 1651.66 1702.56 37.89 2.28 1979.50 1286.84 10.0 -8.0 19.1 †(TRIN) A comparison of the number of advancing and declining -1.79 Euro Stoxx issues with the volume of shares rising and falling. An Cboe Volatility 42.08 35.60 35.93 -5.45 82.69 11.54 182.2 160.7 49.1 -13.17 Arms of less than 1 indicates buying demand; above 1 -1.90 iShJPMUSEmgBd §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -1.93 Dow Jones Industrial Average -2.02 Corn -2.25 Hang Seng International Stock Indexes Percentage Gainers... -2.35 CAC-40 Latest Session 52-Week Latest YTD -2.48 S&P 500 Industrials Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -2.73 DAX 0.05 Mesoblast ADR MESO 15.45 9.00 139.53 20.57 3.12 174.5 World The Global Dow 2558.58 1.34 –21.3 -2.76 Norwegian krone Microbot Medical MBOT 9.20 2.98 47.91 20.15 4.30 16.0 DJ Global Index 359.59 1.49 0.42 –17.1 Chesapeake Energy CHK 39.94 12.45 45.29 602.00 12.30 -93.3 -2.99 Bloomberg Commodity Index DJ Global ex U.S. 206.20 –1.68 –0.81 –21.8 Liberty TripAdvisor B LTRPB 37.57 10.46 38.58 134.00 2.10 161.4 -3.13 S&P 500 Financials 1.26 Americas DJ Americas 651.18 8.11 –14.4 Tarena International ADR TEDU 4.63 1.14 32.66 5.21 0.69 -11.1 -3.19 S&P 500 Consumer Staples Brazil Sao Paulo Bovespa 75330.61 –4342.69 –5.45 –34.9 Calix CALX 9.84 2.19 28.63 10.55 5.60 39.0 -3.19 Nikkei 225 Canada S&P/TSX Comp 14420.36 169.27 1.19 –15.5 Overstock.com OSTK 9.92 2.10 26.86 29.75 2.53 -24.1 -3.42 iShiBoxx$HYCp Mexico S&P/BMV IPC 34586.82 346.22 1.01 –20.6 DarioHealth DRIO 7.45 1.45 24.07 18.60 3.02 -51.6 -3.76 S&P 500 Utilities Chile Santiago IPSA 2592.41 –48.48 –1.84 –22.3 CURO Group Holdings CURO 6.57 1.27 23.96 16.99 3.43 -48.2 -3.81 IBEX 35 EMEA Stoxx Europe 600 329.59 –3.65 –1.10 –20.7 Catalyst Biosciences CBIO 6.22 1.19 23.66 9.96 3.43 -25.8 -4.35 S&P 500 Real Estate Eurozone Euro Stoxx 309.31 –4.07 –1.30 –23.4 Translate Bio TBIO 12.74 2.43 23.57 13.90 6.80 28.2 -4.46 S&P/ASX 200 Belgium Bel-20 2942.98 –74.78 –2.48 –25.6 Evelo Biosciences EVLO 5.18 0.97 23.04 10.09 3.01 -36.9 -4.63 Sao Paulo Bovespa Denmark OMX Copenhagen 20 1163.79 –10.70 –0.91 2.5 Inovio Pharmaceuticals INO 14.59 2.56 21.28 19.36 1.92 272.2 -5.00 Mexico peso France CAC 40 4393.32 –57.68 –1.30 –26.5 Athersys ATHX 2.63 0.46 21.20 4.38 1.13 56.5 -6.96 Nymex RBOB gasoline Germany DAX 10336.09 –177.70 –1.69 –22.0 360 Finance ADR QFIN 8.91 1.55 21.06 22.34 6.37 -54.5 -32.32 Nymex crude Closed Israel Tel Aviv 1368.15 … –18.7 Percentage Losers -32.37 Nymex ULSD Italy FTSE MIB 16858.89 –152.22 –0.89 –28.3 Latest Session 52-Week *Continuous front-month contracts Netherlands AEX 504.94 –7.79 –1.52 –16.5 Company Symbol Close Net chg % chg High Low % chg Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies). Russia RTS Index 1081.32 –18.35 –1.67 –30.2 Golden Bull DNJR 1.53 -0.75 -32.89 7.52 0.28 -74.4 THE WALL STREET JOURNAL South Africa FTSE/JSE All-Share 49527.23 –74.59 –0.15 –13.2 Amira Nature Foods RYCE 13.51 -5.49 -28.88 30.87 3.64 -53.4 Spain IBEX 35 6613.90 –132.60 –1.97 –30.7 CS X-Links Crude Oil ETN USOI 6.61 -1.66 -20.07 24.50 6.55 -72.1 See an expanded daily list of selected global stock indexes, bond ETFs, currencies and commodities at WSJ.com/TrackTheMarkets Sweden OMX Stockholm 580.44 –7.43 –1.26 –14.7 Azul ADR AZUL 7.30 -1.53 -17.33 44.55 5.30 -71.3 Switzerland Swiss Market 9625.65 0.17 0.002 –9.3 Unique Fabricating UFAB 2.83 -0.55 -16.27 4.80 1.44 -18.0 Turkey BIST 100 98758.96 587.98 0.60 –13.7 Direxion Brazil Bull 2X BRZU 45.88 -8.62 -15.82 1446.20 35.35 -95.3 U.K. FTSE 100 5752.23 –74.38 –1.28 –23.7 Direxion Dy LatAm Bull 3X LBJ 27.15 -4.91 -15.31 530.00 24.00 -94.1 U.K. FTSE 250 15687.43 –0.67 –28.3 –106.61 ProShs Ultra MSCI Brazil UBR 13.97 -2.49 -15.12 94.40 12.29 -80.1 Asia-Pacific Interpace Biosciences IDXG 5.00 -0.89 -15.11 11.00 3.81 -30.4 Speed-Read the Markets Australia S&P/ASX 200 5242.60 25.49 0.49 –21.6 Erytech Pharma ADR ERYP 5.31 -0.89 -14.35 8.08 3.50 -31.7 China Shanghai Composite 2808.53 –29.97 –1.06 –7.9 SilverBow Resources SBOW 4.67 -0.77 -14.15 20.21 1.50 -75.0 Hong Kong Hang Seng 23831.33 –145.99 –0.61 –15.5 Centrais Elet Brasil ADR EBR 3.91 -0.63 -13.88 11.69 2.96 -53.4 With 30-plus charts and concise analysis, India S&P BSE Sensex 31327.22 –535.86 –1.68 –24.1 CompanhiaSBEDP ADR SBS 6.57 -1.04 -13.67 15.40 5.54 -44.3 The Daily Shotmorning newsletter delivers an Japan Nikkei Stock Avg 19262.00 –167.44 –0.86 –18.6 eHealth EHTH 109.31 -16.94 -13.42 152.19 52.71 70.1 overviewofthe trends impacting global markets. Singapore Straits Times 2518.16 –24.21 –0.95 –21.9 SAExploration Holdings SAEX 1.88 -0.29 -13.36 4.47 0.95 -48.5 South Korea Kospi 1889.01 –25.72 –1.34 –14.0 Most Active Stocks Sign up nowatWSJ.com/DailyShot Taiwan TAIEX 10347.36 –19.15 –0.18 –13.8 Volume % chg from Latest Session 52-Week Thailand SET 1258.78 –13.75 –1.08 –20.3 Company Symbol (000) 65-day avg Close % chg High Low s 2020 Dow Jones & Co., Inc. All Right reserved. 2DJ6399 Sources: FactSet; Dow Jones Market Data Oasis Petroleum OAS 222,581 817.4 0.61 -8.40 6.31 0.24 General Electric GE 155,233 64.2 6.26 -3.99 13.26 5.90 Get real-time U.S. stock quotes and track most-active Abraxas Petroleum AXAS 144,835 2634.0 0.33 12.10 1.44 0.09 stocks, new highs/lows and mutual funds. Taronis Technologies TRNX 136,645 256.5 0.28 12.20 3.77 0.11 Currencies WSJ Plus, deeper money-flows data and email delivery of Inovio Pharmaceuticals INO 128,916 286.8 14.59 21.28 19.36 1.92 U.S.-dollar foreign-exchange rates in late New York trading .COM key stock-market data. * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least US$ vs, US$ vs, 5,000 shares =Has traded fewer than 65 days Available free at WSJMarkets.com Fri YTD chg Fri YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004254 23510 1.5 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Argentina peso .0151 66.3921 10.9 Europe Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Brazil real .1788 5.5933 39.2 Czech Rep. koruna .03988 25.077 10.6 U.S. consumer rates Selected rates major U.S. trading partners Canada dollar .7094 1.4096 8.5 Denmark krone .1451 6.8905 3.4 notes and bonds Chile peso .001166 857.40 16.0 Euro area euro 1.0823 .9240 3.6 A consumer rate against its Five-year ARM, Rate Colombiapeso .000247 4040.50 23.1 Hungary forint .003035 329.45 11.6 benchmark over the past year Ecuador US dollar 11unch Iceland krona .006824 146.54 21.0 Bankrate.com avg†: 4.00% 8% 3.26% Mexico peso .0400 24.9884 32.0 Norway krone .0941 10.6227 21.0

Yen Hanscom Federal Credit Union 2.25% s Uruguay peso .02317 43.1500 16.2 Poland zloty .2386 4.1915 10.5 One year ago 3.00 4 Russia ruble .01341 74.591 20.2

4.00% Hanscom AFB, MA 800-656-4328 t Asia-Pacific t Sweden krona .0996 10.0418 7.2 Credit Union of New Jersey Australian dollar .6390 1.5649 9.8 5-year adjustable- 2.50% 2.00 0 Switzerland franc 1.0281 .9727 0.5 3.00 China yuan .1412 7.0819 1.7 rate mortgage Ewing, NJ 609-538-4061 Turkey lira .1434 6.9734 17.2 Hong Kong dollar .1290 7.7508 –0.5 (ARM) Tradeweb ICE Friday Close 1.00 Ukraine hryvnia .0368 27.1402 14.6 2.00 Star One Credit Union 2.75% –4 s s India rupee .01311 76.282 6.9 UK pound 1.2365 .8087 7.2

Sunnyvale, CA 408-742-2801 t WSJ Dollar index Euro Indonesia rupiah .0000649 15400 10.9 t 5-year Treasury 0.00 Japan yen .009304 107.48 –1.1 Middle East/Africa 1.00 Old National Bank 2.88% –8 note yield 1 3 6 1 2 3 5 710 30 Kazakhstan tenge .002322 430.71 12.8 Bahrain dinar 2.6452 .3781 0.3 Appleton, WI 812-464-1494 2019 2020 Macau pataca Egypt pound 0.00 month(s) years .1252 7.9843 –0.4 .0633 15.7885 –1.6 Associated Bank, NA 3.00% Malaysia ringgit .2294 4.3595 6.6 Israel shekel .2840 3.5212 1.9 M J J A S O N D J F M A maturity Rockford, IL 800-682-4989 New Zealand dollar .6017 1.6620 11.9 Kuwait dinar 3.2162 .3109 2.6 2019 2020 Pakistan rupee .00622 160.900 3.8 Oman sul rial 2.5967 .3851 0.03 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.800 0.2 Qatar rial .2753 3.632 –0.3 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7023 1.4238 5.8 Saudi Arabia riyal .2659 3.7606 0.2 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008126 1230.62 6.5 South Africa rand .0525 19.0470 36.1 Sri Lanka rupee .0051805 193.03 6.4 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -0.75 Yield (%) 52-Week Total Return (%) Taiwan dollar .03323 30.095 0.6 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 3.25 l 5.50 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03081 32.460 9.1 WSJ Dollar Index 94.24 –0.14–0.14 5.22 Libor, 3-month 0.89 1.11 0.74 l 2.58 -0.28 U.S. Treasury, Barclays 2488.020 0.510 0.540 2.470 0.490 14.77 5.88 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.31 0.32 0.31 l 0.78 -0.01 Five-year CD, annual yield 0.86 0.86 0.86 l 2.01 -0.45 U.S. Treasury Long, Barclays 5033.950 1.130 1.230 2.910 0.980 40.04 14.02 Commodities 30-year mortgage, fixed† 3.59 3.59 3.52 l 4.24 -0.39 Aggregate, Barclays 2236.100 1.400 1.450 3.020 1.320 11.02 5.18 Friday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 3.25 3.15 2.95 l 3.69 0.06 Fixed-Rate MBS, Barclays 2215.220 1.260 1.330 3.200 0.930 7.55 3.94 Jumbo mortgages, $510,400-plus† 3.67 3.66 3.54 l 4.71 -0.86 DJ Commodity 450.17 -3.28 -0.72 647.86 433.70 -27.81 -29.91 High Yield 100, ICE BofA 2833.400 7.996 6.920 10.740 4.516 –6.549 0.739 Five-year adj mortgage (ARM)† 3.26 3.29 3.26 l 4.78 0.01 TR/CC CRB Index 112.75 -0.74 -0.65 187.39 106.29 -38.94 -39.31 New-car loan, 48-month 4.30 4.28 4.26 l 4.81 1.19 Muni Master, ICE BofA 563.314 1.808 1.634 3.441 0.959 3.542 3.352 Crude oil, $ per barrel 16.94 0.44 2.67 63.91 -37.63 -73.24 -72.26 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 782.223 6.575 6.355 7.480 4.523 –4.757 0.150 Natural gas, $/MMBtu 1.746 -0.069 -3.80 2.862 1.552 -31.96 -20.24 banks.† Excludes closing costs. Gold, $ per troy oz. 1723.50 -9.80 -0.57 1756.70 1269.70 34.13 13.43 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW116000-4-B00800-1------XA

B8 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. MARKET DATA

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Wheat (CBT)-5,000 bu.; cents per bu. Dec 99.6400 99.6550 99.6300 99.6500 .0150 1,089,152 Index Futures May 549.25 550.75 526.00 526.75 –20.25 27,232 Contract Open July 547.50 549.50 529.00 530.50 –14.25 176,288 Mini DJ Industrial Average (CBT)-$5 x index Open High hi lo Low Settle Chg interest Currency Futures June 23332 23730 23155 23658 321 67,440 Wheat (KC)-5,000 bu.; cents per bu. Sept 23229 23628 23091 23580 318 708 Copper-High (CMX)-25,000 lbs.; $ per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ May 486.00 488.00 472.25 474.75 –10.75 19,652 S&P 500 Index (CME)-$250 x index April 2.3250 2.3480 2.3240 2.3480 0.0240 720 July 493.75 496.25 480.75 483.25 –10.00 128,025 May .9300 .9316 .9285 .9312 .0016 438 July 2.3145 2.3435 2.2945 2.3365 0.0185 87,546 June 2777.10 2829.00 2755.80 2829.50 48.70 98,369 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June .9306 .9322 .9288 .9316 .0015 130,826 Sept …… …2821.60 48.50 11 Gold (CMX)-100 troy oz.; $ per troy oz. April 119.400 120.125 118.325 119.800 .375 1,053 Canadian Dollar (CME)-CAD 100,000; $ per CAD Mini S&P 500 (CME)-$50 x index April 1744.00 1744.00 1714.50 1723.50 –9.80 407 Aug 126.000 127.500 124.300 126.400 .025 15,435 May .7124 .7131 .7084 .7091 –.0030 1,326 June 2777.00 2835.00 2755.25 2829.50 48.75 3,332,460 June 1753.00 1760.20 1725.40 1735.60 –9.80 337,341 Cattle-Live (CME)-40,000 lbs.; cents per lb. June .7105 .7132 .7084 .7092 –.0029 111,640 Sept 2772.75 2826.25 2748.75 2821.50 48.50 29,167 Aug 1756.30 1763.70 1730.00 1739.70 –9.10 73,597 April 84.450 86.600 t 81.450 84.975 –.975 1,846 British Pound (CME)-£62,500; $ per £ Mini S&P Midcap 400 (CME)-$100 x index Oct 1751.50 1763.50 1734.90 1741.50 –9.10 13,047 June 82.225 83.725 80.300 82.625 –.300 118,479 May 1.2349 1.2377 1.2300 1.2352 –.0003 1,565 June 1520.10 1552.80 1504.00 1544.50 21.40 74,977 Dec 1754.40 1765.50 1732.80 1741.70 –9.30 50,679 Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 1.2350 1.2380 1.2299 1.2355 –.0003 159,841 Sept 1434.70 1545.10 1512.70 1551.90 21.40 1 Feb'21 1755.00 1764.80 1741.10 1742.60 –9.10 8,104 May 52.125 53.725 51.700 52.525 1.550 2,509 Swiss Franc (CME)-CHF 125,000; $ per CHF Mini Nasdaq 100 (CME)-$20 x index June 8588.25 8780.25 8498.25 8769.00 170.25 175,205 Palladium (NYM) - 50 troy oz.; $ per troy oz. June 52.000 53.475 50.150 51.525 –.100 79,357 June 1.0261 1.0297 1.0216 1.0271 .0012 35,673 Sept 8560.00 8767.00 8491.00 8758.00 170.75 1,792 April 2013.80 –15.70 25 Sept 1.0351 1.0322 1.0254 1.0301 .0012 68 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Russell 2000 (CME)-$50 x index June 1948.00 2020.00 1939.40 1985.30 –15.70 6,337 May 323.70 330.20 320.00 322.30 –2.90 515 Australian Dollar (CME)-AUD 100,000; $ per AUD Sept 1981.10 1992.00 1954.40 1977.60 –15.00 901 June 1204.00 1237.40 1189.00 1224.60 19.80 543,953 July 316.00 321.90 312.00 313.00 –4.00 1,405 May .6366 .6397 .6339 .6381 –.0006 678 Sept 1211.00 1235.20 1189.00 1223.30 20.30 3,037 Platinum (NYM)-50 troy oz.; $ per troy oz. Milk (CME)-200,000 lbs., cents per lb. June .6374 .6400 .6338 .6382 –.0006 125,168 Mini Russell 1000 (CME)-$50 x index April 773.40 –14.20 1 April 13.22 13.22 13.19 13.20 .01 3,059 Mexican Peso (CME)-MXN 500,000; $ per MXN June 1529.40 1554.90 1526.80 1550.50 20.10 7,811 July 790.40 794.80 764.60 773.80 –14.20 42,127 June 11.57 11.80 11.33 11.66 .34 4,864 May .03957 .04045 .03939 .03978 –.00059 1,027 U.S. Dollar Index (ICE-US)-$1,000 x index Silver (CMX)-5,000 troy oz.; $ per troy oz. Cocoa (ICE-US)-10 metric tons; $ per ton. June .04001 .04029 .03918 .03959 –.00061 103,131 June 100.62 100.98 100.25 100.43 –.10 31,162 April 15.254 –0.094 21 May 2,340 2,340 2,340 2,341 –2 6 Euro (CME)-€125,000; $ per € Sept 100.68 100.90 100.34 100.42 –.10 683 July 15.535 15.735 15.275 15.445 –0.081 83,676 July 2,355 2,360 2,309 2,323 –40 79,403 May 1.0782 1.0834 1.0733 1.0804 .0013 1,963 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Coffee (ICE-US)-37,500 lbs.; cents per lb. June 1.0790 1.0843 1.0739 1.0811 .0013 538,665 Source: FactSet June 16.78 17.97 15.64 16.94 0.44 360,880 May 109.45 109.45 105.00 105.20 –5.85 874 July 21.85 22.96 20.73 21.22 –0.22 385,541 July 112.15 112.15 106.05 106.75 –5.65 76,657 Aug 24.43 25.61 23.49 23.86 –0.26 158,255 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Bonds | WSJ.com/bonds Sept 26.42 27.31 25.43 25.71 –0.18 181,577 May 9.82 9.86 9.60 9.73 –.11 76,798 Dec 29.11 30.05 28.13 28.47 –0.19 286,888 July 9.99 10.01 t 9.72 9.81 –.20 352,355 Dec'21 34.23 35.09 33.29 33.55 –0.16 107,524 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Global Government Bonds: Mapping Yields NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. July 25.95 25.95 t 25.90 25.90 –.05 1,746 May .7223 .7300 t .6350 .6467 –.0878 23,539 Sept 26.05 26.05 26.05 26.05 .05 3,134 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in June .7878 .8000 .7214 .7328 –.0582 90,335 Cotton (ICE-US)-50,000 lbs.; cents per lb. Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. May 56.25 56.60 54.63 54.93 –1.95 49 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session May .6337 .6731 .6050 .6612 .0176 24,360 July 56.18 56.70 55.25 55.63 –.74 104,928 June .6797 .7141 .6519 .7001 .0180 102,796 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 110.50 111.75 110.00 111.15 .15 2,133 0.375 U.S. 2 0.200 t l 0.233 0.390 2.322 May 1.818 1.839 1.702 1.746 –.069 23,935 July 107.75 109.50 107.70 108.60 .85 6,655 June 1.955 1.988 1.865 1.895 –.047 245,230 1.500 10 0.598 t l 0.609 0.848 2.525 July 2.170 2.202 2.103 2.128 –.027 172,042 Interest Rate Futures l Sept 2.302 2.329 2.256 2.268 –.024 112,810 2.000 Australia 2 0.229 s 0.214 0.283 1.327 2.8 -1.9 -99.5 Oct 2.366 2.395 2.333 2.350 –.013 97,673 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2.500 10 0.892 s l 0.881 0.899 1.796 29.4 27.2 -72.9 Jan'21 3.041 3.050 3.000 3.022 –.017 75,531 June 228-180 229-230 227-090 228-140 30.0 1,039,048 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 0.000 France 2 -0.548 t l -0.506 -0.463 -0.523 -74.9 -73.9 -284.5 Agriculture Futures June 181-230 182-110 181-080 182-000 19.0 995,756 0.000 10 0.027 t l 0.075 0.188 0.348 -57.1 -53.4 -217.7 Sept 179-310 180-220 179-280 180-190 19.0 166 Corn (CBT)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 0.000 Germany 2 -0.710 t l -0.673 -0.644 -0.590 -91.0 -90.6 -291.2 May 319.25 320.75 312.00 315.75 –3.50 151,589 June 139-030 139-075 138-285 139-035 3.0 3,195,820 0.000 10 -0.471 t l -0.422 -0.324 -0.010 -106.9 -103.0 -253.5 July 326.25 327.75 319.00 323.00 –3.00 600,766 Sept 138-280 139-000 138-225 138-290 3.0 52,737 Oats (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 1.000 Italy 2 0.847 t l 0.901 0.496 0.570 64.7 66.8 -175.2 May 296.75 304.00 295.00 303.00 8.00 712 June 125-125 125-137 125-095 125-130 1.5 3,595,678 1.350 10 1.877 t l 1.991 1.574 2.626 127.9 138.2 10.1 July 281.50 283.50 279.00 283.50 2.00 1,676 Sept 125-070 125-097 125-057 125-090 1.7 34,268 Soybeans (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 0.100 Japan 2 -0.168 t l -0.158 -0.231 -0.149 -36.8 -39.1 -247.1 June 110-057 110-062 110-049 110-058 .2 2,520,110 May 840.00 843.75 827.50 832.25 –7.00 102,910 0.100 10 -0.022 t l -0.008 0.039 -0.036 -62.0 -61.7 -256.1 July 847.50 850.75 834.00 839.50 –7.25 304,746 Sept 110-095 110-105 110-095 110-102 .2 15,175 Soybean Meal (CBT)-100 tons; $ per ton. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 0.400 Spain 2 0.076 t l 0.115 -0.168 -0.264 -12.4 -11.8 -258.6 May 289.40 290.20 286.20 287.70 –1.00 29,312 April 99.9500 99.9525 s 99.9500 99.9525 .0050 224,803 0.500 10 0.951 t l 1.037 0.862 1.070 35.3 42.8 -145.5 July 293.70 294.70 290.80 292.60 –.50 165,000 May 99.9200 99.9300 99.9200 99.9250 .0050 264,373 Soybean Oil (CBT)-60,000 lbs.; cents per lb. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 0.500 U.K. 2 0.066 s l 0.061 0.126 0.764 -13.5 -17.2 -155.8 May 25.69 25.88 24.75 25.05 –.56 39,781 June 106-025 106-085 105-305 106-060 5.0 68,463 4.750 10 0.292 t l 0.294 0.480 1.179 -31.4 -134.6 July 26.10 26.31 25.21 25.50 –.54 171,357 Eurodollar (CME)-$1,000,000; pts of 100% -30.5 Rough Rice (CBT)-2,000 cwt.; $ per cwt. May 99.4000 99.4825 99.3925 99.4750 .0775 439,524 Source: Tullett Prebon May 1688.50 1719.50 s 1600.00 1661.00 –6.50 1,705 June 99.5550 99.6050 99.5400 99.6000 .0450 1,569,345 July 1536.50 1562.00 t 1451.50 1466.50 –70.00 6,821 Sept 99.6500 99.6750 99.6400 99.6700 .0200 1,542,451 Corporate Debt Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in Exchange-Traded Portfolios | WSJ.com/ETFresearch that same company’s share price.

Closing Chg YTD Investment-grade spreads that tightened the most… Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Spread*, in basis points Stock Performance Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Friday, April 24, 2020 Closing Chg YTD VangdDivApp VIG 112.32 1.26 –9.9 VangdFTSEDevMk VEA 34.70 1.08 –21.2 Closing Chg YTD ETF Symbol Price (%) (%) Synchrony Financial SYF 3.000 June 15, ’22 311 –61 384 16.97 5.40 VangdFTSE EM VWO 35.09 –0.14 –21.1 ETF Symbol Price (%) (%) JPM UltShtIncm JPST 50.21 0.12 –0.4 ENBL VangdFTSE Europe VGK 44.74 1.41 –23.7 Enable Midstream Partners 4.950 May 15, ’28 873 –49 902 3.73 3.90 CnsmrDiscSelSector XLY 112.25 1.69 –10.5 PIMCOEnhShMaturity MINT 100.49 0.06 –1.1 VangdFTSEAWxUS VEU 42.64 0.78 –20.7 Lear LEA 3.800 Sept. 15, ’27 445 –30 457 88.50 3.96 CnsStapleSelSector XLP 58.71 1.07 –6.8 SPDR BlmBarcHYBd JNK 96.62 –0.66 –11.8 VangdGrowth VUG 175.29 1.50 –3.8 FinSelSectorSPDR XLF 21.74 1.45 –29.4 SPDRBloomBar1-3MTB BIL 91.55 –0.01 0.1 Expedia EXPE 4.500 Aug. 15, ’24 509 –29 495 66.57 5.05 VangdHlthCr VHT 189.48 1.55 –1.2 FT ValDivFd FVD 29.02 1.15 –19.5 SPDR Gold GLD 162.64 –0.43 13.8 VangdHiDiv VYM 76.59 1.30 –18.3 Baker Hughes Holdings BHI 2.773 Dec. 15, ’22 228 –25 225 ...... HealthCareSelSect XLV 100.29 1.34 –1.5 SchwabIntEquity SCHF 26.71 0.98 –20.6 VangdIntermBd BIV 91.18 ... 4.5 InvscQQQI QQQ 213.84 1.58 0.6 SchwabUS AggrBd SCHZ 55.73 –0.13 4.3 Nestle Holdings NESNVX 2.375 Nov. 17, ’22 83 –24 n.a...... VangdIntrCorpBd VCIT 91.01 0.01 –0.4 InvscS&P500EW RSP 91.44 1.43 –21.0 SchwabUS BrdMkt SCHB 66.42 1.39 –13.6 Republic Services RSG 3.050 March 1, ’50 168 –22 168 76.10 –0.52 VangdLC VV 130.43 1.43 –11.8 InvscS&P500LowVol SPLV 49.26 0.94 –15.6 SchwabUS Div SCHD 49.51 1.77 –14.5 VangdMC VO 145.56 –18.3 iSh3-7YTreasuryBd IEI 133.36 0.02 6.1 SchwabUS LC SCHX 67.31 1.32 –12.4 1.27 …And spreads that widened the most iShCoreDivGrowth DGRO 35.39 1.46 –15.9 SchwabUS LC Grw SCHG 88.71 1.50 –4.5 VangdMBS VMBS 54.23 –0.13 2.0 iShCoreMSCIEAFE IEFA 51.62 1.26 –20.9 Schwab US TIPs SCHP 59.38 0.54 4.9 VangdRealEst VNQ 72.75 0.43 –21.6 Las Vegas Sands LVS 2.900 June 25, ’25 419 58 340 43.78 –4.74 VangdS&P500ETF VOO 260.14 1.45 –12.1 iShCoreMSCIEM IEMG 42.39 –0.14 –21.1 SPDR DJIA Tr DIA 237.83 1.17 –16.6 Avolon Holdings Funding AVOL 3.625 May 1, ’22 786 51 644 ...... iShCoreMSCITotInt IXUS 48.96 0.70 –20.9 SPDR S&PMdCpTr MDY 282.10 1.31 –24.8 VangdST Bond BSV 82.58 –0.05 2.4 ENELIM iShCoreS&P500 IVV 283.90 1.40 –12.2 SPDR S&P 500 SPY 282.97 1.39 –12.1 VangdSTCpBd VCSH 80.80 –0.04 –0.3 Enel Finance International 2.875 May 25, ’22 265 43 n.a...... iShCoreS&P MC IJH 154.51 1.38 –24.9 SPDR S&P Div SDY 85.24 1.43 –20.8 VangdSC VB 124.56 1.62 –24.8 Marriott International MAR 2.125 Oct. 3, ’22 467 43 n.a. 80.71 –0.48 iShCoreS&P SC IJR 58.72 1.22 –30.0 TechSelectSector XLK 88.63 2.12 –3.3 VangdTotalBd BND 87.57 –0.03 4.4 General Motors Financial … iShS&PTotlUSStkMkt ITOT 62.80 1.55 –13.6 UtilitiesSelSector XLU 58.32 0.62 –9.7 VangdTotIntlBd BNDX 57.05 0.42 0.8 2.900 Feb. 26, ’25 490 42 440 … … iShCoreUSAggBd AGG 117.36 –0.05 4.4 VanEckGoldMiner GDX 33.93 1.53 15.9 VangdTotIntlStk VXUS 43.95 0.83 –21.1 Dai–ichi Life Holdings DAIL 7.250 July 25, ’49 215 36 n.a...... iShSelectDividend DVY 77.84 1.16 –26.3 VangdInfoTech VGT 233.89 1.97 –4.5 VangdTotalStk VTI 141.63 1.49 –13.4 Hyatt Hotels H 4.850 March 15, ’26 485 36 416 52.63 –1.24 iShEdgeMSCIMinEAFE EFAV 63.91 0.98 –14.3 VangdSC Val VBR 93.41 1.51 –31.9 VangdTotlWrld VT 67.30 1.10 –16.9 SunTrust Bank … iShEdgeMSCIMinUSA USMV 58.48 0.91 –10.9 VangdSC Grwth VBK 167.01 1.64 –15.9 VangdValue VTV 96.37 1.23 –19.6 2.800 May 17, ’22 145 36 125 … … iShEdgeMSCIUSAMom MTUM 117.21 1.45 –6.7 iShEdgeMSCIUSAQual QUAL 88.41 1.59 –12.5 High-yield issues with the biggest price increases… iShFloatingRateBd FLOT 49.87 0.04 –2.1 Borrowing Benchmarks | WSJ.com/bonds Bond Price as % of face value Stock Performance iShGoldTr IAU 16.50 –0.42 13.8 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg iShiBoxx$InvGrCpBd LQD 129.90 –0.07 1.5 iShiBoxx$HYCpBd HYG 78.32 –0.94 –10.9 Money Rates April 24, 2020 Bed Bath & Beyond BBBY 5.165 Aug. 1, ’44 42.000 5.00 46.400 5.23 6.52 iShIntermCorpBd IGIB 57.68 ... –0.5 Occidental Petroleum OXY 2.900 Aug. 15, ’24 75.000 4.91 71.290 13.81 –0.43 iShJPMUSDEmgBd EMB 97.95 –0.44 –14.5 Key annual interest rates paid to borrow or lend money in U.S. and iShMBSETF MBB 110.45 –0.14 2.2 Oasis Petroleum OAS 6.875 Jan. 15, ’23 14.500 4.75 13.000 0.61 –8.40 iShMSCI ACWI ACWI 66.90 1.03 –15.6 international markets. Rates below are a guide to general levels but Gulfport Energy GPOR 6.625 May 1, ’23 51.500 4.50 40.250 1.63 7.24 iShMSCI EAFE EFA 55.21 1.15 –20.5 don’t always represent actual transactions. iShMSCI EAFE SC SCZ 47.47 1.30 –23.8 NuStar Logistics … 6.000 June 1, ’26 88.250 3.49 79.000 ...... iShMSCIEmgMarkets EEM 35.58 –0.14 –20.7 Inflation Week —52-WEEK— L Brands LB 6.750 July 1, ’36 71.000 3.00 74.750 10.31 –3.01 iShMSCIJapan EWJ 50.89 0.77 –14.1 Latest ago High Low March index Chg From (%) Gates Global GATGLO 6.250 Jan. 15, ’26 92.927 2.93 91.500 ...... iShNatlMuniBd MUB 111.84 –0.04 –1.8 level Feb. '20March '19 Switzerland 0.50 0.50 0.50 0.50 Continental Resources CLR 3.800 June 1, ’24 75.549 2.80 74.000 12.59 –4.84 iShPfd&Incm PFF 34.01 0.92 –9.5 Britain 0.10 0.10 0.75 0.10 iShRussell1000Gwth IWF 168.35 1.62 –4.3 U.S. consumer price index Australia 0.25 0.25 1.50 0.25 iShRussell1000 IWB 155.78 1.41 –12.7 …And with the biggest price decreases iShRussell1000Val IWD 106.88 1.18 –21.7 All items 258.115 –0.22 1.5 Secondary market NGL iShRussell2000 IWM 122.41 1.72 –26.1 Core 267.312 0.02 2.1 NGL Energy Partners 7.500 Nov. 1, ’23 51.720 –31.28 50.000 3.35 –3.74 iShRussell3000 IWV 162.76 1.42 –13.7 Fannie Mae Hertz … 7.625 June 1, ’22 29.250 –16.75 69.500 … … International rates iShRussellMid-Cap IWR 47.39 1.41 –20.5 30-year mortgage yields Clear Channel Worldwide Holdings … 9.250 Feb. 15, ’24 83.500 –9.44 85.500 … … iShRussellMCValue IWS 69.16 1.35 –27.0 30 days 2.363 2.379 3.802 2.281 … iShS&P500Growth IVW 183.50 1.40 –5.2 Week 52-Week Avis Budget Car Rental 6.375 April 1, ’24 55.000 –7.50 74.000 … … Latest ago High Low 60 days 2.431 2.445 3.824 2.341 iShS&P500Value IVE 103.99 1.26 –20.1 Staples SPLS 10.750 April 15, ’27 42.000 –4.75 64.375 ...... iShShortCpBd IGSB 53.55 0.04 –0.1 Notes on data: Meredith MDP iShShortTreaBd SHV 110.92 0.02 0.4 Prime rates U.S. prime rate is the base rate on corporate 6.875 Feb. 1, ’26 82.438 –4.56 91.780 11.47 1.06 iShTIPSBondETF TIP 122.19 0.57 4.8 U.S. 3.25 3.25 5.50 3.25 loans posted by at least 70% of the 10 largest CIT CIT 5.250 March 7, ’25 97.000 –4.00 104.333 17.38 1.70 Canada U.S. banks, and is effective March 16, 2020. iSh1-3YTreasuryBd SHY 86.63 ... 2.4 2.45 2.45 3.95 2.45 Other prime rates aren’t directly comparable; Brand Industrial Services BRANDI 8.500 July 15, ’25 70.750 –3.75 83.127 ...... iSh7-10YTreasuryBd IEF 122.14 0.02 10.8 Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location. iSh20+YTreasuryBd TLT 170.84 0.23 26.1 Complete Money Rates table appears Monday *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. iShRussellMCGrowth IWP 136.69 1.55 –10.4 Policy Rates through Friday. Note: Data are for the most active issue of bonds with maturities of two years or more iShUSTreasuryBdETF GOVT 28.18 –0.07 8.6 Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data

Mutual Funds Data provided by Net YTD Net YTD Net YTD Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret A Week in the Life of the DJIA FrankTemp/Temp Adv OverS SF r 8.78 +0.08 -21.5 INSTTRF2020 22.51 +0.13 -6.6 Alook at how the Dow Jones Industrial Average component stocks NOTICE TO READERS GlBondAdv p 9.99 ... -4.8 R2020 NA ... NA INSTTRF2025 22.65 +0.14 -8.4 did in the past week and how much each moved the index. The DJIA Due to extreme market activity and delayedreporting of closing prices from the Guggenheim Funds Tru R2025 NA ... NA INSTTRF2030 22.63 +0.16 -9.9 TotRtnBdFdClInst 28.26 ... 5.0 R2030 NA ... NA INSTTRF2035 22.60 +0.18 -11.4 lost 467.22 points, or 1.93%, on the week. A$1change in the price of sources, some NAVs mayreflect previous day’strading. Harbor Funds R2035 NA ... NA INSTTRF2040 22.56 +0.19 -12.8 Up-to-date mutual-fund data canbefound online at WSJMarkets.com. CapApInst 74.84 +1.02 -1.2 R2040 NA ... NA INSTTRF2045 22.46 +0.21 -14.2 any DJIA stock =6.86-point change in the average. To date, a$1,000 Harding Loevner Value 30.33 +0.39 -20.0 INSTTRF2050 22.49 +0.20 -14.2 investment on Dec. 31 in each current DJIA stock component would IntlEq NA ... NA PRIMECAP Odyssey Fds INSTTRF2055 22.58 +0.21 -14.2 have returned $25,400, or aloss of 15.33%, on the $30,000 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Invesco Funds Y Growth r 33.86 +0.43 -17.3 IntlVal 28.67 +0.22 -23.6 DevMktY 36.14 -0.49 -20.7 Schwab Funds LifeCon 20.03 +0.09 -4.3 investment, including reinvested dividends. e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s JPMorgan I Class S&P Sel 43.63 +0.60 -11.7 LifeGro 31.70 +0.26 -12.3 apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- CoreBond 12.24 ... NA TSM Sel r 48.56 +0.68 -13.2 LifeMod 26.46 +0.18 -8.3 The Week’s Action Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes EqInc 15.77 +0.23 NA TIAA/CREF Funds PrmcpCor 22.89 +0.31 -18.0 Pct Stock price Point chg $1,000 Invested(year-end '19) xand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Notavailable due to incomplete JPMorgan R Class BdIdxInst 11.58 ... 5.0 STAR 25.32 +0.20 -7.4 chg (%) change in average* Company Symbol Close $1,000 price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not CoreBond 12.25 ... NA VANGUARD ADMIRAL TgtRe2015 14.57 +0.07 -4.0 3.83 4.60 31.55 IBM IBM $124.72 $940 tracked. NS-Fund didn’texistatstart of period. TgtRe2020 30.36 +0.17 -6.7 CorePlusBd 8.59 ... NA 500Adml 262.12 +3.61 -11.7 1.87 2.84 19.48 Johnson & Johnson JNJ 154.86 1,069 Lord Abbett A BalAdml 36.68 +0.31 -5.7 TgtRe2025 18.17 +0.12 -8.4 ShtDurIncmA p 4.03 ... -3.3 TgtRe2030 32.84 +0.23 -9.9 1.32 2.76 18.93 Home Depot HD 212.18 978 Friday, April 24, 2020 CAITAdml 11.90 -0.02 -0.8 Lord Abbett F CapOpAdml r 134.57 +1.89 -14.7 TgtRe2035 19.96 +0.16 -11.4 1.27 0.47 3.22 Pfizer PFE 37.38 964 Net YTD Net YTD Net YTD ShtDurIncm 4.03 ... -3.3 DivAppIdxAdm 30.48 +0.38 -9.5 TgtRe2040 34.11 +0.29 -12.8 Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Lord Abbett I EMAdmr 29.27 -0.16 -20.6 TgtRe2045 21.20 +0.20 -14.2 1.18 0.51 3.50 Exxon Mobil XOM 43.73 636 TgtRe2050 34.14 +0.32 -14.2 American Century Inv EmgMktVa 20.78 -0.05 -27.6 Freedom2030 K 15.77 +0.10 -11.4 ShtDurInc p 4.03 ... -3.2 EqIncAdml 65.67 +0.94 -16.7 0.37 0.54 3.70 3M MMM 147.00 841 Ultra 50.92 +0.76 -2.4 EmMktCorEq 16.53 -0.09 -23.9 Freedom2035 K 12.93 +0.09 -14.2 Metropolitan West ExplrAdml 79.09 +1.15 -18.6 TgtRet2055 37.07 +0.35 -14.2 American Funds Cl A IntlCoreEq 10.46 +0.09 -24.1 Freedom2040 K 8.93 +0.07 -15.6 TotRetBd 11.36 ... 4.5 ExtndAdml 75.24 +1.13 -21.2 TgtRetInc 13.60 +0.05 -2.8 0.25 0.73 5.01 UnitedHealth Group UNH 291.29 995 AmcpA p 30.71 +0.32 -8.5 IntSmCo 14.07 +0.13 -25.6 Fidelity Invest TotRetBdI 11.36 ... 4.7 GNMAAdml 10.81 -0.01 3.2 TotIntBdIxInv 11.41 +0.04 1.1 WellsI 26.43 +0.16 -2.5 0.09 0.04 0.27 Cisco Systems CSCO 42.52 901 AMutlA p 38.04 +0.45 -12.1 IntSmVa 13.66 +0.13 -29.4 AMgr50% 17.27 +0.10 -7.0 TRBdPlan 10.68 ... 4.5 GrwthAdml 90.25 +1.35 -3.6 Welltn 39.55 +0.37 -8.1 BalA p 26.69 +0.21 -6.0 LgCo 21.76 +0.30 -11.7 Balanc 22.70 +0.26 -7.2 MFS Funds Class I HlthCareAdml r 85.45 +1.39 0.1 0.06 0.17 1.17 Apple AAPL 282.97 966 WndsrII 29.79 +0.43 -18.2 BondA p 13.77 ... 6.0 US CoreEq1 21.32 +0.31 -17.3 BluCh 105.38 +1.86 -2.2 ValueI 36.59 +0.51 -17.6 HYCorAdml r 5.41 -0.03 -7.7 Chevron CVX VANGUARD INDEX FDS –0.18 –0.16 –1.10 87.01 730 CapIBA p 54.95 +0.29 -12.3 US CoreEq2 19.13 +0.28 -18.8 Contra 13.15 +0.18 -3.4 MFS Funds Instl InfProAd 27.17 +0.16 5.0 SmValAdml 40.12 +0.53 -31.6 CapWGrA 44.12 +0.25 -15.2 US Small 24.83 +0.33 -28.9 ContraK 13.16 +0.17 -3.5 IntlEq 22.73 +0.02 -18.4 IntlGrAdml 93.95 +0.39 -8.6 –0.90 –0.30 –2.06 Dow DOW 33.12 616 TotBd2 11.45 ... 4.8 EupacA p 45.58 -0.11 -18.1 US SmCpVal 22.03 +0.36 -35.8 CpInc r 8.74 +0.01 -13.6 Nuveen Cl I ITBondAdml 12.34 ... 5.3 TotIntl 14.09 +0.06 -20.9 –0.91 –0.53 –3.64 Verizon VZ 57.93 964 FdInvA p 53.22 +0.55 -13.9 USLgVa 28.43 +0.42 -26.0 GroCo 21.90 +0.42 2.5 HYMunBd NA ... NA ITIGradeAdml 10.16 ... 2.6 TotSt 68.90 +0.96 -13.1 GwthA p 48.49 +0.53 -5.2 Dodge & Cox Oakmark Funds Invest LTGradeAdml 11.70 +0.02 8.7 –1.12 –2.08 –14.27 McDonald’s MCD 184.02 937 GrowCoK 21.94 +0.42 2.6 VANGUARD INSTL FDS HI TrA p 8.80 -0.02 -10.9 Balanced 84.36 +0.94 -15.4 OakmrkInt 16.04 +0.10 -35.7 MidCpAdml 180.41 +2.52 -17.8 InvGrBd 11.83 ... 3.2 BalInst 36.69 +0.32 -5.7 –1.31 –2.22 –15.23 Visa V 167.32 892 ICAA p 34.82 +0.40 -11.5 Income 14.19 -0.02 2.1 LowP r 38.99 +0.53 -22.1 Old Westbury Fds MuHYAdml 11.08 -0.04 -4.6 DevMktsIndInst 11.17 +0.08 -20.8 Nike NKE LrgCpStr 12.90 +0.12 -14.4 MuIntAdml 14.21 -0.04 -1.0 –1.71 –1.54 –10.56 88.37 875 IncoA p 20.20 +0.12 -12.3 Intl Stk 30.75 -0.07 -29.5 Magin 9.74 +0.14 -4.5 DevMktsInxInst 17.45 +0.12 -20.8 Parnassus Fds MuLTAdml 11.59 -0.04 -1.7 IntBdA p 13.96 -0.01 4.3 Stock 146.95 +2.41 -22.6 OTC 12.42 +0.21 -2.9 ExtndInst 75.23 +1.13 -21.2 –1.71 –0.76 –5.21 Walgreens WBA 43.74 748 ParnEqFd 42.28 +0.48 -9.9 MuLtdAdml 10.96 -0.01 -0.5 N PerA p 42.06 +0.30 -11.0 DoubleLine Funds Puritn 21.67 +0.19 -4.4 GrwthInst 90.26 +1.35 -3.6 PGIM Funds Cl Z –1.82 –1.10 –7.54 Intel INTC 59.26 995 NEcoA p 41.83 +0.43 -8.5 CoreFxdIncmI NA ... NA SAIUSQtyIdx 13.55 +0.21 -7.7 MuShtAdml 15.76 -0.01 -0.1 InPrSeIn 11.07 +0.07 5.1 TotalReturnBond NA ... NA NwWrldA 58.25 -0.27 -17.4 TotRetBdI NA ... NA SrsEmrgMkt 16.41 -0.12 -20.5 PrmcpAdml r 122.81 +1.72 -14.8 InstIdx 253.30 +3.49 -11.7 –1.94 –2.26 –15.50 Caterpillar CAT 114.04 784 PIMCO Fds Instl SmCpA p 50.19 +0.40 -14.7 Edgewood Growth Instituti SrsGlobal 10.48 +0.04 -20.4 RealEstatAdml 103.07 +0.39 -21.1 InstPlus 253.31 +3.48 -11.7 AllAsset NA ... NA –2.03 –2.68 –18.38 Walmart WMT 129.44 1,094 TxExA p 12.93 -0.04 -2.3 EdgewoodGrInst 38.04 +0.43 -1.2 SrsGroCoRetail 18.35 +0.36 3.4 SmCapAdml 59.73 +0.89 -24.5 InstTStPlus 58.96 +0.82 -13.1 TotRt NA ... NA WshA p 40.96 +0.56 -14.4 Fidelity SrsIntlGrw 15.29 +0.14 -12.7 SmGthAdml 58.78 +0.98 -15.7 MidCpInst 39.85 +0.55 -17.8 –2.27 –4.05 –27.78 Microsoft MSFT 174.55 1,110 PIMCO Funds A Baird Funds 500IdxInstPrem 98.40 +1.35 -11.7 SrsIntlVal 7.27 +0.05 -26.6 STBondAdml 10.81 ... 2.9 MidCpIstPl 196.55 +2.75 -17.8 IncomeFd NA ... NA –2.43 –2.03 –13.92 Merck MRK 81.43 902 AggBdInst 11.60 +0.01 4.1 Contrafund K6 13.90 +0.19 -3.9 TotalBond 11.05 ... 2.1 STIGradeAdml 10.70 ... 0.5 SmCapInst 59.73 +0.89 -24.5 PIMCO Funds I2 CorBdInst 11.82 ... 2.9 ExtMktIdxInstPre 50.28 +0.76 -21.2 Fidelity SAI STsryAdml 10.84 ... 2.9 STIGradeInst 10.70 ... 0.5 –3.54 –6.49 –44.51 Goldman Sachs GS 177.00 775 BlackRock Funds IntlIdxInstPrem 34.18 +0.26 -20.4 Income NA ... NA TotBdAdml 11.54 +0.01 5.3 TotalBd 10.56 ... 1.5 STIPSIxins 24.77 +0.05 0.3 –4.00 –2.64 –18.11 Raytheon Technologies RTX 63.43 722 HiYldBd Inst 6.86 ... -10.1 MidCpInxInstPrem 18.92 +0.27 -19.9 First Eagle Funds PIMCO Funds Instl TotIntBdIdxAdm 22.80 +0.07 1.0 TotBdInst 11.54 +0.01 5.3 BlackRock Funds A SAIUSLgCpIndxFd 15.26 +0.21 -11.7 GlbA 50.21 +0.35 -13.4 IncomeFd NA ... NA TotIntlAdmIdx r 23.57 +0.10 -20.9 TotBdInst2 11.45 ... 4.8 –4.04 –4.25 –29.15 Travelers TRV 100.82 741 Price Funds GlblAlloc p 17.75 ... -7.6 SeriesOverseas 9.07 +0.08 -15.9 FPA Funds TotStAdml 68.92 +0.95 -13.1 TotBdInstPl 11.54 +0.01 5.3 –4.70 –4.47 –30.66 JPMorgan Chase JPM 90.71 662 BlackRock Funds Inst SmCpIdxInstPrem 15.61 +0.24 -25.8 FPACres 27.79 +0.22 -17.9 BlChip 120.39 +1.51 -3.2 TxMCapAdml 145.28 +2.00 -12.0 TotIntBdIdxInst 34.22 +0.10 1.1 MultiAstIncome 9.98 ... -7.8 TMktIdxInstPrem 78.38 +1.10 -13.2 Franklin A1 DivGro 46.47 +0.57 -12.6 TxMIn r 11.15 +0.08 -20.8 TotIntlInstIdx r 94.24 +0.39 -20.9 –4.74 –5.91 –40.54 Procter & Gamble PG 118.78 963 StratIncOpptyIns 9.52 ... -3.7 USBdIdxInstPrem 12.47 ... 5.5 CA TF A1 p 7.40 -0.02 -2.4 EqInc 24.20 +0.21 -24.1 USGroAdml 111.30 +1.77 -0.1 TotItlInstPlId r 94.26 +0.39 -20.9 –4.83 –4.22 –28.94 American Express AXP 83.17 674 Bridge Builder Trust Fidelity Advisor I IncomeA1 p 2.01 +0.01 -12.9 EqIndex 75.41 +1.03 -11.7 ValAdml 37.62 +0.47 -18.8 TotStInst 68.94 +0.96 -13.1 CoreBond 10.73 ... 3.8 NwInsghtI 29.78 +0.39 -8.9 FrankTemp/Frank Adv Growth 69.27 +0.78 -5.6 WdsrllAdml 52.86 +0.77 -18.2 ValueInst 37.62 +0.47 -18.8 –5.10 –5.44 –37.31 Walt Disney DIS 101.19 700 HelSci 81.49 +1.65 0.1 CorePlusBond 10.30 -0.01 2.1 Fidelity Freedom IncomeAdv 1.99 +0.01 -13.0 WellsIAdml 64.03 +0.40 -2.4 WCM Focus Funds –5.47 –2.63 –18.04 Coca-Cola KO 45.43 828 Intl Eq 9.74 +0.07 -18.8 FF2020 14.83 +0.06 -8.5 FrankTemp/Franklin A InstlCapG 42.55 +0.53 -3.4 WelltnAdml 68.30 +0.64 -8.1 WCMFocIntlGrwIns 16.93 +0.08 -10.5 LargeCapValue 10.80 +0.16 -20.7 FF2025 12.93 +0.07 -9.7 Growth A p 103.78 +1.44 -7.5 IntlStk 15.38 +0.10 -17.5 WndsrAdml 55.66 +0.79 -23.0 Western Asset –16.25 –25.02 –171.61 Boeing BA 128.98 398 Dimensional Fds FF2030 15.78 +0.09 -11.5 RisDv A p 60.50 +0.89 -12.8 MidCap 81.53 +1.00 -14.5 VANGUARD FDS CoreBondI NA ... NA 5GlbFxdInc 10.79 +0.01 0.6 Freedom2020 K 14.82 +0.07 -8.5 FrankTemp/Franklin C N Inc 9.59 +0.01 -0.4 DivdGro 27.09 +0.30 -11.3 CorePlusBdI NA ... NA *Based on Composite price. DJIA is calculated on primary-market price. DFARlEst 32.65 +0.12 -19.8 Freedom2025 K 12.91 +0.07 -9.7 Income C t 2.04 +0.01 -12.9 NHoriz 58.62 +0.85 -1.3 INSTTRF2015 22.07 +0.10 -4.0 CorePlusBdIS NA ... NA Source: Dow Jones Market Data; FactSet. P2JW116000-4-B00900-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | B9 BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net How to Read the Stock Tables % Chg Hi Lo Stock Sym %PELast Chg % Chg Hi Lo Stock Sym %PELast Chg % Chg Hi Lo Stock Sym %PELast Chg The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. 45.24 46.40 8.53 GSXTechedu GSX ...270 31.75 -1.03 -19.21 11.00 6.20 MobileTeleSys MBT 8.9 98.20 -0.10 -14.11 176.31 93.92 Splunk SPLK ... dd 128.63 -3.06 Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 2.90 274.03 110.92 Galapagos GLPG ... 42 212.83 3.51 158.18 56.38 11.54 Moderna MRNA ... dd 50.50 3.06 -7.83 161.38 109.18 Spotify SPOT ... dd 137.84 -0.87 (formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. -20.95 109.46 65.09 Gallagher AJG 2.4 21 75.28 0.46 -42.10 156.60 56.62 MohawkInds MHK ... 878.96 1.64 -0.88 87.25 32.33 Square SQ ... 81 62.01 0.19 The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -41.90 50.99 13.04 Gaming&Leisure GLPI 11.2 14 25.01 0.10 24.02 175.00 102.85 MolinaHealthcare MOH ... 15 168.28 1.06 -34.99 173.67 70.00 StanleyBlackDck SWK 2.6 17 107.74 1.91 stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations -19.11 105.58 61.04 Garmin GRMN 2.9 16 78.92 -0.38 -20.17 64.32 34.01 MolsonCoorsB TAP 5.3 39 43.03 1.16 -14.04 99.72 50.02 Starbucks SBUX 2.2 25 75.58 0.43 highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. -28.77 171.78 76.91 Gartner IT ... 43 109.76 2.18 -6.66 59.96 41.19 Mondelez MDLZ 2.2 19 51.41 0.08 -3.79 26.64 11.88 StarsGroup TSG ...114 25.10 0.57 -3.02 118.86 54.12 Generac GNRC ... 24 97.55 0.58 21.53 184.78 93.81 MongoDB MDB ... dd 159.94 1.85 -27.42 85.89 42.10 StateStreet STT 3.6 10 57.41 0.36 Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -26.68 193.76 100.55 GeneralDynamics GD 3.4 11 129.30 -1.19 4.51 193.10 114.84 MonolithicPower MPWR 1.1 78 186.04 4.77 -30.85 35.78 14.98 SteelDynamics STLD 4.2 823.54 -0.53 s-New 52-week high. standards vj-In bankruptcy or receivership or -43.91 13.26 5.90 GeneralElec GE 0.6 85 6.26 -0.26 -5.90 70.52 50.06 MonsterBev MNST ... 30 59.80 0.17 -27.03 67.94 38.45 Stericycle SRCL ... dd 46.56 -0.26 t-New 52-week low. lf-Late filing being reorganized under the 12.92 61.66 46.59 GeneralMills GIS 3.2 17 60.48 0.77 3.28 287.25 164.19 Moody's MCO 0.9 33 245.20 5.20 -3.02 168.98 105.69 Steris STE 1.0 32 147.82 -1.63 dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -40.03 41.90 14.32 GeneralMotors GM 6.9 521.95 0.43 -25.72 57.57 27.20 MorganStanley MS 3.7 837.97 0.50 -7.06 31.98 14.67 STMicroelec STM 0.8 22 25.01 1.37 four quarters. requirements. assumed by such companies. 7.48 25.42 16.24 Genmab GMAB ... 65 24.00 0.51 -7.94 166.59 102.59 Morningstar MORN 0.9 40 139.29 3.80 -44.65 46.69 17.72 StoneCo STNE ... 31 22.08 -1.10 FD-First day of trading. t-NYSE bankruptcy -21.65 45.20 19.41 Genpact G 1.2 21 33.04 0.99 -47.64 26.65 6.50 Mosaic MOS 1.8 dd 11.33 0.10 -10.39 226.30 124.54 Stryker SYK 1.2 34 188.12 5.64 -16.74 31.27 19.48 Gentex GNTX 2.0 15 24.13 0.90 -5.18 187.49 120.77 MotorolaSol MSI 1.7 31 152.80 -0.81 -31.71 7.56 4.49 SumitomoMits SMFG 5.6 55.06 0.02 Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -29.37 108.58 49.68 GenuineParts GPC 4.2 18 75.03 1.93 -21.59 28.45 12.75 Mylan MYL ...575 15.76 0.46 -15.56 173.98 95.34 SunComms SUI 2.5103 126.74 5.28 22.56 85.97 60.89 GileadSciences GILD 3.4 19 79.64 1.86 6.26 183.42 110.59 NICE NICE ... 57 164.87 -1.07 -31.82 50.13 24.37 SunLifeFinancial SLF 5.0 931.07 0.44 Friday, April 24, 2020 YTD 52-Week Yld Net -9.56 48.25 31.43 GSK GSK 4.6 18 42.50 0.29 -17.99 41.78 19.54 NRG Energy NRG 3.7 232.60 1.37 -52.44 34.56 9.61 SuncorEnergy SU 8.4 12 15.60 -0.09 % Chg Hi Lo Stock Sym %PELast Chg 1.01 87.54 39.95 GlbBloodTherap GBT ... dd 80.29 8.51 -25.23 4071.13 2043.01 NVR NVR ... 13 2847.37 101.04 -30.08 11.11 4.43 Suzano SUZ 1.5 dd 6.88 0.22 YTD 52-Week Yld Net -16.19 209.62 105.54 GlobalPayments GPN 0.5 65 153.01 5.75 -25.80 139.59 58.41 NXP Semi NXPI 1.6111 94.43 6.35 -52.87 38.18 12.15 SynchronyFin SYF 5.2 416.97 0.87 % Chg Hi Lo Stock Sym %PELast Chg -36.01 128.88 52.70 Celanese CE 3.1 12 78.79 1.39 -27.72 111.43 56.74 GlobeLife GL 1.0 11 76.07 1.21 -1.37 120.23 71.66 Nasdaq NDAQ 1.9 24 105.63 1.78 -15.17 74.25 30.02 SyneosHealth SYNH ... 41 50.45 0.35 12.26 74.70 41.62 Centene CNC ... 22 70.58 1.34 -20.58 60.15 33.41 GlobusMedical GMED ... 31 46.76 0.23 -7.24 69.08 44.29 NationalGrid NGG 5.3 21 58.13 0.90 9.94 166.87 104.90 Synopsys SNPS ... 49 153.03 1.04 A B C -38.83 31.17 11.58 CenterPointEner CNP 7.0 12 16.68 0.26 -0.78 82.30 40.25 GoDaddy GDDY ... 89 67.39 1.13 -11.01 48.22 20.42 NatlInstruments NATI 2.8 31 37.68 0.83 -37.95 85.98 26.00 Sysco SYY 3.4 15 53.08 3.33 -58.05 11.69 2.96 CentraisElBras EBR ... 23.91 -0.63 23.64 8.48 3.57 GoldFields GFI 1.0 43 8.16 0.18 -52.02 28.62 8.00 NatlOilwell NOV 1.7 dd 12.02 -0.40 -27.73 25.30 14.71 ABB ABB 7.3 26 17.41 0.35 -22.71 15.30 8.16 CenturyLink CTL 9.8 dd 10.21 0.27 -23.02 250.46 130.85 GoldmanSachs GS 2.8 10 177.00 1.95 -45.08 59.26 24.04 NatlRetailProp NNN 7.0 19 29.45 0.44 19.05 53.70 21.56 ACADIA Pharm ACAD ... dd 50.93 1.79 T U V -23.95 79.11 38.40 CeridianHCM CDAY ... 98 51.62 0.12 -14.19 56.98 38.43 Graco GGG 1.6 23 44.62 0.10 ... 23.90 7.93 Natura&Co NTCO ...128 11.51 -0.96 -21.26 52.40 21.76 AECOM ACM ... dd 33.96 0.80 -1.68 59.76 30.78 TAL Education TAL ...268 47.39 -2.40 -0.87 80.90 53.08 Cerner CERN 1.0 44 72.75 1.60 -20.36 346.60 200.61 Grainger GWW 2.1 19 269.61 11.18 -30.83 73.69 34.66 NetApp NTAP 4.5 10 43.06 2.02 -35.38 21.23 8.11 AES AES 4.5 28 12.86 0.17 -14.09 57.92 32.37 TC Energy TRP 5.3 14 45.80 0.34 -10.35 179.38 95.58 CharlesRiverLabs CRL ... 27 136.95 1.50 -13.10 25.73 13.40 Grifols GRFS 1.4 20 20.24 -0.27 13.80 367.52 209.01 Netease NTES 2.0 15 348.95 6.09 -31.40 57.18 23.07 Aflac AFL 3.1 836.29 1.25 -26.12 54.10 27.70 TD Ameritrade AMTD 3.4 10 36.72 -0.45 4.84 546.54 345.67 CharterComms CHTR ... 68 508.55 9.43 -2.50 112.22 55.90 GuardantHealth GH ... dd 76.19 1.09 31.34 449.52 252.28 Netflix NFLX ... 86 424.99 -1.71 -31.39 19.65 6.25 AGNC Invt AGNC 11.9 11 12.13 -0.23 -26.81 101.00 48.62 TE Connectivity TEL 2.6 15 70.15 2.00 -5.94 121.25 80.06 CheckPoint CHKP ... 19 104.37 0.53 -20.59 124.16 71.64 Guidewire GWRE ... dd 87.17 0.30 -8.66 119.65 71.85 Neurocrine NBIX ...298 98.18 3.28 0.79 299.06 174.25 Ansys ANSS ... 50 259.45 0.50 -17.27 20.91 13.54 Telus TU 5.5 15 16.02 0.18 4.12 48.22 25.89 Chegg CHGG ... dd 39.47 1.65 -27.05 151.97 58.38 HCA Healthcare HCA 0.0 12 107.83 3.09 -9.15 142.38 80.18 NewOrientalEduc EDU ... 44 110.15 -0.54 -24.64 5.70 3.17 ASETech ASX 2.5 17 4.19 0.01 t -44.22 20.32 10.51 TIM Part TSU 3.5 610.66 -1.50 3.80 513.75 316.16 Chemed CHE 0.3 34 455.97 17.98 -36.96 65.89 29.50 HDFC Bank HDB 0.8 20 39.95 -0.93 -18.55 13.79 8.19 NY CmntyBcp NYCB 6.9 13 9.79 0.18 -1.39 319.22 186.31 ASML ASML 0.8 42 291.84 3.71 -24.58 64.95 32.72 TJX TJX 2.0 17 46.05 0.31 -31.44 70.49 27.06 CheniereEnergy LNG ... 21 41.87 0.67 -30.76 47.13 21.69 HD Supply HDS ... 10 27.85 0.33 -4.88 40.22 26.13 NYTimes A NYT 0.8 37 30.60 0.41 -23.98 39.70 26.08 AT&T T 7.0 15 29.71 0.21 15.79 101.35 63.50 T-MobileUS TMUS ... 23 90.80 0.46 -18.91 49.30 17.75 CheniereEnerPtrs CQP 7.6 14 32.28 -0.74 -27.01 23.93 12.54 HP HPQ 4.7 715.00 0.38 -32.83 20.99 10.44 NewellBrands NWL 7.1 53 12.91 0.32 8.29 100.00 61.61 AbbottLabs ABT 1.5 47 94.06 0.12 -17.65 139.81 82.51 TRowePrice TROW 3.6 12 100.34 1.18 -27.80 127.00 51.60 Chevron CVX 5.9 58 87.01 0.21 -36.10 44.93 23.95 HSBC HSBC 8.0 17 24.98 -0.03 -15.26 505.16 304.65 NewMarket NEU 1.8 17 412.26 0.09 -5.59 97.86 62.55 AbbVie ABBV 5.6 16 83.59 1.55 -9.24 60.64 37.18 TaiwanSemi TSM 2.4 24 52.73 0.09 51.86 47.55 20.62 Chewy CHWY ... dd 44.04 0.69 1.59 140.36 63.41 Haemonetic HAE ... 76 116.73 2.73 45.25 64.65 29.77 Newmont NEM 0.9 18 63.11 0.67 -1.21 285.77 119.01 Abiomed ABMD ... 32 168.52 -2.24 4.45 135.70 92.98 TakeTwoSoftware TTWO ... 43 127.88 3.33 -25.45 14.70 8.27 ChinaLifeIns LFC 0.8 810.31 ... -63.79 29.21 4.25 Halliburton HAL 8.1 dd 8.86 -0.06 -37.55 15.07 7.90 NewsCorp A NWSA 2.3 dd 8.83 0.15 87.67 103.60 37.01 AcceleronPharma XLRN ... dd 99.50 5.03 -11.00 20.93 12.43 TakedaPharm TAK 3.6 dd 17.56 0.42 -6.15 47.98 30.12 ChinaMobile CHL 4.7 11 39.67 0.33 -40.69 62.75 19.04 HartfordFinl HIG 3.6 636.04 0.11 -38.04 15.36 7.88 NewsCorp B NWS 2.2 dd 8.99 0.17 -16.67 216.39 137.15 Accenture ACN 1.8 23 175.46 2.56 24.64 91.65 43.69 TandemDiabetes TNDM ... dd 74.30 -1.10 -19.04 77.19 41.31 ChinaPetrol SNP 10.2 948.70 -0.15 -29.11 126.87 41.33 Hasbro HAS 3.6 19 74.87 2.11 -1.02 283.35 174.80 NextEraEnergy NEE 2.3 33 239.70 -1.44 12.17 68.32 41.84 ActivisionBliz ATVI 0.6 34 66.65 0.77 -15.90 130.24 70.03 Target TGT 2.4 17 107.82 3.96 -18.23 52.49 26.66 ChinaTelecom CHA 4.3 28 33.68 0.77 -15.66 55.15 33.51 HawaiianElec HE 3.3 20 39.52 0.06 -38.57 25.99 11.62 NielsenHoldings NLSN 1.9 dd 12.47 0.11 4.33 386.75 255.13 Adobe ADBE ... 52 344.10 8.73 -3.02 151.47 80.20 TechData TECD ... 13 139.27 2.18 -31.30 12.12 5.08 ChinaUnicom CHU 2.8 12 6.43 0.06 -23.35 34.22 20.61 HealthcareAmer HTA 5.4162 23.21 -0.07 -12.77 105.62 60.00 Nike NKE 1.1 33 88.37 1.02 -26.58 171.43 71.33 AdvanceAuto AAP 0.9 17 117.59 4.20 s 131.16 196.51 53.46 TeladocHealth TDOC ... dd 193.53 5.80 5.42 940.28 415.00 Chipotle CMG ... 74 882.47 15.45 -29.71 37.93 18.63 HealthpeakProp PEAK 6.1267 24.23 -0.09 -6.50 30.67 19.56 NiSource NI 3.2 30 26.03 0.18 22.50 59.27 26.03 AdvMicroDevices AMD ...189 56.18 0.28 -8.80 398.99 195.34 TeledyneTech TDY ... 29 316.04 1.49 -33.17 167.74 87.35 Chubb CB 2.9 13 104.02 -0.06 -33.68 147.93 52.01 Heico HEI 0.2 28 75.70 -1.78 -8.63 5.77 2.34 Nokia NOK 5.0 dd 3.39 ... -47.90 5.26 1.80 Aegon AEG 6.0 ... 2.36 0.01 -10.11 398.65 221.27 Teleflex TFX 0.4 35 338.39 3.96 -1.44 37.57 33.61 ChunghwaTel CHT 3.0 27 36.37 -0.03 -25.42 113.69 51.78 Heico A HEI.A 0.2 25 66.77 -1.16 -23.84 5.41 3.05 NomuraHoldings NMR 3.7 63.93 -0.08 -11.21 90.64 61.13 AgilentTechs A 1.0 31 75.75 0.66 -7.86 10.10 6.15 Ericsson ERIC 0.6111 8.09 -0.17 1.44 80.99 47.98 Church&Dwight CHD 1.3 29 71.35 0.69 -21.48 73.99 41.85 HenrySchein HSIC ... 15 52.39 0.76 -3.92 180.28 96.45 Nordson NDSN 1.0 27 156.46 1.05 -1.14 64.88 31.00 AgnicoEagle AEM 1.3 31 60.91 0.93 t -43.02 14.68 7.80 9.11 47.28 30.58 Ciena CIEN ... 26 46.58 1.82 -27.40 54.37 20.73 Herbalife HLF ... 16 34.61 1.45 -17.23 219.88 112.62 NorfolkSouthern NSC 2.3 16 160.68 4.82 TelefonicaBras VIV 7.4 11 8.16 -0.63 -7.75 257.01 167.43 AirProducts APD 2.5 25 216.78 5.51 -36.73 8.55 3.75 Telefonica TEF 7.8 21 4.41 0.07 -7.97 224.64 118.50 Cigna CI 0.0 14 188.20 3.92 -7.65 162.20 109.88 Hershey HSY 2.3 26 135.74 -1.17 -27.16 110.48 60.67 NorthernTrust NTRS 3.6 12 77.39 1.78 18.99 108.25 73.19 AkamaiTech AKAM ... 35 102.78 0.52 -30.91 31.48 16.06 TelekmIndonesia TLK 3.2 14 19.69 -0.02 -25.32 118.19 65.69 CincinnatiFin CINF 3.1 678.53 0.13 -36.45 74.11 26.06 Hess HES 2.4 dd 42.46 0.79 -1.35 385.00 263.31 NorthropGrum NOC 1.6 26 339.31 3.48 -15.76 99.40 48.89 Albemarle ALB 2.5 12 61.53 0.87 -2.95 108.36 45.11 10xGenomics TXG ... dd 74.00 0.06 -25.61 304.81 154.33 Cintas CTAS 1.3 23 200.18 0.76 -39.91 17.59 7.43 HewlettPackard HPE 5.0 11 9.53 0.26 -17.87 28.70 15.12 NortonLifeLock NLOK 2.4 420.96 0.75 -5.96 65.37 39.37 Alcon ALC ... dd 53.20 0.57 -43.82 28.29 9.10 Tenaris TS 4.2 912.72 0.11 -11.34 58.26 32.40 CiscoSystems CSCO 3.4 17 42.52 0.90 -0.45 117.10 72.29 Hill-Rom HRC 0.8 51 113.02 -0.91 -5.96 99.84 69.18 Novartis NVS 2.3 18 89.05 0.95 -7.48 175.74 109.22 AlexandriaRlEst ARE 2.8 48 149.49 1.53 -8.43 17.86 9.22 TencentMusic TME ... 31 10.75 -0.19 -46.05 83.11 32.00 Citigroup C 4.7 643.10 0.64 -35.65 115.48 44.30 Hilton HLT 0.0 23 71.37 -0.57 12.15 65.15 46.47 NovoNordisk NVO 1.3 26 64.91 0.93 -0.03 137.52 72.67 AlexionPharm ALXN ... 10 108.12 3.98 -9.08 81.57 40.92 Teradyne TER 0.6 21 62.00 0.80 -49.27 41.29 14.12 CitizensFin CFG 7.3 720.60 0.35 -43.68 58.88 18.48 HollyFrontier HFC 4.9 628.56 -0.01 -13.16 98.84 42.20 Novocure NVCR ... dd 73.18 0.12 -3.65 231.14 147.95 Alibaba BABA ... 22 204.36 -0.88 73.34 968.99 176.99 Tesla TSLA ... dd 725.15 19.52 31.69 152.49 90.28 CitrixSystems CTXS 1.0 26 146.04 4.48 -9.77 55.25 26.49 Hologic HOLX ... 52 47.11 1.73 7.46 23.58 12.98 NuanceComms NUAN ... 40 19.16 0.62 -31.20 334.64 127.88 AlignTech ALGN ... 35 191.97 3.40 4.29 15.72 6.07 TevaPharm TEVA ... dd 10.22 0.04 42.62 24.80 12.70 ClarivateAnaly CCC ... dd 23.96 0.28 -2.84 247.36 140.63 HomeDepot HD 2.8 21 212.18 9.86 -32.71 58.70 27.52 Nucor NUE 4.3 937.87 0.15 -34.34 847.95 426.87 Alleghany Y 0.0 9 524.97 5.62 -11.19 135.70 93.09 TexasInstruments TXN 3.2 22 113.93 3.47 24.17 214.26 144.12 Clorox CLX 2.2 30 190.65 0.73 -19.71 29.44 19.38 HondaMotor HMC 3.8 922.73 0.25 -27.84 55.34 23.85 Nutrien NTR 5.2 20 34.57 0.20 -22.46 139.24 77.37 Allegion ALLE 1.3 28 96.57 1.44 -39.39 54.24 20.26 Textron TXT 0.3 827.03 -0.79 36.46 27.59 14.50 Cloudflare NET ... dd 23.28 -0.45 -23.44 184.06 101.08 Honeywell HON 2.7 16 135.52 0.84 23.07 316.32 132.60 NVIDIA NVDA 0.2 64 289.59 5.58 -2.23 202.22 114.27 Allergan AGN 1.6 dd 186.90 1.35 1.18 342.26 250.21 ThermoFisherSci TMO 0.3 36 328.70 8.19 -17.92 60.13 36.27 Coca-Cola KO 3.6 20 45.43 0.36 -8.04 39.10 22.69 HorizonTherap HZNP ... 12 33.29 -0.23 -8.66 60.28 37.66 AlliantEnergy LNT 3.0 21 49.98 -0.11 -1.02 82.50 52.23 ThomsonReuters TRI 2.1 22 70.87 0.47 -20.89 58.94 28.35 Coca-Cola Euro CCEP 3.4 15 40.25 0.97 3.33 51.53 37.00 HormelFoods HRL 2.0 26 46.61 -0.59 O P Q -9.79 125.92 64.13 Allstate ALL 2.1 7 101.44 1.99 -16.68 192.25 114.04 3M MMM 4.0 19 147.00 2.67 33.10 92.96 53.24 CogentComm CCOI 2.9107 87.59 -2.29 -22.39 62.54 25.51 DR Horton DHI 1.7 940.94 1.76 -53.21 35.42 10.22 AllyFinancial ALLY 5.3 614.30 ... -29.68 46.43 23.00 OGE Energy OGE 5.0 14 31.27 0.57 -5.46 134.42 78.60 Tiffany TIF 1.8 28 126.35 -0.71 -12.92 59.14 35.20 Cognex CGNX 0.5 42 48.80 1.03 -40.16 19.99 7.86 HostHotels HST 7.2 911.10 0.29 s 26.45 147.00 65.81 AlnylamPharm ALNY ... dd 145.63 3.99 -6.97 96.97 63.67 ONE Gas OGS 2.5 25 87.05 1.31 -19.71 84.26 52.07 Toro TTC 1.6 24 63.97 0.67 -13.24 73.43 40.01 CognizantTech CTSH 1.6 16 53.81 1.16 -56.80 27.87 9.25 HowmetAerospace HWM 0.0 10 10.81 -0.19 -4.69 1530.74 1008.87 Alphabet A GOOGL ... 26 1276.60 5.43 -63.45 78.48 12.16 ONEOK OKE 13.5 927.66 -0.60 -30.70 59.55 33.74 TorontoDomBk TD 6.1 838.90 0.24 3.72 77.41 58.49 ColgatePalm CL 2.5 26 71.40 0.17 -27.85 44.33 25.01 Huazhu HTHT ... 34 28.91 -1.75 -4.32 1532.11 1013.54 Alphabet C GOOG ... 26 1279.31 3.00 -12.19 454.31 251.51 OReillyAuto ORLY ... 22 384.82 10.29 -38.25 56.91 22.13 Total TOT ... 834.15 -0.46 -30.41 109.44 51.82 ColumbiaSportswr COLM 0.0 14 69.72 2.43 -19.21 155.00 85.62 Hubbell HUBB 3.0 16 119.43 0.74 12.46 160.11 75.17 Alteryx AYX ...294 112.54 0.65 -66.49 61.80 9.00 OccidentalPetrol OXY 3.2 dd 13.81 -0.06 -12.79 145.41 108.01 ToyotaMotor TM 2.9 8 122.56 0.88 -17.37 47.74 31.70 Comcast A CMCSA 2.5 13 37.16 1.07 -8.30 207.98 90.83 HubSpot HUBS ... dd 145.35 5.57 -4.13 31.78 15.96 AlticeUSA ATUS ...123 26.21 0.44 s 34.65 156.41 88.66 Okta OKTA ... dd 155.35 3.34 9.14 114.25 63.89 TractorSupply TSCO 1.4 22 101.98 6.90 -55.22 79.74 24.28 Comerica CMA 8.5 632.13 0.53 0.70 385.00 208.25 Humana HUM 0.7 18 369.09 3.02 -21.02 54.99 30.95 Altria MO 8.5 dd 39.42 0.97 11.94 151.47 87.25 OldDomFreight ODFL 0.4 28 141.63 0.38 -1.21 323.78 136.00 TradeDesk TTD ...114 256.63 2.66 -18.68 71.92 45.51 CommerceBcshrs CBSH 2.0 15 55.25 -0.29 -13.00 122.29 75.29 JBHunt JBHT 1.1 22 101.60 0.73 30.43 2461.00 1626.03 Amazon.com AMZN ...105 2410.22 10.77 -32.50 24.10 11.88 OldRepublic ORI 5.6118 15.10 0.27 14.35 55.27 33.23 -56.35 15.40 5.54 SABESP SBS 3.7 66.57 -1.04 -45.89 15.63 6.82 HuntingtonBcshs HBAN 7.4 88.16 0.24 Tradeweb TW 0.6 74 53.00 0.48 t -57.08 5.45 1.90 Ambev ABEV ... 11 2.00 -0.12 -36.67 45.22 13.33 OmegaHealthcare OHI 10.0 18 26.82 -1.32 -18.51 118.10 70.00 TraneTech TT 2.5 15 84.03 0.34 -0.18 35.59 22.83 ConagraBrands CAG 2.5 22 34.18 0.20 -26.46 279.71 147.14 HuntingIngalls HII 2.2 14 184.50 -2.27 -22.32 11.77 5.80 Amcor AMCR 5.5 27 8.42 0.21 -35.78 85.05 46.37 Omnicom OMC 5.0 952.03 0.54 -45.55 673.51 200.06 TransDigm TDG 0.0 24 304.92 -9.36 -39.37 119.97 33.13 ConchoRscs CXO 1.5 dd 53.09 -0.89 -41.33 94.98 24.02 HyattHotels H 1.5 752.63 -0.66 -14.35 77.29 44.05 Amdocs DOX 2.1 17 61.83 0.14 -39.87 25.92 8.17 ON Semi ON ... 29 14.66 0.74 -15.75 101.16 52.50 TransUnion TRU 0.4 40 72.13 0.91 -44.50 67.13 20.84 ConocoPhillips COP 4.7 636.09 -0.09 -23.54 51.74 21.79 IAA IAA ... 25 35.98 1.24 11.73 218.44 106.65 Amedisys AMED ... 48 186.50 -4.53 -16.22 47.84 29.11 OpenText OTEX 1.9 31 36.92 0.02 -26.38 155.09 76.99 Travelers TRV 3.3 11 100.82 0.37 -8.65 95.10 62.03 ConEd ED 3.7 20 82.64 0.86 -10.21 278.85 124.60 IAC/InterActive IAC ... 50 223.67 1.50 -32.80 426.50 222.34 Amerco UHAL 0.0 15 252.54 -4.45 0.06 60.50 39.71 Oracle ORCL 1.8 17 53.01 1.04 -4.55 111.85 56.22 Trex TREX ... 35 85.79 1.45 -16.30 214.36 104.28 ConstBrands A STZ 1.9 dd 158.83 5.78 -42.21 15.42 6.86 ICICI Bank IBN 0.3 21 8.72 -0.32 -4.11 87.66 58.74 Ameren AEE 2.7 22 73.64 -0.55 -16.45 16.64 9.93 Orange ORAN 5.0 14 12.19 0.01 -21.73 46.67 20.01 Trimble TRMB ... 16 32.63 -0.28 -17.01 214.51 107.51 ConstBrands B STZ.B 1.7 dd 156.67 2.02 20.56 259.72 148.89 ICU Medical ICUI ... 48 225.60 3.61 -31.88 18.04 10.12 AmericaMovil AMX 3.4 12 10.90 0.04 -34.26 89.21 52.65 Orix IX 2.5 554.83 -0.51 -29.10 44.59 20.10 Trip.com TCOM ... 15 23.78 0.08 -63.29 49.71 6.90 ContinentalRscs CLR 0.0 612.59 -0.64 -13.69 114.01 69.05 IDACORP IDA 2.9 20 92.18 0.51 -64.05 34.99 9.09 AmerAirlines AAL 3.9 310.31 0.06 -32.94 95.62 46.72 Oshkosh OSK 1.9 863.47 0.04 -37.00 56.92 24.01 TruistFinl TFC 5.1 10 35.48 1.19 -8.74 365.68 236.68 Cooper COO 0.0 32 293.21 2.94 4.09 296.25 168.65 IdexxLab IDXX ... 56 271.80 3.39 -11.94 104.97 65.14 AEP AEP 3.4 21 83.23 0.21 ... 50.25 38.00 OtisWorldwide OTIS ...... 47.85 0.38 -15.00 6.31 4.36 TurkcellIletism TKC 5.2 10 4.93 -0.14 -18.81 104.88 55.69 Copart CPRT ... 24 73.83 4.99 -12.94 81.65 44.81 IHS Markit INFO 1.0 30 65.60 0.61 -33.19 138.13 67.00 AmerExpress AXP 2.1 10 83.17 0.71 -2.39 25.19 3.55 PG&E PCG ... dd 10.61 -0.39 11.87 151.00 68.06 Twilio TWLO ... dd 109.95 2.44 7.70 123.69 90.07 Coresite COR 4.0 59 120.75 0.84 -58.26 12.85 4.52 ING Groep ING 12.2 45.03 -0.13 -43.78 115.03 44.01 AmericanFin AFG 2.9 661.65 0.68 24.31 25.72 15.91 -10.33 45.85 20.00 Twitter TWTR ... 15 28.74 0.88 -28.62 34.26 17.44 Corning GLW 4.2 20 20.78 0.75 -16.57 177.92 98.04 IPG Photonics IPGP ... 36 120.90 4.56 PLDT PHI 4.2 12 24.85 0.85 -12.17 29.89 17.50 AmHomes4Rent AMH 0.9 81 23.02 0.05 -36.90 161.79 79.41 PNC Fin PNC 4.6 9 100.73 1.30 4.90 340.80 205.90 TylerTech TYL ... 86 314.71 -4.65 -11.13 32.78 20.38 Corteva CTVA 2.0 dd 26.27 0.87 -16.60 169.14 81.79 IQVIA IQV ...135 128.86 1.19 -54.51 58.66 16.07 AIG AIG 5.5 623.35 0.69 -31.85 55.85 26.27 POSCO PKX 3.0 14 34.50 -0.11 -35.22 94.24 42.57 TysonFoods TSN 2.8 11 58.98 -1.92 -0.79 746.70 482.10 CoStar CSGP ... 69 593.60 6.33 -33.07 75.56 35.41 ITT ITT 1.4 13 49.47 0.44 6.44 260.43 174.32 AmerTowerREIT AMT 1.6 58 244.61 -3.99 ... 33.23 10.61 PPD PPD ...... 22.51 -0.57 -25.20 13.55 7.48 UBS Group UBS 3.9 89.41 0.08 5.66 325.26 233.05 Costco COST 0.9 36 310.55 5.15 -22.54 79.37 34.00 IcahnEnterprises IEP 16.8 dd 47.64 0.42 1.76 141.70 92.00 AmerWaterWorks AWK 1.6 36 125.01 0.33 -30.53 134.36 69.77 PPG Ind PPG 2.2 18 92.74 2.22 -22.29 51.25 29.20 UDR UDR 4.0 58 36.29 0.09 -44.27 14.13 3.02 Coty COTY 8.0 dd 6.27 0.34 -13.48 178.99 104.28 Icon ICLR ... 22 149.01 0.11 -10.61 40.42 23.30 AmericoldRealty COLD 2.7132 31.34 -0.47 -28.96 36.83 18.12 PPL PPL 6.5 11 25.49 0.30 -37.47 55.17 21.75 UGI UGI 4.6 13 28.24 0.19 11.64 178.00 97.26 CoupaSoftware COUP ... dd 163.27 3.40 -11.21 178.14 104.56 IDEX IEX 1.3 28 152.72 0.36 -35.48 180.85 80.01 Ameriprise AMP 3.6 8 107.48 3.13 -21.09 113.10 58.67 PRA HealthSci PRAH ... 24 87.71 -0.61 -0.84 47.08 13.71 Uber UBER ... dd 29.49 1.16 -37.03 240.88 118.00 Credicorp BAP 6.5 8 134.21 -2.83 -11.91 190.85 115.94 IllinoisToolWks ITW 2.7 20 158.23 3.11 4.33 97.50 72.06 AmerisourceBrgn ABC 1.9 29 88.70 1.44 -13.21 93.34 43.90 PTC PTC ... dd 65.00 0.67 -18.17 199.91 107.22 Ubiquiti UI 0.8 31 154.65 1.06 -38.56 509.99 199.00 CreditAcceptance CACC ... 8 271.78 5.91 -6.83 380.76 196.78 Illumina ILMN ... 46 309.07 -3.64 -22.74 102.31 54.82 Ametek AME 0.9 21 77.06 1.38 -14.69 83.41 49.11 Paccar PCAR 1.9 11 67.48 1.57 -16.84 368.83 124.05 UltaBeauty ULTA ... 17 210.52 -0.16 -39.93 14.12 6.47 CreditSuisse CS 0.9 68.08 0.20 34.40 29.67 8.80 Immunomedics IMMU ... dd 28.44 2.26 -1.99 244.99 166.30 Amgen AMGN 2.7 18 236.28 3.79 -23.22 114.78 71.05 PackagingCpAm PKG 3.7 12 85.99 -0.15 -53.70 27.72 7.38 UnderArmour A UAA ... 49 10.00 0.19 44.38 101.88 31.95 CrowdStrike CRWD ... dd 72.00 3.09 -50.36 29.38 7.04 ImperialOil IMO 4.7 613.14 0.18 -20.38 110.24 63.05 Amphenol APH 1.2 23 86.17 2.19 -39.58 53.43 13.58 PagSeguroDig PAGS ... 20 20.64 -1.39 -14.11 63.62 42.00 Unilever UN 3.1 21 49.35 0.25 13.69 168.75 114.18 CrownCastle CCI 3.0 82 161.61 1.06 18.51 104.20 62.48 Incyte INCY ... 50 103.48 1.58 -10.87 127.30 79.08 AnalogDevices ADI 2.3 33 105.92 4.11 -16.35 251.10 125.47 PaloAltoNtwks PANW ... dd 193.45 1.36 -9.78 64.84 44.06 Unilever UL 3.5 22 51.58 0.05 -18.36 80.56 42.97 CrownHoldings CCK ... 16 59.22 -0.11 -15.12 12.08 6.76 Infosys INFY 2.8 16 8.76 -0.03 -25.23 63.71 26.04 Anaplan PLAN ... dd 39.18 0.32 -8.44 26.20 10.26 PanAmerSilver PAAS 0.9 31 21.69 0.21 -13.66 188.96 105.08 UnionPacific UNP 2.5 18 156.09 3.80 -19.70 36.32 19.61 CubeSmart CUBE 5.2 29 25.28 -0.22 -24.15 38.96 17.01 IngersollRand IR ... 36 27.82 0.46 s 19.07 27.63 11.29 AngloGoldAsh AU 0.3 dd 26.60 0.30 -34.43 215.94 93.00 ParkerHannifin PH 2.6 13 134.95 2.50 -70.98 96.03 17.80 UnitedAirlines UAL ... 225.56 -0.16 -17.43 186.72 101.03 Cummins CMI 3.5 10 147.77 2.34 -13.32 99.51 59.11 Ingredion INGR 3.1 13 80.57 1.77 -48.92 102.70 32.58 AB InBev BUD 3.6 ... 41.91 -0.02 -19.95 90.53 47.87 Paychex PAYX 3.6 22 68.09 1.18 -4.10 2.85 1.87 UnitedMicro UMC 2.5 21 2.57 -0.01 11.19 79.73 43.72 CyrusOne CONE 2.7185 72.75 1.51 33.41 99.46 39.34 Inphi IPHI ... dd 98.75 2.07 -37.15 10.50 3.51 AnnalyCap NLY 16.9 dd 5.92 0.05 -20.00 342.00 163.42 PaycomSoftware PAYC ... 69 211.80 0.13 -14.42 125.31 82.00 UPS B UPS 4.0 20 100.18 0.73 19.06 219.85 82.53 Insulet PODD ... 1094 203.83 -2.33 -12.55 312.48 171.03 Anthem ANTM 1.4 14 264.12 2.57 -26.81 150.73 66.98 Paylocity PCTY ... 85 88.43 1.52 -36.41 170.04 58.85 UnitedRentals URI ... 7 106.05 2.32 D E F -0.99 69.29 42.86 Intel INTC 2.2 11 59.26 0.22 -15.72 238.19 143.93 Aon AON 1.0 28 175.54 0.77 11.10 124.45 82.07 PayPal PYPL ... 58 120.18 4.94 -42.65 61.11 28.59 US Bancorp USB 4.9 934.00 0.63 -3.92 101.93 63.51 ICE ICE 1.3 26 88.92 0.42 -32.06 55.68 24.53 ApartmtInv AIV 4.7 11 35.09 -0.05 -34.03 44.48 17.09 DISH Network DISH ... 923.40 0.52 -3.60 103.13 38.01 Pegasystems PEGA 0.2 dd 76.78 0.58 26.26 116.98 74.31 UnitedTherap UTHR ... dd 111.21 1.22 -38.97 71.02 25.39 InterContinentl IHG 0.9 20 41.91 -0.64 -18.38 52.67 19.46 ApolloGlbMgmt APO 6.0 10 38.94 0.89 -20.67 135.67 71.21 DTE Energy DTE 3.9 16 103.02 2.01 11.76 38.08 17.70 Peloton PTON ... dd 31.74 1.85 -0.92 306.71 187.72 UnitedHealth UNH 1.5 20 291.29 5.96 -6.95 158.75 90.56 IBM IBM 5.2 12 124.72 3.37 -3.64 327.85 170.27 Apple AAPL 1.1 22 282.97 7.94 7.55 169.19 119.60 Danaher DHR 0.4 48 165.07 4.42 -45.47 40.65 10.58 PembinaPipeline PBA 8.8 10 20.21 0.29 -32.78 230.32 105.11 UnivDisplay OLED 0.4 47 138.52 0.87 -1.96 152.95 92.14 IntlFlavors IFF 2.4 32 126.49 3.33 -15.24 69.44 36.64 ApplMaterials AMAT 1.7 17 51.74 0.84 -36.87 128.41 26.15 Darden DRI 0.0 13 68.82 1.95 -30.96 47.43 22.01 Pentair PNR 2.4 15 31.67 1.07 -29.14 157.79 65.20 UniversalHealthB UHS 0.8 11 101.65 0.45 -32.40 47.64 26.38 IntlPaper IP 6.6 10 31.13 0.59 -9.95 126.19 79.84 Aptargroup ATR 1.4 28 104.12 -0.90 10.67 50.12 27.55 Datadog DDOG ... dd 41.81 1.66 15.68 194.93 121.80 Penumbra PEN ...142 190.02 3.02 -49.35 10.18 3.56 VEREIT VER 11.8 dd 4.68 0.12 -36.19 25.20 11.63 Interpublic IPG 6.9 914.74 0.04 -33.94 99.04 29.22 Aptiv APTV 0.0 16 62.74 2.01 -1.37 90.15 43.40 DaVita DVA ... 14 74.00 0.65 -29.70 17.66 9.37 People'sUtdFin PBCT 6.0 911.88 0.69 -45.24 100.25 45.07 VF VFC 3.5 17 54.57 0.22 0.66 306.89 187.68 Intuit INTU 0.8 43 263.66 5.60 -43.39 47.22 9.65 Aramark ARMK 1.8 18 24.57 1.48 -19.99 181.99 106.14 Deere DE 2.2 14 138.63 1.52 -1.69 147.20 101.42 PepsiCo PEP 2.8 26 134.36 4.10 -39.02 28.75 9.85 VICI Prop VICI 7.6 12 15.58 0.30 -12.89 619.00 360.50 IntuitiveSurgical ISRG ... 44 514.93 1.71 -44.13 22.08 6.64 ArcelorMittal MT 1.7 59.80 -0.01 -22.77 70.55 25.51 DellTechC DELL ... 739.69 0.78 -9.84 102.45 62.91 PerkinElmer PKI 0.3 43 87.55 0.35 -35.81 255.37 125.00 VailResorts MTN 0.0 21 153.94 -2.39 -27.33 32.70 15.64 InvitatHomes INVH 2.8239 21.78 0.19 -44.88 48.32 22.54 ArchCapital ACGL ... 623.64 -0.62 -61.68 63.44 19.10 DeltaAir DAL 0.0 422.41 -0.07 -0.45 63.86 40.01 Perrigo PRGO 1.7 48 51.43 0.44 -41.89 14.19 6.49 Vale VALE ... dd 7.67 -0.19 -3.74 75.14 39.32 IonisPharma IONS ... 29 58.15 1.19 -22.35 47.20 28.92 ArcherDaniels ADM 4.0 15 35.99 0.25 -30.54 60.87 31.57 DentsplySirona XRAY 1.0 34 39.31 0.61 -30.26 64.35 27.74 PetroChina PTR 4.8 10 35.10 0.08 -43.94 101.99 31.00 ValeroEnergy VLO 7.5 952.50 0.43 33.35 39.00 10.15 IovanceBiotherap IOVA ... dd 36.91 1.21 -5.60 41.88 20.20 AresMgmt ARES 4.7 32 33.69 1.13 -23.52 11.16 4.99 DeutscheBank DB 2.1 dd 5.95 -0.23 -64.49 16.95 4.01 PetroleoBrasil PBR 3.4 45.66 -0.65 -23.47 150.06 89.62 VarianMed VAR ... 34 108.68 0.73 -15.87 27.50 14.51 iQIYI IQ ... dd 17.76 -0.38 -9.00 169.50 103.75 arGEN-X ARGX ... dd 146.08 2.23 s 51.98 334.27 113.63 DexCom DXCM ...308 332.44 10.40 -62.27 15.66 4.16 s 33.39 191.05 118.11 VeevaSystems VEEV ... 99 187.63 2.93 -26.17 34.49 21.00 IronMountain IRM 10.5 25 23.53 -0.90 PetroleoBrasilA PBR.A 6.6 45.63 -0.54 6.59 322.83 156.63 AristaNetworks ANET ... 20 216.81 7.58 -21.00 176.22 100.52 Diageo DEO 2.6 20 133.06 1.08 -4.59 44.56 27.88 Pfizer PFE 4.1 13 37.38 0.69 -52.01 75.40 13.35 Ventas VTR 11.4 23 27.71 -0.41 -25.26 5.54 2.68 IsraelChemicals ICL 5.1 10 3.58 0.12 -6.91 145.59 90.06 AscendisPharma ASND ... dd 129.50 2.61 -61.47 114.14 14.55 DiamondbkEner FANG 4.2 26 35.78 -1.32 -13.42 90.17 56.01 PhilipMorris PM 6.4 15 73.67 1.89 10.09 221.78 148.77 VeriSign VRSN ... 32 212.13 -0.87 t -60.00 10.01 3.59 ItauUnibanco ITUB 3.6 53.66 -0.34 -21.90 142.89 73.07 AspenTech AZPN ... 26 94.45 -1.38 25.30 152.59 105.00 DigitalRealty DLR 3.0 64 150.03 1.50 -45.67 119.92 40.04 Phillips66 PSX 5.9 960.53 0.56 -0.54 171.73 116.61 VeriskAnalytics VRSK 0.7 55 148.54 0.84 -20.16 142.61 76.27 Assurant AIZ 2.4 19 104.65 3.40 -57.29 92.98 23.25 DiscoverFinSvcs DFS 4.9 536.23 1.41 J K L -39.95 33.67 15.75 PilgrimPride PPC ... 11 19.64 -0.30 -5.65 62.22 48.84 Verizon VZ 4.2 12 57.93 0.34 2.65 51.55 36.15 AstraZeneca AZN 2.7 98 51.18 0.79 -35.80 33.66 17.12 DiscoveryA DISCA ... 721.02 0.63 31.07 53.67 18.46 Pinduoduo PDD ... dd 49.57 0.40 23.25 277.80 164.07 VertxPharm VRTX ... 60 269.86 1.95 26.57 156.12 104.60 Atlassian TEAM ... dd 152.32 2.93 -37.23 31.20 15.43 DiscoveryC DISCK ... 719.14 0.55 -20.43 43.04 21.88 JBG SMITH Prop JBGS 2.8 65 31.74 -0.23 -14.22 105.51 60.05 PinnacleWest PNW 4.1 16 77.14 1.32 -58.55 53.68 13.12 ViacomCBS A VIACA 5.2 318.60 0.99 -6.66 121.08 77.92 AtmosEnergy ATO 2.2 23 104.41 3.08 -30.04 153.41 79.07 Disney DIS 1.7 16 101.19 0.19 27.87 47.98 25.48 JD.com JD ... 38 45.05 0.11 10.62 36.83 10.10 Pinterest PINS ... dd 20.62 1.77 -62.76 53.71 10.10 ViacomCBS B VIAC 6.1 315.63 0.12 -1.70 211.58 125.38 Autodesk ADSK ...187 180.35 4.80 s 41.78 105.44 43.13 DocuSign DOCU ... dd 105.07 2.88 -34.93 141.10 76.91 JPMorganChase JPM 4.0 10 90.71 1.32 -48.83 168.20 48.62 PioneerNatRscs PXD 2.8 17 77.45 -1.86 13.55 18.95 6.17 Vipshop VIPS ... 19 16.09 -0.12 -7.66 117.50 59.54 Autohome ATHM 1.0 19 73.88 -0.70 -14.53 73.20 44.68 DolbyLab DLB 1.5 30 58.80 0.75 9.23 174.93 123.64 JackHenry JKHY 1.1 44 159.11 2.91 -58.51 25.26 3.00 PlainsAllAmPipe PAA 9.4 37.63 -0.09 -10.95 214.17 133.93 Visa V 0.7 31 167.32 0.94 -28.03 87.01 38.16 Autoliv ALV 0.0 11 60.75 4.15 12.82 183.94 116.15 DollarGeneral DG 0.8 26 175.98 -0.52 -10.94 104.00 59.29 JacobsEngg J 0.9 dd 80.00 0.25 -22.47 88.77 23.77 PlanetFitness PLNT ... 41 57.90 0.86 -21.53 27.96 11.30 VistraEnergy VST 3.0 10 18.04 0.54 -18.34 182.32 103.11 ADP ADP 2.6 25 139.23 3.31 -20.74 119.71 60.20 DollarTree DLTR ... 21 74.54 -0.39 -40.84 22.13 8.98 JamesHardie JHX 2.9 22 11.62 -0.16 0.53 238.23 160.35 Pool POOL 1.1 34 213.50 9.10 -15.56 206.80 86.00 VMware VMW ... 8 128.17 1.75 -12.11 1274.41 684.91 AutoZone AZO ... 16 1047.04 41.33 -5.92 90.89 57.79 DominionEner D 4.8 50 77.92 1.01 -28.22 154.24 86.88 JazzPharma JAZZ ... 12 107.15 2.41 -16.81 63.08 37.83 PortlandGenElec POR 3.3 19 46.41 -2.02 -29.44 21.72 11.46 Vodafone VOD 6.9 dd 13.64 0.43 16.19 96.96 55.19 Avalara AVLR ... dd 85.11 2.76 25.02 387.85 220.90 Domino's DPZ 0.8 35 367.29 -2.35 6.16 157.00 109.16 J&J JNJ 2.6 24 154.86 -0.65 -15.94 113.73 68.97 PostHoldings POST ... 69 91.71 0.80 -43.20 70.02 27.64 VornadoRealty VNO 7.0 237.77 0.29 -24.47 229.40 118.17 Avalonbay AVB 4.0 28 158.38 0.93 -26.80 58.32 31.08 Donaldson DCI 2.0 21 42.18 0.78 -31.44 44.82 22.77 JohnsonControls JCI 3.7 72 27.91 0.06 -45.49 60.81 23.31 PrincipalFin PFG 7.5 629.98 0.51 -31.55 63.81 29.75 VoyaFinancial VOYA 1.4 841.74 0.56 -12.14 57.24 35.62 Avangrid AGR 3.9 20 44.95 -0.03 -32.80 45.59 23.16 DouglasEmmett DEI 3.8 14 29.50 -0.04 -41.13 178.55 78.29 JonesLang JLL 0.8 10 102.48 0.93 -4.90 128.09 94.34 Procter&Gamble PG 2.7 67 118.78 -0.62 -29.14 152.49 65.56 VulcanMatls VMC 1.3 22 102.03 0.83 -22.64 19.59 6.66 Avantor AVTR ... dd 14.04 0.33 -21.07 120.26 62.95 Dover DOV 2.2 18 90.97 2.96 -5.44 28.26 15.20 JuniperNetworks JNPR 3.4 23 23.29 0.16 14.48 84.96 62.18 Progressive PGR 0.5 14 82.87 1.26 -17.03 141.09 76.96 AveryDennison AVY 2.1 30 108.54 1.81 -39.48 57.48 21.95 Dow DOW 8.5 dd 33.12 0.56 -38.80 42.90 20.93 KB Fin KB 5.8 425.32 0.66 -0.11 99.79 59.82 Prologis PLD 2.6 34 89.04 2.29 W X Y Z -39.31 32.20 12.92 AxaltaCoating AXTA ... 17 18.45 0.20 27.70 53.23 33.33 DrReddy'sLab RDY 0.5 37 51.82 -0.95 -19.06 34.14 15.55 KKR KKR 2.1 723.61 0.51 5.59 133.58 83.81 Proofpoint PFPT ... dd 121.20 2.44 -0.25 136.17 117.20 WABCO WBC ... 28 135.16 -0.06 -13.48 49.58 31.66 BCE BCE 5.9 16 40.10 ... 12.81 26.20 14.55 Dropbox DBX ... dd 20.20 0.37 -7.44 184.50 101.34 KLA KLAC 2.1 23 164.92 5.47 -28.99 75.22 42.02 ProsperityBcshs PB 3.6 11 51.05 1.71 1.67 109.53 68.01 WEC Energy WEC 2.7 26 93.77 -0.62 -28.59 59.02 29.78 BHP Group BHP 7.3 11 39.07 0.72 -6.05 103.79 62.13 DukeEnergy DUK 4.4 17 85.69 0.57 -18.10 12.59 6.66 -40.49 106.39 38.62 PrudentialFin PRU 7.9 655.78 2.54 KT KT 4.2 99.50 0.07 -47.44 236.51 71.12 WEX WEX ... 49 110.10 4.04 -31.70 51.87 23.64 BHP Group BBL 8.9 932.11 0.45 -1.07 38.88 25.19 DukeRealty DRE 2.7 29 34.30 0.86 -14.20 178.59 92.86 KSCitySouthern KSU 1.2 22 131.41 2.58 -32.76 45.88 15.68 Prudential PUK 3.6 41 25.61 0.32 -26.64 93.62 38.62 W.P.Carey WPC 7.1 33 58.72 0.67 -38.02 44.00 15.51 BP BP 10.7 20 23.39 0.01 -23.96 84.73 38.51 Dunkin' DNKN 2.8 20 57.44 -1.03 -7.32 71.05 51.34 Kellogg K 3.6 23 64.10 -0.40 -13.01 63.88 34.75 PublicServiceEnt PEG 3.8 15 51.37 1.00 -51.66 70.80 27.18 WPP WPP 8.2 12 33.98 0.12 34.16 5.50 2.16 B2Gold BTG 0.6 19 5.38 0.19 -34.74 77.03 28.33 DuPont DD 2.9 63 41.90 0.70 -15.33 91.97 53.81 Kemper KMPR 1.8 865.62 -0.03 -12.08 266.76 155.37 PublicStorage PSA 4.3 26 187.23 -0.27 -31.31 81.75 35.07 Wabtec WAB 0.9 32 53.44 1.43 -16.70 70.57 40.40 BWX Tech BWXT 1.5 20 51.71 -0.21 12.85 37.06 17.05 Dynatrace DT ... dd 28.55 1.00 -9.19 32.00 18.98 KeurigDrPepper KDP 2.3 30 26.29 0.12 -33.92 47.37 17.12 PulteGroup PHM 1.9 725.64 1.77 -25.81 64.50 39.41 WalgreensBoots WBA 4.2 11 43.74 0.24 -20.13 168.63 82.00 Baidu BIDU ...119 100.95 1.10 -41.86 34.39 12.10 ENI E 7.4182 18.00 -0.25 -46.15 20.52 7.45 KeyCorp KEY 6.8 810.90 0.27 22.13 43.16 25.04 Qiagen QGEN ... dd 41.28 -0.59 8.92 133.38 98.85 Walmart WMT 1.7 25 129.44 0.91 -47.64 26.05 9.12 BakerHughes BKR 5.4 dd 13.42 -0.15 -48.23 102.14 27.00 EOG Rscs EOG 3.5 943.36 -0.86 -4.96 110.00 71.03 KeysightTechs KEYS ... 28 97.54 1.78 -22.66 122.37 58.52 Qorvo QRVO ... 31 89.89 3.94 -5.56 105.17 70.87 WasteConnections WCN 0.9 40 85.74 0.23 0.93 82.82 51.26 Ball BLL 0.9 39 65.27 0.37 -4.30 248.27 151.97 EPAM Systems EPAM ... 45 203.03 -1.72 -26.33 88.99 45.96 KilroyRealty KRC 3.1 33 61.81 0.06 -13.82 96.17 58.00 Qualcomm QCOM 3.4 22 76.04 2.23 -13.58 126.79 85.34 WasteMgt WM 2.2 25 98.48 0.69 -50.54 6.14 2.64 BancoBilbaoViz BBVA 8.3 32.76 -0.07 -14.79 57.30 25.76 E*TRADE ETFC 1.4 11 38.66 0.44 2.99 149.23 110.66 KimberlyClark KMB 3.0 21 141.66 1.30 -16.53 44.09 23.77 QuantaServices PWR 0.6 12 33.98 0.61 -18.12 245.68 154.39 Waters WAT ... 22 191.32 0.55 -60.52 8.62 2.80 BancoBradesco BBDO 4.9 53.12 -0.13 -27.74 83.99 34.44 EastmanChem EMN 4.6 10 57.27 1.27 -30.94 22.58 9.42 KinderMorgan KMI 7.2 25 14.62 0.41 -0.16 118.58 73.02 QuestDiag DGX 2.1 18 106.62 5.96 -12.58 181.50 139.00 Watsco B WSOB 4.5 26 158.66 12.50 -24.82 30.03 12.50 BancodeChile BCH 4.0945 15.78 -0.29 -16.74 105.78 56.41 Eaton ETN 3.7 15 78.86 0.71 49.58 7.25 2.72 KinrossGold KGC ... 12 7.09 0.22 s 79.39 136.52 52.49 Quidel QDEL ... 78 134.60 9.53 -10.91 186.87 132.97 Watsco WSO 4.4 26 160.50 8.99 t -65.87 12.85 4.00 BancSanBrasil BSBR 15.1 74.14 -0.38 8.97 42.00 26.02 eBay EBAY 1.6 19 39.35 1.44 -2.72 51.08 18.02 KirklandLakeGold KL 1.2 16 42.87 1.08 35.45 166.40 21.70 Wayfair W -39.36 30.47 11.43 BcoSantChile BSAC 1.9 813.99 0.01 -6.69 211.24 124.60 Ecolab ECL 1.0 34 180.08 5.04 0.11 40.46 27.03 Knight-Swift KNX 0.9 22 35.88 0.56 ... dd 122.41 17.78 R S -21.27 69.99 29.50 Weibo WB ... 17 36.49 0.54 -50.48 5.03 2.01 BancoSantander SAN 12.4 52.05 -0.03 -52.35 20.95 6.28 Ecopetrol EC 9.4 59.51 -0.33 -11.48 50.78 30.50 KoninklijkePhil PHG 1.9 27 43.20 0.91 -14.01 27.25 16.81 RELX RELX 2.7 22 21.73 0.14 -49.96 54.75 25.11 WellsFargo WFC 7.6 10 26.92 0.39 -37.02 35.72 17.95 BankofAmerica BAC 3.2 922.18 0.31 -21.43 78.93 43.63 EdisonInt EIX 4.3 16 59.25 1.02 -22.82 12.40 6.28 KoreaElcPwr KEP ... dd 9.13 -0.18 -15.26 77.47 42.85 RPM RPM 2.2 26 65.05 1.08 -46.12 93.17 24.27 Welltower WELL 7.9 37 44.06 0.95 -38.14 79.93 38.31 BankofMontreal BMO 6.7 747.94 0.37 -4.21 247.64 154.52 EdwardsLife EW ... 43 223.48 2.44 -9.03 33.57 19.99 KraftHeinz KHC 5.5 18 29.23 0.70 -41.73 133.10 59.82 RalphLauren RL 4.0 868.30 -0.65 s 30.07 196.25 113.04 WestPharmSvcs WST 0.3 57 195.54 8.12 -28.95 51.60 26.40 BankNY Mellon BK 3.5 835.76 0.44 -19.02 35.46 15.17 ElancoAnimal ELAN ...129 23.85 0.04 13.69 36.84 20.70 Kroger KR 1.9 16 32.96 0.08 -31.20 102.45 54.21 RaymondJames RJF 2.4 861.55 0.20 -35.89 72.00 27.40 WesternDigital WDC 4.9 dd 40.69 1.30 -33.07 58.22 31.94 BkNovaScotia BNS 7.3 737.81 0.27 -4.90 104.10 39.01 Elastic ESTC ... dd 61.15 1.16 0.20 51.97 27.04 Line LN ... dd 49.11 0.13 -28.19 93.45 40.71 RaytheonTech RTX 4.6 10 63.43 0.14 -30.92 28.45 17.39 WesternUnion WU 4.9 818.50 -0.54 -53.57 10.22 3.41 Barclays BCS 3.3 ... 4.42 0.03 -17.68 167.75 110.00 ElbitSystems ESLT 1.4 25 127.65 0.38 -40.25 36.63 13.31 LKQ LKQ ... 12 21.33 0.86 12.84 65.92 36.91 RealPage RP ...100 60.65 1.21 -41.98 75.65 28.99 WestlakeChem WLK 2.6 13 40.70 0.84 45.78 28.50 11.65 BarrickGold GOLD 1.0 12 27.10 0.36 8.19 118.69 85.69 ElectronicArts EA ... 12 116.31 1.85 -4.05 230.99 142.01 L3HarrisTech LHX 1.8 24 189.85 0.42 -32.20 84.92 38.00 RealtyIncome O 5.6 36 49.92 0.60 -41.93 20.56 7.98 WestpacBanking WBK 12.1 79.86 0.13 -43.45 31.97 11.15 BauschHealth BHC ... dd 16.92 0.60 -29.43 78.38 37.75 EmersonElec EMR 3.7 15 53.82 0.91 -3.22 196.36 98.02 LabCpAm LH ... 20 163.72 4.05 -21.50 257.96 70.00 ReataPharm RETA ... dd 160.47 6.01 -32.70 44.39 21.50 WestRock WRK 6.4 928.88 ... 11.12 95.19 69.10 BaxterIntl BAX 0.9 47 92.92 1.60 -26.55 43.15 22.57 Enbridge ENB ... 15 29.21 0.34 -8.80 344.32 171.04 LamResearch LRCX 1.7 19 266.67 2.71 -43.84 70.26 31.80 RegencyCtrs REG 6.7 25 35.43 -0.19 -35.07 31.58 13.10 Weyerhaeuser WY 6.9 dd 19.61 0.63 -1.40 286.72 197.75 BectonDicknsn BDX 1.2 98 268.17 3.09 -1.73 83.30 48.01 EncompassHealth EHC 1.6 19 68.07 -0.02 -44.52 96.82 30.89 LamarAdv LAMR 8.1 13 49.52 -0.80 50.80 574.32 271.37 RegenPharm REGN ... 31 566.21 0.69 s 33.18 39.97 18.66 WheatonPrecMet WPM 1.0207 39.62 0.83 -3.35 210.35 113.01 BeiGene BGNE ... dd 160.20 -0.80 -29.78 11.21 5.21 EnelAmericas ENIA 5.0 14 7.71 -0.04 -32.84 96.32 39.06 LambWeston LW 1.6 18 57.78 1.09 -42.95 17.54 6.94 RegionsFin RF 6.3 89.79 0.37 -29.11 163.64 64.00 Whirlpool WHR 4.6 6 104.58 2.33 -27.29 79.92 43.05 Berkley WRB 0.9 20 50.24 0.09 -26.11 5.11 2.95 EnelChile ENIC 4.8 12 3.51 -0.09 -36.59 74.29 33.30 LasVegasSands LVS 0.0 16 43.78 -2.18 -37.88 169.26 55.39 ReinsGrp RGA 2.8 7 101.29 3.68 -22.93 29.06 8.41 Williams WMB 8.8 26 18.28 0.77 -17.65 231.61 159.50 BerkHathwy B BRK.B ... 6 186.52 0.89 -43.96 15.43 3.75 EnergyTransfer ET 17.0 57.19 0.14 -35.50 147.43 63.20 Lear LEA 0.0 788.50 3.37 -27.25 122.17 70.57 RelianceSteel RS 2.9 10 87.12 1.21 -12.24 220.97 143.34 WillisTowers WLTW 1.5 22 177.22 0.22 -17.71 347400 239440 BerkHathwy A BRK.A ... 6 279460 710.00 44.39 59.15 9.80 EnphaseEnergy ENPH ... 31 37.73 -1.75 37.82 50.70 32.83 LeggMason LM 3.2 19 49.49 0.06 -28.00 202.68 113.27 RenaissanceRe RNR 1.0 9 141.13 -3.26 -21.60 4.62 2.52 Wipro WIT 0.5 13 2.94 -0.06 -22.78 59.16 25.00 BerryGlobal BERY ... 14 36.67 0.44 2.24 59.05 33.75 Entegris ENTG 0.6 25 51.21 0.75 4.15 125.84 66.39 Leidos LDOS 1.3 22 101.95 3.09 s 25.87 119.23 58.25 Repligen RGEN ...265 116.43 3.28 9.79 156.40 76.81 Wix.com WIX ... dd 134.36 1.70 -18.13 91.99 48.10 BestBuy BBY 3.1 12 71.88 2.28 -18.59 135.55 75.19 Entergy ETR 3.8 16 97.53 0.56 -23.14 71.38 25.42 Lennar A LEN 1.2 742.88 1.63 -15.10 100.91 65.37 RepublicSvcs RSG 2.1 23 76.10 -0.40 -37.38 38.26 15.54 WooriFin WF 7.0 318.95 -0.04 43.89 239.71 45.00 BeyondMeat BYND ... dd 108.78 9.00 -40.31 30.86 10.27 EnterpriseProd EPD 10.5 816.81 -0.38 -26.85 56.32 18.87 Lennar B LEN.B 1.5 532.70 1.33 3.89 177.99 102.18 ResMed RMD 1.0 51 161.00 2.27 -11.85 226.83 107.75 Workday WDAY ... dd 144.96 1.36 48.98 30.50 13.23 Bilibili BILI ... dd 27.74 -0.27 -6.21 164.77 103.01 Equifax EFX 1.2 60 131.42 0.10 -27.65 298.49 163.40 LennoxIntl LII 1.7 20 176.51 -1.03 -26.63 79.46 25.08 RestaurantBrands QSR 4.4 20 46.79 0.61 -44.83 153.41 35.84 WynnResorts WYNN 5.2 67 76.61 0.56 -8.05 223.29 155.17 Bio-Techne TECH 0.6 41 201.85 -7.88 17.37 698.99 440.72 Equinix EQIX 1.6114 685.10 -0.39 -34.68 23.74 9.09 LeviStrauss LEVI 3.3 13 12.60 0.24 -15.37 53.48 31.79 RexfordIndlRealty REXR 2.2 83 38.65 -0.08 -40.55 43.52 15.50 XP XP ... 46 22.90 -2.85 17.02 439.96 281.66 Bio-RadLab A BIO ... 7 433.01 9.66 -36.26 22.53 8.41 Equinor EQNR 6.6 23 12.69 0.18 0.26 140.00 86.20 LibertyBroadbandC LBRDK ...198 126.08 1.67 ... 33.22 21.61 ReynoldsCnsmr REYN 1.9 25 31.23 0.17 -17.19 100.18 38.47 XPO Logistics XPO ... 18 66.00 1.94 14.45 428.72 287.85 Bio-RadLab B BIO.B ... 7 423.00 8.00 -35.43 27.30 9.89 Equitable EQH 3.8 dd 16.00 0.67 -1.43 138.47 80.14 LibertyBroadbandA LBRDA ...193 122.78 1.37 41.54 256.60 110.34 RingCentral RNG ... dd 238.73 -0.18 1.70 72.14 46.58 XcelEnergy XEL 2.7 24 64.57 0.19 0.36 374.99 215.78 Biogen BIIB ... 9 297.80 5.55 -14.15 77.55 41.97 EquityLife ELS 2.3 48 60.43 0.92 -19.64 27.84 14.36 LibertyGlobal C LBTYK ... dd 17.52 0.14 -21.66 64.02 35.35 RioTinto RIO 8.2 946.50 0.46 -8.21 133.00 67.68 Xilinx XLNX 1.7 29 89.74 2.61 s 15.09 97.65 62.88 BioMarinPharm BMRN ... dd 97.31 4.19 -20.92 89.55 49.62 EquityResdntl EQR 3.8 25 63.99 0.18 -19.17 28.62 15.23 LibertyGlobal A LBTYA ... dd 18.38 0.21 -0.07 45.16 25.92 RitchieBros RBA 1.9 32 42.92 0.13 -13.03 89.34 54.62 Xylem XYL 1.5 31 68.52 0.52 40.94 105.00 12.53 BioNTech BNTX ... dd 47.75 -2.25 4.41 270.23 130.20 ErieIndemnity A ERIE 2.2 29 173.32 1.67 -40.50 46.52 16.87 LibertyFormOne A FWONA ... dd 26.05 0.01 -30.23 63.97 32.38 20.51 4.95 1.78 YamanaGold AUY 1.1 20 4.76 0.04 6.95 76.44 50.01 BlackKnight BKI ... 84 68.96 0.22 -6.95 54.52 30.40 EssentialUtil WTRG 2.1 44 43.68 1.06 -40.30 48.95 18.31 LibertyFormOne C FWONK ... dd 27.44 -0.06 RobertHalf RHI 3.1 12 44.06 0.28 -13.86 209.60 115.38 Rockwell ROK 2.3 22 174.59 5.25 -17.22 48.95 27.93 Yandex YNDX ... 61 36.00 0.75 -5.48 576.81 323.98 BlackRock BLK 3.1 18 475.14 3.94 -19.69 334.17 175.81 EssexProp ESS 3.4 36 241.61 0.36 -37.23 50.89 24.49 LibertySirius B LSXMB ... 20 30.54 -2.42 -16.63 54.82 32.20 RogersComm B RCI 3.4 14 41.41 0.72 -14.73 119.72 54.95 YumBrands YUM 2.2 21 85.89 0.28 -13.43 64.97 33.00 Blackstone BX 4.0 16 48.43 ... -19.48 220.42 137.01 EsteeLauder EL 0.0 33 166.31 3.56 -36.62 51.11 22.54 LibertySirius A LSXMA ... 20 30.64 -0.35 -6.77 176.55 58.22 Roku ROKU ... dd 124.83 1.77 -8.46 50.74 38.33 YumChina YUMC 1.1 24 43.95 -1.73 -60.41 391.00 89.00 Boeing BA 0.0 dd 128.98 -8.76 49.41 71.80 29.95 Etsy ETSY ... 88 66.19 3.34 -35.44 51.36 23.01 LibertySirius C LSXMK ... 20 31.08 0.27 15.02 40.87 30.72 Rollins ROL 1.3 61 38.14 0.59 23.73 29.63 17.12 ZTO Express ZTO 0.0 28 28.89 0.10 -33.64 2094.00 1107.29 BookingHldgs BKNG ... 12 1362.77 2.77 -47.19 171.25 61.27 EuronetWorldwide EEFT ... 13 83.20 0.38 s 23.97 164.90 101.36 EliLilly LLY 1.8 27 162.93 3.00 -13.50 395.00 240.00 RoperTech ROP 0.7 18 306.41 -7.60 52.56 66.91 23.41 ZaiLab ZLAB ... dd 63.45 -2.35 6.65 82.00 54.37 BoozAllen BAH 1.4 25 75.86 0.43 -38.30 294.31 168.16 EverestRe RE 3.6 7 170.81 -6.28 -21.40 98.32 59.30 LincolnElectric LECO 2.6 16 76.03 1.46 -26.57 124.16 56.30 RossStores ROST 1.3 19 85.49 2.86 -18.33 260.40 150.06 ZebraTech ZBRA ... 21 208.62 7.65 -37.57 46.60 17.00 BorgWarner BWA 2.5 827.08 0.43 -10.11 76.57 42.01 Evergy EVRG 3.5 21 58.51 0.72 -48.81 67.52 16.11 LincolnNational LNC 5.3 730.21 1.51 -25.66 82.74 49.55 RoyalBkCanada RY ... 958.88 0.46 -4.22 94.89 50.23 Zendesk ZEN ... dd 73.40 1.78 16.16 444.64 290.02 BostonBeer SAM ... 51 438.92 4.14 1.76 99.42 60.69 EversourceEner ES 2.6 31 86.57 0.01 -14.76 227.85 146.71 Linde LIN 2.1 43 181.47 0.17 -58.85 7.05 2.45 RoyalBkScotland RBS 1.5 42.65 0.02 -11.40 66.68 20.04 Zillow CZ... dd 40.70 2.36 -34.46 147.83 77.21 BostonProps BXP 4.3 27 90.36 1.44 -18.40 123.99 35.25 ExactSciences EXAS ... dd 75.46 0.76 -46.50 76.60 21.70 LiveNationEnt LYV ... dd 38.24 -1.21 -73.28 135.31 19.25 RoyalCaribbean RCL 8.7 435.68 -1.20 -12.18 66.96 18.65 Zillow AZG... dd 40.17 2.33 -18.40 46.62 24.10 BostonSci BSX ... 11 36.90 0.50 s 50.57 26.74 13.67 Exelixis EXEL ... 26 26.53 0.16 -56.50 3.58 1.28 LloydsBanking LYG 3.9 81.44 ... -40.61 66.48 21.25 RoyalDutchA RDS.A 9.1 935.03 -0.13 -22.20 161.11 74.37 ZimmerBiomet ZBH 0.8 21 116.45 3.46 -28.37 176.98 64.23 BrightHorizons BFAM ... 35 107.65 -1.68 -19.72 51.18 29.28 Exelon EXC 4.2 12 36.60 0.28 -1.95 442.53 266.11 LockheedMartin LMT 2.5 17 381.77 5.04 -43.54 67.45 19.19 RoyalDutchB RDS.B 11.1 933.86 -0.37 -43.26 52.48 23.58 ZionsBancorp ZION 4.6 929.46 0.27 -3.02 68.34 42.48 Bristol-Myers BMY 2.9 28 62.25 1.30 -38.44 144.00 40.76 Expedia EXPE 2.0 18 66.57 3.20 -38.27 56.88 28.52 Loews L 0.8 11 32.40 -0.52 2.60 138.78 59.78 RoyalGold RGLD 0.9 49 125.43 2.46 -4.87 146.26 90.14 Zoetis ZTS 0.6 40 125.91 2.27 -12.51 45.64 27.32 BritishAmTob BTI 7.2 12 37.15 0.86 -7.81 81.64 52.55 ExpeditorsIntl EXPD 1.4 21 71.93 1.71 0.74 48.83 31.37 LogitechIntl LOGI 1.5 29 47.51 0.83 -35.19 96.79 44.44 Ryanair RYAAY ... 11 56.78 2.42 s 133.39 181.50 60.97 ZoomVideo ZM ... 1956 158.80 -10.29 -16.20 331.58 155.67 Broadcom AVGO 4.9 44 264.81 5.88 -15.84 124.45 72.70 ExtraSpaceSt EXR 4.0 27 88.89 0.97 -17.54 126.73 60.00 Lowe's LOW 2.2 18 98.75 3.85 -13.06 140.67 90.89 SAP SAP 1.1 38 116.49 1.34 45.16 89.54 35.00 Zscaler ZS ... dd 67.50 1.26 -9.79 136.99 81.90 BroadridgeFinl BR 1.9 31 111.44 1.19 -37.33 80.63 30.11 ExxonMobil XOM 8.0 13 43.73 0.28 -7.39 266.20 128.84 lululemon LULU ... 44 214.55 2.91 3.99 312.94 186.06 S&P Global SPGI 0.9 33 283.94 4.38 24.51 7.80 5.46 Zynga ZNGA ...225 7.62 0.17 -17.29 45.61 21.57 BrookfieldMgt BAM 1.5 18 31.87 0.04 -8.83 163.23 79.78 F5Networks FFIV ... 19 127.32 3.30 -0.78 93.23 40.28 Lumentum LITE ... dd 78.68 1.82 26.89 315.84 197.86 SBA Comm SBAC 0.6238 305.79 -0.88 -17.16 50.74 23.22 BrookfieldInfr BIP 5.8 3059 37.32 -0.33 -11.64 108.77 56.77 FMC FMC 2.0 24 88.20 0.83 -25.71 68.33 14.56 Lyft LYFT ... dd 31.96 1.87 -25.44 69.61 35.41 SEI Investments SEIC 1.4 15 48.83 0.43 -11.96 48.69 30.70 Brown&Brown BRO 1.0 25 34.76 0.17 21.71 144.10 79.74 FTI Consulting FCN ... 24 134.68 -0.29 -47.03 98.91 33.71 LyondellBasell LYB 8.4 550.05 0.68 -9.94 68.15 41.03 Brown-Forman A BF.A 1.2 32 56.53 0.60 -7.40 224.20 137.10 Facebook FB ... 30 190.07 4.94 -17.78 25.16 14.07 SK Telecom SKM 3.8 16 19.00 -0.34 -9.57 72.85 44.68 Brown-Forman B BF.B 1.1 34 61.13 0.67 2.28 310.25 195.22 FactSet FDS 1.0 29 274.43 1.04 M N -16.60 67.73 29.51 SS&C Tech SSNC 1.0 31 51.21 0.63 -27.64 54.49 30.78 Bruker BRKR 0.4 29 36.88 -0.03 -19.92 436.69 177.65 FairIsaac FICO ... 44 300.04 -2.22 -26.70 270.95 127.39 SVB Fin SIVB ... 10 184.00 13.00 Dividend Changes -31.17 59.65 29.00 Bunge BG 5.0 dd 39.61 0.48 -2.49 39.30 26.71 Fastenal FAST 2.8 26 36.03 1.11 -38.11 174.93 87.64 M&T Bank MTB 4.2 9 105.06 1.50 -5.32 195.72 115.29 Salesforce.com CRM ...748 153.98 2.26 -23.48 250.89 105.67 BurlingtonStrs BURL ... 25 174.49 3.47 -46.20 141.35 64.68 FederalRealty FRT 6.1 15 69.26 -0.93 -25.04 32.22 15.00 MDU Rscs MDU 3.7 13 22.27 0.33 -0.70 51.84 37.62 Sanofi SNY 2.4 31 49.85 1.48 Dividend announcements from April 24. -2.64 288.59 156.15 CACI Intl CACI ... 23 243.39 3.49 -18.62 190.65 88.69 FedEx FDX 2.1 8 123.06 2.18 -58.10 34.63 5.90 MGM Resorts MGM 4.3 413.94 0.16 -44.50 27.75 9.74 SantanderCons SC 6.8 512.97 0.24 -16.04 122.30 66.87 MKS Instrum MKSI 0.9 36 92.36 1.08 SareptaTherap SRPT -34.75 64.75 29.17 CBRE Group CBRE ... 11 39.99 ... -5.55 180.95 127.73 Ferrari RACE 0.8 38 156.35 -0.67 -5.82 158.80 72.05 ... dd 121.53 6.22 Amount Payable / -26.65 146.09 73.39 CDW CDW 1.5 21 104.77 3.91 -34.52 33.13 6.87 MPLX MPLX 16.1 14 16.67 -0.33 -59.93 44.37 11.87 Schlumberger SLB 12.4 dd 16.11 -0.41 -45.54 16.25 6.00 FiatChrysler FCAU ... 48.00 0.06 Company Symbol Yld %New/Old Frq Record -41.35 55.15 19.73 CF Industries CF 4.3 13 28.00 0.15 -42.12 49.28 19.00 FidNatlFin FNF 5.0 926.25 0.40 25.84 335.43 206.82 MSCI MSCI 0.8 49 324.89 7.45 -25.57 51.65 28.00 SchwabC SCHW 2.0 14 35.40 -0.24 MagellanMid MMP ScienceApplicat SAIC -27.08 87.12 46.32 CGI GIB ... 18 61.04 0.94 -9.61 158.21 91.68 FidNatlInfo FIS 1.1131 125.73 4.55 -35.50 67.75 22.02 10.0 940.55 1.32 -2.03 96.80 45.45 1.7 22 85.25 3.27 Increased -7.57 91.23 56.94 CH Robinson CHRW 2.8 17 72.28 1.80 -44.31 31.64 11.10 FifthThirdBncp FITB 6.3 817.12 0.26 -35.83 57.09 22.75 MagnaIntl MGA 4.5 635.19 0.72 17.55 125.69 76.50 ScottsMiracleGro SMG 1.9 15 124.81 2.77 -8.97 225.36 131.80 CME Group CME 1.9 31 182.72 4.24 -20.62 72.90 37.92 58.com WUBA ... 651.38 0.25 -44.01 21.23 8.62 ManulifeFin MFC 6.8 511.36 -0.08 35.23 55.25 23.06 Sea SE ... dd 54.39 0.76 Kinder Morgan KMI 7.2 .2625 /.25 Q May15 /May04 -57.24 69.65 15.26 MarathonPetrol MPC 9.0 625.76 -0.18 -18.27 64.17 39.02 Seagate STX 5.3 748.63 0.74 -5.47 69.17 46.03 CMS Energy CMS 2.7 25 59.40 0.16 -24.02 97.08 53.94 51job JOBS ... 59 64.51 -2.25 Pool POOL 1.1 .58 /.55 Q May29 /May15 -33.47 51.30 26.52 CNA Fin CNA 5.0 829.81 -0.11 -23.06 1347.64 710.52 Markel MKL ... 7 879.54 -1.89 -28.47 46.88 17.06 SealedAir SEE 2.2 15 28.49 0.31 -22.98 66.78 29.36 FirstAmerFin FAF 3.9 844.92 2.66 Star Group SGU 6.6 .1325 /.125 Q May12 /May04 -43.00 11.99 5.06 CNH Indl CNHI 0.0 66.27 -0.07 -13.20 46.12 25.89 FirstIndRlty FR 2.8 18 36.03 1.02 11.05 449.94 263.69 MarketAxess MKTX 0.6 78 421.02 3.24 s 27.81 146.32 62.90 SeattleGenetics SGEN ... dd 146.04 5.16 -34.27 187.29 81.11 CNOOC CEO 8.2 6 109.55 0.44 -14.81 122.34 70.06 FirstRepBank FRC 0.8 19 100.05 0.97 -46.70 153.39 46.56 Marriott MAR 0.0 21 80.71 -0.39 -16.18 161.87 88.00 SempraEnergy SRE 3.3 18 126.97 1.47 Xilinx XLNX 1.7 .38 /.37 Q Jun03 /May13 -29.61 40.88 17.73 CRH CRH 3.2 12 28.39 0.72 -27.02 69.23 28.47 FirstSolar FSLR ... dd 40.84 -1.45 -16.26 119.88 74.33 Marsh&McLen MMC 2.0 27 93.29 0.70 -35.86 54.72 18.25 SensataTechs ST ... 20 34.55 1.37 -11.80 80.73 46.81 CSX CSX 1.6 15 63.82 2.35 -12.92 52.52 32.00 FirstEnergy FE 3.7 43 42.32 -0.71 -36.58 281.82 135.08 MartinMarietta MLM 1.2 18 177.35 -0.39 -21.88 52.89 34.37 ServiceCorp SCI 2.1 18 35.96 -1.15 Reduced -16.13 77.03 51.72 CVS Health CVS 3.2 12 62.31 1.03 2.15 28.86 16.45 MarvellTech MRVL 0.9 12 27.13 0.71 7.30 362.95 213.99 ServiceNow NOW ... 96 302.94 5.63 -16.73 125.05 73.50 Fiserv FISV ... 53 96.29 1.68 1st Source SRCE 3.5 .28 /.29 Q May15 /May05 s 21.87 1839.17 1021.55 CableOne CABO 0.5 58 1814.00 68.23 -36.67 148.22 47.53 FiveBelow FIVE ... 26 80.98 2.56 -16.55 50.06 27.04 Masco MAS 1.3 18 40.05 0.37 -19.96 21.00 12.20 ShawComm B SJR 5.2 16 16.24 0.31 s Alliance Data Systems ADS 2.1 .21 /.63 Q Jun18 /May14 17.40 27.41 13.06 CabotOil COG 2.0 13 20.44 0.40 s 48.35 98.71 46.09 Five9 FIVN ... dd 97.29 1.23 31.64 210.38 128.02 Masimo MASI ... 61 208.07 4.02 -13.28 599.95 325.43 SherwinWilliams SHW 1.1 31 506.06 7.36 16.09 81.43 51.39 CadenceDesign CDNS ... 23 80.52 0.69 -22.63 329.85 168.51 FleetCorTech FLT ... 22 222.62 4.01 -13.34 347.25 199.99 Mastercard MA 0.6 33 258.76 2.90 -41.66 40.00 17.09 ShinhanFin SHG 5.2 222.21 -0.05 Black Stone Minerals BSM 5.4 .08 /.30 Q May21 /May14 -34.78 14.73 3.22 CaesarsEnt CZR ... dd 8.87 0.81 -23.83 59.44 23.85 FlirSystems FLIR 1.7 32 39.66 0.93 -1.07 95.32 44.74 MatchGroup MTCH ... 45 81.23 0.85 61.78 665.74 219.00 Shopify SHOP ... dd 643.19 22.70 Moelis MC 3.8 .255 /.51 Q Jun30 /May04 -21.12 120.73 62.48 CamdenProperty CPT 4.0 38 83.69 0.65 -12.75 65.73 41.93 MaximIntProducts MXIM 3.6 19 53.67 1.23 -19.84 13.27 3.16 Sibanye-Stillwater SBSW ... dd 7.96 0.37 2.25 25.08 17.42 FlowersFoods FLO 3.4 29 22.23 0.11 Patterson-UTI Energy PTEN 3.1 .02 /.04 Q Jun18 /Jun04 2.69 57.54 35.27 CampbellSoup CPB 2.8 30 50.75 0.21 -40.09 100.35 55.40 FomentoEconMex FMX 2.6 15 56.62 0.09 -9.11 174.58 112.22 McCormick MKC 1.6 30 154.26 2.64 -31.10 148.64 68.98 SignatureBank SBNY 2.4 994.12 3.60 McDonalds MCD -65.43 180.06 42.25 SimonProperty SPG 16.2 851.49 -1.66 -32.72 87.62 46.45 CIBC CM 7.8 755.98 0.51 -47.63 10.56 3.96 FordMotor F 0.0166 4.87 -0.02 -6.88 221.93 124.23 2.7 23 184.02 1.98 Foreign -12.76 96.53 65.13 CanNtlRlwy CNI 2.1 18 78.91 1.67 -3.27 121.82 68.87 Fortinet FTNT ... 55 103.27 2.68 1.17 172.18 112.60 McKesson MCK 1.2 dd 139.94 3.37 -23.01 7.40 4.11 SiriusXM SIRI 1.0 28 5.50 0.14 -56.63 32.79 6.71 CanNaturalRes CNQ 8.1 414.03 0.24 -8.45 44.72 28.59 Fortis FTS 3.8 13 38.01 0.20 -24.82 24.29 12.35 MedicalProp MPW 6.8 18 15.87 0.21 -20.16 128.48 66.29 Skyworks SWKS 1.8 20 96.51 3.72 Ardagh Group Cl A ARD 4.9 .15 Q Jun17 /Jun03 Medtronic MDT 15.93 42.00 15.10 SlackTech WORK ... dd 26.06 -0.47 -10.58 275.13 173.26 CanPacRlwy CP 1.1 17 227.98 1.02 -21.01 86.77 37.31 Fortive FTV 0.5 31 60.34 1.74 -12.47 122.15 72.13 2.2 25 99.30 3.47 CompanhiaSBEDP ADR SBS 3.7 .25176 Jul06 /May04 Smartsheet SMAR -27.09 30.12 19.13 Canon CAJ 6.3 19 19.94 0.31 -33.09 73.28 33.90 FortBrandsHome FBHS 2.2 14 43.72 -0.08 -37.48 26.97 10.81 MelcoResorts MLCO 4.2 19 15.11 -0.19 13.51 55.79 30.91 ... dd 50.99 1.95 s SmithAO AOS Dynagas LNG 9% Pfd. ADLNGpA13.0 .5625 Q May12 /May05 -26.08 52.74 9.00 CanopyGrowth CGC ... dd 15.59 0.77 -33.01 39.73 19.81 FoxA FOXA 1.9 924.84 -0.02 6.58 124.95 96.18 MellanoxTech MLNX ... 27 124.89 0.08 -15.22 56.11 33.80 2.4 18 40.39 0.75 MercadoLibre MELI -19.83 52.26 26.07 Smith&Nephew SNN 1.9 28 38.54 0.23 GBLIZ Q -45.44 107.59 38.00 CapitalOne COF 2.8 11 56.15 3.54 -32.64 38.91 19.13 FoxB FOX 1.9 924.52 0.07 -0.12 756.48 422.22 ... dd 571.27 -15.44 Gl Indemnity 7.75 Nt 2045 8.6 .48438 May15 /May01 -10.47 92.64 65.25 Merck MRK 3.0 21 81.43 0.55 13.13 128.43 91.88 Smucker SJM 3.0 22 117.80 0.99 -0.51 60.69 39.05 CardinalHealth CAH 3.8 dd 50.32 1.00 31.90 138.56 69.50 Franco-Nevada FNV 0.7 74 136.25 2.99 INVESCO IVZ 7.9 .155 Q Jun03 /May11 18.96 89.44 52.24 MercurySystems MRCY ... 70 82.21 2.39 -2.02 19.75 7.89 Snap SNAP ... dd 16.00 -0.06 -27.03 169.86 98.25 Carlisle CSL 1.7 15 118.09 -3.27 -38.72 35.77 14.91 FranklinRscs BEN 6.8 615.92 0.06 STX Q -34.67 53.28 22.85 MetLife MET 5.3 633.30 1.40 -31.48 172.61 90.72 SnapOn SNA 3.7 10 116.07 2.40 Seagate Technology 5.3 .65 Jul08 /Jun24 -29.61 34.98 15.21 Carlyle CG 5.2 822.58 0.38 -35.37 13.63 4.82 FreeportMcM FCX 0.0 dd 8.48 0.67 -10.07 873.51 579.40 MettlerToledo MTD ... 32 713.38 10.08 5.93 143.73 43.10 SolarEdgeTech SEDG ... 35 100.73 0.03 -19.06 103.18 37.59 CarMax KMX ... 13 70.96 4.97 2.85 42.75 29.17 FreseniusMed FMS 1.2 16 37.88 0.69 -76.57 56.04 7.80 Carnival CCL 0.0 411.91 -0.26 -21.69 112.47 53.15 MicrochipTech MCHP 1.8 32 82.01 3.21 -16.71 21.66 11.50 SolarWinds SWI ...261 15.45 -0.27 Special ... 17.25 11.50 CarrierGlobal CARR ...... 16.25 0.53 G H I -17.89 61.19 31.13 MicronTech MU ... 22 44.16 0.39 -23.83 66.57 37.30 SonocoProducts SON 3.7 16 47.01 0.13 Capital Southwest CSWC 12.3 .10 Jun30 /Jun15 0.21 115.23 22.16 Carvana CVNA ... dd 92.24 4.43 10.68 190.70 119.01 Microsoft MSFT 1.2 30 174.55 3.13 -7.41 73.86 47.29 Sony SNE 0.4 13 62.96 0.90 -3.28 181.99 114.01 CaseysGenStores CASY 0.8 25 153.77 0.15 -14.41 79.06 26.51 GCI LibertyA GLIBA ... 360.64 -0.17 -19.29 148.88 82.00 MidAmApt MAA 3.8 35 106.43 1.45 -9.37 71.10 41.96 Southern SO 4.4 13 57.73 0.93 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: 7.26 68.78 31.04 Catalent CTLT ... 72 60.39 1.74 15.16 65.34 30.90 GDS Holdings GDS ... dd 59.40 0.20 -29.10 5.54 3.32 MitsubishiUFJ MUFG 4.6 93.85 -0.02 -27.61 44.82 23.43 SoCopper SCCO 5.2 16 30.75 -0.13 -22.78 150.55 87.50 Caterpillar CAT 3.6 11 114.04 1.13 ... 17.95 11.92 GFLEnvironmental GFL 0.3 dd 15.18 -0.28 -25.89 3.20 1.96 MizuhoFin MFG 4.6 33 2.29 ... -45.67 58.83 28.80 SouthwestAir LUV 2.5 729.33 -0.81 semiannual; S2:1: stock split and ratio; SO: spin-off.

New Highs and Lows | WSJ.com/newhighs 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 EmergentBiosol EBS 74.00 10.1 NordicAmTankers NAT 5.89 7.1 TeladocHealth TDOC 196.51 3.1 AkazooWt SONGW 0.04 -27.2 FSB Bancorp FSBC 11.34 -5.5 OportunFin OPRT 5.26 -6.0 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American Envela ELA 3.80 4.2 Okta OKTA 156.41 2.2 ThermoGenesis THMO 10.16 14.1 Akazoo SONG 1.06 -22.3 Flexsteel FLXS 8.25 1.7 OspreyTechWt SFTW.WS 0.51 -1.7 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest Exelixis EXEL 26.74 0.6 OpesAcquisition OPES 12.85 ... TottenhamAcqnI TOTA 10.85 ... Ambev ABEV 1.90 -5.7 GlobalIndemnity GBLI 22.27 -0.4 PatriotTransport PATI 8.30 -7.2 session. %CHG-Daily percentage change from the previous trading session. Five9 FIVN 98.71 1.3 OricPharm ORIC 26.85 61.1 21 Vianet VNET 17.37 -2.3 AmerEagle AEO 6.54 -2.3 Gogo GOGO 1.48 -1.9 Perma-PipeIntl PPIH 5.59 1.7 GenMarkDiagn GNMK 11.90 5.4 PapaJohn's PZZA 73.83 7.2 VeevaSystems VEEV 191.05 1.6 ArchCoal ARCH 23.03 -9.3 GolubCapRt GBDCR 0.40 -2.8 PivotalInvCorp.IIWt PIC.WS 0.47 -8.9 Friday, April 24, 2020 HL Acqns HCCHU 12.03 8.6 ParamountGoldNV PZG 1.20 14.6 Vermillion VRML 1.54 3.4 BancSanBrasil BSBR 4.00 -8.4 GrupoSimec SIM 5.81 -3.6 Precipio PRPO 0.55 -0.9 RosehillRscsWt ROSEW 0.01 -9.8 HalozymeTherap HALO 23.79 6.0 PetMedExpress PETS 34.85 2.5 WeisMarkets WMK 49.01 2.0 ChardanHlthcr2 CHAQ.U 9.98 -0.2 HMN Fin HMNF 15.00 1.7 52-Wk % 52-Wk % 52-Wk % SecooHolding SECO 2.20 1.8 KerosTherap KROS 30.89 3.8 PluristemTherap PSTI 13.29 20.0 WestPharmSvcs WST 196.25 4.3 ChurchCapIII Wt CCXX.WS 1.19 -3.7 Hexcel HXL 26.69 -1.6 WheatonPrecMet WPM 39.97 2.1 SouthPlainsFin SPFI 11.30 0.3 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg EliLilly LLY 164.90 1.9 Quidel QDEL 136.52 7.6 ComfortSystems FIX 29.00 3.7 InnSuitesHosp IHT 0.94 3.4 Wingstop WING 114.50 4.2 StudioCity MSC 15.51 0.2 Luminex LMNX 34.97 2.5 Repligen RGEN 119.23 2.9 Corts JCPen JBR JBR 0.79 -23.6 ItauUnibanco ITUB 3.59 -8.5 AngloGoldAsh AU 27.63 1.1 CueBiopharma CUE 25.86 -1.1 ZentalisPharm ZNTL 30.78 7.2 SunCokeEnergy SXC 2.43 -2.2 Masimo MASI 210.38 2.0 SeattleGenetics SGEN 146.32 3.7 DunxinFinl DXF 0.37 -10.6 Leaf LEAF 1.03 -4.5 Highs ArcturusTherap ARCT 23.64 10.0 Cytosorbents CTSO 9.65 12.2 ZoomVideo ZM 181.50 -6.1 TIM Part TSU 10.51 -12.3 BioMarinPharm BMRN 97.65 4.5 DexCom DXCM 334.27 3.2 MellanoxTech MLNX 124.95 0.1 SilganHoldings SLGN 34.45 1.3 ECMOHO MOHO 4.42 -2.4 Manitowoc MTW 7.34 -1.4 TelecomArgentina TEO 6.70 -4.7 ATN Intl ATNI 70.18 0.3 CC Neuberger I PCPL 10.09 0.6 DocuSign DOCU 105.44 2.8 Mesoblast MESO 20.57 139.5 SimulationsPlus SLP 43.25 -1.2 Lows EastStoneWt ESSCW 0.04 -33.3 MaysJW MAYS 19.50 -6.2 TelefonicaBras VIV 7.80 -7.2 AlamosGold AGI 8.18 5.2 CableOne CABO 1839.18 3.9 DraftKings DKNG 20.75 10.4 MudrickCapA MUDS 10.64 -0.9 Switch SWCH 17.99 2.6 Embraer ERJ 5.70 -13.0 NatlBankshares NKSH 26.21 2.1 TItanIntl TWI 1.11 -4.3 AlnylamPharm ALNY 147.00 2.8 ChardanHlthcr2 CHAQ.U 10.01 -0.2 DraftKingsWt DKNGW 8.60 24.4 NIC EGOV 25.80 2.4 SwitchbackEnerWt SBE.WS 0.96 9.6 AMN Healthcare AMN 43.78 -4.4 EmployersHldgs EIG 26.68 -7.3 9F JFU 5.49 7.9 TremontMortgage TRMT 1.63 -1.2 P2JW116000-4-B01000-1------XA

B10 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | B11 MARKETS Stock Indexes Suffer Losses for the Week, Despite Friday Gains

U.S. stocks climbed Fridayat from itsMarch 23 lowbut re- the end of aweek when shares mains down 17%for the year. were batteredbyacollapse in Going forward, though, Dem- oilprices and fresh signs of a ocratsand Republicans may severe economic downturn. have aharder time agreeing on federal aid to hard-hit busi- By Joe Wallace, nesses,afactor that could limit Alexander Osipovich market gains,said Paul Christo- and Xie Yu pher, head of global market strategyatWells FargoInvest- Major indexesopened ment Institute. slightly higher,waffled between In corporatenews, J.C. Pen- smallgains and losses formuch ney shares slid 11% afterthe of the morning and gathered Journal reported that the re- momentum in afternoon trad- tailer is in advanced talks for ing,closing near session highs. bankruptcy funding with a TheDow Jones Industrial group of lenders. Averagerose 260.01points, or Freeport-McMoRan wasthe 1.1%, to 23775.27.The S&P 500 best performing stock in the ticked up 38.94 S&P 500,rising 8.6%, afterthe FRIDAY’S points, or 1.4%, to mining companyoutlined plans CERRIL/REUTERS

MARKETS 2836.74, and the to cut operating coststhis year BE tech-heavy Nasdaq by $1.3billion. NIEL

Compositeadded 139.77points, With resultsinfromabout a DA or 1.6%, to 8634.52. quarter of the companies in the Mexico said its hedge would reap a $6.2 billion windfall. State oil firm Pemex’s Cadereyta refinery, on the outskirts of Monterrey, Mexico. All three indexessuffered S&P 500,first-quarter earnings losses forthe week,reversing areprojected to drop 16% from course aftertwo consecutive ayear earlier,according to weeks of eye-popping gains. FactSet. Projections have con- Oil Hedging StrategiesBring TheDow fell 1.9% forthe week, tinued to fall in recent weeks as afterits biggest two-week rally morecompanies have reported. sincethe 1930s. Oil prices rose at the end of Theeconomic toll of lock- atumultuous week in energy Windfall to Some Producers downsimposed to stymie the markets. Futures contractsto coronavirus has become in- deliver U.S. crude oil in June creasingly apparent, with job- gained 2.7% to $16.94abarrel BY BENOIT FAUCON tled the agreement, resisting ment haspaid as much as $1 is hedged at an implied sales lessclaims shooting higher in on Friday. But they still suffered OPEC’sdemands that it join in billion ayear in options negoti- priceof$52 abarrel, according the U.S. and gauges of business losses of morethan 30% forthe Not all oil companies are an emergencyproduction cut. ated with banks and oil compa- to IHS Markit. activity sinking world-wide. week,the worstweek forU.S. equal when it comes to the Unlikeother countries in the nies. NewYork-based Hesssays it Investorssay the stock mar- crudefutures ever.The slide is pain of sharply lowercrude negotiations,America’sneigh- President AndrésManuel has hedged about 80% of itsoil ketisvulnerable to further de- anotherindication of the way prices.Some companies and bortothe south has profited LópezObrador said Wednesday production, most of it at $55 clines as the downturn gathers the pandemic has shut down national producersaround the handsomely from oil’span- that the hedgewould allowthe per barrel forWest Texas In- momentum, leading to profit swaths of businessactivity,said world bought insurance—in the demic-driven pricerout. countrytoreap a$6.2billion termediate. That meansthe warnings, dividend cutsand Altaf Kassam,head of invest- form of hedging strategies—for Thedeal sawRiyadh, Mos- windfall. companywill makeaprofiton bankruptcies. ment strategy forState Street just such acollapse. cow and Washingtonagree to “Weprotected the Ministry most of the 200,000 barrels a “We’re experiencing one of Global AdvisorsinEurope. This hedging tool kit allows lead acoalition of oil exporters of Finance,” he said. “Wewon’t dayitplans to pump this year the largest demand shocks “The economic dataare cer- some companies such as Hess in keeping 13% of global supply lose money due to the oil-price and will be able to fund its sincethe Great Depression,” tainly pretty dire,” Mr.Kassam Corp.and Cairn Energy PLC off the market. Mexicoeventu- drop.” contribution to an 8-billion- said Robert McAdie,chief said. “A lot of companies,their and countries including Mexico ally decided to join in. Yetthe In recent years, Iraq’sState barrelsGuyana project led by cross-asset strategist at BNP guidanceisunsurprisingly quite to continue pact, the biggest ever of its Organization forMarketing of ExxonMobil Corp. Paribas. brutal.” COMMODITIES selling their kind, has failed to spur asig- Oil and the Abu Dhabi Na- Thanks to itshedging pro- Aseries of spending pack- Investorsbought govern- crude at con- nificant pricerebound as the tional Oil Co.inthe United gram, spending cutsand anew ages approved by Congress, as ment bonds,pushing the yield siderably higher prices when coronavirus pandemic saps oil Arab Emirates have considered loan, “our companyiswell po- well as stimulus effortsbythe on the 10-year U.S. Treasury benchmarkU.S.and global oil demand. hedging but gaveuponthe sitioned forthis low-priceenvi- Federal Reserve, helped fuel the notedownto0.594%, from prices plummet. On Friday, futures forWest idea afterbalking at the com- ronment,” said HessChief Ex- rebound from the depths of the 0.613% on Thursday. Bond Hedging isn’t acure-all. It is Texas Intermediate, the main plexity and costsofthe trans- ecutiveOfficer John Hessin coronavirus selloff in late yields moveinthe oppositedi- complexand expensive, but for U.S. benchmark,wereup2.7% actions and reviewing projec- mid-March. March. TheDow has risen 28% rection from prices. some the strategies provide a at $16.94 abarrel in avolatile Laredo Petroleum Inc., of bit of short-term comfort. trading week.OnMonday, U.S. Tulsa, Okla., and SM Energy S&P500 performancethis pastweek Hedging contractslock in a oil to be delivered in May Hess has hedged Co., of Denver, said they have pricefor acertain volume of oil ended trading at negative their production hedged at 4% that acompanyplans to deliver $37.63, afterclosing last Friday about 80% of its oil WTIprices of $59 abarrel and within aspecific period, often at $18.27 abarrel. That effec- production, most of $58 abarrel, respectively. forasmuch as three years tively meant that sellershad to In the North Sea, Cairn En- 2 from the dateofthe contract. paybuyerstotakebarrels off it at $55 per barrel. ergy says it will be able to Energy sector If market prices drop belowthe their hands. maintain itsoutput of up to agreed-upon or “strike” price On Tuesday, the U.S. oil con- 23,000 barrels aday after 0 of such deals, abank or other tract fordeliveryinJune tum- hedging itsproduction at $62a counterparty to the hedge bled 43%to$11.57 abarrel, its tions that suggested prices barrel. S&P500 agrees to coverthe difference. lowest close in 21 years. Itsre- were headed forasteady rise, Nowhedging is virtually un- –2 It canbeariskygambit be- cord lowis$10.42indatagoing according to officials in these available to companies that are cause hedgerspay banks and back to 1983.Brent crude,the countries. looking to mitigatelosses from Financial sector oil companies to insulatetheir global benchmark price, has Thepracticeiscommon the pricecrash. –4 prices against market fluctua- dropped 68%. among independent North “The downward shiftinthe tions—and they canlose Mexico’s hedging allows it American oil producers. These curveand the increase in vola- money when prices jump. to sell oil at $49 abarrel. The companies don’t enjoythe fi- tility will makeitmuch more –6 As theSaudi-led Organiza- trade,called the Hacienda nancial cushion that most ma- challengingtoadd hedges for tion of thePetroleum Export- Hedge, has been around since jor oil companies have and typ- the remainder of 2020,” IHS ing Countries hashed out ahis- the1990s,helping to insulate ically rely on high prices to said. –8 toric deal with the U.S.,Russia government budgetsfromcom- keep pumping. —Spencer Jakab Mon. Tues. Wed. Thur. Fri. and other oil-producing nations modity market fluctuations.In AthirdofNorth American and Luis Garcia Source:FactSet this month, Mexico nearly scut- the past, the Mexican govern- oil exploration and production contributed to this article.

chancetoearn money at higher functioning during tough times. uid market in the world: the one corporatedebt. It intervened to trading blowups nearly brought Bank Shift ratesand jump in. Prices would It wasclear in September, forU.S.government debt. prop up money-market funds, down firms including Morgan abate. That didn’t happen. said AlexRoever,head of inter- Sharp swingsinTreasury exchange-traded funds and Stanley and Merrill Lynch—but “The panicwas aclassic run estratestrategyatJPMorgan, bond prices in March showed short-term corporateIOUs. it addedtothe overall ecosys- Hampers on the bank,” said ScottSkyrm, that banks’ ability to step into marketsattheir breaking point. Over the past six weeks the temofbuyersand sellers, which arepo trader at CurvatureSecu- misfiring marketsand smooth The30-year bond had itsbig- Fed’sportfolio of securities and helped smooth out bumps. rities LLC.“Cash investorsdid them “was already challenged.” gest weekly movesinceOctober other holdingshas grownby TheDodd-Frank legislation of Fed’s Plan not pull cash out of the market, When coronavirus hit, stocks 1987.The 10-year bounced be- morethan $2 trillion, to $6.6 2010 shutteredthose proprie- but they made borrowing cash plummeted. Investorsfled gold- tween 0.335% and 1.25% inside trillion. TheFed is “nowthe tary trading desks and limited moreexpensive.” plated bonds forthe safety of of two weeks.Sothe Fed commercial bank of last resort banks’ ability to take risks even ContinuedfrompageB1 Not until the Fedstepped in cash, sparking aracefor U.S. stepped in,buying Treasurys forthe entireeconomy,” said as middlemen forclients. banking system” today, said with hundreds of billions of dol- dollars.Money-market funds, even faster than it didin2009— Michael Feroli, JPMorgan’schief Those same limitations are Jean Boivin, head of BlackRock larsinrepo funding did the whichlend to businesses over- some $720 billion over 10 days economist. also clearinlending. Investment Institute, the think- market begin to stabilize. night, struggled to stay liquid. in lateMarch and early April. In the 2000s,lighter regula- Over thepast decade,more tank arm of the world’sbiggest Bankexecutives and traders This is when banks usually TheTreasurymarket stabi- tions allowedbanks to hold big lendinghas moved outside of asset manager.“Thetraditional sounded the alarm. At abanking step intotheir role as the circu- lized, but othersbroke down, positions in, say, corporate banks.New regulations made channel of [the Fed] lending to conferencethat month, JPMor- latorysystemofthe markets, and the Fedrolled out one bonds or mortgages.They also certain types of loans—tolow- banks and having them deployit ganChase &Co.’s chief execu- scooping up assets, matching Band-Aidafter another.Itcut had trading desks that wagered ratedborrowers—uneconomic is not as powerful.” tive,James Dimon, said regula- buyerswith sellersand making interest ratestonear zero, with the firm’sown cash. When forbanks to own, in an effort to Thechanges in regulations tions requiring his bank and money in the process. Unwilling opened up itsdollar reserves to marketslurched, banks had both discouragearepeat of the bor- andmarket infrastructurethat otherstohold loads of cash-like to giveupcash, and with their central banks around the world the freedom and the financial rowing bingethat set off the made banks safer than they assetswould hamper the ability trading limited, they couldn’t and pledged to buy hundreds of incentivetokeep trading. mortgagecrisis. were in 2008 also made them of banks to help keep markets steady the safest and most liq- billions of dollarsinpublic and It didn’t always end well— Private-equity firms and less effectiveattheir basic job: hedgefunds stepped in, lending moving money from those who Percentage of assets directly to companies and buy- have it to those who need it, Bank assets Bankskeepmoreholdings ingupconsumer loans from a which could be adragonthe in high-quality, liquid assets. newcropofonline lenders. nation’sfinancial recovery. Theresult is that many TheFed is charging intothe 20% American consumersand busi- gap, increasing itssway over the nesses gettheir credit not from economyand putting Washing- 1Q 2005 Bankshave been lessactivein 4Q 2019 theirlocal bank—which the Fed tonatthe center of business. At $10.3trillion lending and trading even though they $18.6trillion Mortgage canpress intoservicetojump- the end of March, the central securities start the economy—but from in- bank said it would lend straight arebigger than ever. stitutions that areoutside the to struggling companies,by- bankingsystementirely. passing banks. 2005 Nonbanks like auto makers Awarning sign flashed in ’10 and cardealerships wrotehalf September.Almost overnight, a ’15 of newcar loans last year,ac- 10 Treasurys crucial but oftenoverlooked ’19 cording to Experian. Nonbanks Number of banks =100 banks part of the financial system likeQuicken Loans Inc.and brokedown—the market for loanDepot.commade 59% of Treasuryrepurchase agree- home loansthrough the first ments, or repo,wherebanks and nine months of 2019,according asset managersborrow for to Inside MortgageFinance. short periods using government “Banks arenot just opening debt as collateral. Thegoing up the fire hose full blast,” said ratesfor repo spiked on Sept. Reserves Darrell Duffie,afinanceprofes- 16,tripling in the course of an 0 sor at StanfordUniversity.“The afternoon from 2% to about 6%. 2005 2019 2010 ’15 Fed’smoney is getting out there, Historically when this hap- 8,833 8,6808,534 8,3058,012 7,6587,357 7,0836,812 6,5096,182 5,9135,670 5,406 5,177 but it seeps through the system pened, bankswould seizethe Sources: Federal Deposit InsuranceCorp. (banks, assets); Federal ReserveBank of Kansas City(liquid assets) moreslowly.” P2JW116000-4-B01200-1------XA

B12 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY

ing. Uncertainty is the Pricing Uncertainty immeasurable chance of CBOE Eurekahedge Tail Risk being killed by a falling Hedge Fund Index piano before collecting the prize. 40% Thepoint wasnicely underlined when behe- Cumulative 20 moth hedgefund Long- return sincethe Term Capital Manage- end of 2007 ment, which used 0 mathematical models of risk to placeleveraged –20 trades,was undone by the black swanofthe late-1990s Asian finan- –40 cial crisis. RECESSION Cash isn’t the only –60 hedgeagainst uncer- 2010 ’15 ’20 tainty.Inaddition to recommending crypto- Source:Eurekahedge currencies,Mr. Taleb ad- vises Universa Invest- No Shelter From ments, afund that uses will always be.The natureofun- options contractsto certainty is that investorswill constantly bet on a never knowahead of time whether stock-market disaster. they should hedgemore. Nor will TheNextStorm Client letters showthat companies. Universa made a 4,000% Global airlines had enough cash return in the firstquar- to survive three months without ter. TheEurekahedge income, which would have been Investors should avoid believing Tail Risk HedgeFund In- enough to navigate most crises dex, which looks at simi- that didn’t involve an unprece- O they can predict the unpredictable lar,lessextremestrate- dented 70% fall in air traffic. Even JAS gies,isup66% this year. if their buffers were multiplied by

MIKEL Theveryidea that a 10 it might not be enough for the pricecan be put on un- next pandemic. certainty,though, is a So howshould investorsand of- Covid-19 has posed amind-bend- Friendly Skies the result of soaring profitability, contradiction worth exploring. ficials take uncertainty intoac- ing question forcompanies,inves- and wasdisbursed only afterramp- Some data does point to mar- count? Individually,weak compa- Topglobal airlines, tors and policymakers: Howtopro- ing up capital investments. Data kets structurally underpricing un- nies should indeed be encouraged 12-month rolling average tect against the next extreme also suggeststhat S&P 500 sectors certainty: Shares in companies to hold morecash. Forindustries as “black swan” event? Thetempta- $60 billion that paymoremoney back to with stable profits and less debt awhole,however, the strength of tion to find aconcreteansweris shareholderstend to be morefinan- historically outperform. Yet ever public institutions is what matters. best resisted. cially resilient. Western companies since the fall of LTCM, options Western governmentsare right not 40 This is the financial teaser at the Operating have actually increased their cash markets do clearly price in an in- to rely on prolongedbankruptcy heart of political questions such as cash flow bufferssubstantially over the past surance premium for uncertainty. procedures during asystemic crisis, whether airlines arevictims of the 20 Cash paid to two decades. Remaining invested in the Eureka- and would benefit from setting up investors pandemic or undeserving recipients Thedebateboils down to the hedge Tail Risk index since 2007 faster mechanisms to bail out firms of taxpayermoney.Earlier this 0 question of whether thereisacer- would have delivered a loss for in- and households—in addition to ex- month, U.S. carriersreached an tain level of preparedness that vestors—in much the same way panding medical resourcesahead of agreement to receive $25 billion in policymakersshould enforce to that, over long stretches of time, the next pandemic. Free cash flow grants from the federal government –20 help companies deal with unex- insurers tend to make money at Yes, such moves would encour- despitethe fact that, over the past RECESSION pected events. the expense of the insured. agerisk taking,but that is what ad- decade,they have returned to –40 Economists Frank Knight, John Of course,lotsofmoney canbe vanced economies arebuilt on. shareholdersessentially all of the 2010 ’15 Maynard Keynes, as well as mathe- made by buying protection at the Emerging markets, which often free cash flow they earned—rather matician Nassim Nicholas Taleb— right time,just likewith anyother don’t have institutions capable of than investing or saving it. Source:FactSet who famously coined the term financial asset. Late last year,Ray stepping in when needed, typically Detractorssay that carriers “black swan” to refer to events Dalio’s hedgefund Bridgewaterwas trade at adiscount. should have been forced to file for that are impossible to foresee— among those to spot that options What investorsshould avoid is bankruptcy.Some analysts, such as Limiting payoutsduring emer- have all underscored the difference hedges were cheap relativetoan putting toomuch trust in hedges UBS’sVictoria Kalb,havewarned gencies makes sense,and executive between “risk,” which can be mea- overconfident equity market.Uni- against uncertainty that arepro- that regulatorsand socially minded compensation should getmore sured to a reasonable degree based versa’ssuccess mayevensuggest vided by the market itself.They fund managersmay penalizebuy- scrutiny.Yet except at debt-ridden on past probabilities, and “uncer- that the chanceofextremeevents could all tooeasily turn intothe backs and dividends,evenafter the American Airlines,the extracash tainty.” When betting on a coin wasunderpriced. very black swanthey arehoping Covid-19 crisis is over. U.S. airlines sent to investorswas flip, risk is the 50% chance of los- But this doesn’t mean that it to avoid. —Jon Sindreu

Don’t Fightthe ECB OVERHEARD CTION LLE CO Over Italy’s Debt Theysay absencemakes the

heart grow fonder.Global lock- EVERETT downs certainly have led to are- : markable change of heart when ANT The central bank has the crippled country’s back it comes to airline satisfaction. TEND Between baggage charges, AT flightdelays and change fees, GES; “Don’t fight the Federal Reserve” pean stocks. But investors should consumers overthe years have IMA

has been apopular adageamong realize that, when it comes to had alot to gripe about. One ETTY tradersoverthe past decade of their own debt, Italy and Spain are universal complainthas been /G surging bond prices.Itapplies in a much stronger position than cramped quarters. ADelta Air equally to the European Central the latest diplomatic wrangling Lines Inc. ad forupgraded “Com- MILLER Bank and Italian debt. might suggest. fort+” seating waswidely ETHAN

Yields on 10-year Italian govern- Thered line that rich European mocked on Twitterlastyear for T: ment bonds arehovering around countries seem unlikely to crossis whatlooked likeacouple in ana- OR

2%. Thespread relativetoGerman explicit mutualization of past bor- tomically impossible bliss. AIRP debt, which is seen as free of de- rowing.Germanydoesn’t want to But oh, how quickly we for- The sharp decline in travel has hurt credit card companies. fault risk,has widened to around shareItaly’s public debt burden, get. Amid global lockdowns, which amountstoalmost 135% of onetime fliers are now confined the Italian economy. to their homes. After reporting Safe Bet Yet this is already happening its first quarterly loss in more Credit Card Travel Perks Italy’sspread relativetoGermany for under the surface. The ECB keeps than five years earlier in the yieldson10-year governmentbonds Italian and Spanish debt trading week, Delta took to Twitter it- close to German debt in terms of self on Thursday to reminisce Just Won’t Fly 6 pct. pts. yield and, whenever markets have about better times. “What do pushed the envelope, it has you miss most about travel- pledged to buy as many bonds as ing?” the airline tweeted to its Credit cards and travel have tainment spending will rebound necessary to bring spreads down. 1.5 million followers. been intertwined for years. The when the virus fades, other Officials did so in 2012, and again Responses flooded in, with coronavirus will put the strength changes may prove sticky. On Fri- this year. This dynamic is much upgrades and hospitality at the of that pairing to the test. day, Amex Chief Executive Stephen 4 more powerful than any corona- top of many lists. One flier said American Express on Fridayre- Squeri noted that the development bond, because it affects all out- he felt so isolated he even ported asharp drop in card spend- of remote-work capabilities could standing and future debt. missed “the mass crowding ing in the travel-and-entertainment, become a long-term drag on busi- TheECB’sactions,together when boarding.” Many missed or T&E, category.The weekly aver- ness travel. with the temporarysuspension of “getting blasted on the plane.” ageonAmex’sproprietarycards The broader industry relation- 2 EU budget rules,should open the Some said getting away from wasdownalmost 95% this year ship between airlines and card-is- door forItaly andSpain to deploy their families. Others said just through April 19 versus the same suing banks is facing other strains, as much fiscal policyasneces- getting away. period ayear earlier,and remains too. Amid the pandemic, some air- sary, just likeother Western na- As miserable frequentflier flatlined.All other categories were lines have raised with their bank- tions aredoing. Ryan Bingham (playedby together down by roughly 25% to ing partners the possibility of buy- To be sure, spreads haven’t yet George Clooney) said in “Up in 30% over the same period and have ing frequent-flier miles in advance 0 Weekly closed afterwidening in March. the Air,” moving is living. been trending upwardmost re- to provide needed liquidity, The 2010 ’15 ’20 One reason is that the ECB hasn’t cently,the companysaid. Wall Street Journal has reported. Source:Refinitiv specified an explicit target for T&E now represents about 30% Banks have for some time been them, but investorsshouldn’t doubt of Amex’s proprietary billed busi- feeling a squeeze between card- that officials have the powerto ness, and corporate T&E about 5%. holders chasing ever-bigger re- one-year highs.Spreads on Span- close them. They would likely in- Do you But the links between travel and wards and airlines seeking a big- ish, Portuguese and Greek debt crease the sizeoftheir emergency miss cards go well beyond direct spend- ger share of card profits. have moved in lockstep with Italy’s. purchase program if spreads stray flying? ing on those categories in the card Card companies are already ad- On Thursday, German Chancellor much above3percentagepoints. industry. Airlines and hotels are justing to the new environment. Angela Merkel ruled out massiveis- Amoreworrying problem is that some of banks’ major partners for Amex says it has been working on suanceofjointly held European the spat about coronabonds seems rewards cards. Premium cards like adding rewards linked to its pre- bonds,dubbed“coronabonds,” after to be fueling some anti-European JPMorgan Chase’s Sapphire Re- mium cards for categories like European Union leadersonceagain sentiment in Italy.But apublic con- serve offer higher reward levels wireless connectivity and stream- failed to reach any concreteaccord sensus to quit the currencyarea for travel expenditures, and trav- ing entertainment. JPMorgan is re- on arecoveryfund that goes be- still looks likeanunlikely scenario. eler perks like airport-lounge ac- bating some customers $100 of the yond the current €500 billion ($539 Investorsare still right to worry cess. These cards usually carry $550 annual fee for its Sapphire billion) in pandemic-fighting aid. about the impact of the eurozone’s heftier fees. Reserve card. Some analystshope that Spain’slat- endlesspolitical dysfunction on So Amex partner Delta Air These are good first steps. But estproposal of an extra€1.5trillion corporateprofits and stocks.When Lines’ comment this week that it card companies may need to think in grantsfunded by perpetual debt it comes to a2%return on asover- will take two or three years for air hard how to reposition business could lead to some rapprochement. eign bond backed by the ECB, travel to recover is a big deal for models that have long been aimed This is unlikely to happen, however, they canhappily just clip card issuers, too. at frequent travelers. which doesn’t bode well for Euro- the coupons. —Jon Sindreu While some travel-and-enter- —Telis Demos P2JW116000-4-C00100-1------XA

Flock Wisdom Holocaust Studies Birds like these greater Lucy S. Dawidowicz anis can teach humans a and the politics of lot about cooperation C3 REVIEW Jewish history Books C7

CULTURE | SCIENCE | POLITICS | HUMOR THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | C1 CKER NEUBE T BER RO IONS AT TR US ILL

Indeed, akind of conven- Whatif could go on for years? Reopening the tional wisdom has emerged it takesus Thedamagefromapro- among public health officials longed economic shutdown and policyexperts. We’retold years is difficult to contemplate. that lifewill go back to nor- to develop Tens of millions of Ameri- mal just as soon as we’ve cans have already lost their U.S. Economy reached aseries of public avaccine jobs.Countlesssmall busi- health milestones: near-uni- for nesses have closed—many versal testing,the develop- forgood. Twomonths ago, ment of effectivetreatments, Covid-19? 20% unemployment seemed Even if the theemergenceofherdimmu- unthinkable.Two months nity and, ultimately,approval of avaccine. from now, 20% unemployment might But this conventional wisdom has a seem like the good old days. critical flaw.We’vetaken forgranted that Americans areoptimistic by nature, Pandemic Endures our ingenuity cansolvealmost anyprob- and the public is right to hope forthe lem. But what if,inthis case,itcan’t? best. But policymakersmust preparefor What if we can’t scale up coronavirus the worst. And that means we must con- It’s not true that the only way to improve public testing as quickly as we need to?What if sider options forreopening the economy it takesussix or 12 months,instead of in aworld in which we have not com- health is by shutting down the economy three, to identify an effective treatment pletely controlled the Covid-19 pandemic. and the only way to improve the economy is by forCovid-19? What if thosewho recover Time is of the essence. Everyweek mat- from the disease fail to gain immunity ters.A2016 study by the JPMorganChase sacrificing public health. By Avik Roy and are therefore susceptible to getting Institutefound that the median small busi- reinfected? And what if it takesusyears nessholds just 27 days’worth of cash in to develop a vaccine? reserve. Forrestaurants, retail shops Oncewestart asking these ques- and construction firms,the buffer sthe Covid-19 shutdown enters itssecond month, tions,aterrible truth becomes is even thinner. clear: Thescenario in which we Thegood news is that there policymakersand commentatorshaveemphasized meet all the public health areways to getAmericaback to thatwe’renot yetout of the woods.Deaths and milestones,and then return Pleaseturntothenextpage hospitalizations arecontinuing to rise,albeit more to our regularly scheduled economic programming,is Mr. Roy is president of the slowlythan before. Theflattening curves have en- highly optimistic.Amorere- Foundation for Research on couraged some people to talk about reopening alistic scenario is that we will Equal Opportunity and the Athe economy, and otherstorise in protest fail to reach one or moreof co-author (with Lanhee Chen, the milestones.Ifthat hap- Bob Kocher and Bob Wachter) against ongoing restrictions,but most Americans remain cautious. pens, do we prolong the eco- of the foundation’s “A New We’vebeen willing to endurethe staggering economic damagebe- nomic shutdown forsix Strategy for Bringing People cause we’reconvinced thatit’snecessaryfor public health—and months or longer? Do we im- Back to Work During Covid- pose aseries of on-and-off 19,” from which this essay is thatthe lockdowns won’t last toolong. stay-at-home ordersthat partially adapted. Inside HISTORY LESSONS WEEKEND PARENTING Yoga CONFIDENTIAL

Geraldine Brookswrote a Magic For ex­spouses, novelonthe self­sacrifice Data­security raising children of English villagersfacing Today’swellness expert Harri in a pandemic staple began as an Hursti says U.S. aplague in 1665and now ascetic discipline that requires wondersifwecan follow promisedsuper- voting is far too overcoming old their example. C4 natural powers. C5 easy to hack. C6 divisions. C5 P2JW116000-4-C00200-1------XA

C2 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. REVIEW

As Joel Kotkin, ascholar of The Unique cities at Chapman University in California, says,itmay be Catastrophe Unfolding the lethal convergenceofall three factors. “Ifyou put to- In New Yo rk City gether density,levelsofpov- erty and relianceonamass- EDITOR transit system, youhaveahat AT LARGE IT ISN’T AN EXAGGERATION is counting thousands of peo- trick,” he told me. GERARD to state that the coronavirus ple who died outside hospitals But even that maynot ex- BAKER crisis in the U.S. is, in many who weren’t diagnosed with plain the extent of NewYork’s ways, a New York public Covid-19.) unique catastrophe.Around health crisis. This is not in any But even allowing forsome the world, the highest death way to belittle the suffering margin of error,the numbers rateshaveoccurred where The across the nation, but it is amount to one death in New hospital systems were over- hard to overstate the dispro- York City forevery 500 people. whelmed in the early stages of terrible portionate role that the Em- Not—remember—one death for as critics of the pol- New York subway nation. Density the crisis.This is especially death pire State has played in Amer- every500 people with Covid-19 icyresponse to the passengers alone doesn’t seem true in northern Italy.Anec- toll is ica’s current woes. but one death forevery 500 crisis have said. In wearing protective to account forthe dotally,atleast, it seems that According to the latest esti- residents of the city. Think American terms,it masks on Monday. scale of the differ- the same happened in New difficult mates by the University of about that. That mightbea canbesaid that it is ential between New York: Largenumbersofsick to Washington’sInstitutefor handful of parentsorgrandpar- NewYork alone that makes this York’sfatalityrates andthose people never gottohospitals, explain Health Metrics and Evaluation, entsatyour averagehigh pandemic…a pandemic. of other cities.New York has arrived toolateor, in the im- by August, 67,000 Americans school, or one or two co-work- This might change, and of twicethe density of London but possible circumstances that just by will have perished from this ersonyour officefloor. course the totalnumber of three times the deaths,and the medical personnel were con- the fact pandemic.The number of Not only is this multiples deaths everywheresofar has differential is even higher for fronted with, were given inef- deaths in NewYork is expected higher than other major popu- probably been held down by cities such as SanFrancisco fectivetreatment. that to be over 23,000—morethan a lation centers in the U.S., it is the social-distancing measures and LosAngeles. Policymay bear some re- ‘a lot of thirdofthe national total, in a way more than any compara- in placeacrossthe country. But Deaths have occurred dis- sponsibility too. It’sfair to ask people statewith lessthan 6% of the ble city in the world. London, whichever way youlook at it, proportionately in poorer ar- if the city’s mayorand the U.S. population. with a similar population, has NewYork is (miserably) unique. eas, where the incidence of state’sgovernor were slower live here.’ New York City alone—a city recorded a little over 4,000 Thereismuch hand-wring- long untreated morbidities to respond to the spread of the of eight million—currently ac- deaths, about a third of New ing by stateand city officials such as heart disease and dia- virus than officials elsewhere. S counts for between 50% and York’s tally. and othersthat all this is some betes have contributed signifi- It will be awhile beforewe NEW

60% of Covid-19 deaths in the If NewYork City didn’t exist, sort of act of God, an unavoid- cantly. But the same is true in getaproper understanding of G state and for perhaps a quar- the likely number of total able catastrophe as aresult of all other cities. what went so tragically

ter of national fatalities. On deaths in the U.S. from this vi- the particular characteristics of The high dependence on wrong—for NewYork and, by OOMBER

current trends, the likely final ruswould be about one forev- NewYork,driven mainly by mass transit also seems to be extension, the U.S. But we will /BL death toll in the city may be ery7,000 Americans.This high population density.There a factor. In other major cities, probably have to do better PICKETT

above 15,000. (The latest data would makeitabout as lethal is clearly much to this.But it’s car commutes are much more than, “A lot of people live Y are fuzzy since New York City as the averageannual influenza, unlikely to be the whole expla- common. here.” HOLL

prehensivetesting,effec- A Realistic Plan for tive treatment and herd immunity as absolutepre- Going Back to Work requisites foraction. Still, the Trump plan is overly cautious about reopening Continuedfromthepriorpage confer immunity or if the the economyand espe- work while we control the spread of protection doesn’t last cially schools.The presi- SARS-CoV–2,the novel coronavirus very long? This is avery dent’steam recommends that causes Covid-19.Weneed to es- real possibility, based on that schools only reopen cape from the false dichotomywhich our experiencewith other in “statesand regions insiststhat the only way to improve coronaviruses,likethe with no evidenceofare- public health is by shutting down the original SARS from 2003 bound” in infections and economyand the only way to im- and even the common hospitalizations. provethe economyisbysacrificing cold. Reopening the schools public health. Thesame issue may is important forthe wel- Howhardwill it be to achievethe makeithardfor biotech fareofchildren, especially conventional public health mile- companies to develop an those in low-income com- stones? Harder than it looks. effectivevaccine.Vaccines munities,but it’salso im- Consider testing. There are two arehardenough to de- portant fortheir parents. principal kinds of tests: those that velop in normal circum- Think of the pharmacist detect if apatienthas developed an- stances. After decades of single mother who can’t tibodies to the virus and those that trying,westill don’t have go to work because the measureviral RNA levels in apa- vaccines against HIV or hepatitis C. high blood pressure, People wait in of nursing home deaths schools areclosed and her children tient’s nasal secretions. Both have The fastest vaccine ever developed cardiovascular disease, line for help with is lower. But, disas- would be leftalone at home.We significant technical limitations.An- foraviral infection is the Ebola vac- diabetes and kidney unemployment trously,New York state might even consider extending tibody testsoften suffer from accu- cine,which took five years. And yet failure. Men appear to benefits in Las has forced nursing school intothe summer,sothat chil- racy problems and canfail to detect manycommentatorstalk about de- have nearly twicethe Vegas, March 19. home operatorstoac- dren and parentscan makeupfor an activeinfection. ViralRNA tests veloping aSARS-CoV-2 vaccine fatality rate of women. cept previouslyhospi- lost time,and camps and summer arehighly accurate, but most ver- within 12 to 18 months,asifitwere Still, the much lowerincidenceof talized Covid–19 patients, exacer- programs also should be released sions must be administered in a a piece of cake. death among younger people war- bating the outbreak. from lockdown restrictions. clinical setting likeadoctor’s office Forthese reasons,it’sessential rants a reconsideration of our one- We must ensurethat nursing Thereare morethingsthat we or ahospital, making them difficult forthe U.S. to moverapidly away size-fits-all approach to stay-at- homesget all the help that they candotohelp improveour econ- to scale up. from an unrealistic checklist of pub- home policies,especially outside the need to protect their residents, in- omy. We should expand the role of To match the modestly high level lic health milestones and to focus hard-hit tri-stateregion of New cluding regular testing forresidents telemedicine for those who cannot of coronavirus testing forwhich instead on the specific biologyof York, New Jersey and Connecticut. and staff.Jails and prisons will also see their physicians in person. We South Korea has been praised, the the newcoronavirus and specific To start, states and localities need additional resources to man- shouldacceleratehighway construc- U.S. would need to administer 7mil- evidenceofhow Covid-19 spreads.If should work as quickly as possible age their most crowded facilities. tion projectswhile road traffic is lion testsaweek.We’ll be fortunate we do that, we’ll find that we have to reopen pre-K and K-12 schools. While we’rereopening the meaningfully reduced. And we if we reach half that number by better options to reopen the econ- Children have averylow risk of fall- schools and the economy to lower- should do moretorestoreconsumer September. omy than we once believed. ing seriously ill due to Covid-19,and risk individuals,and protecting the confidence in air travel. There’s good reason to be confi- Thestarting point foramorere- the majority canand should return vulnerable,weshould makesure But most of all, we have to com- dent that we’ll eventually find an ef- alistic strategy is the key fact that to school this academic year. Swit- that we’reusing modern public pletely changeour mind-set. Instead fective treatment against Covid-19. noteveryone is equally susceptible zerland, forexample,isplanning to health techniques to help slow the of thinking up creativeways to According to the Milken Institute, to hospitalization and death due to reopen schools on May11, based on spread of the virus.The most im- forcepeople to stay home,we thereare morethan 150 drugsbeing Covid-19.Thereisconsiderable evi- research showing that school clo- portant of these is contact tracing. should think hard every day about actively tested against the disease. dencethat younger people largely sures were among the least effec- Oncesomeone tests howtobring more Some of them arelikely to work. avoid the worsthealth outcomes. tivemeasures at reducing European positivefor Covid-19, people back to work. But when will we know? According to the Centersfor Dis- Covid-19 cases. local officials should All of us can That doesn’tmean The first drug to get some posi- ease Control and Prevention, those Children who livewith the el- interviewthe patient thechoices areeasy. tive buzz was hydroxychloroquine, over the ageof65are 22 times derlyorother at-risk individuals to see who he or she see the Minority communities but in the latest published clinical more likely to die of Covid-19 than should continue to stay home. has spent time with in mounting arethe ones most trial, morepatients on the drug those under 55. Teachers and staff from vulnerable previous weeks.The harmed by school clo- died relative to those taking a pla- That is nottosay that younger populations should stay home as officials canthen mentaland sures,because they cebo.Overthe past week,remdesi- people areinvulnerable.We’veseen well, with paid leave.School dis- work backward to talk emotional oftenlack the re- vir, a failed Ebola drug, was gener- significant numbersofdeaths among tricts should immediately begin to to those contacts— sourcesand opportu- ating excitement because of positive those of middle ageand abovewho develop virtual lesson plans for and their contacts, toll of nities to educatetheir anecdotal dataout of Chicago. On suffer from chronic diseases like those who must remain home. and so on—toensure ongoing children in other Thursday, however, the World Similarly,weshould reopen that those at risk get ways. At the same Health Organization inadver- workplaces to healthy, non-el- tested and treated. lockdowns. time,however, a tently posted preliminaryfind- derly individuals who don’t live In recent months, largershareofAfri- ingsfromalarger, randomized with vulnerable people.At-risk East Asiancountries can-Americans areat study,inwhich patientson individuals with jobs should like Singapore, Taiwan and South high risk from Covid-19,sounder a remdesivir actually fared continue to have opportunities Koreahavedeployedamuch more partial reopening,moreblack chil- worsethan those on aplacebo. to work from home or to re- sophisticated version of contact trac- dren mayneed to stay home to pro- Gilead Sciences,remdesi- ceivepaid medical leave. ing,inwhich Bluetooth or GPS-en- tect their families. vir’s manufacturer,insiststhat Andweshould reopen busi- abled smartphones help officials au- Similarly,afaster reopening of “trends in the data suggest a nesses that maynot be “essen- tomatically alert those who have workplaces will requirevulnerable potential benefit.” But if fu- tial” but canbesafely oper- recently been in close contact with individuals of working agetoremain turestudies producesimilarly ated whilemaintaining an infected individual. U.S. compa- home.While that mayfeel likeanin- negativeresults, we maybe appropriate physical distance nies areworking on versions of the equity,getting manymoreAmericans waiting several more months between workersand custom- technology, including some with ro- back to work will have beneficial ef- to find an effective therapy. ers. We should offer afixed- bust privacyprotections. fectsevenfor those who aren’t We’d be lessdependent on dollar per-worker taxcredit to Akey virtue of contact tracing is among the firsttoreturn. treatments if moreAmericans employers who test their em- that it can work in an environment Reopening theeconomyisnot could become immune to SARS- ployees,thereby giving busi- wheretesting forSARS-CoV-2 is far merely about livelihoods,but also CoV-2.Most people who re- nesses an incentivetoscale up from universal. Indeed, if we suc- about lives.All of us cansee the coverfromCovid-19 develop testing and increase consumer ceed in encouraging people to use mounting mental and emotional toll antibodies to the virus; epide- confidence. contact tracing apps in the U.S.,we of our ongoing lockdowns,and we’ve S miologistshope that these anti- Nursing homes areatespe- maybeable to control the spread of learned agreat deal in recent years PRES

bodies will confer protection cially high risk forCovid-19. Covid-19 with the modest levels of abouthow high unemployment in- TED

from futurereinfection. If more Indeed, in manyEuropean testing we already have. creases deaths of despair.Ifwekeep OCIA SS

people cangain immunity,the countries,roughly half of all On April 16,President Trump un- these urgent problems in mind—and /A

viruswill have aharder time deaths due to Covid-19 have veiled his plan forreopening the not just infection ratesand case fa- CHER

spreading,eventually dying out. takenplaceinassisted living economy. It improves on the conven- tality ratios—wemay yetfind our LO But what if antibodies don’t facilities.Inthe U.S.,the share tional wisdom by setting aside com- way out of this crisis. JOHN P2JW116000-4-C00300-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | C3 REVIEW

Greater anis in the Amazonian part of Ecuador, 2015.

NewZealand, they arecheekyand destructive, apt to disassemble your satellitedish or strip all the rubber from your car. Keahaveagenius forworking to- gether. We know this from experi- mentsinwhich researchersgive birdsabox riggedwith four sepa- rate chains that must be pulled si- multaneously to release treats. Knownasthe loose-string experi-

Greateranis that aren’t related work together to raise their young.

ment, it is the standardtest forco- operation in the animal world. Kea aceit—waiting while everyone gets positioned, then yanking the chains all at oncesoeveryone gets the PICTURES treats. They will wait forthe arrival of their helping partners for more MINDEN ; than aminute, beating dogs, chimps

ARFF and even patient elephants. SC Kea’ssuperb collaborativeskills JIM

P: seem to go hand-in-hand with two TO other standout qualities: social toler- OM anceand boisterous play. FR Manybirds have astrict hierarchy determined by fighting,such as ra- BY JENNIFER ACKERMAN eratively, including Australian vens,which will fight to the death Cooperation Is fairy-wrens and North Amer- forsocial status.Not kea. They live luebirds usually ica’sacorn woodpeckers. Yet together in harmonyand showex- seem cheerful, until fairly recently,weas- traordinarylevelsoftolerance, espe- braveand happy. sumed that, forevolutionary cially of their young.Ioncewatched But this time of Forthe Birds reasons,birds that raised their agroup of adult keadining together B year,manyblue- young cooperatively always did peaceably in an aviaryatthe Mes- birdsshowadarker side,ag- so with relatives,intight serli InstituteinAustria. Then a gressively defending their nest groups made up of genetic kin. fledgling sashayeduptothe adults boxesand breeding grounds Close relatives shareapercent- and snatched food away from them against other birds,with Acuckoo from the tropicsand aparrot from New ageofyour genes,sohelping mid-bite—with utterimpunity.It chases,collisions,hostile fly- Zealand model complexforms of collaboration that them passes on your ownge- happened with one juvenile birdaf- bys, even out-and-outphysical we oncethoughtwereuniquely human. netic material. teranother.Letting the young call battles.They bat with their Greater anis break all those theshots: That’sthe keaway. wings, snatch featherswith rules.Membersofthe parent Juveniles’ privileged position in theirbeaks,peck heads,strikeout catedauditorytango, with rapidly al- birds abundant in the tropical for- cooperativearen’t related, as Chris- thekea social system offersthem with their feet. Thefightscan result ternating syllables so perfectly estsofthe Amazon that look likea tina Riehl of Princeton University plenty of freedom to engageinper- in serious injuryand even death. coordinated it sounds likeasingle small crow with along tail and abig, discovered. They come together as petual play, says Raoul Schwing of It isn’t surprising that birds will bird singing.Hawks in NewMexico witchybump on their bills.They are strangers, then work together to the Messerli Institute. Everywhere vie ferociously forfood and nesting hunt together in family packs of up famous fortheir sensational system raise their young,building ashared in the aviary, Isaw both young and sites.Anyone who has watched two to six members, likewinged wolves, of cooperativechild care and for nest, warming the collectivemound adult kea tussling, throwing sticks hummingbirds sparring at anectar to take down large prey. their winning group displays,which of eggs, taking turns looking out for and leavesinthe air,wrestling,roll- feeder knows that it canbeadog- Yetnew research is pointing to resemble afootball huddle or amini predators and feeding the chicks— ing around, impishly snatching feet eat-dogworld forbirds too. Lately, even more surprising sortsofavian pep rally.The birds gather in aclus- probably coordinating their activi- and locking beaks. Kea even have a however, araftofstudies has re- esprit de corps: collaborativedeeds ter, bills directed toward the center, ties through their daily chorusing special call—a sweet, squealy war- vealed some unexpected, intriguing demanding emotional and practical then chorus in unison—a collective huddles.It’sastriking example of ble—that incites play in other kea. behaviorsatthe oppositeend of the intelligenceoncethought the special burbling call likearunning stream avian solidarity. When the birds hear it, they can’t spectrum—birds cooperating,acting domain of humans. or boilingwater. Yetasparagons of birdcoopera- resist letting loose with their own selflessly and collaborating on tasks Arecent experiment at the Max Greater anis breed in cooperative tion,the big,smart, playful green warbling calls and launching into in waysthat we oncethought Planck Institutefor Ornithologyin groups,collectively raising their parrotsknown as keagiveanis arun tomfoolery, flapping up and down, uniquely human. Germanyshowedthat African gray young.Several pairsbuild asingle fortheir money.Known as “clowns flinging objectsaround. It’salot In our primateancestors, complex parrotswill spontaneously help a nest together,whereall the females of the mountains” in their native likethe infectious giggling of small social interactions likecooperation partnerget awalnut by supplying laytheir eggs, and the whole group children. arethought to have provided the se- the other birdwith alittle metal to- caresfor the mixed clutch of young. A kea couple during courtship, Whywould keahaveaplaycall lection pressures necessaryfor the kenthat canbeexchanged forthe Lots of bird species breed coop- South Island, New Zealand. that is so contagious? Dr. Schwing evolution of biggerbrains.Weonce nut, with no apparent benefit to thinks it has to do with their almost assumed that we were nearly alone themselves.Inparrot praxis,one utopian social system: Instead of in this.Truecooperation toward a good turn maydeserveanother: fighting for dominance, kea clown common goal—including sharing at- These highly social birds liveinbig around, using playtokeep the tention and grasping others’ inten- flocks in central Africa’srainforests, peace in their large flocks. tions—requires adegree of cognition and aiding afellowparrot might Thereiswisdom on the wing that we thought possible in only a boost abird’sreputation, helping it here. We should take alesson from handful of other animals,notably el- to getsupport later if it needs to the kea: cooperate, collaborate, ephants, chimps and dogs. find food or shoo away apredator. frolic and laugh so the world laughs Scientistshaveknown forsome TheOscar formost obliging birds with you. time that teamwork existsinthe bird maygototwo species from opposite world. Themost familiar example sides of the world: acuckoo from the Ms. Ackerman is the author, most maybemobbing,when small birds tropics and an alpine parrot from recently, of “The Bird Way: ANew join forces to harassorattack larger NewZealand. Thefirst plays niceto Look at How Birds Talk, Work, ones,often to protect their young. raise itsyoung; the second raises its Play, Parent, and Think,” which Plain-tailed wrens cooperateinsing- young to playnice. will be published by Penguin ing duetsthat areakind of sophisti- Greater anis areawkward,homely Press on May 5.

manyvariant spellings, but printers” in the Government Time Off, they all suggest it wasfirst pro- Printing Office, all discharged nounced to rhyme with “off.” A from service. In 1876,the Daily Once 1637 report of an expedition led Globe of Rutland, Vt., reported by aScottish general spelled it on “a general suspension of op- Temporary, two different ways, telling of erations” by coal-mining firms: “sundryofficershaving taken “12,000 workingmen will be fur- WORD ON forloffes,” as well as alieuten- loughed foranindefinitetime.” THE STREET NowOften ant colonel “taking afore-loofe” In 1940,the WashingtonPost BEN to go to Holland. wrotethat in the Public Works ZIMMER Unclear By the late18th century, the Administration, nearly 400 em- spelling settled into“furlough,” ployees were being “severed with the second syllable pro- from thepayrolls.” “Even nounced as “low.” Theword though they aremasked under COMPANY AFTER COMPANY common, though itsexact the U.S. don’t usually involve also had been extended to the euphonious name of ‘fur- in recent weeks has announced meaning cansometimes be hard reimbursing workersfor wages, other kinds of permittedleave- loughs,’ the dismissals areac- having to furlough manyem- to pin down. Do “furloughs” dif- though employeebenefitsmay taking and came intouse as a tual enough,” the Post reported. ployees,whether retailerslike ferfrom“layoffs?” And does be preserved.) verb as well. Just as in the mili- That murkinesscontinues to Macy’s and Under Armour,en- the ostensibly temporarynature “Furlough” goes back to a tary,afurlough wasseen as a hang over the word.Deborah tertainment giantslike Disney of furloughs potentially mask Dutch word meaning “permis- perk rather than apunishment. Brouwer, apartner with De- and AMC,ormajor carmanu- morepermanent job losses? sion”:“verlof,” which combines That startedtochangein troit-based Nemeth Law, which facturerslike Honda and Tesla. Confusion over the term is Germanic rootsmeaning “for” American usageinthe years specializes in labor and em- even morepronounced in the and “leave.” Theterm originally leading up to the Civil War. A ployment, has fielded questions U.K.,whereBritish officials referred to aleave of absence bill beforeCongress in 1853 to from clientsseeking to under- have described agovernment given to asoldier.Itwas one of reorganizethe Navy detailed stand the differencebetween [Furlough] initiativethat temporarily reim- manywords borrowedfrom howofficerscould be removed “furloughs” and “layoffs.” burses lost wagesasafurlough Dutch—including “beleaguer” from activeservicebybeing Though the terms maybeused program.The BBC reports that and “knapsack”—at atime “furloughed” or even “perma- interchangeably in practice, Ms. “until recently,manypeople in when England and Holland nently furloughed,” implying it Brouwer explains that “a fur- As businesses struggle to the U.K. had never heardof were oftenentangled militarily, wasnolonger considered loughed worker,atleast in the stay afloat during the coronavi- ‘furlough.’” Despiteits use in either as allies or rivals. strictly voluntaryortemporary. current pandemic environment, ruspandemic,the word “fur- English fornearly four centu- Thefirst known appearance Other spheres of employment is expected to be called back lough”—used as both anoun ries,the word’s current mean- of the term in English came in joined the shift. An 1867 article when the health crisis has

and verb forthe temporarysus- ing of atemporarylayoff is 1631 in the writingsofBen Jon- in the Daily Whig and Courier of abated.” It’sanopen question, NG YA

pension of work,typically with- largely an Americanism. (Unlike son, who spelled it as “vor- Bangor,Me.,related that “there however, just howaccuratethat ES out pay—has become all too theBritish policy, furloughs in loffe.” Early on, the word had were furloughed twenty-three definition will provetobe. JAM P2JW116000-4-C00400-1------XA

C4 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. REVIEW

MIND & MATTER SUSAN PINKER The Emotional Benefits of Getting Older

THERE IS NO DOUBT that the coronavirus confinement has filled us with dread. It is also rifewith temptation. Theconstant thrum of competing urgespunctuates our days:Wecan

work or we canscroll through our so- JOURNAL cial media feeds and email. We can REET

snack,drink coffee,eat, nap, take the ST dog forawalk and then work some LL more. Lather,rinse,repeat. With so WA THE

much unstructured time on our R hands,how do we control our urges, FO CIL

and who is likely to be best at the CE task?

According to anew study,the ABETH younger the adult, the worsethey are ELIZ

at controlling their impulses.Pub- GES;

lished in the journal Emotion last IMA month, the study shows that “the big- GETTY

gest predictor of successfully resisting P: your desires is age,” said Daisy Burr, TO the lead author and aPh.D.candidate OM FR in psychologyatDukeUniversity. Youmay be wondering whether time just erodes our urgessothat BY GERALDINE BROOKS A woman survived bubonic there’snot much lefttoresist as we TwoVillages, plague in 1665-66 in this age. Nope.Astudy published in 2016 nthe summer of 1990, house in Eyam, England, but found that strong desires forleisure, beforeSaddam Hus- 19 of her relatives died. sleep and sex, among other pleasures, sein invaded Kuwait, endureatleast until age55. “What is Itook ararebreak Our messageboards lighted even moreinteresting wasthat older I from my job as aMid- TwoPlagues up with petitions to restrict adultsalso experiencestronger de- dle East correspondent for ferrypassagetothose who sires than younger people.Yet they TheWall Street Journal. Es- live hereyear-round or who arestill much betteratresisting caping the hot, dusty land- arebringing needed supplies. them,” Ms.Burr added. scapes of my beat forafew The author of anovelabout Someone suggested that year- Threetimes aday,the researchers days,Iwent forarestorative the noble self-sacrificeofa17th-century round islandersflash their sent smartphone alertstothe study’s ramble amid the moist green- headlights at each other as a participants, 122adultsbetween 20 eryofEngland’sPeak District English town worries that kind of “us-and-them” signal- and 80 yearsofage.Whenever their in Derbyshire. today’spandemic isn’t bringing us together. ing so that non-islanders phones pinged, the participantshad I’dwandered intoBakewell could be shunned. Car-owners to rate howthey were feeling and in search of one of itsfamous with out-of-stateplates re- whether they were experiencing han- pies.ThereInoticed afingerpost wife, whereabotched inscription Twenty yearslater,Isit in my ported rude gestures or refusal of keringsfor food, drink,alcohol, ciga- pointing the way to “Eyam, Plague had been chiseled out and patched ownrural villageatatime of service. When other islanders rettes,social contact, entertainment, Village.” Intrigued by the notion by an unpracticed hand, perhaps quarantine.UnlikeEyam’s, our posted pleas for kindness, there shopping,sex,sleep,social media, to- of luring visitorswith such a an apprenticepressed intoservice quarantine is imposed, not volun- wasoften abarrageofscorn and bacco,drugs, exercise or work.They pitch—pies being moreapt to at- by the death of his master. tary;government-mandated, not even rage. were asked to rate howpowerful their tract touriststhan plagues—I fol- Thestory took root in my religiously inspired. Nevertheless, People arescared. Theisland’s urgeswere, from no desireatall to ir- lowedthe footpath for5miles,up imagination. As Ireturned to Iraq it is my turn to learn who we are small hospital has only three ICU resistible,and howmuch conflict they asteep rise of ground and intoa and Saudi Arabia to coverthe 1991 in atime of crisis. beds and two ventilators. Staff felt beforegiving in to their impulses cluster of aged gritstone cottages. Gulf Warand itsaftermath, Ioften Iliveonthe island of Martha’s levels currently arefor the winter or resisting them. In the parish church of St.Law- wondered about Eyam. Howhad Vineyard, 6miles off the coast of population, not the summer in- These repeated assessmentscon- rence, asmall, stark displaytold the people made such amomen- Massachusetts.The residentshere flux.InMarch, Martha’sVineyard tinued for10days.“When youmea- the storyofthe cottagers’ ordeal tous decision? What haditbeen arefishermen, farmers, builders Hospital and Nantucket Cottage surepeople multiple times aday you in 1665,when bubonic plague liketolivewith itsconsequences? or ownersofsmall businesses Hospital issued ajoint statement gethow much they changefromhour struck the village. Had catastrophe pushed people to that serveasummer influx of asking summer residents to stay to hour,” said GregorySamanez-Lar- Thedisease,thought to have their best selves or their worst? wealthyvacationers. As in Eyam, away to avoid straining the is- kin, one of the authorsofthe study been carried from London in a Hadthe plague brought the com- our churches arenow closed; wor- lands’ limited resources. bolt of infected cloth ordered by munity together or torn it apart? shiperscongregatenot at arms- But thereare,asoftoday, only an itinerant tailor,began to take Sometimes,Iused the yardstick length in adell but in the pixe- 16 cases of Covid-19 on Martha’s hold. Convinced by their pastor, of the cataclysm Iwas witnessing lated distanceofcyberspace. And Vineyard, and the three most se- the villagerstook the unique deci- in the Middle East to cyberspacewego rious were evacuated to hospitals sion to voluntarily quarantine to imagine that ear- to vent our woes in Boston. At present, no one themselves rather than flee,which lier one in England. Had and our worries. here is hospitalized with the vi- would have spread the contagion. Had women in Eyam catastrophe It sometimes gets rus. That could change, but for Forayear,they lived cut off from stepped intounac- ugly there. While now, Ifind myself haunted by im- the world, their supplies leftata customed roles,like pushed Eyam’s residents ages of the lifeboatsonthe Ti- boundarystone at the village the Kurdish book- people to quarantined them- tanic that lefthalf-full and didn’t edge. Illnessracked the popula- keeper forced to flee selves in self-sacri- return to save the drowning for tion,killing an estimated two- with her children their fice to spareothers, fear of being swamped. And by

A thirds of the 300 souls who re- over land-mined bestselves some of us have de- images of nurses elsewherewear- sided therebut sparing the mountain passes, cided that we should ing garbage bags. LENT or

WA surrounding communities. trudging in the high pull up the draw- It’shardtoargue against justi-

SZ Thestory wasmade vivid by heels she had been their worst? bridgetospareour- fied fear.Yet the minister in MA details still evident centuries later wearing to her of- selves.Early posts Eyam did. Writing “Year of Won- TO in thefabric of the little town: the fice job? Had others on our online fo- ders,” I tried to imagine the ser- and aprofessor of psychologyat dell whereservices had been con- become as morally lost as the rums were full of vitriol against monthat convinced his flock to Duke. He wanted the study to reflect ducted afterthe church was Iraqiboy-soldier who strafed summer residentsseeking refuge stay.Ithought he might have the emotional ups and downs of real closed, the surviving congregants these fleeing civilians,orasfren- in their homes here, fleeing viral preached on the text, “Greater people as they moved through their standing distant from one an- zied as the mob who’d torn the hot zones including NewYork love hath no man than this, that day, not just volunteerswho come other; the makeshiftsites where limbs from atorturer they caught City.“Don’t come,” said manyof aman laydownhis lifefor his intoauniversity lab,who maybehap- families had to burytheir own while liberating one of Saddam’s these voices.“You’renot welcome. friends.” Iimagined that he called pier and healthier than other people dead onceconsecrated ground be- dungeons? Our one hospital doesn’t have them to Christ-likeself-sacrifice. in the firstplace. Howtheir moods af- came crowded; the hole gouged It wasn’t possible to really enough staff,enough beds,enough Ialso imagined that he warned fect their ability to tamp down their into the boundarystone where knowwhat had happened in ventilators.” them of thehatred they would desires wasanother big question, he coins to payfor goods were cov- Eyam. In 1665,most villagers But nowherewas surethey had confront if they brought plague said. ered in the vinegar that villagers were illiterateminersorshep- enough, certainly not NewYork intoanother community and Prof.Samanez-Larkin explained thought would kill “plague seeds”; herds who could leave no account City.And it’sfar easier to keep so- promised to be with them in lov- that previous experimentshad shown the gravestone of the minister’s of their year in isolation. So 10 cial distanceinanisland summer ing fellowship if they stayed. that older people tend to be happier, yearslater,onthe lean rations of home than in an apartment block We’ll never knowwhat he said and the newstudy confirmed that Squibnocket Beach parking afew last wills and three surviv- with asingle elevator.Still, many to lead them to consensus,but it finding: “People at older ages had lot, which usually has only ing letters from the minister,I islanderswanted NewYork to be- seems therewill be no Eyam-like morepositiveemotions and fewer a few cars during Martha’s wroteanovel trying to imagine come an involuntaryEyam, a consensus on this island, or any- negativeemotions,and their emo- Vineyard’s off season, was what it mighthavebeen like. I placewith aboundarystone be- whereelse in this country, at this tional experiences were moreconsis- busy on April 14. called it “Year of Wonders.” yond which people maynot flee. time of gaping division. It’snot tent.” But which agegroup wasmore even just “AmericaFirst” any- emotionally solid and showedbetter more. It’smytown, my family,my masteryoftheir urges? “The people paycheck first. who experiencethe most emotional We remember Eyam because it instability areintheir 20s,” he said, a wasexceptional. We rightly lion- volatility that gradually declines with izethe health-careworkersatour everydecade. hospitals and the grocerystore Though older people experienced clerks who take risks to keep us intense desires,they were also more fed. But fortoo manyofus, as the expert at delaying gratification when novelist Julia Alvarez has ob- they put their minds to it. “It’seffort- served,the mantraofthe First ful,” said Prof.Samanez-Larkin. “I World has become,“Firstyour ox- think older adultsknowwhen it really ygen mask,then everybody else’s.” matters.It’slikechoosing your bat- Another popular mantraof tles.” this time: We’reall in this to- Thestudy is small and tells us less gether.That’sthe aspiration. But about aspecific generation—such as we’renot; not really.Likethe dy- whether Gen-XersorBaby Boomers ing patients denied the comfort aremoreimpulsiveorhappier—and of thosethey loveattheir bed- moreabout what happens in every side,wefind ourselves pro- generation. Just as we’regradually foundly, tragically alone. losing our hair,our short-term memo- ries and our athletic prowess,we Ms. Brooks’s novels include gradually gain emotional stability,life “Year of Wonders,” “March” satisfaction and self-control. And and, most recently, “The Secret that’saprettygood trade-off. Chord.” P2JW116000-4-C00500-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | C5 REVIEW

quarantine completely solo.Asare- sult, says Lauren, “My divorce has been the least stressful part of an otherwise extremely stressful situa- tion. Imean, we’restill getting di- vorced. We still don’t likeeach other very much right now. But he’sbeing kinder than he has in years, and I have too. It’smade me so much more hopeful forthe future.” Dr.Dori Gatter, apsychologist in Hartford,Conn., pointsout that shared experiences canbuild con- nection. “Atatime when everyone’s moreanxious about everything,co- parenting has gotten morerelaxed because thereare thingsmoreim- portant than your personal conflict,” she says.People everywheresud- denly depend on each other in new ways. “Because of the inherent dan- gers we all face, the instinct is to come together,” she says.“Forpar- ents,the bond that mayhaveonce existed between them canbereig- nited—I’m not talking romanti- cally—in the specific contextofthe shared interest, the child, they have. There’sabiological need to get along to survive.” Typically,says Dr.Gatter, unre- solved differences occur when one partydoesn’t understand the other party’sposition, or chooses not to. Y

IL But during acrisis,empathyin-

GW creases—even foryour ex.“At atime TH likethis,everyone’sjust doing the RU best they can,” she says.“It becomes almost impossible not to understand BY PEGGY DREXLER wherethe other person’scoming ForDivorced from, even if youdon’t agree with it. obert and his ex-wife Which removes all of the blame,and have been divorced stops anyone from taking thingsper- for13years, during sonally.It’snot just so and so’s being which time they have Parents, aTime to ajerk because this or that. It’sareal R largely parented their understanding: They’reafraid, or 15-year-old son in aparallel fashion. they’reconcerned, and Iknowthis They communicateexclusively by because Iamtoo.” emailand only about the most im- Work Together Certain logistics of shared parent- portant matters—medical appoint- ing during acrisis canalso encour- ments, notices from school. Therest agebetterco-parenting behavior. remains undiscussed. “I’vetried for Manydivorcedorseparated parents ages to encouragemoreactivejoint arenow handing off their children in decision-making,” says Robert, a The pandemic’s challenges and anxieties are helping some ex-spouses person forthe firsttime.“This re- graphic designer near Boston. (To overcome old tensions for their children’s sake. quires people to put on their game protect their privacy, he and other face,” says Dr.Gundle.“Eventually, parentsinterviewedhereasked not thegame facebecomes the norm.” to use their last names.) “But she has says Robert, “but it’sactually some- people extended past themselves amount of child support he waswill- Cory, a50-year-old father of two always felt that our son is doing just thing close to pleasant.” even amongthis completelandslide ing to pay. boys in Portland, Maine,has always fine if she parentsher way and Ipar- Even as social distancing under of loss.” Nowshe pointstoseveral in- “I wasalso terrified I’dhaveto thought his ex-wifewas “a pretty lazy ent my way.” Covid-19 has physically separated stances of “practical actsofkind- ask him to stop seeing his newgirl- parent,” he says.“But so manythings Until Covid-19,that is.Inearly friendsand family,there’sevidence ness” she’sseen during Covid-19, friend,” she says.“Iwas worried right nowjust aren’t worth fighting March, Robert’sexinitiated aphone that, on an emotional level, the virus “not just amongstrangersand pa- over.Itrust that she would never put call—for the firsttime sincetheir mayactually bring some people to- tients of mine,but also within my our boys in danger,and that’sgood separation, he says—tocome to an gether—the bitterest of exes included. ownlife,” noting that even though ‘Peoplewho enough rightnow,and the kids have agreement about howthey wanted to “Co-parenting is hardunder the best the father of her teenagedaughter arenormally never been easier to handle.Our big- handle their individual households, of circumstances,soyou might think hadn’t set foot in her apartment in 10 gest struggle during coronavirus has rules fortheir son concerning school- it would getevenharder during a years, he recently drovetwo hoursto against been howmuch videogames the boys work and friend interaction, and time of great stressand fear,likethis spend time with them both in quar- each other should be playing aday!” what would happen if one or both of one,” says Manhattanpsychologist antine.“And that kindness,” she says, Roberthopes that the goodwill them gotsick.They nowcheck in ev- and single mother of two Dr.Sarah “isdistilling intoco-parenting.” suddenlycome between him and his ex-wifewill eryother daytoreport howtheir son Gundle. “But disaster canbring about Lauren, a44-year-old writer and together in continue oncelifegoes “back to nor- seems to be doing and to sharetheir alot of real prosocial behaviors. Peo- mother of one in Brooklyn, and her mal.” “Ifwe’dbeen able to parent ownconcerns and fears. They have ple who arenormally against each soon-to-be-ex-husband were in the away that feels like this all along,” he says,“Ithink talked moreinthe last month than other suddenly come together in a middle of adivorce so contentious natural.’ things could have gone alot more they have in the last decade—and ar- way that feels natural.” that they had to have amutual smoothly.Certainly it would have gued not at all. His ex,infact, now This wasDr. Gundle’sexperience friend facilitate their 5-year-old DR.SARAH GUNDLE been lessstressful, forusasparents Psychologist regularly sends their son to Robert’s working with recovery effortsinNew daughter’s household transitions.Af- but likely forour son, too.” house with bottles of hand sanitizer Orleans following Hurricane Katrina terthe pandemic began to take over and homemade cookies; Robert’ssec- in 2005.“AfterKatrina, thecity was their lives,however, Lauren’sexbe- about contagion, but Iwas surehe’d Dr. Drexler is aNew York City- ond wifecustom-sewedhis ex aface completeand utterchaos,amess,” gantosoften. Suddenly he waswill- think Iwas jealous,orsay no just to based research psychologist and mask.“It is not only the most civil she recalls.“But therewas also anew ing to compromise on issues likethe spiteme.” He surprised her by say- the author of two books about gen- we’veeverbeen as ablended family,” solidarity.Itwas remarkable how sale of their apartment and the ing he had decided it wasbest to der and families.

An illustration from tently ejaculate, to createavacuum Yoga’s Long a 19th-century Hindi in his abdomen and draw the spilled text on yoga poses seed back up intohis body. and gestures. In the ritual actsofyogic sex JourneyFrom practiced by Tantric schools,profi- calenergy and spiri- ciencyinvajroli could also enable tual vibrancy,hasten- theadept to draw in the sexual flu- Magic To ‘Wellness’ ing ill-health, aging ids of his partner and energizehim- and death. self by circulating the combined elix- Conversely,the re- irsaround his ownsubtle nervous tention of semen cre- system.Modern practitionersinIn- BY ALISTAIR SHEARER back on conventional family life. ates asubtle vitality,or dia even use cathetersfor this pur- Afew centuries later,the Mahab- ojas,that allows the pose.(Therewas an equivalent tech- IN THELASTFEW DECADES, yoga harata,the great Sanskrit epic,used yogi to achieveextreme nique forwomen that enabled them has grownfromanesoteric medita- the word to describe arduous pen- longevity,youthfulness to reabsorb their ownsexual fluids tion practiceintoaglobal wellness ances that sometimes continued un- and robust good alongwith their partner’s,but the industry worth $25 billion. In the broken foryears: sitting or squatting health—along with oc- textspay scant attention to it.) U.S. alone,the number of people do- immobile,standing on one leg or cult powers,ofcourse. Thedistanceyogahas traveled, ing yoga shot from 4million in 2001 holding an arm in the air,sitting by Theoriginal Indian yo- from the cavesand forestsofan- to morethan 37 million by 2016.But ablazing fire in the heat of summer gis,likeCatholic priests cient India to the studios and gyms while today’syogahas become a or immersing in freezing waterin or Chinese court eu- of the urban West, is extraordinary. highly respectable pas- winter.Conquering his nuchs,turned their Along the way,modern yoga jetti- time—synonymous normal physical limita- back on the biological soned most of itsesoteric concerns, with physical fitness, Medieval tions wasbelieved to imperativeofsexual re- instead incorporating elementsof good health and clean endowthe yogi with production, preferring European gymnastics, exercise and living—itshistorical yoga had extraordinarymental to direct their libido in- dance, as well as bodybuilding rou- rootsinancient and nothing to andpsychic abilities. ward and upwardtoa tines from Indian wrestling.The re- medieval India were Yoga as apractice powers:levitating,becoming invisi- moreelevated goal. sulting hybrid, boosted by slick decidedly lessanodyne. do with involving specific ble,taking control of another per- Tantric textsdiscusstechniques commercialization and celebrity en- Yoga is firstdis- beautifying poses and exercises son’sbody or mind. men canuse to retain the vital force dorsements, has takenour stressed- cussed in the Upani- begantoemerge in Ironically,although 80% of to- in the head, rather than allowing it out, image-driven world by storm. shads, aseries of In- the human medieval north India day’syogapractitionersare women, to descend and leave the body.The Therapeutic empowerment forto- dian philosophical body. with the growth of the central endeavor of traditional headstand, that badgeofhonor for day’swomen is an unlikely evolu- textswrittenfrom800 Tantra, amystical yoga only concerned men: the rigor- manyamodern yoga student, was tion foradiscipline that started out to 200 B.C.,whereitis teaching claiming to ous preservation of semen. Accord- originally designed to prevent the 3,000 yearsago as spiritual, arcane described as the union—in Sanskrit, offer afast path to enlightenment. ing to yogic physiology, aman’slife- downward flow of the vital force. and emphatically male. yoga—of the individual mind with But forthese early adopters, yoga energy is produced in the brain and Other methods involved breathcon- theuniversal divine consciousness. had nothing to do with beautifying drips down through the body,where trol or curling the tongue back into Mr. Shearer is acultural historian GES

At this early stage, physical postures the human body; rather,itwas away it is either burned up in the fire of the roof of the mouth. Themost and the author of “The Story of IMA arenever mentioned. Rather,yoga to transcend itstedious physical lim- digestion or shed from the body. It elaboratewas vajroli mudra,the Yoga: From Ancient India to the wasamental discipline,practiced by itations altogether.Tantric practitio- follows that expelling his seed is a “thunderbolt technique,” which al- Modern West,” published last forest recluses who had turned their nershoped to attain supernatural debilitating wasteofaman’sphysi- lowedthe yogi, should he inadver- month by Hurst. BRIDGEMAN P2JW116000-4-C00600-1------XA

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n2005,aconcerned his findingsasa“sham.”)Mr. Florida election su- Hursti’sreport spurred the pervisor asked the stateofCalifornia to investi- Finnish data-security gate;scientistsatthe Univer- I expert Harri Hursti sity of California, Berkeley, to hack intoone of the concluded not only that Mr. state’scommonly used vot- Hursti wascorrect but that ingmachines to test itsvul- themachines had ahost of nerability.The verdict wasn’t other flaws. reassuring.Bymodifying just Over the next few years, afew lines of code on the Mr.Hursti found vulnerabili- machine’smemorycard, Mr. ties in several other voting Hursti says,hecould change machinemodels in different the resultsofamock elec- states.Hehoped that expos- tion. That same model, he ing these weaknesses would adds,will be among those galvanizeelection officials used in the2020 elections. and vendorstoboost secu- (A spokesperson forthe ma- rity,but he soon realized chine’svendor,Dominion that little had changed. “I Voting, says that these weak- could not believehow irre- nesses were fixedin2012, sponsible the use of technol- butMr. Hursti says that he ogyisinvoting and still is,” has tested the newversion he says. and found the updates insuf- In 2017, he helped found ficient.) theVoting Villageatthe an- Mr.Hursti has spent the nual Defconhacking confer- past 15 yearstrying to draw attention to the weaknesses in America’svoting systems. Last month, he wasfeatured ‘I could not in an HBO documentarycalled believe how “Kill Chain: TheCyber Waron America’sElections,” about irresponsible far-reaching security breaches the use in multiple U.S. elections that he says have gone unfixed. He of technology warns that both the American is in voting.’ political establishment and the public arefar toocompla- cent. “Onceyou understand howeverything works,you enceinLas Vegas, aseparate understand howfragile every- area whereattendees cantry thing is and howeasy it is to to breach different types of lose this all,” Mr.Hursti says election machines.Ayear in the film. later,Voting Villagehackers In 2017, the Department of reported vulnerabilities in Homeland Security notified manyofthe machines,in- 21 states that they had been cluding the widely used targeted by Russian hackers Model 650 made by Election in the previous year’s voting. Systems &Software (ES&S). (Russia denies the allega- Eleven yearsearlier,Mr. tions.) Mr.Hursti has worked Hursti had detected flawsin with some of those states to that machine and alerted the staveoff futureattacks,he company; he realized that says,but past breaches are nothing had been fixed. In an rarely investigated. DHS has email, aspokeswoman for said that it found no evi- the firm wrotethat “the dencethat voteswere base-level security protec- changed during the 2016 vot- tions” on the old model ing.A2017 U.S. intelligence “werenot as advanced as the assessment—whose findings security protections…onthe were unanimously reaffirmed Tues- WEEKEND CONFIDENTIAL | ALEXANDRA WOLFE he founded asoftware companythat current voting machines ES&S man- daybythe Republican-led SenateIn- he sold afew yearslater. ufactures,” but itsprotections are telligenceCommittee—described a In 2004, Mr.Hursti planned to re- still “strong enough to makeitex- significant 2016 Russian “influence tire, exhausted and financially inde- traordinarily difficult to hack in a campaign” to “undermine public Harri Hursti pendent afterdevelopingand selling real-world environment and, there- faith” in American democracyand two companies so quickly.While fore,safeand securetouse in an “help President-elect Trump’selec- backpacking around the world, on election.” tion chances.” A data-security expert warns that U.S. voting hisway to Tahiti, he stopped in Los Mr.Hursti has long been con- Mr.Hursti focuses moreonthe Angeles.Friends thereintroduced cerned about his owncomputersbe- hardwareside of the voting process systems are dangerously vulnerable to hacking him to an election-education non- ing infiltrated. “I’m not worried than information operations from profit called Black BoxVoting that about being attacked,” he says.“I’m hostilepowers.Hedoesn’t offer di- asked him to look intosecurity worried about being framed for rect evidenceofvotetampering in chanical difficulties that stop voting 1,000 such machines forsale on anomalies around the U.S. At first, something Ididn’t do.” Sophisticated 2016,but he warns that, given the machines from working properly. eBay: Ahacker,henotes,could sim- he declined. “It sounded likeconspir- hackers, he says,can enter personal security flawshehas uncovered, it In the film, Mr.Hursti bristles at ply buy one,study it and learn how acytheories,” he says. computers, download such thingsas wascertainly possible.For years, assurances from such officials as to connect to it remotely. He finally agreed to explorethe child porn and covertheir tracks. voting rightsgroups have been su- former FBI director James Comey Growing up in Helsinki, Finland, issues if an actual election supervi- Mr.Hursti thinks that the only ingstates, alleging problems with and U.S. Election AssistanceCom- Mr.Hursti wasaprecocious child. sorwould talk to him. Four months way to ensurefair election resultsis

REFERENCE) voting machines.Last August, a missioner Thomas Hicks, who once Before he was7,hestudied astron- later,Ion Sancho, asupervisor who to vote on hand-marked paper bal- T judgeinGeorgia ruled that the state said that American election results omyand math with university pro- served Florida’s Leon County and lots. “You canalways conduct an au- TIS

(AR needed newvoting machines to re- were secureinpart because the vot- fessorsinhis community,who sug- wasinvolved in the state’sbruising dit or recount because the voter’s

GES placeunsecure, outdated ones that ing machines can’t connect to the gested that he learn computer 2000 presidential recount, asked Mr. intent is recorded on permanent

IMA had malfunctioned during the 2018 internet. But Mr.Hursti warns that programming. Hursti to look intovulnerabilities in reading,” he says. governor’s race. many voting systems have modems He soon became interested in en- the machines that his county and Afterworking in computer pro-

GETTY Mr.Hursti is ajolly,round-faced or otherforms of network connec- cryption and hacking,and later,dur- manyotherswerestill using. gramming formost of his life, he is 51-year-old with scruffyhair and a tivity that transmit datawhich, he ing his mandatorymilitaryservice, Mr.Hursti discovered that the ma- amused to hear critics calling him op-

O’BRIEN; boyish demeanor.With humorous dis- says,adetermined hacker could in- he helped develop Finnish military chines had removable memorycards posed to technologybecause of his

TIM belief,hediscusses the different ways tercept. Election companies saythe encryption and securecommunica- that he could program to change calls foranold-school paper voting

BY that hackerscan directly interfere in machines cannot be accessed exter- tion protocols.Inhis mid-20s,heco- votes. “These machines aresounse- system. “I’m against the irresponsible

ION themechanics of ademocratic elec- nally if proper security protocols are founded EUnet Finland, which be- cureand so easy to hack,” he says. use of technology,” he says,but “I’m AT

TR tion, from changing voter-registration followed. In the documentary, Mr. came part of one of Europe’sfirst (Atthe time,Diebold,the company the last person Iwould ever think US recordstomaliciously creating me- Hursti says that he found morethan internet serviceproviders. In 2001, that made the machines,dismissed people would be calling aLuddite.” ILL

guess is the Babylo- times,London 15,Minneapolis surfaces that should never be My Lifelong nians, who seemed to twice; onceItook the cleaned with these objects. But have invented ev- whole family to the Great there was more. Because they Crusade erything. The an- Barrier Reef. leave a residue of lint, paper cient Egyptians may My paper-towel towels are ineffective in clean- Againstthe have developed a antipathy is not ing eyeglasses, car interiors MOVING prototype using fac- triggered by knee- and cutting boards. Carpet TARGETS Useless tory-second papyrus. jerk environmental- spills? Nope. Dirty windows? JOE Some form of primi- ism. No, I despise Forget it. Grout? Guess again. QUEENAN tive parchment paper towels because Mirrors? Get a clue. In short, Paper Towel towel may have been they’re useless and dumb. just about any household used to clean up after For this maverick view I have cleaning chore would be better the Huns when they in- been viciously castigated over handled with an absorbent PAPER TOWELS have been fly- vaded Italy in 452 A.D. viewedbythe public as inge- the years, often getting sponge, a strip of cloth, a Hoard ing off the shelves lately,which But the firstcommercial pa- nious,multifaceted, indispens- thrown out of school picnics toothbrush or the aforemen- them? makes no sense whatsoever be- per towels—moreliketissues— able.Infact, paper towels are and American Legion halls, be- tioned trusty old sock. cause paper towels arethe were definitely introduced by likethe human appendix: a cause disparaging paper tow- It’snot oftenthat Itakean No way. most overrated household the ScottPaper Companyin relic,avestige, an antique. els is viewed as un-American, unpopular position and then You’re cleaning item in the historyof 1907,with the rollout of the My almost pathological aver- tantamount to talking trash am fully vindicated by science. American tidiness. Unlikesoap iconic kitchen toweloccurring sion to paper towels has its about Mom and apple pie. That’swhy I’m so grateful to better or dishwasher detergent or the in 1931, the year Al Capone got rootsinmychildhood when I Mine has been alonely cru- the folks at Reader’s Digest. off with sine qua non spaghetti mop, sent to the slammer. wastaught by my parents: sade,aquixotic tilting against Toilet paper,whose function is a rubber thereisalmost nothing apaper Paper towels,likemarzipan, Wastenot, want not. This quicker-picker-upper windmills. narrowly defined, is one of the toweldoes that can’t be done corned beef hash and that dis- didn’t just mean finishing off Thus,Iwas overjoyedwhen I most brilliant inventions ever. sponge equally effectively with acham- gusting cole slawthey always that revolting canned asparagus read in the online Reader’s Di- Liquid soap cannot be beat. or ois cloth, astrip of cotton, a trytofoist on youinrustic din- Mom used to glop down our gest that the veritable Bible of Without Lysol, Febrezeand old sock. rubber spongeoranold sock. ers, fall intothat group of per- plates; it meant never buying middle Americashared my Drano,lifewould not be worth Yetyear in, year out Americans plexing objectsthat continue to thingsyou didn’t really need: opinion. In an explosiveexposé living.But paper towels? Stick squander aCroesian fortune on exist simply because they seem banjos,Phillies tickets, asecond entitled “TwelveThingsYou paper towels right in therewith these extraneous objects. to have always existed. Much necktie.Itook these lessons to Shouldn’t Be Cleaning with Pa- handle-lesscoffee mugs, rasp-

No one knows who first likewhitebread, an inane en- heart, and with the money I per Towels,” Reader’s Digest berry-lemon-flavoredsparkling OCH came up with the idea of ab- tity they physically resemble, have savedbynot buying paper singled out the toilet, the bath- waterand emerging-nation mu- BL GE

sorbent towels, though my paper towels areincorrectly towels,Ihavevisited Paris 20 tub and the computer screen as nicipal bonds. SER P2JW116000-4-C00700-1------XA

The American Blues TheOther ‘MissAusten’ Odetta: Cassandra, A life in music sister of the more and protest C11 BOOKS famous Jane C10

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Epidemicsand Society By Frank M. Snowden Yale,582 pages, $35

BY FELIPE FERNÁNDEZ-ARMESTO S

PRES N VARIOUS STATES of pu- trescence—worms wriggling, entrails dangling—cadavers UNIVERSITY

E rise from their graves to join AT

ST I the DanceofDeath. The famous depiction in the Nuremberg YNE

WA Chronicle of 1493 is in some waysa typical artwork of the AgeofPlague. GES;

IMA From the mid-14th centurytothe early 18th century, no living subject was

GETTY portrayed moreoften than the Grim Reaper,revelinginhis deadly duties, CTION/ selecting dancing partnerswithout LLE

CO regard to age, sexorappearance. In the Nurembergengraving,the

PICTURE dead areirrepressibly jolly: It is

LIFE tempting to saythat they exhibit joie de vivre. Theunique feature of the scene is that the text of thesong they sing appearsatthe foot of the same HERMAN/THE

SC page: “Nothing is betterthan Death,” E. the lyrics proclaim. Death is just, VID because all DA HEBRAICA Above, Jewish objects confiscated by Nazis. Below, Lucy Schildkret at the YIVO library in 1938. deservehim. He is equita- Deathwas once ble,because afamiliar fact he treats poor and of life. Today Singed but NotConsumed rich alike. we confront it He is benign, because he so rarely that In 1939, the young Lucy S. Dawidowicz narrowly escaped the fires of the Holocaust. frees the old we have been She survived to become the mother of modern Jewish studies in America. from sorrow. leftculturally He is kind, visiting pris- unprepared. From Left to Right At the Offenbach Archival Depot, near devoted to Holocaust studies.The position onersand By Nancy Sinkoff Frankfurt, arepositoryofmillions of allowedher to writeamagisterial history the sick. Wayne State, 518 pages,$34.99 books pillaged at the direction of the Nazi of the crime that, in her view, would be Mercifully,heliberates them. He is ideologue Alfred Rosenberg, she examined “foreverlodged in history’sthroat.” If wise,despising worldly pleasureand BY BENJAMIN BALINT morethan 160,000 Yiddish and Hebrew “The Golden Tradition” represented the the vanity of powerand wealth. volumes.She also salvaged the YIVO “before” of her coming-of-agesojourn in When the AgeofPlague receded, OHISTORIAN better library(an incomparable collection of rare Vilna, the ground-breaking study that Death became lessfamiliar and, grasped—or morefearlessly books,communal recordsand correspon- made her famous—“The WarAgainst the therefore, perhaps,morefeared. embodied—the close con- dence, among much else) and prepared it Jews,1933-1945,” published in 1975— Nowadays,people treat him with nections between the Holo- forshipment to NewYork.“When Icame represented the “after.” evasion and speak of him in euphe- Ncaust and the postwar upon those YIVObooks,” she said, “I had Whereothershad interpreted the misms: “The loved one” no longer is politics of American Jews than Lucy S. afeeling akin to holiness, that Iwas genocide of the Jews moreasaby- takenfromusbut is said to “pass Dawidowicz. In anuanced biography, touching something sacred.” In Munich, product of the impersonal machineryof away.” No one in the undergraduate NancySinkoff of RutgersUniversity traces she helped launch aYiddish-language Germany’swar aims than aresult of any classIteach has ever sat by adeath- Dawidowicz’scontroversial political newspaper printed on the same pressthat special anti-Jewish animus,Dawidowicz bed. Thestudentsfind it hardto journey from lefttoright and describes had oncebeen used to print the Völkis- understood what the Germans euphemis- imagine acultureinwhich dying is howher loveofanalmost extinguished cher Beobachter,anorgan of the Nazi tically called the “Final Solution” as an valued or seen as ablessing. Yiddish culture“formed the deepest well- Party.Finally,she wasdispatched to intentional part of Nazi racial ideology: an Aside effect of cultural pluralism spring of her Jewish identity.” Hamburgtoaid the 4,500 refugees disem- endinitself.“From the start,” she argued, has been the derogation of every Born in the Bronx,N.Y., in 1915,Lucy barkingfromthe SS Exodus,known as the “the Nazis assigned primacyofplace, in common value,except health and Schildkret grew up as ared-diaper baby in Exodus 1947,aship that the British had doctrine and in action, to makehatred of prosperity.Inthe current crisis, asecular socialist home but found her call- violentlyturned away in July 1947 from the Jews,with all itstragic consequences, health-preservation is exerting ing during two formativeexperiences in the shores of Palestine. acardinal feature of the state’spolicy.” supremacyoverwealth-creation. Europe.Inthe summer of 1938,after grad- On returning oncemoretoNew York, She insisted, too, on the Nazis’ unprece- Epidemics,itseems,are creativeas uating from Hunter College, the 23-year- Dawidowiczserved as aresearcher forthe dented purposes in pursuit of that policy. well as destructive: While they kill old sailed to Vilna (then Polish Wilno and Pulitzer Prize-winning author John Hersey, “Sincetime immemorial,” Dawidowicz people,they makesocieties,econo- todayLithuanian Vilnius). As she recalled then writing afictional account of the War- wrote, “human beingshavekilled one mies and moralities anew. in her memoir,“From That Placeand sawghetto uprising,“TheWall” (1950), and another forspoils,land, or power, but never In “Epidemics and Society,” Yale Time” (1989), she felt drawntothe city forthe American Jewish Committee, where beforehad one people denied another historian Frank Snowden duly onceknown as the Jerusalem of Lithuania. she worked through the 1950s and 1960s. people the fundamental right to live.” acknowledges that the historyof Thereshe could “search forcontinuities of Thereshe wrotepapersonSoviet anti- As Ms.Sinkoff notes,Dawidowicz’s epidemics “isfar broader than the Jewish history, the connections between Semitism (one of which earned her aletter books,informed by her unflinching examination of one infectious disease of thanks from FBI director J. Edgar attemptstocomprehend the incompre- afteranother.” His narrativedwells on Hoover), honedher polemical skills hensible,“became central textsinshaping the relationships among epidemiology, and met Norman Podhoretz,the Holocaust consciousnessamong American medical historyand public-health editor of Commentarymagazine,to Jews.” Their influenceowedasmuch to policy, highlighting a“subset of high- which she would contributesome 50 style as to substance. Despitethe nearness impact infectious diseases” that have articles. of the tragedy,Dawidowiczemployedan affected Western Europe and North An anticommunist liberal Dem- urgent, unsentimental prose that joins ob- America: late-antique and medieval ocrat until the 1960s,Dawidowicz jectivity with compassion. “Personal com- “plagues,” smallpox, cholera, tubercu- recoiled from the NewLeftactivists mitmentsdonot distort,” she wrote, “but losis,malaria, polio,AIDS and SARS. who denounced Israel’sself-defense instead they enrich, historical writing.” As we grapple with anew pan- againstArabarmies bent on itsan- YetMs. Sinkoff also notes “the wide demic,Mr. Snowden’scase studies are nihilation in 1967,and she grew gulf” between the scholarly opprobrium eye-catching.Hehas agiftfor concise alarmedbyemerging anti-Semitism and public approbation of her work. exposition and lively phrases.“Exuber- among those she deemed “otherwise Because she lacked adoctorate, some pro- ant hubris,” he writes,characterizes my world and the one my parentsleft responsible activistsand leadersinthe civil fessional historians dismissed her as an believersinmedical infallibility; John behind.” Armedwith afellowship at the rightsmovement.” As she came to mistrust amateur.Her book “The Holocaust and the Ruskin was“an ardent opponent of Yiddish Scientific Institute(known as old affinities and alliances,Ms. Sinkoff Historians” (1981), ablunt exposé of the filth”;syphilis had its“romantic devo- YIVO, itsYiddish acronym), the precocious writes,Dawidowicz“rejected the enshrine- distortions and omissions of historians in tees.” “Microbial Marxism” is his name young woman discussed warand peace ment of liberalism as an essential charac- their treatment of the subject, earned her forthe fallacythat disease is determi- with the Yiddish writersAbraham Sutz- teristic of being Jewish much earlier than no welcomesinthat guild. Nor did her nant, condemning,for instance, Athens kever andChaim Grade and the linguist the NewYork intellectuals did.” In certain vocalsupport forPresident Ronald Rea- to defeat or Rome to decline.But, as Max Weinreich, even as she sensed that ways, Ms.Sinkoff proposes,“the men who gan. Contrasting her with Hannah Arendt, we struggle with Covid-19,wewant to theirworld represented, as she put it, “a would later become prominent neoconser- the German-born political philosopher knowwhether Mr.Snowden’sbook, feverish flowering in the shadowofdeath.” vatives were just catching up with her.” whoemigrated to NewYork and enjoyed published beforethe current outbreak, Days beforethe outbreak of warin All the while,Dawidowiczhad been acareer as asought-afterpublic intel- canhonor his promise “tohelp readers September 1939,Dawidowiczfled. Her negotiating arapprochement with reli- lectual, Ms.Sinkoff cites Dawidowicz’s acquirethe tools ...toconfront escape took her through Berlin, whereshe gious tradition. Secularists, she wrote, deficiencies of “academic pedigree” and today’spublic health events.” The watched, as she later wrote, “anendless “havelived off the capital of traditional “sexual allure.” By the 1980s,Ms. Sinkoff author’s list of early-modern plague- seaofsoldiersand Nazi flags, with the Judaism and have by nowexhausted their concludes,Dawidowiczfelt “intellectually related restrictions is eerily reminis- equipageofwar—cavalry, tanks,cannons— patrimony.” At the suggestion of the theo- abandoned, unrecognized, and alone.” cent of current limitations on liberty rising likeheavy swells abovethe human logian Abraham Joshua Heschel, Dawido- Alert to her driving obligations to both (apart, perhaps,fromthe enforced tide.” “Singedbut not consumed by the wiczgathered an anthologyoffirst-person the European past and American present, immolation of petsand the prohibition firesofthe Holocaust,” Ms.Sinkoff writes, memoirsthat gavevoicetothe vitality Lucy Dawidowiczoncesaid she felt of tanning leather). He pointsout that she returned to NewYork with aconvic- and variety of Jewish lifeinEastern “somehowpulled between two poles, our best resource in fighting unex- tion that Jewish life, howeverbeset by ca- Europe from the late18th centurytothe never quiteathome in either,and above pected infections remains,asinthe tastrophe,carries the seeds of itssurvival. eveofcataclysm.“TheGolden Tradition” all not wishing to be.” Thirty yearsafter 18th century, quarantine or isolation; During the war, she met apersonification (1967) debunked the myth that this cul- her death in 1990,Ms. Sinkoff’s rewarding he might have cited earlier precedents, of sufficiencyand survival in her future ture had been fixedin“Fiddler on the reappraisal, amodel of biographical clar- such as the Milanese quarantine husband, Szymon Dawidowicz, arefugee Roof”-style piety and poverty.Italso ity,atlast bringsaformidable practi- during the Black Death, or the ring of from Warsaw whose daughter had been imbued American readers, Ms.Sinkoff tioner of the historian’scraft home and self-isolation with which the plague- murdered in that city’s ghetto uprising. remarks,“with ausable past through givesher the attention commensurate fraught inhabitantsofEyam, England, For15months in 1946 and 1947,Dawid- which they might createaJewish future with herirrefutable influence. enclosed themselves afteranoutbreak owiczreturned to Europe to work with in adiasporafar removed from itsEast in 1665. survivorsindisplaced-persons camps in European Jewish heartland.” Mr. Balint, awriter living in Jerusalem, Thereare,however, reasons to postwarGermany, thrusting her ontothe In 1970, YeshivaUniversity appointed is the author of “Running Commentary” doubt Mr.Snowden’sreliability as a front lines of postwarcultural restoration. Dawidowicztothe firstchair in America and “Kafka’s Last Trial.” PleaseturntopageC8 P2JW116000-4-C00800-1------XA

C8 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. BOOKS

‘I’m well and strong and young—young enough to go to the front. If I can’t be a soldier, I’ll help soldiers.’ —CLARABARTON

FIVE BEST ON CIVIL WAR NURSES Ronald S. Coddington The author, most recently, of ‘Faces of Civil War Nurses’

Three Weeks at Gettysburg Beecher, brother of author By GeorgeannaWoolsey(1863) Harriet Beecher Stowe. For Rev. Beecher the ceremony Along with her mother, was an opportunity to deliver a Georgeanna “Georgy” Woolsey denunciation of slavery that made of Brooklyn, N.Y.,traveled in headlines throughout the Union. 1 July 1863 to Gettysburg, where Lawrence in turn proceeded to the just-ended battle had resulted in rescue the other two sisters. Alone acatastrophiccasualty rate.The two and destitute later in life, she had been told—erroneously—that wrote this autobiography to pay the son of the family wasamong the the bills. But it was a work that wounded, but mother and daughter yields another value as well: the chose to stay and nurse the suffering memorialization of a time—and survivors. In this memoir,Georgy a self—once rich in causes, and recalls awounded Confederate the enlargement of life that this “lying on his blanket stretched over particular kind of wealth brings. the straw—a fair-haired, blue-eyed lieutenant. ...Icould not think of him as arebel; he wastoo near Woman’s Work heavenfor that.” She observes the in the Civil War strangenessofwatching“the good By Linus P. Brockettand brotherly feeling come over the MaryC.Vaughan (1867) soldiers, our ownand the rebels, when side by side they layinour In this vivid account we tents. ‘Hullo,boys!this is the find the young Clara pleasantest way to meet, isn’t it? Barton, futurefounder of We arebetterfriends when we are 5 the American Red Cross, as close as this....’And then they of whom acontemporarysaid, would go over the battles together, presciently,that “those who have ‘Wewerehere,’and ‘You were been under her immediatecare, there.’ ” She writes that “the streets will understand me when Isay of Gettysburgwerefilled with the thereishealing in the touch of battle.People ...talked of nothing her hand, and anodyne in the low else,” and observes that “hundreds melody of her voice,” and that of old musketswerepiled on the “her powerand disposition for pavements, the men who shouldered usefulnessisdestined we hope to MY them aweek beforelying under provegreatly serviceabletothe ALA ground now.” WRITING HOME ‘The Field Hospital’ (1867) by Eastman Johnson. countryshe so ardently loves.” Theother nurses whose stories amon this firstcompanyofarmy when James,the eldest of their Sketch of Lifeand Laborsof arerecounted hereare long LettersofaFamily During nurses.They sawatonce...the wall children, joined the Union Army. MissCatherine S. Lawrence forgotten. AlmiraFales,who “read the Warfor the Union against which they were expected to Thedecision devastated James’s By Herself (1893) aright the portentsofrebellion” By GeorgeannaMuirson break and scatter.” Still, the women parents, both prominent mission- afterthe election of Abraham WoolseyBacon and Eliza wonthis battle.Georgy writes with aries.Still, the couple exchanged After becoming a Civil War Lincoln, went to work making Newton WoolseyHowland (1899) evident pride—they knewthat they letters with James until his death nurse, political activist bandages months beforethe were pioneers. They had, aboveall, in battle in 1864. Biographer Rufus Catherine “Kitt” Lawrence bombardment of Fort Sumter 4 defied the chief of nurses, Thepath to nursing in the “the infinitesatisfaction of seeing Jones describes Sibyl’sresponse, plunged the nation intowar. Union Armyduring the early from daytoday sick and dying which wastotakeup“in anew who warned her against speaking Philadelphia’sMaryMorris part of the Civil Warwas men comforted in their weary form the arduous serviceofher active to Catholic nuns. Lawrence had Husband, who traveled to 2 filled with obstacles for and dark hours.” and consecrated life.” She would bear no intention of violating the laws Antietam to nurse the wounded, women, among them hostile male the gospel cheer to the wounded of common courtesy, she tells her later took on the militaryjustice physicians determined to be rid of and the dying.“It waswonderfully superior. Moreover, “to reject system with countlesspetitions them. And yetthousands of women, Eli and Sibyl Jones: touching,” Jones writes,“to hear persons because they differ from to President Lincoln and others Union loyalistsall, joined the corps Their Lifeand Work the bright testimonies of those poor us in their opinion on the subject to commutedeath sentences of nurses—among them, Georgy By Rufus M. Jones (1889) feeble ones who had lain formonths of religion is not Christlike.” forsoldiersconvicted in courts and ElizaWoolsey.Inthis collection on their emaciated backs.” When no Serving in a Virginia hospital, martial. Indefatigable nurse Anna of the two sisters’ letters,Georgy TheCivil Warproveda one could bear to tell one poor Lawrence encounters some Maria Ross, known to manyas writes,ofthe nurses’ experience, formidable challengefor youth that he wasnot to survive, runaway slaves, among them a trio “the soldiers’ friend,” is described that “hardly asurgeon of whom Quaker families,whose Sybil spoketohim: “‘Ithink thou of mixed-race sisters who prevail as having worked herself to death Ican think of,received or treated 3 sons had to choose between cannot getwell; what is thyhope?’ upon her to save the youngest— establishing a150-bed hospital in them with even common courtesy.” serving as soldiersorbecoming He replied, ‘In Jesus Ibelieve; he has a 3-year-old. Lawrence decides Philadelphia. She died on Dec.22, She adds: “Some of the bravest conscientious objectors. Such was forgiven my sins.Tell my father and to keep the child and has her 1863,the daythe hospital was women Ihaveeverknown were the situation forSibyl and Eli Jones mother Ihavegone to heaven.’ ” baptized by Rev. Henry Ward dedicated.

summoning worshiperstorepentance hecatomb of the elderly,sickly and Epidemics in ahospital in Seville,whereacon- frail, governmentsabandoned many fraternity of young noblemen risked of the tenetsofcapitalism. They sup- theirlives as they tended and buried pressed growth, subverted prosperity, And theplague-soreinthe 17th century. commanded economies,comman- One should not expect awriter to deered privatehospitals and wrested Society geteverything right outside his field. privatized transport back intopublic Mr.Snowden canbeexcused forover- control. Some have even takenover simplifying the conquest of Hispan- businesses’ responsibilities forem- ContinuedfrompageC7 iola (“Spaniards militarily dispos- ployees’ wagesand insurancecompa- guide.His main themes,though valid, sessed the Arawaks of their territory nies’ obligations to meet liabilities.So hardly need expert endorsement: and then enslavedthem”). He dis- far,the most authoritarian regimes Epidemics “remain leading causes of cusses the work of the great 16th- have been the most successfulincon- suffering and death”;medical prog- centuryanatomist Vesalius but ne- taining the disease.The global cost ress,while not wholly illusory, is glectstomention howhecontributed makesthe “quantitativeeasing” that overrated; optimism has undermined toward “the modern understanding of allayedthe financial meltdown of our preparednessfor the worst; the circulation of the blood,” credited 2007-08seem nugatory. Theworld governmentshaveoften proved in- heretoWilliam Harvey.And Mr. hasnostrategyfor meeting or miti- competent when facing down con- Snowden’saccount of the theoryof gating the economic consequences. tagion. Thebook’scoverageofthe spontaneous generation surprisingly Thelives savedbyall these efforts intellectual impact of epidemics omitsLazzaro Spallanzani, who dem- will seem worth the sacrificeofliveli- emphasizes medicaltheory; their onstrated the means of reproduction hoods,the curtailment of growth and effectsonsensibilities appear only in of microbes in 1765. the immiseration of millions—if our MY alively,deathlychapter on tubercu- Theauthor’s coverage of environ- strenuous containment measures ALA losisand the Romantic movement. mental contexts,which areessential IN THE BLINK OF AN EYE ‘In Ictu Oculi’ (1670-72)byJuan de ValdésLeal. succeed. At present, however, unless Mr.Snowden eludes debateonthe forunderstanding the historyofdis- research deliversanunprecedentedly limitsofthe state’sresponsibility for ease,isalarmingly patchy. He knows Snowden allows: No other explanation so-called mad cow disease.Abuse of quick fix, or hospitals catchupwith citizens’ medical treatment—which that climatechangecarries with it of what happened fits the facts. drugs, sexand food has engulfed us in the paceofthe spread of infection, it could be the issue on which the next health challenges,that sugar produc- In connection with morerecent lifestyle-related illnesses that makea is hardtosee howdraconian regu- U.S. presidential election is decided. tion made partsofAmericahospitable events,bycontrast, Mr.Snowden mockeryofprogressivism and turn lations canbesustained forlong Charity is not in Mr.Snowden’slist to yellowfever,and that madcap ur- correctly pointsout the menaceof culpritsintovictims.Super-spreaders enough to save us from amounting of responses to epidemics.Yet, as far banization has created niches fornew mutations and denounces notions of dancewith the same happy-go-lucky death toll. Maybe—some increasingly as lockdowns permit, it plays ahuge diseases.(“The geographyofdefores- “microbial fixity.” While he is quick insouciancethat Death evinced in the authoritativevoices claim—it would role in our current crisis,asgood tation” due to palm-oil harvesting, to reproach human miscreants— art of the AgeofPlague.InBritain, have been bettertoisolatethe life- neighborlinessrescues the vulnerable Mr.Snowden pointsout, corresponds scientists, politicians and the forgers during the firstdays of agovernment- threatened,while letting disease rip andkeeps us in touch with normality. exactly to the incidenceofmajor of the “CNN effect” of rumor and advised shutdown in the faceof among the rest. Mr.Snowden tells us nothing of the Ebola outbreaks.) His account, how- hype—he seems unwilling to admit Covid-19,beaches were crowded with Meanwhile,viruses continue to mu- religious and caring vocations that ever,ofclimateduring the Ageof that major aspectsofdisease elude holidaymakers, cheek by jowl, appar- tate with bewildering rapidity.How inspired life-saving or death-consoling Plague makes no sense.Heclaims human control. We tend to congratu- ently indifferent to the danger they long beforeamutation even morefatal sacrifices in the AgeofPlague.St. that the diseases that contemporaries lateourselves grimly on our power posed to the viability of health ser- than Covid-19 catches us unawares? Carlo Borromeo,Cardinal of Milan in called “plague” began to recede amid over an “Anthropocene” age, crafted vicesand the survival of their fellow Historycannot tell us,because,asthe the 16th century, gets amention, but generally lowtemperatures,whereas by humans; but, as George W. Bush citizens.The study of the historyof world has come to realize, the circum- only because he “organized the arch- the reverseistrue. Thecold spell of once said, “Natureisanawesome epidemics leavesus, it seems,likethe stances areunprecedented. But we diocese to provide grain forthou- the 17th centurycoincided with a force”—the greatest superpower. judgewho,after listening to alearned might learn alesson from the Death- sands” in 1578—whereas he wasone virulent phase,but when global At the same time,human irrespon- advocate’slong and torturous plea, exalting art of the AgeofPlague: If we of innumerable caregiverswho im- warming resumed in the 18th century, sibility even todaycan be as rifeand emerged“much betterinformed”— valued health less, we would at least periled their health nursing plague bubonic plague vanished from former lethal as when Pandoraopened her but“none the wiser.” bring down itssoaring cost. victims with their ownhands.Ithink niches to re-emerge as an almost box. Ebola virus pullulated safely in Mr.Snowden’sconclusion is that of my favoritepainting: Death, por- exclusively hot-weather,tropical bats’ guts until samplersofbushmeat “publichealth ...must override the Mr. Fernández-Armesto is a trayed by Juan de ValdésLeal, amid affliction. Mutations to the bacillus released it. Irrational farming prac- laws of the marketplace.” Thecurrent professor at Notre Dame and the ruins of powerand glamour,with responsible arethereforemorethan tices threatened the world with bo- pandemic throwshis adviceinto editor of “The Oxford Illustrated afantastically foreshortened scythe, the“hypothetical possibilities” Mr. vine spongiform encephalopathy, the relief.Faced with the certainty of a History of the World.” P2JW116000-4-C00900-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | C9 BOOKS

‘History in the richest sense must be, I believe, both a study and a story . . . of events lodged deep in their natural contexts.’ —BERNARD BAILYN A Life in History,With Vignettes

Illuminating History adding still morecommentaryalong By BernardBailyn theway. Norton, 270pages,$28.95 What anasty pieceofwork Dorr was! His primaryobject of his scorn BY RICHARD ALDOUS wasThomas Hutchinson, acting gov- ernor and governor of Massachusetts SAIAH BERLIN’S well-known from 1769 to 1774, whose letters about division of writersand think- the colony’sobligations to the crown, ersintohedgehogsand foxes writtenafew yearsbefore, were seen is “wrong,” BernardBailyn by Dorr and otherstothreaten the I says in the opening line of introduction of arbitrarypower. “He “Illuminating History,” an elegant and scribbled curses in the margins,” engaging memoir.Then he spends Mr.Bailyn writes,“interleavedthe the next 200 pages or so demonstrat- textsofthe letters with refutations, ing whyBerlin (as usual) wasright anddirected the reader to what he allalong. believed wasthe truth through a Mr.Bailyn himself,aprofessor complexseries of cross-references to emeritus at HarvardUniversity and other documentsinhis monumental one of the most important historians collection.” Dorr’s indexcontained no that the United Stateshas ever pro- fewerthan 30 references under the duced, is nothing if not ahedgehog: single entry“Hutchinson, Governor, somebody who knows “one big thing.” hisoriginal traitorous letters.” His That bigthing,heletsslip athirdof final judgment wasthat Hutchinson the way through the book,isthat the and his deputy,Thomas Oliver,ought American Revolution was“the pivot on which the whole of American his- tory and much of Western civilization Twitter trolls have turned.” He has spent along career nothing on a Boston trying to stand up that claim and to understand the Revolution’srich, shopkeeper who complexhistory. annotated newspapers Berlin’sshort book “The Hedgehog and the Fox” waspublished in 1953, with curses and insults. the same year that Mr.Bailyn received his Ph.D.fromHarvard. With the help of influential teachers, including Sam- to be “immediately put to death.” uel Eliot Morison (thought to be the Twittertrolls have nothing on Har- last facultymember to ride to class bottle Dorr. on horseback), he quickly secured a Mining this kind of gold from the teaching position at the university spittle-flecked ravingsofaBoston and never really left. His output has shopkeeper shows howMr. Bailyn has been phenomenal: two,three,some- been able to turn over the complexities timesfour books everydecade.And of the American Revolution and find hardwork has been matched by qual- newand interesting thingstosay.And ity.Likehis near-contemporaryArthur forhim, everyanswerleads to another Schlesinger Jr., he has wontwo Pulit- question. “The Ideological Origins of zerPrizes,and, as Schlesinger did the American Revolution,” forexample, with “The AgeofJackson” (1945), he analyzedthe mind-set of the Found- haswrittenabook that transformed ers—the winners, in other words—but the way American historywas under- that analysis led him, in turn, to ex- GES

stood: “The Ideological Origins of the IMA plorethe “reasonable views of those American Revolution” (1967). who opposed the break with England— Mr.Bailyn, born in 1922, is now the loyalists,” most notably in that approaching his century. His book marvelous biographyofHutchinson. BRIDGEMAN is laced with personal reminiscence, TURNING POINT ‘The Bostonians in Distress’ (1774), attributed to the satirical English printmaker Philip Dawe. “History, never ascience, some- told with alight touch and gentle times an art, is essentially acraft,” Mr. humor.Hewas abookish child grow- ing with Morison, he discovered him profiles of his mentors, five chapters appeared in the mid-1970s.) Perhaps Bailyn says near the end of “Illuminat- ing up in Connecticut and then went still dressed in his rear admiral’sna- on “small, strange, obscure, but illu- the book’slong section on Harvard’s ing History,” adding that historians to Williams Collegeasanundergrad- valuniform. No wonder everything minating documentsorindividuals” noted Atlantic HistorySeminar will be “try to improvetheir craftsmanship, uate. Therehefell under the spell “seemed to be out of kilter.” that possess, as he putsit, “meaning tooinside baseball foranyone other knowing that they will never achieve of themedievalist and World WarI In the best tradition of thrusting forthe world at large.” than thedwindling band of Atlantic anything likeperfection.” In pursuit of veteranRichardA.Newall, whose graduatestudentskeen to overthrow There’sthe frenzied last will and historians.But other chaptersmanage this point, he might have drawnfrom “skepticism” and “devotiontothe their seniors, Mr.Bailyn found that, testament of atormented Boston to do what Mr.Bailyn has done so the richer variety of voices acrossso- facts” he found congenial. Then came while listening to lectures about the merchant; arevelatoryvillagecensus well foryears: to illuminatethe colo- cietythat arepreoccupying arising the Signal Corps and militaryintel- American Revolution, his “soaring ex- compiled by an obscurepreacher; a nial period while speaking to our own. generation of historians.But then ligenceduring World WarII: “I had pectations pretty much collapsed.” tradesman’scrazedscribblingsonthe Thechapter on “Harbottle’sIndex” maybe this master craftsman will make qualifiedinFrench, but they put me Clearly this wasaperiod “open for pages of Boston newspapers; the de- is amasterpieceinminiature. In 1765, those varied voices the subject of a into the German program,” he writes deeper study.” Back in 1946,Mr. tails of the spartan lifestyle in aPenn- in the middle of the Stamp Act contro- book forhis 100th birthday. One cer- in characteristic deadpan fashion. It Bailyn wasdetermined to provide sylvania religious community; and a versy, aBoston shopkeeper named tainly wouldn’t put it past the old fox. was“atypical armykind of thing.” He “incisiveanalysis of the patterns of return to the Atlantic world of the Harbottle Dorr Jr.began collecting Sorry—hedgehog. entered graduateschool at Harvardin daily lifeand thought.” Morethan 70 Hutchinson family,fromwhich Massa- local newspapersand adding inked 1946 on the GI Bill, finding the place yearslater,heisonthat same mis- chusetts drew morethan afew of its notations in the margins and between Mr. Aldous, aprofessor of history at “not only crowded but competitive.” sion. “Illuminating History” contains, colonial leaders. (Mr.Bailyn’ssuperb the lines.Hecollected morethan 3,000 Bard, is the author most recently of Whenheturned up forhis firstmeet- alongside itsmemoir narrativeand “The Ordeal of Thomas Hutchinson” pages,which he then began to index, abiography of Arthur Schlesinger Jr.

he ranges morewidely.Hewrites with Partly because of the increasing How a keen observation, forexample,onthe weight of this critique,and partly be- proliferation of neoclassical and neo- cause of the breakup of the Soviet Union Gothic architectureinthe United States in the early 1990s,the utility of speaking Civilization afterthe 1893 Columbian Exhibition of “the West” in foreign policyreached in Chicago—part of America’srenewed an end. Mr.Kimmagefinds it telling that Ends involvementwith Europe.Healso President George W. Bush felt aneed to drawsonsuch African-American think- walk back his use of the term “crusade” ersasW.E.B.DuBois and James Bald- to describe the coming U.S. response to The Abandonment win, notprimarily fortheir critique of the 9/11 attacks.Itwas deemed insen- of the West American foreign policybut forthe sitive, and even the leading architectsof By Michael Kimmage insightarising from their sense of the “Global WaronTerror” drew aline Basic,373 pages, $32 being in the West but not entirely of it. at insensitivity of this sort. Thehistoryofthe idea of the West is It is to Mr.Kimmage’simmense BY TOD LINDBERG also,asMr. Kimmageshows,ahistory credit that he manages to maintain a of the critique of the West. firm hold on two ropes pulling in oppo- HE VERYTITLE of Mi- Thebook proceeds moreorless sitedirections: First, critics of the West chael Kimmage’swork chronologically,charting firstthe rise were right about manymatters that of intellectual history— of the modern idea of the West had previouslybeen ignored or played MY “The Abandonment of through itsCold Warheyday; then the down: the historyofracism and dis- ALA T the West: TheHistoryof emerging critique of the West; and fi- regard forwomen, the settler geno- DIVIDED Checkpoint Charlie in 1961. an Idea in American Foreign Policy”— nally itsdissolution intothe universal- cidesand imperialism. Second, the comes with ashock of recognition. ism of the “liberal international order.” win congressional approval forAmeri- the East, the communist bloc behind West gotanumber of big thingsright Why, yes, who in the realm of foreign In what Mr.Kimmagecalls the canmembership in the League of Moscow’s Iron Curtain. This East-West as well: in the realm of foreign policy, policynow speaks of “the West”?It’s Columbian Republic—the period that Nations,through 1945,the point at dimension persisted through the end the need to defeat fascism, to resist gone.Wheredid it go?Come to think which the global dominanceofthe of the Cold War. communism, and to promote(however of it,wemoreorlessabandoned it, United Statesbecame apparent to But, notes Mr.Kimmage, McNeill’s inconsistently and imperfectly) the didn’t we? Forall itsachievements, everyone.World WarII, Mr.Kimmage book actually appeared “atthe end of spread of freedom. Therewas as well Intellectual historyisatrickygenre. theWestwas increasingly argues,was fought not only to defeat an erainAmerican politics and foreign the emergenceofavision of political In addition to describing what human Hitler but to expungethe fascist blight policy.” Thetriumphalist viewofthe lifebased on mutual respect—a propo- beingshavedone,itattemptstodiscern faulted forits deficiencies that had overtaken two historical West found itself being increasingly sition that contains within it abasis for what people have thought about what at home and abroad. centersofWestern civilization, Berlin interrogated forits deficiencies at the criticism of existing practiceand they were doing as they did it: how and Rome.The warthat the U.S. waged home and abroad—for racism, im- thereforeself-improvement. their conceptualization of the world on Nazi Germanywas fierce and bru- perialism, colonialism and what Racism and conquest have been around them shaped them.Totry to tal—yet not as brutal, Mr.Kimmage Columbia University’s EdwardSaid, ubiquitous in politics.The political makesense of this,historians examine followedwhat Frederick Jackson notes,asthe waragainst Japan, aland in the late1970s,would identifyas wherewithal to call them out and try what people have said. But there’sno Turner described as the closing of the not of the West. “Orientalism,” the patronizing and to overcome them has not. Afrank ac- escaping the problem of thingsthat go American frontier at the end of the In the yearsbeforeand afterthe dismissive Western viewofother knowledgment of Western shortcom- without saying: the unspoken contextof 19th century—the U.S. began to turn war, America’sleading universities cultures.The Vietnam Warbegan ings, past and present, as Mr.Kimmage the times,often little understood by away from itsown westward expansion designed programs in Western civiliza- under the guidanceof“the best and demonstrates so persuasively,makes those operating within itsconfines. and actively cultivateits European con- tion, unapologetically designating the the brightest” (as David Halberstam senseonly in the contextofanappre- Mr.Kimmagerightly believes that nections,including the shared inheri- great bookstoberead by studentsso dubbed them)fromeliteuniversities ciation of the singular Western contri- he hashold of one of the most impor- tancefromGreeceand Rome.The U.S., they could understand their placeinit. that were on boardwith the progres- bution to human flourishing. tant conceptsofthe previous century, at last aglobal power, wasatthe fore- Mr.Kimmagebookends the next pe- sivepurposes of the U.S. government. the idea of the West, and capably front of Western civilization, or per- riod of his historywith the publication By Said’stime,the universities had Mr. Lindberg is asenior fellow at traces itsevolution and context. He haps of civilization as such. of William McNeill’sinfluential “The emergedasbastions of athorough the Hudson Institute. His most recent purportstolimit himself to itsrole in Thesecond period takesusfrom Riseofthe West” in 1963.Bythat date, critique of theWest and itsleading book is “The Heroic Heart: Greatness shaping U.S. foreign policy, but in truth 1919,when Woodrow Wilson failed to the West also stood in opposition to power, the United States. Ancient and Modern.” P2JW116000-4-C01000-1------XA

C10 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. BOOKS

‘Children of the same family, of the same blood...have some means of enjoyment in their power, which no subsequent connections cansupply.’ —JANE AUSTEN

SCIENCE FICTION Her Sister’s Keeper TOM SHIPPEY Looking Back MissAusten Ms.Hornby enlivens the ex- By Gill Hornby humationwith inspired touches of At ‘World Flatiron, 270pages,$26.99 social comedy and acast of appeal- ing eccentrics.There’sCassandra BY ELIZABETH LOWRY and Jane’sghastly sister-in-law, the Wa r Zero’ grasping MaryAusten—as mean- WENTY-THREE spirited as Mrs. Norris in “Mans- yearsafter Jane field Park”—who dismisses Jane’s AS ONE CAN tell from the Austen’sdeath in success by reminding her that she’s never-ending TV series “Ancient 1817, her older sister, “not the only writer in the family” Aliens,” sciencefiction and T Cassandra, burned and tortures everyone with long archaeologyhavehad along thelessdiscreet portions of her readingsfromher husband’sin- relationship.The link is a famous sibling’sprivatecorrespon- sipid poetry(Ms.Hornby has conviction that thereisahidden dence. It appearsthat she did a plenty of original material to draw truth in the relics of dead thorough job.The Jane Austen who on here). Or TomFowle’spipe- civilizations,both physical and has been preserved forposterity is chomping,kaftan-wearing niece mythical, and that this canbe largely acreature of surfaces.We Mary-Jane,anintrepid traveler to uncovered by what we nowknowabout science. knowagreat deal abouther social India. “Do youknowofthe der- Theidea is using the present to explain the past. lifeand her friendships but very vishes?” she asks Cassandrainone Thedominant figure in this area of fiction little about her creativeand emo- memorable exchange. “The Der- right nowisJames Rollins.His “The Last tional struggles.In1869 Austen’s vishes?” muses Cassandra. “They Odyssey” (Morrow,437 pages,$28.99) is, nephew and firstbiographer in- were presumably some local family, if youcount short stories as well as novels, sisted that “few changes and no though she could not quiteplace the 20th installment of his Sigma Force great crisis” ever troubled his aunt, thename.” True to the spirit of sequence—Sigma Forcebeing the cutting edge and nobody has ever really been in Austen’sown novels,Ms. Hornby’s of Darpa, the Defense Advanced Research aposition to sayotherwise.Mission male charactersare never seen out ProjectsAgency. Thebrief of this organization, accomplished, youmight think. of the companyoftheir women- as Mr.Rollins imagines it, is to investigatethe Perhaps not quite. Gill Hornby folk,and areoften on the receiving weirdand defuse it beforeitblows up. resurrectsthe letters Cassandra end of her satire. Topbilling goes Theweirdinthis case is an Arabian dhow, destroyed—in particular those to the Austens’ dim and stingy discovered frozenintoaglacier in Greenland, from the early 1800s,when Jane brother Edward, who wasadopted that predates Christopher wasinher late20s,manyofwhich as achild by wealthyrelations and THIS WEEK Columbus and Erik the Red have vanished completely—in a hasmarried an equally tight-fisted as well. What’sitdoing delightfully astutereimagining of heiress. “Why must money marry The Last there? It wasfollowing a GES

Jane Austen’slifethat offersa IMA money,” wondershard-up Cassan- Odyssey map,which traced the course shrewd take on Regencygender dra, “whenthe world would be so By James of Homer’s heroOdysseus to roles and the lessperiod-specific much happier were that not so?” Rollins Tartarus,the gatesofhell, anxietiesofauthorship. Given all these strengths,it’sa whereaccording to Greek BRIDGEMAN Ms.Hornby’s Cassandrais22 DEVOTION Silhouette of Cassandra Austen (1773-1845). shame that Ms.Hornby’s ear some- legend the Titans are when we firstmeet her.She has times letsher down. “MissAusten” imprisoned who one daywill destroy the world. just accepted an offer of marriage or brittle and wicked.” “After an to the Mr.Darcysofthis world, is is scatteredwith anachronisms But Tartarus isn’t in Greenland, and the key to from afamily friend, TomFowle, hour or two alone with her merely aglorified form of servitude. (“Weare loving it,” “Howcan we the map is itself ariddle. and her futureseems set. But Tom thoughtsand her writing,” how- Bettertoservethe sister youknow cope?,” “That washer truth”)and Mr.Rollins always backs up his stories with dies,and when we next see Cassan- ever,she “returned—as if puri- than the man whose mastership will even the odd grammatical howler, astring of real-world questions and mysteries. drashe is 67,aspinster who has fied—tosomething almost like such as an unmusical (but pre- Among the questions,what caused “World War spenther lifeasher sister’s com- calm.” This high-strung Jane sends sumablyeducated) young lady’s Zero”—the disaster 3,000 yearsago that brought panion,and is nowthe ferocious not just one but two potential hus- In Hornby’s novel, remark that apiano is “wasted on down the empires of Egypt and Mycenaean keeper of herliteraryflame.It’s bands packing,grasping that once Cassandra Austen we sorrycreatures.” And Jane’s Greeceand HittiteAnatolia, with the Fall of Troy 1840,and MissAusten has traveled marriedshe “will have no time to admission that she is “guilty of an as aside effect? Among the mysteries,thereis from her cottageinChawton, in myself,for thinking ...Ishall not is as slyly protective overdependence” on Cassandrais the long list of automatons made by creators Hampshire, to stay at theFowles’ writemorethan aletteragain.” of her independence one she would surely never have from Heron of Alexandria to Leonardo da Vinci— Berkshirevicarage, prompted by Heresy? Not at all. It’sapersuasive made in life. When Ms.Hornby some poweredbyclockwork,some allegedly the suspicion that it contains pictureofabrilliant woman who’s as Jane ever was. gets it right, though, she’ssogood by steam. Can anyofthat be true? If so,some potentially compromising letters oftenderailed by her domestic du- that youforgetwhich century earlier civilizations were approaching our level writtenbyJane in her youth. She’s ties butdriven to writeregardless. you’rein. Take Cassandra’sre- of sophistication. Maybe,insome ways, they right, of course,and aftersome What aboutself-sacrificing Cas- quickly become apparent oncehis flections,onenjoying aBerkshire were beyond us. determined snooping through bu- sandra? “The world, she well knew, bootsare under your bed. riverside walk,that the Chawton To archaeology, historyand technology, reaus and chestsshe uncoversa wasfull of good women likeher, Theirony is that—in “MissAus- duck pond, “though charming, Mr.Rollins also adds religion. Open the gates stash of Jane’scorrespondencethat who dedicated their time,their bod- ten,” at anyrate—Jane’snearest could not help itsown limitations,” of hell, and what do youget? Thecoming of threatens to overturn the imageof ies,their thoughts, and their hearts persist in seeing her as awashed-up and—apropos of Mary-Jane—that the Last Days.But will that lead to the Mahdi, the writer as aserene genius and to the serviceofothers.” There’s spinster,whereas Ms.Hornby’s “the companyofthose whom successor of the Prophet, who will cleanse the lifelong “stranger to drama.” an intriguing suggestion that in Austen, leftalone to writeatlast, travel had blessed wasoften so world with fire?Orwill it bring King David TheJane revealed by the letters, hercase,nolessthan in Jane’s, re- calls herself “England’sHappiest splendidly dull.” In particular, reborn, to fulfill old-testament prophecies? and by Cassandra’sown memories, maining single is apositivechoice. Woman.” As the competing versions Jane’sassessment of mean Mary Depends who gets the gatesfirst. In anycase, is as witty and mischievous as we’d Ms.Hornby gives Cassandraasec- of her sister’s lifejostle forthe (“Disaster oftenbringsout the best if youtry to find hell, maybe hell will find you. expect. But she’salso self-absorbed ond suitor,adashing (and entirely upperhand, Cassandraconcedes in her.Itissuccess that disturbs Theforge of Hephaestus,the pot of Pandora, and petulant, notably when she’s fictional) Mr.Darcy doppelgänger, howdifficult the task she’sset her- her good nature”)wouldn’t look the oil of Medea, the blood of Prometheus—all the kept from working on the novels- completewith aDerbyshireestate, self is,and “how impossible it was out of placeinanovel by Jane ominous motifs of Greek myth squeeze intothe in-progressthat the world will who courtsher during aholidayto to control the narrativeofone’s Austen herself.It’shardtosuggest story, as do the quotes from Homer and Hesiod eventually come to knowas“Sense Lyme Regis.That she resistshim is family history.” There’sanother nice higher praise than that. and Herodotus,mixed in with vulcanologyand and Sensibility” and “Pride and only partly due to avow she’smade ironyinCassandra’srealization, buried secretsfromRome to Morocco.The pres- Prejudice.” To herself at least, Cas- to remain faithful to Tom’smemory. whilefossil-hunting in Lyme,that Ms. Lowry is the author of the enceofSigma Forcemeans there’sfurious action sandraadmitsthat her sister had Cassandraunderstands that fora she “would hatetobedug up and novels “The Bellini Madonna” all along the way.But the thingsMr. Rollins knows “only two moods: sullen and silent, woman of her classmarriage, even pored over sometime in the future.” and “Dark Water.” areevenmoreexciting than the thingsheinvents. Logbook of a Marriage

‘MARRIAGES HAVE failure argument, as Juliet’sremorseful childhood and the second LaceyMay is an unquestioning instantly reveals the falseness points, just likeboats,” says and contemplativeaccount is centering on acrime Michael member of the flock,but after of the rest. the matriarch of a“cruising interrupted by Michael’sboister- mayhavecommittedconnected her mother is banished fortaking In “The Moment of Tender- family” in Amity Gaige’snovel ous,in-the-moment impressions. to his boat debt. Theadditions up with an “infidel,” she begins ness” (Grand Central, 285 pages, “Sea Wife” (Knopf,267 pages, Both have wondersand calami- take away from the book’s to ventureoutside the church $27), Charlotte Jones Voiklis $26.95),explaining what happens ties to relate—they tour empty, symmetryand momentum, and in search of her,and the novel collectsthe short fiction of her to couples who choose to make Edenic islands off Panama, and they forceMs. Gaigetospend a connectsLacey May’smaturation grandmother,Madeleine L’Engle their home at sea. “You sail a survivestorms and abusted lot of time tying up loose ends. with her gradual awakening to (1918-2007), most of it written boat through rough weather and transmission. Each drama is What readerswill remember Vern’sabuses. during her 20s and 30s,her thefailurepointsare revealed. plentifully conceived on itsown instead arethe chargedimages In one sense,“Godshot” is wildernessyears. These are FICTION ...Ifyou would rather not know terms,but there’sapowerful of Juliet and Michael sailing as predictable as itsvillains are likable,unassuming pieces that SAM SACKS the failurepoints,” she advises, cumulativeeffect as the strain with their kids toward foreign evil. Theritualized atrocities of oftenread likeexploratory “donot go sailing.” and isolation laybarethe heart coordinates,forcedtodepend the religious sect that considers outlines forlonger works.Their Thewarning comes toolate of their marital trouble. on each other to stay afloat. women’sbodies to be “church interest to L’Engle’sadmirerswill forJuliet and Michael Partlow, At itsbest, “Sea Wife” property” has much in common be in the way they tracethe arc who arealready months intoa achieves alovely balance THIS WEEK with the world of Margaret of the author’s biography. Some planned yearlong voyageinthe between the real and the meta- Atwood’s“TheHandmaid’sTale” stories concern boarding-school Caribbean Sea with their 7-year- phoric: ThePartlows wait out SeaWife and itsthousand-and-one girls; others, transplantstothe A young, old daughter and 2-year-old son. days in the windlessdoldrums, By Amity Gaige imitators. Thestory also takesa South, whereL’Engle spent her nautical But forthe Partlows,itwas the as though passing through one turn toward the sort of NewAge teenageyears. Afew of the later New safeharbor of the Connecticut of Juliet’sdepressiveepisodes; Godshot feminist empowerment that has sketches areabout aspiring suburbs that firstexposed their sudden squalls appear likeblow- By Chelsea Bieker been in voguesinceAlice Greenwich Villageactresses England marriage’sfault lines.Juliet is a out fights. Ms.Gaige’ssuperb Walker’s “The Color Purple.” trying to persuade stagedirectors couple literaryscholar prone to depres- 2013 novel “Schroder” fictional- The Moment of But dwelling on comparisons to givethem their break. tries to sion (ominously,her specialist ized the storyofthe notorious Tenderness doesn’t do justicetothe surreal Manyare further connected subject is the housewife-poet impostor Clark Rockefeller to By Madeleine L’Engle qualities of Ms.Bieker’s imagined by the centrality of pluckyyoung renew Anne Sexton, who committed saysomething profound and cult, whose gimcrack hoaxes are women who perseverethrough their suicide at 45). Michael is a universal about the confidence set alongside the most sinister ridicule and ostracism. Likethe vows workaholic businessman with game of parenthood. Michael LaceyMay Herd, the 14-year- megalomania. Thesame two-bit lonely housewifeinthe title during a libertarian leanings. Domesticity is not nearly as deceptivea old narrator of Chelsea Bieker’s showman who has dollar-store story, who feels an unaccustomed widened their philosophical and character,but he tooisa debut novel, “Godshot” (Cata- glitterdumped from the rafters connection to her attentiveob- yearlong political disagreements, turning gambler and daredevil who pult, 325 pages,$26),belongs during services,asthough it stetrician, the heroines possess voyage them intounhappy clichés— sees stability as an illusion you to the Gifts of the Spirit church, were summoned rainfall, is also passionatesensibilities that the in the the husband abully,the wife maintain as best youcan as you led by aman named Vern who orchestrating an insane spectacle people around them aretoo dull ascold. Thesailing adventure sail intothe freedom of the wearsgold–sequined robes over of simultaneous “virgin” births. or preoccupied to appreciate. Carib- is their Hail Maryattempt to unknown. “Have Ilied to her?” his overalls,distributes Bibles LaceyMay’s account of her part Theinborn hope that animates bean. reversecourse. he writes in his journal. “Sure. with his name in the placeof in the nightmareissoftened by even themost bittersweet stories We knowfromthe start of Ilied to her the moment I Jesus’ and convinces his followers her innocenceand unspoiled is also rooted in autobiography. Juliet’snarration that the trip represented myself as someone that he is the only person who instinct forlove, which she L’Engle worked foryearsand has ended badly and Michael is she could count on foralifetime. canbring rain to their drought- directstoward Vern and her endured numberlessrejections absent, though we don’t know Howwould I know?” stricken raisin-farming town in mother beforefinally finding a beforethe world took noteof why. Her memories alternate Somewhat lateinthe novel, central California. Vern also worthyrecipient in her unborn her talent. When she turned 40, with entries from Michael’s Ms.Gaigeintroduces two plot collectsprettyadolescent girls, baby.“Godshot” culminates in she considered giving up writing. diary, or “Captain’sLog.” What wrinkles,the firstconcerning a giving them sadistic sexual adizzying depiction of child- Four yearslater,“AWrinkle unfolds is akind of running traumatic episode from Juliet’s “assignments” to test their loyalty. birth—a true holy ritethat in Time” made her immortal. P2JW116000-4-C01100-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | C11 BOOKS

‘No one can dub you with dignity. That’s yours to claim.’ —ODETTA Livin’ the Blues

Odetta:ALife ity.She sometimes tweaked lyrics to in Music and Protest makeatopical point, as when she added By Ian Zack aline in her 1959 recording of the spiri- tual “Poor Little Jesus” that resonated Beacon, 276pages,$28.95 with the battle against segregation: BY EDDIE DEAN “Well, they couldn’t find no hotel room.” With her regalbearing and aradiant N1959, HarryBelafontepro- smile that could “melt diamonds,” as duced and starred in alive oneadmirer put it, Odetta ruled the prime-time special that he en- scene as the folk revival and the civil- visioned as amusical portrait of rightsmovement began to coalesce. Iblack America. He had the box- Rave reviews,especially of her campus officeclout to call the shots, which gigs, were,Mr. Zack writes,“so posi- included an interracial dancetroupe tively over the topthat they almost defy that defied an industry-wide taboo belief.” Therarebacklash came from ION

against blacks and whites performing AT folkie puristswho distrusted the tech-

together on TV.Another bold movewas UND nical virtuosity of avocalist trained in his choicefor aco-star. FO German lieder tackling slave spirituals

Instead of,say,Lena Horne or Doro- ONA like“’Buked and Scorned.”

thyDandridge, both popular black en- ARIZ It wasthe March on Washingtonin

tertainersatthe time,Mr. Belafonte OF 1963 that gaveOdetta her biggest stage. told network and sponsor executives at In front of acrowd of 250,000,she sang apreshowmeeting that his featured “Freedom Trilogy,” her searing tour-de- performer would be Odetta.“And there UNIVERSITY force. She told areporter: “For the first THE

wasthis moment of silence,” he re- , time in my lifeIwasn’t aperformer called. “And one of the principal forces working foranaudience, separated APHY

said, ‘Excuse me,Harry, but what is an GR from it. Iwas apart of it, and it wasa Odetta?’ Isaid, ‘It is not awhat. It is a TO part of me.” But the triumph wasbitter- human being.’ ” He extolled her won- PHO sweet. Media coverage focused on Bob

drous voiceand added: “She’saNubian TIVE Dylanand Joan Baez, with only afew

Queen. She is the mother of history, CREA seconds of footageofOdetta on what R

of all of Africa. Her beauty reigns as FO she called the “greatestday of my life.” supreme.And therewill be no need to As the folk revival faded, Odetta’s

makeher up.” CENTER career floundered. An album of all- With or without makeup,Odetta Dylancoversin1965 flopped. In 1970, Holmes waslittle known outside folk- she cut arock album with the session TITUTION/

musiccircles.Her repertoireofwork INS band that had fueled Aretha Franklin’s songs, spirituals and folk ballads dove- crossover success.Critics swooned, but

tailed with Mr.Belafonte’saim of ONIAN it wasanother commercial dud, and she showcasing the epic struggle of black wasbooed when she opened forLed SMITHS

Americans in song.Likewise,Odetta’s Y, Zeppelin. Thereweremarriages that natural Afro,which she favoredyears faredjust as poorly.

beforeitwas afashion trend, wasthe GALLER Odetta’s comeback in 1999 as ablues sort of personal-as-political statement IT singer wasasunlikely as it is inspiring. RA

that he admired. Forhim, the 28-year- RT In her previous forays intothe gut- old Odetta represented aradically dif- PO bucket blues of idols likeBessie Smith, ferent standardofbeauty and artistry, shehad come off as stilted. Nowher TIONAL

and it deserved awider audience. NA loose approach and weathered vocals She sang “Water Boy,” aprison work made aworthyvessel forsongsabout song that had become her show-stopper hardexperienceand bum luck.Evenso, on the club circuit. With angry, violent GULEZIAN, she displayedadiva-likemean streak strums on her acoustic guitar,she and pricklinessbackstage—which Mr. MARK channeled the desperation of aconvict TROUBADOUR Odetta in 1964. Zack doesn’t flinch from examining— toiling on achain gang,punctuating that earned herthe nickname “Oda- the verses with ahair-raising holler. steal her food in the hope that it con- ownpent-up rage at prejudiceand in- the musical “Finian’sRainbow.” In 1951, cious.” Close-ups of Odetta’s anguished face tained some kind of magic elixir.” justiceintoauniversal messageofhard- at aparty forpoetsand musicians,she In 2001, an ailing but still game 70- filled the screen. Manyofthese acolytesemulated her wonhope and reconciliation. heardrenditions of Lead Belly’s “Take year-old Odetta returned to the TV Foranational TV audience accus- rebel music and bohemian look.Joan Mr.Zack is the author of a2015 This Hammer” and other folk tunes that spotlight. She wasthe musical guest on tomed to family-friendly fare, this was Baezcopied the dangling earringsworn biographyofRev.GaryDavis,the blind made aconvert of the self-described David Letterman’sshowduring itsfirst strong stuff.“But therewas something by (asshe put it) “myblack angel,” who gospel guitar virtuoso,another over- classical-music snob.“Iheardsongsthat week back on the air afterthe 9/11 else,” notes Ian Zack in “Odetta:ALife helped her enter the folk-music scene. looked figure of the era. Theauthor has touched the core of me,” she later said. attacks.Instead of the righteous anger in Music and Protest.” When the dirge Afterhearing Odetta’s 1957 solo debut afeel forthe heady milieu of the folk “I found the sadness, the loneliness, of “Water Boy” from nearly ahalf- drew to aclose,asshe thundered album, BobDylan traded in his electric revival, when protest songsbecame ra- the fear that Iwas feeling at the time. centuryago, she sang “This Little Light “water boy!” and punished her guitar guitar and amp foraflat-top acoustic dio hitsand the money gotbig and hus- It turned my lifearound.” of Mine,” agospel song that “she deliv- stringswith apunk-rocker’s fury,“the Gibson to trytoget the percussive, tlersvied forfresh talent. Among the Her powers of empathyand her ered with adignified joy,” Mr.Zack camerapulled back,seeming to recoil hammered gravitas that he heardin worstenemies of idealistic,freedom- theatrical background helped her bring writes.Her health problems had from her strength. It wasamesmerizing Odetta’s distinctiveplaying. fighter troubadourslikeOdetta were drama to convict songsand hoary “reduced her oncelarge frame to the performance.” Themassappeal and commercial predatorymanagersand record labels. balladslike“Gallows Pole,” and she point whereshe looked almost svelte Odetta’s charisma is atouchstone in success enjoyedbyher followers eluded Bitterlawsuitsplagued her early career. wonafollowing.“As Isang those in agraydress and turquoise African Mr.Zack’sengaging,revelatorychroni- Odetta in her six-decade career.Her leg- ADepression-eraupbringing in songs, nobody knewwherethe pris- cap.” This latelioness-in-winter tri- cle,the firstin-depth biographyofthis acyhas suffered asimilar fate, relegated Birmingham, Ala. and later in Los oner began and Odetta stopped and umph hadanother surprise,adds Mr. seminal American performer.Inher to afootnoteinfolk-revival histories Angeles exposed the shyOdetta to viceversa,” she said. “So Icould get Zack near theclose of atumultuous heydayinthe 1950s and ’60s,she had and all but ignored in PBS nostalgia- racism in itsrawest and moresubtle my rocks off,being furious.” sagaofalegend finally getting her due: an aura and mystique unthinkable in fests. Mr.Zack offersamuch-needed forms,asMr. Zack shows.Music wasa Odetta sawfolk music as away to “She danced on stage, something the our era. “Odetta’s singing and magnetic corrective, restoring Odetta’s placeasa balm and an outlet, and classical voice disseminateaversion of black history old Odetta never would have done.” stagepresence,” Mr.Zack says,“exerted performer who breathed newlifeinto lessons revealed aprecocious talent. that wasn’t taught in schools.Inher such aforce over her acolytesthat traditional American song.She regarded Joining atheater group whereher album liner notes and her onstagerep- Mr. Dean is co-author of Dr. Ralph sometimes their knees went weak,they music and social protest as intertwined. mother worked as acustodian, the teen- artee,she highlighted the themes of Stanley’s “Man of Constant Sorrow: fainted in front of her,orthey tried to By merging the two,she channeled her ageOdetta performed in aproduction of African-American resilienceand solidar- My Life and Times.” A Shattered Lens

KATE AITKEN, the ex-journalist Miranda have been murdered? Bobby March, afaded rock star. DetectiveChief Superintendent In France, wherenoir was at the forefront of Sara Sligar’s Soon Kate,asshe sifts through He’salso put (off the record) Simon Serrailler,the topcop named, crime fiction is abig circuitous firstnovel, “TakeMe her subject’sletters and diary, on the hunt forhis regular in Susan Hill’sseries of police enough tent to include such Apart” (MCD,358 pages,$27), finds herself scrutinizing the boss’swandering teenageniece. novels set in the fictional South abizarreand relentlessly seems,atage 30,aburnt-out pastsofMiranda’sdeceased Mr.Parks,who has worked England cathedral town of Laffer- perverse author as the late case.Forcedtoleave her news- abusivehusband, alocal hippie in the music industry, sprinkles ton, has always been abit of an Pascal Garnier,whose final paper job in NewYork after with whom she mayhavehad his swiftnarrativewith realistic enigma to colleagues,friends work, “A Long WayOff” filing acomplaint about the an affair,and even her son Theo, glimpses of the early-’70s pop and family.“Simon,” his sister (Gallic,124 pages,$14.95), sexual harassment she suffered atroubled 11-year-old at the scene; and his cast of well-drawn Cat concludes,“wasanoyster, translated by Emily Boyce, from acolleague,she had a time of her death. characters, from upper-crusters good at hiding his real thoughts.” plays out likeanexistential MYSTERIES breakdown and then abandoned “TakeMeApart” unfolds to low-lifers, makes up alively In “The Benefit of Hindsight” feverdream. TOM NOLAN her Manhattancareer forthe in two time frames at once, (Overlook,297 pages,$27), MarcLecas,atamidlife West Coast: “She wanted to through the insertion of excerpts THIS WEEK Simon plays thingssoclose to crossroads,embraces asudden believeCalifornia could fixitall: from Miranda’sjournal and the vest that he maynot even epiphany: “With nothing to do, tanher wanskin, shine her dull correspondence. Ms.Sligar’s Take Me Apart knowhimself what he’supto. he decided just to be.” Leaving hair,and ...reach down intothe debut is by turns an art-world By Sara Sligar Backfrommedical leave after his wifethe briefest of notes, broken, taped-together mess satire, an erotic romanceand a suffering the lossofalimb in he embarks by automobile, inside her and repair that, too.” descent intomadness. Itsgrati- BobbyMarch the course of duty,Simon seems accompanied by an aging cat Sara She’saccepted the job,ina fying conclusion proves well Will LiveForever to have healed well physically: and by his 36-year-old daughter, Sligar’s Marin County town, of archiving worth the digressivejourney. By Alan Parks “He used his prosthesis as Anne,otherwise resident in a debut the papersofMiranda Brand, “Bobby March Will naturally as anyone used their mental hospital. They drive alegendaryphotographer who LiveForever” (Canongate, The Benefit of Hindsight flesh-and-bone arm.” But what off-season to the seaside resort thriller killed herself in 1993 at age37. 357 pages,$26),Alan Parks’s By Susan Hill of his emotional health? Is his Le Touquet, whereAnne shops, is, by Miranda’sgrown son Theo has thirdtough thriller featuring judgment still sound? gets her hair done and tells her turns, returned to the family home to GlasgowpolicedetectiveHarry ALong WayOff When awell-planned dad: “It’sweird—I’vealways preparehis mother’s effectsfor McCoy, takesplace(forthe most By Pascal Garnier burglaryoccursatthe home of felt likeI’m on my ownwhen- a West sale.Beforelong,Kateissucked part) in the summer of 1973. asuccessfullocal couple,Simon ever I’m with you.” Forhis part, Coast intothe maelstrom of Miranda’s Thecity is sweltering through ordersamedia blackout, think- the apathetic Marcfeels bound art- chaotic biography: “She had an oppressiveheat wave,and repertorycompany. McCoy ing to lull the thieves intocare- “slowly but surely to afuture world thought her journalistic instinct detectiveMcCoyisincensed by himself,with his personal vices lessness. But asecond such that wasnolonger in his hands.” wasdead. ...She had forgotten workplaceconditions. and criminal contacts, is hardly robberyturns violent, and Marcpropositions the hotel satire, howmuch she loved it: the glori- With his bossonleave, your run-of-the-mill, cop-shop further injuryoccursinits wake. barman to sleep with his an erotic ous chase....Howeverdeep this McCoyisbeing persecuted by hero; at one point, even he Has Simon’seagernesstoreturn daughter; the man does so— romance waterwas ...she wasgoing in.” the man in temporarycharge: wondersifhe’slost some vital to work caused him to makea then disappearsfromhis job. Localgossips promotethe avindictiverival who makes part of his humanity: “Maybe fatal error? Ms.Hill has written Yetmorestrangeand grim and a notion that Miranda’sdeath may surethat McCoyisshut out he had stopped caring about asophisticated crime storywith eventsfollowinMarcand descent not have been asuicide.(“I’m of the frantic search forakid- people....Maybe he had aprotagonist fallible enough Anne’s“journey intothe abyss.” into not spreading rumors,” one local napped 13-year-old girl. Instead, become likeevery other polis. to commit big mistakes and “You see the bad in everything,” insists. “I’m just repeating what he’ssent to investigatethe drug- Thekind of polis he swore he’d wise enough (with prodding) father scolds daughter.She madness. other people have said.”)Might overdose death of the titular never become.” Not achance. to deal with the consequences. replies: “For good reason.” P2JW116000-4-C01200-1------XA

C12 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. BOOKS

‘A writer should write with his eyes, and a painter paint with his ears.’ —GERTRUDE STEIN Rhyme, Meter and Pictures

NOTHING preventsus Gianferrari told in 17-syllable stanzas. reading poetryyear- Mama and Papa owl, as they are(abit round with children, cloyingly) styled here, find asquirrel’s but still it’sniceto nest high in apine tree and set up have the spur of housekeeping.Inthe wild, threatsare an official “poetry constant: month.” In this re- gard,April constitutes Crowsdive-bomb and caw an annual excuse to Mama dodges,ducks her head pull out old favorites: This is nowher home. CHILDREN’S aMother Goose an- BOOKS thology, the nonsense In dramatic watercolor paintings, Jona- MEGHAN rhymes of Edward than Voss shows the arrival of three COX GURDON Lear and Ogden Nash, eggs (and the lossofone; “raccoon or Robert Louis Ste- finds dinner”); the emergenceoftiny venson’s“AChild’sGarden of Verses.” pink babies; and the vigilanceneeded It’sanexcellent time to poreover to protect against predatorsasthe newerbeauties,such as JooHee Yoon’s owletsgrowintofledglingsand, even- electric illustrations for“Beastly tually,intoadult owls able to build Verses” (2015); Frann Preston-Gannon’s nestsoftheir own. pictures for“Sing aSong of Seasons” Evie Robillarduses free versetode- (2018),the massiveanthologyedited scribe the lifecycle of two celebrated by Fiona Waters;orthe sumptuous 20th-centuryeccentrics in “A Portrait glories of Jackie Morris’sartwork for in Poems” (KidsCan, 48 pages, RobertMacfarlane’sacrostic poems $17.99),apicture-book biographyof in “The Lost Words” (2017). Gertrude Stein and AliceB.Toklas.Set Andofcourse,each spring brings in Paris,aswerethe two women for fresh diversion. Kyle Lukoff packs alot most of their lives,this chronicle of poetrylingoand sly drolleryinto begins with the art collection that “Explosion at the Poem Factory” Gertrude and her brother Leobegan (Groundwood, 44 pages,$18.95), to assemble at 27 ruedeFleurus: apicturebook about an unemployed piano teacher named Kilmer Watts contemporaryand is supported by the APRIL IS POETRYMONTH! Matisse, Cézanne, Gauguin, who takesajob at an industrial word- text (“hishair is crisp,and black,and Marie Laurencin, smithery, Amalgamated Verse& long”). At church on Sunday, the black- Explosion at the In the Woods Georges Braque, Juan Gris. Strophe.“Backinmyday we had to smith sitswith his sons while his Poem Factory By DavidElliott And, of course, Picasso. wait weeks,months even, forcreaky daughter singsinthe choir; we see him By Kyle Lukoff Illustrated by RobDunlavey Theone and only Pablo Picasso. oldbards to deliver the goods,” the glancing out the windowtothe gravein Illustrated by Mark Hoffmann foreman tells his newhire. “Why spend the churchyard that holds their mother. Whoo-kuHaiku In pale-hued, gently humorous illus- hourswrestling with rhymes when It is meaningfuland moving to see the The Village Blacksmith By Maria Gianferrari trations, Rachel Katstaller depictsthe our prosodizer canfind the perfect nobility of his days spent in honest By HenryWadsworth Longfellow Illustrated by Jonathan Voss couple and their artistic milieu, the synonym with the flip of aswitch?” labor.What afine thing forthis poem Illustrated by G. Brian Karas Saturday-eveningsalons they hosted, Pretty soon Kilmer learns to operate to be made newly accessible to chil- APortrait in Poems the terror of making an aesthetic the “meter meter” and empty the dren, who will absorb itsrhythms and Poems to SeeBy By Evie Robillard blunder: cliché bins: “The multipurpose poem feel itsreverberation foryearstocome. By Julian Peters Illustrated by Rachel Katstaller industrywas booming,and the factory TheCanadian comics artist Julian Look at all these people! shipped everything from odes to epi- Peters performs asimilar sleight-of- Sipping teaand drinking wine thalamiums to marketsacrossthe paintbrush, as it were,with an array of ished. But unevennesscan have its otherspop with bright, serendipitous and oohing land.” Theoff-kilter angles and bean- powerful verses in “Poems to See By” ownattractions: snagging the eyeand color.The scarlet tanager streaks and aahing shaped personalities in Mark Hoff- (Plough Publishing,157 pages,$24),a drawing the attention to poems in a through the trees,bright as aholly and trying to sayintelligent things mann’spictures add to the madcappery collection forreadersages10toadult. newway.Inapreface, Mr.Peters berryagainst the green leaves; on a about the paintingsonthe walls. of astory that, with alittle concen- It is awide and varied collection, both writes that his motivation fortrans- melting patch of snow, the rust of a tration (and the interpretivehelp of in visuals and text. Here arepieces by lating great poetryintothe visual fox’sfur stands out: Thewomen’sstory is not an obvious an adult), will be aprimer on poetic Carl Sandburg, Edna St.Vincent Millay languageofcomics was“forloveof onetointerest children ages 6-10,but forms and styles.The book’splayful and William Ernest Henley.Mr. Peters beauty.” In this he has undoubtedly Afieryprophecy what emanates from these pages, and esoteric languagecalls foran setsthe aching lines of Robert succeeded; reading “Poems to See By” of thingstocome. through the chatty,accessible verse ample glossary; good thing it has one. Hayden’s1962poem “Those Winter is astirring experience. She is thinking of her kits; and the buoyant artwork,isasense of Theillustrator G. Brian Karasuses Sundays” as if in the illustrated panels Twopicturebooks forchildren they must be fed. the integrity that comes with awell- amodern-daybellows to pump fresh of agraphic novel: ages 3to8find poetic inspiration Adreadful thought observed andwell-lived life. At atime energy intoan1840 poem by Henry in the natural world. David Elliott forsome. when self-isolation has manyofus Wadsworth Longfellowin“The Village Sundays toomyfather gotupearly offersastring of delightfulshort odes particularly sensitivetothe powerof Blacksmith” (Candlewick,32pages, and put his clothes on in the to wild creatures in the pages of “In Hunger is what drawsafox toward the passing moment, this is another $16.99),apicturebook forchildren blueblack cold the Woods” (Candlewick,32pages, afamily of Great Horned Owls in book forchildren that mayreverberate ages 5-10 that oldermembersofthe then with cracked hands that ached $17.99).Hereheisdilating on the “Whoo-kuHaiku” (Putnam, 32 pages, just as strongly—or moreso—with family will enjoy, too. from labor in the weekday humble opossum: $16.99),anavian chronicle by Maria their elders. weather made Under aspreading chestnut tree banked firesblaze. No one ever Your rattish snout, your naked tail Thevillagesmithystands; thanked him. dragging on thewoodland trail: Thesmith, amighty man is he, you’renot aclassic beauty. With large and sinewy hands; Other poems areillustrated with deli- Youbump along the woodland And the muscles of his brawny arms cate watercolor panels or cartoon track, Arestrong as iron bands. drawingsinthe style of Japanese Your babies clinging to your back: manga. Theartwork is uneven: paint- There’sbeauty,too,induty.

Rather than conjuring aquaint 19th- ingsofpatchwork quilting that carry AN centuryNew England village, Mr.Karas the lines of Maya Angelou’s1983 In the illustrations,Rob Dunlaveyuses SC setsthe poem in the present day. His poem “Caged Bird” arepainstakingly moody colorsand thick brushstrokes KID blacksmith is ayoung widowerwho wrought, whereas Mr.Peters’sink to set each animal in itsforest setting. OD; WO drives apickup and wearshis hair in a drawingsfor Edgar Allan Poe’s“Anna- As in nature, some of the creatures ponytail. It is atouch that both feels bel Lee” (1849) feel wooden and unfin- blend in with the background while OUND GR

Bestselling Books | Week Ended April 18 With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPDBookScangatherspoint-of-salebookdata AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommorethan16,000locationsacrosstheU.S., representingabout85%ofthenation’sbooksales. Magnolia Table, Vol. 211About Your Father and Other... 6 New Where the Crawdads Sing 1 1 Dog Man: Fetch-22 6 4 Print-bookdataprovidersincludeallmajorbooksellers, Joanna Gaines/Morrow Peggy Rowe/Forefront Delia Owens/Putnam Dav Pilkey/Graphix webretailersandfoodstores.E-bookdataproviders includeallmajore-bookretailers.Freee-booksand Untamed 2 2 Korean Dream 7 — Masked Prey 2 New The Boy From the Woods 7 — thosesellingforlessthan99centsareexcluded. Glennon Doyle/Dial Hyun Jin Preston Moon/Morgan James John Sandford/Putnam Harlan Coben/Grand Central Thefictionandnonfictioncombinedlistsinclude aggregatedsalesforallbookformats(exceptaudio The Splendid and the Vile 3 3 Hidden Valley Road 8 5 American Dirt 3 — The Silent Patient 8 — books,bundles,boxedsetsandforeign Erik Larson/Crown Robert Kolker/Doubleday Jeanine Cummins/Flatiron Alex Michaelides/Celadon languageeditions)andfeaturea combinationofadult,youngadultand The House of Kennedy 4 New The Mamba Mentality 9 9 The Boy, the Mole, the Fox and... 4 8 Oh, the Places You’ll Go! 9 — juveniletitles.Thehardcoverfiction James Patterson/Little, Brown Kobe Bryant/MCD Charlie Mackesy/HarperOne Dr. Seuss/Random House Books for Young Readers andnonfictionlistsalsoencompassa mixofadult,youngadultandjuveniletitleswhilethe Magnolia Table 5 7 Educated: A Memoir 10 — Texas Outlaw 5 — Wrecking Ball 10 9 businesslistfeaturesonlyadulthardcovertitles. Joanna Gaines/Morrow Tara Westover/Random House James Patterson/Little, Brown Jeff Kinney/Abrams [email protected].

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TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK

The House of Kennedy 1 New Magnolia Table, Vol. 211Find Her Alive 1 New Little Fires Everywhere 1 1 Reprogramming the American Dream 1 4 James Patterson/Little, Brown Joanna Gaines/Morrow Lisa Regan/Bookouture Celeste Ng/Penguin Kevin Scott/HarperBusiness The Splendid and the Vile 2 2 Untamed 2 4 Little Fires Everywhere 2 1 Where the Crawdads Sing 2 2 Total Money Makeover 2 2 Erik Larson/Crown Glennon Doyle/Dial Celeste Ng/Penguin Delia Owens/Putnam Dave Ramsey/Thomas Nelson The Subtle Art of Not Giving a F*ck 3 — My First Learn to Write Workbook 3 3 Dune 3 — Masked Prey 3 New Atomic Habits 3 1 Mark Manson/Harper Crystal Radke/Rockridge Herbert Frank/Ace John Sandford/Putnam James Clear/Avery Hidden Valley Road 4 1 The Splendid and the Vile 4 5 The Last Emperox 4 New American Dirt 4 10 Joy at Work 4 New Robert Kolker/Doubleday Erik Larson/Crown John Scalzi/Tor Jeanine Cummins/Flatiron Marie Kondo/Little, Brown Spark Untamed 5 3 The House of Kennedy 5 New American Dirt 5 6 Dune 5 — Dare to Lead 5 3 Glennon Doyle/Dial James Patterson/Little, Brown Jeanine Cummins/Flatiron Frank Herbert/Ace Brené Brown/Random House Sapiens 6 — Big Preschool 6 6 A Wanted Man 6 — Find Her Alive 6 New Extreme Ownership 6 7 Yuval Noah Harari/Harper School Zone Publishing/School Zone Publishing Lee Child/Delacorte Lisa Regan/Bookouture Jocko Willink & Leif Babin/St. Martin’s Unorthodox 7 4 Summer Brain Quest 7 — Where the Crawdads Sing 7 5 Savage Son, Vol. 37New Never Split the Difference 7 5 Deborah Feldman/Simon & Schuster Workman Publishing/Workman Publishing Delia Owens/Putnam Jack Carr/Atria Chris Voss/HarperBusiness Devotions 8 — About Your Father and Other... 8 New Madam Temptress 8 New The Boy From the Woods 8 — Everyday Millionaires 8 — Mary Oliver/Penguin Press Peggy Rowe/Forefront Meghan March/Meghan March Harlan Coben/Grand Central Chris Hogan/Ramsey Expert Secrets 9 New The Step-by-Step Instant Pot... 9 New Ask Me if I Care 9 New The Silent Patient 9 — StrengthsFinder 2.0 9 6 Russell Brunson/Hay House Business Jeffrey Eisner/Voracious Lani Lynn Vale/Lani Lynn Vale Alex Michaelides/Celadon Tom Rath/Gallup Educated: A Memoir 10 — Hidden Valley Road 10 2 A Tree Grows in Brooklyn 10 — The Last Emperox 10 New The Daily Stoic 10 9 Tara Westover/Random House Robert Kolker/Doubleday Betty Smith/HarperCollins John Scalzi/Tor Ryan Holiday/Portfolio P2JW116000-4-C01300-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | C13 PLAY

NEWSQUIZ DANIEL AKST From this week’s NUMBER PUZZLES SOLUTIONS TO LAST Wall Street Journal WEEK'S PUZZLES 1. Richard Branson 6. Which private-equity firm Cell Blocks Cell Blocks fought to save his sued to pulp its agreement Divide the grid travel and tourism to take control of Victoria’s into squareor empire. Which Secret? rectangularblocks, For previous unit filed for each containing weeks’ puzzles, bankruptcy?  A. The Poplar Group one digit only. and to discuss  B. Walnut Associates Every blockmust strategies with  A. Virgin Australia  C. Magnolia Enterprises contain the number other solvers, go of cells indicated by  B. Virgin Atlantic  D. Sycamore Partners to WSJ.com/ the digit inside it.  C. Virgin Hotels puzzles. D. Virgin Holidays Cruises  7. An outbreak of contango roiled markets. What Killer Sudoku 2. Iran said it launched Nour, happened? Level1 Suko its first military satellite, into space. What is the name’s  A. Anti-dance zealots English meaning? occupied the Buenos Aires Stock Exchange.  A. Faith  B. A dreaded grain fungus  B. Light sent wheat prices soaring. Killer SudokuLevel 2  C. Revolution  C. Near-term oil became As with standard  D. Victory cheaper than months-out oil Sudoku, fill the futures. grid so thatevery D. Legions of home-bound 3. What new collateral will the  column, every row workers were felled by European Central Bank accept and every 3x3 box contagious lumbago. It’s a Start for its loans? contains the digits 1to9.Eachset of TALC SOPSPATECAMEL cells joinedby A. Newly downgraded junk 8. What was the first Ivy AR IA HEATWA VESNOVENA  dotted lines must bonds League school to suspend its REDUCEDCHARGES CR ISCO add up to the PASCAL IANYOGAMA T B. Subprime mortgage SAT/ACT requirement for  target number in UNFINISHEDBUSINESS AM IS LAOS ATOLLCREE securities the fall? its top-leftcorner. C. Triple-short currency index LAMAIM CHAFEAHA  Within each set INSUFF ICIENTFUNDSSOD futures  A. Dartmouth of cells joinedby COOT IE APA OUTSTAY  D. Surplus dairy stockpiles  B. Brown dotted lines,adigit ENSORBRASI CTRL HARE M OPENENDEDQUESTION  C. Penn cannotberepeated. .CO SARI UTES AURAEORDER D. Cornell 4. Argentina’s Economy  PIRANHAEAR INTIME

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Answers to News Quiz: 1.A, 2.B, 3.A, 4.D, 5.C, 6.D, 7.C, 8.D THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK

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Abilitytostretch adollar astronomer York univ. 124 ___ to go (eager, 18 Bender with a Encounters of Complicated informally) Opening in apet carrier (2 wds.) TV doc Doogie 39 Labourites’ 83 Rocks cap the ThirdKind” 2005 Billboardchart-topper by opponents 84 Like much 125 Landlords’ 26 Ignorethe alarm, 116 Pharmacy DDavid Letterman compilations Daniel Powter (2 wds.) Be in suspense? 41 Urges to attack chatter collections perhaps concern (3 wds.) “Absencemakes the heart Weightlifting exercises 45 Alarm clock 86 Hells Gate State 126 Before long, in 28 Stat forJacob 117 Raven-colored Sign postedataparking garage’s poetry grow ___” Arnold of golf’s “Big Three” toggle Park location deGrom 118 Text message exit to avoid logjams (3 wds.) 127 Hospital sticker 88 “Sure, countme button s 46 Omaha Beach 32 Answertoa EEditor’s attachments, often craft, forshort in!” 128 Order from on general Get the solutions to this week’sJournal Weekend Puzzles in next 120 Thunder Bay’s (2 wds.) 48 Pelvis part 90 Mintfamily high question? prov. Saturday’sWall Street Journal. Solvecrosswordsand acrostics 50 Prime minister plant 129 Wipe out 33 Fellows,maybe 121 BeatsElectronics Grocery areas off-limits to online, get pointers on solving cryptic puzzles and discussall of the born in Allahabad 92 Wild 130 Patchup 34 Driving need co-founder customers puzzles online at WSJ.com/Puzzles. P2JW116000-4-C01400-1------XA

C14 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. REVIEW

ICONS Art Without Artworks

Andy Warhol’s conceptual creations aimed to redefine what an artist does.

BY BLAKE GOPNIK the whole piece—even the notion that it wasa“piece”—still feels transgres- ndy Warhol is remem- siveahalf-centurylater.Itforeshad- bered as aPop artist, owsthe 21st-centuryart movement lifting subjectsand im- known as “relational aesthetics,” ageryfrompopular which insiststhat the thingshumans A cultureand presenting do forand with each other—even them almost unchanged as high art. cooking and serving acurry, as in a But the Popstyle Warhol pioneered project by the Thai artist Rirkrit Tira- in his 1962paintingsofMarilyn Mon- vanija—can count as artistic acts roeand Campbell’sSoup cans occu- when brought intobeing by artists. pied only asmall part of his career. In his 1917work “Fountain,” Mar- By 1965,hehad officially given up celDuchamp signed an ordinaryuri- painting in favorofmuch weirder, nal and submittedittoashowasart. moreconceptual creations: four-min- In asense,Warhol and his descen- ute-long filmed portraitsofhis “su- dantsinrelational art aretaking Du- perstars”;anovel that consisted of champ’surinal and offering it up for 24 hoursoftranscribed conversation; actual use in amen’sroom, and saying alecturetour wherehis talks were this use is art, too. Twoyearsafter delivered by ahired “Travel Piece,” Warhol double. made hisDuchampian These projectscome Once rootsstill moreexplicit closer to revealing the in an untitled piecethat true genius of Warhol Wa rhol involved adifferent kind than his paintingsdo. abandoned of sanitaryequipment. Beforehim, talk about painting, He bought avacuum art usually centered on cleaner,vacuumed an what it looked likeand he cast art gallery’scarpet and howanartist achieved himself as then signed the dust visual effects. But War- bag as arecordofwhat hol insisted that the his most he’ddone.After almost idea behind awork of important five decades of utterne- art matteredmorethan glect, photos of War- itsappearance; oncean artsupply. hol’svacuum piecewere artist did this mental included in his recent work,what happened retrospectives at the in the studio wasjust manual labor. Whitney Museum in NewYork and Theultimateexample of Warholian Tate Modern in London. Curatorsare weirdnesscame 50 yearsago this coming to insist that thereismoreto month, when Arts Magazine pub- Warhol than Pop. lished afeatureonWarhol’s“Travel OnceWarhol had abandoned paint Piece,” which consisted of nothing and canvas,back in 1965,hebegan to morethan the artist arranging for cast himself as his most important two of his friends,the art critics Greg- artsupply,finalizing his classic per- In a conceptual piece from 1972, fans or foes,Warhol’sPop works cept that wantstoput 50 Campbell’s oryBattcock and David Bourdon,to sona as acelebrity artist—dark Warhol vacuumed an art gallery’s were all about the ideas behind them. soup cans on acanvas,” he said. spend aweekend in Paris and keep re- glasses,biker’s jacket, empty-headed carpet and signed the dust bag. They felt therewas nothing worth Despitethe fool that Warhol liked cordsoftheir banal social encounters stare. That October,Warhol’sappear- looking at in the objectsthem- to play, that conceptual intelligence there. Warhol didn’t go along,sothe anceatthe opening of an exhibition selves—as little as thereisinWar- is what makes himmatter. “He’sthe Polaroid that graced the magazine’s in Philadelphia caused anear-riot working on for20years. hol’straveland vacuum pieces. most brilliantperson I’veevermet, cover, showing Battcock in his Paris among the thousands of Andymani- Such “works” showthat Warhol In December 1962, shortly after and he never forgetsathing,” re- hotel, wasn’t even snapped by him. acs who had shown up.But it was wasreally aconceptual artist, much Warhol’sfirst NewYork solo,the art called Suzie Frankfurt, afriend who Theartist’sonly role in the “piece” only two decades later,near the end moreconcerned with ideas than ob- critic Hilton Kramer complained that met Warhol in the 1950s.“But he wastorelease it under his name after of his life, that Warhol finally gave jects. His early paintings—the Soup “fraudulent” PopArt was“interesting comes on as really stupid.” footing the bill. (Bourdon waspeeved that “work” itsofficial title.Hehad Cans,Marilyns and Elvises—arenow forwhat is said about it rather than that he bought them adiscount flight the words“Andy Warhol/Invisible widely considered to be masterpieces forwhat it intrinsically is.” But Duch- Mr. Gopnik is the author of the

and put them up in alousy hotel.) Sculpture, 1985/mixed media” typed and priced accordingly.IfNew York’s amp himself flipped that idea around new biography “Warhol,” which IUK

“Andy’s idea is without precedent. ontoawall label set beside an empty Museum of Modern Art were ever to intopraise: “Ifyou take aCampbell’s will be published on April 28 by ST KO His particular way of presenting the pedestal, then stood next to it as the part with itswall of Soups,they’d soup canand repeat it 50 times,you Ecco, adivision of HarperCollins travel event itself is totally new,” Bat- art object on display. He told acritic fetchaneasy half-billion. But for arenot interested in the retinal im- (which, like The Wall Street tcock said afterthe Paris trip.Indeed, that it—he—wasanobject he’dbeen most of their firstviewers,whether age. What interestsyou is the con- Journal, is owned by News Corp). MICHAEL ©

MASTERPIECE |‘CARNIVAL OF THE ANIMALS’ (1886), BY CAMILLE SAINT­SAËNS A Joyful, Melodic Ears”;the familiar call of “The Cuckoo in the Depths Menagerie of the Woods”;and the chirping of forest birds in “Aviary.” With “Pianists,” Saint- BY STUART ISACOFF to choreographer Michel Saëns turns his gaze, with Fokine that he created a ajaundiced eye, to the hu- MUSICIANS ACROSS THE AGES classic ballet interpretation, man species,poking funat have toyedwith the idea of depicting firstdanced by Anna Pavlova amateur pianistswho can’t the animal kingdom in their works. in 1905,which became an quitemanagetopull off An early keyboardcanon by Bach at- immediatehit.) the well-worn exercises of temptstoreplicatethe sounds of a Saint-Saëns had con- Hanon or Czerny. Without henand acuckoo.Telemann pro- ceived the entiresuitefor pause,the music continues duced abizarreorchestral portrayal Shrove Tuesday—the light- into“Fossils,” wherethe of frogsand crowsinconcert. Mozart hearted celebration that pre- composer mimics his own wassmittenbythe song of his pet cedes Ash Wednesdayonthe “Danse macabre,” in which starling,atheme singularly close to Catholiccalendar—and “Car- the xylophone conjures up that of his Piano ConcertoinG,K. nival of the Animals” had its the clacking bones of skel- 453.But perhaps the most famous premiereatasmall, private etons,along with several example is Camille Saint-Saëns’s concert given by cellist nurseryrhymes,and an whimsical “Carnival of the Animals,” Charles Lebouc on Tuesday, aria from “The Barber of asuiteof14movementsfor two pia- March 9, 1886,followedbya Seville.” LeonardBernstein nos,two violins,viola, cello,double second performanceatthe suggested that the com- bass, flute, piccolo,clarinet, glass home of Chopin’sfriend, singer Pau- the strings, suggesting the fierce A musical safari, complete with poser viewedall these pieces as the harmonica, and xylophone,composed line Viardot, with Franz Liszt in at- growlofthe king of beasts. Next roaring lions, giant elephants and fossils of his time. in 1886. tendance. Despitethose scant begin- come “Hens and Roosters,” busily very persistent donkeys. After“TheSwan”—a spellbinding Saint-Saëns (1835-1921), one of the nings, oncethe music waspublished pecking and crowing—based on the highlight of the work—the full ensem- leading French composersofhis in 1922itbecame the composer’s theme of Jean-Philippe Rameau’s Berlioz’s“Danceofthe Sylphs”—both ble joins together foradazzling “Fi- time,was engaged in writing his most famous and enduring work—es- harpsichordpiece“TheHen”—fol- originally set forhigh, light instru- nale,” quoting earlier movements, and ThirdSymphonywhen, as he con- pecially after1950,when the humor- lowedby“Wild Donkeys(SwiftAni- ments—forthe deep,heavy tones of finishing with six “Hee-Haws” from fessed to his Parisian publisher,Du- ousverses foreach movement added mals),” as loud, feverish scales from thedouble bass. Then, foranemo- thedonkeys. What is themeaning of rand, he had become distracted by by Ogden Nash were firstrecorded both pianos race by. tional lift, the composer treatsusto that final chuckle? Perhaps,inthe this musical/zoological project, which by NoëlCoward.Ithas sincejoined “Tortoises” stays true to the lum- the lurching,grace-note-peppered, end, thecomposer simply regarded he found to be “such fun.” Yet, fear- Prokofiev’s “Peter and the Wolf” and bering imageofthe shelled reptile by hoppingchords of “Kangaroos.” the entireenterprise as ajoke. But the ing that the work would undermine Britten’s“Young Person’sGuide to rendering Offenbach’slively “Can- “Aquarium” so perfectly captures implicit messagethroughout is that his reputation as aserious composer, the Orchestra” as school-agefavor- Can” (“Galop infernal”)inagoniz- the idea of adreamyworld, with its we areall—musicians,critics,and mu- he refused to allowits publication ites. inglyslowmotion. Thesuitecontin- ethereal surfaceand impressionist sic loversalike—rich targetsfor amu- until afterhis death, with the excep- Thetruly delightful collection ues in cartoonish territorywith “The arpeggios,that composer Alan Men- sical satirist. tion of the penultimatemovement, opens with an “Introduction and Elephant,” marked “Allegropom- kenadmittedly stole from it forthe “The Swan”—a ravishing meditation RoyalMarch of the Lion,” in which a poso.” It emphasizes thecreature’s soundtrack of the Disney film Mr. Isacoff’s most recent book is

on the graceful bird, which is repre- stately processional is interrupted gargantuan proportions by adapting “Beauty and the Beast.” This is fol- “When the World Stopped to Listen: ANA

sented musically by the melancholy by “roaring” chromatic passages in both the Scherzo from Mendelssohn’s lowedbythe “hee-haw” of braying Van Cliburn’s Cold War Triumph and INZ cello.(That piecewas so compelling the lowerpiano part, imitated by “A Midsummer Night’sDream” and donkeysin“CharactersWith Long Its Aftermath” (Knopf). AN RY P2JW116000-4-D00100-1------XA

Memo Because Dearest Mom’s a Star Are actual love Presents that letters better literally give her than ‘love texts’? a little space D11 OFF DUTY D2

FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | D1

E Is for Everblooming Sunflowers that blossom a second time L K Is for Lilliputian Is for Knockout A miniature variety Delicate-colored of a revolutionary carnations with a rose long-lostscent

N C Is for No-Staking Is for Comeback Flop-proof peonies Disease-resistant that remain upright strains of the unassisted decimated impatiens

BY MICHELLE SLATALLA ing out,” said plant propagator Tony Avent of Plant Delights Nursery in Raleigh, N.C. ARDENING IS one of the few legal ex- AN A-TO-Z FLOWER GUIDE Said Heather Kirk-Ballard, an assistant professor cuses Ihavefor loitering outdoorsthese and extension specialist at Louisiana State Univer- days.Anobserver—if one were permit- sity, “We’re getting twice as many questions, hun- tedtoactually enter my garden—would dreds of requests a week, and many are from first- G see carpetweed-free flowerbeds and 72 time gardeners.” newly planted baby foxgloves.Ipanic-bought them on- Bang Out People want to knowhow to keep deer out of their line as if they were double-ply Charmin. gardens,she said. They want to knowhow to ID their If thereisabright side to the pandemic that has up- flowers,curetheir camellia diseases,why it’stoo late ended our lives this spring,itisthat it is springtime. to plant lettuceinLouisiana. “Weare having to edu- “Get out thereand plant something.You’ll feel bet- ANovel cate folks,” said Prof.Kirk-Ballard. ter,” said Joel Flagler, aRutgersUniversity professor of All the flowers on our list arefor sale nationwide, horticultural therapy.“Thegarden is aplacetoturn off either online or from local nurseries in states which the stressand madnessyou feel around youright now.” Garden have deemed them essential businesses.“Manygarden Perhaps you, like me, could use some garden ther- centersare encouraging customerstocall ahead for apy. The object of our A-to-Z guide is to give you curbside pickup,” said Katie Rotella, aspokeswoman just that—a list of this year’s best new (and newly forBall Horticultural CompanyinWest Chicago, Ill. reintroduced) flowers, as well as advice from garden Awonderfulthing about gardens is they remind us designers, plant breeders, bulb importers, propaga- With our primer on 2020’s that at acertain point, everywinter ends.“Aclient sent tors and nurserymen. me aphotoofaJapanese maple tree that’sleafing out, (TYPEWRITER) For many, gardening has a heightened significance new and improved blooms— and she said it’saray of sunshine in these dark times,” GES this year as home gardeners cultivate flower beds from delicate gladiolas to said ScottLewis, alandscape architect in SanFrancisco. IMA

and plant “victory gardens” in huge numbers. U.S. Here’sanalphabetical collection of newborn GETTY

ruffled impatiens—you can O; online plant and seed sellers are reporting a surge in blooms—and freshly rediscovered ones from earlier OS sales this season. “Those of us in the mail-order plan a plot that will be the centuries—guaranteed to soothe and calm youthis ADE

business pretty much know each other, and I’ve envy of your neighbors season and beyond. DE talked to a dozen people who say this season is nuts, SA LA

nuts to the point where some things are already sell- To consult the full A-to-Z guide, turn to D8-D9 FO BY ION AT TR US ILL Inside

WINNING AT YOUTUBE Jason Gay’stop THE HOOD OLD DAYS sports clips to JUICYINAJIFFY TRAPPED UNDER THE STAIRS? Adetailed look at the hoodie—fromits watch…and A30-minuterecipe forlamb sausage Escape with HarryPottertowizarding history to its pocket mystery D3 re-watch D5 and ramp-potato mash D6 school in this week’s comfort read D4 P2JW116000-4-D00200-1------XA

D2 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. STYLE & FASHION

FOREWARNED IS FOREARMED From left: Marilyn Monroe wears The Long Game evening gloves in the 1953 film More and more designers are ‘Gentlemen Prefer Blondes’; Miley offering opera-length gloves Cyrus stormed the Marc Jacobs (to be worn, naturally, with runway this year. bare arms). Some favorites:

luxuryitems.Itwas in the 19th cen- tury, however, that the wearing of gloves became codified, with rules specifying the length, fabric and color permittedfor times of day and particular activities.Because Fetishish dayclothes had longer sleeves,op- eragloves eventually became asso- This beige ciated with evening wear,asthey patent- still are. These rules remained more leather pair or lessintact until World WarII, blends when they relaxed, said Lourdes bourgeois Font, the acting chair of the Fashion and ribald and Textile Studies MA program at influences. NewYork’sFashion Instituteof Patent Technology. “But in the ’50s,all the gloves, rules came back,” she continued. $690, “With aday dressorasuit, you gucci.com wore gloves.Inthe evening,itwas about whether it wasright forthe look.Ifadesigner showedaneve- ning dresswith gloves,the maga- zines would shoot it that way.” It’s1950swomen that stylist BrettAlan Nelson looks to when he putsclientssuch as Kylie Jenner or Helen Mirren in gloves—in particu- lar,Marilyn Monroe,who wasfre- quently photographed wearing Printed them. But he also drawsonthe as- Pizzazz sociation of gloves with power. His-

SE torically,they’vebeen worn by Trythis

CHA those who could affordthem, either polka-dot TT to flaunt their wealth or to protect pair with an MA their hands from the elementsor otherwise FASHION WITH APAST / NANCYMACDONELL the consequences of inadequatehy- stark black giene.Mr. Nelson pointstothe in- outfit. fluenceofamorerecent glovedev- Dries Van otee whowas well-versed in fashion Noten history: Karl Lagerfeld. “I think he Gloves, $325, Historically, Gloves knewthat they added asense of nord- mystery. When youshowyour skin, strom.com youseem morevulnerable.Espe- cially now,” he said. Will Find aWay But gloves arenot always easy to pull off,asAmal Clooney found when she accessorized her black Dior gown with whiteoperagloves EARLYINHER MIDCENTURY ten- royalty), nonessential gloves soon Daniel Storto, abespokeglove- at the Golden Globes in 2015 and ureasVogue’seditor in chief,Diana followed nonessential hats into the maker who collaborates with design- drew unfavorable comparisons to Vreeland had GraceMirabella, then dustbin of history. erslikeEmilia Wickstead and Dion the two diametrically opposed fig- afashion editor and later her suc- Today, Madame Dariaux’s half- Lee, traces the current glovemania ures that gloves areassociated cessor,restageanentirefashion ed- century-old advice sounds baffling. to Lady Gaga’s appearanceinblack with: debutantes and porn stars(or itorial because of aseeming trivial- Toddlers in gloves? Most of us operagloves at last year’s Academy strippers). And when Louise Linton, ity: “You’veruined the texture of wear gloves only for warmth in Awards.“That wasinfluential. That’s who is married to treasurysecre- the coat by showing it with that jer- the best of times, shedding them when Isaw something changing,” he tary Steven Mnuchin, wore long sey glove. Reshoot it with leather as soon as winter melts into black leather gloves foraphotoop Strictness gloves,” shecommanded. spring. This year, however, in November 2017, the condemna- Try leather, Mrs. Vreeland never underesti- Covid-19 has given glove-wearing a Even before gloves tions were swift. “Who wore it bet- like Miley, mated the power of detail. In the newurgency, which might lead us became an accessory ter? Mnuchin’swifeorDarth for a harder early-1960s, although their impor- to reconsider their relevance. Maul?” read one meme,referring to edge to dress tance was waning, gloves were Gloves,along with masks,are now by necessity, they’d aStarWarsvillain. Clearly,gloves up daytime still a telling detail—the mark of a protectiveessentials formen and been popping up on stir deep-seated feelings. looks— lady, just as they had been for women around the globe.But even In anycase,itmay be the late outdoors only. hundreds of years. “Train your beforethey became an accessoryby the fashion circuit. Mr.Lagerfeld’spreferred half-finger No. 21 Long daughter to wear gloves as soon as necessity,they’d been popping up style that emergesasthe prevailing Leather she is old enough to walk,” coun- with remarkable frequencyonthe trend afterthe latex of the pan- Gloves, $465, seled the fashion authority Genev- fashion circuit, especially in the said over the phone from his studio demic recedes.Mr. Stortosaid he farfetch.com iève Antoine Dariaux in her 1964 mid-bicep length known as the op- in Gloversville,N.Y., oncethe glove- considered Billie Eilish’sappearance book “Elegance.” Alas, she was, eraglove. From Miley Cyrus in a making capital of the U.S. at the Grammys in half-finger Gucci metaphorically speaking, in a leaky black leather pair on MarcJacobs’s Gloves have been worn forthou- gloves and an elaboratemanicure boat, her determined bailing futile. runway (pictured above) to Zoe sands of years—a linen pair was emblematic of atrend he’salready With the fashion revolution gath- Kravitz in the traditional whiteat found in Tutankhamun’stomb—but observed in his work.“Because of ering speed, attempts at gentility the SAGawards, operagloves have were at theirheight in the 17th cen- fingernail art and devices,about were increasingly scorned. Apart become afavoriteway to add afris- tury, when styles with elaborately 75%ofthe gloves Imakeare half- from a few notable exceptions (i.e. son of prim sexinesstoalook. embellished cuffs were sought-after finger,” he said.

2 GIFTGUIDE 5 Psychic T-shirt Is Stella McCartney clairvoyant? The designer’s organic cottonFortune Cookie top, which sug- 3 gests “The fortune youseekisonan- Give Mom other planet,” is topical and comfy. Some Space T-shirt, $315,stellamccartney.com 1 6 Shooting star Mom canuse Saint She’s been cooped up, Laurent’sinstantcamera—ablastfrom the pre-smartphone past—to immor- 5 so this Mother's Day, 4 talizefamily moments. Plus,waiting shower her with cosmic forthatPolaroid to drywill passat gifts to conjure the least10minutes in isolation. Polaroid Camera, $1,230,SaintLaurent, ultimate escape: a 646-889-1961 galaxy far, far away 7 Twinkle, twinkle,massivering In- spired by the urban lights astronauts 1 24/7 accessory Wish youcould give seewhen gazing earthward,Cartier’s mom the sun, moon and stars? Made lavish gold ring with yellowand blue of gold, diamonds,onyxand mother of sapphires,opals and diamonds might 10 pearl, this double-sidedDior charm reassureher home has its charms. necklacecomes close.Necklace, Ring, $27,400, Cartier,800-227-8437 9 $5,500,dior.com 8 Sentimental astronomy Remind 2 Celestial scarf If she can’tsecure mom of the joyous dayyou were born governmentfunding to traveltoadis- or,perhaps,the equally joyous dayyou tantstar system, wearing one on a leftthe nestwith amap thatcharts sumptuous silk scarf is asufficiently thatfateful night’sstarrysky.Framed 8 stellar backup plan. Scarf, $450,Miu Star Map, from $100,thenightsky.com Miu, 888-964-8648 9 Supernatural scent If VanGogh’s 6 3 Crescent clutch Craftedinthe swirling impressionistpainting “The shape of abeaminghalf moon, this StarryNight” had an olfactoryes- lambskin and metallic-goatskin hand- sence,itwould be the comforting bag will send her into the chicestof scentofthis cedarwood- and ginger orbits. Clutch, $2,575,Chanel, musk-infusedwax candle.Bella Freud 800-550-0005 Candle, $71, trouva.com

4 Meteoric moisturizer This super- 10 Time in space Mom deservesa hydrating “Cosmic Cream” is packed fewuninterruptedhourstoherself. with ingredients, including the improb- This brassand chrome Star Clock, 7 ably named“Silver Ear Mushroom,” originally designedin1955, will help meant to soothestressedskin. Moon her remember to takethem. George JuiceMoisturizer, $58, sephora.com Nelson Clock, $585,store.moma.org P2JW116000-4-D00300-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | D3 STYLE & FASHION 1

Wasthe The first hoodie with a kangaroo pocket 2 ‘kangaroo’ in Champion’s archive dates back to the frontal pocket 1940s. Earlier sweatshirts had no pock- actually ets or top-entry pouches at all. As far as inspired by a the brand knows, the pocket’s inspiration kangaroo? did not involve marsupials. The nick- name, it seems, came later.

Howmuch should 3 Ispend on ahoodie?

Hoodie prices range wildly, from a $6 Starter sweatshirt to, say, a $4,000 Tom Ford zip-up version. Here’s a guide SWEATY GUYS Four New York Giants players model early, crudely numbered iterations circa 1960. to handsome hoodies at a range of price points, all Wheredid thehoodie come football players in particular.The hood renegades began to adoptthe hoodie,im- offering decent value in from anyway? was“driven by necessity,” said Matt buing it with adifferentkind of cultural our estimation. Waterman, vicepresidentofChampion cachet.“You’ve got[hoodied] skatersout Hoodedclothes first emergedinthe Mid- Athleticwear (asKnickerbocker is known in California skating empty swimming dle Ages when monksdrapedthemselves today).“Champion is basedinupstate pools and you’ve gotkids in the Bronx and The Distilled One in cowls with alot of coverage.Ashep- NewYork and it’s pretty brutal cold.” in NewYork Citygraffiti writing,” said British designer Craig herdina14th-centurypainting by Giotto By the mid-20th century, Champion be- Keanan Duffty,directorofthe fashion Green’s hoodie is di Bondone wearsashockingly modern- gan selling hoodedsweatshirts via college managementmasters program at New pared down, with a bit looking hood, and depictions of ahead- storestononathletes too, said AlexGou- York’s Parsons School of Design. Soon ce- of flair in its contrast shroudedGrim Reaper date to the 1400s. let,32, avintage clothing historian in New lebs likeDebbie Harry—and other stitching. $370, As forthe cottonhoodedsweatshirt,it York.Atypical convert to the style is women—adoptedthem, and the hoodie matchesfashion.com waspopularized in the 1930s by Knicker- shown wearing aDartmouth hoodie off infiltrated high fashion. Today, the gar- bocker Knitting Mills.Aprimitiveconcoc- the field in “TakeIvy,” a1965Japanese mentremains astaple of contemporary tion with its hood stitchedontoacrew- photo book thatcatalogedEastCoastcol- clothing, sold everywherefromWalmart neck sweatshirt, it wasworn by athletes— legiates’ attire. During the ’70s in the U.S., to Maison Margiela boutiques.

When did thehoodie In 1976, Vogue 4 cross overintohighfashion? showed a model in BURNING QUESTIONS a cashmere zip-up hoodie by Halston The Textured One (left). A few years This imaginative later, British de- ribbed-wool hoodie signer Vivienne Take a from Entireworld Westwood sent feels as cozy as a models down the well-loved sweater. catwalk in corset- $225, theentire- tight hoodies in Look Under world.com lush Victorian prints. But the sweatshirt was so- lidified as a luxury TheHoodie fixture in the 2000s when de- signers Yohji Ya- mamoto (via Y-3, his Adidas collabo- Men’s fashion editor ration), Raf Simons Jacob Gallagher unpacks and Rick Owens all made hoodies a the casual staple that’s had an cornerstone of outsize effect on pop culture The Jackety One their collections. Made out of heavyweight cotton, Reigning Champ’s What arethe best hoodie moments zip-up hoodie is as 5 in pop-culturehistory? hardy as a work coat. $165, shop.reigning- champ.com

After spending an 6 awful lot of time on my couch recently,I’m feeling inspired: Has anyone ever invented a The Affordable One blanket hoodie? Though the price is pint-size, Comfort Col- Sadly,your time in self-isola- ors’s hoodie feels lav- tion has notgiven youamar- ishly sturdy and sup- The enveloping sweatshirt has popped up in high-profile ways over the years. From left: ketable newidea: The “Comfy” ple. From $27, the Wu-Tang Clan’s Method Man in 1993; Mark Zuckerberg and his signature zip-up in brand introduced its blanket clothingshopon- 2011; fictional financier Bobby Axelrod (Damian Lewis) in “Billions”; Debbie Harry hamming sweatshirt—basically aSnug- line.com it up in 1978; and Muhammad Ali training to fight Sonny Liston in 1965. gie with ahood—in 2017.

What’s themost What was Iliketoweara 7 significant work of 8 themost 9 blazer overmy art featuring ahoodie? expensive hoodie. Ipicked the hoodie ever ideaupfroma2011 is- In 1993, the American artist sold? sue of GQ that Ireadin David Hammons debuted “In my orthodontist’s wait- the Hood,” a sculpture of a Collectible hoodies ing room. Ithink it’s

HYNDMAN disembodied sweatshirt hood can sell for astro- just theright mix of Y mounted like a stag’s head. nomical prices. For devil-may-care casual KERR Critics at the time interpreted example, during a and buttoned-up for- BY the work as a commentary on 2015 Heritage Auc- mal. That’s perfect for IONS

AT the pernicious racial profiling tions sale in Los my brand, which Ilike

TR to which hoodie-wearing Angeles, one of the to think of as ‘cool US

ILL teens, particularly young men gray sweatsuits boss.’But nowwhen-

Y): of color, were regularly sub- worn by Rocky ever Iwearitpeople

OCK jected. In 2012, following the Balboa (left) in the give me strangelooks. (R shooting of 17-year-old Tray- movie franchise My friends sayIlook

CTION von Martin in Florida—which fetched $37,500. likeasleazy character LLE

CO several political pundits The most shocking from ‘Billions.’Last blamed on the fact that he thing wasn’t the month, some guyyelled was wearing a hoodie sweat- price, but that the ‘Niceblazer,Chad’ at EVERETT shirt—many in the art world sweats came not me. My name isn’t GES; again cited Mr. Hammons’s from the original Chad! Is it still OK for IMA sculpture for being both pre- “Rocky” but the in- me to wear thehoodie- scient and relevant. ferior “Rocky VI.” blazer combo? No. GETTY P2JW116000-4-D00400-1------XA

D4 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. READING & RETREATING

BY ANNA RUSSELL

ARRYPOTTER knows athing or two about discom- fort and confine- H ment. Theorphan lived foryearsinaspider-filled cupboardunder the stairsatNo. 4 Privet Drive, while his empathy- challenged cousin, Dudley,filled an DESIGN extrabedroom with toys he’deither Great halls and cozy corners abandoned or smashed, including a When the doorsfirst open to television he’d“put his foot Hogwarts,Harryiswide-eyed, through when his favoriteprogram and forgood reason. “The en- had been canceled.” Luckily for trancehall wassobig you Harry, alettersealed with purple could have fit the whole of waxarrived, formally inviting him the Dursleys’house in it,” he to attend HogwartsSchool of marvels.Thereare flaming Witchcraftand Wizardry,his par- torches and amarble stair- ents’ alma mater.Never again case, but the GreatHall is would his lifebedull. even moremagnificent. “It In the absenceofour ownpur- waslightedbythousands and ple-wax-sealed letters—still wait- thousands of candles which ing!—returning to the firstinstall- were floating in midair over ment of J.K. Rowling’sseven-part four long tables,” Ms.Rowling epic mightbethe next best thing. writes.“These tables were laid “HarryPotterand the Sorcerer’s with glittering golden plates Stone,” firstpublished in the U.S. in and goblets.” Things get hom- 1998,was formillions the spellbind- ier as the students maketheir ing introduction to an alternative, way toward the Gryffindor magical world populated by witches Common Room and finally and wizards,centaurs, smelly trolls, find themselves in a“cosy, three-headed dogsand edible choc- round room full of squashy olatefrogs that jump. armchairs.” Theycurl up inside Thejoy of Ms.Rowling’sseries four-posterbedshung with lies not only in itsinventiveness, “deepred,velvet curtains.” but also in itsdepth of detail: Afly- ingbroomstick is not just aflying broomstick,but aNimbus Two Thousand, the best on the market, far betterthan aComet TwoSixty. Adragon’sliver will cost you“six- teen Sickles an ounce.” Thebest wands,made from “unicorn hairs, Phoenix tail feathers, and the heart- stringsofdragons,” come from a shop called Ollivanders, which, its sign notes,has been making fine wands since382 B.C. Reveling in Ms.Rowling’sworld forthe firsttime or the umpteenth, TECHNOLOGY it’seasy to forget the nitty-gritty of A souped-up wizard’s wand your owndays—which, let’sbehon- There’s really only one place to est, areabout as exciting as Harry’s go for your magical-gadgetry cupboardlately.And Harry, along needs, and that’s Diagon Alley. with his co-adventurers, Ron Weas- Accessible through a courtyard ley and Hermione Granger,makefor around the back of the Leaky excellent company, as warming and Cauldron pub, the alley is a vir- comforting as one of Mrs. Weasley’s tual Mall of America for wiz- lumpy homemade sweaters. arding goods. “There were shops selling robes, shops sell- ing telescopes and strange sil- ver instruments Harry had COMFORTREADS never seen before, windows stacked with barrels of bat spleens and eels’ eyes, totter- FASHION ing piles of spell books” and A robe for all Spellbound, Again much more. (Such abundance! occasions Remember browsing overflow- Harryhas a ing shop shelves?) The wand, rough start,sar- perhaps Harry’s most impor- torially speak- tant piece of gear, he gets at ing, forced as Fo r quarantiners who fear boredom most of all, revisiting the book that Ollivanders: 11 inches, holly and he is to wear his Phoenix feather. Harry knows cousin’s oversize launched J.K. Rowling’s epic series—a potion of thrills, charm and it’s right when, after waving it, hand-me-downs. warmth—can make one weekend whiz by “a stream of red and gold His now-stylish round glasses sparks shot from the end like a are“held together with alot of firework, throwing dancing Scotch tape because of all the spots of light on to the walls.” times Dudleyhad punchedhim on the nose.” But even beforehe learns he’s awizard, Harryfights back,albeit unwittingly.When FOOD mint humbugs.” The LOCALES castle with many turrets and his Aunt Petunia gives him a The banquet and snack confections of the wiz- A vast castle beside an towers.” Everyone is awed, espe- bad haircut,hemanages to re- cart of every kid’s dreams arding world, however, irresistibly dangerous forest cially Harry, as they move toward

grow it overnight. (Readers, Harry never got to eat much are the real stars of the As Harry arrives at Hogwarts, the castle “in a fleet of little (BOOK) manywith their ownregretta- with his gluttonous cousin book’s culinary scene. nervously, with the other first- boats,” and you feel a turning ble home haircuts rightnow, nearby, so when he arrives at When Harry discovers a year students, the school vibrates point in the story, a passing from JOURNAL mightwish fervently forthat Hogwarts, he practically sweets trolley on the with a sense of mystery and for- one world to another. At the wel- particular superpower.)And gorges himself. At the start- Hogwarts Express, he bidding. After they disembark come feast, Albus Dumbledore, REET ST

when his aunttries to get him of-term banquet, his mouth buys some of everything from their train, the new stu- the headmaster, warns en- LL

into a“revolting” old sweaterof falls open as the plates magi- (he’s never had the dents follow a steep, ticingly that the WA Dudley’s, it shrinksand shrinks. cally fill with food. “He had money before): He and narrow path to the Forbidden For-

His Hogwarts school uniform never seen so many things he his new friend Ron take edge of “a great est at the edge MIN/THE musthave come as agreat re- liked to eat on one table: roast turns trying their luck with Bertie black lake.” of the school RA lief.First-year students, he beef, roast chicken, pork chops Bott’s Every-Flavor Beans, which “Perched atop a grounds is off TIN learns from his admission letter, and lamb chops, sausages, bacon really do come in every flavor. high mountain on limits to all pu- MAR F.

will need three plain black work and steak, boiled potatoes, roast “You want to be careful with the other side, its pils—thereby en- (5);

robes,one pointedhat,one win- potatoes, fries, Yorkshire pudding, those,” Ron warns Harry. “George windows spar- suring everyone OK tercloak,and one pair of gloves peas, carrots, gravy, ketchup and, reckons he had a booger-flavored kling in the starry will want to go CO (“dragon hide or similar”). for some strange reason, pepper- one once.” No better way to bond. sky, was a vast there. TTHEW MA

POPTHE QUESTION What’s Your Favorite Fantasy Book? Three fans of the surreal share their go-tos, from delightfully preposterous kids’ reads to sophisticated fairy tales

Ilovedfantasy booksasakid. The Shadowshaper trilogy by Iamalifelong fan of Angela So manygreat children’s books DanielJosé Older.It’sthe story Carter’s fantastical novels,as areabout an escape hatch of ayoung girl in Brooklyn who well as her short-story collec- from the drudgeryofchild- discovers she has an extraordi- tions,which reimagine fairy hood. “AliceinWonderland” narypower. Ilove bookslike tales in rich, bizarreand sexy wascertainly that. It’s prepos- this:modern stories where ways. She uses language like terous and funny. “The Phan- there’smagic around every she’s popping wheelies while tomTollbooth” is another. corner.Another favoriteis the rest of us trytoride abicy- Both arefull of whimsy, and “Howl’sMoving Castle” by Di- cle.One of my all-time favor- particularly now, there’ssome- ana Wynne Jones about agirl ites is “The Neverending Story” thing pleasing about whimsy. who getsturnedintoanold by Michael Ende.Iloveditasa Ben Winters In the contemporaryvein, Ilike Leigh Bardugo crone.It’sacompelling read for Janet Lin kid and Iread it to my two Author of 10 novels, Jasper Fforde’s“The Eyre Af- Author of ‘Ninth House,’ young kids and teenagers, but Television writer,currently sonsrecently.Solyrical, gener- including most recently fair,” rich with word playand ‘Six of Crows’ and ‘Shadow also foradults. There’saMiya- working on twoforthcoming ous and emotionally resonant. ‘Golden State’ allusions,and Kelly Link’s eerie, and Bone’ zaki film version that’sbeauti- Netflix series, ‘Cursed’ —Edited from interviews surreal stories.Theydeliver fulinits ownright, but it loses and ‘Bridgerton’ by Rico Gagliano and this shiver of weirddelight. the subtler ideas about aging. Deborah Dunn P2JW116000-4-D00500-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | D5 READING & RETREATING Hotel Service of a Different Stripe

Most hotels and safari lodges aren’t taking guests right now, but if you’re seeking online expertise on everything from zebra factoids to yoga poses, hospitality pros are sharing their know­how free of charge

BY CHRISTIAN L. WRIGHT mance, open to guests. Rooms Hotel in Georgia’strendy capital, Tbilisi, ITH THE WHOLE came up with alist of underrated world temporar- Georgian feature films,with Netflix ily closed, the and Vimeo links to stream them webisanever when the mood strikes forsolemn W morepowerful tales and subtitles. resource:fromhow-to-make-your- While itslivemusic venue is dark, own-mask videos to virtual raves. Bobby Hotel in Nashville broadcasts But who’d think of going to hotels— little #KeepItSpinnin concertsonits most closed forthe duration—for Instagram IGTV channel, with per- anything besides post-apocalypse formances by AJ Perdomo from the room ratesordistracting photos of Dangerous Summer,for instance, poolside Negronis at sunset? The with the occasional cameo by apet, truth is: Hotels harbor masses of expert information and, as we bur- rowintohibernation, some top The famous cocktail bar names in hospitality areextending Artesian at Langham’s it online,freeofcharge. Some of the pros areteaching London hotel is now skills.The Artesian bar at the Lang- serving up tutorials on ham in London, found on many world’s-best lists, is serving up its Instagram. classic,no-fusscocktails on Insta- gram (@artesianbarlondon): bar manager Anna Sebastian offersa strolling through the living room. two-minutetutorial on making mar- Viasocial media, Monteverdi Tus- garitas or amaretto sourswith help- cany,asmall posh hotel in the Val fultips (Don’t have ajigger? Usean d’Orcia, featuresmini operas from eggcup). Forthose currently home GET OUT IN THE WILD Sure, youcould binge ‘The Tiger King’ again or youcould see animals on alivegame drivein the likes of soprano Christine schooling,Chileno BayResort &Res- South Africa—streamedtwicedaily,courtesy of the travelcompany&Beyond. Goerke, standing by her piano at idences in LosCabos,Mexico, has home in Teaneck,N.J., with alineup put together acuteguide to making old Phuc in Vietnam, has ever won- ings in the next five years) in far- praying hand emojis from Brisbane scheduled well intoMay. piñatas with the kids on itswebsite dered if awarthog is apig,the an- flung destinations like Cambodia’s to Gstaad. “With the shuttering of all the- and Instagram stories,under the sweris: Yes, it is.Bonus factoid: Krabey Island, and with equally ex- Courtesy of some innovativebou- aters, concert halls,and opera hashtag Aubergeathome. Thanks to Young ones grow furontheir faces treme starting rates. Normally tique hotels,atleast amonth’s houses acrossthe globe,Iwanted to the travel company&Beyond, aspir- that mimics the tusks which have you’d have to pay $800 a night to worth of entertainment is easier to find some way,howeversmall, to ing zoologistscan join athree-hour yettosprout. get valuable intel, such as original harvest than the gemlettuces grow- help artists—writers, conductors, game drive—just as bouncyon Rarefied brands known for their articles from the brand’s medical ing on the windowsill. TheSpotify musicians and singers—who are screen as in real life—twicedaily in oases of wellness—like Belmond, board advisers like neuroscientist playlist from Tourists, an updated paid only if they perform,” said Mi- ION)

AT South Africa. If youtime it right, Vik Retreats and Six Senses— Claudia Aguirre and a 20-minute motor lodgeinNorth Adams,Mass., chael Cioffi, the American attorney TR youcan join the drivelivefor a are opening up their exclu- “Stretch, Don’t Stress” session is overseen by John Stirratt, a who restored acrumbling medieval US

(ILL Jeep’seye viewoflions,zebras, sive programs to all. Six with head of yoga Dorelal Singh, founder of the band Wilcoand co- town in Italy to createhis villageho-

TO antelope and elephants. During Senses operates hotels, but now all you need is a good Wi- owner of the hotel. Theplaylist runs tel. “So,for me,thereisatwofold OS

OP some “safaris,” children can resorts, and spas in Fi connection. Since mid April, Mr. almost 10 hourslong,and features benefit. Providing income—a paying

PR email questions and getre- some 20 countries Singh’s low-tech, jolly morning-de- some of the artistswho’vetaken gig—toout-of-work artists, and

DEL sponses on the live (with possibly opti- tox instruction, complete with part in Sing ForYour Slumber, bringing alittle beauty,joy and hope drive. To anyone mistic plans to pose demonstrations, has garnered which offersmusicians afreenight to aplagued world.” In other words, who,like9-year- triple its offer- about 2,200 Facebook views and or two in exchangefor aliveperfor- no-touch room servicefor shut-ins. FEDERICA Game, Set, Rewind

Until live sporting events are back in swing, you might as well revisit a few crowd-goes-wild feats from the past

BY JASON GAY

THE GANG at Off Duty asked me to come up with alist of my favoritesportshighlights as away of…actually,Idon’t knowwhy they want this list, I’m just following ordershere. Theworld has gone upside down, and thereare no sports All HAIL, THE CONQUERORS being playedatthe moment. From left: Novak Djokovic Between youand me,I’m in last summer’s Wimbledon panicking about my job. Final; Peter Sagan at the So herewego. Ionly 2015 UCI Road World counted sportsgames or Championships; Mikaela racesIsaw in person and that Shiffrin at the 2014 Olympics. areavailable on YouTube; therefore, this list does not tus as the first post-Armstrong include such eventsasthe NovakDjokovic d. Roger this year,soit’snot abad rock star of cycling. Shot HeardRound the World, Federer Men’s Wimbledon Fi- memorytohang onto. the Thrilla in Manila, James nal, 2019 Iknowwhatyou’re The set I took off of the Naismith climbing up aladder thinking: recency bias,because Patriots d. Falcons Super Journal’s tennis correspon- to take the ball out of the this matchhappenedlessthan Bowl LI, 2017 Imean,the Fal- dent Tom Perrotta at Pros- peach basket, or Pheidippides ayear ago. And youknow cons ledthis thing 28-3 in the pect Park tennis courts, dropping dead afterrunning what—you’re exactly right. But thirdquarter.That’sall you Mikaela Shiffrin slalom Peter Sagan first place Men’s Brooklyn, N.Y., circa 2014 from Marathon to Athens.As Ithink this five-setter,inwhich need to know. The greatest gold 2014 Sochi Olympics road race of the UCI Road There is no print coverage or always,the key thing with a Federer had twomatch points comeback in NFL title game Close to the beginning of it World Championships,Rich- videotape of this event. But I list of sportshighlightsis on his serve,and only ended history,engineered by some all for the Coloradan (she mond, Va,2015 Adaring break- swear it happened. The first (3) that youneed to disagree afteratie-break finisheda guynamedTom who has now was 18 at the time) who away by the Slovakcinchedhis and only time I’ve taken a set GES with at least 80% of them, 12-12fifth, could be one of ten- inexplicably decidedtoplayin may wind up the most first three straightworld ti- off the Great Perrotta, after IMA think I’m amoron, and write nis’s greatest matches ever. ahideous Tampa BayBucca- accomplished alpine skier tles—and secured the eccentric, years of trying. This is my me an angryemail. Plus,there’snoWimbledon neersuniform. who ever lived. wheelie-favoring Sagan’s sta- list, and I’m not taking it off. GETTY

A Real Piece of Work 1 Please, not another covered bridge! These funny, fascinating puzzles, ideal for weary quarantiners, sometimes even rise to the level of art

4 1. ROAR-SHOCK TEST 2. HUE AND CRY Edge omyTower, the highest astounding abilitytobe Though 175 pieces and corner pieceshelp, spireatHogwarts.Take put together in several might seem like patron- but color is the keyclue heart: It’s moderately configurations. $120,n- izingly few, the Mane in solving jigsaws.The lesschallenging than a e-r-v-o-u-s.com Event jigsaw is de- finish on the thousand classinDefenceAgainst signed to befuddle, piecesof1000 Changing the Dark Arts. $55, 5. LIFE ON THE MOON amuse, and demon- Coloursshifthue with wrebbit3dpuzzle.com (notpictured)The fun strate how puzzlemak- your angle of view, add- of apuzzle is notjustin JOURNAL ing can be an art form. ing anew,maddening 4. DAMMIT,PLANET! the solving, it’s in poring

REET Categorized by its layerofcomplexity. According to its design- overthe tiniestdetails. ST

LL maker as a “Tormen- About $95, puz- ers, the Earth Puzzle, Askyourself “Where’s 2

WA tor” option, the intri- zle.lamingtondrive.com with 442laser-cut wood Bowie?” and seek out

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TY rive in an unmarked Onceyou’ve reread the topology of a in afestival “held” on a blue box—eventually re- HarryPotter(see“Spell- sphere.” Translation for 500-piece lunar land- DOHER

Y veal the “king of bound, Again,” page D4), mereearthlings:Thanks scape. $15, rizzo- beasts.” $1,187, stave- tackle this 875-piece 3-D to the computerized liusa.com BOBB BEASTLY CHALLENGE Mind-bending puzzles designedfor grown-ups and aesthetes. puzzles.com puzzle depicting Astron- piece design, it has the —MatthewKronsberg P2JW116000-4-D00600-1------XA

D6 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. EATING & DRINKING The Cookout Comes In

Stovetop smoking gives vegetables the oomph required to command the center of the table

BY BETSY ANDREWS utes to smokewith some burning applewood or hickory. Apost-smoke USTASTHE WEATHER sear forcaramelization and asweet- waswarming up,wewere tart Sicilian dressing,drizzled on told to stay inside and warm, completecauliflower’strans- barred from one of formation intoastunning entrée. J spring’ssignatureplea- Themethod Ms.Turney uses,ap- sures: barbecuing with friends.Still, plying light smoketoalready- there’sample time to pursue acook- cooked foods,iscalled cold smok- ing project. Whynot stovetop smok- ing.Raw vegetables respond well to ing? It’sfun, it’seasy and it repli- hot smoking,using higher heat fora catesthat live-fireflavorindoors. longer time to cook foods through. Accomplished on anystove in a Hot smoking tends to giveoff more small smoker boxfilled with wood shavings, this method isn’t just for meaty dishes.Stovetopsmoking is a great way to givevegetables full fla- ‘Our deep psychology is vorand makethem the centerpiece linked to smoke. Since of ameal—good news forthose of

humans startedcooking, JOURNAL us feeling the effectsofshut-in

overeating. it’sbeen an element of our REET ST

“Our deep psychologyislinked to food preparation.’ LL

smoke,” said SanFranciscochef Pe- WA

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started cooking,it’sbeen an ele- FO ment of our food preparation.” With smoke, which canbeaproblem in itsdepth of flavor,beefytextureand smaller apartment kitchens. HAEFFER

ruddy color,the smoked-beet tar- At Crawford and Son in Raleigh, SC tare at hisrestaurant, Palette, N.C., chef ScottCrawfordblanches CY LU “sends the meat messagetoour carrotsinsalty water, seasoning PLATTER DU JOUR Thesesucculentsmoked carrotshave agarnish of crunchyquinoa, peanuts and aflurry of herbs. brain,” Mr.Hemsley added. and softening them beforecold Youcan purchase the wood chips smoking.“It’samuch lighter smoke realized we could just about smoke online or at anyhome improvement flavor,” he said. “But the smokeac- anything,” said Mr.Crawford. Garlic Smoked Carrot and mediately transfercarrotsto store; inside the coveredmetal tually bringsout alittle moreofthe to puréefor sauces,meaty mush- CrispyGrain Salad an icebathtostopcooking, smoker box, they catchfireand burn carrots’ sweetness.” rooms to tuck intotacos,spuds that drain and drywith akitchen down to glowing embers. Foods set Smoking also gives the carrotsan makenext-level mashed potatoes, Forthis vibrantsalad, Scott towel. on arack abovethe embersbathein intriguing chew. Then they’retossed even cheese and yogurt—Mr.Craw- Crawford of Crawford and Son 3. Add2tablespoons wood the delicious fragranceofsmolder- with crispy quinoa and roasted pea- ford and other chefs aresmoking all in Raleigh, N.C.,cold smokes shavings to astovetopsmoker. ing wood. With pre-cooked veggies, nutsinarich soy-balsamic emul- this and more. pre-cooked carrots, atechnique Placecarrotsonsmoker’s rack, the processisquitequick. sion. “Smoke, sweet, creaminess, ”Equal vegtoprotein” is howMr. thatminimizes the smoke and heatoverhigh heat. Once At Little Nonna’sinPhiladelphia, crunch, alittle bit of acidity,” said Crawford describes the ratio at his aroma in kitchens with poor smoker is filledwith rich chef Marcie Turney applies this reg- Mr.Crawford. “Welovegetting all restaurant, and no wonder.The pri- ventilation. smoke, turn offheatand cold imen to cauliflower. Cut from the those elementsintoone dish.” mal pleasures of stovetop smoking smokecarrots30minutes. 1 middle of the head and pre-steamed, Oncethe Crawford and Son team could enticeevenhard-corecarni- TotalTime 1/2 hours Serves 4 (You canalso skip Step 2and her cauli “steaks” take all of 10 min- started in on stovetop smoking,“we vorestogomeatlessfor ameal. simply smokecarrotsoverhigh ½ cup quinoa heat45minutes.) 16 thin carrots, preferably 4. In ablender,combine vege- SMOKING SECTION / STOVETOP GEAR TO KEEP YOU FUMING multi-colored table oil, balsamic,soy sauce ¾ cup vegetable oil, plus and mustard, and processuntil morefor frying fully blended. ¼ cup agedbalsamic vinegar 5. In alarge skillet,heat1inch ¼ cup soysauce vegetable oil overmedium-high 1teaspoon Dijon mustard heat. Addbaked quinoa and fry Kosher salt and freshly until it puffs, about 30 sec- Delightfully low- Some assembly is The Presto Indoor Made to infuse The gadgetsare ground black pepper onds.Drain on paper towels, tech, Camerons’ required,but once Electric Smoker & foods with smoke, fun, but youcan ½ cup chopped and season with salt and pep- Original Stovetop that’sdone you SlowCooker ($100, notcook them, the forgothem all with roastedpeanuts per. Smoker ($50, cam- could smokeasmall gopresto.com)is Smoking Gun your own home- 1tablespoon chopped 6. Toss carrotswith vinaigrette eronsproducts.com) ham in the Kitch- programmable for ($100,smoking- hacked smoker. cilantro and grains.Garnish with pea- is nothing more enQue ($100,char- cold, hotand combo gun.breville.com)is Simply placealumi- 1tablespoon choppedchives nuts, cilantroand chives,and than astainless coalcompan- smoking. The lid the go-tofor bar- num foil in the bot- season with salt and pepper. steel boxwith a ion.com). It offers seeps abit,and af- tendersconcocting tomofalarge pot 1. Preheatovento200 degrees. This dish canalso be served cooking rack and morethan asquare terlong smoking smoked cocktails. with asnug lid, add Cook the quinoa according to warm. Simply heatsmoked sliding lid. Youmust foot of cooking sur- the shavings turn Using justasmidge wood shavings, package directions.Then spread carrotsinaskillet overme- add aluminum foil face and 9inches of acrid. Better to of wood, the hose- coverwith more quinoa on asheet pan and bake dium-lowheatinafew table- as adrip pan, but height. The temper- smokeashorter and-fan apparatus foil and asteamer until crisp,1hour. spoons of the vinaigrette until that’sasmart addi- aturegauge is time and finish big makes whatlooks rack,and place 2. Meanwhile,bring alarge pot warmedthrough. Then toss tion to anysmoker. handy,and the cuts in the oven. likelotsofsmoke, foods on the rack. of salted watertoaboil over with grains and vinaigrette, This one worksjust valvelets youcheck The slow-cooker in- but formoresub- Sealing the lid with high heat. Reduceheattome- garnish and serve. as well on an out- the smokewithout sertcan stewaside stantial foods,this foil will help to re- dium, add carrots, and simmer —AdaptedfromScott Crawford door grill. much escaping. of smokybeans. one lacksmuscle. duceseepage. until fork-tender,5minutes.Im- of Crawford &Son, Raleigh, N.C.

SLOW FOOD FAST / SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES Ramp-Potato Mash With Lamb Sausage and Mint Sauce

BRISK SPRING days call foracozydish like “Ramps areconnected to the season,” this,the firstSlowFood Fast recipe from Mr.Mester said of the pungent wild alli- Will Mester,chef-owner of Le Comptoir du ums,available nowinhis part of the coun- VininBaltimore. Seared lamb sausages ac- try. “It’scomforting to have that normalcy companyaflavorful mash of potatoes, in this time.” If youdon’t have them, don’t charred ramps,Parmesan, oliveoil and a worry: Youcan easily swapinscallions, little mayo.(At his house,Mr. Mester likes just as basil, oregano or parsley could re- The Chef to add an eggyolk too.)Adrizzle of emer- placethe mint. This recipe reliably yields Will Mester ald-green mint saucebrightens the plate. delicious results. —Kitty Greenwald

His Restaurant Le Comptoir du Vin, Time 30 minutes 1. Placepotatoes in alarge oliveoil. Onceoil is incorpo- in Baltimore Serves 4 potand add enough waterto rated, mash in Parmesan, coverby1-2 inches.Season mayonnaise and chives.Sea- What He’s 3large YukonGold potatoes generously with salt and son with salt and pepper.

Known For Kosher salt and freshly bring to aboil overhigh heat. 4. Setalarge,heavy skillet W Robust, wine- ground black pepper Lowerheattomaintain an overmedium-high heatand JERNO

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1 REET 1/2 tablespoons mayonnaise overhigh heat. Oncepan is garlic to form paste.Add mint ST

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THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | D7 EATING & DRINKING

BY STEPHEN HEYMAN RoastChicken With NAPRIL,treeblossoms Morels and Cream tease.Warm days canbe Morels areinseasonnow,but swept away by cold rain. But driedones work nicely heretoo. the morel mushroom, push- I ing itshoneycombed head Totaltime 50 minutes through the underbrush, never lies. Serves 3-4 ForLouis Bromfield (1896-1956), onceAmerica’smost famous farmer, EARTHY USE Morel 2pounds bone-in, skin-on the morel wasthe true harbinger of mushrooms makethe chicken breastsorthighs the season, an invitation to getout creamsauceonthis roast 2large shallots,chopped of the house and intothe woods.A chicken deeply delicious. ¼ pound fresh morels or 1 Pulitzer Prize-winning novelist- ouncedriedmorels turned-environmentalist and one of 1cup heavycream the earliest proponentsoforganic ½ cup vin jaune or fino Sherry agriculture, Bromfield hunted mo- ¾ cup rich chicken stock rels his entirelife. When he wasa 2tablespoons unsalted butter boy, his parentscooked “sponge 1tablespoon choppedchives mushruins” in the juices of asteak Salt and pepper,totaste broiled over an open fire.Asavol- 2teaspoons driedthyme unteer ambulancedriver in World 1tablespoon oliveoil WarI,hesurprised the French cook in his outfitwith agiant morille 1. Preheatovento425 degrees. found in aforest near Amiens. Take cream from refrigerator. When he wasacelebrated expa- 2. Arrange chicken on asheet triateauthor living outside Paris be- pan. Season generously with tween the wars,heserved them to salt,pepper and thyme.Rub Gertrude Stein and Edith Wharton. with oliveoil. Roastuntil slightly And when he came back to his na- browned, 25 minutes. tiveOhio in 1938 to build his experi- 3. If using fresh morels:Halve mental farm, Malabar,hespent MEGA MEAL lengthwise and swish around in spring morningssearching the bor- abowlofcool water10-15 sec- dersofthe fields and the marshy onds.Pat dry. If using driedmo- nearby woods.Bromfield called rels:Soak in warm water30 hunting morels “the most wonder- TheForager’sFling minutes,then wash thoroughly ful, innocent pleasure—the pleasure under running water. Patdry. of being glad and thankful to be Strain the morel broththrough alive.” He thought abasket would asieve and reserve ¾ cup. bring him bad luck,sohegathered 4. Reduceoventemperatureto hismushrooms in ahat or,ifhehad Fo r a fleeting few weeks in spring, morel mushrooms lure us to forests and 375degrees.Continue roasting alarge haul, the shirt off his back. until chicken is nicely browned, Morel hunterstend to be super- farmers’ markets. This recipe brings their haunting, woodsy flavor home 20 minutes more. stitious and secretive, possibly be- 5. Makethe sauce: In aheavy cause their prey is so elusiveand, at skillet overmedium heat, melt

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SEARS ferns and forest seedlings. In his last hale the scent of the firstpennyroy- pes,his for Poulet de Bresse aux the Seeds of a Food Revolution” ricemakegood companions. TE book,“From My Experience” (1955), als,the lovely odor of crushed mint. Morilles à La Crème featuresno (April 14, W.W. Norton & Co.). KA

Makefried rice Sauté garlic and ginger until soft. Addcooked riceand heat undisturbeduntil it starts to crisp.Seasonwith soy Whip up sauceand fish sauce. Toss salmon cakes in chunks of sockeye Mix salmon and and cooked some of its juicewith veggies. choppedscallions,grated carrots, salt,pepper,egg and breadcrumbs. Form patties and bakeorfry.

Tweak the tuna melt Mix salmon with mayo,scallions or chives, and lemon juice. Spread on breadand topwith GAMECHANGER Cheddar.Toastuntil golden and Canned Salmon Can-Do bubbly. The Early Bird Gets The Poplin. Had your fill of tuna? This pantry powerhouse is the smarter choice 2for $399 FOOD CHOICES were fraught aged fishery. According to even beforethe coronavirus Need to Know Paul Greenberg, author of Known for their lightweight comfort and travel-friendliness, our timeless, pandemic.What tastes good “The OmegaPrinciple” and is oftenbad foryour health Sockeye(red) salmon two other books about sea- cotton-rich “Perfect Poplin” suits are available in khaki, olive, oyster or navy. or the environment—or both. has abolder flavor food, “The absoluteeasiest Your wardrobe will thank you later! And therein lies the beauty of and brightercolor.Good way to switch to ahealthier, As challenging as this temporary distance is, we will get through this together, canned salmon, which is ex- forchowders sustainable seafood diet is to traordinarily healthy, sustain- and flaked in salads. switch from tuna to salmon.” from afar.When we first opened on the Upper West Side in 1976, the world was able and deliciously versatile. Even in acrisis—or maybe adifferent place.We’ve been through alot together as acity,but New Yorkers Whynot just eat tuna, you Chum (pink) salmon especially during one—we areresilient, and as asmall business our communityiseverything to us. say? Because canned salmon is milder—and less want our food to tastegood. See you (in your poplin) on the other side. beatsitonevery metric.It expensive. Use it And canned salmon is no doesn’t have the mercury anywhere you use compromise.Yes,itlacks the On sale now,buy one suit $295 problem that tuna does be- canned tuna. silkytextureoffresh salmon, cause sockeyeand pink but itsflavorisrich and vi- 2Suits for $399 salmon, the kinds most com- Which Brand tal. Mr.Greenbergrecom- monly canned, feed mostly on To Buy? mends using it anywhereyou Please visit us online: NEW YORK LOCATIONS small crustaceans and plank- would use tuna: in salmon (TEMPORARILYCLOSED) ton(rather than biggerfish, Many canneries supply salad or tossed with pasta www.frankstellanyc.com 921 7th Ave. (cor.58st.) as tuna do). Canned salmon multiple brands, so and plenty of lemon and ! has the same desirable the sockeye in one can good oliveoil. At my house, FREE SHIPPING 440 Columbus Ave. (cor.81st.) omega-3 fatty acids that you is often the same as we regularly eat old-fash- find in fresh salmon, as well in another. A few ioned salmon cakes(always Our stores aretemporarily closed due to the evolving situation with the novel coronavirus (COVID-19) as plenty of Aand B-complex brands do offer paired with peas and mashed For information regarding online orders, please contact customer service @212-957-1600, M-Sat 10-5, Sun 12-5 vitamins.Moreover,much of boneless/skinless potatoes) and lunch wraps of America’ssockeyesalmon is products that some canned salmon, black beans, sourcedfromBristol Bay, cooks prefer. avocado and asquirt of Find Us on Facebook.com/frankstellanyc Find Us on Instagram.com/frankstellanyc Phone Orders Accepted Alaska, arobust, well-man- Sriracha. —Jane Black P2JW116000-4-D00800-1------XA

D8 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. DESIGN & DECORATING

A-TO-Z Pistil Packin’ Drama

Each year,innovative A C growers develop frillier petals, stronger stems and Is for Applause Is for Comeback Unlike its cumbersome, funereal cousins, “this For a decade gardeners helplessly watched a more­prolific plantsaswell old-fashioned, dainty gladiola deserves an shade-loving annual succumb to blight. Lo, a as reintroduce lost varieties. ovation” for restrained ruffles and a slim sil- disease-resistant impatiens arrives (in six houette, said heirloom-flower grower Vanessa hues) to restore color to light-challenged Here,analphabet’sworth. Elms. Gladiolus ‘Ovatie,’ $10 for 10 corms, landscapes. Impatiens ‘Beacon,’ $30for 24 hollandbulbfarms.com plants in a mix of four colors, burpee.com (Z) ANGE OR DUMMEN (V); VERS SA

B SEED (T);

G H I U

Is for Gleam Is for High-Contrast Is for Broken Is for Intrepid NOUVEA Giant, silvery leaves, from 7 to 8 inches Hot-pink hibiscus splayedagainstnearly black PropagatedbyaDutch conservatorium, the Keep calm and carry on is the motto of a S

across, reflect light to brighten shadowy foliage makes adramatic statementinlate petals on this rare,imported heirloom tulip blush-pink English shrub rose newly intro- PLANT );

spots in the garden long after this brunnera summer when the rest of the garden is spent. featurefeathery striations—abrokenpattern— duced in the U.S. It changes its growing habit (S plant’s tiny blue forget-me-not flowers fade. “This is whatwecall an Instagrammable thatcollectorshave covetedsinceHolland’s to become an 8-foot climber in hotter regions. CT ELE

Brunnera ‘Sterling Silver,’ from $17, flower,” said plantbreeder Karin Walters. Hibis- 17th-centuryTulipmania. Tulipa ‘The Lizard,’ $12 Rosa ‘Emily Brontë,’ $31, OS bluestoneperennials.com cus ‘Evening Rose,’ $30, soonerplantfarm.com abulb, oldhousegardens.com davidaustinroses.com FLEUR W); , (Q S DELIGHT PLANT ); (P BV EN AT GA N VA RENE U); (O, LS IA NN RE PE N O P Q N RWI DA

Is for No-Staking Is for Overachiever Is for Profuse Is for Quirky (N); Hereare the showy,blowsyblooms youremem- Unliketypical, biennial foxgloves,this hybrid With abounty of bottlebrush flowers,‘First Distinct from other varieties, this baptisia’s ber from your grandmother’s garden but atop will bloom the year youplantit. Abonus for Bride’ veronica is abutterfly magnet that cup-shapedleavescollect water, attracting GARDENS

flop-free, sturdy stems.“This is a peony that northern gardeners: The variety“is so hardy it blooms earlier in the season than mostveronica hummingbirds. “This is aplantyou’dstill want ON

won’tbeapain to mowaround,” said breeder cansurviveaChicago winter,” said Leland To- and sends forth asecond wave of blossoms in a to grow even if it neverflowered, the foliage is ENS

BeckySwenson. Paeonia ‘TonkaExtravaganza,’ ering of DarwinPerennials.Digitalis ‘Arctic Fox single season. Veronicalongifolia ‘First Bride,’ so cool,” said plantpropagatorTonyAvent. SW

$250 per bare-root plant, swensongardens.com Rose,’ $15, perennialfarmmarketplace.com prices will vary at local nurseries nationwide Baptisia ‘Flying Saucers,’ $27, plantdelights.com (M); UG PL CIFIC PA (L); SES RO AR ST (K); VEN PLANTHA (I); SES RO IN ST AU VID

V DA Y); U W X , (G Is for Voluptuous Is for Unbending Fifty years ago, the late Valeria Dukelow’s Ro- Is for Wonderland Is for Xeriscape

Plants with umbels—flat crowns of clustered manian mother gave her mystery seeds that Beneath shade trees, astarry-blue epimedium An amiable succulent creeper that requires al- GARDENS

flowers—look like they’re carrying colorful um- filled her Pittsburgh garden with lusciously will send out pinpricksoflight. Be patientwith most no water or attention of any kind, this ERS LT

brellas. Unlike its top-heavy cousins, this fringed, double-flower red poppies. In 2012, this ground covercollected in China about 15 yellow-flowering sedum with variegated WA

sturdy, compact variety of yarrow will stay Ms. Dukelow donated seeds to nonprofit Seed yearsago by breeder Hans Hansen; it will take leaves will add interest to the front of the X); J,

strong and upright. Achillea ‘Milly Rock,’ Savers Exchange, who had run out until now. adecade to grow into a3-foot-wide cushion. border even when it’s not in bloom. Sedum H, E,

prices will vary at local nurseries nationwide Papaver ‘Chima Family,’ $3.25, seedsavers.org Epimedium ‘Clean Hans,’ $26, plantdelights.com ‘Boogie Woogie,’ $13, bluestoneperennials.com , (D WINNERS

BEST-LAID PLANTS / COMBINE THE A-TO-Z BLOOMS ABOVE FOR TRIOS THAT LOOK FETCHING TOGETHER AND HAVE SIMILAR LIGHT AND WATER NEEDS EN OV PR ); (C AL Dependable + Quirky + Unbending Temperennial +Xeriscape +Yellow TUR TICUL HOR BALL R); F,

Endless Summer taller varieties,” said The Unignorables sedum(X) will put B,

To keep the color Leland Toering of “Yellowisthe first on apowerful per- (A, coming from June Darwin Perennials, color the eyesepa- formanceplanted through September, but won’t split ratesout of the in separatecon- find a sunny spot down the middle spectrum, and in a tainersbut GARDENS and count on long- like taller, wobblier landscape it always groupedtogether. HOUSE blooming blue-vio- cultivars. Against a catches your eye,” Arrange the pots OLD let wands of salvia backdrop of quirky said plantseller and planters to ac- YNE;

(D), which can grow baptisia’s cup- BrentHeath.In centuate the con- CO

4 feet high. In front shaped leaves (Q), midsummer,yellow trasting shapes of KIL H

of it, the flat-top which capture wa- Kniphofia (Y),gold- the tall, sunny RA blooms that crown ter, all three will tingedRudbeckia spikes,the bushy SA Achillea ‘Milly Rock’ beckon butterflies (T) and the lemony black-eyedSusan BY

(U) have “all the and other pollina- flowers (and varie- and the creeping IONS AT

flower power of tors. gatedleaves) of succulent. TR US ILL P2JW116000-4-D00900-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | D9 E DESIGN & DECORATING

Is for Everblooming To create a sunflower on repeat, “we’ve taken a gigantic 8- foot-tall guy and D boiled him down to a F 3-foot height” that will Is for Dependable bloom all summer, said Is for Fragrant Stalwart spikes of calming violet-blue salvia Jeanine Standard, Apheasant-eye daffodil with asweet scent, will bloom continuously from early summer spokeswoman for this rereleased circa-1897varietywas one of onward, creating a cool, watery oasis of color propagator Proven manydouble-flowerednarcissi bred by English through even the high heat of August and Winners. Helianthus vicar George Engleheart, widely considered the into autumn. Salvia ‘Rockin Blue Suede ‘Suncredible,’ from $7 father of the modern daffodil. Narcissus ‘Cas- Shoes,’ from $7, romencegardens.com romencegardens.com sandra,’ $18for three, oldhousegardens.com

JKL M

Is for Jolt Is for Knockout Is for Lilliputian Is for Multitude This allium, a high-voltage combination of Breeding turned carnations into filler forCostco Two decades after an amateur breeder in Blooming laterthan those thatpush up through electric-purple pompom flowers clustered bouquets, but this frilly,fragrantbutter-colored Wisconsin revolutionized the U.S. rose market late-wintersnow, this hellebore’s “tons and tons above subdued foliage, lures butterflies, bees varietyslays us,and reminds whythe species with long-blooming, cold-hardy, disease-resis- of blooms” maymingle with the first daffodils, and other pollinators. Allium ‘Serendipity,’ traditionally appearsinboutonnieres—to be tant ‘Knock Out,’ a miniature cousin arrives. said breedersagentApril Herring-Murray,of $6.50, gilberthwild.com pinnedatacomfortably sniff-able distance. Di- No deadheading needed. Rosa ‘Knock Out Pe- California’s Pacific Plug &Liner.Helleborus anthus ‘Hello Yellow,’ $22, waysidegardens.com. tite,’ $90, brighterblooms.com ‘FrostkissCharmer,’ $18, pineknotfarms.com

R ST

Is for Rare Is for Showstopper Is for Temperennials Nearly extinct, a fancifully An arresting sight with its hot-pink double This black-eyedSusan belongs to acategoryof filigreed miniature iris bred in 1912 by flowers and unusual ruffled petals, this easy- tender perennials—temperennials—thatwill reli- an amateur botanist in France excites heir- going New Guinea impatiens will bloom pro- ably come back yearly in USDAgrowing zones loom-flower collectors whenever a lifically from early summer until long past La- 7and higher.Topping out at 24 inches,this supply surfaces. Iris ‘Demi Deuil,’ $3, bor Day. Impatiens ‘Roller Coaster,’ prices may bushybloomer is equally happyinagarden bed cynthiasirisgarden.com vary at local nurseries nationwide or patio pot. Rudbeckia ‘Smileyz,’ $8, hirts.com

DRESS FOR THE DIRT / THE BEST NEW TOGS FOR DIGGING

Y Z

Is for Yellow Is for Zero Maintenance “School buses areyellowfor areason; it’s the Compared with your mom’s fussy popcorn-ball first color your eyepicksout of the spectrum,” geraniums,double-flowering ‘Rosalinda’re- said plantseller BrentHealth.Kniphofia’s com- quires lesswater and attention. It will bloom mon name, redhot poker,points to the rarity through summer’s dog days without dead- From left: Work in ProgressTaraCoverall in Hickory Denim, $258,us.carhartt-wip.com; of this variety’sstridenthue.Kniphofia ‘Gold heading. Pelargonium ‘Survivor Idols Rosalinda,’ CanvasGarden Apron, $36, shopterrain.com;Capri Hat, about $77,lornamurray.com.au; Rush,’ from $13.50, brentandbeckysbulbs.com prices will vary at local nurseries nationwide Garden Glove GoldDigger, $49, gardenglory.com;Work Shirt, about $94, niwaki.com

Comeback +Gleam +HighContrast Intrepid + Knockout + Profuse

Light Show Dispel which will have Old-Fashioned blooms early and the gloom of a reached about 40 Favorites Fora then again later, and shady corner with inches tall, will kick classic cottage-gar- the delicateruffles the shine from brun- into gear as well, den look,pick a of ‘Hello Yellow’ di- nera’s dramatically brightening the back sunnyspotand anthus (K), adeli- oversize silver of the border with drop in atrellis on cate carnation leaves (G) combined deep-pink flowers as which Rosa (I) can prized forpetals with snowy mounds big as dinner plates makeits vertical that arepale, of this disease-resis- that are framed by journey—with 106 creamyyellow—a tant impatiens (C)— inky foliage. “This hi- petals per flower. very difficult color impervious to a mil- biscus is an August The climber can to get in adianthus, dew that annihilated savior,” said perenni- look down benevo- said Robert Bett of its predecessors. By als breeder Karin lently on the candle- breeders’ agent August, high-con- Walters of Walters stick blooms of ve- PlantHaveninCali- trast hibiscus (H), Gardens. ronica(P),which fornia. P2JW116000-4-D01000-1------XA

D10 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. P2JW116000-4-D01100-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, April 25 - 26, 2020 | D11 GEAR & GADGETS

BY DALE HRABI areclearly unmoored, he said, but hesitant to spend: In the UARANTINE, Make aJoyful WhiteNoise same period, sales of the $60 Isoon discov- annual subscription service ered, wasn’t drooped by 25%. quiet. Apartic- Iwondered if Ilacked am- Q ularly rude sort bition when it came to mask- of cacophony Unable to WFH amid the loud, discordant chorus of his self­isolating neighbors, ing relentlessFrench pop-an- undermined my work-from- one man searches for the best sound­generating app to mask the racket thems.Idecided to seek out home attemptsafter my com- an app that involved alittle panywisely banished me to rocket science, and settled on my Brooklyn apartment in myNoise,amulti-dimensional mid-March. Theintrusive muffler developed by Belgian medley,careofmyneighbors, audio engineer Stéphane Pi- included: “JeSuvivrai” (“I Will geon. Asuiteofeight sound- Survive” in French), playedat scapes costsnothing,but $10 avicious volume 20-25 times buysyou morethan 200 addi- aday,and children—clearly tional “generators,” from “Me- without deadlines—whose dieval Village” to “Mermaids “indoor voices” could easily Calling” (or access the entire have projected throughout the lot free on mynoise.net). The Grand Canyon. Addtothis: keening terriers, muffled an- guish, and, roughly every Thechanting hour,the rousing theme from ‘Gregorian Vo ices’ “Game of Thrones” layered over “JeSuvivrai.” became my hero Iwasn’t surviving well. As I when theterriers struggled manfully to focus,I missed the subtle hum of my wouldn’tshut up. MidtownManhattanoffices, wherethe loudest interrup- tion wasacolleague’szealous app letsyou combine sound- apple-munching. scapes and playDJbytog- Whimpering alittle (not gling 10 componentsofeach that anyone could hear me soundscape (“lowbass,” “high over the inconsolable terri- treble”)upordown. Thus, ers), Isearched “WhiteNoise” “Rain on aTent” canvariously on the App Storeand rashly torment or tranquilizeyou. downloaded the firstone that Thechanting of “Gregorian came up,“Sleep.” Toodesper- Voices” became my newhero, atetobethrifty,Ipaid the $60 bolstered by “Mournful forayear’s subscription. (A Chimes” when the terriersre- limited free version is also ally wouldn’t shut up.While available.) the yearning “Arctic Wolves” White-noise machines date hadits moments, other op- at least to 1962, when travel- tions,like“Poltergeist” or the ing salesman Jim Buckwalter cruelly spooky“Ominous,” sought to sedatehis wife scared me intounproductivity. who’d grownsoused to motel Sincethe pandemic struck, air-conditionersshe couldn’t said Mr.Pigeon, few myNoise sleep at home.Mr. Buckwalter soundscapes have proved as persuaded afan blade to whirl popular as “Calm Office,” and whir inside adog bowl, launched March 30 to satisfy eventually inventing the Mar- intense demand from users pac Sleep-Mate. Irecently re- who couldn’t work at home called aslightly moread- without the familiar ambience vanced version Iused to cope of ticking clocks,“chatty col- with post-9/11 angst. Aputty- leagues” or stapler sounds. colored plastic blob,itpro- “The brain craves the noise duced only six watery,woodsy that is missing,” he said. sounds,plus “Heart Beat,” “What’smost disturbing is the which wastoo ICU forme. silence, or noises you’renot My newapp blewaway that used to that triggerdistrac- feeble,bleating blob.Emitting tion.” Over afive-dayperiod, 51 sounds in eight categories, “Calm Office” wasdown- from “Nature” to “City” to Armed with my battalion of sounds and wastruly trans- threatening claps and promise mization specialist forEnergy loaded 10 times as much as “ASMR,” itsinterfacewas wetness, Ibegan experiment- ported.“Sheep” plus “Under- of comfort aligned with my Flow, Ltd., the Hong Kong his usual No.1crowd-pleaser, dead-simple.Whereas the ing to determine which noise water,” though interesting, coronavirus mind. It conjured startup behind Sleep,didn’t “Distant Thunder.” blob offered one basic variety might best mask the screech- grimly evoked aflock drown- soothing scenes in horror getwhy Iwas so impressed. “Calm Office” did nothing of “rain,” the app had re- ing kids and the French ing off the Isle of Skye. “Cold movies,aswhen Wendy (Shel- “It’snot rocket science,” he forme, which makes me fear corded waterpelting roofs, singer/survivalist who showed Wind” plus “Wind Chimes” al- ley Duvall) cooks breakfast in said over the phone.“But it’s the dayI’ll finally return to drenching forests, merely no signs of flagging. most convinced me Iwas the chilly haunted-hotel easy to use.” Thepandemic my company’sMidtowntower. drizzling,dreamily lapping Ifound the most success sending routine emails from a kitchen of “The Shining.” has boosted interest, he If Ihaveany hope of focusing

shores,burbling,bubbling, working to the strains of rickety wooden porch high in While admitting that the added. In March, downloads there, I’ll need to train my se- OD plunging down perilous cliffs “Thunderstorm.” Then Ireal- the Appalachians.The break- app’s“noise-mixer” function of the free,five-sound version nior staff to chant likesoulful MCLE and insistently boiling as if a ized the app letsyou layerup through was“Thunderstorm” is pretty ingenious,Cody shot up “20 to 30%” over the monks and/or howl likestarv- lobster were about to die. to three noise-masking plus “Campfire,” whose Westgard, the app storeopti- typical monthly rate.People ing wolves. GAN KA

Five More Shades Best for: The Best for: Those Best for: Best for: Apple Best for: Of White Decision-Averse Who Don’t Want Aesthetic Purists Enthusiasts Nostalgic Sound Bed Time Fan Yet Another App White Noise++ Dark Noise Engineers Many noise-masking The only choice Spotify Your fa- The clean, text-free Integrate a Siri White Noise apps come free, but you’ll have to make with this vorite music aggregator also interfacefeaturespictographs shortcut to queue up sooth- Usethe app’s built-in recorder these options feature streamlined app is between offers soothing sounds, from of 16 sounds,fromatrain ing sounds at the first beat of to giveyourself endlessaccess worthy, inexpensive “lo” “med” and “hi.” A little too hours-long “peaceful medita- soundtrack to cafe ambience, a neighbor’s lunchtime rave. to the wavesfromlastsum- upgrades to help work- simplistic: the unconvincingly tion” playlists to loops of on arainbowgrid. Combine Plus, quickly transfer playback mer’s seasidevacation or the from-home warriors animated whirring blades. white, pink and brown noise. some or all foracacophonous from one device to another. cricketsfromawalk in the drown out disruptions (Upgrades from $5) (Upgrade version, $10/mo.) mess. (Freeversion only) ($4, available only for iOS) woods. (Upgradedversion, $1)

AFTER MYRIAD TEXTS and phone But as data costsplummeted and finger YES calls,photos, videos and voicememos speedsincreased,texts became the primary shared between me and my partner way couples communicate: offloading gripes; who’s isolating afew states away,one morning I sending remindersand shopping lists; sharing wasinspired to scribbleout and mail her a links, personal news and daily missives letting a schmaltzy,three-page note detailing aversion partner knowheorshe is on your mind. All in a of howIwishedour spring mighthave gone. privatelanguage exclusivetothe twoofyou. A few days later, she surprised me with a “Letters aregood foremotions thatdon’t video. It showed her kneeling at a footlocker erode,but it’s ephemerathatbuilds alife,” said overflowing with old letters her parents wrote Michael Stewart,asenior lecturer teaching digi- to one another as teens while her father was tal communications at BrownUniversity. “It’s away at basic training. She thumbed through notall agrandiose statement. The mundane, each, sending me photos of her favorites as the day-to-day, that’swherelove is found.” she reminisced about their first days and Yetthis quick and casual medium still allows years together and chuckled at the earnest fordetailed and desirous wordsoflonging, words and looping penmanship. romantic hopes,nostalgic notesorlate-night Now imagine what your own kids will be whims.Such texts canbeeasily edited,immedi- able to access to tell your story some day. ately sent and guaranteed to be therewhen the Will you save your smartphone? Will you recipientwakes up.Plus:noneed forstamps. want them to see everything on there? What THAT’SDEBATABLE Texting makes room to divulge your emo- happens if you lose the charger? tions and thoughts in the moment, offering There’s something about holding the same both parties instantand shared gratification or piece of paper your partner once held—about Are Actual Love Letters Better needed support,evenatgreat distances.Italso the thought that went into it, the time it took letsyou build arunning log of your relationship to write, the literal and figurative impressions Than ‘Love Texts’? thatyou canlook back on fondly at anymo- that were left, smeared ink, familiar doodles mentwithout digging through drawers. and mistakes, and the long journey it took to Missives leavealasting impression. Textsare instant. Here, twosides “You’re creating an unintentional memoir,a arrive. All this makes the sentiments the re- sort of timeline of the relationship,” said Mr. ceiver unfolds a bit more meaningful. Stewart.“Within the little mistakes,digital com- “People aremorewilling to shareofthem- to find spaceand quickly running out of words THERE WASATIME when sending a munication gives us something moretangible in selves when they’re writing by hand,” said Dr. to saytoone another,jotting down some per- NO text wasburdenedbythe fear your aweirdway.There’sreal value to taking your Tamar Blank,aclinical psychologistwho meets sonal thoughts and feelings—oftenleftunsaid in parents would howl at the cell bill time to think about whatyou’re going to say with couples in Riverdale,N.Y. “Weexpect our the bestoftimes—would be araretreat for thatreflected all the 10-centcharges each but an immediate response has abetter effect.” phones to lightupwith messages thatshare someone to discoverinthe entryhall or tucked chime had tacked on. At thatratetoday, a Swiping open atext mightnot be as satisfy- simple things to get us through the day. But in the cornersofadressing-table mirror. nightly conversation with my partner might ing as tearing an envelope,but the chimes of a you’re morethoughtful about whatyou put in a Then yearsfromnow,you candiscoverthe soar past$20—nottomention the ransom Ve- second, thirdand fourth message morethan GES letterwhen youknowitwill takedaystoarrive.” yellowing parchmentinabox and recall all the rizon would demand to let me ship her trivial makeupthe difference—data ratesmay apply. IMA Evenifyou’re in the same house,struggling romance, laughs and Netflix youonceshared. photoscaptured during my afternoon walk. —Matthew Kitchen GETTY P2JW116000-4-D01200-1------XA

D12 | Saturday/Sunday, April 25 - 26, 2020 **** THE WALL STREET JOURNAL. GEAR & GADGETS

aging.Behind the close-shouldered front bucketsisatwo-seat bench BARE NECESSITIES foroccasional use.This alone Youcan still get a911 for makes the 911 lesslife-hostile than under six figures—justdon’t about anymid-engine goer going. expectittocome fully stocked. Thefront boot canhold two roller boards.The rear bench seats, when folded, add 9.3cubic feet of cargo. Youcan’t getadog under the clamshell of aMcLaren GT,orat least youshouldn’t. The rear-engine arrangement also puts the noisiest, smelliest, shakiest bits behind the cabin, iso- lated by a rear bulkhead. Even in the most modern mid-engine exot- ics—any McLaren, many Ferraris— the engine is your incessantly chattering back seat passenger.

Porsche’s911 is themost successful racing sports carmodel of all time,full stop—beloved, coveted and beaten on daily.

Of course, the NVH (noise-vibra- tion-harshness) advantages of the 911 layout have their limits, which the Turbo S handily exceeds. Be- tween the roar of the staggered

CHE summer tires (20/21-inch, front/ RS rear) and the glorious-but-relent- PO less HAWWWW of the engine, this RUMBLE SEAT / DANNEIL quarter-million dollar collector car has the interior ambience of a dia- mond mine. What stereo? Airflow—for cooling,engine in- take charge and stability—remains a central challengeinthese hump- Porsche’s911 Is OnlyGetting backed cars,and fortheir aesthetic. TheTurbo S’shovercraft-likeskirt conceals apetticoat of plenums, Better,Faster—and Pricier ductsand manifolds required to keep the twin-turbo from going su- percritical. Thefront lateral grille openingsopen and close,blink,by THE PANDEMIC has been a disas- coveted, and beaten daily by genera- g/km, juuuust misses it. tials,all seem future-portable.And I way of motorized shutters.Athigher ter but the important thing is, “Is tions of enthusiasts. Our test cars In anyevent, when it comes to remain astonished that, afterall this speeds,the full-width front splitter Dan’s supply of test cars safe?” areearly builds of the eighth design messaging,this very sharp instru- time and all those trophies,Porsche servo’sdown, sinking closer to the Yes. In fact, the cancellation of the generation—glowering robotscode- ment is adouble-edged sword. is the only companytohaveper- asphalt, yawning in search of down- spring auto shows resulted in a named 992—but the bloodlines are Will this be the end of 911? Said fected the rear-engine sportscar. force. On the rear deck the newly ac- number of flamboyantly costumed strong and resemblanceunmistak- the radio announcer,sounding If youfind yourself quarantined tive/adaptivespoiler reaches up into models showing up unexpectedly able.Hold that thought. alarmed. I’m not so sure. Maintain- with agearhead, Isympathize. You the airstream, waving to lawen- at my house, like showgirls who Hereyou might expect some ing domination through successive might be regaled without your con- forcement, Over here! missed the bus. happy horsefeathersabout icon this technical eras,these smallish, 2+2 sent. Thereisabit of finickytribal- Do youhaveabeef with the local Porsche sent along two:Anew or legend that. Irefer youto seat coupes and convertibles have ism among Porsche-ophiles,be- dealership? Ifeel you. Youwant to 911 CarreraCoupe,which Ireckon Porsche’sonline premierefor the outperformed because they are tween those who prefer the more whine about depreciation? Youneed will be the last of these delicious Turbo Sfromthe Porsche Design based on asingle,soulful engineer- nimble mid-engine two-seaters, cars aPatton-likeslap,yabig baby.The sportscarswith astarting priceun- studio,hosted by racing legend/talk- ing insight: the lightweight, rear- likethe 718 and GT4; and those who Porsche Club of America? Those der $100,000,ifbarely; and the new ing kangaroo Mark Webber; and engine layout. This anatomical ad- prefer the confident pitch and slide dentists? Youwant to arguethat an 911 Turbo SCoupe,fittedwith active starring the apparently held-hostage vantageholds true acrossthe line, of 911s and—most especially—the electric carcan be quicker to 60 aero, AWD, icky-stickytires,and 640 CEO Oliver Blume,who declared from the value-packed 911 Carrera way they put the powerdowncom- mph than even the Turbo S? Stipu- hp packed likedynamiteoverthe that, according to their research, the to the highway-robberyTurbo S. ing out of turns.It’sjust so there. lated. All I’m saying,Bernie,ifyou rear axle.#twilightofthegods. Porsche brand was“completely The911’sform factor and size, Would-be Hurley Haywoods may wanted to pressone IC-poweredcar Who’d I rather? The 379-hp, cool.” Imissthe Austrians. packaging,unique weight distribu- overlook the other reason the 911 between the pages of Time,itmight 182-mph Carrera would meet my Thetruth is morenuanced. tion, itsvector-spaceofexperien- perennially succeeds: interior pack- be this one.Ortwo. modest adrenaline needs, with Porsche is managing multiple forest lower overhead in tires, service/re- firesatthe moment, including pair and attorneys. The Turbo S, mounting political pressureand reg- 2020 PORSCHE 911 CARRERA with a V-max of 205 mph, is like a ulatorycostsinits home market, car sent from the future to termi- both very not cool. This wouldn’t be Base Price $98,750, with delivery nate my driving privileges. Yester- aproblem if all it sold were legend- Price, as Tested $123,780 day, I was heading down the inter- arysport coupes.But Porsche sells Powertrain Twin-turbocharged3.0- state, trying real hard, Ringo, to three SUV-type vehicles (Macan, liter DOHC flat-six;eight-speed dual- keep it under 80 mph. I glanced at Cayenne) forevery sportscar (911, clutch transmission; rear-wheel drive the dash-mounted chronometer. Cayman, Boxster), which is itself an Power/Torque 379 hp at 6,000 Nice. I looked back. I was going inconvenient truth, branding-wise. rpm; 331 lb-ft at 1,950-5,000 rpm 102 mph. That’s not funny, car. Management needs the 911 to be Length/Width/Height/Wheelbase But let’sbring everybody up to cool, not only with younger custom- 177.9/72.9/51.1/96.5 speed. Initially designed by Ferry erswho might be shopping against Curb Weight 3,382 Porsche in the early 1960s,based on Tesla; it needs to be cool with regu- 0-60 mph 3.8 seconds (w/optional conceptsdeveloped by hisfather lators. In 2021, the European Union Sport Chrono Package) Ferdinand, the 911 is the most suc- will impose afleetwide standardof Top Speed 182 mph cessfulracing sportscar model of all 95 gramsCO2 per kilometer.The EPA Fuel Economy 18/24/20 mpg time,full stop.They’vebeen loved, Turbo S, producing an average254 Luggage Capacity 13.9 cubic feet

WATER SPLASHES your toes controllers, working different joying ourselves,wetend to Escape Into Exercise and, looking down, it seems muscles as youlungeand paylessattention to the VR workoutslet youexploreexotic destinations while trappedinside youmight have accidentally spin. Your legswill begin to grains of sand passing kicked the edges of the jade- burn as youduck through through the hourglass. colored lagoon. Your eyes tunnels of triangles that race In one of Dr.Chirico’s trick youintothinking you’re toward you, squatting to studies,47breast-cancer pa- getting awaterside workout avoid “nicking” their edges. tientswereassigned to ei- in Papua NewGuinea, but Thegame’sAIsmartly cal- ther listen to music or wan- you’reactually twirling on a ibrates itself to each user so der VR islands during a20- yoga mat in your living room, that youcan just barely keep minutechemotherapy an Oculus Quest headset up.Set to the driving beat of session. Though music has strapped to your face. That up-tempo music,itoften reduced anxiety in chemo pa- waterwas just your own feels morelikedancing than tients, time flowednormally sweat raining down. exercising.And at each work- forthose enjoying tunes, This digital lagoon is the out’send, youreceiveascore while those wandering product of the new VR- based on your accuracyand through VR scenarios esti- based fitness program Su- energy output and areadout mated the session lasted only pernatural ($19 per month, that shows howyou stack up about 15 minutes.Other re- getsupernatural.com). Like on aweekly leaderboard search shows that VR pro- high-tech rowers, bikes and populated by fellowSuper- grams canhelp people suf- treadmills equipped with natural players. fering from chronic pain. screens, Supernatural offers In lifebeforecoronavirus, You’dguessinterest in VR pulse-pounding workouts manyofuskept one eyeon workoutsmight lag once that can transport you to ex- the clock during fitness gyms reopen. But think back otic locales like the Galapa- classes.But the immersive to all the workoutsyou gos, the Scottish Highlands natureofVR—and the literal skipped because it wastoo or even the edge of an Ethi- eyeshade—can help youfor- rainyorcold out or laziness opian volcano—particularly gettime.That’sacommon overcame you. Supernatural appealing journeys now that experience, noted An- is so funand convenient it local gyms are closed. drea Chirico, Ph.D., a might persist. Even What sets Supernatural researcher at the Sa- when your motivation apart is that it operates more pienzaUniversity of to head to the gymflat- akin to avideogame.Unlike Rome.“Thereisan lines,you canstill get (2) WHAT A VIEW Get your heart rate up as you

AL with standardworkouts, your internal clock in our that heart rate up by bash orbs in Supernatural’s VR landscapes.

TUR objectiveistosmash orbs fly- mind driven by our swinging at orbs while Inset: See your stats in the game’s app. ing at youfromall directions emotional state,” flying over your daily vol- by swinging Oculus Touch he said. When en- cano. —Clint Carter SUPERNA

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