P2JW226000-5-A00100-17FFFF5178F

***** THURSDAY,AUGUST 13,2020~VOL. CCLXXVI NO.37 WSJ.com HHHH $4.00

DJIA 27976.84 À 289.93 1.0% NASDAQ 11012.24 À 2.1% STOXX 600 374.88 À 1.1% 10-YR. TREAS. g 4/32 , yield 0.669% OIL $42.67 À $1.06 GOLD $1,934.90 À $2.30 EURO $1.1786 YEN 106.89 Beijing What’s News Sharpens Focus on Business&Finance Domestic hina’sXiislaying out a Cmajor initiativetoaccel- eratethe country’sshiftto- Economy ward morerelianceonits do- mestic economy, as the world remains in recession and ten- Amid global downturn, sions with the U.S. deepen. A1 frayed ties with U.S., Xi  Asteadyrally in stocks has prioritizes shift away pushed the S&P 500 to the cusp of itsfirst record close from foreign markets sincethe pandemic brought the economytoahalt. A1 BY LINGLING WEI  Fannie and Freddie said they would impose anew fee Fordecades,Chinese leaders to insulatethemselves embraced foreign investment from losses on refinanced and exportstopowerChina’s mortgages they guarantee. A2 economy. Now, with the world in recession and U.S.-China  Goldman is bidding to tensions deepening,President replaceCapital One as GM’s S Xi Jinping is laying out amajor credit-cardissuer.Barclays

PRES initiativetoaccelerateChina’s is also in the running. B1 shifttoward morerelianceon  Lyft reported adramatic TED itsdomestic economy. OCIA

drop in ridersand revenue SS Thenew policyisgaining

forthe second quarter. B1 /A urgencyasChinese companies, ER

ST includingHuaweiTechnologies  The SEC and FBI are KA Co.and ByteDanceLtd., face

examining investments YN increasing resistanceinforeign sold by the online plat- OL markets,Chinese officials said. form YieldStreet. B1 CAR Former Vice President Joe Biden and Sen. Kamala Harris made their first appearance as running mates Wednesday. In speeches to senior gov-  Ciscosaid it would adjust ernment officials sinceMay,Mr. investment plans and pursue Xi has trottedout the new deep cost cutsamid shifting strategy, translated as “domes- customer priorities. B4 Harris DrawsPlauditsFrom tic circulation,” prioritizing do- mestic consumption, markets  Simon and Brookfield and companies as China’smain have teamed up and arein growth drivers. Investments advanced talks to buy J.C. and technologies from overseas, Penney’s retail operations. B3 Wall Street as Biden’s Pick though still desirable,would  U.S. consumer prices playmoreofasupporting role. rose in July, a sign of firm- Theconcept remains vague ing inflation as demand BY EMILY GLAZER campaign, Ms.Harris managed swingsatWall Street; as Cali- wantstoburn the building in detail, and the notion of for goods rebounded. A2 AND LIZ HOFFMAN to impressaWall Street set fornia attorney general, she down? No.Ithink she wantsto empowering Chinese consum- that tends to be fiscally con- helped take big banks to task strengthen the building.” ersinparticular has been  TheU.K.economy shrank When JoeBiden announced servative and socially liberal. fortheir role in the foreclo- Mr.Biden and Ms.Harris around for some time. 20.4%inthe second quarter, Sen. Kamala Harris of Califor- With Ms.Harris as Mr.Biden’s sure crisis and she has pro- made theirpublic debut as As with manytop-level slo- taking the worsthit from the nia as his vice-presidential running mate, they see anon- posed taxing financial transac- running mates Wednesdayat gans in China, Mr.Xi’snew de- coronavirus in Europe. A7 pick,hepointed to her tough- controversial partner—closely tions to pay for a health-care aschool gymnasium in Wil- velopment model is meant to  Tencent played down on-banks record.Much of Wall aligned with him on issues overhaul. But they aren’t con- mington, Del., with Mr.Biden guide policy makers and local threats from potential U.S. Street cheered anyway. they care most about—and an cerned that that would dra- praising the 55-year-old Cali- leadersand result in meaning- curbs on itsWeChat app as Thewarm welcome in in- asset with big donors. matically affect their business. fornian as “a proven fighter fulchanges.The goal is to the Chinese firm posted bet- terviews reflectssome relief About half a dozen leaders “I think she is areasonable, PleaseturntopageA5 makeChina far lessdependent ter-than-expected results. B4 that in choosing Ms.Harris, in business and financesaid rational person who has on foreign firms,technology Mr.Biden has—for nowat they expect Ms.Harris,if worked in the system,” said  Biden-Harris ticket makes and markets, though doing so World-Wide least—fended off the more elected, to be amoderate Bill Daley,Wells Fargo&Co.’s public debut...... A5 won’t be easy,especially when progressivewing of the Demo- voicecommittedtorebuilding head of public affairsand a  Running mates differed on PleaseturntopageA6 cratic Party that has called for an economyupended by the former chief of staff to Presi- some policy stances...... A5  The choice of Harris as tougher financial regulation. coronavirus pandemic.They dent Obama.“Is she aprogres-  Senator has financial, other  Taiwan seeks to deepen trade Biden’s running mate drew During her ownpresidential expect her to take some sive? Yes. Is she someone who ties to Silicon Valley...... A5 ties with U.S...... A7 plaudits in interviews with leaders in business and fi- nance, who said they ex- Media pect her to be a moderate S&P 500’s Rise voice committed to re- Mogul building the economy if the ticket is elected. They Redstone expect her to take some Puts It Just Short swingsatWall Street. A1, A5 Dies at 97  Astandoff between Dem- Sumner Redstone ocratsand Republicans over Of Precrisis Record turned his family’s another coronavirus-relief movie-theater bill showed no signs of abating,astalks threatened business into a BY BEN EISEN nowabout an environment sprawling to stall until next month. A3 AND SAM GOLDFARB wherethe virus situation gets GES entertainment

 Thefederal deficit more better, but we still have a ton IMA empire, which than tripled in the first10 U.S. stocks climbed Wednes- of stimulus in the system,” he assembled months of the fiscal year, GETTY day, extending asteady August said IlyaFeygin, amanaging Y/ through a mix of as spending to combat the rally that has pushed the S&P director at broker-dealer Wal- savvy investing,

coronavirus continued to 500 to the cusp of itsfirst re- lachBeth Capital. GALLA creative litigation outpacetax collection. A2 cord close sincethe coronavi- TheS&P 500 ended the day and all-around ruspandemic brought the up 46.66points, or 1.4%, at ruthlessness. B1  The U.S. reported more CHARLEY than 46,000 new coronavi- economytoahalt. 3380.35, drawing within 0.2% rus cases, its lowest new Thebenchmark U.S. stock of the Feb. 19 high. It is up 3.3% index has risen in all but one in August and 4.6% in 2020. daily tally since Aug. 3. A4 tradingsession this month, TheDow Jones Industrial  TheU.S.isreadying sanc- buoyedbythe prospect of de- Averageclimbed 289.93 Video Calls tions against some promi- clining coronavirus cases at a points, or 1%, to 27976.84, and Police BudgetsPose nent Lebanese figuresina time thefederal government the Nasdaq CompositeIndex bid to weaken Hezbollah’s and central banks arestill sup- advanced 229.42points, or Are Good for influenceafter last week’s porting the economy. 2.1%, to 11012.24, snapping a BarrierstoCutting deadly blast in Beirut. A16 TheS&P 500 opened mod- three-session losing streak. Laundry, Too  Taiwan’spresident estly higher and flirted with re- Shares of semiconductor said she wantstobegin cord levels formuch of the day, companies and beaten-down iii finally eclipsing February’s energy stocks led the way.Ad- talks on afree-trade closing high in the final hour of vanced Micro Devices surged Multitaskers use Cities that try ‘defunding’ find costs fixed, agreement with the U.S. A7 the session. But the index 7. 5%, while ConocoPhillips broad voter support for law enforcement  U.S. agricultureofficials couldn’t hold on, ending just gained 4.9% and Apple rose work meetings to said they are working with shyofthe record and setting its 3.3%, edging closer to a$2 China to determine who is second-highest close in history. trillion market value. get chores done BY HEATHER GILLERS apolis. sending mysterious seed “There’soptimism right PleaseturntopageA6 AND ANDREA FULLER But many of the cuts are packages to U.S. residents. A3 BY SHAN LI cosmetic, temporary or rep-  Abusinessman whose tip Cities across America are resent a relatively small part led the government to un- At the start of the coronavi- weighing whether to reduce of budgets. In the case of INSIDE ruslockdown, Miguel Arias or redirect spending on po- Minneapolis, they may not ravelthe college-admissions showeduptoevery Zoom call lice. Some, with backing stick. A Minnesota state scam wassentenced to in asuit and tie—giving his from mayors and city coun- commission has delayed a prison in aseparatecase. A3 undivided attention to virtual cils, are already undertaking city council plan to put a CK S  Died: Sumner Redstone, TO meetingsascity council presi- efforts to do so, as protest- proposal to disband the po- 97,built amedia empire. B1 dent of Fresno, Calif. ers in their streets call for lice department on the No- PRES Fast forward into summer, “defunding.” vember ballot. TED CONTENTS Opinion...... A13-15 SHUTTERS and not only is the formal They’re quickly learning On Monday, Seattle’s city A/ Arts in Review.... A11 Personal Journal A9-10 OCIA wardrobe gone, but Mr. Arias that police budgets, built up council approved about a $3 Business News.. B3,5 Sports...... A12 SS

Capital Account.... A2 Technology...... B4 /A said he hastaken to plowing over generations with broad million cut to police spend- Crossword...... A12 U.S. News...... A2-6 through laundry, cooking and public support, are difficult ing for the remaining budget Heard on Street.. B11 Weather...... A12 LERENA/EP HARNIK

OR otheritems on his to-do list to dismantle. year, around 1% of the an-

Markets...... B10 World News...... A7,16 TI while on video calls with his Elected officials in New nual police budget but far VICT NA staff.Most of the time,the York,Seattle,Los Angeles less than the 50% target > THE MIDDLE SEAT JASONGAY camera is on. and Minneapolis,among some on the city council Passengersstruggle Fans,players and “Between 30 Zoom calls a other places,haveapproved have proposed. Police Chief with airlines and travel coaches areupinarms, day, something’sgotta give,” plans to reducepolicebud- Carmen Best, the first Black said Mr. Arias, 42. gets in response to the na- woman to hold the post and agencies forrefunds but college football Morethan five months into tionwide protestsfollowing who opposed sharp spending s 2020 Dow Jones & Company, Inc. All Rights Reserved on canceledflights. A9 isn’t abubble. A12 the pandemic,people are the killing of George Floyd cuts, announced her retire- PleaseturntopageA8 in policecustody in Minne- PleaseturntopageA8 P2JW226000-4-A00200-1------XA

A2 | Thursday, August 13, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip Presidency’s FiscalPowerKeeps Growing

Days before the wall without congressio- with the Glorious Revolution over nearly everyaspect of Mr.Trump’srequest forwall cases that have such tremen- President nal approval. in 1688.Asacondition of as- American life. Much of the funds.The resulting impasse dous rule of lawimplications Trump signed Theadministration says it suming the throne,William III budget nowgoes toward So- caused the government to the way this one does.” executiveac- lawfully tapped Pentagon agreed to several institutional cial Security,Medicareand shut down, which ended only tions to defer funds to build the wall and constraintsonhis power, in- other programs that are when Mr.Trump signed abill ome conservatives find payroll taxes that courtsshouldn’t second- cluding parliamentarysu- funded permanently. More- that excluded the funds.Mad- Democrats’ interest in and resume enhanced unem- guessthe president on na- premacyonexpenditureand over,during wars and emer- ison, it appeared, had pre- S curbing presidential ployment benefits,House tional security.Bycontrast, taxation. By outlawing the ar- gencies legislatorsprovedre- vailed over the imperial presi- overreach hypocritical: “These Speaker NancyPelosi warned itsopponentssee athreat to bitraryconfiscation of private luctant to second-guessthe dency. same Democratshad no objec- he wasonthe wrong side of akeystoneofthe Constitu- property,this pavedthe way president, and courtswere Mr.Trump quickly declared tion during the Obama admin- the Constitution:“Thepower tion—separation of powers. forEngland’seconomic rise, equally reluctant to intervene. anational emergency and re- istration when an entirewar of the purse begins in the Should the president prevail, scholarsDouglassNorth and Apushback came in 2014 allocated $2.5billion of the [in Libya] wasfunded without House.” “Congresswould be reduced BarryWeingast argue. Pentagon’sbudget to the wall, their approval,” said Jonathan That, of course,iswhat to an advisoryrole,nolonger Acenturylater,the same even though the lawpermit- Turley, alaw professor at we’retaught in high school able to function as the cruci- principle wasenshrined in A border­wall ruling tedsuch transfersonly for George WashingtonUniversity civics.But lately,itdoesn’t re- ble of political debate, negoti- Article 1, Section 9ofthe U.S. “unforeseen militaryrequire- who represented the House in flect reality.Presidentsof ation, and compromise in our Constitution: “No money shall could show a way ments…and in no case where itslawsuit against the Obama both parties have been si- constitutional system,” more be drawnfromthe Treasury around Congress’s the item forwhich funds are administration. phoning powerfromCongress than 100 former lawmakersof but in consequenceofappro- requested has been denied by TheSupreme Court has so fordecades,and Mr.Trump both parties have argued in a priations made by law.” In the power of the purse. the Congress.” He has since far decided along ideological has been especially aggressive court filing. Federalist Papers, James transferred $7.4 billion more lines with itsfiveRepublican- in the fiscal sphere. Indeed, Madison described the from various Pentagon ac- appointed justices twicere- the erosion of fiscal checks hile the nation’sfu- “poweroverthe purse…asthe counts. Both the Democratic- fusing to halt construction. and balances might be one of turemight not turn most completeand effectual when the Republican-led led House and Republican- Thepractical effect is that by his least appreciated legacies. W on this case,the weapon with which anycon- House sued the Obama ad- controlled Senatevoted to the time it does rule,possibly Moreimportant than the principle at stakenonetheless stitution canarm the immedi- ministration forpaying Af- terminateMr. Trump’semer- next year,much of the wall past weekend’sexecutive goes back to the origins of aterepresentatives of the fordable CareAct subsidies gencydeclaration but couldn’t will be built. measures wasthe Supreme American governance. In people.” out of unappropriated funds. override aveto. Thelonger-lasting effect is Court’svoteaweek earlier, 17th-centuryEngland, King Yetoverthe succeeding AGOP-appointed judgeruled TheHouse,Democratic-led that if the court ultimately 5-4, allowing construction to Charles I’sfiscal depreda- centuries,Congresshad little in itsfavor,though the case states,border communities, rules in favorofthe adminis- continue on Mr.Trump’swall tions,fromdefaulting on his choicebut to cede some con- wassettled beforereaching the SierraClub and the Amer- tration, it will have given a with Mexicowhile litigation debtstoraising revenue with- trol to the president. Theex- the Supreme Court. ican Civil Liberties Union road map to futurepresi- over itslegality proceeds. out Parliament’sconsent, pansion of the federal govern- In this case,the parties have all sued to stop the wall. dents—Democratic or Repub- Likehis latest executiveac- helped precipitateacivil war. ment has put the president in have changed sides.Inearly Dror Ladin, who is arguing lican—searching foraway tions,Mr. Trump invokeda Thestruggle between Parlia- charge of asprawling admin- 2019,Democrats, who had the case forthe ACLU,said, around Congress’spowerof national emergencytofund ment and Crownfinally ended istrativestate with influence just wonthe House, refused “It’shardtothink of alot of the purse. Deficit Fannie, Freddie Reaches Impose New Fee Nearly BY ANDREW ACKERMAN risk of refinanced loans and would simply be passed on to $3 Trillion Fannie Mae and Freddie consumers, increasing their Mac said they would impose a costswhen the Federal Reserve newfee to insulatethemselves wasacting aggressively to sup- This Year from losses on refinanced port lowerinterest rates. mortgages they guarantee,a Borrowers would likely see BY KATE DAVIDSON sign of potential turbulencein only amodest increase in their the housing market and amove monthly costs, sincethe fee WASHINGTON—Thefederal likely to generatepushback would be paid over the lifeof deficit more than tripled in from lenders. their loan. the first10months of the fis- Thegovernment-controlled Bob Broeksmit, chief execu- calyear,asgovernment spend- companies,which back nearly tive of the MortgageBankers ing to combat the coronavirus half of the $11 trillion U.S. Association, said the movewas continued to outpacefederal mortgagemarket, said late inappropriateatatime when tax collection, the Treasury Wednesdaythat they would be- Fannie and Freddie arereport-

Department said Wednesday. /REUTERS gin charging lendersthe added ing large profits—a combined TheU.S.budget gaptotaled feenextmonth. It will apply to $4.33 billion in the second $2.8trillion from October most loans they buy that bor- quarter. through July,224%bigger MCDERMID rowers have refinanced to lock Arepresentativefor the Fed- than the $867 billion gapdur- AN in alowerinterest rate. eral Housing FinanceAgency,

ing the same period ayear BREND Some mortgagelendershave which oversees Fannie and earlier.The government has Prices in July for food fell 0.4%, with grocery costs declining 1.1%. A Pennsylvania grocery store. reported record earningsamid Freddie,said the companies re- spent $5.6 trillion so far in the arefinancing boom, and the fee quested the “adverse market fiscal year that ends Sept. 30, could damp their futureprofits. fee.” It will apply to most refi- 51% morethan ayear earlier, Consumer Prices Rise It is equal to half apercent- nanced mortgages delivered to fueled in large part by the eco- agepoint on each loan Fannie the firms beginning Sept. 1. nomic relief legislation Con- and Freddie guarantees,or Fannie and Freddie buy gressenacted in March to keep roughly $1,400 on the average mortgages from lenders, pack- households and businesses Amid Increased Demand mortgage backed by the com- agethem intosecurities that afloat during the pandemic. panies,according to industry aresold to investorsand pro- Totalreceiptsfor the fiscal estimates. vide guarantees to makethe in- year aredownjust 1%, totaling BY AMARA OMEOKWE U.S. consumer-priceindex January1991. Economistssur- Industryofficials said the vestorswhole if the loan de- $2.8trillion, thanks to an in- forall items,monthly change veyedexpected a0.3%increase feeisn’t correlated with the faults. flux of revenue last month as WASHINGTON—U.S.con- forthe overall consumer-price individualsand corporations sumerprices rose in July on 1.0% RECESSION index, and a0.2% gain forthe made tax payments that the higher costsfor arangeofprod- core index. Fed Officials Give Warning government had delayedin uctsand services,asign of firm- 0.5 TheJuly CPI readings“should April and June. ing inflation as demand for end anyspeculation that the Those figuresmostly reflect goods rebounded following steep pandemic-related slump in de- On Continued Virus Effect revenue based on income and declines earlier in the coronavi- 0 mand will quickly push the econ- business activity from before ruspandemic. omyintoadeflationaryspiral,” BY NICK TIMIRAOS liftlockdown ordersinMay. the pandemic,and arelikely to Theconsumer-priceindex— said Paul Ashworth,chief U.S. Easing restrictions prematurely shrink in the months ahead as which measures what consumers -0.5 economist at Capital Economics, Federal Reserveofficials said “hurt both the economyand the economyslowly emerges payfor everyday items including in anotetoclients. arecent slowdowninU.S.eco- public health,” he said. from adeep downturn that led driving fuel, clothing and elec- -1.0 Notably,prices forfood fell nomic activity waslikely to By contrast, Mr.Rosengren to widespread businessclo- tricity—climbed aseasonally ad- 0.4%, with grocerycostsdeclin- persist because of difficulties pointedtoEurope,which im- sures and millions of layoffs. justed 0.6% in July,the Labor ing 1.1%, following significant in- states have encountered in sup- posed tighter limitsoncommer- Federal spending has Department said Wednesday. -1.5 creases earlier in the pandemic pressing the coronavirus pan- cial activity in the spring and soared afterCongressap- Therise was the second in as as Americans stayed at home. demic,which could require hasseen astronger rebound in proved trillions in economic manymonths.The indexalso Theadvance in overall con- moregovernment spending to economic activity in recent -2.0 relief measures, including en- rose 0.6% in June,which was sumer prices during July came support the economy. weeks due to much lowerinfec- hanced unemployment bene- seen as apotential turning point 2008 '10'15 '20 despiteamonth when the U.S. “Limited or inconsistent ef- tion rates. VisitsbyEuropeans fits,stimulus checks for forconsumer prices,following Note:Seasonally adjusted loggedaresurgenceincoronavi- fortsbystatestocontrol the vi- to retail locations have nowcre- households and emergency declines in March, April and Source:Labor Department ruscases,which forced some rusbased on public health guid- ated amorerobust recovery small-businessloans.That May. states to put newrestrictions in anceare not only placing compared with the U.S.,hesaid. spending begantotaper off “What we’reseeing is largely 2.3% on the month. place. citizens at unnecessaryrisk of Negotiations between the last month: Outlays totaled arebound in prices that were Mr.Brown said such increases Therise in consumer prices severeillnessand possible death WhiteHouse and topDemocrats $626 billion, 70%morethan depressed because of the pan- likely reflected that people are last monthaligns with an in- but arealso likely to prolong the over another round of relief for July 2019 but about half of demic,” said ScottBrown,chief driving more, as states continue crease in the producer-pricein- economic downturn,” Boston households and businesses col- what they were in June. economist at Raymond James & to reopen their economies and dex, ameasureofthe prices FedPresident Eric Rosengren lapsed on Friday. TheU.S.budget gapwas al- Associates,who pointed to some flight-waryconsumersopt businesses receivefor their said Wednesdayinawebinar “Congresswill have to build ready widening in the years strong pricegains in July for to drivetovacation and other goods and services.That index with the South ShoreChamber abiggerbridge…nowthat we leading up to the pandemic. The items such as transportation ser- destinations. rose aseasonally adjusted 0.6% of Commerce in Massachusetts. knowthe coronavirus is not be- latest deficit figuresare in line vices,apparel and used vehicles. Excluding the often-volatile in July,the Labor Department Mr.Rosengren said he ex- hind us and nowthat we’rein with earlier estimates from the Gasoline prices jumped 5.6% categories of food and energy, reported Tuesday, the largest pected unemployment, slightly this foralonger period of time Congressional Budget Office, in July and accounted for so-called core prices rose 0.6%, monthly rise sinceOctober 2018. above10% in July,would be than we hoped,” said SanFran- which has projected the annual roughly one-quarter of the in- compared with a0.2% increase slow to decline given worsen- ciscoFed President MaryDaly deficit could total$3.7trillion crease in the overall index. in June,posting their largest  Heard on the Street: Figures ingpublic-health situations in on aconferencecall with re- in thecurrent fiscal year. Prices forused vehicles rose month-to-month increase since unlikely to budge Fed...... B11 some states that were quick to portersonWednesday.

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THE WALL STREET JOURNAL. ** Thursday, August 13, 2020 | A3 U.S. NEWS Stimulus Standoff Remains, Pelosi Says

BY ANDREW DUEHREN

WASHINGTON—Adayslong standoff between Democrats and Republicans over another coronavirus-relief bill showed no signs of abating Wednes- day, as negotiations threat- ened to stall until next month, when lawmakersmust reach an agreement to keep the fed- eral government funded. Talks between the White Houseand topDemocratson Capitol Hill collapsed on Fri- day,with each side accusing the other of not showing enough willingnesstocompro-

mise on core issues including S

stateand local aid and jobless PRES benefits, as well as the overall UMA

dollar total. Aseries of execu- /Z tiveactions that President TO Trump took over the weekend

aimed at providing some in- /NURPHO terim coronavirus relief have SY done little to kick-start talks.

Treasury Secretary Steven HENNES UL

Mnuchin reached out to Demo- PA cratsWednesdayabout possi- Volunteers distributed food from the Second Harvest Food Bank of Central Florida to an Orlando church last week. bly meeting again, but House Speaker Nancy Pelosi (D., Ca- lif.) and SenateMinority Leader Chuck Schumer (D., Strapped States Imperil Recovery N.Y.) said they would only re- turn to talks if Republicans agreed to spend significantly Spending cuts without and local governmentsamong Cities and states grappling with State and local governments seen revenues decline by 15% to more than $1 trillion. thesticking points. Democrats the fallout from the pandemic received $150 billion in the last 20% in some cases. “Wehaveagain made clear federal aid would arepushing for$950 billion. have pulledback spending. major economic relief package. Unlikethe federal govern- to the Administration that we Republicanleaders, who About 75%ofthe funds have al- ment,almost all states arere- shave points off GDP, Stateand local government arewilling to resume negotia- didn’t include aid forcities and ready been allocated, said Wes- quired to balancetheir budgets consumption and investment tions oncethey start to take cost millions of jobs states in their initial plan, have ley Tharpe, deputy director for each year.Sothey must cut this processseriously,” the two offered $150 billion. They cite 6% change from preceding period statepolicyatthe Center on costs, increase taxesordip into Democratssaid in astatement. BY KATE DAVIDSON concerns about growing U.S. Budget and PolicyPriorities. reserves.State and local gov- Mr.Mnuchin responded in AND DAVID HARRISON deficitsand debt, and they say 4 Lawmakersfromboth parties ernments have cut 1.2 million his ownstatement Wednesday some statebudget woes predate have called forloosening re- jobs from Marchthrough July, that Mrs. Pelosi was refusing Spending cutsbystate and the pandemic. 2 strictions on howthe remaining the Labor Department said last to negotiateunlessRepubli- localgovernmentsgrappling Estimates of staterevenue money canbespent. week. 0 cans agreed to abill costing at with the pandemic pose ahead- shortfalls showthat the effects Analyses of statefinances “The morestate and local least $2 trillion. He said that wind to the economic recovery of the pandemic will vary by –2 showmanywerewell-prepared employees who arelaid off,the the administration was push- as lawmakersconsider federal state, and thereare Republicans foraneconomic downturn—just higher the unemployment rate ing to reach an agreement on aid. among the lawmakerscalling –4 not the biggest one sincethe goes and the longer it takesto the array of issues beforeCon- State and local governments foraid. GreatDepression. As of 2019, getthe economyback to nor- gress, accusing Democrats of reduced spending at a5.6%an- “I understand concerns –6 the median statehad 7.8% of its mal,” Mr.Strain said. nual rate in the second quarter about spending,but the cost of RECESSION general fund set aside in re- Thepotential sizeofbudget –8 as they laid off workersand doing nothing is worse,” said serve, according to the National gaps is difficult to measure. The Republicans pulled back on services to offset Sen. Bill Cassidy (R., La.). Loui- 2008 ’10 ’15 ’20 Association of State Budget Of- TaxPolicyCenter,aWashington plunging taxrevenue.Morecuts siana has been hit hardbythe Note:Seasonally adjustedannual rate ficers,upfrom4.8%onthe eve think tank runbyaformer have called the areonthe way. virus and faces a46% revenue Source:Commerce Departmentvia St.Louis Fed of the 2007-09 recession. Obama administration official, Democrats’ plan a Moody’s Analytics estimates decline,Moody’s estimated. Mr. TheU.S.economy shrank estimates stateshortfalls could that without additional federal Cassidy has introduced amea- employ13% of U.S. workers, 9.5% in the second quarter from total$125 billion in the fiscal bloated wish list. aid, stateand local budget sure with Sen. Bob Menendez whose spending fuels economic the previous three months,the year ending next June 30,while shortfalls will totalroughly (D., N.J.)that would provide growth and who help deliver es- steepest decline on record. the Center on Budget and Policy $500 billion over the next two $500 billion forstate and local sential services and safety-net Economistssay the $3 trillion in Priorities putsthe gapat fiscal years. That would shave governments. programs,such as unemploy- economic relief provided by around $290 billion. Those esti- blocking the process. “The morethan 3percentagepoints “The United Statescannot ment insuranceand nutrition Congressprevented amuch mates don’t include local gov- Democratshavenointerest in off U.S. grossdomestic product fully recovereconomically if lo- assistance. deeper slump. ernment funding needs. negotiating,” he said. and cost morethan four million calcommunities cannot provide “Not supporting stateand lo- Michael Strain,director of As challenged as theirbud- Mr.Mnuchin said on Fox jobs,said Dan White, head of basicservices,” Mr.Cassidy said calgovernmentsiskind of economic policystudies at the gets are, states have acushion BusinessNetwork earlier fiscal policyresearch at on the Senatefloor last month. shooting yourself in the foot,” conservativeAmerican Enter- in theform of rainy-dayfunds Wednesdaythat Republicans Moody’s. State and local governments said Louise Sheiner,policydi- prise Institute, said Congress built up during the past few were seeking to approveabill Talks in Congressonanother spent or invested $2.33 trillion rector at the Hutchins Center on should take similar steps to fill years. California wasamong that costs roughly $1 trillion, economic relief packagehave in 2019,equivalent to 10.9%of Fiscal and MonetaryPolicyat the budget hole forstate and lo- several states that tapped into well belowthe $3.5 trillion stalled, with assistancefor state grossdomestic product. They the BrookingsInstitution. calgovernments, which have reserves this year. that Democratshavesaid is necessary to deal with the ef- fects of the pandemic. During the negotiations last week, China Helps U.S. Investigate College-Scam Tipster Mrs. Pelosi and Mr.Schumer offered to reducetheir offer by $1 trillion if Republicans Faces a Year for Fraud would similarly raise theirs. Who Is Sending Seed Packs Mr.Mnuchin said Congress BY JENNIFER LEVITZ Yale University women’ssoc- could firstpassanarrowerbill cercoach to gethis daughter, this summer,then turn to BY JESSE NEWMAN ALos Angeles businessman whowas still in high school, moreaid this winter if moreis AND JACOB BUNGE whose tip led the government to into Yale as asoccerrecruit. needed, a prospect that could unravel the massive Operation That tip led prosecutors to be complicated by the election U.S. agricultureofficials said Varsity Blues college-admissions the coach, Rudy Meredith, who this November. they areworking with their scam wassentenced to 12 in turn led federal authorities “My point to the Democrats counterpartsinChina to deter- months in prison forhis role in to William “Rick” Singer,a and the Republicans are: Let’s mine who is sending mysterious aseparatesecurities-fraud case. Newport Beach, Calif., college do this,this will be the fifth seed packages to U.S. residents In Boston federal court counselor,according to the bill, we canalways come back and to stop futureshipments. Wednesday, U.S. District Judge government. Mr.Singer even- later in the year or in January TheU.S.Department of Agri- Nathaniel Gorton imposed tually pleaded guilty to being and do asixth bill. We don’t culturesaid in arecorded radio prison time despitethe plea the ringleader of the college- need to do everything at broadcast released Wednesday made by the lawyer forthe tip- admissions scam that has so once,” Mr.Mnuchin said on that China is helping to identify ster,Morrie Tobin, that he far led to criminal charges Fox Business. the sendersofthe seeds and should avoid it forhis role as a against 55 people,including Republicans have called that the agencyknows the government cooperator,in- dozens of wealthy parents. the Democrats’ plan abloated names of companies behind the cluding leading the JusticeDe- So far,20parentshave wish list, but arethemselves shipments. TheUSDAalso said partment to the largest college been sentenced, and two more,

splitonwhether to even pass China’spostal serviceiscooper- /REUTERS admissions probe in itshistory. actressLori Loughlin and another bill. Democratssay ating with theinvestigation. In a brief statement before fashion designer Mossimo Gi- APHIS

the GOP lawmakersdon’t ap- China’sMinistryofAgricul- A the judgehanded down the annulli, are set to be sen-

preciatethe scope of the tureand Rural Affairscouldn’t USD sentence, Mr.Tobin said he tenced next week. Separately problem, and Mrs. Pelosi said be reached to comment. Unsolicited seeds that arrived in the mail, reported to the USDA. was“sincerely sorryand Wednesday, aformer Houston that talks would only restart “Wedon’t knowthe back- ashamed formyactions.Isin- public-school employeeagreed when Republicans said they ground information about these marked from China. have not found anything cerely ask for mercy.” to plead guilty to facilitating would spend moremoney in companies,and that’swhy Officials areconcerned the alarming,” he said. Mr. Tobin was being ques- cheating on the SAT and ACT this round. we’reworking with our coun- seeds could introduceinvasive Initially,the USDA said it tioned in 2018 by federal in- college-entranceexams as part “Wetold them we’ll go terpartsinChina to followup species,weeds,pestsordis- had no evidencethe seed vestigatorsinBoston who of Mr. Singer’s scheme. down a trillion if you go up a on some of these senders,” said eases that might harm U.S. ag- packages were anything other were looking intoaninvest- Mr.Tobin wasinvolved in trillion, forthe children. Osama El-Lissy,adeputy ad- riculture. As of Tuesdayeve- than a“brushing scam,” in ment scheme,when Mr.Tobin pump-and-dump investment Again, let’smeet in the mid- ministrator forthe USDA’s Ani- ning,Mr. El-Lissy said his which vendorsselling through disclosed information that led schemes—in which people con- dle.We’vesaid all of that. But mal and Plant Health Inspection department had found no ma- online retailerspay “brushers” authorities to the college-ad- spiretoinflatethe priceofa until they’reready to do that, Service, in the broadcast. jor problems,though the to placeordersfor their prod- missions case. stock so they cansell it at a it’snouse sitting in aroom Mr.El-Lissy said the USDA agencyhas managed to check ucts, shipping packages with Officials didn’t publicly name profit. Theschemes stole “orat and let them tell us that states also has been working with just afraction of the packages low-value or no contentsto him as the tipster.The Wall least attempted to steal up to should go bankrupt,” Mrs. major e-commerce companies delivered to residentsfromVir- strangers. Brushersthen pose Street Journal firstidentified $15 million from deceived inves- Pelosi said on MSNBC,arefer- to use their systems to curtail ginia to Washington. Mr.El- as the buyersand post fake Mr.Tobin as playing that role. tors” over five yearsormore, ence to the parties’ disagree- futureseed shipments. Lissy said the USDA has so far customer reviews to boost the According to people familiar JudgeGorton said in court on ment over aid to cash- Multiple U.S. agencies,from collected some 925 seed pack- vendor’s sales. with the investigation, achain Wednesday. “Your motivewas strapped local governments. the Federal Bureau of Investi- ages afterreceiving morethan On Wednesday, the USDA’s of eventsunfolded: Federal au- pureand simple greed,” he said. Thetwo sides remain gation to the Department of 9,000 reportsfrompeople who Animal and Plant Health In- thorities who were considering Yet, the judgenoted that Mr. “miles apart,” Mrs. Pelosi said. Homeland Security’s Customs received unsolicited seeds. spection Servicesaid some making Mr.Tobin acooperat- Tobin had been an extraordi- President Trump also and Border Protection, have TheUSDAhas identified a people who have reported re- ingwitnessinthe fraud case narygovernment cooperator, weighed in on the stateofthe been investigating the seed few seeds of potentially harm- ceiving seeds had ordered hadlooked intoMr. Tobin’s assisting not only in the stock- negotiations,saying at apress shipmentssince reportsbegan fulweeds,including one called them, but either forgot or re- bank recordsand noticed fraud case—in which several conferencelateWednesday: flooding in last month from waterspinach, Mr.El-Lissy ported the deliveries after money moving between his other participantshavepleaded “The bill’s not even going to thousands of people across said, as well as one seed con- growing concerned because bank and an account in Con- guilty—but in “this infamous happen because they don’t dozens of states who received taining the larvaofaleaf bee- their packages looked similar necticut.Mr. Tobin told them college-admissions case.” want to talk about it,” refer- unidentified seeds in the mail, tle,which he said is acommon to those highlighted on social that he had been engaged in a Mr.Tobin wasalso required ring to Democrats. manyofwhich were post- species. “Other than that, we media or the news. briberyscheme with the then- to pay a $4 million fine. P2JW226000-6-A00400-17FEFF5178F

A4 | Thursday, August 13, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. U.S. NEWS New Cases Hit Lowest Level Since Aug. 3

Data suggestincreases seeing an increase in cases, S in nine states, D.C., as some areseeing declines in PRES testing.In16states, the seven- TED

testing drops; Trump daymoving averageoftests OCIA per 1,000 people wasdown SS pushes school openings from aweek ago, according to /A Johns Hopkins. BY ALLISON PRANG Totalcoronavirus infections AND TALAL ANSARI in the U.S. exceed 5.1 million,

accounting forabout aquarter SENGER-INQUIRER TheU.S.reported more of the world-wide total, ac- than 46,000 new coronavirus cording to datacompiled by

cases,its lowest newdaily Johns Hopkins.The nation’s RREN/MES tally since Aug. 3. virus death toll stood at more WA

Theseven-day averageof than 164,500,while deaths ALAN newcases topped the 14-day world-wide topped 741,000, A student, left, moved into her dorm at Kentucky Wesleyan College in Owensboro on Wednesday, helped by her mother and sister. averageinnine states and according to Johns Hopkins. Washington, D.C.,for Aug.11, Theseven-day averageof the state’shighest single-day all” approach but wantsto Murphy said. He added that pledging to test as manySun- according to aWall Street deaths in the U.S. wasabout totalsofar.The dayadeath is “ensureevery child has the anystudent that wantsto set Park residents as possible Journal analysis of Johns Hop- 1,008,the lowest sinceJuly 26. reported isn’t necessarily the chance to go on learning full- learn remotely should see for the new coronavirus after kins University data, suggest- Theseven-day averagewas dayitoccurred. Thestate also time this fall.” their request accommodated. finding a significant uptick in ing that cases were rising in also lessthan the two-week reported 5,831 newcases. New Jersey Gov. Phil Mur- NewJersey,which wasan cases in the Brooklyn neigh- thoseareas.Amonth earlier, averageofabout 1,028,sug- With September approach- physigned an executiveorder early Covid-19 hot spot when borhood. The city’s infection the seven-daynew case aver- gesting deaths are falling. ing,manyleadersare focusing on Wednesday that would al- the pandemic firsthit the U.S., rate has steadily dropped over agetopped the 14-daynew case Theseven-day death average on the issue of reopening lowuniversities and schools to has atotal of morethan the past few months and hov- averagein42statesand D.C. exceeded the 14-dayaverage in schools. At aWhiteHouse reopen forthe coming aca- 185,000 cases and 15,000 ered around 1% formuch of When a seven-day average 22 states—including Georgia, eventWednesdaywith teachers demic year. deaths,according to Johns July andAugust. In the past is higher than a14-dayaver- Tennessee and Texas—and D.C. and parents, President Trump “In-person instruction may Hopkins.Sincethen, cases and two weeks, however, officials ageitsuggestsanincrease. Amonth ago, that wasthe case reiterated his push forschools fully resume immediately deaths have declined, but the who have tested roughly 3,300 Looking at averages also helps in 34 states and D.C. to resume in-person learning. should institutions so desire statestill recorded 484 new residents in Sunset Park say smooth out data anomalies. Florida’s Department of Education SecretaryBetsy and so long as social distanc- cases and nine deaths,Mr. they have identified 228 While the datasuggests Health on Tuesdayreported 276 DeVos said the administration ing among other protections Murphy said on Wednesday. Covid-19 cases—the equivalent only about afifth of states are newcoronavirus-related deaths, wantstoavoid a“one sizefits arestrictly adhered to,” Mr. New York City officials are of a 6.9% infection rate. Week-over-week percentage change in confirmedcases by stateand topfive counties Rapid Antigen Tests Nonmetropolitan Metropolitan

ILLINOIS MISSOURI OHIO WISCONSIN 30% Are Proving Elusive

20 18.8% BY SARAH KROUSE Quidel said it currently AND SHARON TERLEP makes about 2,000 analyzers a 10 18.6% month and canmakeupto1.8 12.3% 15.6% Doctors, nursing homes and million testsweekly if it is federal officials arescrambling able to secureall the supplies 0 to getrapid-response Covid-19 it needs. May 2020 Aug. May 2020 Aug. May 2020 Aug. May 2020 Aug. antigen testing supplies from AQuidel boardmember’s the two companies that se- personal physician asked for Greene 126% Hickory 82% Champaign 68% Sawyer 81% cured emergency approval to help acquiring one of the com- Scott 110 Knox 80 Meigs 67 Burnett 57 producethem, as cases con- pany’sanalyzers,but Quidel tinue to rise in the U.S. refused because the practice Putnam 86 Ozark 71 Seneca 40 Oneida 49 Rapid-response antigen planned to test only five peo- Hancock 65 Monroe 70 Harrison 37 Price 45 testsmakeupasmall but ple aday,said Douglas Bryant, Clay 64 Maries 64 Muskingum 33 Vilas 40 growing area of Covid-19 test- Quidel’s chief executive. ing in the U.S. and areseen as Becton Dickinson has Source:Johns Hopkins Center forSystems Scienceand Engineering helpfulintamping down out- enough analyzers to meet de- breaks because they offer mand and is ramping up pro- faster resultsthan manymo- duction, though it faces a Virus Cases Flare in Rural Midwest lecular teststhat must be sent shortageoftesting kits, a to labs forprocessing.The spokeswoman said. testssearch forvirus proteins Thefederal government has BY KRIS MAHER As the number of newcoro- Unlikethis spring,when the places including Iowa and Kan- whileother testslook forthe been given priority over other AND MAUREEN LINKE navirus cases has dropped na- virus spread in hot spotssuch sas,infection ratesinbigger virus’sgenetic material. customersfor the testsand tionally over the past week,the as meatpacking plants,nursing cities arestill higher than in Quidel Corp.and Becton analyzersQuidel and Becton Thecoronavirus hit Kati virus appearstobetaking hold homes and prisons,this time ruralareas overall. Dickinson &Co.,the only com- Dickinson have made recently. Finn and six girlfriends after in some cornersofMidwestern manyofthe newcases in rural Rural cases started to out- panies that so far have federal Theequipment is largely being they went to awineryinnorth- states that had largely escaped areas appear to be occurring pacebiggercities in Missouri emergencyauthorization to deployedtonursing homes western Ohio last month where it. Cases arespreading more through community contacts, during thelast week in July, supply such diagnostic tests, wherethe coronavirus has they playedagame called rapidly in some counties out- and that is worrying to health driven by upticks in smaller also makemachines that pro- takenaseveretoll. Mr.Bryant “Name That Tune” with about side ametroarea, compared officials because such transmis- counties.Ozark and Hickory cess them. Theboxliketest-an- said he wastold by the U.S. 90 other people.Within days, with those in one. sion is harder to traceand con- counties,each with fewerthan alyzers,which beforethe pan- Defense Department that it 71 people from the event tested In Ohio,new cases dropped tain. 10,000 residents, were the last demic processed testsfor was preparing a mass order. positivefor Covid-19. 14%overthe past two weeks, Thenew path of the virus two counties without asingle ailmentssuch as the flu, are Public-health officials have Theevent helped giverural butseveral mostly ruralcoun- suggeststhat complacency, case until mid-June.Now they found in doctors’ offices and raised some concerns that HenryCounty,with 28,000 res- ties nowhavesome of the high- shutdown fatigue and the lure areamong several ruralcoun- nursing homes,allowing facili- rapid antigen testsdeliver idents, the state’shighest rate est ratesofnew infections re- of summer arecombining to al- ties with the state’sbiggest ties to avoid shipping samples false-negativeresultsata of Covid-19 cases on aper cap- corded over the past few lowthe virus to sweep through percentageincreases in infec- to commercial labs forprocess- higher rate than other tests. itabasis in lateJuly. weeks. ruralpartsofthe country, tions in the past week.InOzark ing.They candeliver resultsin But federal officials have said health officials say. County,cases rose to 15 from about 15 minutes and process In Ohio,Missouri, Wisconsin eight, andinHickoryCounty dozens of samples an hour. and Illinois,the weekly change they grew to 33 from 23 in the Quidel is struggling to pro- The tests search for JOURNALISTSDON’T in Covid-19 cases,ameasureof past week, according to state duceenough analyzers to meet the increase in infection, has data. demand, while Becton Dickin- virus proteins while ‘JUST WRITE STORIES.’ been higher in nonmetropolitan “For us in Missouri, this geo- son’schallengeismaking other tests look for counties,compared with those graphic spread and the lack of enough tests, the companies in metroareas in recent weeks, institutional outbreaks is really say. genetic material. THEY RECORDHISTORY. according to an analysis of data notable,” said Chris Prener, an In July,people waited two tracked by Johns Hopkins Uni- assistant professor of sociology weeks or longer for results of versity. at Saint Louis University. diagnostic testsinthe U.S. The “Wehavecommunity AjaySethi, an associatepro- delays underscored the impor- that, as these testsbecome spread,” said Mark Adams, fessor of population health sci- tanceofimmediateresults morewidespread, they appear HenryCounty health commis- ences at the University of Wis- that individualscan quickly equal in sensitivity to the sioner.“It taxesasmall health consin, Madison, said that act on. morebroadly used polymerase department that mayhaveonly while case numbersinsome ru- CVSHealth Corp., which chain reaction diagnostic so manypeople.” ralpartsofWisconsin maybe says it performs about 5% of tests. He said the wineryoutbreak far lowerthan in cities such as U.S. testing,isplanning to ex- There are no rules on how tripled the county’s number of Milwaukee,rates of infection in pand so-called point-of-care Covid-19 testing instruments cases and he is still tracing sec- some ruralcounties arenow Covid-19 testing because it of- or testsshould be prioritized, ondaryinfections of family higher.For example,ru- fers asolution to delays,the said aspokeswoman forthe membersthat so far totalabout ralBarron County had an in- companysaid last week. Department of Health and Hu- adozen. Thecounty nowhas crease in cases in arecent two- Some small practices say man Services,though the 122cases,upfrom35inearly week period while cases they have struggled to obtain agency asks that test makers July. declined in larger, moreur- the rapid antigen testsand followthe distribution of Ms.Finn, amiddle-school banMilwaukee County, data processing equipment they cases in the country. secretarywho lives in Defiance, from theWisconsin Depart- need. Katie Schafer, apediatri- Becton Dickinson sells most Ohio,said serversworemasks ment of Health Services show. cian at Bloom Pediatrics in of itsdevicesthrough distrib- andgloves at the wineryand In Iron County,Wis., with Birmingham, Mich., had aBec- utorsand leavessales policies patrons observed social dis- 5,000 residentsand 300 lakes tonDickinson analyzerthat and allocation to their discre- tancing.She wasshocked that on the northern edgeofthe the practiceused forflu tests. tion, the companyspokes- sheand all of her friends be- state, health officials areattrib- In July,she ordered 1,000 woman said. It allows buyers came ill afterthe event, some uting arecent flurryofinfec- Covid-19 teststorun on the to purchase its machines out- with severesymptoms,she tions to vacationersand com- machine.Sofar,only 120 tests rightwithout also requiring said. All have recovered. “It’s placency of residents. have arrived. them to order aminimum insane to me that we all got Thecounty had eight posi- “I consider ourselves lucky number of teststorun on Covid-19 and yeteverything tive cases through June,but that we gotany at all,” said them. seemed so safethere,” she said. the number jumped to 75 by Dr. Schafer, who tries to save Quidel said it initially had a Fatalities in manyrural the end of July,temporarily the testsfor patientswith processfor prioritizing who counties remain low. There giving thesmall county the symptoms and has about half wasable to buy itsmachines have been 3,708Covid-19 highest rate of cases per capita of the initial deliveryleft. and ensured the unitswent deaths in Ohio overall. There in the state. “There’snogood news coming mostly to health providersca- have been just two deaths in “People had events, gradua- out of the reps that sell these pable of testing large numbers HenryCounty,compared with tion parties and Fourth of July tests,” she added. of people,Mr. Bryant said. Learnmore aboutthe impact your 525 in Franklin County,the celebrations,” said Zona Wick, Quidel andBecton Dickin- Now, he said, aside from mass journalism career can have on the world. Wall Street Journal reporter Erin Ailworth state’smost populous county, the former county health offi- son are each ramping up pro- salestogovernment entities, and othersshare career advice at whereColumbus is located. cerwho is nowserving as a ductiontomeet demand but the companymostly leaves dowjonesnewsfund.org/careers. Totalcases and ratesofin- public information officer dur- are grappling with challenges such decisions to itsnetwork fection in the Midwest remain ing the crisis.“They thought, including sourcing sample-col- of external distributorsbut belowSouthern states such as ‘Wedon’t have anycases. lection swabs and additional wantsanalyzers to go to places Florida andTexas.And in What’sthe big deal?’ ” manufacturing plant capacity. that canrun the most tests. P2JW226000-4-A00500-1------XA

THE WALL STREET JOURNAL. **** Thursday, August 13, 2020 | A5 U.S. NEWS Biden-Harris Ticket Makes Public Debut

BY KEN THOMAS has worn sincethe coronavirus with the economic fallout from forthe No.2spot on the ticket, from brain cancer,Ms. Harris— ing,” he said. AND TARINI PARTI pandemic put an end to tradi- the coronavirus and protestsin especially as Mr.Biden was along with other attorneysgen- Republicans sought to cast tional campaigning—and re- the aftermath of the policekill- urgedbysome of his allies to eral—would trytokeep his spir- the ticket as acapitulation to WILMINGTON,Del.—JoeBi- mained afew feet apart ing of George Floyd in May. select aBlack woman. Mr.Biden itsupintextmessages, the party’s most liberal ele- den and Kamala Harris made throughout the event. He high- Ms.Harris used her back- chose her over agroup of po- according to people familiar ments. Thepresident said on theirpublic debut as Demo- lighted Ms.Harris’sbackground ground as aprosecutor and her tential running mates that in- with their relationship. TwitterWednesdaymorning cratic running mates and em- as the daughter of immigrants childhood experienceofattend- cluded former Obama national Both Mr.Biden and Ms.Har- that Ms.Harris’spresidential phasized thehistoric choiceof andsaid she would serveasa ing civil-rightsmarches with security adviser Susan Rice, ris brought up his lateson in campaign had performed poorly the senator from California, model for“little Black and her parentstolay out her case Rep.Karen BassofCalifornia, their speeches Wednesday. beforeshe departed the race who beat out 10 other finalists Browngirls.” against Mr.Trump and praised Michigan Gov.Gretchen Whit- “Beau wasthe kind of guywho “with almost zero support. to become the firstBlack “I’m so proud to stand with the work of young activistscall- mer,Sen. Elizabeth Warren of inspired people to be abetter That’sthe kind of opponent ev- woman and the firstwoman of you,” Ms.Harris said, taking the ing out racial injustices. Massachusetts and Illinois Sen. version of themselves…when I eryone dreams of!” Indian ancestryonamajor- stage. “And Idosomindful of “The president’smismanage- TammyDuckworth. would ask him, ‘Wheredid you At an event in Mesa, Ariz., on party presidential ticket. all the heroic and ambitious ment of the pandemic has Ms.Harris forged aclose getthat? Wheredid this come Tuesday, Vice President Mike “She’ssmart. She’stough. women beforeme, whose sacri- plunged us intothe worsteco- bond with Mr.Biden’soldest from?’ He’d always talk about Pencesaid her selection wasno She’sexperienced,” Mr.Biden fice,determination, and resil- nomic crisis sincethe Great De- sonnearly adecade agowhen hisdad,” Ms.Harris said. surprise because Mr.Biden and said of Ms.Harris Wednesday. iencemakes my presencehere pression,” she said. “And we’re they negotiated asettlement Delaware Sen. Chris Coons,a his party had been “overtaken “She’saprovenfighter forthe todayevenpossible.” experiencing amoral reckoning with the banking industry over confidant of Mr.Biden, said the by theradical left.” backbone of this country, the In choosing herashis run- with racism and systemic injus- mortgagepractices that pre- search processhelped show Mr.Biden hit back at Mr. middle class, forthose strug- ning mateTuesday, Mr.Biden ticethat has brought anew co- ceded the foreclosurecrisis. howMr. Biden would present a Trump forsaying Tuesdaythat gling to getintothe middle turned to aformer presidential alition of consciencetothe Beau Biden and Ms.Harris were contrast to the president in the Ms.Harris was“nasty” to aSu- class.” primaryrival who has been a streetsofour country, demand- among the last holdoutsinac- election. “Joe is thorough, de- preme Court nominee during a Mr.Biden and Ms.Harris en- frequent critic of President ing change. Americaiscrying cepting adeal fortheir states. tailed, professional, listens to confirmation hearing.“It’sno teredahigh-school gymnasium Trumpand could help Demo- outfor leadership.” During tedious attorneys experts, and when it comes to a surprise because whining is wearing black facemasks— cratsappeal to adiverse elec- Ms.Harris had long been general meetings, and later, critical emergencylikeahealth what Donald Trump does best,” which the former vicepresident torate as the nation grapples considered aleading contender when Beau Biden wassuffering pandemic,that’swhat he’sdo- Mr.Biden said. Running Mates Differed on Some PolicyStances

BY ELIZA COLLINS mont Sen. Bernie Sanders’s Medicarefor All bill in the Sen- JoeBiden and his running ate. But during her presidential mate, Kamala Harris,share campaign, she tried to find a goals such as raising corporate middle ground between backers taxesand expanding health in- of single-payerhealth care and surancetomoreAmericans,but those who prefer the current they disagreed during the Dem- system,proposing a govern- ocratic primarycampaign on ment-run health care system howtoapproach policyareas that would maintain alimited includingclimateand trade. role forprivatehealth plans. Hereisaguide to her posi- Mr. Biden’s plan would ex- CK

tions and Mr. Biden’s on a va- pand on Obamacare by offer- TO riety of issues. ing all Americans a public in- surance option. He opposes a Energy and climate Medicare forAll system, but SHUTTERS A/

Ms.Harris has said she sup- he proposed lowering the EP portsthe Green NewDeal, an Medicare age to 60 from 65. S/ overhaul of the economyto

combat climatechange. Mr.Bi- Trade REYNOLD den has said he supportsthe Sen. Harris opposed two re-

goals behind the Green New cent major trade deals that MICHAEL Deal, but during the primaries, Mr.Biden supported, the U.S.- Sen. Kamala Harris, above in 2017, signed onto Sen. Bernie Sanders’s Medicare for All bill. But during her presidential campaign, she he backed asmaller investment Mexico-Canada Agreement tried to find a middle ground between backers of single-payer health care and those who prefer the current system. than manyprogressives wanted. and the Trans-Pacific Partner- Sincebecoming the party’s ship. form of guaranteed income for Taxes separation of migrant families way to becoming citizens.Ms. presumptive nominee, he has Ms.Harris wasone of just all Americans—and she has Ms.Harris differed from at theborder.That same year, Harris and Mr.Biden both called fora$2trillion pro- 10 senatorswho votedagainst gone further in that direction her Democratic primaryrivals she wasone of ahandful of raised their hands when asked gram to combat climate the USMCA, President Trump’s than the head of the ticket. by proposing full repeal of the Democratstooppose aplan to during aDemocratic debate change over four years, more renegotiated version of the One of the main planks in 2017tax cuts,which she had givethe Trump administration whether they would give spending and amoreambi- North American Free Trade the economic platform of her voted against. billions of dollarsfor aborder health care to people who are tioustimeline than he sup- Agreement. She said its envi- presidential campaign was Mr.Biden’splan would wall in exchangefor creating a in the U.S. illegally. ported in the primaries. ronmental provisions were in- her plan to createanew pro- eliminatesome of the cutsfor citizenship pathway foryoung Ms.Harris endorsed the Mr.Biden has proposed a sufficient. gram of government-funded companies and high-income immigrants living in the coun- idea of decriminalizing border fracking ban,but only foroil Mr.Biden cited labor union checks forlowerand middle- households,leaving in place try without permission. crossingsatplaces other than and gas production from fed- support in backing the income families,modeled on the taxcutsfor people making As apresidential candidate, official portsofentry, apro- eral lands. Ms.Harris,mean- USMCA. He had also votedfor the current earned-income tax under $400,000. Ms.Harris proposed using the posal the party’s leftflank had while,said during aCNN town the original Naftain1993 credit. executivebranch’sbroad im- embraced but that Mr.Biden hall last year: “There’sno when he was a senator. Mr.Biden has issued apro- Immigration migration powers to expand never signed onto. question I’m in favorofban- posal morevague than Ms. Ms. Harris gained national protections forunauthorized Ms.Harris later back- ning fracking.” Guaranteed Income Harris’s,saying the govern- attention in 2018 forher ques- immigrants, including making tracked on her support, saying Ms. Harris has emerged as ment should “provide for addi- tioning of then-Homeland Se- it easier for those young peo- she didn’t want to see mi- Health care aleading voicepushing the tional checks to families curity SecretaryKirstjen Niel- ple to apply forpermanent grants jailed but that she be- Ms.Harris signed ontoVer- Democratic Party toward some should conditions require.” sen over the administration’s resident status, a step on the lieved in border security.

In speeches,privatefund- Many on raisersand announcements, Harris HasFinancial, Ms.Harris also has made clear that she won’t toleratewrong- Wall Street doing.She has said she might Other Ties to Big Tech support proposals that could curb the advantages of big BY SARAH E. NEEDLEMAN omy legislation that requires Like Choice businesses or the wealthy. companies like Uber and Lyft Chief among those ideas: a Silicon Valley has a poten- Inc.toreclassifytheir inde- taxoffinancial transactions,a tial ally in its future with Ka- pendent contractorsasem- ContinuedfromPageOne policyalso favoredbyMs. mala Harris, aCalifornia sena- ployees,alaw they strongly forthe backbone of this coun- Warren that would eat into torwho has strong ties to oppose and arenow fighting try, the middle class, forthose Wall Street profits. Ms.Harris executives behind the nation’s in state court. struggling to getintothe mid- has said she would use the tax technologygiantsand has But Ms. Harris and Mr. Bi- dle class.” to payfor a government-run been largely silent aboutthe den haven’t called fortech gi-

Ms.Harris,inher remarks, BARRIA/REUTERS health-careplan that would antitrust issues currently antssuch as Google and Ama-

said shewas looking forward OS still allowalimited role for plaguing them. zon.comInc. to be broken up,

to running with Mr.Biden, a CARL private insurers. Ms.Harris, named Tuesday an issue that has garnered former vicepresident and long- Sen. Kamala Harris and former Vice President Joe Biden Ms.Harris hasn’t served on as Democratic presidential support among some Demo- time senator,after competing the SenateBanking Committee candidateJoe Biden’srunning cratsand Republicans.Last against him forthe party’s regulation—much of it relaxed peal, highlighting a“3a.m. and has had limited direct mate,countsprominent fig- month, the chief executives of presidential nomination. “I’m under President Trump,aRe- agenda” that includes amid- dealingswith Wall Street, but ures such as Facebook Inc.op- Facebook,Apple Inc., Amazon, so proud to stand with you,” publican—is likely to take a dle-classtax cut, gender pay she has takensome political erating chief Sheryl Sandberg and Google faced relentless shesaid to Mr.Biden. back seat to the moreimmedi- equality and a refundable tax shots at big business. and Salesforce.com Inc.co- criticism at a more than five- Ms.Harris as apresidential atetask of repairing the econ- credit to help with rising costs She said the Paycheck Pro- founder MarcBenioff among hour long congressional anti- candidatehad proved adept at omy. of housing. tection Program,a$670bil- her supporters. Boldfaced Sili- trust hearing in which law- courting wealthydonorsinthe “She thinks what’sgood for To some Wall Street execu- lion pot of emergency-loan conValley names including makersfromboth parties Hamptons and Martha’sVine- businessshould be and canbe tives,Ms. Harris’sselection money forcompanies,was LinkedIn co-founder Reid Hoff- challenged their companies’ yard while speaking credibly good forthe country,” said signals amoremoderateshift “put in placetohelp sustain man and venturecapitalist business practices. to middle-class concerns. Charles Phillips, co-chairman forthe Democratic Party, our small businesses,not to John Doerr raised money for When pressed on the mat- She sought input—and of the Black Economic Alliance which itsprogressiveflank has fill the pocketsoflarge, her presidential bid that terinaninterviewwith the money—from CEOs across in- and alongtime Harris sup- pushed to the leftinrecent wealthycorporations” and ended in December.And her NewYork Times during her dustries forher campaign in porter.“She wantstofigure years. She edged out more-lib- called for more transparency brother-in-lawisTonyWest, runfor president, Ms.Harris listening sessions and touted outaway forthe system to eral vicepresidential contend- about wherethe money went. general counsel of Uber Tech- said her priority in the White herrecordsupporting small- work foreveryone and expand ers—particularly Sen. Eliza- In 2011, she pulled out of a nologies Inc. House with regard to Big Tech businessownersatanevent in the pie.” beth Warren of Massachusetts, national mortgage settlement “She grew up around a ton would be to safeguarduser Iowa sponsored by Goldman Ms.Harris,the daughter of who called fortighter banking with big banks and pursued a of innovation and realized how privacy, an area Facebook and Sachs Group Inc., the Wall Indian and Jamaican immi- regulations—and is nowposi- separate, lucrativesettlement important that is forthe Cali- othershavesought to im- Street powerhouse. grantswho waselected to the tioned as afront-runner to for California, a decision that fornia economy,” said Charles prove. Blair Effron, co-founder of U.S. Senatein2016,isno one day succeed the 77-year- catapulted her political career. Phillips,former Oracle Corp. Ms.Harris’sSilicon Valley boutique investment bank stranger to the corporate oldMr. Biden should he win But some officials involved president who is also co-chair backersduring her presiden- Centerview Partners who do- world. As the SanFrancisco the presidency. in the negotiations have said of the Black Economic Alli- tial bid included TwitterInc. nated to Ms.Harris’spresiden- district attorney and Califor- “While Kamala is aforceful, her effortstohold banks ac- ance,apolitical-action com- boardmember Omid Kord- tial campaign, called her “di- nia’sattorney general, she was passionateand eloquent stan- countable amounted moreto mittee. estani and his wife, Gisel rect but constructive.” He said seen as at times sympathetic dard-bearer forthe aspirations style—seen at times as imped- Ms.Harris is far from a Kordestani, who each gavethe Ms.Harris thinks big business to the technologyindustry, un- of all Americans,regardlessof ing aresolution—than sub- tech apologist. The55-year-old maximum amount allowed by has “a responsibility to be part derstanding its economic po- their race, gender or age, she stance. Oakland native has criticized the Federal Election Commis- of the solution, but she makes tential forthe stateevenasit is not doctrinaireorrigid,” “Not great forfinancial social-media companies’ han- sion for the primary election. clear howwewill all benefit brought rising inequality and said Brad Karp,chairman of [companies] but not agame dlingofpolitical speech and Laurene Powell Jobs, widowof with shared prosperity.” social backlash. law firm Paul Weiss, who co- changer,” KBWanalyst Brian election misinformation. Last Apple co-founder Steve Jobs, Ms.Harris’srecordasa Herprimarycampaign fo- led acommitteeoflawyers Gardner wroteinanotetocli- year,the former SanFrancisco did the same. prosecutor could signal a cused on taking on Mr.Trump acrossthe countrywho sup- ents. district attorney and Califor- Mr.Kordestani and Ms. tougher stanceonconsumer beforeswitching strategies in ported Ms.Harris during the —Ben Eisen nia attorney general backed Jobs also donated to other pri- protection, but new financial an attempt to widen her ap- primary. contributed to this article. the state’sso-called gig-econ- mary candidates. P2JW226000-4-A00600-1------XA

A6 | Thursday, August 13, 2020 **** THE WALL STREET JOURNAL. U.S. WATCH U.S. NEWS Envoy to U.K. Cited for Lapses With EEO Rules

BY COURTNEY MCBRIDE the lawand the spirit of [equal employment law] principles” WASHINGTON—TheU.S. andheld his subordinates to ambassador to the U.K. made the same standard. “inappropriate or insensitive “IfIhaveunintentionally S comments” that threatened to offended anyone in the execu-

PRES createanoffensiveworking tion of my duties,Ideeply re-

TED environment and violateanti- gret that, but I do not accept

OCIA discrimination laws,the State that Ihavetreated employees

SS Department’s internal watch- with disrespect or discrimi- /A dog found. nated in any way,” he wrote. TER

GIS In areport released on Theambassador cited the

RE Wednesday, the department’s absence of formal complaints Officeofthe Inspector General against him, as well as the OIG UNTY

CO found that Ambassador Robert report’s“generally positive Wood Johnson IV,aRepubli- tone” as evidencethat his ANGE candonor and owner of the leadership hasn’t adversely af- OR National Football League’s fected staff morale. NewYork Jets,drove his staff TheU.S.Embassy in London

ANE/THE hard, hurting morale in some declined to provide further CR embassy offices. comment from Mr. Johnson. VID

DA Thereport called fora Thereport recommended ABLAZE: Awildfireerupted Wednesdayinthe LakeHughes area in Southern California, prompting evacuation orders forupto500 houses. morethorough reviewofthe the State Department’sBureau conduct exhibited by Mr. MINNEAPOLIS second-degree murder, third-de- in five patrol stations will re- severalother states suffered Johnson, who is known as gree murder and manslaughter. ceive the body cameras begin- outages Mondayasstraight-line “Woody.” Otherwise, it found Woody Johnson Prosecutors Seek One The other three officers, Thomas ning Oct. 1. winds toppled trees, snapped that Mr.Johnson—a fourth- Trial Over FloydKilling Lane, J. Alexander Kueng and The department is projected poles and downed powerlines. generation descendant of the disputed the Office Tou Thao, are charged with aid- to spend $25 million over five Crewsthroughout the region family that founded Johnson of Inspector Prosecutors asked a judge ing and abetting both second- years for 5,200 cameras. Hun- have been working around the &Johnson—served as an ef- Wednesday to try four fired degree murder and manslaugh- dreds of deputies reportedly clock to restore electricity, but fectiveadvocatefor U.S. policy General’s findings. Minneapolis police officers jointly ter. All four officers were fired have purchased their own body theyhave been hindered by and aresponsible steward of in George Floyd’s death. and are scheduled for trial in cameras as the department’s large trees thatare blocking public resources. Minnesota Attorney General March. plans to buy them stalled for manyroads and sitting on top “The Ambassador some- Keith Ellison filed a memo argu- Attorneys for Messrs. Chau- years. of powerlines. times made inappropriateor of European and Eurasian Af- ing that evidence against the vin and Kueng declined to com- The three largest police de- —Associated Press insensitivecommentsontopics fairsand OfficeofCivil Rights four is similar and that a single ment on the prosecution’s mo- partments in the country—New generally considered Equal Em- assessMr. Johnson’scompli- trial would spare witnesses and tion to hold a joint trial. Defense York, Chicago and Los Angeles— ARKANSAS ployment Opportunity (EEO)- ancewith antidiscrimination family members from the attorneys for Messrs. Lane and have all equipped some, if not sensitive, such as religion, sex, lawand take appropriateac- trauma of multiple trials. Thao didn’t immediately reply to all, of their patrol officers with Heavy Rainfall, Flood or color,” the report found. It tion. Thebureau disagreed Holding one trial also would requests to comment. body-worn cameras for years. Prompt Evacuation didn’t cite specific comments. with the recommendation. allow the community and the The next court hearing for —Associated Press Thewatchdog’sreport Ambassador Philip Reeker, nation to absorb the impact of the four is scheduled for Sept. Heavy rains brought flooding doesn’t addressallegations thesenior official in the Bu- the verdicts for the four officers 11. MIDWEST that forced the evacuation of a that Mr.Johnson sought to reau of European and Eurasian at once, instead of piecemeal, —Associated Press retirement center in southwest- steer golf’s British Open to a Affairs, wroteonbehalf of the Mr. Ellison argued. Power Still Out for ern Arkansas on Wednesday. resort owned by President bureau that Mr.Johnson “is Mr. Floyd, a Black man, was LOS ANGELES COUNTY Many After Storm Meteorologist Joe Nuttall Trump in Scotland. Mr.Trump well aware of his responsibil- handcuffed and lying facedown with the National Weather Ser- has denied he spoketoMr. ity to set the right tone forhis when Officer Derek Chauvin, Sheriff’s Deputies Hundreds of thousands of vice in Shreveport, La., said 30 Johnson about the matter, and mission and we believehis ac- who is white, pressed his knee To Get Body Cameras households in Iowa and Illinois to 40 people were forced from the British government has tions demonstrate that.” against Mr. Floyd’s neck for remained without electricity the center in Texarkana, Ark., as said no such request wasmade. He citedMr. Johnson’sre- nearly eight minutes on May 25. Los Angeles County deputies, Wednesday, twodaysafter a more than 7 inches of rain fell In writtenresponses to a sponse and noted that the am- Mr. Floyd repeatedly said he who make up the largest sher- rare wind storm thathit the between midnight Tuesday and draftofthe report, Mr.Johnson bassador has viewedavideo couldn’t breathe and called out iff’s department in the nation, Midwestdevastatedparts of midafternoon Wednesday and asenior State Department on workplaceharassment and for his mother before passing will begin getting body-worn the powergrid, flattened valu- Mr. Nuttall said the storm official disputed the OIG’sfind- directed other embassy lead- out. He was pronounced dead at cameras in October. able cornfields and killed two wasn’t related to the wind ings. Mr.Johnson wrotethat ers to do so. a hospital that evening. Sheriff Alex Villanueva said people. storm that struck the Midwest. throughout his professional ca- Mr.Johnson wasappointed Mr. Chauvin is charged with Wednesday that 1,200 deputies Much of Iowa and parts of —Associated Press reer,hehad “respected both to the ambassadorship in 2017. FROM PAGE ONE

Share-priceand indexperformance, Wednesday uty chief investment officer at torhas climbed 5% this month historic lows and could have Stocks Brooks Macdonald, an invest- and the energy sector has difficulty rising much further, 15% ment-management firm. risen 6.6%. given the still murkyeconomic Tradersalso said the mar- In bond markets, the yield outlook and signals from Fed Extend Tesla ketwas supported by pre- on the benchmark 10-year officials that they might hold sumptiveDemocratic presiden- Treasury notegained fora off on raising ratesuntil infla- tial nominee JoeBiden’s fourth day, ticking up to tion exceeds their 2% inflation announcement Tuesdaythat 0.669% from 0.657%Tuesday target, analysts say. Rally 10 Sen. Kamala Harris of Califor- and 0.541% aweek earlier.The Many analysts believe that nia would be his running mate. yield reached itshighest level lowyields have playedamajor ContinuedfromPageOne Some Wall Street veterans since July 6. role in propelling stocks back The rally in the stock mar- consider Ms.Harris,who pre- Yields,which rise when to their previous highs since ket hascoincided with arise viously served as California’s bond prices fall, started climb- they lowerthe cost of borrow- in U.S. government bond 5 attorney general, to be amore ing Fridayafter the Labor De- ing forbusinesses and drive yields, a further sign that in- moderatechoice than others partment reported better-than- investorstobuy riskier assets vestors are growing more op- Nasdaq who were in contention for a expected jobs numbersfor July. in search of returns. timistic aboutthe economic Composite spot on the ticket. A series of large debt auc- Gold prices edged 0.1% outlook.Meanwhile,gold The technology sector was tionshavefurther pressured higher afterthe commodity on prices have fallen this month, S&P500 the best-performing group in the market as has the decline Tuesdayfell by the most since and oil prices have climbed. 0 Moderna the S&P 500 Wednesday, in coronavirus cases and the March. Analysts said appetite Some analystsand inves- jumping 2.3%. rally in stocks.Bond yields for gold has been eroded this 9:30 a.m. noon 4p.m. tors caution that the stock Microsoftshares added tend to rise when investors week by the rise in Treasury market is susceptible to a re- Source:FactSet 2.9%, and Tesla, which isn’t in feel betterabout the economy yields.The precious metal— versal if virus cases begin to the index, rose 13% afterthe sincefaster growth canlead to usually viewed as a haven as- rise again or futurestimulus egyatWells Fargo&Co. He Mitch McConnell (R., Ky.) said electric-car maker lateTues- inflation, which erodes the set that investorsflock to effortsdisappoint. Othershave said he doesn’t expect the earlier in the week that talks daysaid it would enact a5- purchasing powerofbonds’ when stocks areintumult— pointed to unpredictable trad- market to crash but believes were “atabit of astalemate.” for-1 stock split. fixedpaymentsand canput has climbed this year even as ing behavior wherestocks stock gains arelikely to be Still, manyinvestorsremain While technologyfirms have pressure on the Fedtoraise equities advanced. continually rise with few fun- muted in the next few months. optimistic that adeal will be been this year’s star performers, interest rates. In currencymarkets, the damental drivers, much like Investorsare keeping an reached. the market has been supported Fresh inflation datashowed dollar moved lower, with the during the dot-com boom. eyeonlawmakers’ negotia- “Markets, particularly in by stocks that aremoresensi- that U.S. consumer prices in- WSJDollar Index, which “You have alot of things tions over anew coronavirus- the last day or so, seem to be tive to the economyand had creased 0.6% in July,more tracks the currencyagainst 16 that areveryreminiscent of a relief package for U.S. house- pricinginastimulus even as been hit particularly harddur- than the average expectation others, down 0.1%. late-’90s melt-up,” said Chris holds and businesses. lawmakersplaydownthe ing the pandemic’searly days. of 0.3%, according to FactSet. —Anna Isaac Harvey,head of equity strat- SenateMajority Leader odds,” said EdwardPark,dep- The S&P 500 financial sec- Yields,notably,remain near contributed to this article.

China somewhat, they haven’t and Taiwanese companies that Liu He,the president’spoint curities regulatorstospeed up about five yearsbehind the Xi Touts gone far enough, the officials produceinChina and sell to the manoneconomic policies and planstomakemainland stock world’smost advanced foundry. said.The domestic-circulation rest of the world found 85% had his chief trade negotiator with marketsamoreviable source of On Aug.4,China’sState policywould expand the push, relocated or intended to shift Washington, the Chinese offi- funding forChinese companies, Council issued adirectivepledg- Domestic includingbyencouraging Chi- some capacity out of China. cials said. Aparty loyalist who especially those in technology. ing taxcutsand other financial nese consumerstobuy more The emphasis on domestic has apro-market reputation Morepublic offerings, such as support fordomestic chip mak- productsChina currently ex- circulation shows “the Chinese among colleagues and Western onebySemiconductor Manu- ersand software providers. Economy ports, even though Chinesein- government is not optimistic peers, Mr.Liu had championed facturing International Corp., Chinahas reduced itsdepen- come levels remain belowthose about the external environ- policies that squeezedsome arebeing planned. TheShang- denceonforeign countries in in more-developed countries. ment it facesinthe medium privatebusinesses to rein in hai-basedchip maker sawits otherways,too.Chinese ex- ContinuedfromPageOne Themission is becoming term,” said Zhang Ming, a se- excess production of steel and stock surge morethan 200% in portscontributed to 18% of the entrepreneursare unwilling to moreimportant as Chinese nior economist at the Chinese its debut in July in anew mar- country’sgross domestic prod- expand and households are companies come under pres- AcademyofSocial Sciences,a ket known as China’sanswerto uct last year,downfrommore cutting back on spending. surefromWashingtonand get government think tank. Chinese companies Nasdaq,called STAR board. than athirdadecade earlier, Detailed policies,Chinese shut out of foreign markets. More inward-turning poli- Mr.Liu has also been in- though that waslargely because officials said, will be fleshed The U.S. has threatened bans cies will likely makeforeign face U.S. pressure volved in getting various lev- of rising living standards,which out in an October meeting of on ByteDance’sTikTok app businesses—already facing re- and getting shut out els of government to identify increased domestic spending. the ruling Communist Party’s andTencent HoldingsLtd.’s strictions on market access companies and industries at To further stand on itsown, 370orsotop officials when WeChat. Because of U.S. sanc- andpressuretotransfer tech- of foreign markets. risk of collapse if they aretar- economists said, China needs they gather to discussaneco- tions,Huaweiisrunning out of nologyinChina—feel moreun- getedfor U.S. sanctions.Those to boost incomes, incentivize nomic blueprint forthe five processor chips to make welcome.But Beijing figures believed to be especially vul- privatefirms and implement years starting in 2021. smartphones and will have to China’shugemarket will re- nerable could getmoregov- other structural changes.How- Behind the inward-looking suspend production of itsown main adraw. According to a other products. Less-innovative ernment financing forre- ever,effortstopromotethe pivot, the officials said, is areal- most advanced chips,the com- new survey by the U.S.-China statefirms oftenbenefited. search and development. privatesector arelikely to run ization that fraught relations pany warned late last week. BusinessCouncil, 83% of more Now, Mr. Liu appears to be Dan Wang,ananalyst at re- up against Beijing’sgoal of ex- with much of thedeveloped Thecoronavirus pandemic, than 100 member companies trying to use the newdevelop- search firm Gavekal Dragonom- panding the statesector,the world areheretostay. President meanwhile, has caused many in manufacturing,services,en- ment agenda to push through ics,said Chinese firms like foundation of the party’s rule. Trump’strade warhas led China countries to rethink their reli- ergy and agricultural sectors changes he couldn’t achieve SMIC,HiSilicon, aHuaweisub- “Xi has made it imperative to pour resourcesintoits own anceonChinese suppliers, count China as either the top before,the officials said, in- sidiary, and YangtzeMemory to makethe statesector big- research labs,universities and causing some manufacturersto or among the top five priori- cluding some that could make Technologies Co., have “made ger, stronger and better,” a companies to trytowean the consider moving operations ties fortheir global strategies. morecredit available to pri- credible gains” in designing Chinese official involved in countryoff foreign technologies. elsewhere. AMarch survey by Leading development of Mr. vate companies. and manufacturing chips over policy-making said. “That will While the moves have helped UBS Group of Japanese,Korean Xi’snew model is Vice Premier He has instructed China’sse- the past year.SMIC,hesaid, is never change.” P2JW226000-0-A00700-1------XA

THE WALL STREET JOURNAL. Thursday, August 13, 2020 | A7 WORLD NEWS Taiwan Seeks Coronavirus RacksU.K. Economy To Deepen Second-quarter decline Amid the downturn, the U.K. has,incommon with other Eu- Trade Ties outpaced thatofpeers ropean countries, spent big to as pandemic persisted; trytokeep workersonpay- With U.S. rolls.Around 730,000 jobs slowupturn expected have been lost sinceMarch, ac- cording to dataonTuesday, BY CHUN HAN WONG BY JASON DOUGLAS but some 9.6million employees who might have lost their jobs Taiwanese President Tsai LONDON—TheU.K.re- were instead on agovernment- Ing-wen said she wantsto corded asteeper second-quar- backed furlough program. start talks on afree-trade pact tercontraction than itspeers, That programisdue to end with the U.S., part of a broad suffering the worst economic in October. Treasury chief Ri- effort to deepen her island de- hit from the coronavirus in shiSunak warned Britons on mocracy’spartnership with Europe as well as reporting Wednesdaytobrace forfur- Washingtonand resist pres- the highest death toll there. ther job losses this fall. sure from Beijing. TheU.K.’seconomyisal- TheU.K.has recorded In an online speech ready recovering as restric- 46,000 confirmed Covid-19 re- Wednesday, Ms.Tsai said

tionsondaily lifeease and S lated deaths,the highest tally in starting negotiations is among

workers trickle back to facto- PRES Europe and the fourth-highest her second-term priorities in ries andoffices,but Bank of in the world afterthe U.S.,Bra- strengthening ties with the TED

Englandofficials warn that it CIA zil and Mexico. That is equiva- U.S.,akey tradingpartner and

could take until the end of SO lent to almost 700deaths per arms supplier for Taiwan. 2021 to regain the ground lost AS millionresidents, morethan Ms.Tsai didn’t set atime during the pandemic. ALI/ Germany, France, Spain, Italy or, frame forthe talks.Progress

Thecountry’sgross domes- PEZZ on that per capitabasis,the U.S. toward formal free-trade ne- tic product shrank 20.4%inthe TO Public-health expertssay gotiations has been stalled for second quarter,equivalent to the high toll reflectsfactors roughly two decades over dis- ALBER an annualized rate of 59.8%, its Britain locked down in late March, weeksafter comparable European countries did so to fightthe virus. including an aging and diverse agreementsthat include Tai- statistics agencysaid Wednes- population, as older people wanese restrictions on addi- day. In the same period, U.S. makeup of itseconomy. Com- The U.K. experienced the steepesteconomic downturn among and some ethnic groups are tives used in the production of and German output declined by pared with peers, alargershare rich countries in the second quarter. more vulnerable to severe ill- American pork and beef. around 10%, while Italy shed of the U.K. economyisdevoted ness.Britain also has higher “For too long, closer trade 12%, France14% and Spain 19%. to activities that requireclose Real GDP,quarterly change in GDP,2020 rates of obesity, diabetes and relations have been hindered “It’sbeen arough few personal contact, which have U.K. Spain FranceItaly GermanyU.S. otherillnesses tied to an in- by technicalities that account months,” said Richard Swart, been especially hit by measures creased risk of death than its for just a fraction of two-way 0% global salesand quality direc- to halt the spread of Covid-19. European neighbors. trade,” Ms.Tsai said in her toratBergerGlobal, anorth- TheBank of England calculates Some also pinpoint errorsin comments, delivered to an on- ern England-based unit of Ger- that spending on such activi- –5 policy, such as waiting toolong line forum organized by two many’sRingmetall AG that ties,including going to the cin- to lock down the economyand Washingtonthink tanks,the manufactures ringsused to ema or theater,eating outor slownessinrolling out an effec- Hudson Instituteand the Cen- seal container drums.Sales in attending livesporting events, –10 tivetest, traceand isolatepro- ter for American Progress. Mayand June fell between 20% representsaround 13% of total gram to hunt down newcases TheOfficeofthe U.S. Trade and 40%,hesaid. Sales have output in Britain, compared and stop the virus spreading. Representativedidn’t respond –15 sinceimproved but remain with around 11% in the U.S. and First quarter “We responded really late, to a request to comment. sporadic,asign of continuing 10% in the euroarea. Second quarter andinachaotic manner,” said Earlier Wednesday, U.S. uncertainty among customers, DataonWednesdayshowed LindaBauld,professor of pub- Health and Human Services –20 Mr.Swart added. “Everybody household spending shrank lic health at the University of SecretaryAlexAzarsaid he clingstothe hope that there 23.1% in the second quarter Edinburgh. TheU.K.govern- discussed trade issues with Note:Seasonally adjusted. will be avaccine.That’sthe ul- compared with the first, while Sources: Officefor National Statistics (U.K.); Eurostat(other European countries); ment has repeatedly defended Ms.Tsai in Taipei on Monday. timatefix,” he said. businessinvestment fell by al- Bureau of Economic Analysis (U.S.) itsresponse,saying it acted TheU.S.isTaiwan’ssecond- Theoutsizehit reflectsthe most athird. Manufacturing swiftly and in line with evolv- largest trading partner. Some timing and duration of the and services output both fell of which were canceled. construction. ing scientific advice. U.S. and Taiwanese politicians U.K.’s nationwide lockdown. by one-fifth as factories idled Business“fell off acliff,” he Separate dataWednesday Prime Minister Boris John- and policyexpertshavear- Britainlocked down in late and businesses closed. said. He is hoping bookingsten- showedindustrial output in son’sConservativeParty con- gued abilateral free-trade March, weeks aftercomparable SteveClift, director of Café tatively scheduled forthe year- the 19-nation eurozone rose tinues to hold acomfortable pact would strengthen Taipei’s European countries,and only AzzurroEventsLtd., said the end will help him clawback strongly forthe second lead over the rival Labour Party ability to counter economic gradually began easing restric- pandemic has all but vaporized some of the first-half losses. straight month in June.Pro- in the polls.Thereare two main pressurefromChina, Taiwan’s tions lateMay.That meant the the revenue he would have ex- Economic activity picked up duction at factories,utilities reasons forthis: Firstly,voters largest trading partner. economywas shut throughout pected to bring in this year. in June as lockdown measures and mines was9.1% higher thinkMr. Johnson’sparty can China’sruling Communist most of the second quarter, TheSolihull, England-based eased,official figuresshowed. than in May, though output re- bettermanagethe economy; Party claims the island as its whereas Germanyand other firm supplies coffee and hospi- Theeconomyrecorded growth mained 11% lessthan in Febru- secondly,votersare proving territory. neighborshad begun to reopen. tality services acrossEurope of 8.7% on the month, led by ary, beforelockdowns became forgiving over the government’s —Bob Davis Another factor is the to conferences and events, all expansions in hospitality and widespread. handling of the pandemic. contributed to this article.

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A8 | Thursday, August 13, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

from everyone.During the two monitorstosimultane- to pick vegetables from the Despitegetting caught, Ms. put. “That’swhen Ijust had to Video Calls commentsportion at public ously watchaYouTube clip of a garden, makesandwiches,feed Toumi said she still likes to do be honest,” said Ms.Ramsay, meetingswith the council, he sci-fiTVshow, scan Facebook, the dog,clean the bathroom multiple thingsatonceon 24.“Idon’t have the super- said, someone will inevitably reply to emails and read the and pick up mail during “mind- video calls,including workouts. powertomultiply myself.” She Double As pop up on video with aques- news,with his cameraon. He less” video calls.She keeps the Sometimes,she will turn her excused herself from the re- tion whilewashing the dishes. also fiddled with some Star cameramostly just on herself owncameraoff and dip into search group to answeraques- Mr.Arias nowstartsoff staff Wars Lego sets. and oftenputsherself on mute. downward dog or other yoga tion at the conference. Chore Time calls asking everyone to “just “I wasquitesurprised that I Once, she “went intoatrance” poses.During one training ses- Elaine Lui, aToronto-based confess,” so no one is confused didn’t go intoamental melt- and scrubbed the entirebottom sion on datamodeling,Ms. anchor of the entertainment by unexpected background down,” said Mr.Weston. He floor of her house. Toumi put the classonone showetalk on CTVinCanada, ContinuedfromPageOne noises when cameras areoff tweeted aphotoofthe setup, “Lifeisamessright now monitor and used the other to cracked open abook while dropping their online facades but the sound is on, such as whichdrewseveral comments andwejust have to embrace take an exercise classwith her waiting to Zoom with Lin-Ma- on Zoom.Exhausted by days barking or honking (dog-walk- and text messages from other it,” she added. She said she of- personal trainer.“Ineed those nuel Miranda about the film jam-packed with online meet- ing and driving aretwo favorite Masons.“Most of them were tendoesn’t turn the cameraoff mental breaks,” she added, “to debut of his hit musical “Ham- ings, manyare giving up the side activities,hehas noticed). on Twitteraswell,” he said. because she still values being keep my sanity.” ilton.” Ms.Lui became thor- pretense of aboundarybe- Richard Weston, a44-year- Jennifer Gilmore, the chief able to see other people and Themost nerve-fraying jug- oughly engrossed in the novel, tween work and private lives. old from Birmingham, England, financial officer of atactical- otherpeople seeing her—she gling that Kaitlyn Ramsay, a “Big Summer” by Jennifer Wei- Instead, they areseizing on said he recently tuned out of a gear companyinGreenback, said the connection is impor- Ph.D.chemistrystudent from ner—until achuckle came from videoconferences as chunks of video meeting with 60 lodge Tenn., said she will occasion- tant, even if she is also doing Victoria, Canada, has ever at- her computer. time to also garden, walk the secretaries forthe Freemasons, ally put up aplain virtual back- chores during thecall. tempted washopping on two Mr.Miranda had joined the dog, watch TV and exercise. an international fraternal or- ground to obscureher multi- Asmae Toumi, aBoston Zoom calls at the same time. chat room, she said, and saw Multitasking enthusiastssay der. This gathering—a how-to tasking.But increasingly,the health-care-dataanalyst, said One wasaconferencewhere herflipping pages.After she that colleagues don’t bat an session on properly filling out 40-year-old said she finds her- shehas been called out once she wasrequired to speak.The apologized, the award-winning eyelash, andoften admit that paperwork—got“alittle bor- self not caring if colleagues get during avirtual meeting: When other wasagroup meeting with composer put her at ease. they,too,are sneaking in other ing” andhad inspired fellow aglimpse intoeverydaylife she looked down to check Twit- aprofessor to go over research. “He said, ‘Don’t ever apolo- activities with the cameras Masons who “are fond of their with her young son. “Thereisa teronher phone.“My boss Neither could be skipped or re- gizefor getting lost in a rolling. ownvoice,” he said. weight on your shouldersto joked, ‘Are youmeditating?’ ” scheduled—and she had to keep book,’ ” Ms.Lui said. Arepre- Forhis part, Mr.Arias said Instead of listening,Mr. completeeverything,” Ms. sherecalled. “Weall laughed the cameras on. At one point, sentative forMr. Miranda de- he has accepted multitasking Weston used his laptop and Gilmoresaid. She has managed andmoved on.” both meetingsasked forher in- clined to comment.

York added 35% moreofficers PoliceCuts per capitabetween 1993 and

S 1997,according to Bureau of Justice Statistics data. PRES Would Face Violent crimes fell by half

ZUMA from 1993 through 2018,to 369 per 100,000 Americans,

Obstacles MANTEL/ according to FBI data. Police mandates expanded. By 2016,morethan 40% of de-

ContinuedfromPageOne MARSHALL partments serving 100,000 or ment in the wake of the deci- more people had task forces sion and decried a“lack of re- JOHN on terrorism and cybercrimes. S; spect” for officers. Policebecame the firstgov- Other cities aretrying to PRES ernment contact forpeople avoid cutting policefunding TED with troubles such as addic- despitehitstotax revenue OCIA tion, mental illnessand home- SS

from the economic slowdown. /A lessness. Officersincreasingly Afew,such as SanDiego, have were stationed in schools to even voted to increase police protect and monitor students. budgets recently. SUN-TIMES The officer facing murder Thecalls forcutting come GO chargesfor killing Rayshard

amid arise in violent crime in CHICA Brooks in Atlantawasn’t re- several large U.S. cities this sponding to acall about crime year. Chicago on Sunday saw but about a man asleep in his

heavylooting of itsMagnifi- LARIVIERE/ car in a drive-through line. cent Mile shopping district “The job description has TYLER

following apoliceshooting P: changed. It goes from just do- that wounded aman in an- TO ing policework to states disin- otherarea. Officerssaid he OM vesting in mental health, FR had fired on them first. Chicago police investigated the scene of a mass shooting July 21, above; below, a protest demonstration in New York on July 4. wherenow we have moreand Chicagohad 94 homicides morecrisis intervention,” said in the 28 days ended Aug.2. NewYork City PoliceDepart- Calvin Williams,chief of Speaking beforethe looting, ment total expenses,2019 Cleveland’s division of police. Alderman MattO’Shea, aDem- Clevelandadded body cam- ocrat, said, “Wejust had the Nonlabor cost $0.7 billion eras and training aimed at re- most violent month in 28 Labor cost ducing the use of forceafter a years. Is nowreally the time $5.3 billion JusticeDepartment investiga- to talk about defunding,what- tion and ahigh-profile 2014 ever that is?” case in which awhiteofficer Activists differ on what de- shot and killed Tamir Rice, a funding policemeans.Some Black 12-year-old boywho was want to end or deeply cut po- Operating budget carrying aplastic pellet gun. licedepartments. Otherssay it Thecity agreed to pay$6mil- means redirecting aportion of $6.0 billion $5.4 billion lion to the child’s family. policemoney to thingssuch as Additional expenses Thecameras and paying social workersand education. Pensions other officerstofill in for Polling suggestsAmericans $2.9 billion those undergoing training support changes in policing, were costly,said Cleveland’s but also broadly support po- Democratic mayor, Frank Jack- lice. In amid-June poll by Pew Benefits son. “Racism is still here,” Mr. $2.3 billion ResearchCenter,about 42% of Jackson said. “And howdoyou Black adultssurveyed favored keep it in check? Sometimes it reductions in spending on po- Other $0.2 billion costs money to do that.” licing in their areas,and 21% Note:Benefits include health insurance, Some of what budget set- of white adults did. June,the city council narrowly lected by the Citizens Budget million is from canceling apo- disabilityinsurance, Social Security ters wrestle with can be seen contributions, and other benefits. Operating Gallup polling released voteddownpolicebudget cuts Commission,awatchdog lice-academy class and, espe- budget total does notreflect some in SantaAna, Calif., population morerecently found that 47% called for by some activists. group. cially, from lessovertime. adjustments, such as moneyspentbyother about 332,000,wherethe city of all respondents and 70% of “Re-imagining our police The10U.S.cities with the In LosAngeles,city council departments on policing. council last year approved Source:New York CityComprehensiveAnnual Black respondents supported department is a conversation largest policedepartments members approved $150 mil- Financial Report and Citizens Budget $25.6 million in salaryand shifting some policespending that I’m very much interested paid out more than $1 billion lion in cuts to the nearly $1.9 Commission analysis of NYCfinancial records benefit increases forthe police to social programs. Still, 67% in having,” Ms. Bottoms said. in settlementsand judgments billion policebudget. Thecity, over three years, in apackage overall and 61% of Black Amer- “Eliminating the policede- from 2010 through 2014, an already obligated by an agree- negotiated with apoliceunion. icans wanted to see the police partment is a nonstarter of a investigation by the Journal ment to raise policesalaries, could respond to 911 calls by presenceintheir neighbor- conversation.” found. Probes have led to ex- expectstocut overtime and sending social workers, home- hoodsremain the same,and Some defunding proponents pensivechanges such as body reducethe forcethrough attri- lessnessspecialistsand vio- Competing on pay about one-fifth of both groups acknowledgethat policebud- cameras and capping numbers tion, according to people fa- lence-prevention experts. Only Jose Solorio,acouncil wanted to see it increase. gets can’t be quickly disman- of officers per supervisor. miliar with the city’s affairs. about atenth of its$10 million member who votedfor the in- The polling showed 58% of tled butsay it is the only way Sincethe killing of Mr. In Seattle, whereprotesters budget is expected to come creases,said he wasconcerned people support major changes to end law-enforcement tactics Floyd May25, some elected took over several blocks in outofthe roughly $210 mil- about crime.For each 100,000 to policing, but just 15% sup- they saydisproportionately im- officials have been receptive June, a spokeswoman for the lion police budget. people in 2018,SantaAna port abolishing the police. pact minority communities. to shifting policemoney.New mayor’s office said about half Support for police rose af- logged468 violent crimes,vs. It is “going to be aprocess York Mayor Bill de Blasio an- of the policespending cut is to ter shootings in 2016, includ- the national average of 369. over time,” said Andrea nounced roughly $1 billion in come from layoffs that must ing the Orlando,Fla., Pulse “Itwas necessarytocom- The view in Atlanta Ritchie,aresearcher at the cuts to the $5.6 billion police be bargained with the police nightclub attack and the kill- peteinhiring officersina “What Iknowfrombeing in Barnard Center forResearch on operating budget forthe fiscal union. ingoffiveDallas policeoffi- competitiveenvironment,” Mr. city council and nowasmayor Women. She has advocated year ending in June 2021. Albuquerque,N.M., is plan- cers.AGallup poll later that Solorio said. is that people don’t necessar- deep cutsinpolicespending, Much of the cutting will come ning to shiftsome policefunc- year showedAmericans’ re- SantaAna policeofficers ily take exception to the pres- saying the money could be bet- from moving functions to tions to anew “community spect forlocal policeatits are paid $88,692 to start, ris- enceofpoliceintheir commu- terspent addressing the root other departments. But $439 safety” department, which highest levels since1967.A ing to $102,684 after2.5 nities,” said AtlantaMayor causes of violence. Pew poll the same year found years, plus benefits. Officers Keisha Lance Bottoms. “They Policebudgetsare set by lo- Total spending on localpolice* amajority of respondents volunteered to delayaraise take exception to bad policein caland stateelected officials. thought the policepresencein from the current level for six their communities.” Compensationmakes up over $100 billion their communities wasthe months to ease the pandemic’s Support from voters and half of operating budgets, ex- 80 right size; morethan athird effect on the budget. politiciansisareason local cluding benefit and pension wanted to see morepolice, CeciliaIglesias wasone of police spending,now around costs, according to aJournal 60 and only 8% wanted fewer. two council memberswho $100 billionayear,has out- analysis of datafromthe Cen- 40 Support dropped following votedagainst the raises.“The paced the overall growth of sus Bureau and the JusticeDe- Mr.Floyd’s killing and the na- additional money,the $25 mil- city and county budgets over partment’sBureau of Justice 20 tionwide protests. In the Pew lion, that could have gone to a roughly four decades,rising Statistics. 0 poll in June,just 34% of re- lot of services,” she said, such faster than K-12 education, Agreementswith unions es- 1977 '80'85 '90'95 2000 '05'10 '15 spondentssaid policedid a as programs foryouth and se- sanitation and parks and rec- tablish work conditions—typi- good or excellent job of treat- niors. reation,according to aWall cally pay, hoursand benefits— Local police officers in the U.S.† Average policepension fund ing racial and ethnic groups Ms.Iglesias lost her council Street Journal analysis of Cen- in 71% of policedepartments contributionfor 12 major equally,downfrom47% in a seat in May. TheSantaAna sus datacompiled by the Ur- that serveamillion or more cities and counties‡ Pew poll conducted in 2016. PoliceOfficersAssociation ban Institutethink tank.Be- people and in 53% of policede- Also lowerwas the share spent atotal of about tween 1977and 2017, local partmentsserving 500,000 to a 600,000 $300 million whosaid policedoagood or $300,000 seeking arecall elec- spending on policing rose million people,according to a excellent job of using the right tion and then supporting her 176%, versus a137% rise in Bureau of JusticeStatistics re- amount of force; 35% said so, ouster after a recall vote was 200 general expenses, accounting port from 2013. 400,000 compared with 45% in 2016. set, election filings show. for inflation. Policepension costsfor 12 Therootsofpolicebudgets Association President Gerry “InAtlantawhen Ilook at major cities and counties tracetoasurge last centuryin Serrano said the union’s sup- 200,000 100 our policebudget, Isee capital tracked by the Boston College the rate of violent crime.It port forher recall wasn’t re- costs, Isee salaries,Isee pen- Center forRetirement Research rose from lows in the 1960s to lated to her vote. He said she sion costs, Isee workers’ com- averagemorethan three times 0 0 apeak in the early 1990s of “villainizes” thosewho work pensation,” said Ms.Bottoms, what they did 18 yearsago, ad- about758 violent crimes per to provide public safety. 2001'05 '10'15 aDemocrat. One of her first justed forinflation. Pension ob- 19952000 '05'10 '15 100,000 people,according to Ms.Iglesias said, “I support moves as mayorin2018 was ligations canbedecades long. *Adjustedfor inflation FBI statistics. law enforcement and law and to increase police salaries. NewYork City’s spending on †Numbers representfull-time equivalent. No data available for2001 Afederal initiativeunder order.” She said it’sthe police Shehas also invested city policedepartment pensions has ‡Data set includes all cityand county policepension plans tracked by the BostonCollege Center President Clinton sent billions union she disagrees with. forRetirementResearch. Manyplans also include firefighters. Numbers areadjustedfor inflation resourcesincommunity pro- risen 94%, accounting forinfla- of dollarstosmall towns for —Rachael Levy, James Sources: Wall Street Journal analysis of Census data compiled by the Urban Institute(spending grams and is pushing to over- tion, since2005 to $2.8billion on local police); Bureau of JusticeStatistics (number of local policeofficers); BostonCollege policehiring.Over300 created Benedict and Yan Wu haul use-of-force practices.In in 2020,according to datacol- Center forRetirementResearch (pensions) new police departments. New contributed to this article. P2JW226000-2-A008A0-1------NS

THE WALL STREET JOURNAL. ** NY Thursday, August 13, 2020 | A8A GREATER NEW YORK Thermal Imaging Tested at JFK Airport

People are voluntarily sion has been made regarding Terminal 4isrun by of advocacygroup Travelers awider rollout of thermal JFKIAT, ajoint venturebe- United, said he had concerns screened for Covid-19 scanning acrossits facilities. tween Netherlands-based that temperaturechecks miss as part of a pilot JFK is among agrowing RoyalSchiphol Group and asymptomatic people who number of U.S. airports,in- DeltaAir Lines Inc.Officials have the virus but don’t have program at Terminal 4 cludingLos Angeles Interna- saythat during the pilot, they afever.Heworried they also tional and Dallas Love Field, won’t prevent passengers catchpeople who have afever BY PAUL BERGER testing such technologytode- from continuing through the unrelated to the virus. tect Covid-19 afterfederal terminal, but boarding is at Aspokeswoman forthe John F. Kennedy Interna- transportation officials de- the discretion of each airline. Transportation Security Ad- tional Airport’sbusiest termi- clined to institutetheir own ElizabethWolf,aspokes- ministration referred The nal is testing thermal imaging fever-testing program. woman forDelta, said the car- Wall Street Journal to guid- technologytoscreen passen- Theprogram at JFK uses rier will allowpassengersto ance issued by the U.S. De- gers departing from NewYork thermal-imagingtechnology boardwith afever,adding partment of Transportation, City forsigns of Covid-19. firstdeveloped more than a that if such acustomer wants Homeland Security and About 1,000 people each decade agofor use in Singa- to changetheir reservation Health and Human Services in dayare being screened at Ter- pore in response to the SARS following the resultsofthe July.That guidancesuggested minal 4aspart of athree- pandemic.Itcan detect people temperaturescreening,the that if airlines denypeople week pilot program that with afever amongamoving airline would help them do so. boarding basedontempera-

started July 30,according to crowd. T JFKIAT, likemanyofits ture screening,passengers

RoelHuinink,the chief execu- During the pilot, an airport JFKIA peers, has implemented should be warned of such ac- tiveofthe privateoperator worker stands next to a cam- If thermal scanning proves effective it could expand and become Covid-19 safety measures such tions beforethey arriveatthe that runs the terminal. eraplaced atop amobile cart. permanent at the Queens facility and other area airports. as social-distancing decals,re- airport. Mr.Huinink said the volun- Thecameramonitorsa quiring facecoveringsand re- Terminal 4’spilot program tary screening could be rolled roughly 12-foot wide corridor Because outdoor tempera- say, no one has been found stricting entrancetoterminals doesn’t include such warnings. out morewidely acrossthe formed by stanchions,scan- tures canaffect scans,people during asecondaryscreening to ticketed passengers. The But Mr.Huinink stressed that terminal and made permanent ning people as they walk to- with areading above100.4 de- to have atemperatureabove terminal also opened a the screeningsare ashort- if it proves effectiveand pop- ward the unit. The area is set grees areasked to walk to- 100.4 degrees.Mr. Huinink Covid-19 testing sitefor em- term pilot intended to gather ular with fliers. up in thedepartures hall be- ward the cameraasecond said anyone with such aread- ployees. dataand see if such asystem Ben Branham, aspokesman fore check-in and is clearly time or to step aside foravol- ing would be asked if they Mr.Huinink said tempera- works.Hesaid that someone forthe public authority that marked as avoluntarytemper- untarysecondaryscreening wish to volunteer details of turescreening is just one with amedical condition other runs JFK,aswell as LaGuardia ature screening.Passengers usinganon-touch hand-held their flight so that the infor- more measurethat might than Covid-19 that causes afe- and Newark Liberty Interna- canenter the terminal from thermometer. mation could be passed on to boost passenger confidence. vermight have papersto tional airports, said no deci- other directions if they wish. So far,terminal officials the airline. Charles Leocha, chairman proveit. N.J. Schools Can The One That Didn’t Get Away Start Online Only

BY JOSEPH DE AVILA that shouldn’t fall to nearly 600 individual school districts. New Jersey schools will be “Reopening schools for in- allowedtooffer all-remotein- person instruction under the struction in the fall, areversal current conditions poses too from the Murphy administra- great arisk to the health of tion’s earlier position that re- studentsand schools staff,” quired in-person classes in the associations said. some fashion, officials said. No single approach will ThedistrictsinJersey City work forevery district,and and Elizabeth, two of NewJer- health officials will be alerting sey’s largest school systems, school administratorsofon- recently asked the statetoap- the-ground conditions so dis- prove plans keeping students trictscan makeappropriate at home this fall forvirtual in- decisions regarding in-person struction. Unions representing instruction, the governor said. teachersstatewide have been Schools canopt forfull-re- calling forschools to continue mote learning “assuming it’s remote instruction, citing the justified, assuming thereisara- GES health risks of Covid-19. tionale associated with it, there IMA “In every twist and turn in is agame plan that is being put

the road we’vebeen willing to in place,” Mr.Murphysaid. ETTY /G

listen and to accommodate,” Kevin Dehmer,interim com- GO Gov.Phil Murphysaid missioner of the NewJersey NTIA

Wednesday. “And todayweare Department of Education, said SA

continuing to showour will- most districtshavepresented M. ingnesstolisten, to learn and plans that include some in-

to act accordingly.” person instruction and only a MICHAEL Schools that meet the few have plans forremote- NICE CATCH: Afisherman on Wednesdaydisplayedthe cobia he caughtatBrooklyn’sConeyIsland Beach, wheresome NewYorkers state’shealth and safety stan- only classes. tried to escape the steamyweather.Thousands in the region remained without powermorethan aweek after Tropical Storm Isaias hit. dards will be required to offer In Elizabeth, the school in-person instruction at the boardapproved aplan on start of the fall school year, Mondaythat calls forall-re- Mr.Murphysaid. If districts motelearning afternearly 400 can’t meet these standards, teacherssaid they can’t report Virus RisesinBrooklyn Neighborhood they canoffer all-remotein- to classin-person in the fall, struction, he said. They must citing health risks, said Pat present plans to the stateindi- Politano,adistrict spokesman. BY AKANE OTANI cating when they expect to be Newark,which has the able to meet these expecta- state’slargest school system New York City officials are tions and resume in-person in- with about55,000 students, pledging to test as manySun- struction, he added. still plans to offer in-person set Park residents as possible TheNew Jersey Association classes when school starts in for the new coronavirus after of School Administrators, the September, said Roger León, finding a significant increase NewJersey Principals and Su- the district’s superintendent. in cases in the Brooklyn neigh- pervisorsAssociation and the Families in Newark have the borhood. NewJersey Education Associa- option of choosing in-person Thecity’s infection rate has tion, the state’slargest instruction forfivedays a steadily dropped during the teacher’s union, also called on week or remotelearning for past few months and hovered Mr.MurphyonTuesdaytodi- five days a week. The district around 1% formuch of July rect all school districtsinthe mayoffer ahybrid option of and August. In the past two statetoopen remotely in the in-person and remotelearning weeks, however, officials who fall.Reopening schools,they if enough people opt forin- have tested roughly 3,300 resi- said, is apublic-health decision person classes. dents in Sunset Park say they have identified 228Covid-19 cases—the equivalent of a 6.9% infection rate. NYCPrincipals Union Health officials still aren’t surewhat is driving the rise in cases,and acknowledgethat SeeksReopening Delay therecent testing wascon- ducted over a limited period. BY LEE HAWKINS appeals from school leadersto They didn’t provide details GES allowenough time to imple- about the breakdown of posi- IMA Theunion that represents ment highly complicated pro- tivecases among different age New York City’s principals on tocols,” CSApresident Mark and demographic groups. GETTY

Wednesday officially pressed Cannizzaro wroteinthe letter. Still, the resultswere KEITH/ the mayortopostpone re- Themayor said he was enough of ared flag that offi- opening schools forin-person aware of the unions’ issues, cials saythey will ramp up ef- EPHANIE

instruction until the end of “but this ballgame is far from fortstoknock on doors, test ST September, saying they need over,” and the system still has residents and reach out to St. Michael’s Church in the Sunset Park neighborhood, where officials have identified 228 Covid-19 cases. moretime and information to a month to get ready. community leaders. safeguardstudentsand teach- Mr.deBlasio toured Village “When we see anykind of whose district includes Sunset by health officials.Last month, Test & Trace Corps. “We will ers against the coronavirus. AcademyinFar Rockaway, trendthat’sunusual, that’s Park,put the blame forthe the city conducted concen- reach everyone with robocalls TheCouncil of School Su- Queens,onWednesdayand when we double down,” New uptick in cases on the mayor. trated testing and outreach ef- and we will knock on every pervisors&Administrators, said he wasimpressed by see- York City MayorBill de Blasio In aseries of tweets, Mr. fortsinthe Bronx neighbor- door.” which represents6,400 school ing desks spaced out, new said during anewsbriefing Menchacasaid the neighbor- hood of Tremont, which at the Residents who test positive leaders, said the firstfew cleaning techniques,hallway Wednesday. hood hadn’t received enough time had an infection rate will be connected with staffers weeks of classes should be con- signage and other safety pro- Sunset Park,insouth help from health officials in morethan three times the at rapid-testing sites who ducted remotely.Schools can’t tocols in place in preparation Brooklyn, lies between Park fighting the pandemic and con- citywide average. would be able to advise them safely reopen on Sept. 10,the forreopening.Holding classes Slope,Bay Ridge and Borough ducting community outreach. Theaim of hyperlocalized on howbest to quarantine,Ms. unionsaid, stressing that the only online,hesaid, would Park.Itwas home to about ManyresidentsofSunset Park testing is to makesurethat Palma said. city hasn’t answeredquestions “depriveour kids of the very 132,000 residentsin2018 with areimmigrantswho facelan- areas that have lower testing In coming days,the city on topics ranging from teacher best education available.” amedian household income of guagebarriersoruneven ac- ratesand higher ratesofinfec- planstodeploytwo mobile- staffing to hand sanitizer. VillageAcademy’sprincipal, $63,490,compared with the cess to the internet, he noted. tion getresources such as testing vans in Sunset Park, TheCSA outlined itscon- Doris C. Lee, said opening will citywide average that year of “Nowthat arapid testing pop-up testing sites and, if each capable of conducting 80 cerns in alettersent Wednes- be achallenge. “By the same $64,850,according to New pilot is being carried out, necessary, access to hotel to 100 testsaday,according daytoMayor Bill de Blasio token, Ifeel likemychildren York University’s Furman Cen- numbersare confirming what rooms,personal protective to Dave A. Chokshi, the city’s and Schools Chancellor Rich- need me,and if thereisapos- ter for Real Estate and Urban we knew,” Mr.Menchacasaid. equipment and food-delivery health commissioner. ard Carranza, doubling down sibility to open safely Iwant Policy. It has both abustling Aspokesperson forthe services, officials said. By focusing on specific on criticism the union has to take advantageofthat pos- Chinatownand streetslined mayor’sofficewasn’t available “Wewill be making live neighborhoods,the city can voiced in recent weeks. sibility,” she said afterthe with taquerías and Latin- to comment on Mr.Menchaca’s calls to every resident, every “ensurethat we’redrawing in “The city hasfailed to ad- tour with the mayor. American grocery stores. remarks. single household,” said Anna- the people that will most ben- dressmanyofour crucial con- —Leslie Brody New York City Councilman Sunset Park isn’t the first bel Palma, chief equity officer efit from the testsand ser- cerns and ignored repeated contributed to this article. Carlos Menchaca, a Democrat neighborhood to be targeted of NewYork City’s Covid-19 vices,” Dr. Chokshi said. P2JW226000-2-A008B0-1------NS

A8B | Thursday, August 13, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Court Clears Trenton’s Lights Out for Marquee Restaurant

$10 Billion Debt Plan BY CHARLES PASSY rently areallowedtoserve AND ESTHER FUNG dinersoutdoorsand offer take- BY JOSEPH DE AVILA sequences. The pandemic has out and delivery, but indoor caused a health emergency, a Michelin-starred chef dining isn’tpermittedunder TheNew Jersey Supreme broad-based economic one Thomas Keller said Wednesday NewYork state’sguidelines. Court upheld a law giving the that has devastated manyindi- that he is shutting down his Still, NewYork-based res- state the authority to borrow viduals and families and afis- TAKRoom restaurant at Hud- taurant consultant Arlene $9.9 billion to cover a budget cal crisis for the state.” son Yards, one of the highest- Spiegel said the closing of TAK shortfall stemming from the Doug Steinhardt, chairman profile closingstodatedue to Roomhas special meaning be- coronavirus shutdown. of the New Jersey Republican the coronavirus pandemic. cause thereare few American Thestate’s Republican Party, said the GOP was com- Thedining spot is amar- chefs morecelebrated than Mr. Party and other GOP lawmak- pelled to challengethe new quee attraction of the $25 bil- Keller,whose other establish- erschallenged the newmea- law because it is bad policy. lion complex, which wasdevel- mentsinclude PerSeinMan- sureonconstitutional grounds “This decision confirms oped by RelatedCos. and hattanand the French Laundry and argued that aprevious that all three branches of the OxfordProperties Group on in Yountville,Calif. stateSupreme Court ruling New Jersey state government Manhattan’sWest Side. The “What it shows is that no forbids counting borrowed are firmly in the grasp of the complexopened last year and one is invincible,” she said.

money as revenue to balance Democrat Party,” Mr.Stein- has tried to position itself as a S Real-estate brokerssaid the the budget. hardtsaid. “The only way to prime culinarydestination, closureofthe TAKRoom isn’t PRES In aunanimous decision put an end to out of control featuring otherrestaurants as big ablowtoHudson Yards TED

writtenbyChief JusticeStuart spending is to send more Re- from such acclaimed chefs as CIA as the lossofNeiman Marcus,

Rabner,the state’stop court publicans to Trenton.” David Chang,José Andrésand SO especially because therestill AS

determined the new measure DemocraticGov.Phil Mur- Michael Lomonaco. G/ areother restaurantsinthe is constitutional because it physigned the lawlast month Thepandemic has upended complexthat drew manycus-

meetsanexemption foran and it waspassed by the state the restaurant and retail pic- RISBER tomersbeforethe pandemic. emergency caused by a disas- Legislature,also controlled by ture at thedevelopment.In TheTAK Room’sfifth-floor ERIC ter. But the court said it Democrats, along partisan July,Neiman Marcus Group Thomas Keller opened the TAK Room in the Hudson Yards complex. location and the multilevel wasn’t judging whether the lines. Ltd., the upscale department- spacethat Neiman Marcus oc- law was wise public policy. Thestate Department of storechain, said it wasclosing irreparable damage to our path to continue operating,” he cupied will be transformed “Likesomuch else brought theTreasuryhas estimated itsHudson Yardslocation,a businessand profession.” said. intooffices,Related said. on by Covid-19,the legal issue that taxrevenue will come up key component of the complex. Theimmediatefuturedidn’t Many dining and drinking “The changing market con- beforethe court is unprece- short by $9.2 billion through In announcing the perma- look anybrighter,Mr. Keller establishmentsthroughout ditions have created additional dented,” Chief JusticeRabner June 2021. Supporters of the nent shutdown of the TAK indicated, particularly given New York City have closed demand forcommercial office wrote. “Laypeople,scientists lawsay the statewould be Roomand his Bouchon Bakery Hudson Yards’ reliance on sincethe onset of the pan- [space], and we areadapting and legal scholarsalikewould forced to makesteep cutsif at Hudson Yards, Mr.Keller tourism at atime when travel demic, from ones headed by our spaceand culinaryoffer- agree that Covid-19 is atrue they can’t borrow money to said the crisis has “devastated is being curbed. “Wecould not prominent chefs to neighbor- ingsaccordingly,” said Related disaster with widespread con- fill the yawning budget gap. the global economyand caused find an economically viable hood spots. Restaurantscur- spokesman JonWeinstein. GREATERNEWYORKWATCH

BROADWAY “Hamilton,” the runaway Broad- deadline to install a train-safety CONNECTICUT mont, state public safety Com- way hit, earlier this summer. system by the end of the year. missioner James Rovella and ‘Diana’ Musical Other Broadway shows also The Transportation Depart- Police Union Wants state police Lt. Col. J. Scott Eck- To Debut on Netflix have made deals with streaming ment’s Federal Railroad Adminis- New Law Tossed ersley for failing to speak out on services. tration said Wednesday that NJ behalf of troopers against por- Broadway is closed until at The producers of “Diana” said Transit remains at risk of miss- The Connecticut State Police tions of the reform law. least January, but another show in a joint statement that ing a Dec. 31 deadline for instal- Union is asking a federal judge The law, signed by Mr. La- is finding a home in the stream- “though there is no substitute lation. to declare parts of the state’s mont on July 31, would strip ing world during the interim. for the live theater, we are hon- But Kevin Corbett, chief exec- new police-accountability law away exemptions to state Free- “Diana,” a musical based on ored to be a part of the quality utive of the state-controlled bus unconstitutional, saying sections dom of Information laws in the the life of Diana, Princess of entertainment that Netflix pro- and rail operator, said his agency pertaining to the public disclo- state police contract. Wales, will be streamed on Net- vides its subscribers worldwide.” is following a tight schedule that sure of troopers’ personnel files Brian Foley, a top aide to Mr. flix next year ahead of its re- Netflix Inc. officials declined should see completion by the and internal-affairs investiga- Rovella, said: “This is basically a scheduled Broadway debut on to comment. end of the year. “We fully expect tions violate their contract. lawsuit against the police ac-

MADE May 25, 2021, the show’s pro- —Charles Passy to make it,” he said. The union announced the countability bill and new public ducers said Wednesday. The federal government man- move Wednesday, saying it had act. There will be a legal process The production, which origi- NEW JERSEY dated the system, known as filed for an injunction in U.S. Dis- to work through and we will re- nally was set to open this positive-train control, in 2008 trict Court that would force spect that.” Attorney General spring, had been running in pre- Safety Deadline following a series of fatal state officials to comply with William Tong’s office said it is views at the time of Broadway’s Looms for Railroad crashes and derailments. It auto- the contract. Also Wednesday, reviewing the union’s court filing ZIMMERMAN/MURPHY shutdown in mid-March as a re- matically slows and stops trains more than 850 State Police and will respond in court. AN

EV sult of the coronavirus crisis. Federal regulators warned that are going too fast or are on Union members began a sym- A spokesperson for Mr. La- Jeanna de Waal plays the The Disney+ service began that NJ Transit is at risk of course for a potential collision. bolic vote on whether to express montdeclined to comment. princess in the production. streaming a filmed version of missing a federally imposed —Paul Berger no confidence in Gov. Ned La- —Associated Press

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TRAVEL & ENTERTAINMENT PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, August 13, 2020 | A9 Frustrated Travelers Battle for Refunds S NEW

Passengers struggle G with airlines and OOMBER travel agencies /BL MORRIS UL

THE PA

MIDDLE VID SEAT DA SCOTT McCARTNEY

efunds delayed and de- LINGRIA/REUTERS; nied. Vouchers worth TO thousands of dollars that ALBER

have already expired, or P:

‘I believe TO are so rule-bound they’re

they were OM R FR useless. Interminable telephone holds, unanswered Alitalia and United are among the airlines that have been slow to deliver some refunds this year. counting on my emails and complaints ignored. giving up Consumerscontinue to battle tickets, offering nothing in return. lia, but a customer-service repre- the future.” him a refund. airlines over canceled tickets.At Italian carrier Alitalia, for exam- sentative suggested they should TheDOT has been in HOPE.’ His appeal in stakeare literally billions of dol- ple, told Ellen Schiller that her have rebooked to a random date in direct communication July had been lars—and likely lasting animosity family of five were considered no- late March hoping that flight “with the largest U.S. and denied “because it toward airlines over punitive shows for a March 8 Boston-to- would get canceled and they could foreign airlines,and other air- was interpreted as a policies. Rome flight and therefore ineligi- get a refund. lines that received alarge number voluntary change,” a U.S. travel agencies have al- ble for both refund and voucher. “The runaround we got was in- of refund complaints, to ensure spokesman says. “Our mistake.” ready handled more than $1 billion They spent more than $3,000 on sane,” Mrs. Schiller says. Alitalia compliancewith the law,” aspokes- Says Mr. Brown: “Cows do fly.” in airline cash refunds, according the tickets. was “intentionally evasive, diffi- woman says.The pressurehas re- Another frustration for consum- to Airlines Reporting Corp., which Ms.Schiller says she called Alita- cult, and clearly trying to avoid sulted in passengersreceiving re- ers: The terms airlines have im- processes tickets. That doesn’t lia twicebeforethe departureto providing a refund or a credit. I funds afterfirst being denied them. posed on vouchers. Though many count refunds is- believe they were DOT is “first providing airlines airlines have given customers a sued directly by counting on my an opportunity to come into com- year or more to use vouchers, it airlines, which giving up hope.” pliance and issue refunds. How- still can be tough to redeem them. likely more than An Alitalia ever, the department will take en- Stuart Krawll of St. Louis spent doubles that total. spokeswoman forcement action against more than $10,000 on American Then there’s the far confirmed two noncompliant airlines if neces- Airlines tickets for a family trip to more common out- late February sary,” the spokeswoman says. St. Thomas for 14 people. He paid come of a voucher calls from the The feds did pressure United for all the tickets. Any refund issued instead of a Schillers but said into rolling back its policy that de- would go back to his credit card. refund, allowing they didn’t offi- nied refunds to likely millions of But with vouchers, each passenger the airline to hang cially cancel. Still, customers. Before the pandemic, gets the credit, regardless of who on to a customer’s the airline said United’s policy was to offer the op- paid. Only the ticketed passenger cash. even though it tion of a refund for canceled can fly on that voucher. The U.S. Trans- had previously flights if the airline couldn’t offer Mr.Krawll’sseven grandchil- portation Depart- declined to issue alternative flights within two dren—the youngest between 3and ment warned that vouchers, it hours. It changed that to six hours. 7—each have avoucher.The family any airline operat- would now do so DOT has long held that airlines trip likely won’t be rescheduled ing in the U.S., for- thanks to an “up- couldn’t change the terms on tick- anytime soon because of the com- eign or domestic, dated” policy. ets after they sold them. plexity of getting schedules lined had to refund tick- The Alitalia ex- In June,United changed itspolicy up.Instead, Mr.Krawll and his wife ets for flights the ample shows how back to two hoursand said custom- have several overseas trips planned airline canceled airlines have es- ersforcedtotakevouchersinstead for2021 and 2022for which they’d and couldn’t offer sentially been of refunds forflightsthe airline can- liketouse the vouchers. an alternative with- making up their celed could nowget arefund. But “Airlines should let the voucher out a “substantial” schedule cancel the trip,but the airline sug- own rules to hold on to customer they’d have to call—the airline credits flow back to whoever paid change. But many international gested not canceling in hopes the cash. Some carriers, including Co- wouldn’t reach out to them. for the tickets,” Mr. Krawll says. carriers have offered only vouch- flight would be canceled—the only lombia’s Avianca, Chile’s Latam That was welcome news to Ger- Flexibility in this case, he notes, ers. Some forced consumers into way they’d be eligible forarefund. and the United Kingdom’s Virgin ald Brown of Pebble Beach, Calif., “costs them nothing.” accepting vouchers before the air- She says she made it clear they Atlantic, have filed for bankruptcy who wanted a refund on two busi- American says it will makeanex- line officially removed flights from were canceling because it wasobvi- reorganization in the U.S. Some, ness-class tickets between San ception forMr. Krawll and givehim its schedule. Some have delayed ous Italy wasclosing down. The like Israel’s El Al, have suspended Francisco and London that cost one credit to use.American is mak- paying refunds while waiting for March 8flight took off.OnMarch 9 all operations and are looking for him $5,354. But United denied his ing exceptions to itspolicy, trying government bailouts or new in- Italy imposed anational quarantine. a rescue plan. El Al’s website refund request. to take care of customersinthe vestment. The Schillers appealed to their states: “All flight tickets for can- On Saturday, a day after receiv- pandemic,but stressed this wasa Worse, some have tried duplici- credit card company for a refund celed flights are currently frozen, ing questions about Mr. Brown’s one-time exception forMr. Krawll tous methods to pocket expensive to no avail. They appealed to Alita- and you will be able to use them in case, United said it was issuing Pleaseturntothenextpage

ANATOMY OF ASONG | MARCMYERS the first take with an emphasis on the second and fourth beats. But something didn’t sit right. Jealousyand aLateNight Fortunately,the engineer Iwas working with—Lee Herschberg— Sparked 1974 Hit ‘Sundown’ wasprettydamn smart. He sug- gested we ease up on the backbeat. So in the verses,Ihad Jimmyhit prolific Canadian singer- in 1971 at a country & western just the fourth beat. That opened songwriter and recording art- lounge in Toronto’s Edison Hotel. I up spacesoyou could betterhear A went there to hear an artist back- Gordon’svocal and guitar part. ist since 1962, Gordon Light- foot became a country-folk ing singer George Jones. The first time Red took his elec- sensation when “If You Could Read At some point, I looked across tric-guitar solo, it didn’t sound My Mind” crossed over to the U.S. the bar and saw her. Cathy was cool enough. The lyrics had a lot charts in 1970. beautiful. We made a date to go of drama, so the solo needed a Then came “Sundown” in 1974. out and before long we moved in toughness or a vibe. The song, about a failing relation- together. Red and I talked about it for a ship, reached No. 1 on two Bill- Two years later, up at the Au- while. Then I had a suggestion: board charts. Twelve years later, rora farmhouse, our relationship “What about Pops Staples? Let’s Cathy Smith, the song’s unnamed was fading. My first wife and I go that route.” subject, pleaded no contest to in- were separated and soon to be di- Pops was the father of the Sta- jecting comedian John Belushi vorced. I didn’t want to jump back ple Singers and the group’s guitar- with a fatal dose of heroin and co- into marriage. Cathy was resentful ist. He liked playing with a lot of caine in Hollywood in 1982 and or bored. Either way, we weren’t tremolo. So Red adjusted his set- served 15 months in prison. getting along. tings, and the tremolo added a lot Recently, Mr.Lightfoot and pro- Late one afternoon in July, of character to his solo. It was an ducer LennyWaronker looked back Cathy said she was going into Au- easy fix, and it worked. at the song.Mr. Lightfoot’slatest rora for a night with her Toronto albumis“Solo” (Rhino), and adoc- girlfriends. I wasn’t happy about Mr. Lightfoot: After the summer umentaryonhis life, “Gordon Light- that. Neither of us had been pru- GordonLightfootinshotpromoting his album ‘Sundown’onReprise Records. in Aurora, Cathy and I moved back foot: If YouCould Read My Mind” dent about some of the things we to Toronto. We were together for will be available streaming on-de- had done in the relationship. what she really means.” pretty much impossible. another year and split in mid-’74, mand on various platforms starting Aftershe left, Iwatched thesun “A queen in a sailor’s dream”—I But I was happy the relationship after “Sundown” came out. Aug.21. Edited from interviews. set slowly out back.Ifelt tremen- was happy with that line. It’s one was winding down. You can hear I never told her it was about dous jealousy.Oncethe ball of or- of my favorites in the song. my two different emotions in the her. In fact, it wasn’t about her. It Gordon Lightfoot: Jealousy isn’t angedisappeared behind the hills,I Thechorus—“Sundown, you bet- song—a sense of blues and relief. was about me. I was singing about healthyfor arelationship,but it grabbed my Gibson B-45 12-string ter take care /IfIfind you been Cathyreturned alone by 2a.m. All the emotional stress I was going tends to work out pretty well when guitar and began writing asong. creepin’ ’round my back stairs”— of that stuff Ihad cooked up in my through leading up to our split. writing asong.Atleast it did forme. I wrote “Sundown” using just wasaimed at the imaginaryguy she head—it wasimaginary. When she It wasatough breakup.Cathy In June 1973, Iwas living in Au- three chords. Once I had the mel- met. If you’regonna pick up my girl, came in, Ihad finished “Sundown” hadgottentoknowmykids from rora,Ontario,about 40 minutes ody, the lyrics came pretty quickly. don’t showupatmyhouse,please. and wasalready on to another. my previous marriage. We had a north of Toronto. Iwanted to see Given the jealousy and emotional “Sometimes Ithink it’s ashame / In the weeks that followed, I good thing,but the relationship howI’d do writing in the country, on trauma I felt, I knew my relation- When Iget feelin’ better when I’m finished writing the album’s re- didn’t have fidelity acrossthe board. the quiet side of things. Iwas due to ship with Cathy was in trouble. feelin’ no pain.” That’sabout drink- maining songs. I knew from the After we parted, I saw her from GES record my next album that fall and As I wrote, I couldn’t help imag- ing to numb the emotional pain. start I wanted a big bass part for time to time in Toronto. But I IMA needed another bunch of songs. ining that Cathy was chatting up “I can picture every move that a John Stockfish. He was a great didn’t feel bad. It had to be done. I

ETTY In Aurora, I rented part of a guys. That image turned up in the man could make / Getting lost in player. The same was true for gui- don’t know if she figured out the /G small two-story farmhouse on land opening verse: her lovin’ is your first mistake.” In tarist Red Shea. We had worked as song. She probably did. I never got that no longer was being worked “I can see her lying back in her those lines, I’m imagining guys a trio for years. into it with her. CHIVES

AR on. The space had a sizable music satin dress / In a room where you checking her out. In November ’73, we recorded at The Aurora farmhouse is gone room where I could write and keep do what you don’t confess.” The sunset was so beautiful that Eastern Sound Studios in Toronto. now. It was torn down soon after

OCHS my instruments and records. The same goes for “She’s been evening it made me mellow and to make room for Highway 404. At the time, I was living with a lookin’ like a queen in a sailor’s aware of what I was feeling and Lenny Waronker: In Toronto, But the sun still sets beautifully up

MICHAEL woman named Cathy. We first met dream / And she don’t always say how saving the relationship was drummer Jimmy Gordon played there, especially in the summer. P2JW226000-0-A01000-1------NS

A10 | Thursday, August 13, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | TRAVEL & ENTERTAINMENT

cowboybootshebought with bit- coin profits. Mr.MacDougall strug- Refunds gles foracampaign slogan. Sup- porterslike“Vote forSomeone— Vote forRob” and “Rob’sEnough.” Elude Air Thefilm shows Mr.MacDougall campaigning against abortion rights. “Why should we denythat Travelers futureTexan their right to life?” he says amid cheers. Privately,in ContinuedfrompageA9 an on-camerainterview, he says because so much wastied up in that he supportsabortion rights ticketsfor minors. but figureshecan’t approach a Frontier has a 90-day expi- majority with aminority opinion. ration on its vouchers—a sig- “Sometimes youcan’t win on what nificant gotcha, since so many youbelieveinyour heart,” he says. are uncertain when they will In an interview, Mr.MacDougall, start traveling again. nowastudent at West Point, said Cynthia Blouch learned just he felt remorseful about that howcostly that could be in July move: “I shouldn’t have done it in when she went to redeem her Boys State politics,but it does ac- $4,593 Frontier credit leftover curately mirror the real world.” from acanceled spring break In another scene,Nationalist family trip forfivefromCleve- Party leader René Oterostops an land to Cancún. Frontier’s web- A documentary followed the attempt to oust him and reduces sitesaid, “the credit youare 2018 Boys State gathering his critics with asingle withering trying to use has no value.” in Texas. Steven Garza, sound bite. Mr.Otero,his gaze lev- below, emerged as one of eled over grannyglasses lowon (2) the stars. his nose,surveyshis fellowstu- TV+ dentsfromacritical distance. He

APPLE is the only student the directors didn’t preselect as amain charac- Campaigning gets terand instead emergedasastar In ‘Boys State,’Texas while the cameras already were messy in afilm about rolling. Aquasi-villain appearsinthe Teens PlayPolitics amock election Federalist Party’s chairman Ben Feinstein, ateen from SanAntonio who treatspolitics as agame.He BY ELLEN GAMERMAN come at acost,” said Mr.Moss. capitalizes on Mr.Garza’s partici- Thedocumentary, premiering pation in a“March forOur Lives” he newdocumentary FridayonApple TV+, wasshot in rally,building an Instagram page A Frontier Airlines passenger. “Boys State” follows 2018 amid ##MeToo revelations that portrays the campaign rival as Texas teenagerswho cre- and conversations around toxic antigun. He tries to getintel on Ms. Blouch had spent sev- ateamock government masculinity.Ms. McBaine said she the Nationalists, attempting to ex- eral weeks unsuccessfully try- Tin an annual civics exer- waspreparing herself foranun- ploit the disarray in that party’s ing to reach a customer ser- cise organized by the flattering experienceofmodern ranks.Heendorses what he calls vice representative to book American Legion. It is campaign boyhood but found something else. “shock and awe” campaigning. new flights before the expira- politics in miniature, complete “I sawall kinds of empathyand lis- Twoyearsafter the eventsof tion. Calls went unanswered or with mudslinging,pandering and tening and compromise,” she said. the film, Mr.Feinstein sounds con- were disconnected. She playing to the cheap seats. “And crying—I didn’t expect it to trite. “I expected the ‘Ben Feinstein couldn’t find an email address Watching so manyboys in be quiteasemotional an experi- victoryreel,’” the rising college for Frontier customer service. matching whiteshirtswhooping at Legion postsassembled in Austin enceasitended up being.” sophomoresaid. What he gotwas “It has been very frustrating,” each other veersattimes intothe forsix days.They split intotwo Thefilm wonthe U.S. grand jury moresobering.“Isaw amirror of she says. territoryofWilliam Golding’s1954 parties—Nationalistsand Federal- prizefor documentaryatSundance myself.And Isaw alot of actions Frontier spokesman Zach cautionarynovel “Lordofthe ists—and campaigned forleader- earlier this year. that Idon’t think should be the Kramer says the airline de- Flies.” But then fly-on-the-wall ob- ship positions including the top One of the documentary’searly norm in our politics.Idon’t really cided to reinstate Ms. Blouch’s servations and character studies slot of governor. starsisNationalistcandidateSte- feel proud of myself.” credit for 48 hours so she recall campaign documentaries like SanFranciscodirectorsJesse venGarza,anearnest Texan born But he doesn’t regret being in could rebook for a later date, “The WarRoom,” abehind-the- Mossand Amanda McBaine said in atownnear the Mexican border the documentary. “The amount of which she did right away for scenes look at Bill Clinton’sfirst they knewthereweresensitivities who talks about politics as public people that sawmybehavior and next April. bid forthe WhiteHouse. around shooting young people but serviceand is so soft-spoken he said, ‘This is an example of what Mr. Kramer noted that the P

Boys State gatheringsoccur ev- they kept rolling.“We don’t pull barely gets enough signatures to we don’t likeabout politics’ far airline’s schedule is open for /A eryyear in states acrossthe coun- back in the film—the conduct of makeitonthe ballot. He faces off outweighs anyminuteburden that booking through September KI/ WS

try. Thefilm captures the event in the characterswefollowed, their in the primaryagainst Robert Mac- Ihavetosuffer,” he said. “Ifthat 2021. Frontier is working with BO

Texas in June 2018,when more actions,the reflections on their Dougall, abackslapping pictureof behavior canserveasanexample customers “to accommodate LU than 1,100 rising high-school se- choices they make, they arevery confidencewho plans to apply only of what we don’t want to see in their travel wishes, within our ZA VID

niorssponsored by local American real and painful and some have to West Point and wearsfancy the system, then that’sgreat.” policies,” he says. DA

HERE’S WHATISSTREAMING THIS WEEK

Trending: ‘How to Sell Drugs Online New Release: ‘Mapleworth Murders’ (Fast)’ (Netflix) (Quibi)

Movies and series that prove Newly released movies and popular shows When Lisareturnshome to “Mapleworth Murders,” a Germany from studying abroad mystery comedy on Quibi that in the U.S.,her boyfriend Moritz began streaming this week, is devastated by twopiecesof revolves around Abigail Ma- news:she no longer wants to be his girlfriend pleworth, an author and amateur sleuth who and she really likes the party drug ecstasy. has a talent for solving murders—or, as she “How to Sell Drugs Online (Fast)”—which calls it, “mahhhrrrder.” Netflix says is its most-watched German thias Murmann said they’ve met some criti- The show was created by Paula Pell, who inspired by “Murder, She Wrote” sleuth Jes- original series in Germany and is available cism for their abundant depictions of drug plays the title character, and John Lutz, who sica Fletcher as well as women she has grav- with subtitles or dubbed in English—tracks use. They counter that they aren’t arguing plays a local cop. The two worked together itated toward her entire life. “I love that kind how Moritz’s efforts to win his girlfriend that drugs aren’t dangerous, but that the in- on “Saturday Night Live,” and the first sea- of older lady that puts on lipstick and wants back through pills leads him to sell drugs on- ternet can be just as devastating. son includes appearances from a who’s who to tell you all her secrets,” Ms. Pell says. “I’ve line with his best friend. “No one talks about that,” says Mr. of SNL alums—from Tina Fey and Maya Ru- always had funny women in my family like

ON The show, now in its second season, ex- Käßbohrer. “They learned in school that dolph to Tim Meadows. that. So it’s a mix of those ladies and theater

WILS plores the complications that can arise when drugs are dangerous, but no one learns that Ms. Pell says Mapleworth is unabashedly broads that I grew up just worshiping.” B friends become business partners, their prod- it’s dangerous to become a YouTube star. We RO uct is illegal, and selling it is as dangerous as just wanted to address those dangers on a BY using it. Creators Philipp Käßbohrer and Mat- similar level.” ONS

IC Relevant Oldies: ‘Jaws,’ ‘Star Wars’ O; and ‘The Terminator’ (HBO Max,

VIDE Disney+, Amazon respectively) An ExpertRecommends:‘The PRIME Romanoffs’ (Amazon Prime Video) Old movies and series that ON

AZ are newly relevant

AM RZAisafounding member of Summer is usually the sea-

(2); the Wu Tang Clan and director son of the big-budget movie of the film “Cut ThroatCity,” blockbuster—but the pandemic

CTION out August21. Here, he recom- has put some of the biggeston LLE mends aTVseries createdby hold. If you’re looking forafix,though, the the first seasonspends six episodes portray- CO Mad Men’s MatthewWeiner. “Blockbuster” podcast, currently in its second ing Steven Spielbergand George Lucasinthe “Mywifeand Irecently watched‘The Ro- season, castsanew lens on old standbys. 1970s. The second season, which wraps up

EVERETT manoffs’ on Prime Video. Iwas interestedin the stories arecompleted in each episode. The podcastseries is abiographical audio Wednesdaywith an extendedfinale,devotes it because I’minterestedinhistory.Mywife One episode is about arich, racistwoman playthatpulls back the curtain on the making 10 episodes to the lifeand career of James NETLIX;

: agreed to watchitjusttobeagood wife. But in Francewho hires ayoung Muslim woman of someofthe biggestmovies of all time in Cameron. It explores his early days working on it surprisedusboth. We fell in love with it. to be her maid. She’s terrible to her—calls her celebratory, tales of the anxieties, disasters film sets, his complicated relationship with his LEFT

P The showisabout people around the aterrorist. But eventually,she’s the only one and near misses thatwerepart of bringing father,and the pitching and making of films TO world who believe they’re descendants of the taking care of this old woman, and the two films like“Star Wars,” (Disney+)“Jaws” (HBO like“Aliens” (HBO Max)and “The Terminator” OM

FR Russian royal family.Ithoughtthe showwas build adifferenttype of relationship and un- Max)and “Titanic” (Amazon)tolife. (Amazon Prime Video)—with acastthatin- going to takeplaceinthe 1700s or some- derstanding foreach other,which Ithought Completewith an original score, sound ef- cludes adead ringer forArnold Schwarzeneg- WISE thing. But it depicts the descendants of the wasverycrafty. The showisfunny, unex- fectsand acastofactors—basically abiopic ger arguing the virtues of “I will be back” over OCK

CL family in the present day. It’s an anthology,so pected and really well written.” without pictures,sayscreator Matt Schrader— “I’ll be back.” —Chris Kornelis P2JW226000-0-A01100-1------XA

THE WALL STREET JOURNAL. Thursday, August 13, 2020 | A11 ARTS IN REVIEW

ABROADATHOME Architectural Clickbait

Setting foot in greatbuildings maynot be an option now, but digital toursoffer an alternative

BY MICHAEL J. LEWIS anniversary in 2023. In 1957 Jørn Utzon, ayoung IF WE HAVE LEARNED anything Danish architect, wonthe interna- this year,itisthat virtual reality is tional competition with adazzling apitiful substitutefor the real proposal to thrust an operahouse thing.Architectureisnot only avi- and an auditorium out intothe har- sual but aspatial medium, which bor,carried on what seemed to be we experiencewith our entire afloating platform. Each was body,consciously and uncon- roofed with acascade of shell-like sciously.Evenwith the finest digi- arches,suggestiveofbillowing sails talsimulation we missthe evidence but also of concentric wavesof of our other senses—the resonant sound, symbolizing both itssite echoes that tell us the shape,size and itsfunction. Curvilinear forms and materials of aspace; the dis- of this sort had briefly been popu- tinctivefragrancethat gives every lar during the 1920s,but during the room an olfactoryfingerprint (like Functionalist 1950s they were seen the uncannycombination of chalk as self-indulgent and frivolous.For- dust, beeswaxand resinous wood tunately,one of the jurorswho metal so strong that it is milled to The Sydney Opera House, designed by Jørn Utzon, above; the Guggenheim in our old schoolrooms). But as it judged the competition wasEero athirdofamillimeter,and itspan- Museum in Bilbao, designed by Frank Gehry, below; the Villa Savoye, happens,avirtual building cangive Saarinen, then designing the other els actually tremble slightly in the designed by Le Corbusier, bottom us other rewards. great free-form sculptural building wind likethe wingsofabutterfly. Le Corbusier’s Villa Savoye of the era, the TWAFlight Center, Thestory is well told in Julien (1928-31), at Poissy,just west of and he pushed forUtzon.The web- Donada’sdocumentary “The Paris,isone of the greatest and siteofthe Sydney OperaHouse of- Guggenheim Museum of Bilbao,” most spatiallycomplexhouses of fers aterrific overviewofthe de- which one ought to watchbefore the past century. Not aboxycon- sign history, including the original embarking on avirtual tour of the tainer,itopens itself up to air and competition program. Construction building; it is available on YouTube. sky, in the manner of an ocean began beforethe design wasfinal- With Google’sArts&Cultures site, liner,with tiersofopen decks.And ized, with unfortunateconse- youcan roam the interior freely, itsdetails aresuitably nautical, quences,aswelearn from the short and youcan even squeeze your way with trim metal railings, inclined YouTube video “Building an Icon.” down the length of RichardSerra’s ramps,and curved screens at the Although Utzonwas firedinone serpentine steel sculpturecalled topthat evokesmokestacks.The of those disputes typical of highly “Snake.” Youwill be puzzled and sense is not that of aheavy object, politicized building projectsand did disoriented, but no moresothan on anchored to the earth, but aclean not remain to design the interiors, avisit to the actual building.In and sleek machine,gliding above his building wasaninternational short, the supply of virtual build- it—“the house is amachine forliv- sensation and has remained influ- ingsisnearly inexhaustible.But ing in,” as Le Corbusier liked to say. ential to this day. Itsmost impor- when yousee the real thing in per- Forathoughtfuland intelligent tant descendant is Frank Gehry’s son (and youshould), expect to be introduction to the house,one Guggenheim Museum in Bilbao, surprised. If youhaveevermet should see the video produced by Spain (1992-97), that strangepara- someone youknewonly from pho- the Open University as part of its doxofabuilding with bulging mus- tographs,you will understand why. course on the HistoryofArchitec- cular forms but surprisingly deli- tureand Design 1890-1939,viewable cate surfaces.That delicacycomes Mr. Lewis reviews architecture for on YouTube on the CCAchannel. from itscladding in titanium, a the Journal. But to experienceitspatially, one must explorethe images avail- able at 360Cities,which is an edu- cational collection of 360-degree panoramic photographs.The expe- rienceisakin to that of standing in the middle of aroom and craning your head in everydirection, but with the ability to zoom in likea telescope.You canstand in the en- tryhall, whereboth aramp and a spiral stair suggest fluid effortless movement. Or forgeout ontothe main terrace, wherethe tight ge- ometryand hygienic whitewalls heighten the contrast with the opu- lent natural scenerybeyond. Or emerge ontothe upper terrace, which is discreetly screened forpri- vate sunbathing.(Foralighthearted sendup of the International style and Modernist-chasing trendsters, readersshould watchJacques Tati’s

“Mon Oncle,” available forrent on MY

Amazon and elsewhere.) ALA

Buildings designed as free-form (2); sculpture need to be experienced GES in the round; with Google’s Arts IMA and Culture project you can stroll

around one of the greatest of GETTY them, Australia’s Sydney Opera P: House, now undergoing a major TO OM

renovation in advance of its 50th FR

Nick Mohammed, Jason Sudeikis simply the bimbo-esque girlfriend and Brendan Hunt in ‘Ted Lasso’ of the megalomaniacal striker Ja- mie Tartt (Phil Dunster). In many ways, in fact, “Ted Lasso” reverses played for NBC Sports when it be- a very standard sitcom formula- gan presenting Premier League tion: Instead of the central charac- soccer in 2013. Making a mockery ter being the sensible one around of the broadcast booth, Ted Lasso whom wacky characters revolve, was not just clueless about Euro- the people surrounding Ted are pean football, but blissfully igno- complicated, plausible humans. rant about his own ignorance. He Ted is the cartoon, although there probably put potential American are moments when he reveals an subscribers at ease about any un- intelligence and savvy utterly at familiarity with the game, because odds with his aw-shucks Ameri- no one could know less about soc- canism. Is he working for the CIA? cer than Ted. It doesn’t seem like the show is As played with full commitment going that way, but who knows. by Mr. Sudeikis, Ted is a cringe-in- Created by Mr. Sudeikis and Bill ducing character—he isn’t just un- Lawrence (“Scrubs,” “Spin City”), schooled in soccer, he doesn’t ever “Ted Lasso” has enough characters read the room. Nor does he ever with substance to send the sto- entertain the idea that there might ryline down any number of ave- be an agenda behind his being nues. An obvious one is the rivalry hired by Rebecca Welton (Hannah between the prickly veteran Roy Waddingham) to run the club—of Kent (Brett Goldstein) and the TV+ which she’s the new owner, thanks preening Jamie, who dismisses

APPLE to her divorce agreement with her Roy as an old man. Another might billionaire ex (named Rupert, involve the “kit boy” Nathan (Nick TELEVISION REVIEW |JOHN ANDERSON which seems a little obvious). We Mohammed), the gentle young go- find out why soon enough: The fer from whom Ted has won eter- players treat him with contempt, club was the only thing the shame- nal allegiance just for remember- ACluelessCoach and the press excoriates him and less, egomaniacal and philandering ing his name. (British class the fans call him filthy names— Rupert (Anthony Head) ever loved, awareness takes a few hits in “Ted “Ted Lasso” casts a certain spell: If she says, so she’s going to “burn it Lasso,” as does the open-minded- Confronts NewRules nothing else, you want to see to the ground.” Ted is her matches ness of the standard-issue Premier where in the world it can go, other and gasoline. Or, if you prefer, pet- League fan.) The series will launch than to the fictional Richmond FC rol. with three episodes and present t takes no time at all to see that League soccer team whose follow- stadium. Ms. Waddingham is a big reason the remaining seven on subse- “Ted Lasso” is a gleefully ridicu- ers make New York Jets fans seem As some will be aware, “Ted to watch “Ted Lasso,” turning quent Fridays. If you’re already I like chess-club cheerleaders. That lous show based on a ludicrous Lasso”—one of the very few TV se- what might have been a tiresome, subscribing to Apple TV+ it’s premise: An American college foot- the coach himself is a live-action ries ever spun off a TV commer- dragon-lady character into some- worth a look. ball coach—one who doesn’t know knockoff of Ned Flanders certainly cial—is based on the character thing much more nuanced. Like- relegation from jubilation—is hired doesn’t make it any less mad. that Jason Sudeikis, then a “Satur- wise, Juno Temple, who elevates Ted Lasso by a struggling English Premier But as Ted settles in—and the day Night Live” cast member, her character Keeley from being Begins Friday, Apple TV+ P2JW226000-0-A01200-1------XA

A12 | Thursday, August 13, 2020 THE WALL STREET JOURNAL. SPORTS

JASONGAY College Football Isn’taBubble

The Big Tenand Pac-12 sayfarewell to fall sports,and some fans arefurious.Isitworthwhile anger—ormagical thinking?

This stinks.All of it. Don’t fall forthe nonsense that thereare powerful forces thrilled by the imminent de- mise of collegefoot- ball—a cabal of sportshatersand/ or media elitistswho want a shutdown to happen, and arenow taking smug satisfaction that games won’t be playedinmajor conferences like the Big Tenand Pac-12 this fall. Nah. Don’t buy it. This situation stinks.This stinks forbasically ev- eryone,including the folks charged with this impossible decision. Most of all, it stinks forthe players,young athletes who worked hardjust to gettoAugust, who sacrificed and trained their bodies and followedthe health protocols to givetheir teams a shot to playinSeptember.Ifwe knowanything about acollege football career,it’sthat it goes by in ablur,and the vast majority of the players don’t wind up playing on Sundays.Collegeisthe pinnacle of alot of football lives—and it’sa shame that aseason looks to be lost. They wanted to play. Iknow that became ahashtag,but Ibe- S lieveitverymuch. Theplayers aren’t the only ones PRES

losing out, of course.School this UMA /Z

year isn’t going to be the same. RT

School this year wasn’t going to be UA ST

the same,nomatterwhat, but T OT

some great collegetowns in Amer- SC icaare going to lose something The Ohio State Buckeyes won’t be taking the field this fall. The Big Ten and Pac-12 decided to postpone football amid the coronavirus pandemic. meaningful, even if it wasjust go- ing to be astripped-down, no-fans ing intothe void at their suddenly scene in “Norma Rae.” (Can we re- ble,sad to say. It is vast and hard opingscience, and it’sdeeply frus- version of the beloved tradition. empty schedules.Their money is tirethe false dilemma that players to manage, and it is far from the trating when you’retrying to get TheSEC,ACC and Big-12 arehang- what wasdriving this push to re- arebetteroff among their teams only industryswept up and tor- back to work,fully open your busi- ing in there, saying they’reon turn, afterall. Yes, the players than they would be at home? No mented by this crisis.Millions in ness, getyour kindergartner to kin- track to play, but it’sunclear if that wanted to play; the coaches one’stelling teams they need send this countryremain out of work or dergarten, protect your grandpar- will hold. wanted to coach; youand Iwould their athletes home.Keep ’em underemployed. Thenational un- entsorbeat Michigan by two Spring football? Whoknows. have enjoyedwatchingit; but the there! Test them!) employment rate hoversat10%. touchdowns on the road. It’salso This situation also stinks forthe reality is that bills need to be paid. Irespect the passion. This coun- Thehavoc is substantial. Ihaven’t deeply frustrating if youonly want coaches,assistants, trainers, ad- It’sanuncomfortable truth. And tryloves collegefootball and even gotten to the unfathomable to hear good news. ministratorsand collegepresi- afterdecades of watching schools would loveany wayfor it to hap- number of lives medically impacted These past five months have not dents, the people who work in the wrap themselves in folksy myths of pen. Me,too.But some of the and lost. been our finest hour.Asthis pan- stadiums and surrounding stores amateurism, it wasprettyamusing And here’sthe thing: We still demic has simmered on, and good- and restaurants, and whomever has to watchsome of them acknowl- don’t have ahandle on it. The faith effortsatmitigation have to call the fattest catdonorsand edgethe bottomline.Scott Frost, Nobody knows for numbersare leveling in some yielded to fatigue,our impatience tell them the suiteislocked and the coach at Nebraska, estimated places,growing moreupbeat in has degraded intoablame game in the whole thing is off.Big-time col- the hit on the athletic department certain what path is best others, and thereare afew pockets which the usual sides aretaken, legefootball is big business, it’s forcanceling football this season —for college football, or of fresh concern. But the curvehas statsare cherry-picked, and apub- undeniable,and aheavy hammer is could be between $80-to-$120 mil- not been flattened as much as it lic-health crisis is turned intoa about to fall. lion. Such an admission should for anything. Not yet. has been dulled, and our current choose-your-own-sciencesegment Therewill be layoffs,BarryAl- makeareasonable person think yet approach to mitigation seems to be on cable news.Wehavepoliticized varez, the athletic director of my again about what awarped form of muttering it isn’t so bad and hop- masks,schools,bars, beaches,and Big Tenalma mater,Wisconsin, capitalism collegefootball is,how ing it all works out. Magical think- nowcollegefootball Saturdays. told reportersonTuesday. One as- ahead coach canmake$8million, damn-the-torpedoes talk this week ing isn’t what has worked in other This is acomplicated crisis which sumes that’sjust the start of it for an offensivecoordinator $2.5mil- has been abit much. Here’sformer countries,and it hasn’t worked involves trade-offs between the impacted schools.Football revenue lion, the strength coach half amil- NotreDame coach LouHoltz, reck- here. It’swhy when colleges went health of our communities and eco- has long tentacles,and other pro- lion, and the playerisgiven the oning with the decision by the Big to their doctorsand asked foras- nomic destruction, and instead, the grams will likely feel the pain. slipperyterm of art student-athlete Tenand Pac-12: “When they surances that everything would be internet teems with amateur epide- Speaking of which, let’snot for- and remains unpaid fortheir con- stormed Normandy,they knew OK,they couldn’t getit. miologistsand moral philosophers getthat this isn’t just football los- tribution on the field. therewould casualties and there “In the end, thereweretoo who claim, with comical certitude, ing afall season in these confer- It’sanimbalancethat some cur- would be risks.” manyquestions that we couldn’t to knowthe correct path forward. ences.Cross-country, field hockey, rent players arerallying to change, Coach! Love you! Can we agree answer, and the doctorsdidn’t Such clarity is amirage, I’m soccer, women’svolleyball—all of as they lobby foranoverdue seat the stakes hereare mildly differ- have answers,” Alvarez said in a afraid. Nobody knows forcertain them arehitting pause,too.Those at the table.And it makes it alittle ent? video message to Wisconsin fans what path is best—for collegefoot- arefiniteathletic careersaswell. jarring to hear voices that dismiss Thebig pictureisimportant, be- last night. ball, or foranything.Not yet. We Then thereare the TV networks, talk of playercompensation getbe- cause the big pictureiswhy we’re Iknow: This is all so annoying. have work lefttodo, all of us. wherethe suitsare surely scream- hind #wewanttoplaylikeit’sa here. Collegefootball isn’t abub- This is the inconvenienceofdevel- And, yeah, it stinks.

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THE WALL STREET JOURNAL. Thursday, August 13, 2020 | A13 OPINION Election 2020: The Year of Weird BOOKSHELF | By Gerard Helferich

By Karl Rove Likethe conventions,the high negatives.The pandemic respectiveelectoral bases will ‘Man Can campaign afterLabor Daywill has focused attention on the reinforce,not persuade.What ne of the strangest be different in manyways, incumbent’s response, which will be persuasiveare themes O yearsinAmerican pol- and not only because it will the public has judged harshly. that resonatewith that 10% or itics keeps getting happen in atime of plague Still, as Mr. Biden comes into 12% of voters who arestill on Only Mar It’ stranger.One example is and social distancing. focus,doubtsmay grow about the fence or leaning one way, what’shappened to the With the two oldest candi- him and his policies,ifthe particularly suburbanites. quadrennial national party dates ever to seek the Oval Of- Trumpcampaign is disci- Carefully and creatively rais- Leave It as It Is conventions,which have fice,the vice-presidential plined in turning attention to ing doubtsabout the other been an integral part of picks mattermorethan usual, him. candidate will be more effec- By David Gessner American politics since1831, especially for Joe Biden. It is The race will likely rest on tive than taking afigurative (Simon & Schuster, 338 pages, $28) when the parties replaced quite unlikely that, if elected, whovotersthink canbetter baseball bat to his head. the old system in which he’ll seek asecond term at 81. confront our nation’sbroad One morepieceofadvice: ore than a century after his death, Theodore membersofCongressse- Sen. Kamala Harris will face challenges. Mr. Biden has the It’stime to start spending M Roosevelt still inspires with his ferocious energy, lected the nominees. morescrutinythan most run- advantageamong those whose money.Neither campaign consummateintelligenceand manifold achieve- Many exciting elements of ning mates.Americans will paramount fear is coronavi- should sit on itswar chest. ments. But perhaps most fascinating is his complex, even theconventions long agodis- carefully consider whether rus, though his edge could be President Obama killed off paradoxical, personality.Aman with genuine empathyfor appeared with the advent of diminished by events—for in- public financing by declining it the disadvantaged, he embraced the racial and cultural primaries,the decline of party stance, if avaccine arrives so that he could spend unlim- prejudices of his time; an avowedtrustbuster,heaccepted influence and the emergence Conventions are over, soon or if cases and deaths ited money on his2008 gen- the patronageofbanks and corporations; asteadfast of television. No more103 bal- fall. His only real argument is eral-election campaign. Since conservationist, he slaughtered hundreds of wild animals. lots to select the Democratic and voters may that Mr.Trump has bungled then, winning presidential Today, when the legacies of manyAmerican heroes are nominee as in 1924. No walk- actually care about thepandemic response; the campaigns have had more being re-examined, what arewetomakeofTeddy outslikeTheodoreRoosevelt’s Democraticnominee has of- money at the end than they Roosevelt? progressiveRepublicans in the vice president. feredlittle evidencehehas caneffectively spend. Candi- David Gessner considers Roosevelt’s environmental 1912. No contested vice-presi- better ideas on howtocope dateskick themselves fornot record in his thoughtful “Leave It as It Is.” The title comes dential nominations: That last with Covid. investing earlier in productive from a speech that TR gave at the Grand Canyon in 1903, happened at the 1956 Demo- she’suptothe topjob.The Mr.Trump holds the edge activities.The hugeincrease in exhorting his fellow citizens: cratic convention. SanFranciscoChronicle ran with those who won’t tolerate early voting and difficulty of “Leave it as it is. You can Formorethan 40 years, the an extraordinaryop-ed by her lawlessnessinAmerican cities persuading swing voters makes not improve on it. The ages conventions have been made- mentor,former SanFrancisco and those who think he’ll do a wise early investmentsmore have been at work on it, for-television moments, origi- Mayor and California Assem- betterjob in restoring the important. Thecandidates will and man can only mar it.” nally with 1960s production bly Speaker Willie Brown, ad- economy after the plague re- raise morethan enough money The phrase was the values that were across be- vising her to “politely decline” cedes. He is also likely to win in the months ahead. watchword of Roosevelt’s tween “Hee Haw” and aJerry an offer to be vicepresident on whoistougher on China. Aparting prediction: The conservationist ethos. As Lewis Telethon. Morerecently, and instead trytobecome U.S. But his weaknessisthat so far race will getcloser—and president, he set aside 230 the conventions morphed into attorney general. It will be he hasn’t laid out an agenda weirder,too—in the dozen million federal acres for extravagantly staged and discussed around morethan a for a second term. weeks left before Nov. 3. posterity,creating five national highly ratedminiseries.Some few dinner tables. No single ad—along the parks,51federal birdpreserves, 30 million Americans watched Moreover,the polls aresta- lines of Ronald Reagan’s Mr. Rove helped organize four national game preserves HillaryClinton’s 2016 accep- ble but narrowing,with the “Morning in America” or Lyn- the political-action committee and 150 national forests. He tancespeech, and 32.2 million RealClearPolitics average don B. Johnson’s “Daisy” American Crossroads and is also designated 18 national watched Donald Trump’s.But dropping from a10.2-point spot—will settle this contest. author of “The Triumph of monuments, including the Grand nowthe roaring crowds, lead forMr. Biden on June 23 Victorywill come from the cu- William McKinley” (Simon & Canyon, later named anational park. breathlessgavel-to-gavel cov- to 7. 3pointsWednesday. That mulativeeffect of raising Schuster, 2015). In establishing these monumentsheinvoked erage, and occasional mo- maynot look close,but the doubtsabout the other candi- the Antiquities Act, which he had signed in 1906; it gave mentsofdrama aregone. race is as unsettled as the na- date and his values.Red-meat Daniel Henninger is away. presidentsthe authority to protect federally owned “historic They won’t come back. tion. Both candidates have attacks that rouse the parties’ landmarks,historic and prehistoric structures,and other objectsofhistoric or scientific interest.” Takenasawhole, Roosevelt’srecordisunparalleled, and Mr.Gessner is right to call TR “our firstand greatest environmental president.” ‘Covid Powers’ Wreck My Neighborhood In shielding federal land from unbridled development (as in many other matters), Roosevelt was often opposed By Julia Vitullo-Martin couldn’t regulatethem. sertsinits bureaucratic lan- Under the law, none of this by powerful commercial interests and a reluctant Congress. Thingsgot even worse guagethat it is abiding by should be happening.The Today conserving wilderness areas is still unpopular among New York when the government did statelaw in housing them in 1989 city charter requires those who believe, as candidate Donald Trump declared in or manyyearsI’velived showup. Without awordof aresidential neighborhood. that public facilities likely to 2016: “We’ll be fine with the environment. We can leave a F in paradise—the Upper warning to residentsor True to NewYork’sclassic burden neighborhoods—jails, little bit, but you can’t destroy businesses.” In 2017, to free West Side.Wehave elected officials,the Depart- development patterns,the waste-transfer stations,drug- up morepublic land formining and oil and gasdrilling, convivial neighbors, beautiful ment of Homeless Services, Upper West Side is full of treatment centers, transi- Mr.Trump drastically reduced the size of two scientifically buildings, great subways,ex- citing “emergencyCovid pow- schools and playgrounds in- tional shelters—must be equi- and culturally important national monuments, Bears Ears cellent theater and dance, ers,” in Maymoved more terspersed with businesses tably distributed. Community and Grand Staircase-Escalante, both located in Utah. (The fine libraries and bookstores, than 100 single men intothe and residences.Worried par- boards—bodies consisting of former was designated a national monument in 2016, by wonderfulrestaurants, pleas- boutique BelnordHotel on a entshaveset up chat rooms local residentsappointed by President Obama; the later by President Clinton in 1996.) ant markets. Therewere quiet residential block of and aFacebook pagetopost elected officials—arecharged Removing nearly two million acres from protection, it was problems but we worked West 87th Street. Four buses photos of men behaving with undertaking regular the greatest rollback of its kind in history. them out amicably. full of people had pulled up badly—urinating on side- analyses of government facili- Theaction inspired Mr.Gessner,awriting professor and Then Covid-19 hit. The unannounced in the early walks, shooting up on church ties in order to protect the environmental author,tomakeacross-countrydriveto streetsemptied as people morning. Thedepartment, steps,congregating,drinking, neighborhood, but the Upper the threatened monuments, as well as to several sites that shelteredinplace. Retail which has asix-month lease, spitting,smoking marijuana West Side’sboardhasn’t ful- had inspired TheodoreRoosevelt, including the Badlands stores,already hurt by online refuses to saywhether the on park benches. filled that duty. of North Dakota, Muir Woods in California, and the Yellow- shopping,closed. Restaurants shelter is permanent. Everyday the neighbor- stone, Yosemite and Grand Canyon national parks. En route, were shut down. Thecity cut Almost simultaneously the hood seems lesslikeparadise. the author was hoping to reconnect with his hero and to sanitation pickups.Cops department moved 130 men New Yo rk City has Pettycrime has been increas- find a relevance for TR in our own era. Not least, he was stopped walking the beat. At into the Hotel Belleclaire, 10 ing,and burglaryhas more looking for reasons to hope. the same time,vagrancy—a blocks south. In lateJuly it commandeered three than tripledoverthe past perennial problem—seemed converted yetanother hotel, hotels and moved in threemonths,according to Thoughaparadoxical figure, TeddyRoosevelt to increase,with panhandlers theLucerne,toatemporary hundreds of addicts. police. In placeoftheir famil- on manycorners, and people shelter,moving in 283 men, iar open doors, merchants wasundoubtedlyafighterfor what he believedin, with their belongingsoccupy- most recovering alcoholics have been locking entrances ing spaceonthe sidewalks. and drug usersaccording to andremoving valuable items including thepreservation of thenatural world. Weirdthingsstarted to the agency. In aZoom call organized from windows.CVS paddle- happen, and the city govern- Long aprogressivebas- by theofficeofthe Manhat- locked itsice cream section ment wasmissing in action. tion,the neighborhood has tanborough president, par- because of constant theft. The road trip forms the backbone of his book, but Mr. Rather than returning to the worked fordecades with ad- ticipantsfromthe Depart- Restaurantshavebeen al- Gessner fleshes it out with succinct sections on Roosevelt’s depot, bus driversbegan vocatesand social-service ment of HomelessServices lowedtoreopen, but because life,especially the periods that helped to shape his parking in undesignated areas agencies to integratesup- andadvocacygroups urged of Covid, patrons maysit environmentalism, such as his boyhood, when he became overnight and forhoursdur- portivehousing forlow-in- that parents use “nonstigma- only outdoors, wherethey are enamored with natural history, and his stint as arancher ing the day. When challenged, come NewYorkersintothe tizing language” when refer- subjected to aggressivepan- in North Dakota. He especially delves intoRoosevelt’s they dismissively told resi- neighborhood fabric.Ican ring to what they call the handling.Some restaurants presidency, whereTR’senvironmental legacyincludes, dentstocall 311, the city’s count seven supportivehous- “WestSide’snew residents have closed asecond time. most tangibly,all those national parks,preserves, nonemergencyservicenum- ing projectsinmyimmediate who areour brothersand our Moving vans areafre- monumentsand forests. But through his bully pulpit, his ber.Privatedeliverydrivers area. fathers.” One argued that quent sight, as families sim- books,articles and speeches,Roosevelt also inspired his selected blocks as distribu- What’shappening nowis photos of drunken men sleep- ply pack up and leave.A fellowAmericans to care about the environment and to tion areas,with dozens of different. Areeling neighbor- ing on sidewalks and the neighborhood psychiatrist at- see it in anew way.“One of TheodoreRoosevelt’sgreat workerssuddenly showing up hood has been forced—with Broadway medians “strip tributed this in part to “anni- legacies,” Mr.Gessner writes,“wasgiving us astory to and unloading hundreds of no warning—toaccept almost these people of anyshred of hilation anxiety.” Not only tell ourselves about this countryand itsland.” TR believed, boxesontothe bikelanes and 600 newmale residents, humanity.” What aboutthe paradise is lost—so is basic he adds,that the land “was part of us,and we were part sidewalks.The Transporta- nearly all with histories of humanity of parentsfright- civility. of it. It defined us,and our lovefor it wasone of the best tion Department refused to substanceabuse.Ahandful ened fortheir families and thingsabout us.These ideas maynow sound like help,saying it hadn’t autho- areregistered sexoffenders, residentsworried about their Ms. Vitullo-Martin is a platitudes; to him they were felt truths.” rized the trucks and therefore although the department as- neighborhood? writer and political scientist. Yetonthe environment, Roosevelt’srecordisnot pristine, especially as it concerns NativeAmericans.Anardent advocateofManifest Destiny, he published afour-volume history, “The Winning of the West,” whose title aptly Kamala, Goddess of Wealth Creation captures his point of view. He could never accept what happened to NativeAmericans as genocide,and when the By Tunku Varadarajan tion mark,” Ms.Harris explains been by cosmic alignment that materially in the U.S. than vir- presenceof Native peoples stood in the way of perceived in hermemoir,not “Camel-ah,” Mr.Harris the wrestler died tually anyother,Indian-Ameri- progress, including the creation of national parks and oe Biden has revealed the to rhyme with Pamela, or even two days beforeMs. Harris the cans areastrikingly anti-Re- monuments, his solution wastoremovethem from the J identity of his running “come-AAH-lah,” the common- politician wasnominated. He publican bunch: 84% votedfor land and to urge assimilation into the dominant culture. mate:Sen. Kamala Devi est mispronunciation. was70. HillaryClinton in 2016.Ms. Mr.Gessner doesn’t excuse Roosevelt’slimitations and Harris.Why did he take so To makematters compli- Thereare other ironies.Ms. Harris doesn’t need to playto hypocrisies,but neither does he want them to cancel his long to decide? Maybe he cated: That last sounding of Harris’sprogressiveeconomic that ethnic gallery, especially signal achievements. “Weare all hypocrites,” he writes, needed time to learn howto syllables wasthe way in which beliefs sit awkwardly with her as it is atinyfraction of the quoting his friend the environmental planner Dan Driscoll. sayher name. James Harris,aprofessional being named foragoddessof electorate. “But we need morehypocrites who fight.” And there’sno How do yousay Kamala? wrestler from Senatobia, Miss., wealth creation. And her Instead, she must playup question that Roosevelt wasafighter forwhat he believed in, It’sanIndian name,proof that nicknamed “The Ugandan Gi- mother,Shyamala Gopalan her paternal side—African, via including the natural world. Perhaps his greatest environ- Ms.Harris’sdual ethnicity ant,” pronounced his stage (her firstname is pronounced her Jamaican father.The Dem- mental contribution wastopromoteawider vision, beyond can’t be writtenout of the name—which, bafflingly,was “Shyaa-muh-lah”), wasanIyer ocratsare aparty of ethnic hi- the anthropocentrism that Mr.Gessner warns is destroying script in the racially absolutist Brahmin, at the pinnacle of the erarchies,inwhich smaller the planet. “For all his self-centerednessand egotism,” the politics of the U.S. Her castestructureofher native ethnicities—such as Indians— author writes,“he seemed to understand this primaryinsight: mother—as many(though not It’s ‘comma-la,’ and Tamil Nadu, astate in south must effacethemselves and that the world is moreimportant than we are.” enough) people know—was an don’t mix her up with India. Thecomplexpolitics of wait their turn. It is ironic that As we face environmental dangers unimagined in Indian immigrant. Thesena- that region have caused many the party manyIndian-Ameri- Roosevelt’s day, Mr. Gessner asks what TR would do with tor’s given name, Kamala the late pro wrestler. Tamil Brahmins to seek their cans disdain is the one to have our surviving wilderness. Theimpassioned response: Devi—GoddessKamala—is a fortunes elsewhere, including given this countrytwo Indian- Leaveit as it is. Although protecting public lands, in itself, synonym forLakshmi, the Silicon Valley.Gopalan, who American governors(Bobby won’t reverse global warming, it could play a key role in Hindu deity of wealth and for- “Kamala.” Agiant black man died in 2009,was amedical re- Jindal of Louisianaand Nikki counterbalancing carbon emissions and preserving tune.The word Kamala liter- as theLady of the Lotus? Per- searcher at the University of HaleyofSouth Carolina). imperiled species. And maybe he is naive, the author ally means“she of the lotus,” haps his handlersconfused the California, Berkeley. It’s not inconceivable that admits of himself, but he believes that “wild, beautiful land the floweronwhich Lakshmi is name with the capital of Thepronunciation of Ms. in 2024, Americacould have to is the greatest thing about our country. It is the single best said to repose in the Hindu Uganda. That wascertainly the Harris’sname is,tobesure, a choose between Ms.Harris and reason for hope. . . . A physical statement of our belief in heavens. case with the autocorrect func- trivial aspect of her political Ms.Haley forpresident. Which the future.” Or as Theodore Roosevelt put it more than a As her name floods the tion on iPhones,which, for adventure. Morefraught by far will it be,the Tamil Brahmin century ago: “There is nothing more practical than the news,Iwinceeach time it is much of Tuesday, waschang- is the extent to which she or theSikh? preservation of beauty.” utteredbyanchorsand politi- ing Ms.Harris’sfirst name to can—and must—calibrateher cians who mangle the stressof “Kampala,” so much so that Indiannessonthe American Mr.Varadarajan is execu- Mr. Helferich’s most recent book is “An Unlikely Trust: itsvowels.Itispronounced “Kampala Harris” wastrending politicalstage.For an ethnic tive editor at Stanford Univer- Theodore Roosevelt, J.P. Morgan, and the Improbable “comma-la—likethe punctua- on Twitter. It canonly have groupthat is moresuccessful sity’s Hoover Institution. Partnership That Remade American Business.” P2JW226000-0-A01400-1------XA

A14 | Thursday, August 13, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Getting to Know Kamala Harris Punishment forthe NRA Must Fitthe Crime

oe Biden and Kamala Harris made their Ms.Harris denied the accusations,and afed- New York Attorney General Letitia the evidence, demonstrate a culture firstappearances as acampaign ticket on eral judgein2017ruled that she had “qualified James says she has no choice but to of fraud that persisted for years J Wednesday, and Americans still knowlit- immunity”—the doctrine that shields public of- seek the dissolution of the National while the NRA’s board and outside Rifle Association to protect its mem- auditors failed to correct it. This tle about the running mate ficials from liability forviola- How Biden’s running bers and donors from corrupt offi- would mean the board and auditors who maybePresident sooner tions of constitutional liber- cials (“Gunning for the NRA,” Review were derelict in their duties. Dissolu- rather than later. One way to mate blocked a hospital ties.This is ironic sinceMs. & Outlook, Aug. 7). tion would seem the appropriate rem- fill in the gapistoinspect Ms. Harris earlier this summer in- Ms. James should acquaint herself edy under such circumstances. Harris’srecordasCalifornia’s rescue to help the SEIU. troduced aresolution in the with the U.S. Army’s failed strategy The NRA’s members are free to or- Attorney General, and one re- Senatetoabolish qualified im- during the Tet Offensive in Vietnam. ganize and properly administer a not- vealing episode is the way she munity for police officers. During the battle for the city of Ben for-profit entity that serves their used her powertoblowupadeal to rescue Laterin2015 Ms.Harris approved the Tre, an Army major was famously needs. Rebuilding from the ground up struggling Catholic hospitals. Daughters’ hospital sale to the BlueMountain quoted as saying, “It became neces- will take time and effort. That, how- Thesagastarted in 2014when for-profit Capital hedge fund for $260 million including sary to destroy the town to save it.” ever, would be Mr. LaPierre’s fault, Prime Healthcare Services made an $843 mil- $160 million in debt. The SEIU supported that As a veteran of the Tet Offensive, I not Ms. James’s. can guarantee that we didn’t win any MITCHELL SEIDER lion bid forsix insolvent hospitals operated by deal.While imposing similar conditions on Vietnamese hearts and minds in that Scarsdale, N.Y. the Catholic Daughters of Charity Health Sys- BlueMountain as on Prime,Ms. Harris allowed fashion. Likewise, Ms. James knows it tem. The hospitals had been bleeding cash for the hedgefund to operatethe hospitals as tax- is impossible to protect the donors of If Ms. James believes organizations years due to inflexible labor contracts and mi- exempt nonprofits for several years. an organization that lobbies for their that misuse members’ dues should be serly Medicaid payments. Yet burdened by debt and expensive collec- rights and interests by dissolving that dissolved, then how about the United Prime Healthcare was the only bidder that tive-bargaining agreements, the hospital chain organization. Auto Workers? At least 14 people, in- agreed to assume Daughters’ $300 million lia- declared bankruptcy in August 2018 and was TERRY LARKIN cluding a former UAW president and bility for worker pensions, and it scored high put up forsale.The federal Pension Benefit Wayzata, Minn. two vice presidents, have been con- on the bidding criteria that included financial Guaranty Corp.assumed itspension obligations victed in connection to a recent probe wherewithal and servicequality.Nurses,physi- and slashed paymentstoworkersand retirees. Each time an NRAmember has into the diversion of millions of dol- cians and the public supported the deal. Two hospitals were sold to local governments made a donation to the group’s chari- lars of members’ dues for personal table arm and taken a deduction on use. As Democrats are so fond of say- But the ServiceEmployees International for a pittance. his taxes, U.S. taxpayers have indi- ing lately, no one is above the law. So Union-United HealthcareWorkersWest (SEIU- The state government this year leased two rectly subsidized private jet flights why must the NRA be dissolved while UHW), which represented 2,000 hospital workers othersthat had been on the vergeofclosing in and yacht charters for chief executive the UAW ambles on? at Daughters, opposed Prime’stakeover because order to ensureample hospital capacity to treat Wayne LaPierreand his circle. DAVID NEWFIELD the companyrefused to sign aneutrality agree- Covid-19 patients. Prime this spring offered to The allegations, if supported by Studio City, Calif. ment that would let them organizeall of Prime’s buy another,but the SEIU again objected to the hospitals.Only four of Prime’s15hospitals in Cal- takeover and refused to renegotiateits existing ifornia at the time were unionized. collective-bargaining agreements. California’sAttorney General must approve A bankruptcy judge recently said the SEIU Comparing ‘Cancel Culture’ to McCarthyism nonprofit hospital acquisitions,and Ms.Harris had rejected Prime’s proposals "without good LanceMorrow’s “Dawn of the bravesoul likeSmith, who waswill- attached dozens of poison pills to the deal. They cause.” Thejudgesaid the hospital “would not Woke” (op-ed, Aug.3)isasinsightful ing to stand up to the extreme ele- included requiring 24-hour nursing, surgery, continue to operateasagoing concern, and all as it is harrowing.The current cli- ment within her ownparty—then an anesthesia, laboratory, radiologyand pharma- of the [union] represented employees would mateofthe “cancel culture” is indeed apparent majority,asonly six others cies forfiveyearsand mandating that hospitals lose their jobs” unless the labor agreements evocativeofMcCarthyism, but it is co-signed her declaration—toad- offer an additional 12 to 18 “essential services” were renegotiated. Ms. Harris’s successor as morefrightfuland destructive. vancethe cause of true freedom of such as orthopedics for 10 years. These condi- AG, Xavier Becerra, approved Prime’s acquisi- Wherethe threshold forcondemna- speech and toleration of dissent. tions were unprecedented. tion last month. tion in the McCarthyera wasalleged JOHN M. MARMORA Prime walked away from the deal and sued Hospital workers, patientsand taxpayers affiliation with “communist sympa- Spring Lake, N.J. Ms.Harris forviolating itsdue-processrights. paid afearsome pricefor Ms.Harris’sinterven- thizers,” sufficient untotodayisthe According to the lawsuit, Daughters’ executives tion on behalf of the SEIU.Astroubling wasMs. merefailuretopublicly join in the Reading Mr.Morrow’s article,a had told Prime that Ms.Harris would block the Harris’s use of her authority to help a political denunciation of the latest societal thought occurred to me: With most construct or historical figure to be collegestudentsoff-campus due to sale “or require financially crippling approval supporter and punish abusinessshe didn’t like. branded as racist, fascist, sexist, ho- the coronavirus,towhom do they re- conditions” if Prime did not reach an agreement She wasinthe vanguardofthe newprogressive mophobic,etc. port the manymicroaggressions they with the union. The lawsuit alleges that in re- stateAGs who use prosecutorial poweragainst JoeMcCarthywas ultimately un- aresubjected to in the real world? turn the union promised to support her with opponents. Watchfor this in the Harris Admin- masked and shut down by his own Perhaps abetterquestion: With no $25 million in political contributions. istration in 2025, if not sooner. Republicancolleagues,aneffort be- studentsoncampus,noconservative gunwith the courageous “Declaration speakersinvited to empty auditori- of Conscience” by Maine’sMargaret ums and no bias to snuff out, arethe DeVos’s Sexual-Assault Rule Prevails Chase Smith. Thewords of the Sen- deans of diversity and inclusivity still ate’ssole woman member reverber- employed? ne of the stakes in November’s election benefit” both accuser and accused because atetodaywith startling prescience Iagree with Mr.Morrow.Turning is the fateofthe Trump Administra- they “are given greater assurancethat if they and poignancy: back this “woke” cancel culturewill “The American people aresick and be moredifficult than returning to O tion’s due-processreforms forcampus prevail in the grievanceproceeding,that result tired of being afraid to speak their lifeafter Sen. McCarthy. He wasone sexual-assault cases.Educa- will not be overturned be- minds lest they be politically man on amission. What we facenow tion Secretary Betsy DeVos’s The new standard for cause the processdid not smeared as Communistsorfascists is widespread. new rule goes into effect Fri- due process on campus comply with due process.” by their opponents. Freedom of KEN OEHLER day, and this week it passed its Meanwhile,federal Judge speech is not what it used to be in Naples, Fla. first legal tests. survives in court. Carl Nichols ruled on similar America. It has been so abused by NewYork Attorney General grounds Wednesdayagainst a some that it is not exercised by oth- Letitia James sued to stop the challengetothe newrule by ers. TheAmerican people aresick The Antitrust Case Against rule and sought apreliminaryinjunction. Fed- 17 stateattorneysgeneral. and tired of seeing innocent people Big Tech Can’t Pass Muster eral JudgeJohn Koeltl,aBill Clinton appointee, The rulings are vindication for Mrs. DeVos smeared and the guilty white- washed.” LettersbyTom Wilson and Mark denied the injunction this week on grounds that forfollowing the AdministrativeProcedureAct Mr.Morrow contends that the Noonan (“HowBig Should Govern- the department had followedproper procedure (APA) in writingthe rule.The Obama Adminis- remedy to today’srelentlessand ment LetBig Tech Be?” Aug.6)in in drafting the rule and would likely prevail on tration, led on this issue by Vice President Joe ruthless“wokeness” is ashowing of response to your editorial (“Big the merits. Biden, disregarded the APA by writing “Dear spine by university presidents, news- Tech’sAntitrust Paradox,” July 30) Therule defines sexual harassment under Ti- Colleague” guidancetoschools that eschewed paper publishersand heads of corpo- criticizealleged antitrust violations tleIXofthe Education Amendmentsof1972and public comment. TheTrump Administration re- rations,but rightly handicaps the by the big technologyfirms.Mr. requires schools to set up grievanceprocesses viewednearly 125,000 commentsbeforemaking odds of that happening as quitelow. Wilson writes that onceacompany for handling complaints. Colleges must allow its rule final. In the faceofthat unfortunatereal- reaches near-monopoly status it is accuser and accused to choose adviserswho can Thedownside of the long processisthat the ity,wecan only hope foranother free to raise prices.This is conven- cross-examine witnesses.Both will receivethe timing means the rule could be vulnerable to tional antitrust analysis,but it is same notice of allegations and are given the being overturned by the Congressional Review meaninglessinthe contextofser- Electric Vehicles, Subsidies vices that arebasically free,like same right to appeal. Act if Democrats run Congress and the White and the Public’s Intelligence Facebook, Google Search and You- “Rather than harming students,” Judge House next year. That would be a tragedy for Tube. Apple canraise prices on its Koeltl wrote, “the Rule has the potential to due process and justice on campus. Holman W. Jenkins,Jr.’s “The iPhones,but it is hardly amonop- Tesla Secret” (op-ed, Aug.5)asks: oly.Ithas competitors, likeSam- “Why don’t Wall Street and the sung and Huawei, who would hap- Where Is the U.S.-U.K. Trade Deal? presstalk about howthe [electric pily sell phones with similar vehicle] businessreally works?” The featuresatalesser price. he thirdround of negotiations between ized National Health Service. TheU.K.has answeristhat in 2020 few people Mr.Noonan complains that Ama- the United Statesand the United King- sworn not to budgeonacentralized drug-pro- even remember the carindustry zonunfairly benefitsfrom“negoti- T dom foranew trade deal has come and curement system that underpays forAmerican from beforeregulations and taxlaws ated” shipping ratestothe detri- gone and, well, whereisit? pharmaceutical innovations. reshaped it. President Obama’s54.5 ment of competitorswho must pay An agreement should miles per gallon corporateaverage carriershigher rates. It is hard, President Trump and Prime London’sresistancetoany fuel economystandard—reduced to however, to see whyAmazon Minister Boris Johnson each be easier to reach than liberalization, market forces 40 mpgbyPresident Trump—and shouldn’t be permittedtonegotiate saythey’reenthusiastic,and or privateinvestment in the creditsthe legacymanufacturers itsown shipping rates, and impossi- both economies could use the London seems to think. health care will makeitthat paytoTesla areonly the latest in a ble to see howlowershipping costs boost. Yetadeal is turning much harder forWashington long line of regulations on and subsi- hurt itscustomers. out to be harder than ex- to sign adeal—even though dies to the carand fuel businesses: Thereare doubtlesssome things pected, and forall the wrong reasons. the NHS deliversawful health-careoutcomes the chicken tax, the intangible drill- forwhich Big Tech should be held What should be causing the hold-up arethe compared to the rest of Europe,and calls out ing cost preferenceand the percent- to account—censoring conservative contentious elementsinvolved in anyhigh- forreform. agedepletion rule come to mind, voices on Facebook and Twitteris quality free-trade pact. Thetwo sides should Mr.Johnson added anew trade hurdle among manyothers. one.But itscritics have done a LikeMr. Jenkins,manyofuswish poor job articulating anysubstan- be haggling over banking regulations that when the U.K. imposed itsversion of adigital- that technologyand consumer tastes tiveantitrust offenses. would facilitatefreetrade in financial ser- services taxonAmerican tech giantsinApril. governed the carbusinessrather STANLEY A. BOWKER vices. They oughttobeironing out mutual These taxeshaveprovokedPresident Trump’s than government directives,but Longboat Key, Fla. recognition of professional qualifications so ire—and retaliatorytariffs—when other Euro- Washingtonhas been distorting the British and American architects, engineers, pean governmentstried to implement them. automobile market fordecades and accountantsand the likecan work freely on It’sabad strategyfor concluding adeal, and won’t be stopping anytime soon. Pepper ... either side of the Atlantic.Thereshould be re- bad economics forBritish consumersincreas- PETE KASPER And Salt ciprocal recognition of product-safety rules ingly shopping online from home. Tucson, Ariz. and inspections. Mr.Trump isn’t blamelessinthis evolving THE WALL STREET JOURNAL Yetnaryawordisheardabout those is- failure. Targeting U.K. exportsfor tariffs in In an otherwise excellent column, sues.Instead, the problems arepolitical own- Washington’sbroader battle against Euro- Mr.Jenkins writes,“Policysalesman- ship oftenoperates on such dumb er- goals on both sides,but primarily in the U.K. pean subsidies forAirbus makes little sense rors.You need astory that canbe Agricultural trade remains aneedlessstick- if thegoal is to strikeaBritish trade deal told to an idiot (the public).” On a ing point. TheU.S.has long insisted that Eu- quickly.The President’selection poll ratings long-term net basis,the public is not rope impose scientific food-safety standards arealso an obstacle,asBritish negotiators “anidiot.” This is an error common and allow imports of chlorine-washed Ameri- figure they maydobetterbyholding out for among left-leaning academics (see: canpoultryand beef treated with certain President Biden. Massachusetts InstituteofTechnol- medications. But Mr.Johnson has moretogain economi- ogyProf. Jonathan Gruber) but, alas, Brexit wassupposed to let Britain deviate cally and politically from agood deal soon and not limited to them. from the European Union’sunscientific,trade- the domestic reforms necessarytostrikeone. IRA STOLL killing resistancetoAmerican imports. In- Thecase forBrexit wasthat leaving the EU Boston steadMr. Johnson and Trade SecretaryLiz would let Britain shed continental protection- Lettersintended forpublication Trusspromise British voters these American ismand open itseconomytothe wider world. should be emailed to [email protected]. goods will never appear in U.K. supermarkets. Mr.Johnson should do that. Thestakesinget- Please include your city, stateand This kowtow to British farmersand environ- ting trade politics right on agriculture, health telephone number.All letters aresub- mentalistscould scuttle atrade deal. scareand taxation areenormous,and aU.S. ject to editing,and unpublished letters “Before I continue, can we just cannot be acknowledged. Another sticking point is Britain’ssocial- pact is the firstcrucial step. lose the personal trainers?” P2JW226000-0-A01500-1------XA

THE WALL STREET JOURNAL. Thursday, August 13, 2020 | A15 OPINION The Gulf War Ended Too Soon Law Alone Can’t Protect By Paul Wolfowitz mittedtokeep them on the pretext that they were needed fortranspor- hirty yearsago this tation because of the damagedone Free Speech month, on Aug.2,1990, by coalition bombing.Atthat point, Saddam Hussein invaded the fateofthe rebellions wasthe T Kuwait. TheU.S.mounted single most important issue forthe By Greg Lukianoff an impressiveresponse, futureofIraqand forthe reputation And Adam Goldstein but strategic errorsatthe end of the of the U.S. in the eyes of the Iraqi Gulf Warhad consequences the people.The president himself,per- ancel culturenotwithstanding, world still lives with today. sonally and publicly (at aMarch 13 legalcommentator KenWhite

GES C As Defense SecretaryDick Che- pressconferenceinCanada), had argues that “this is agolden

ney’srepresentativeonthe Deputies IMA warned Iraq to stop using helicop- agefor free speech in America.” For Committee, Ihad the privilegeto ters against the rebels. decades,henotes,the Supreme Court

observePresident George H.W. Bush GETTY Moreover,Saudi leadershad has protected all manner of objec-

from the second row. Ihavenothing VIA urgedSecretaryofState James tionable speech,fromburning the

but admiration forBush’sleadership FP Baker, during hisearly March visit American flag to homophobic pro- /A

in responding to an aggressiveact OT to Riyadh, to support the Iraqi reb- testsoutside servicemen’sfunerals.

virtually no one had anticipated. GUY els.They said, as Iremember,that That’strue—but those victories rest

Swallowing an entirecountryand its AL Saddam wasstill dangerous,“likea on abroad cultural consensus.If SC

oil wealth shocked the world. While PA wounded snake,” and added that campus norms continue to displace it leftnodoubt about the danger A U.S. tank and a picture of Saddam Hussein in Kuwait, March 1, 1991. “we’re not afraid of the Shia of free speech culture, judges and law- Saddam posed, it made the chal- Iraq,” who are“Arabs and not Per- yers will eventually start to ignore lengeall the moreformidable.In came from, Bush replied: “That’s afterSafwan, everything went sians,” and had remained loyalto the FirstAmendment or,worse,chip lessthan aweek from acold start, mine....That’swhat Ifeel.” wrong.The United Statesdid noth- Iraq during eight yearsofwar with awayatituntil it is meaningless. Bush put together the basic ele- Throughout the next seven ingtosupport the insurgents, and Iran. Free-speech culturegaveusthe mentsofapolitical-militarystrategy months,Bush made repeated diffi- the uprising wasput down in part None of those alternatives would FirstAmendment to begin with. It to forceSaddam to relinquish his cult decisions crisply afterconsult- by Iraqihelicopters,” which Sad- have caused the coalition to col- kept free speech aliveinthe tumultu- conquest—peacefully if possible,by ing with his advisers. Some involved dam’sarmyhad been allowedto lapse—particularly with the Saudis ous 19th century. It reinvigorated the forceifnecessary. great risks,and oftenthe advisers keep on the pretextthat it needed on board—nor would they have re- FirstAmendment in the 20th century. didn’t all agree.Bythe beginning of them because the bridges had been quired the U.S. to occupy Baghdad. It informs interpretations of the First March 1991, Saddam’sarmywas destroyed, not strafeand drop mus- In combination, they would have Amendment today—and it will deter- Bush was right not to go all evicted from Kuwait with miracu- tard gasonthe Shiiterebels. been an appropriateresponse to mine whether free-speech protec- lously lowAmerican and coalition Historians examining howthat Iraq’streacherous abuse of the tions will survive. the way to Baghdad, but he casualties. happened need to ask whythe for- permission it had obtained to fly should have backed Shiite But unlikehis principal advisers, mal decision structure, which Bush helicopters. Bush wasnot “exhilarated” by the hadused masterfully until then to Supporting the rebellions had If today’s cultural trends rebels in southern Iraq. outcome.“Howcan Ibeexhila- makecritical decisions almost daily, risks of itsown, but those risks rated,” he said to reporters, “when brokedownatthe very end. should have been deliberated care- continue, judges will Saddam Hussein is still in power?” Istill believeBush wasright not fully,assomanyothershad been eventually curtail First Bush recognized that he could do That unhappiness, only briefly dis- to risk American lives pursuing the over thecourse of the preceding little,and nothing militarily,with- playedpublicly,comes through retreating enemyintoIraqorall the seven months.But leaderswere Amendment rights. out Saudi support. But he also un- clearly in JonMeachem’s autho- way to Baghdad,particularly since anxious to end the warand avoid derstood the dilemma at the heart rized 2015 biographyofBush, who Iraqi defenses against Iran had stiff- mission creep that would getthe of Riyadh’sthinking.For them, the allowedthe author access to his ened when on their ownterritory. It U.S. stuck in Iraq,sothey weren’t. That’sverymuch in doubt, consid- one thing worsethan dealing with diaries. turned out also that several Republi- As aresult, Saddam playedacat- ering the stateofthose norms in an aggressiveSaddam on their own “I don’t feel euphoria,” Bush canGuarddivisions were still intact. and-mouse game that kept the U.S. higher education. Our organization would be to accept U.S. support wroteonFeb.28, 1991, the dayaf- But therewereatleast three al- stuck anyway for12moreyears wasfounded in 1999.Back then, if only to see it waver, as Jimmy terthe combatantsannounced a ternativecourses of action that and beyond. Princetoninvestigated aprofessor Carter didwith Iran and Ronald cease-fire. “Hitler is alive, indeed, should have been considered, sepa- Therewas time to allowthe pres- because he wroteanop-ed disagree- ReaganinLebanon. Hitler is stillinoffice, and that’s rately or together,aspart of apost- ident to think thingsthrough, but it ing with activist demands,orthe Bush ignored advicetoplaydown theproblem. ...American people combat strategy: Demand that Sad- wasn’t used. Thelesson: If time is public called on Auburn to fire apro- the sizeofthe forcethe U.S. would elated, [but] Ihavenoelation.” dam or one of his principal on your side,don’t succumb to a fessor forexpressing antipoliceviews have to deploytodefend Saudi oil What Mr.Meachem calls “Bush’s subordinates surrender personally; self-generated sense of urgency. online,oraconservativeUniversity fields.Heauthorized Mr.Cheney to postwardespondency” wasrooted secureUnited Nations Security Take the time to examine whether of North Carolina-Wilmingtonprofes- tell them the full extent of what was in the “failuretobring about Sad- Council endorsement of the large thereare betteroutcomes than sim- sor washounded to suicide forabra- needed. TheSaudi ambassador swal- dam’sfall” and some specific con- “disengagement” zone along Iraq’s ply abandoning “endlesswars” in sivepublic statements, it would be a lowedhard, then said: “Atleast we tributing failures. entire southern border,which our themistaken belief that youwon’t very bad semester.All this happened knowyou’reserious.” Bush regrettedthe decision not U.N. Ambassador Thomas Pickering be forced back to waragain. within two weeks last month, and the Thepresident reinforcedthat se- to forceSaddam to the surrender ta- had proposed; and insist that Sad- fall semester hasn’t even begun. As riousnessbyhis spontaneous state- ble at Safwan, just acrossthe Ku- dam stop using at least his helicop- Mr. Wolfowitz, avisiting scholar studentsgraduate, cancel-culture ment to reporters: “This will not waiti border,whereU.S.and Iraqi ters,ifnot his tanks as well, to at the American Enterprise Institute, normsspread beyond campus,to stand, this aggression againstKu- troops had astandoff afterthe with- slaughter the Shiiterebels in south- served as U.S. ambassador to Indo- newsrooms,corporateboardrooms— wait.” Implicitly it committedhim to drawaland cease-fire. “Moresub- ern Iraq. nesia (1986-89), undersecretary of and sooner or later courtrooms. taking militaryaction if all else stantively,” Meachem writes,“when Thehelicopterswereafocus of defensefor policy (1989-93) and What is free-speechculture? Folk failed. Asked wherethat phrase the rebellions against Saddam began attention because Iraq had been per- deputy defense secretary (2001-05). wisdom like “it’safreecountry” is one windowintocultural values,and free-speech values pervade our idi- oms. Sentimentslike“to each his Individual Choice Is a Bad Fit for Covid Safety own” and “everyone’sentitled to an opinion” canbefound all over First By Alan S. Blinder crue to other companies and to doingnearly enough to contain it. Moreorlessthe same canbesaid Amendment law. “Freedom to differ consumers. So firms in free mar- Absent avaccine,our main de- about social distancing.Weall know is notlimited to thingsthat do not he U.S. government’sdisas- kets,lefttotheir owndevices, will fenses against this “plague” areee- that keeping our distanceisincon- matter much,” the justices observed T trousfailureindealing with invest toolittle in R&D.Govern- rily similar to what people did in the venient (tosay the least), especially in West Virginia Board of Education the coronavirus pandemic is a mentsaround the world have long Middle Ages: Wear facemasks and if other folks aren’t cooperating.It v. Barnette (1943). In Cohen v. Cali- tragedy in manyacts—from the Cen- understood this problem, which is keep your distancefrompeople who certainly impedes economic activity. fornia (1971), they declared that “one ters forDisease Control and Preven- whythey both subsidizeR&D and might be contagious.Americans Yetnoone is handing out rewards man’svulgarity is another’s lyric.” tion’sinitial errorswith test kits perform it themselves. afraid of contracting the disease are to people who distanceproperly, Idioms like thesehavelost much andmasking,toaknow-nothing Negativeexternalities areoften taking these precautions now—or at and few places arepenalizing those of theircultural force. “Sticks and president who confuses magical more spectacular—and moreworri- least some are. And that’swherethe who come tooclose.Asinthe case stones maybreak my bones,but thinking with thinking,eventocra- some.The classic example is pollu- externality comes in. of facemasks,individual decision- wordscan never hurt me” is mocked venpolitical considerations when tion. If firms aren’t chargedfor the Start with facemasks.First, they making in free marketswill produce as an affront to women and minori- the pandemic wasseen as ablue- pollutantsthey spewintothe atmo- cost money.Probably moreimpor- toolittle social distancing. ties rather than amantraafreesoci- stateproblem, and much more. sphere, they will emit toomany. For tant, they areuncomfortable to wear Thestandardremedy foranex- ety teaches children to help them be- But one of the most important and makeyou look—howshall Isay ternality is atax or asubsidy.But come resilient. Free-speech culture sourcesofgovernment failurehas it?—a bit odd. Individuals who make this is impractical formasking or has ahigh tolerancefor difference—a received comparatively little atten- Consider the externalities: decisions in their ownbest interests distancing.The best compromise presumption that, formost of us, tion—and it’seconomic in nature. will balancethese costsagainst the maybeanenforcedmandatethat personal political differences needn’t Economistsare oftenaccused of We each choose whether to benefit of reducing their susceptibil- people wear masks and practiceso- interfere with cooperating in our day- being madly in lovewith free mar- isolate or wear a mask, but ity to the virus—which, scientists cial distancing in public.Enforce- to-daylives,and that even “bad” peo- kets,and thereissome truth to tell us,issmall. Based on this per- ment would be difficult, but it’s ple canbegreat at theirjobs.“To that. But one of the most important all society bears the costs. sonal cost-benefit calculus,each in- been effectiveinsome states and each his own.” ideas we teach everyeconomics stu- dividual will decide whether or not many European countries. Free-speech culturecan survive dent is that unfetteredmarketssys- to wear amask. Here, however, we hear thunder without good free-speech law. In tematically getitwrong in the pres- over acentury, economistshavead- But wait. What aboutneighbors, on theright—even from some Re- 18th-century France, one of the enceofexternalities—cases in which vocatedastraightforwardfix forthis co-workers, and passersby? Since publican governors—that requiring greatest philosophical periods in hu- the decisions of some people or market failure: Taxpollutersfor the wearing amask benefitsother peo- either masking or distancing in- man historyflourished even though businesses have important effects damagesthey inflict on others. ple much morethan ourselves,the fringesonindividual liberty.Well, itsparticipants, including Voltaire, on third parties who have no say in This analysis applies directly to beneficial externality from mask- sure. So do redlightsand speed lim- Diderot,Rousseau and the Marquis the decision. climatechange. CO2isnot aclassic wearing is huge. Consistent with its—which, likemasks,savelives. de Condorcet, had to flee to avoid ar- Externalities canbebeneficial or pollutant: It doesn’t burn your eyes, that, several studies have estimated It’s no exaggeration; the anti-mask- rest, or in some cases were arrested. harmful. Aclassic example of a makeyou cough, or turn the skies that the health gains from masking ersare killing people. Thecultural norm of open discussion beneficial externality is your neigh- gray.Rather,cumulativeCO2 emis- arelarge while the economic costs wassostrong that they kept writing bor’s beautiful garden. Although sions heat up the atmosphere, caus- aresmall. Agood deal. Yetbasic Mr. Blinder is aprofessor of eco- and challenging norms despitethe le- youplanted nothing and paynofee, ing climatechanges of all sorts— economicstells us that self-inter- nomics and public affairs at Prince- galrisk. youbenefit daily.Freemarketswill most of them bad. Because this huge ested decision makerswill not wear ton University and aformer vice But without acorresponding cul- systematically underprovide such negativeexternality hasbeen al- masks enough. chairman of the Federal Reserve. ture, free-speech lawbecomes a activities. lowedtorun rampant, we aregrad- mockery. Consider the following con- Afar biggerbeneficial external- ually making the Earth an inhospita- stitutional provisions: ity inheres in businessspending on ble placefor humans. •“Everyone shall be guaranteed research and development. Firms What does allthis have to do Notable & Quotable: NASA freedomofthought and speech.” that engageinsuccessfulR&D cap- with the coronavirus? The Covid-19 •“Citizens areguaranteed free- tureonly aportion of the benefits pandemic creates agiant externality From an Aug. 5National Aero- apair of spiral galaxies found in the domofspeech, the press, assembly, of theirinnovations.The rest ac- through contagion, and we aren’t nauticsand Space Administration VirgoGalaxy Cluster.Moving for- demonstration and association.” press release: ward,NASA will use only the official, •“Everyone has the right to ex- International Astronomical Union press and disseminate his/her As the scientific community designations in cases wherenick- thoughtsand opinions by speech.” PUBLISHED SINCE 1889 BY DOWJONES&COMPANY works to identifyand addresssys- names areinappropriate. Each of these promises sounds Rupert Murdoch Robert Thomson temic discrimination and inequality “I support our ongoing reevalua- similar to the FirstAmendment’s Executive Chairman, News Corp Chief Executive Officer, News Corp in all aspects of the field, it has be- tion of the names by which we refer Free Speech Clause.But Russia, Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher come clear that certain cosmic nick- to astronomical objects,” said North Koreaand Turkey,respectively, Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: names are not only insensitive, but Thomas Zurbuchen,associateadmin- lack the free-speech cultureneces- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; canbeactively harmful. NASA is ex- istrator of NASA’s ScienceMission sarytomakethem real. Even in freer Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; amining its use of unofficial termi- Directorate at Headquarters, Wash- countries such as Spain, Britain and News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; nologyfor cosmic objectsaspart of ington. “Our goal is that all names France, people have been imprisoned Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer itscommitment to diversity,equity, arealigned with our values of diver- forrap lyrics,social-media posts, and Features &Special Projects; Andrew Dowell, Asia; OPERATING EXECUTIVES: and inclusion. sity and inclusion, and we’ll proac- reading choices. AnthonyGalloway, Video &Audio; Brent Jones, Kenneth Breen, Commercial; As an initial step,NASA will no tively work with the scientific com- That’swhereAmericaisheaded if Culture, Training &Outreach; AlexMartin, Print & Jason P. Conti, General Counsel; Writing; Michael W. Miller, Features &Weekend; TracyCorrigan, Chief Strategy Officer; longer refertoplanetarynebula NGC munity to help ensure that. Science we getcomplacent. Afree-speech cul- Emma Moody, Standards; Shazna Nessa, Visuals; Frank Filippo, Print Products &Services; 2392, the glowing remains of aSun- is foreveryone,and everyfacet of turecan exist without protectivelaw, MatthewRose, Enterprise; Michael Siconolfi, Kristin Heitmann, Chief Commercial Officer; likestarthat is blowing off itsouter our work needs to reflect that but not the other way around—at Investigations; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; layers at theend of itslife, as the value.” least not forverylong. GerardBaker, Editor at Large Thomas SanFilippo, Customer Service; Josh Stinchcomb, Advertising Sales; “Eskimo Nebula.” “Eskimo” is widely Nicknames areoften moreap- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page viewedasacolonial term with arac- proachable and public-friendly than Mr. Lukianoff is president and CEO Jonathan Wright, International ist history, imposed on the indige- official names forcosmic objects, and Mr. Goldstein senior research WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; nous people of Arctic regions.Most such as Barnard33, whose nickname counsel of the Foundation for Individ- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head official documentshavemoved away “the Horsehead Nebula” invokes its ual Rights in Education.This article

EDITORIAL AND CORPORATEHEADQUARTERS: from itsuse.NASA will also no longer appearance. But oftenseemingly in- is adapted from a debate between 1211 Avenue of the Americas, New York, N.Y., 10036 use the term “Siamese Twins Galaxy” nocuous nicknames can be harmful Mr. Lukianoff and Ken White pub- Telephone 1-800-DOWJONES to refertoNGC 4567 and NGC 4568, and detract from the science. lished by Reason. P2JW226000-0-A01600-1------XA

A16 | Thursday, August 13, 2020 THE WALL STREET JOURNAL. WORLD NEWS Developing Nations Face Long Pandemic

Poorer countries didn’t some younger doctorsare skip- ping duties,citing reasons such see outbreak’searly as having small children or el- spike, but now, plateau derly parentsathome,said R. Ravindra, president of India’s shows no signs of end PrivateHospitals and Nursing Association. Manydoctorsalso Theintensive-careunitsat quarantine foraweek aftera the Salvador Zubiránhospital in similar runonCovid-19 duty. MexicoCity have been operat- “Thereisanacuteshortage ing at full capacity forthree of doctors and medical staff,” straight months—their beds said Minakshi Bhardwaj,medi- calsuperintendent at the gov- By Juan Montes ernment-run RamManohar (2) in Mexico City Lohiahospital in NewDelhi. and Vibhuti Agarwal Herhospital has launched a

in New Delhi JOURNAL search forpeople for140 Covid-19-related posts. So far, REET

filled with unconscious Covid-19 ST only 50 have been filled.

patients, positioned facedown LL “Families arereluctant to al- and connected to ventilators. WA lowtheir loved ones to work in

Everyperson who dies or re- THE Covid wards,” Dr.Bhardwaj said. R

covers is replaced within hours FO Thelonger the pandemic by another who is critically ill continues in places likeIndia, and in need of lifesupport. T Í NEZ doctorssaid, the worsethe

“It’sanonstop flow.Wehave MAR strain. Thereare signs that doc- EL

never seen anything likethis YA tors and nurses in Mumbai and before,” said ThierryHernán- Salvador Zubirán hospital in MexicoCity, one of Mexico’stop public facilities, has had to focus on the constantinflux of Covid-19 patients. Bangalorehavelefttheir hospi- dez, the head of emergencyser- tals and headed to hometowns, vices at the hospital, one of ATale of TwoCurves hoping to escape the pandemic. Mexico’stop public facilities. “Thereare issues of lossof Some developing countries arestuck in along plateau of deaths AcrossMexicoand much of confidence, fatigue and pres- while NewYork and parts of Europe experienced asudden spike the developing world,battling sure,” said Abhimanyu Sardana, and arelatively quick decline. the coronavirus pandemic has asenior doctor at the govern- become aseemingly unending Daily confirmedCovid-19 deaths,seven-daymoving average ment-run Hindu RaoHospital in effort. Poorer countries experi- NewDelhi. Doctors“may 1,000 enced aslowerrun-up in cases Brazil choose to leave their jobs rather and deaths,but nowseem stuck India than deal with the stress.” on along,deadly plateau that is As the virus began to spread stretching on formonths. 750 in March, social-distancing mea- That is a contrast with the Mexico sures bought time forpoorer trajectoryin much of Europe nationswith weak health-care and partsofthe U.S.,likeNew 500 systems.Mexico’spublic-health York,wherelockdowns and system IMSSreconverted 186 of other measures pushed infec- its274 hospitals,hired 4,700 tion levels and deaths down by 250 newdoctorsand reassigned 90% within six weeks or so af- wagesand working in the in- Winde in July compared the manyother specialists. TheSal- ter a sharper initial rise. formal economy, and little in shape of South Africa’span- NewYork state vador Zubirán hospital boosted In poorer countries,“It the way of government assis- demiccurvetoCape Town’s 0 Spain the number of intensive-care looks morelikeone long wave,” tance, the kind of wide-ranging Table Mountain. “Wejust MAMJJA beds to 40 from 14. said Jarbas Barbosa,assistant strict shutdowns used in some don’t knowhow long the top Note:Spain revised deaths downward in May. Overestimateshavebeen removed. About 14,000 of the insti- director of the Pan-American developed countries have of that table topis,” he said in Source:Johns Hopkins CSS tute’s34,000 beds arecurrently Health Organization, the divi- proved difficult to maintain. acall with financial-services takenupbyCovid-19 patients, sion forthe Americas of the Brazil has seen roughly company Investec. forthe school year. those diseases.That disruption said Victor HugoBorja, director World Health Organization. 1,000people die everyday With newcases and deaths “A slowerepidemic has its is particularly important in of medical services at the IMSS. Thegood news is that hospi- from Covid-19 fornearly three remaining stubbornly high, good and bad things,” said poorer nations of Africa, Asia Thelonger the pandemic talsystems in places likeMex- months, with no end in sight, manycountries have been GustavoOlaiz, atop epidemi- and Latin America wherethose runs,the greater the pressure icoand South Africahaven’t and nowhas morethan forced to go slowinreopening, ologist at Mexico’sNational diseases aremoreprevalent. forhospitals to offer afull faced the sudden and some- 100,000 fatalities,second only deepening an economic down- Autonomous University.“Good In India, wherethe virus is rangeofservices again. TheSal- timescatastrophicspikethat to the U.S. Mexico’sdaily turn. The longer pandemic is news is that youhavetime to spreading rapidly,health offi- vador Zubirán hospital is pre- hit the Italian region of Lom- death rate has been stuck at also straining underfunded prepare. Bad news is that you cials have managed to ramp up paring aplan to reconvert the bardy and NewYork.But the about 610 forthe past two health systems in poorer na- will have to devoteabig chunk the number of critical-care hospital againand restart con- bad news is the epidemic has months, putting that country tions, sucking up scarce per- of your installed capacity to beds, ventilators and protec- sultations,surgeries and trans- settled in, producing aconstant over 50,000 deaths. sonnel and resourcesthat coronavirus patientsfor many tivegear fordoctors. But there plantswhile keeping some coro- stream of newpatients that is Thedeath rate in India, Co- draw attention away from moremonths,affecting pa- is one thing that is harder to navirus patients. But forthat to exhausting hospitals and doc- lombia and Peru is still rising, other chronic diseases likedi- tientswith chronic diseases.” ramp up: specialized doctors. happen, coronavirus cases have tors,leaving fewerresourcesto and it has hit aplateau in abetes and malaria. Some 80% of programs de- Developing countries like to fall further in the capital. deal with other diseases. South Africa. Nine of the top Roughly half of Mexico’s 32 signed to fight HIV,tuberculosis Indiahavefewerdoctorsper “This is going on longer than Manypoorer nations suc- 10 countries in the world in states have delayedplans to al- and malaria—which together capitathan richer nations.But most of us expected,” Mr. ceeded in using lockdowns and Covid-19 cases areinthe de- lownonessential businesses to kill millions each year—have the pandemic has made mat- Hernándezsaid. He gotinfected social distancing to slowthe veloping world. reopen. Schools haven’t been been disrupted,according to ters worse. Manydoctorsover with coronavirus in Maybut initialspread.But, with many In SouthAfrica’sWestern able to reopen fully.Mexico the WHO’sGlobal Fund, which 60 suffer from comorbidities made afull recovery.“Let’s people subsisting on daily Cape province, Premier Alan has canceled in-person classes coordinates aglobal response to and don’t report to work,while hope this nightmareends soon.” U.S. to Sanction Hezbollah Allies WORLDWATCH BELARUS porate networks and obtain sen- TheTrump administration is sitive security information. preparing to impose anticor- Pompeo, EU Officials It didn’t identify which Israeli ruption sanctions against Warn of Fallout defense companies were tar- prominent Lebanese politicians geted but said their networks and businessmen in an effort to Secretary of State Mike weren’t harmed or disrupted. Pompeo called on authorities in North Korea has denied involve- By Dion Nissenbaum in Belarus to protect protesters ment in hacking attacks. Beirut, Ian Talley in and give citizens more politi- —Felicia Schwartz Washington and Benoit cal freedom, adding pressure to Faucon in London a regime that might face new MAURITIUS sanctions from the neighboring weaken Hezbollah’sinfluence European Union. Compensation Is in the aftermath of last week’s “Wewantthe people in Belarus Sought for Oil Spill explosion in Beirut’sport,ac- JOURNAL to have the freedoms thatthey’re

cording to U.S. officials and REET demanding,” Mr.Pompeo said at a Mauritius says it is seeking othersfamiliar with the plans. ST news conferenceWednesdayin compensation from the owners LL

Theblast, which killed at WA Prague. The Belarusian election of aJapanese ship thatspilled least160 people and injured Sunday “wasn’theld in away that oil after it ranaground in the THE

thousands more, has acceler- R wasfreeorfair,” he said. shallowwaters off the Indian ated efforts in Washington to FO On Tuesday, EU foreign-policy Ocean island nation in July,while blacklist Lebanese officials chief Josep Borrell criticized au- urgentefforts continue to pump RLING

aligned with Hezbollah, the TA thorities in Minsk, the Belarusian out the remaining fuel. M

country’sdominant political SA capital, for“disproportionate and The MV Wakashio has spilled and military force, according Soldiers help residents affected by lastweek’sblastinBeirut. Some U.S. officials saytheywanttosend unacceptable violence” and said 1,000 tons of its cargo of 4,000 to these people. amessage thatLebanon mustchange political course if it wantsinternational aid to rebuild the city. the bloc wasconsidering “taking tons of oil into the sea, fouling U.S. officials see an opportu- measures againstthose responsi- the coastline of Mauritius, in- nity to driveawedgebetween classtotargetendemic corrup- nowhere, in large part because been one of Washington’s top ble forthe observed violence, un- cluding aprotected wetlands Hezbollah and itsallies as part tion that has eaten away at the the government couldn’t ap- foreign-policyagenda items. justified arrests and falsification area. Thatthreatens 35 years of of an effort to contain the Shi- countryand ensuring Hezbollah provethe economic,financial Theadministration is working of election results.” EU foreign work to restore the area, envi- iteforce backed by Tehran. doesn’t keep itshold on gov- and legal overhauls the IMF to determine the targets. ministers areset to meet Friday ronmental activists said. Hezbollah has been part of Leb- ernment decisions. says arecritical to addresssys- Systemic corruption has al- to discusspossible sanctions. About 2,500 tons of fuel has anese coalition governments Butwhile the U.S. sees the temic corruption. TheLeba- lowedHezbollah, designated —William Mauldin been pumped from the ship, formorethan adecade and is political atmosphereasanese currencyhas lost more by the U.S. and several allies stranded on acoral reef at Pointe the region’smost potent threat unique opportunity forthe than 80% of itsvalue in amat- as aterror group,tocement ISRAEL d’Esny. Workers areracing to to Israel, which has bombed the sanctions to prod Lebanon, se- terofmonths,turning comfort- itsdominanceofLebanon’sfi- emptythe ship beforeitbreaks group’sforcesinSyria and Leb- curing the administration’s able middle-classsalaries into nancial and political systems, North Korean Hack up and further pollutes the shore. anon to prevent it from amass- goals with financial penalties paltrysums.Hyperinflation is Western officials say. Halted, Officials Say —Associated Press ing advanced missiles. making it increasingly difficult One Hezbollah ally some U.S. President Trump has used forpeople to buy meat, rice officials want to sanction is Ge- Israel said Wednesday that it SCOTLAND sanctions as atool in his cam- Wa shington plans to and chicken. Poweroutages bran Bassil, an ex-foreign min- thwarted a North Korean cyber paign against Iran. Nowsome stretch up to 22 hoursaday. isterand son-in-lawofPresi- group’s attempt to steal sensi- Three Die, Six Hurt in his administration want to target senior Although authorities in Leb- dent Michel Aoun,who stems tive information from leading de- After Train Derails see the White House turn the Lebanese officials anon and elsewherehaven’t as- from theChristian minority. fense companies in the country. screws in Lebanon. signed responsibility forthe ex- “No one has done moreto Israel’s Defense Ministry iden- Apassenger train derailed in Some U.S. officials said they linked to the group. plosion, manyLebanese say enable Hezbollah’spolitical tified the group as Lazarus and northeastScotland after stormy want to send amessagethat political corruption fostered the (over)reach in Lebanon that he said it is backed by a foreign weather,killing three people and Lebanon must change course environment that allowedit. has,ingiving an Iranian-funded country, though it didn’t name injuring six others Wednesday as it seeksbillions of dollars Senior U.S. officials say Shia militia Christian cover,” North Korea. morning, authorities said. in international aid to rebuild has proven elusive. Washing- they want to take advantageof said Jeffrey Feltman,former Lazarus was sanctioned by The train’sdriver is believedto Beirut. Thecity is facing a ton’sexisting sanction pro- the political backlash to shape U.S. envoy under President the U.S. lastyear.The U.S. said be among the dead, said the Brit- daunting reconstruction. grams against Hezbollah, like anew technocratic govern- George W. Bush, in an email. the state-sponsored North Ko- ish Transport Policeforce.Six Protestsforcedthe eight- those against Iran and Venezu- ment willing to tackle the cor- Mr. Bassil said Wednesday rean group has ahistory of high- people were hospitalized, but their month-old coalition govern- ela, have takenaneconomic toll ruption, lack of transparency therewas no evidencetosup- profile global hacking attempts. injuries aren’tconsidered serious. ment to step down on Monday, on their targetsbut haven’t andpoor accountability that port allegations he had en- Israel’s Defense Ministry said Local lawmaker Andrew Bowie setting up anew tussle over broken their grip on power. allowterror financing and gaged in corruption. “I would members of Lazarus built fake had been in Stonehavensurvey- who should lead the country. Last week’sblast only com- money laundering to thrive. challengeanybody to have profiles on LinkedIn to contact ing flood damage earlier Wednes- U.S. officials said that by pounded problems that have While the Trump adminis- proof or anystory that is employees of Israel’s leading de- day. “Weobviously don’tknow sanctioning carefully selected brought Lebanon to the brink. tration sees the political crisis credible on howthey cansay I fense companies and offer them whythe derailmenttook place, people,they aim to shape the Months of negotiations with as an opportunity to drive have anyrelations with any jobs. In the process, the group but obviously we have suffered newgovernment with two the International Monetary through reforms,quashing act of corruption,” he told The tried to compromise computers terrible weather here,” he said. goals: Compelling the political Fund over abailout have gone Hezbollah’sinfluencehas long Wall Street Journal. of employees, access their cor- —Associated Press P2JW226000-5-B00100-1------XA BUSITECHNOLNEOGY: TENCENTSSPOSTS PROFIT&FJUMP, PLAYS INDOWN U.S. ANTHREAT B4 CE

© 2020 Dow Jones & Company. All Rights Reserved. ***** THE WALL STREET JOURNAL. Thursday, August 13, 2020 | B1

S&P 3380.35 À 1.40% S&P FIN g 0.29% S&P IT À 2.31% DJ TRANS À 0.43% WSJ $ IDX g 0.11% LIBOR 3M 0.265 NIKKEI (Midday) 23282.20 À 1.92% See more at WSJ.com/Markets Goldman, Barclays Viefor GM Credit Card

Moves are part of and betting on afuturewhere Capital One Financial Corp., location datatocategorize 2017topursue similar deals. from dashboardtouch screens, people payfor gas, takeout or that Goldman will win. Bar- and track spending. Capital One has issued the and it signed up merchantsin- wider effort to wire and groceries from the clays PLC is also in the run- Thebank agreed not to GM card since2012 and still cluding Dunkin’ Brands Group everyday gadgets like driver’s seat. ning,some of the people said, launch another co-branded hasabout ayear leftonthe Inc.and Shell. TheWall Street firm is and adecision is expected in card forabout another year, contract. It is part of abroader effort cars to the web among asmall number of bid- the next few weeks. according to people familiar In their pitches to GM, to wireeverydaygadgetsto dersfor the automaker’s Goldman launched itsfirst with thematter, but has been Goldman and Barclays have the webtoencouragecon- BY LIZ HOFFMAN credit-cardbusiness, which credit card last year,partner- open aboutits desiretoadd pushed the idea of cars as e- sumer purchases and gather AND ANNAMARIA ANDRIOTIS has about $3 billion in out- ing with Apple Inc.and posi- moremerchants. It will have commerce portals,people fa- data. This technologyhas been standing balances,according tioning it as atech-enabled to unseat big banks that domi- miliar with the mattersaid, an slowtotakehold—not every- Goldman Sachs Group Inc. to people familiar with the andsecurealternativetoan natethe co-brand space, in- effort that the automaker it- one needs arefrigerator that is seeking to acquirethe matter. outdated product rifewith cluding SynchronyFinancial self has embraced. GM was the says when the milk is running credit-cardbusinessofGen- Thereisnoguarantee that fraud. TheApple card is digi- and Citigroup Inc., whose for- firstmajor carcompany to al- low—but it taps intoabroader eral Motors Co., doubling GM will ultimately choose to tally issued ontousers’ mer head of card partnerships, lowdriverstoorder food, pay trend of consumer spending down on consumer banking replaceits current card issuer, iPhones in minutes and uses ScottYoung,Goldman hired in forgas and book hotel stays PleaseturntopageB2 Lyft Records Severe CTION LLE

CO Revenue,Ridership EVERETT ;

S Drop in Pandemic PRES ZUMA

S/ BY PREETIKA RANA muted expectations.Analysts TO surveyed by FactSet had pre- PHO Lyft Inc. reported a dra- dicted 8.7million activeriders

OBE matic drop in ridersand reve- in the second quarter,revenue GL nue in the second quarter,as of $330 million, and adjusted

GES; rising coronavirus infections in Ebitda of $301 million.

IMA the U.S. and prolonged shut- On aconferencecall with downsweighed on itsresults. analysts, Lyft executives said GETTY

Y/ The San Francisco-based rides climbed 78%inJuly com- ride-hailing companysaid it pared with April, at the height

MCNALL had 8.7million activeridersin of lockdowns in the U.S.,sig- the three months ended June naling agradual recovery.July JOE

P: 30,compared with 21.8million rides were down 54% year- TO in the year-earlier quarter and over-year,however. OM 21.2 million in the previous Uber Technologies Inc.re- FR ‘CONTENT IS KING’: Sumner Redstone, who ran National Amusements, Viacom, and CBS, in his New York City office in 1994. quarter,when the pandemic ported weak second-quarter hit the U.S.,keeping people at resultslast week,with ride home and disrupting travel. bookingsdown75% year-over- Media Mogul Built FamilyEmpire Second-quarter revenue fell year and 72%fromthe previ- by morethan half,to$339.3 ous quarter. million from $867.3 million in UnlikeUber,Lyftdoesn’t the same period ayear ago. have afood-deliveryarm or a BY KEACH HAGEY Thenet lossnarrowedto global footprint to rely on dur- AND AMOL SHARMA Daughter $437.1 million from $644.2 ing depressed ridership in the millioninthe year-earlier U.S. But it forayedintodeliver- Sumner Redstone,who quarter.The adjusted lossbe- ing groceries and medical sup- turned his family’s movie-the- Already fore interest, taxes, deprecia- plies in the quarter and also ater companyintoaglobal tion and amortization widened reported strong year-over-year media empirespanning televi- to $280.3 million from $204.1 revenue growth from itsbike- sion, movies,radio and books, Holds million in the year-earlier pe- sharing operations. and who famously proclaimed riod. Lyft has said it hopes to Revenue per activerider de- that “content is king,” has become profitable by that creased just 2% to $39.06from died. He was 97 years old. TheReins measurenextyear. $39.77inthe second quarter a Rising from humble begin- Theresultswerebroadly in year ago, suggesting that Lyft’s nings, Mr. Redstone achieved BY KEACH HAGEY line with Wall Street’salready PleaseturntopageB4 fame in the entertainment in- AND BENJAMIN MULLIN dustry late in life, assembling asprawling set of assets Fornearly two decades, through amix of savvyinvest- Shari Redstone fought to en- REI Does About-Face ing,creative litigation and all- sureshe would succeed her fa- around ruthless- ther Sumner atop the family’s OBITUARY ness. He was media empirewhen he died. On Outdoorsy Base SUMNER among anow- But when the moment ar- REDSTONE shrinking group Mr.Redstone with Mel Karmazin in 1999 to announceViacom-CBS rivedTuesday, and the media 1923-2020 of moguls like deal; below, with Julie Andrewsin1965. mogul who swore he would BY KONRAD PUTZIER work remotely,the company John Malone and never die passed away at the said. Employees have been RupertMurdoch who have ageof97, she wasalready sit- Recreational Equipment working from home since shaped the media landscape ting on the throne. Inc. is looking to sell itscus- March. through gutsy mergers. Over the past five years, Ms. tom-made newheadquarters REI’sabout-faceonabuild- Themedia businesses he Redstone, 66,has transformed and allowemployees to work ing that was two years in the controlled, nowpart of Via- from estrangeddaughter to de from home or other offices,the making offersthe latest exam- comCBS,delivered an array of factohead of the family busi- latest sign that the pandemic ple of howthe coronavirus programming intoAmerican ness, as chairman of the media is driving companies to ditch pandemic is changing daily living rooms and ontothe big conglomerateViacomCBS Inc. central offices to raise cash. work habitsand upending the screen, from CBS prime-time Sheended up in that position The retailer, known as REI, office sector. shows like“TheBig Bang afteraseries of pitched legal waspoised to open the new Many companies saythey Theory” and irreverent cable battles set against the backdrop Seattle-area headquartersthis have been surprised by how programs on MTV and Comedy of Mr.Redstone’sdeteriorating summer aftercreating a productive remotework has Central to film hitsfromthe health and questions about his unique building that reflected been, and they plan to allow Paramount Pictures studio such mental capacity. the company’s outdoorsy im- their employees to work from as “Titanic” and “Top Gun.” Themogul’sdeath thrusts age and could serve as a way home on some days even after Themercurial Mr.Redstone Ms.Redstone intoanew era to recruit newemployees.The the pandemic is over. The re- wasfamously hot-tempered in that could bring fresh chal- property featuresoutdoor cession has also increased both his businessand family lenges and test the succession staircases and bridges,apressuretoshoreupfinances. dealings. Knowntohis own groundwork she and her father courtyardofnative plants, and Trying to terminateexpensive grandchildren as “Grumpy,” sion that he would admit to had the mental capacity to laid in recent years. Voting skylightstolet in sunshine officeleases or selling proper- over the yearshesparred with being mortal, he assured in- continue as the controlling poweroverNational Amuse- and air. ties is one way to boost cash. and dismissed several top ex- vestors in his $27 billion me- shareholder. ments, the family companythat But the cooperativesaid on “The dramatic eventsof ecutives,feuded with nearly dia empirethat his meticulous When the dust settled by controls ViacomCBS,now Wednesdayitwas trying to 2020 have challenged us to re- all of his closest family mem- estate planning would ensure thefall of 2018,his once-es- passes to aseven-member find a buyer for the property examine and rethink everyas- bers and was so hard on wait that he would control his as- tranged daughter,Shari Red- trust. That trustwill have the beforeevermoving in. Instead pect of our businessand many staff that he was barred from sets from beyond the grave. stone,was calling the shotsat powertoaffect the makeup of of a single headquarters, REI of the assumptions of the some restaurants. But as his health began to both CBS and Viacom, as the theViacomCBS boardand in- will open anumber of smaller past,” REI CEO Eric Artz said Having survived several falter in his later years, a se- de factoleader of National fluencestrategic transactions offices and allowemployees to PleaseturntopageB2 brushes with death—once by ries of battles unfolded over Amusements Inc., the family like asale or acquisition. fire and later by cancer—he who would control his empire. holding company that owned Ms.Redstone is among the lovedtoboast that he would Aquestion at the center of 80% of the voting shares in trustees,asisher son, and on never die. On the rare occa- those fightswas whether he PleaseturntopageB2 PleaseturntopageB2 INSIDE

Investor Site Brings Inquiries by SEC, FBI GES IMA

BY DAWN LIM iar with the mattersaid. what it believes to be afraud YieldStreet. GETTY AND DAVE MICHAELS TheFederal Bureau of Inves- scheme that YieldStreet was TheSEC and FBI, some of the SE/ tigation has been seeking infor- ensnared in. people said, arelooking intocir- TwoU.S.agencies areexam- mation on some of YieldStreet’s Launched in 2015,Yield- cumstances around some $90 ANCE-PRES

ining investmentssold by practices and interactions with Street sells investmentsin million in notes YieldStreet sold FR YieldStreet Inc., an online plat- customers, including howthe loans backed by everything that were linked to loans for ENCE

form that pitches itself as giv- firm marketed certain deals, from ships to artwork to legal ship-breaking.That is the labor- AG ing people the chancetoget in said an investor interviewedby settlements. Itscustomersbuy intensiveand hazardous busi- on deals usually reserved for the FBI in recent months. intoinvestment notes designed nessofextracting scrapmetal RETAIL BUSINESS the largest investors. “Wedonot believethat we to deliver cash payments—in from oldervessels.YieldStreet Biggestluxurybrands Aerospacesuppliers TheSecurities and Exchange arethe target of anyinvestiga- some cases targeting as much packaged those loans intonotes, hold up better than the suffer from the Commission is investigating tion,” YieldStreet said in a as double-digit yields—tied to and sold aseries of those notes YieldStreet and collecting infor- writtenstatement. Thecom- those underlying loans. Individ- starting in 2018. industryasawhole in pandemic-driven mation on some of the firm’s panysaid it notified authorities uals poured morethan $1 bil- In March, YieldStreet told coronavirus crisis. B3 travel downturn. B5 businessdealings, people famil- in different countries about lion intoinvestmentsthrough PleaseturntopageB10 P2JW226000-4-B00200-1------XA

B2 | Thursday, August 13, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A H R Stein Mart Joins Chapter 11 Filers Advanced Micro Devices HollyFrontier...... B4 Raytheon Technologies ...... A1 Honeywell International ...... B5 BY AISHA AL-MUSLIM Thedecision to file forbank- pany’sbusinessdue to lower across30states. It employs Airbus...... B5 ...... B4 Recreational Equipment ruptcy comes afterthe publicly in-storetraffic that strained its about 7,950 people,downfrom Alibaba...... B4 Howmet Aerospace....B5 ...... B1 Stein Mart Inc.filed for traded companyraised sub- credit facilities,asitborrowed about 9,000 beforethe pan- American Eagle Huawei Technologies.A1 S bankruptcy with plans to per- stantial doubt in June about its seasonally higher amountsto demic.Arecent filing showedit Outfitters...... B4 J Safran...... B5 manently close all or most ability to stay in businessover covercash shortfalls from had assetsofmorethan $757.5 American Express...... B2 J.C. Penney...... B3 Salvatore Ferragamo..B3 stores,joining along list of dis- the next 12 months due to the lowersales. million and debtsofabout Apple...... A1 Just Eat Takeaway...B11 Simon Property Group tressed retailersthat suc- pandemic’sadverse effectson Thecompanyexpectsan- $791.3million. B K ...... B3 cumbed to the economic fallout revenue,operations and cash other decline in customer traf- Other department-store Barclays...... B1 Spirit AeroSystems....B5 caused by restrictions due to flow. ficand sales resulting from the chains have been pushed into Kering...... B3 Becton Dickinson...... A4 Starbucks...... B4 the coronavirus pandemic. “The combined effectsofa resurgenceofCovid-19 cases in bankruptcy in recent months Kindred Systems...... B4 Berkshire Hathaway...B5 Stein Mart...... B2 Thediscount department- challenging retail environment the Southeast, Texas,Arizona due to the pandemic,including Boeing...... B5 L Sycamore Partners.....B3 storechain filed forchapter 11 coupled with the impact of the andCalifornia, wheremost its Lord &Taylor,J.C.Penney Co., Brookfield Property LVMH...... B3 Synchrony Financial....B1 protection WednesdayinU.S. coronavirus…pandemic have stores arelocated, Mr.Hawkins Neiman Marcus Group Ltd. and Partners...... B3 Lyft...... B1 T Bankruptcy Court in Jackson- caused significant financial dis- said in adeclaration filed with Stage Stores Inc. C M Tencent...... B4 ville,Fla. Stein Mart said it is tressonour business,” said the court. Net sales forthe firstquar- Capital One Financial.B1 Marathon Petroleum..B4 Tesla...... A6 evaluatingstrategic alterna- Hunt Hawkins, Stein Mart’s Founded in the early 1900s terfell 57% from ayear earlier Centerview Partners Microsoft...... A6 Tod's...... B3 tives, including the potential chief executive. as asingle storeinGreenville, to $134.3million. It began re- Holdings...... A5 N 21st Century Fox...... B3 sale of itse-commerce business Stein Mart’s sales had been Miss.,the companyisnow opening stores in April and had Cisco Systems...... B4 U and related intellectual prop- underpressure since2016,but based in Jacksonville,Fla., and reopened all of itsstoreswith National Amusements Citigroup...... B1 erty. Covid-19 further hurt the com- it has morethan 280 stores reduced hoursbyJune 15...... B1 Uber Technologies Compagnie Financière ...... B1,B11 Richemont...... B3 Nautilus...... B11 Netflix...... B11 United Airlines...... B5 ConocoPhillips...... A1 V In 2006,his son Brent sued CVS Health...... A4 P Sumner National Amusements, seeking ViacomCBS...... B1 G Peloton Interactive...B11 the company’sdissolution to Phillips 66...... B4 W Gallup...... A8 gain control of his one-sixth Procter & Gamble...... B4 General Electric...... B5 Walt Disney...... B3,B11 Redstone stake.The suit wassettled, Wells Fargo...... A1 General Motors...... B1 Q with Brent being bought out. Goldman Sachs...... A5,B1 Qualcomm...... B3 Y Mr.Redstone oncetouted Grubhub...... B11 Quidel...... A4 YieldStreet...... B1 Dies at 97 hisyounger child, Shari, as a rising star and likely successor. But the two went through peri- INDEX TO PEOPLE ContinuedfrompageB1 ods of intense friction, at one each business. Thetwo former pointonly communicating by A H Moonves, Leslie...... B2 chief executives with whom fax.In2014, he offered her a she had sparred, Viacom’sPhi- deal worth $1 billion forher Andelman, David...... B2 Harvey, Chris...... A6 Morton, Chris...... B3 lippe Dauman and CBS’sLeslie 20% stakeinNational Amuse- Hawkins, Hunt...... B2 Murdoch, Rupert...... B1 B Moonves, had been forced out. ments, contingent on her relin- I N Borgne, Anne Le...... B3 On her watch, CBS and Viacom quishing her bid to be chair- Natarajan, Shekar...... B4 Boykin, Thomas...... B4 Irwin, Scott...... B10 agreed to merge in 2019. man of Viacom and CBS after C J P Mr.Redstone’scontrolling his death, the Journal reported Cahall, Steven...... B2 Jacobs, Norman...... B2 Park, Edward...... A6 interest in the media empire at thetime.She refused. D Jankowski, Tad...... B2 Petitcolin, Philippe.....B5 will nowbemanaged by a Drama over Mr. Redstone’s Daley, Bill...... A1 K R trust on behalf of his grand- condition began to intensifyin Dauman, Philippe...... B2 Korff, Tyler...... B2 Redstone, Shari...... B1 children and their descen- the fall of 2015.When the mo- Diller, Barry...... B2 Krutick, Jill...... B2 Redstone, Sumner...... B1 dants. Ms. Redstone is on the gul kicked former companion E L Robbins, Chuck...... B4 trust, along with her son Tyler Manuela Herzerout of his Effron, Blair...... A5 Lewin, Leonard...... B2 S Korff, and several other Red- Beverly Park, Calif., mansion, Smith, Greg...... B5 F - G Lo, John...... B4 stone family associates. S and removed her as his health- M Suchinski, Mark...... B5 Mr.Redstone grew up in care agent, she sued to chal-

Feygin, Ilya...... A1 PRES Sussberg, Joshua...... B3 Freston, Tom...... B2 Malone, John...... B1 Boston’sWest End, alower-in- lenge his mental competency. Z Gardner, Brian...... A5 Michaels, Kevin...... B5 come immigrant enclave.His ZUMA Thesuit waseventually dis- Groen, Jitse...... B11 Mitchell, James...... B4 Zuzolo, Michael...... B10 family’s apartment had no toi- S/ missed, but not beforethe let; they used apull-chain com- TO case became amajor spectacle mode down the hall. His father PHO in the media world. In a video- Cardhad $2.3billion in out- OBE drovetrucks forhis ownfa- GL taped deposition,Mr. Red- Goldman, standing balances as of June ther’s bakery-supply business, Over the past five years, Shari Redstone has transformed herself stone had great difficulty com- 30. aresource that family mem- from estranged daughter to de facto head of the family business. municating,was unable to Without awell-known con- berssay he put to morelucra- answer basic questions about Barclays sumer brand or physical tiveuse during Prohibition. hisautobiographyisthat he ment and the phone company himself or spell out words, ac- branches to bring in custom- Afterrepeal, he went into wasinthe room with his long- Nynex. He ultimately wonPar- cording to a transcript. ers, Goldman is turning to liquor wholesaling and, in time mistress, Delsa Winer, amount fornearly $10 billion. In February 2016, Mr. Red- Seek Card partnerships,hoping to turn partnership with alocal who managed to escape out At the time,critics thought stone stepped down as chair- iPhone users, GM drivers, Am- bookie,opened one of the thewindowwith minor inju- Mr.Redstone overpaid but man of his two companies,and azon shoppersand AARP country’sfirst drive-in the- ries.The fire lefthim with Paramount went on to release the boards elevated the re- ContinuedfrompageB1 membersintocustomers. aters. His father changed the burnsover45% of his body blockbusterssuch as “Titanic” spectivechief executives—Mr. becoming moreseamlessand In deals likethe one being family name from Rothstein to and agnarled clawfor ahand. and the “Mission: Impossible” MoonvesatCBS and Mr. digital. Thecoronavirus pan- discussed, anew bank typi- Redstonewhen Sumner wasin In 1987,after aseries of franchise. Dauman at Viacom—toreplace demic could add to the appeal cally agrees to payasmall high school. well-timed investmentsinHol- Mr.Redstone added CBS to him in those posts. by increasing demand fore- premium to buy an existing As astudent at Harvard, lywood studios,Mr. Redstone his holdingsin1999 through a But Mr.Redstone remained commerce and contactless card portfolio and hopes to Mr.Redstone helped work to made his biggest business $37billion stock merger, the controlling shareholder and pickup. makeupthe money by en- break Japanese codes during moveyet: going afterViacom. largest media deal up to that began to makesweeping Thepush is supported by couraging morespending, World WarII. He attended Thecompanyhad been spun pointinU.S.history. Mr.Red- changes.InMay,following the card networks such as Visa signing up morecardholders, HarvardLaw School and, upon out of CBS in 1971 to comply stone sawthe company’s resolution of the Herzer law- Inc.and Mastercard Inc., and cross-selling them on graduation, went to work in with newrules (repealed in the broadcast TV and radio opera- suit, Mr.Redstone removed whichmakemoney when other products. Thedeals typ- the government. He wasaspe- 1990s) against vertical integra- tions as natural complements Mr.Dauman from the National cardsare swiped, virtually or ically involvesharing of card cial assistant to the attorney tion. Viacom owned cable sys- Amusementsboardand his not. These companies areea- interchangefees and other general when the Justice De- tems,TVand radio stations,as trust. He laterreplaced five gertoexpand shopping be- revenue. partment waspursuing U.S. v. well as cable channels MTV As his health began Viacom board members. yond storecheckout counters It is not unusual former- Paramount, an antitrust case andShowtime.The manage- Theremoved parties sued. and websites. chantstoshop around fornew that broke up thetraditional ment of Viacom wastrying to to falter, battles In asettlement,Mr. Dauman Adeal with GM would ad- issuers, oftentonegotiatea Hollywood studio system. take it private. Mr.Redstone unfolded over who exited and leftMs. Redstone vanceGoldman’sambitions on betterfinancial arrangement. In 1954, he joined the fam- countered with ahigher bid morepowerful than ever.Her Main Street. Sincelaunching Walmart Inc. replaced Syn- ily’s drive-in theater company, andultimately secured the would gain control. firstorder of businesswas to itsconsumer arm, Marcus, chrony with Capital One in later renamed National Amuse- deal for$3.4billion. urge CBS and Viacom to ex- four yearsago, the firm has 2019,and Costco Wholesale ments, and over time took con- One of Mr. Redstone’s life- ploreamerger. CBS’sthen- amassed$7billion in loans Corp.traded American Ex- trol, aggressively expanding long dreams wastoown the CEO,Mr. Moonves, wascool to and is aiming for$20 billion press Co.for Citigroup in around the East Coast and Paramount film studio,and he to Viacom’scable portfolio. the prospect. by 2025.Holdersofthe Apple 2016. Midwest. Drawing on his Jus- ramped up his pursuit of the Within afew years, though, In May 2018, amid another ticeDepartment experience, he companyinthe early 1990s.It cable growth accelerated and push by Ms.Redstone fora successfully sued the major turned out to be one of the de- broadcast looked likealaggard. merger, CBS sued to not just Fortune 500 companies,” he studios in 1958 to forcethem fining struggles of his career. In 2006,frustrated with Vi- block the deal, but to remove REI Wants said. to givehis theaterstop movies Afteryearsofcourting Para- acom’sstagnant stock price, her family’s voting control REI’schief customer officer, at thesame time they were mount CEO Martin Davis, Mr. Mr.Redstone divided CBS and permanently.InJuly,the New Ben Steele, said the company made available to bigger Redstonefinally negotiated an Viacom onceagain. He put Mr. Yorker reported allegations by To Ditch is now looking for smaller of- chains.Hepioneered the idea $8.2 billion deal to buy the Moonvesincharge of CBS; morethan adozenwomen ficesclose to whereits em- of theaterswith morethan one company in 1993. MTV pioneer TomFreston was that Mr.Moonveshad sexually ployees liveinabid to cut screen and trademarked the But beforelong,arival installed as Viacom’schief ex- harassed and assaulted them. Main Office down on commutes.When the term “multiplex.” emergedwhen BarryDiller, ecutive, but he didn’t last a Mr.Moonveshas denied the companybegan building its In 1979,atage 55,Mr. Red- head of the QVCshopping net- year on the job. allegations. He later resigned headquartersin2018,the stone’sbrilliant career was work and aformer Paramount Mr.Redstone also had plenty amid abroader settlement be- ContinuedfrompageB1 thought wasthat “forustobe nearly cutshort. He wasstay- executive, launched his own of turbulenceinhis personal tween CBS and National in astatement. “That includes able to collaborateeffectively, ing at Boston’sCopley Plaza bid. What followedwas a life.His marriagetohis first Amusements. In 2018,the CBS where and how we work.” we need to be in asingle loca- hotelwhen he awoke to the fierce bidding warthat Mr. wife, Phyllis,ended in 1999 af- board fired him. REI is the latest in a grow- tion,” Mr.Steele said. But over smell of smoke. He opened his Redstonesaid strained his re- termorethan 50 years. Four CBS and Viacom agreed to ing list of companies embrac- the past couple of months,Mr. hotel room door and was en- lationship with Mr. Diller. yearslater,hemarried aformer merge in 2019,undoing the ing remotework.TwitterChief Steele said, the company gulfed in flames,herecounted Both sides raced to line up schoolteacher,Paula Fortunato, split Mr.Redstone had carried ExecutiveJack Dorsey,for ex- learned that collaboration in “A Passion to Win.” sourcesofcash. Mr.Redstone who was39yearshis junior. out 13 yearsearlier.Hewas ample,said in Maythat the works fine even if everyone is What he didn’t mention in tapped Blockbuster Entertain- They divorced in 2008. among those voting in favor. vast majority of the company’s in their living rooms. employees would be allowed Money is another concern. to work remotely indefinitely. REI’sbusinesshas been hurt the family’s estate’sbeneficia- grandfather and great-grandfa- mergerbyputting loyalistsin Facebook CEO Mark Zucker- as the companyclosed its Daughter ries,including Mr.Redstone’s ther,” she said. “I am so proud positions of authority to advo- berg has said that he expects stores during the height of the grandchildren. Themogul had to be his daughter and Iwill cate forit. National Amuse- half the company’semployees pandemic.Byselling the head- been public about not wanting misshim always.” mentsdeclined to comment. A to work remotely within ade- quarters, the company hopes Already to giveupcontrol of his media During her rise,Ms. Red- spokesman forViacomCBS said cade.While few observersex- to raise cash that it caninvest assets, especially the hard-won stonefended off challenges the litigation was“without pect companies to ditch the in other partsofthe business. Paramount Pictures film studio. from the former CEOs of Via- merit,” and the companyin officealtogether,manyexpect Thecompanydeclined to Has Reins “Nowanoffer forthe studio comInc.and CBS Corp.aswell June filed motions to dismiss that firms will use less space sayhow much it spent to build would be put to the trust and it as her father’s former live-in thelawsuit. in the futureand in some the headquartersorwhat sales would have afiduciaryrespon- companions.Last year,she suc- Thecoronavirus pandemic cases switch from asingle,big priceitexpectstoachieve. REI ContinuedfrompageB1 sibility to the beneficiaries to cessfully advocated forahashammered ViacomCBS,as headquarterstomultiple is selling at atime when de- her watchin2016 two close as- consider it,” said Steven Cahall, mergerofthe two companies— it has other media companies, smaller locations. mand forofficeproperties sociates of herswereadded: an analyst at Wells Fargo, who bringing together cable brands as advertising sales dried up Jamie Hodari, CEO of co- looks weaker than it has been longtime National Amusements predicted that investment likeMTV and Comedy Central and studio production and the- working companyIndustrious, in manyyears, and it is mar- executiveTad Jankowski,and bankerswill viewthe transfer with the CBS network and Par- atrical releases were disrupted. said companies have been keting aproperty that was former media analyst and artist of control to the trust as an amount studio—arguing they ViacomCBS shares aredown moving toward flexible work uniquely tailored to aspecific Jill Krutick. Theother trustees “opening fordeal activity.” needed greater scale to with- nearly 38% this year but have schedules and opening small user.Acompanyspokeswoman areMr. Redstone’stax lawyer, Ms.Redstone has said she stand the rise of cord-cutting made gains sinceMarch. offices in morecities foryears said REI still hopes to make a David Andelman,his divorce wantstocreatevalue forVia- and an industrywide shiftto- ViacomCBS has notched but the trend has accelerated profit. lawyer,Norman Jacobs,and his comCBS’sshareholdersaswell ward streaming video. some notable wins this year.It during the pandemic.Heis While the property offered ex-wife’sdivorce lawyer,Leon- as National Amusementsand She has had atrial by fire as has struck deals with major also seeing companies looking an “attractivework environ- ardLewin. believes their interestsare anewly minted mogul. The pay-TV distributorssuch as to distributetheir workforces ment,” Mr.Steele said, the Themakeup of the trust aligned. mergerwasn’t initially well re- Comcast Corp., Dish Network over several small officeloca- added flexibility of remote suggestsitisunlikely to be an In astatement, she said her ceived by investors, driving Corp.and Alphabet Inc.’s tions within a single city. REI work would morethan make obstacle forMs. Redstone. Still, father led “anextraordinary down ViacomCBS’smarket Google forcarriageofits TV is oneofthe firstcompanies up forthe loss. “I’dloveto anyoffer to acquiresome or all life” that “shaped entertain- value to belowwhat the com- channels.The companyhas ex- to go public with its plans, he have time in the outdoors of ViacomCBS would nowhave ment as we knowittoday.” panies were worth separately.A panded itsstreaming services, said. even morethan I’dloveto to win over additional stake- “Through it all, we shared a shareholder lawsuit accused with domestic paid streaming “This is going to be athing have an officethat’sconnected holders. Thetrustees have ale- great lovefor one another and Ms.Redstone and National subscribersreaching 16.2 mil- youwill hear from hundreds of to the outdoors,” he said. galobligation to look out for he wasawonderfulfather, Amusements of forcing the lion in the second quarter. P2JW226000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** Thursday, August 13, 2020 | B3 BUSINESS NEWS AfterLegal Win, Qualcomm Turns Its Focus to 5G

BY ASA FITCH 2017, while the NXP deal was hanging in the balance. The Qualcomm Inc.’s legal vic- Trump administration blocked tory in ahigh-stakes battle that deal, in 2018, after a na- with the U.S. government tional-securityreview deter- raises the opportunity forthe mined Qualcomm shouldn’t be smartphone chip giant to en- sold to Broadcom, which was joyaperiod of relativecalm then based in Singapore. and growth propelled by rising In 2017, Apple and the Fed- appetitefor new5Ghandsets. eral Trade Commission sued Thecompanyisemerging Qualcomm, alleging the com- from an unusually tumultuous panyabused itsmonopoly five-year period. It has faced powerinsome marketsfor antitrust allegations,legal bat- chipsthat handle cellphone REUTERS O/

tles with itsbiggest customers, communications. AL U.S.-China trade tensions,an The companies settled last OF GAR

activist shareholder advocating year and dropped all litigation, O forthe companytosplit up and though the FTC case contin- NDR

a$117billion hostile takeover ued. Adistrict-court judge SA

attempt. An appeals court’sde- ruled against Qualcomm last ALES cision Tuesdaytovacateanan- year,siding with the FTC, Ferragamo’s show during Milan Fashion Week in February. The independent brand was struggling even before the virus shut down stores. titrust ruling against the com- which threatened akey source panyresolved one of itslast of revenue forQualcomm. The outstanding issues and sent companyappealed, leading to Luxury-Goods Giants Show an Edge shares close to arecordhigh. Tuesday’s verdict. Theappellateruling was Qualcomm hasn’t resolved “the last domino to fall” after all of the regulatory issues it Thecoronavirus crisis is fact that the biggerbrands Revenue,change from ayear closing physical stores across five yearsofuncertainty and faces.The FTC is examining widening the gapbetween the outperformed the smaller— earlier,quarterly China and the West. shareholder anxiety,said Stacy whethertoappeal and Qual- havesand the have-notsofthe continued and accelerated,” Momentum at Gucci, Ker- Rasgon,ananalyst at Sanford comm also faces an antitrust luxury goods industry. said Anne Le Borgne,who Ferragamo Kering LVMH Tod’s* ing’sbiggest brand, had al- Bernstein & Co. The company inquiryoverone of itsbusi- Virtually all luxurybrands manages aluxuryand lifestyle ready begun to slowbeforethe 10% cannow moveforwardfroma nesses in Europe. suffered revenue drops of investment fund with CPR As- pandemic.But Kering also more stable position, he said. Thecompanyisalso lobby- morethan 20% in the firsthalf set Management in Paris.“For 0 owns two of the fastest-grow- Qualcomm executives see ingthe Trump administration the sector, this could acceler- ing brands in the industry, the company, aleading sup- forapproval to sell 5G chips to By Eric Sylvers ate consolidation.” –10 Bottega Venetaand Balenciaga, plier of the chips powering 5G HuaweiTechnologies Co.Qual- in Milan Tod’smajority owner,Diego and the group has extensivee- equipment, as being poised to comm, which has been blocked and Matthew Dalton Della Valle, has repeatedly –20 commerce operations. benefit from wider global up- from such sales by the U.S. in Paris said he is committedtothe Thegap between industry take of the technologyaswell government’sindustrywide re- brand, andhehas increased –30 leadersand some independent as new product launches like strictions on the sale of some as boutiques were closed for his controlling stake over the Italian brands shows how Apple Inc.’sfirst 5G iPhone, componentstothe Chinese months and big-spending past several yearsto81%. Last –40 those that neglected their dig- which is due beforethe end of company, has been lobbying in shoppers couldn’t travel. But month he reiterated that he ital operationsbeforethe pan- the year. Washington foralicense to go the industry’sbiggest hasnointention of selling –50 demic are struggling to catch Last month, Qualcomm ahead with the sales. brands—Louis Vuitton, Dior, Tod’s. Mr.Della Valle has in up now. Chief ExecutiveSteve Mollen- Kevin Cassidy,ananalyst at Hermès and some others— thepast considered selling –60 The well-developed e-com- kopf said the companyexpects RosenblattSecurities,said liti- have held up betterthan the one of Tod’ssmaller brands, 3Q 2Q merce operations of LVMH and sales of 5G handsetswill likely gation appears to have led to industryasawhole and taken such as luxurysneaker label 2019 ’20 Kering brands helped them to

come in at the high end of a changes in Qualcomm’sfocus, market share in the crisis. Hogan, said a person familiar *Tod’sreports 2Q results on Sept. 8. satisfydemand even during projection of between 175mil- with the companyleaning At the same time,midsize with the matter. Source:the companies the height of lockdowns,when lion to 225million unitsthis more heavily on its chip sales Italian luxury-goods compa- Florence-based Ferragamo, the industrywas forced to year. rather than the contentious li- nies SalvatoreFerragamo still owned by the family that half resultsSept. 8, could book shut bricks-and-mortar stores. While MicrosoftCorp., censing business. SpAand Tod’s SpAhavesput- founded it almost acentury an €80 million ($94.4million) Both groups have also devoted Facebook Inc., Amazon.com “The good news on that teredcompared with their big- ago, also says it isn’t for sale. lossinthe period, according significant resourcesduring Inc.and other technologycom- side is that operating margins gercompetitors. Their brands But the rehiring during the to investment bank Equita. thepandemic to cultivating panies have faced their own will go up because they are were already suffering before pandemic of aformer longtime Thechallenges facing the top-spending clients even if periods of tumult due to issues not going to be spending the pandemic,hampered by Ferragamo chief executive as two companies predatethe they were unable to shop likeantitrust scrutiny, investor money on lawyers,” he said. lack of investment in digital executivedeputy chairman led coronavirus.Tod’shas had physically in boutiques. activism and political pressure, marketing and e-commerce, a to a15% jump in the share trouble connecting with youn- “Aswemovepast the pan- few,ifany,haveexperienced Qualcomm’s quarterly sales weaknessthat leftthem par- priceamid speculation the gerconsumers,and both have demic’sinitial shock,weare so much in as compressed of a ticularly susceptible when companymight be sold. The lagged behind in online sales. seeing consumer confidencebe- timeline as Qualcomm. $10 billion pandemic lockdowns made on- Ferragamo family is oftenseen Duetoasurge during the gin to return, with manycus- Qualcomm’supheavalbegan line operations the only way as an obstacle to effortstore- coronavirus lockdown, Ferrag- tomersnow shopping online for in earnest in 2015,when activ- to connect with customers. furbish the brand. amo and Tod’sthis year will the firsttime,” said Chris Mor- ist investor Jana PartnersLLC 8 Analystssay the damage Ferragamo revenue plunged getabout 10% of sales through ton, CEOofLyst, which ranks bought morethan $2 billion of caused by the pandemic,com- 60% in the second quarter. In e-commerce,according to Fla- the fashion industry’shottest shares and pushed forthe ing afteryearsofdeclining re- the firsthalf,revenue fell 47%, vio Cereda, an analyst with in- brands andproductsbytrack- 6 company to be split into two. sultsfor Tod’sand Ferragamo, compared with 27% forLVMH, vestment bank Jefferies.That ing the behavior of morethan 9 Theboard, which had previ- could raise pressureonthe which owns Louis Vuittonand remains belowthe industry million online shoppers. ously considered abreakup, companies to seek outside in- Dior,and 30% forKering, average of around 15%, which Ferragamo launched are- 4 rejected Jana Partners’ plan vestment or sell themselves to owner of Gucci and Saint Lau- also grew during the lock- furbished websiteand e-com- andthe investor ultimately one of the industry’sconglom- rent. Thetwo conglomerates down, he said. merce shop during Italy’s lock- sold its shares in 2016. 2 erates: LVMH MoëtHennessy reported steep drops in earn- Paris-based LVMH and Ker- down that the companysays Soon after, Qualcomm tried Louis Vuitton SE, Kering SA, ings,but remained profitable. ing have so far fared better have resulted in moreonline to buy Dutch chip maker NXP Compagnie FinancièreRiche- Ferragamo will report com- during the pandemic.LVMH sales.But neither Ferragamo SemiconductorsNVfor $44 0 mont SA or Capri Holdings plete first half results in Sep- has been able to lean on the norTod’sare in the top20of billion in 2016 but the deal fell Ltd. Thegiantscontrol much tember, with analysts expect- strong momentum of itsbig- the most recent quarterly Lyst 2018 ’19 ’20 apart two yearslater after of Italian luxury-goods produc- ingaloss. Thecompanysaid gest brands,Louis Vuittonand Index, which is led by Nikeand Chinese authorities didn’t give Note:June 2019 quarter includes revenue from tion, including Gucci, Fendi, revenue improved in all mar- Dior,both of which have well- includes Italian luxurybrands their approval. Rival Broad- asettlementwith Apple; September 2020 Bottega Venetaand Versace. kets in July,the firstmonth of developed e-commerce opera- such as Gucci, Fendi and Bot- quarter is topend of companyguidancethat comInc. launched ahostile includes Huaweisettlement “The trends that we ob- the current quarter. tions that have been able to tega Venetathat areowned by takeover bid forQualcomm in Source:FactSet, the company served beforethe crisis—the Tod’s, which reportsfirst- offset much of the hit from one of the conglomerates. ESPN, Fox Face College Football Blow Mall Landlords Brookfield, Simon Bid for Penney Sites BY BENJAMIN MULLIN the national championship AND ALEXANDRA BRUELL game,shown by ESPN. BY ALEXANDER GLADSTONE topthe lead offer,which also Ad buyerssay they expect AND ANDREW SCURRIA requires approval from the Walt Disney Co.’sESPN and to movecollegefootball in- judgepresiding over Penney’s Fox Corp.stand to missout on vestmentstoother livesports, TwoofJ.C. Penney Co.’s chapter 11 case in the U.S. hundreds of hoursofSaturday such as the National Football largest landlords have emerged BankruptcyCourt in Corpus sportsprogramming and big League,assuming the pro as the leading contendersto Christi, Texas. chunks of advertising revenue games areplayed. “In the back acquirethe department-store Penney is one of Simon’stop this fall if the bulk of college of our minds we were always chain’sretail businessout of anchor tenants, second only to football’s season doesn’t hap- thinking,‘Hey,there’sabetter bankruptcy,according to peo- Macy’sInc.Ifadeal comes to- pen until next year. chancethat something hap- ple familiar with the matter. gether,itwould save Penney The Big Tenand Pac-12 con- pens with acollegefootball Simon Property Group Inc., from apossible liquidation and ferences,which have deals cancellation than NFL,’ ” said the biggest mall owner in the mark another acquisition by Si- with the networks,onTuesday S David Campanelli,chief invest- U.S. by number of malls,and mon of abankrupt tenant. The

votedtopostpone college PRES ment officer at Horizon Media. Brookfield Property Partners companywas part of agroup

football and other fall sports TED Apostponed collegefoot- LP,another big shopping cen- that bought Forever21Inc.out because of the coronavirus ball schedule will further di- terowner,havejoined and are of chapter 11 in Februaryand OCIA

pandemic,amovethat could SS minish the appeal of liveTV, in advanced talks to purchase Aéropostale Inc.in2016. Simon prompt other high-profile con- /A with sportsbeing one of the Penney’s retail operations, also has agreed to buy Brooks KA

ferences to follow suit. LU few remaining aspectsofcable people familiar with the mat- Brothersout of bankruptcy for “The season is clearly in ST programming that hasn’t been tersaid. In recent days,the $325 million in ajoint bid with VID

jeopardy,” said Patrick Crakes, DA supplanted entirely by video- pair have eclipsed other inter- apparel-licensing firm Authen- asports-media consultant and The Big Tenand Pac-12 conferences votedtopostpone college sports. streaming services.Traditional ested bidders, according to the tic Brands Group LLC. former FoxSportsexecutive. pay-TV subscriptions fell by people. Yearsofchanging shopping Mr.Crakessaid the networks Street Journal parent News clude that our institutions can- about two million in the sec- Penney reviewedacompet- habitsand growing e-com- that rely heavily on the Big Corp sharecommon ownership. not provide asafeand appro- ondquarter of the year,ac- ingoffer from private-equity merce competition have pres- Ten, Pac-12 and other confer- Some major conferences are priateenvironment forour cording to research firm Mof- firm SycamorePartners that sured manybricks-and-mortar ences that arepostponing their still planning to begin their participants, we will change fettNathanson, reducing cable carried aslightly higher price retailers. Morerecently,the seasons areatrisk of losing football season this fall. The course,” the conferencesaid. and satellitepenetration to tag, some of the people said. coronavirus pandemic has moreadvertising revenue than Southeastern Conference, which If other powerhouse college levels not seen sinceaquar- But Simon and Brookfield of- choked off rent collections for rivals that still have college has rightsdeals with ESPN and football conferences join the Big ter-century ago. feredcertain concessions over retail landlords. football games to showthis fall. ViacomCBS Inc.’sCBS,hasn’t Tenand Pac-12, it would further ESPN runs collegefootball lease agreementsthat Penney Simon has been exploring Foxand ESPN have multi- postponed itsseason but did re- jeopardizeabounty of ad dol- games on Thursdaynightsand and itslendersviewedasdeliv- with Amazon.comInc.the pos- year TV rightsfor Big Ten ducethe number of games it larsfor major TV networks.Ad- throughout the dayonSatur- ering bettervalue,the same sibility of turning over space football games and Pac-12 plans to play. TheAtlantic Coast vertisersspent $1.16 billion on days during collegefootball people said. leftbyailing department football and basketball, for Conference, which has along- national TV advertising forcol- season, with Foxbroadcasting Simon didn’t respond to re- stores likePenney intoAmazon which they paid acombined term rightsdeal with ESPN,on legefootball games in the games on Saturdays,sofilling quests forcomment. Represen- distribution hubs,reflecting $5.64billion. Foxalso owns Tuesdaysaid it would “stay 2019-20 season, according to the airtime will be achallenge. tatives forPenney,Brookfield both the decline of malls as 51% of the Big TenNetwork,a flexible and be prepared to ad- datafirm StandardMedia In- Networks could explorefilling and Sycamoredeclined to com- shopping destinations and the 24-hour channel that shows just as medical information and dex. Regular-seasongames gen- those time slotswith sports ment. boom in online buying. games and highlightsfromBig the landscape evolves.” TheBig erated $418 million forESPN that were postponed until the Thenegotiations arefluid, During acourt hearing Tengames.FS1 and FS2, cable 12, which also has arightsdeal and $165 million in ad revenue fall because of the pandemic, the people said, and aren’t cer- Wednesday, Penney bankruptcy networks owned by Fox, also with ESPN,onWednesdayun- forFox during that period. Ad including golf and tennis tour- tain to produceanagreement lawyer Joshua Sussbergsaid carry college football games. veiled arevisedfootball sched- revenue from postseason games namentsorMajor League Base- acceptable to Penney and its the companywas “inthe red Foxand ESPN declined to ule forthe fall. “Ifatany point wasabout $389 million, with ball games,according to aper- toplenders. Other bidders zone” regarding asale but comment. FoxCorp.and Wall our scientistsand doctorscon- about $85 million generated by son familiar with the matter. would have the opportunity to didn’t offer specifics. P2JW226000-0-B00400-1------XA

B4 | Thursday, August 13, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Cisco to Pursue Deep Cost Cuts Tencent’s Profit BY MARIA ARMENTAL ations, including offering early be recognized in the current adjusted profit of 75 centsa fers and trials forits video- retirement to workers. quarter,according to aregula- sharewith revenue falling conferencing-serviceWebex CiscoSystems Inc.said it “The pandemic has had the tory filing.The company had about 7% to $12.23 billion. and security offeringsascom- Is Lifted would adjust investment plans most impact on our enterprise indicatedlayoffs were coming. Ciscoshares fell morethan panies moved to remotework and pursue deep cost cutsas and commercial ordersdriven TheSan Jose,Calif.-based 6% in after-hours trading. during the pandemic. The of- customer priorities have shifted by an overall slowdownin companyposted afourth- Mr.Robbins,onthe call, ferings, companyofficials said, By Games during the coronavirus pan- spending,” Chief Executive quarter profit increase of 19% said the pandemic was giving could deliver a revenue boost demic,which contributed to the Chuck Robbins told analystson to $2.64 billion, or 62 cents a Cisco a further impetus to fo- in futurequarters. “Wehave BY JING YANG companyposting the firstan- acall. Thecompany, he said, share. It estimated the re- cus more research and devel- begun to see the conversion of nual revenue fall in three years. over the coming quarters structuring hit to the current opment spending on cloud- free trials into paid subscrip- Tencent Holdings Ltd. Thenetworking-equipment would cut morethan $1 billion quarter’s resultsat13centsto computing activities,including tions,” Mr. Robbins said. playeddownthreatsfrom the company, considered a proxy in costsonanannualized basis. 15 cents a share. It said it ex- security efforts. “Security con- Morethan half of Cisco’s Trump administration’spoten- for corporate high-tech hard- Ciscodidn’t specifythe num- pectstogenerate41centsto tinues to be a top priority for revenue nowcomes from soft- tial restrictions on itsflagship ware demand, on Wednesday ber of positions it would shed 47 cents a share profit in the our customers, particularly in ware and services,said Mr. WeChat app,asincreased reported a9%sales decline in but estimated chargesofabout quarter with revenue declining this distributed digital world,” Robbins said,who had made spending through its services the most recent quarter and $900 million beforetaxes,in- 9% to 11%. Analystssurveyed he said. the shiftaway from reliance and videogames pushed the said it would restructureoper- cluding about $800 million to by FactSet have forecast an Cisco has extended free of- on equipment sales apriority. Chinese internet giant to bet- ter-than-expected profit and revenue in the second quarter. Tencent, the world’sbiggest Refiners Speed Transition to Renewable Fuel videogame company by reve- nue,said profit in the June quartergrew37% to 33.1 bil- BY REBECCA ELLIOTT U.S. renewable diesel lion yuan ($4.8billion) from a consumption is poisedto year earlier,helped by itsmo- U.S. fuel makerssee eco- continue climbing as bile-game business. Revenue nomic opportunity in getting environmental rules tighten. rose 29% to 114.9billion yuan. greener as consumption re- Both beat analysts’ estimates, mains depressed during the Annual U.S. renewable according to FactSet. In addi- coronavirus pandemic and the diesel consumption tion to gaming,Tencent prospect of more government 1.25 billion gallons posted revenue growth in all regulations increases. of its major lines of business, Phillips 66 said it is plan- including fintech, cloud ser- ning to transform aSan Fran- 1.00 vices and online advertising. cisco-area oil refineryintoa Tencent said Wednesday plant that produces fuels from that basedonits analysis, productssuch as vegetable oil 0.75 President Trump’s Aug. 6 ex- and animal fat, which generate ecutiveorder applies only to lesssoot and fewergreenhouse the international version of gases. 0.50 WeChat, meaning the majority Theconversion, slated for of the app’s business, as well completion in 2024, is expected as otherbusinesssegments, to requirearound $800 million 0.25 would remain intact. “We are in capital investment and is one in the process of seeking fur-

of several similar projectspro- FORECASTS 66 ther clarification from rele- posed in recent months,asU.S. 0 vant parties in the U.S.,” Chief 2010 ’15 ’20 ’25 ’30 refinersre-evaluatetheir busi- PHILLIPS Financial Officer John Lo said nesses in light of Covid-19 and Source:Turner,Mason &Co. Phillips 66 said it plans to convert its San Francisco-area oil refinery to a biofuel plant. on an earnings call. tightening environmental regu- Tencent, with headquarters lations. ity would largely produceabio- As California’srules become California refineryitclosed this and stategovernment incentive in Shenzhen, has been caught Thecoronavirus pandemic fuel known as renewable diesel stricter and other states con- spring to arenewable-diesel fa- programs,” Mr.Jenningssaid in in the geopolitical tensions be- has crushed demand forfuels that is interchangeable with sideradopting similar rules, cility.HollyFrontier said in acall with investors. tween China and other coun- such as gasoline and jet fuel, conventional diesel. Other U.S. renewable-diesel consump- June it plans to close aWyo- Exxon Mobil Corp., mean- tries.The WhiteHouse last and manyexpect global oil con- types of biofuels,such as biod- tion is projected to roughly ming refineryand transition it while, said this week it had week issued asurprising exec- sumption to remain depressed iesel and ethanol, must be double over the next decade to to renewable-diesel production, signed adeal to buy 2.5million utiveorder—due to take effect foryears. But appetitefor so- blended with conventional re- around 1.1 billion gallons ayear, as well as build additional ca- barrels,oraround 100 million Sept. 20—that would bar peo- called renewable fuel is poised fined products. according to Turner Mason. pacity in NewMexicotopro- gallons,ofrenewable diesel a ple in the U.S. or subject to to grow because of government Renewable diesel generally Mr.Herman said over the cess the materials used in re- year forfiveyearsfromaCali- U.S. jurisdiction from transac- regulations in places such as isn’t economical to produce next decade,asCalifornia’sfuel newable diesel. fornia facility that is being con- tions involving WeChat or any California that aredesigned to without government incentives, standards ramp up,the need HollyFrontier Chief Execu- verted from an oil refinery. Tencent subsidiary. reducegreenhouse gasemis- and demand is small, said John forrenewable fuels would be- tiveMichael Jenningsattri- Renewable diesel typically U.S. officials have said the sions. Auers, an executivevicepresi- come onerous if Phillips 66 buted the decision to convert generates lesssoot than itspe- app poses a national-security “The economic conditions dent at consulting firm Turner, weren’t producing itsown bio- the Wyoming refineryinpart to troleum-based counterpart and areripe forit,” Bob Herman, Mason &Co. Thefuel makes up fuel and instead had to buy reduced margins on traditional lessthan 40% of the green- Phillips 66’srefining chief,said around 1% of U.S. diesel con- credits. oilrefining because of the pan- house-gas emissions per unit of Thecompanyposted of the refineryconversion. He sumption, largely driven by fuel Other fuel makersincluding demic.“Demand forrenewable energy,measuring from pro- added that the company’sSan regulations in California. The Marathon Petroleum Corp. diesel as well as other low-car- duction through consumption, revenue growth in all Francisco-area facility isn’t stateaims by 2030 to reduce and asmaller rival, HollyFron- bon fuels is growing and taking said RobertMcCormick,ase- of itsmajor lines of making money as atraditional the carbon intensity of its tier Corp., see similar opportu- market share, based on both nior research fellowwith the refinery. transportation fuels by 20% nities.Marathon said last week consumer preferenceand sup- National Renewable Energy business. Phillips 66’sconverted facil- compared with 2010 levels. it is considering converting a port from substantial federal Laboratory.

threat because it captures Companies Step Up Automation of Distribution swaths of information and could giveBeijing access to the personal dataofAmeri- BY JENNIFER SMITH “During non-Covid times,if national Inc.’swarehouse au- cans and of Chinese nationals demand grew by 50% I would tomation business, said they visiting the U.S. Ahandful of warehouse ro- go hire300 morepeople,” said were morewilling to invest in In June, India blocked botshelped American Eagle Shekar Natarajan, senior vice automation as aresult of the WeChat, along with dozens of Outfitters Inc.cope with a president of global inventory pandemic.E-commerce compa- Chinese apps,oncybersecurity flood of online orders during and supply chain logistics for nies showedthe biggest shift, concerns as tensions intensi- coronavirus lockdowns as con- American Eagle Outfitters, with 66% saying they were fied with China following a sumersloaded digital shop- which said e-commerce sales morewilling to do so,followed deadly border skirmish. ping cartswith hoodies,leg- forits American Eagle and Ae- by food and beveragecompa- TheWhiteHouse’saction— gings and loungewear. rie brands shot up afterstores nies and logistics providers, at which also targeted the Chi- Nowthe companyisstep- closed in March. 59% and 55%, respectively. nese owner of short-form video ping up itsuse of automation. Now, Mr.Natarajan said, About half of the respon- app TikTok—escalated along- Thecompanyisinstalling 26 “It’sreally tough because dentswho had invested in auto- simmering tech conflict be- morepiece-picking robotsatits you’realso trying to make mation said it washelpful for tween the world’stwo largest main U.S. distribution centers, sureyou’rekeeping the associ- the businessduring the pan- economies.With amarket making it the latest companyto ates safe.... Youcannot actu- demic, with manyciting their value of morethan $640 bil- deepen itslogistics technology ally bringin1,000 to 2,000 abilitytocontinue operating lion, Tencent is one of the most investmentsasthe coronavirus untrained people intothe dis- with fewerstaff on-siteasa profitable Chinese companies pandemic upends sales chan- tribution facility and maintain benefit, according to the survey, andisthe country’ssecond- nels andsupply chains. safe working conditions.” which polled 434 U.S.-based largest internet companyafter Thekiosk-sizeunitsfrom Upheavalfromthe coronavi- professionals in April and May. Alibaba Group Holding Ltd. robotics provider Kindred Sys- ruspandemic is pushing more Thepandemic has high- WeChat and itsdomestic tems Inc.use mechanical arms, companies to consider auto- lighted the importance of op- sister app Weixin have about computer vision and artificial mating distribution and fulfill- KINDRED erating flexibility that some 1.21 billion monthly activeus- CK,

intelligencetosort through ment, as the consumer rush to RU newertypes of automation can ers combined.

piles of apparel. They provide online shopping and social dis- JOE provide, said Thomas Boykin, On Wednesday’searnings steady labor to help workers tancing practices within ware- A Kindred sorting machine at an American Eagle Outfitters facility. aleader of Deloitte’s supply- call, Tencent executives sought organizeordersand reduce house operations add to the chain practice. to distinguish the two apps and crowding on the warehouse challenges in strained logistics nologyinrecent yearsasthey that shift. “The ability to scale up allayinvestors’ fearsthat the floor,wherethe companysaid networks.Although fulfillment seek to boost output and han- Morethan half of ware- quickly or scale down without ban could hurt itsdomestic onehuman canmanagemulti- operations still rely largely on dle swingsindemand moreef- house operatorsresponding to laying off workersorreconfig- businesses.Tencent shares— ple robotsinstead of standing human labor,companies have ficiently. arecent survey by Honeywell uring workershas become more whichhad been trading at re- next to other associates. been incorporating moretech- Covid-19 is accelerating Intelligrated, Honeywell Inter- important,” Mr.Boykin said. cord levels—aredown nearly 6% in the four trading days since Mr.Trump signed the order. ADVERTISEMENT Thecompanygenerates less Lyft Riders, than 2% of revenue from the U.S., said Chief Strategy Offi- The Marketplace cerJames Mitchell. Theexecu- To advertise: 800-366-3975orWSJ.com/classifieds Revenue tive order “clearly covers the U.S. jurisdiction, and conse- quently, we don’t see any im- AVIATION BUSINESSOPPORTUNITIES Take Fall pact on companies advertising on our platforms in China,” he "$* #=?!+ &2-;<25D!8 %;8 @'!+ (=B=82/=- said. International brands in- /+!.26 *+6-213 31-264 .AA-/D5/D9A.BC1 BC =1C9/"A %!F7,&& DC 1/.- 30,. !))(:(F)%9 041# *4F 3$0' "A=C./B>C1 @8 )CDB2 =A1/C" A%1D/D5 BCB%+ C> ContinuedfrompageB1 cluding Starbucks Corp.and E>1 !*76$C'3,&A5, ?@: /DBA1A.B =%/" %B @7;0: =A1 )CDB2 %D" decision to phase out rider dis- Procter &Gamble Co.use

(#C:@ *;1;,C 64= >2>2 "62@22 #? '%$ A11A"E$1C-A1. 6/B2 able growth beforethe pan- cromessages” in Mandarin—to 0& 3& "#-,$-)+1 0,$%)*/1 ." (20!4' .A1/C<. /D9A.BC1. CD+3 =+A%.A7 PRES &#C/5 &B+<: 3E>40 7AE-27>2 5/"*$3)'0+!)"+'"13.3'*0,40- 0* demic were showing results. market their productsand ser- DDB+<:"B)#8+#C+9<.!9? 2(%,&&&,#### UMA

Thecompanyseparately cut /Z vices to consumers in China.

17%ofits workforce in the sec- TNS Although WeChat has far ond quarter,while furloughing The ride-hailing company cut 17% of its workforce in the quarter fewerlocal usersinthe U.S. BUSINESSOPPORTUNITIES other workersand slashing while also slashing pay. A Lyft driver center in San Diego. than TikTok, the app is a cru- THE MARKETPLACE payamid cost-cutting efforts. cial communication channel Regulatoryhurdles areadd- ruling is on hold until next over the next week. forthe Chinese diasporaand *,!'%(!!*,+(#)%$" *#$&(# ADVERTISE TODAY ing to itsheadaches.ACalifor- week,sothe companies have a Thecompanycan’t comply foreigners who have business $/0 ,8 +6,5 /% 962*4 7,/#1 6+. *,)%" (800)366-3975 "$ (-+ +$-# (-!&%'!!( "',+*# 64&*-5&0 nia judgesaid Mondaythat chancetoappeal. with the order “atthe flip of a or personal ties in China. Sili- "'* 40#"3&( "',8*!+30 4!# %5&/*!% Formoreinformation visit: Uber and Lyft shouldn’t clas- Lyft President John Zimmer switch,” he said, adding that conValley has takenthe cue of 64*!# 4!8/+3 64!%/+5%%%**+ 6+. wsj.com/classifieds sifytheir driversasindepen- told analyststhe company reclassifying hundreds of thou- WeChat’ssuper-app model by )&*,/%5+*# #* :6%#5 8*!& #/,5( dent contractors,citing the would need to temporarily sands of Lyft driversis“nearly building productswith func- 634./ )#% 4%, ©2020Dow Jones &Company,Inc. 53++$!4.)021*4-+(.)* All Rights Reserved. state’sgig-worker lawthat suspend operations in Califor- impossible.” California ac- tions spanning messaging, went intoeffect this year.The nia if an appeal isn’t successful countsfor 16% of Lyft’s rides. payments and e-commerce. P2JW226000-0-B00500-1------XA

THE WALL STREET JOURNAL. Thursday, August 13, 2020 | B5 BUSINESS NEWS AerospaceSuppliersSuffer Travel Slump

MAXprogram, Spirit Aero- Hiring by defense contractorshasn'tmatchedjob cuts in the commercial sector. with companies recouping BY DOUG CAMERON Systems Holdings Inc., is cut- Airline order cancellations and deferrals have forced plane makerstoreduceoutput. their investment on replace- ting 8,000 jobs,around 40% of ment sales over many years. Companies that makeparts itscommercial aerospace U.S. aerospaceemployment Aircraftproduction Airbus Boeing While flying levels have re- for Boeing Co.and Airbus SE workforce. General Electric 1.0 million 2,000 coveredfromtheir lowinApril, jets, and provide airlines with Co.isshedding 13,000 from its the recovery remains sporadic, everything from engine spares aviation unit,and other big Aircraftengines and engine parts ESTIMATES and carriershaveslashed to windowshades,are shrinking supplierssuch as Raytheon spending on aftermarket pur- 0.8 Other aircraftparts and equipment rapidly in the wake of the pan- Technologies Corp., Howmet 1,500 chases.Global airline traffic re- demic-driven travel downturn. Aerospace Inc.and France’s mains around 50% belowpre- ThePrecision Castpartsunit Safran SA have disclosed cuts Aircraft pandemic levels,according to of BerkshireHathaway Inc. in recent weeks. 0.6 dataprovider OAG Aviation this week became the latest “Wehavereceived more 1,000 Worldwide Ltd. United Air- supplier to flag hugejob cuts production schedule changes lines Holdings Inc.said its as the maker of aircraft-engine this year than Ithink we’ve 0.4 Aerospaceproducts and parts maintenancespending in the partssaid it had shed 10,000 seen in the last five years,” June quarter wasdownmore staff—30%ofits workforce— said Spirit Chief Financial Offi- 500 than 70%fromayear ago. sincethe start of the year. cerMark Suchinski on arecent 0.2 That hastranslated into Warren Buffett’sinvestment earnings call. fewervisitstoengine-repair vehicle took a$10 billion In addition to the MAX, the shops as planes sit idle,while write-down on its2015 acqui- supply chain is taking other airlines have also canceled or 0 0 sition,highlighting howthe hits. Theoverall production of deferred plans to refresh older crisis gripping theairline in- newjetshas declined, and the 2018 ’19 ’20 2018 ’20 ’23 planes.Safran, which copro- dustryisexpected to linger. big drop in flying—a thirdof Sources: Labor Dept. (employment); the companies (production 2018-19); WolfeResearch (production estimates) duces engines forthe MAX Theworld’stwo biggest plane the global fleet remains with GE and is one of the big- makerssignaled to suppliers grounded—has reduced demand has twicethis year reduced That acceleration has failed to Aerospace suppliers typi- gest players in the aftermar- that they plan to lowerjet forspares and improvements the guidance given to suppli- materialize. While Boeing is cally provide partsand materi- ket, said its commercial sales production for several years. such as newseats. Thereduced ers for output of the MAX. It paying suppliersmorequickly, als forcommercial and defense fell 66% last quarter. U.S. aerospacemanufactur- workload comes as companies delivered just four jetlinersin it has slowedorders. Raytheon customers, and the impact of “Wehaveaconcern regard- ershavealready shed more had invested in newequipment July and is producing only a won’t start shipping partsfor the airlines crisis has been ing the future of some of our than 100,000 jobs sincethe and hiring to support higher jet dozen MAX aircraft a month, newMAX jetsuntil the second mitigated in part by the Penta- suppliers and subcontractors start of the year,according to production and the steady rise down two-thirds from ayear half of next year. gon. It used federal stimulus because they areincrisis, Labor Department dataand in airlinepassengers, only for ago. Airbus is cutting produc- “Production rate downturns funding to send cash to too,” Safran Chief Executive regulatoryfilings, with the the pandemic to render their tion by a third. aremoretraumatic than peo- smaller companies by acceler- Philippe Petitcolin said on an pandemic adding to existing businessplans redundant. “We’vegot to sizethe busi- ple think,” said Kevin Michaels, ating contractsand payments investor call last week. pressures from the sharply re- Boeing sits atop a chain of nessand take the tough ac- managing director of consul- to big defense contractors. France has unveiled an aid duced production of the still- morethan 16,000 suppliers, tions,” Boeing Chief Financial tant AeroDynamic Advisory Themost immediatefinan- packagefor itsaerospacesup- grounded Boeing 737MAX jet. many shared with Airbus and Officer Greg Smith said in an LLC,which works with suppli- cial challenge for suppliers is pliers, and the looming chal- Sector employment had defense contractors that pro- interview last month. ers. He expectsthe newpro- on the so-called aftermarket, lengefor U.S. companies has climbed to almost amillion at duce partssuch as fasteners Beforethe pandemic,Boe- duction ratesoutlined by Boe- sales of spares and mainte- triggeredcalls from the Aero- the end of last year and fell to and circuit boards. ingwas supporting smaller ing and Airbus to start forcing nanceservices to airlines that spaceIndustries Association 925,000 by June 30. Job cuts Chicago-based Boeing is suppliersbyordering more some smaller supplierslater are typically the most profit- formorefederal aid to stem have continued to mount in forecast to producearound partsthan it needed and stock- this year to cut back,oreven able businessfor aerospace the job cutsand sustain an in- recent weeks. 240planes this year,two- piling them ahead of aplanned exit commercial aerospacein companies. New parts are of- dustrial base that also sup- Thebiggest supplier on the thirds lowerthan in 2019,and increase in MAXproduction. favorofmoremilitarywork. tensold at cost or at aloss, ports the military.

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

EnvivaPartners EVA 43.42 0.4 HelenofTroy HELE 211.94 1.1 LennoxIntl LII 281.09 1.5 Penumbra PEN 239.14 1.8 SummerInfant SUMR 19.50 28.4 BurningRockBio BNR 20.51 -1.4 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American EvolentHealth EVH 13.68 1.9 HomeDepot HD 282.97 2.4 LincolnEduc LINC 6.99 23.6 Polaris PII 110.30 -0.1 SuperiorGroup SGC 22.45 3.7 CastorMaritime CTRM 0.18 -3.8 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest eXpWorld EXPI 32.92 3.1 HorizonGlobal HZN 6.95 14.3 LithiaMotors LAD 259.98 5.1 PotlatchDelt PCH 45.98 1.3 TD Holdings GLG 3.90 3.2 CheckmatePharm CMPI 13.00 1.9 session. %CHG-Daily percentage change from the previous trading session. FatBrandsWt FATBW 1.35 10.2 HormelFoods HRL 52.50 1.2 Lowe's LOW 157.98 1.8 Procter&Gamble PG 135.97 1.7 TRowePrice TROW 142.51 -0.4 EastRscs ERESU 9.91 -0.4 FS Devt FSDC 10.48 3.0 HudsonTech HDSN 1.30 2.4 MICT MICT 4.22 9.1 PureAcquisition PACQU 12.05 5.5 Target TGT 135.11 2.2 EnteraBio ENTX 1.55 -5.4 Wednesday, August 12, 2020 FactSet FDS 363.18 1.2 JBHunt JBHT 141.00 -0.3 MagicSoftware MGIC 13.83 1.1 Qualcomm QCOM 116.25 6.4 Ericsson ERIC 11.99 2.1 EyePointPharm EYPT 0.58 -9.8 52-Wk % 52-Wk % 52-Wk % FedEx FDX 206.24 2.8 HuntingtonBcPfC HBANN 29.17 10.1 MarineMax HZO 32.06 1.3 QuantaServices PWR 50.93 -0.8 TexasInstruments TXN 139.14 1.9 GoHealth GOCO 15.23 2.4 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Ferrari RACE 193.83 3.8 HutchisonChina HCM 34.08 3.5 MaxarTech MAXR 26.45 4.4 R1RCM RCM 15.82 -1.2 TraneTech TT 122.19 0.3 HallofFameResort HOFV 4.10 -19.3 FstHorizonPfdE FHNpE 26.37 -0.4 IES Holdings IESC 30.01 4.1 McCormick MKC 203.14 2.0 Ranpak PACK 9.35 0.2 Tri-Cont Pfd TYp 58.26 1.8 HallofFameWt HOFVW 0.55 -19.5 BMC Stock BMCH 33.32 5.5 ClearwayEnergyA CWEN.A 25.57 0.3 FirstHorizonPfdC FHNpC 26.07 0.2 IllinoisToolWks ITW 199.90 1.1 MetLifePfdF METpF 26.24 1.0 RegalBeloit RBC 100.70 1.6 TruistFinlPfdO TFCpO 27.83 0.7 IBEX IBEX 14.90 -2.6 Highs BigLots BIG 50.62 5.9 ColgatePalm CL 77.78 1.7 FirstRepBkPfd FRCpJ 26.19 0.6 Immersion IMMR 9.64 4.2 MettlerToledo MTD 975.02 2.7 Rent-A-Center RCII 33.42-0.2 UFP Inds UFPI 63.69 2.9 IterumTherap ITRM 0.85 -9.6 BioceresCropWt BIOX.WS 0.69 8.9 CollectorsUniv CLCT 44.00 1.2 USA Truck USAK 12.85 4.9 ABB ABB 26.66 2.2 Forterra FRTA 15.97 3.2 InariMedical NARI 71.05 10.6 NewsCorp B NWS 15.47 2.1 RitchieBros RBA 62.23 7.7 KingoldJewelry KGJI 0.39 -31.4 BlackRock BLK 605.72 0.6 ComfortSystems FIX 55.59 1.1 US Xpress USX 10.77 1.6 AdaptHealth AHCO 25.93 3.4 FortressValueII FAII.U 10.20 1.7 IndiaGlblCap IGC 2.67 300.4 NewsCorp A NWSA 15.41 1.8 RoperTech ROP 449.79 2.8 Kubient KBNT 3.83 -17.0 BlueknightEnPtrsA BKEPP 5.95 2.8 Corning GLW 32.87 1.3 UtdCmtyBksPfdI UCBIO 26.45 1.7 AdvDrainageSys WMS 59.05 6.1 FortBrandsHome FBHS 83.49 2.4 InozymePharma INZY 27.12 8.6 Nordson NDSN 208.37 1.1 RushEnt A RUSHA 51.23 0.6 LanternPharma LTRN 10.78 -6.2 Broadcom 335.88 3.0 CovenantLogist 20.41 7.0 VeriskAnalytics VRSK 192.40 1.4 Aemetis AMTX 3.47 28.0 AVGO CVLG FoxFactory FOXF 112.40 1.8 IssuerDirect ISDR 18.00 4.1 NorthernTrPfdE NTRSO 27.35 0.6 Saia SAIA 136.11 2.6 LegendBiotech LEGN 30.61 0.5 VirtusInvtPtrs VRTS 148.24 1.3 AirTransportSvcs ATSG 28.71 -1.7 BrookfieldInfr BIPC 52.08 3.1 Covetrus CVET 25.00 -2.7 FulgentGenetics FLGT 44.79 1.8 iTeosTherap ITOS 30.84 1.5 OaktreeAcqn OAC 10.70 0.2 SchneiderNatl SNDR 26.89 3.1 NakedBrand NAKD 0.35 -2.9 Watsco B WSOB 238.93 1.1 Alpha&OmegaSem AOSL 15.08 21.4 BuildersFirstSrc BLDR 31.18 12.2 DarlingIngred DAR 33.73 0.5 GCPAppliedTechs GCP 27.62 1.8 KimberlyClark KMB 160.16 2.0 OaktreeCapPfdA OAKpA 28.02 1.0 Semtech SMTC 64.10 2.6 OccidentalPetrolWt OXY.WS 3.90 0.5 WaysideTech WSTG 26.44 0.7 Amphenol APH 110.38 0.9 CambiumNtwks CMBM 13.25 7.3 DasekeWt DSKEW 0.28 16.2 GencorIndustries GENC 13.81 1.2 KornitDigital KRNT 59.59 6.1 OldDomFreight ODFL 195.48 2.3 SherwinWilliams SHW 675.74 3.0 PoseidaTherap PSTX 11.00 -4.2 WernerEnterprises WERN 47.17 2.0 Annexon ANNX 29.71 19.6 CanNtlRlwy CNI 103.88 1.0 Daseke DSKE 7.14 9.0 GibraltarInds ROCK 68.61 1.6 Kubient KBNT 5.05 -17.0 OpenLending LPRO 19.93 -4.0 Shift4Paymts FOUR 49.14 3.7 Q&K Intl QK 8.16 -2.5 XPEL XPEL 28.70 32.9 APi Group APG 15.43 -1.6 CanPacRlwy CP 299.71 1.4 DelekLogistics DKL 34.65 5.8 Graco GGG 58.08 0.5 LancasterColony LANC 172.93 1.9 OrthoPediatrics KIDS 54.27 4.9 ShockwaveMed SWAV 55.15 0.1 RecroPharma REPH 3.01 -5.3 XP XP 52.94 -1.7 ArcBest ARCB 33.86 -1.2 CarMax KMX 106.74 2.2 DigitalTurbine APPS 25.11 5.1 Grainger GWW 358.06 0.8 LandstarSystem LSTR 133.70 0.8 PJT Partners PJT 60.85 0.4 SonicAutomotive SAH 46.50 8.4 RockyMtnChoc RMCF 3.05 -4.6 YumChina YUMC 54.96 2.1 ArcelorMittalNts MTCN 32.33 1.4 CECO Env CECE 8.99 2.5 DollarGeneral DG 197.38 3.0 GreenPlains GPRE 16.82 6.2 Lantronix LTRX 5.15 0.6 PRA Group PRAA 46.14 0.1 SouthernNts20 SOJD 26.39 0.4 SeanergyMaritime SHIP 1.31 -5.0 AtlasAir AAWW 61.660.3 CellularBiomed CBMG 19.50 35.0 EPAM Systems EPAM 314.32 5.5 Grubhub GRUB 78.38 4.8 Lazydays LAZY 15.28 4.1 PacificEthanol PEIX 4.42 16.0 Stepan SCL 116.63 1.0 Lows SteinMart SMRT 0.15 -37.9 AutoNation AN 58.07 5.3 Chemours CC 21.84 3.2 EchoGlobalLog ECHO 28.07 -0.3 HannonArmstrong HASI 40.17 6.1 Leaf LEAF 5.62 7.1 PennNational PENN 51.17 6.8 StifelFinlPfdC SFpC 26.95 -0.5 TOP Ships TOPS 1.34 -14.6 BHP Group BHP 58.35 1.1 ChurchillDowns CHDN 175.27 0.4 EllomayCapital ELLO 27.25 1.7 Hawkins HWKN 59.32 4.1 CBTCS 04-6 JBK 31.50 4.4 Pennant PNTG 38.00 40.7 StockYardsBncp SYBT 44.72 0.8 Alector ALEC 13.26 -5.7 VerricaPharm VRCA 6.02 -6.0

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B6 | Thursday, August 13, 2020 THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 27976.84 s289.93, or 1.05% Trailing P/E ratio 28.33 18.42 3380.35 s46.66, or 1.40% Trailing P/E ratio * N/A 22.67 11012.24 s 229.42, or 2.13% Trailing P/E ratio *† N/A 23.54 High, low, open and close for each P/E estimate * N/A 16.92 High, low, open and close for each P/E estimate * N/A 17.69 High, low, open and close for each P/E estimate *† N/A 21.24 trading day of the past three months. Dividend yield 2.27 2.35 trading day of the past three months. Dividend yield * N/A 1.92 trading day of the past three months. Dividend yield *† N/A 1.05 All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 11108.07, 08/06/20

Current divisor 0.14579812049809 30000 3500 11000

27500 3250 10500

25000 3000 10000

Session high 22500 2750 9500 65-day moving average DOWN UP 65-day moving average Session open Close t 20000 2500 65-day moving average 9000 Close Open t

Session low 17500 2250 8500

Bars measure the point change from session's open 15000 2000 8000 May June July Aug. May June July Aug. May June July Aug. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 770,692,128 37,346,262 Industrial Average 28043.89 27843.32 27976.84 289.93 1.05 29551.42 18591.93 9.8 -2.0 8.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 418,897,831 25,830,684 Transportation Avg 11085.44 10931.09 10936.10 46.57 0.43 11304.97 6703.63 11.1 0.3 5.9 Most-active issues in late trading Decl. volume* 341,000,011 10,229,421 Utility Average 841.49 825.59 836.74 14.75 1.79 960.89 610.89 2.3 -4.8 4.6 Volume After Hours Issues traded 3,064 262 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 34535.93 34301.58 34467.13 459.18 1.35 34631.28 22462.76 18.3 4.3 11.0 Advances 1,867 125 India Global Cap IGC 29,817.2 3.16 0.60 23.44 3.54 2.46 Barron's 400 739.39 733.64 736.93 7.61 1.04 746.64 455.11 14.8 0.6 5.0 Declines 1,117 127 Zynga ZNGA 15,045.6 9.13 0.02 0.22 9.15 9.10 Unchanged 80 10 SPDR S&P 500 SPY Nasdaq Stock Market 4,590.9 337.19 -0.25 -0.07 337.49 336.69 New highs 88 4 Nasdaq Composite 11036.72 10877.16 11012.24 229.42 2.13 11108.07 6860.67 41.7 22.7 20.7 Cisco Systems CSCO 3,976.8 45.04 -3.06 -6.36 48.50 44.77 New lows 10 Nasdaq 100 11190.26 10970.87 11157.72 281.64 2.59 11267.08 6994.29 49.0 27.8 24.1 Principal US SC Multi PSC 3,750.0 30.31 0.02 0.05 30.31 30.31 Closing Arms† 1.45 0.45 Lyft LYFT 3,575.6 30.29 -0.23 -0.75 32.37 29.75 S&P Block trades* 4,637 219 Vale ADR VALE 3,308.2 11.30 -0.01 -0.09 11.40 11.13 500 Index 3387.89 3355.46 3380.35 46.66 1.40 3386.15 2237.40 19.0 4.6 11.5 Nasdaq NYSE Arca iShares Silver Trust SLV 2,428.7 23.87 0.45 1.92 24.00 23.40 MidCap 400 1966.94 1948.35 1958.29 13.15 0.68 2106.12 1218.55 6.5 -5.1 4.6 Total volume*3,699,448,109 261,648,441 SmallCap 600 931.20 917.09 924.17 4.38 0.48 1041.03 595.67 2.4 -9.5 3.6 Percentage gainers… Adv. volume*1,933,541,263 167,611,706 Decl. volume*1,736,571,648 91,146,858 Other Indexes Aspen Technology AZPN 205.4 123.24 25.53 26.13 126.70 97.71 Issues traded 3,452 1,416 Russell 2000 1595.12 1574.25 1583.25 8.15 0.52 1705.22 991.16 7.9 -5.1 4.8 India Global Cap IGC 29,817.2 3.16 0.60 23.44 3.54 2.46 Advances 1,920 1,100 NYSE Composite 13010.96 12849.37 12974.82 125.45 0.98 14183.20 8777.38 4.9 -6.7 3.3 Revolve Group RVLV 800.4 22.99 3.49 17.90 24.60 19.25 Declines 1,432 293 1Life Healthcare ONEM 278.7 30.01 2.37 8.57 30.80 27.54 Value Line 488.24 482.50 485.49 2.99 0.62 562.05 305.71 -1.5 -12.1 -1.7 Unchanged 100 23 Fossil Group FOSL 199.1 5.02 0.38 8.19 5.25 4.46 NYSE Arca Biotech 5617.46 5559.38 5604.30 67.59 1.22 6142.96 3855.67 25.4 10.6 13.5 New highs 111 72 NYSE Arca Pharma 672.32 664.03 670.71 12.85 1.95 672.00 494.36 17.8 2.6 8.9 ...And losers New lows 25 15 KBW Bank 81.76 78.35 79.56 -0.50 -0.62 114.12 56.19 -11.3 -29.8 -5.3 Vroom VRM 573.7 55.80 -13.21 -19.14 69.70 55.55 Closing Arms† 1.20 2.27 § PHLX Gold/Silver 145.57 141.58 141.68 0.21 0.15 161.14 70.12 52.5 32.5 19.0 Ping Identity Holding PING 120.5 30.63 -2.89 -8.62 35.00 30.03 Block trades* 19,796 1,486 § PHLX Oil Service 40.96 39.73 40.39 0.31 0.78 80.99 21.47 -34.0 -48.4 -31.0 Aemetis AMTX 165.2 3.11 -0.23 -6.89 3.48 3.06 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2232.01 2168.90 2227.22 72.43 3.36 2227.22 1286.84 54.4 20.4 27.8 Cisco Systems CSCO 3,976.8 45.04 -3.06 -6.36 48.50 44.77 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 22.88 21.54 22.28 -1.75 -7.28 82.69 11.54 0.8 61.7 12.8 NVAX Novavax 214.7 117.08 -7.34 -5.90 125.50 117.00 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 1.09 World The Global Dow 3069.76 33.09 –5.6 Biofrontera ADR BFRA 30.50 10.18 50.10 55.00 5.27 110.7 OneSpan OSPN 18.84 -12.36 -39.62 33.33 10.88 44.6 1.11 DJ Global Index 435.36 4.76 0.3 Pennant Group PNTG 36.77 10.63 40.67 38.00 6.15 ... Super League Gaming SLGG 2.43 -0.78 -24.30 7.42 1.30 -62.3 DJ Global ex U.S. 251.28 1.90 0.76 –4.7 Cellular Biomedicine Grp CBMG 19.27 5.00 35.04 19.50 10.98 51.0 VirTra VTSI 3.58 -0.89 -19.84 5.30 2.00 70.2 Americas DJ Americas 786.18 10.30 1.33 3.3 XPEL XPEL 27.46 6.80 32.91 28.70 6.67 287.8 ThermoGenesis Holdings THMO 4.53 -1.12 -19.82 14.18 1.63 58.4 Brazil Sao Paulo Bovespa 102117.79 –56.61 –0.06 –11.7 Eyegate Pharmaceuticals EYEG 5.38 1.28 31.22 12.89 2.25 73.2 Jumia Technologies ADR JMIA 13.15 -3.22 -19.67 23.90 2.15 2.7 Canada S&P/TSX Comp 16575.28 78.27 0.47 –2.9 Summer Infant SUMR 17.85 3.95 28.40 19.50 1.45 395.5 Hall of Fame Resort Ent HOFV 4.10 -0.98 -19.29 12.31 4.10 ... Mexico S&P/BMV IPC 38634.10 –69.49 –0.18 –11.3 Aemetis AMTX 3.34 0.73 27.97 3.47 0.37 283.9 Kubient KBNT 4.15 -0.85 -17.00 5.05 3.83 ... Chile Santiago IPSA 2784.10 25.03 0.91 –16.5 Boxlight Cl A BOXL 2.49 0.48 23.88 4.65 0.33 -5.0 Novavax NVAX 124.42 -25.06 -16.76 189.40 3.54 1959.9 Lincoln Educational Svcs LINC 6.70 1.28 23.62 6.99 1.59 266.1 Edesa Biotech EDSA 6.81 -1.37 -16.75 19.10 1.58 53.4 EMEA Stoxx Europe 600 374.88 4.12 1.11 –9.8 Pacific Biosciences CA PACB 5.52 1.05 23.49 5.94 2.20 -1.3 Trevena TRVN 2.29 -0.45 -16.42 3.68 0.46 154.4 Eurozone Euro Stoxx 368.54 3.54 0.97 –8.8 Belgium Bel-20 3466.87 33.27 0.97 –12.4 Alpha Omega Semicndtr AOSL 13.89 2.45 21.37 15.08 5.82 25.7 Co-Diagnostics CODX 19.57 -3.68 -15.83 30.99 0.85 1491.1 Denmark OMX Copenhagen 20 1328.36 10.06 0.76 17.0 Up Fintech Holding ADR TIGR 6.88 1.21 21.34 7.60 2.03 69.0 Intellicheck IDN 7.04 -1.31 -15.69 10.54 1.91 75.6 France CAC 40 5073.31 45.32 0.90 –15.1 Annexon ANNX 28.63 4.69 19.59 29.71 15.33 ... Landec LNDC 9.16 -1.64 -15.19 12.46 7.48 -12.8 CrownCrafts CRWS Super Micro Computer SMCI Germany DAX 13058.63 111.74 0.86 –1.4 5.79 0.88 17.92 7.94 4.13 12.2 26.01 -4.47 -14.67 33.30 15.76 54.8 Unico American UNAM 5.23 0.79 17.81 7.70 3.95 -10.5 Vaxart VXRT 9.20 -1.55 -14.42 17.49 0.25 1283.5 Israel Tel Aviv 1425.36 14.07 1.00 –15.3 Italy FTSE MIB 20437.36 228.25 1.13 –13.1 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 575.06 9.50 1.68 –4.9 Russia RTS Index 1307.12 11.11 0.86 –15.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 57417.28 249.04 0.44 0.6 Spain IBEX 35 7296.00 32.50 0.45 –23.6 India Global Cap IGC 312,210 23171.7 2.56 300.38 2.67 0.26 Monopar Therapeutics MNPR 6,509 46564 6.99 -5.45 48.00 4.94 Sweden OMX Stockholm 703.80 0.69 0.10 3.4 Sorrento Therapeutics SRNE 147,376 197.9 12.41 -11.92 19.39 1.39 Avantis Intl SmallCap Val AVDV 1,894 5745 48.49 2.17 57.90 31.37 ProSh UltraPro Shrt QQQ SQQQ Biofrontera ADR BFRA Switzerland Swiss Market 10278.66 125.42 1.24 –3.2 105,819 24.4 5.48 -7.74 37.69 5.34 2,182 3817 30.50 50.10 55.00 5.27 Advanced Micro Devices AMD 88,305 38.7 82.61 7.45 87.29 27.43 Cellular Biomedicine Grp CBMG 2,321 2754 19.27 35.04 19.50 10.98 Turkey BIST 100 1114.18 4.13 0.37 –2.6 Boxlight Cl A BOXL 84,459 450.3 2.49 23.88 4.65 0.33 Invsc Dynamic Food Bev PBJ 262 2424 33.89 1.69 35.79 24.44 U.K. FTSE 100 6280.12 125.78 2.04 –16.7 U.K. FTSE 250 18089.58 92.40 0.51 –17.3 iShares Silver Trust SLV 80,346 78.8 23.42 0.39 27.39 10.86 VicSh USAA MSCI USA ValueULVM 180 2147 48.94 0.92 55.44 31.93 American Airlines Group AAL 77,133 -20.1 13.54 -1.38 31.67 8.25 Gl X Scientific Beta US SCIU 135 1452 33.17 -0.02 36.66 22.50 Asia-Pacific NIO ADR NIO 77,045 -33.7 13.36 2.85 16.44 1.19 OneSpan OSPN 5,960 1353 18.84 -39.62 33.33 10.88 Australia S&P/ASX 200 6132.00 –6.65 –0.11 –8.3 General Electric GE 70,040 -29.8 6.72 -0.15 13.26 5.48 Fed Hermes Prem Muni FMN 350 1351 14.80 3.64 16.76 10.01 China Shanghai Composite 3319.27 –21.02 –0.63 8.8 Plug Power PLUG 63,930 175.1 10.63 -5.97 12.20 1.88 Invsc S&P 500 EW Indls RGI 522 1314 136.92 0.43 141.39 80.62 Hong Kong Hang Seng 25244.02 353.34 1.42 –10.4 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least India S&P BSE Sensex 38369.63 –37.38 –0.10 –7.0 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 22843.96 93.72 0.41 –3.4 Singapore Straits Times 2563.20 19.05 0.75 –20.5 Track the Markets South Korea Kospi 2432.35 13.68 0.57 10.7 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12670.35 –0.86 5.6 global stock indexes, bond ETFs, –109.84 currencies and commodities at Currencies Thailand SET 1336.84 … Closed –15.4 WSJ.com/TrackTheMarkets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Wed YTD chg Wed YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23176 0.02 Argentina peso .0137 73.0652 22.0 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1841 5.4312 35.1 Czech Rep. koruna .04508 22.184 –2.2 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7548 1.3249 2.0 Denmark krone .1583 6.3187 –5.2 notes and bonds major U.S. trading partners Chile peso .001263 791.90 7.1 Euro area euro 1.1786 .8485 –4.8 A consumer rate against its Five-year ARM, Rate Colombiapeso .000266 3756.00 14.5 Hungary forint .003413 293.04 –0.8 Ecuador US dollar Iceland krona benchmark over the past year 11unch .007319 136.63 12.8 Bankrate.com avg†: 3.25% 4.00% 8% Mexico peso .0447 22.3610 18.1 Norway krone .1118 8.9438 1.9 Uruguay peso .02355 42.4650 14.3 Poland zloty .2677 3.7361 –1.5 5-year adjustable- Credit Union of New Jersey 2.50% s Russia ruble rate mortgage 3.00 Euro Asia-Pacific .01357 73.680 18.7 4.00% Ewing, NJ 609-538-4061 4 Sweden krona .1150 8.6942 –7.2

t (ARM) One year ago WSJ Dollar index Australian dollar .7161 1.3965 –2.0

Switzerland franc 1.0965 .9120 s –5.7 Star One Credit Union 2.63% t China yuan .1441 6.9374 –0.4 3.00 2.00 0 Turkey lira .1364 7.3325 23.3 Sunnyvale, CA 408-742-2801 Hong Kong dollar .1290 7.7514 –0.5 Ukraine hryvnia .0363 27.5500 16.4 India rupee .01337 74.782 4.8 5-year Treasury 2.00 Old National Bank 2.75% Tradeweb ICE 1.00 UK pound 1.3031 .7674 1.8 –4 Indonesia rupiah .0000678 14760 6.3 t note yield Appleton, WI 812-464-1494 Wednesday Close t s Middle East/Africa Yen Japan yen .009355 106.89 –1.6 1.00 Citadel Federal Credit Union 2.88% 0.00 –8 Kazakhstan tenge .002384 419.46 9.9 Bahrain dinar 2.6546 .3767 –0.1 Macau pataca .1252 7.9880 –0.4 Egypt pound .0626 15.9716 –0.5 Exton, PA 800-666-0191 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2385 4.1935 2.5 Israel shekel .2933 3.4091 –1.3 S O N D J F M A M J J A STAR Financial Bank 2.88% New Zealand dollar .6580 1.5198 2.3 Kuwait dinar 3.2674 .3061 1.0 maturity 2019 2020 Fort Wayne, IN 765-622-4185 Pakistan rupee .00594 168.250 8.5 Oman sul rial 2.5976 .3850 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0204 48.940 –3.5 Qatar rial .2746 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7289 1.3720 1.9 Saudi Arabia riyal .2666 3.7503 –0.03 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008448 1183.73 2.5 South Africa rand .0573 17.4633 24.8 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00 Sri Lanka rupee .0054657 182.96 0.9 Yield (%) 52-Week Total Return (%) Taiwan dollar .03405 29.369 –1.8 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.25 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03220 31.060 4.4 WSJ Dollar Index 88.78 –0.10–0.11 –0.88 Libor, 3-month 0.26 0.24 0.24 l 2.17 -1.05 U.S. Treasury, Barclays 2482.430 0.500 0.420 1.910 0.400 8.07 5.36 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.25 0.25 0.25 l 0.78 -0.04 Five-year CD, annual yield 0.68 0.67 0.67 l 1.95 -0.77 U.S. Treasury Long, Barclays 4922.880 1.250 1.120 2.370 0.980 17.56 11.90 Commodities 30-year mortgage, fixed† 3.07 3.03 3.03 l 4.22 -0.81 Aggregate, Barclays 2285.520 1.120 1.050 2.460 1.020 7.66 5.38 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.58 2.67 2.58 l 3.57 -0.51 Fixed-Rate MBS, Barclays 2226.870 1.120 1.050 2.690 0.930 4.91 3.75 Jumbo mortgages, $510,400-plus† 3.10 3.06 3.06 l 4.71 -1.18 DJ Commodity 610.94 6.43 1.06 647.86 433.70 2.58 -4.88 High Yield 100, ICE BofA 3159.967 4.480 4.287 10.740 4.285 3.467 3.908 Five-year adj mortgage (ARM)† 3.25 3.24 3.06 l 4.78 -0.04 TR/CC CRB Index 148.36 1.50 1.02 187.39 106.29 -13.06 -20.14 Muni Master, ICE BofA 591.972 0.864 0.884 3.441 0.838 4.579 4.282 New-car loan, 48-month 4.27 4.27 4.17 l 4.67 1.40 Crude oil, $ per barrel 42.67 1.06 2.55 63.27 -37.63 -22.74 -30.12 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 908.026 4.578 4.598 7.480 4.523 5.830 4.678 Natural gas, $/MMBtu 2.152 -0.019 -0.88 2.862 1.482 0.42 -1.69 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1934.90 2.30 0.12 2051.50 1452.10 27.64 27.34 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Plus, deeper money-flows data and email delivery of keystock-market data. Available free at WSJMarkets.com P2JW226000-0-B00700-1------XA

THE WALL STREET JOURNAL. Thursday, August 13, 2020 | B7

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Cash Prices Wednesday, August 12, 2020 Open High hilo Low Settle Chg interest These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Metal & Petroleum Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Oct 12.74 12.93 12.65 12.84 .10 371,959 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Contract Open March'21 13.30 13.48 13.25 13.40 .08 237,188 Open High hi lo Low Settle Chg interest months. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Copper-High (CMX)-25,000 lbs.; $ per lb. Nov 27.25 27.25 27.25 27.25 .05 2,558 Wednesday Wednesday Wednesday Aug 2.8910 2.8910 2.8910 2.8870 0.0150 1,011 Jan'21 26.90 26.90 26.90 26.89 .09 2,002 Energy Aluminum, LME, $ per metric ton *1749.5 Wheat - Hard - KC (USDA) $ per bu-u 4.3775 Dec 2.8705 2.9215 2.8285 2.9120 0.0155 80,388 Cotton (ICE-US)-50,000 lbs.; cents per lb. Copper,Comex spot 2.8870 Wheat,No.1soft white,Portld,OR-u 5.3250 Gold (CMX)-100 troy oz.; $ per troy oz. Oct 61.98 61.98 61.98 61.84 –1.19 104 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.500 Iron Ore, 62% Fe CFR China-s 122.2 Aug 1923.00 1946.60 1871.60 1934.90 2.30 2,259 Food Dec 63.53 63.95 62.11 62.20 –1.29 116,647 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 235 Oct 1912.70 1952.30 1865.00 1940.50 1.60 70,341 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Steel, HRC USA, FOB Midwest Mill-s 444 Beef,carcass equiv. index Dec 1921.60 1961.00 1874.20 1949.00 2.70 407,962 Sept 115.35 116.65 113.90 115.45 .85 4,916 Metals choice 1-3,600-900 lbs.-u 176.63 Feb'21 1930.10 1969.20 1884.00 1957.50 2.10 32,724 Nov 118.60 119.65 116.75 118.25 .55 3,708 Fibers and Textiles select 1-3,600-900 lbs.-u 163.40 April 1939.60 1975.70 1891.20 1965.20 1.30 16,736 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6739 June 1947.00 1980.70 1899.80 1971.10 0.40 7,976 Interest Rate Futures Engelhard industrial 1933.00 Burlap,10-oz,40-inch NY yd-n,w 0.6100 Palladium (NYM) - 50 troy oz.; $ per troy oz. Handy & Harman base 1931.90 Cotton,1 1/16 std lw-mdMphs-u 0.5834 Butter,AA Chicago 1.4750 Aug …… …2164.80 –6.80 ... Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Handy & Harman fabricated 2144.41 Cotlook 'A' Index-t *69.00 Cheddar cheese,bbl,Chicago 146.50 Cheddar cheese,blk,Chicago Sept 2145.60 2210.30 2102.20 2168.20 –6.80 6,187 Sept 222-090 223-040 219-310 220-240 –25.0 1,051,649 LBMA Gold Price AM *1996.60 Hides,hvy native steers piece fob-u n.a. 160.50 Milk,Nonfat dry,Chicago lb. 94.25 Dec 2145.00 2226.10 2124.70 2186.10 –6.10 3,888 Dec 225-260 226-160 223-230 224-110 –28.0 69 LBMA Gold Price PM *1939.65 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp March'21 2181.60 –5.50 51 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Krugerrand,wholesale-e 2015.52 1.0530 Grains and Feeds Coffee,Colombian, NY 1.6065 Platinum (NYM)-50 troy oz.; $ per troy oz. Sept 179-160 179-310 178-080 178-250 –11.0 1,094,388 Maple Leaf-e 2034.90 Aug ...... 954.40 –12.20 15 Dec 177-310 178-090 176-210 177-040 –11.0 30,456 Eggs,large white,Chicago-u 0.6150 American Eagle-e 2034.90 Barley,top-quality Mnpls-u Treasury Notes (CBT)-$100,000; pts 32nds of 100% n.a. Flour,hard winter KC 13.30 Oct 955.90 979.30 930.10 959.20 –12.20 51,242 Mexican peso-e 2344.65 Silver (CMX)-5,000 troy oz.; $ per troy oz. Sept 139-115 139-160 139-000 139-060 –2.0 3,465,356 Bran,wheat middlings, KC-u 80 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1902.63 Aug 25.245 25.730 25.245 25.955 –0.082 137 Dec 139-095 139-120 138-285 139-020 –2.0 44,466 Corn,No. 2 yellow,Cent IL-bp,u 3.0200 Hogs,Iowa-So. Minnesota-u 52.14 Austria phil-e 2034.90 Sept 24.900 26.355 23.580 25.979 –0.070 106,030 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Corn gluten feed,Midwest-u,w 97.9 Pork bellies,12-14 lb MidUS-u 1.1502 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 125-255 125-272 125-207 125-232 … 3,383,018 Silver, troy oz. Corn gluten meal,Midwest-u,w 405.7 Pork loins,13-19 lb MidUS-u 0.8523 Sept 41.62 42.90 41.53 42.67 1.06 256,764 Dec 125-287 125-307 125-245 125-270 .5 66,504 Engelhard industrial 25.6500 Cottonseed meal-u,w 245 Steers,Tex.-Okla. Choice-u n.a. Oct 41.92 43.17 41.80 42.95 1.08 272,760 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Handy & Harman base 25.8620 Hominy feed,Cent IL-u,w 95 Steers,feeder,Okla. City-u,w 153.13 Nov 42.24 43.46 42.13 43.25 1.05 169,427 Sept 110-126 110-130 110-117 110-121 … 2,163,015 Handy & Harman fabricated 32.3280 Meat-bonemeal,50% pro Mnpls-u,w 180 Dec 42.52 43.72 42.44 43.52 1.01 259,778 Dec 110-141 110-141 110-130 110-132 .1 4,413 LBMA spot price *£21.6100 Oats,No.2 milling,Mnpls-u 2.8925 Fats and Oils 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June'21 43.94 44.89 43.75 44.72 0.87 168,533 (U.S.$ equivalent) *28.2800 Rice, Long Grain Milled, No. 2 AR-u,w 30.25 Corn oil,crude wet/dry mill wtd. avg.-u,w 46.6700 Dec 44.42 45.35 44.37 45.21 0.76 186,752 Aug 99.9075 99.9075 99.9050 99.9050 .0000 187,022 Coins,wholesale $1,000 face-a 21828 Sorghum,(Milo) No.2 Gulf-u 8.7450 Grease,choice white,Chicago-h 0.2800 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Oct 99.9300 99.9350 99.9250 99.9300 .0000 251,772 Other metals SoybeanMeal,Cent IL,rail,ton48%-u n.a. Lard,Chicago-u 0.3900 Sept 1.2423 1.2636 1.2388 1.2572 .0188 72,232 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% LBMA Platinum Price PM *944.0 Soybeans,No.1 yllw IL-bp,u 8.6400 Soybean oil,crude;Centl IL-u n.a. Oct 1.2633 1.2844 1.2601 1.2783 .0183 56,246 Sept 100-195 100-280 100-175 100-245 –3.0 73,600 Platinum,Engelhard industrial Wheat,Spring14%-pro Mnpls-u n.a. Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Eurodollar (CME)-$1,000,000; pts of 100% 943.0 Tallow,bleach;Chicago-h 0.3100 Sept 1.2096 1.2482 1.2067 1.2438 .0393 81,277 Aug 99.7500 99.7525 99.7400 99.7475 …186,411 Palladium,Engelhard industrial 2172.0 Wheat,No.2 soft red,St.Louis-u 5.1375 Tallow,edible,Chicago-u 0.3800 Oct 1.1533 1.1896 1.1500 1.1858 .0370 82,088 Sept 99.7600 99.7650 99.7500 99.7550 … 1,465,428 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 99.7200 99.7200 99.7000 99.7100 …987,557 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; Sept 2.149 2.165 2.085 2.152 –.019 211,767 March'21 99.7850 99.7900 99.7750 99.7850 .0050 927,631 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 8/11 Oct 2.286 2.308 2.228 2.297 –.014 170,525 Source: Dow Jones Market Data Nov 2.647 2.676 2.595 2.672 .002 137,413 Currency Futures Dec 2.982 3.000 2.944 2.997 –.006 91,571 Jan'21 3.087 3.104 3.054 3.101 –.005 123,823 Japanese Yen (CME)-¥12,500,000; $ per 100¥ March 2.918 2.935 2.896 2.932 –.006 80,053 Aug .9386 .9395 .9346 .9358 –.0018 1,242 Sept .9393 .9398 .9345 .9361 –.0017 147,625 Bonds | wsj.com/market-data/bonds/benchmarks Agriculture Futures Canadian Dollar (CME)-CAD 100,000; $ per CAD Aug .7507 .7559 s .7493 .7546 .0018 13,942 Tracking Bond Benchmarks Corn (CBT)-5,000 bu.; cents per bu. Sept .7519 .7560 .7493 .7546 .0018 117,285 Sept 311.25 315.00 308.00 314.50 3.00 391,843 British Pound (CME)-£62,500; $ per £ Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Dec 323.25 327.75 t 320.00 327.25 3.75 714,735 Aug 1.3031 1.3066 1.3007 1.3028 –.0037 621 highs and lows for different types of bonds Oats (CBT)-5,000 bu.; cents per bu. Sept 1.3059 1.3070 1.3008 1.3029 –.0037 175,528 Sept 264.00 264.75 260.50 265.00 1.25 514 Swiss Franc (CME)-CHF 125,000; $ per CHF Total Total Dec 255.75 258.00 252.25 256.75 1.75 3,779 Sept 1.0916 1.1003 1.0881 1.0973 .0060 56,348 return YTD total Yield (%) return YTD total Yield (%) Soybeans (CBT)-5,000 bu.; cents per bu. Dec 1.0933 1.1029 1.0910 1.1001 .0061 178 close return (%) Index Latest Low High close return (%) Index Latest Low High Australian Dollar (CME)-AUD 100,000; $ per AUD Aug 880.75 887.25 878.00 890.50 12.50 889 Mortgage-Backed Bloomberg Barclays Nov 873.25 883.50 867.00 883.00 9.50 369,259 Aug .7144 .7175 .7110 .7162 .0010 283 Broad Market Bloomberg Barclays Soybean Meal (CBT)-100 tons; $ per ton. Sept .7143 .7177 .7109 .7163 .0010 120,688 2285.52 7.2 U.S. Aggregate 1.120 1.020 2.460 2226.87 3.7 Mortgage-Backed 1.120 0.930 2.690 Aug 281.70 282.80 280.80 282.20 .20 407 Mexican Peso (CME)-MXN 500,000; $ per MXN Dec 289.50 291.10 287.00 289.80 .30 170,312 Aug .04482 .04484 .04448 .04474 .00007 78 U.S. Corporate Indexes Bloomberg Barclays 2171.53 3.4 Ginnie Mae (GNMA) 0.480 0.290 2.660 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sept .04444 .04471 .04426 .04459 .00008 129,027 Aug 31.62 31.62 31.35 32.00 .94 370 Euro (CME)-€125,000; $ per € 3398.42 8.0 U.S. Corporate 1.900 1.820 4.580 1315.65 3.8 Fannie mae (FNMA) 1.360 1.110 2.690 Aug 1.1732 1.1818 1.1713 1.1786 .0038 1,458 Dec 30.50 31.60 30.29 31.55 1.04 173,021 Intermediate 2019.22 3.7 Freddie Mac (FHLMC) 1.340 1.080 2.710 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 1.1748 1.1826 1.1719 1.1793 .0038 689,460 3064.73 5.8 1.290 1.230 4.400 Sept 11.66 11.79 11.66 11.78 .10 5,540 5085.32 11.6 Long term 2.860 2.730 4.930 591.97 4.6 Muni Master 0.864 0.838 3.441 Nov 11.71 11.86 11.71 11.84 .12 3,943 Index Futures Wheat (CBT)-5,000 bu.; cents per bu. 699.47 8.5 Double-A-rated 1.390 1.300 3.360 419.52 5.1 7-12 year 0.799 0.771 3.447 Sept 495.75 498.00 488.00 491.25 –3.75 114,572 Mini DJ Industrial Average (CBT)-$5 x index Dec 504.00 506.00 497.00 500.00 –3.75 152,288 Sept 27700 27963 27612 27866 252 94,239 895.20 6.9 Triple-B-rated 2.280 2.210 5.350 477.66 5.5 12-22 year 1.266 1.224 3.690 Wheat (KC)-5,000 bu.; cents per bu. Dec 27555 27825 27488 27735 252 535 High Yield Bonds ICE BofA 460.73 4.5 22-plus year 2.030 1.765 4.123 Sept 416.25 420.00 412.50 417.75 1.00 94,416 S&P 500 Index (CME)-$250 x index Dec 427.00 431.00 423.75 429.00 .75 109,158 Sept 3375.60 3370.40 3327.10 3370.10 40.20 27,616 467.87 0.2 High Yield Constrained 5.488 5.151 11.400 Global Government J.P. Morgan† Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec …… …3359.60 40.00 2 Aug 144.775 146.400 144.400 145.250 .750 4,566 Mini S&P 500 (CME)-$50 x index 398.99 -8.9 Triple-C-rated 12.548 10.735 19.071 613.73 5.3 Global Government 0.550 0.390 1.060 Sept 3339.50 3382.50 3326.25 3370.00 40.00 2,626,558 Sept 146.575 149.325 146.575 147.950 1.325 11,570 7.6 Canada Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 3329.75 3371.75 3316.00 3359.50 40.00 65,799 3159.97 -1.1 High Yield 100 4.480 4.285 10.740 864.90 0.770 0.590 1.740 Mini S&P Midcap 400 (CME)-$100 x index Aug 104.750 106.650 104.750 106.350 1.700 13,172 422.65 0.3 Global High Yield Constrained 5.510 4.893 11.310 n.a. n.a. EMU§ n.a. n.a. n.a. Oct 108.400 109.950 108.375 109.575 1.275 126,019 Sept 1950.50 1966.80 1943.60 1955.50 13.00 56,409 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 1936.10 1957.20 1939.20 1953.90 14.90 8 321.29 -2.2 Europe High Yield Constrained 3.975 2.464 8.183 783.24 3.2 France 0.020 -0.160 0.430 Aug 52.825 53.075 52.600 52.900 –.175 8,459 Mini Nasdaq 100 (CME)-$20 x index Oct 51.575 52.300 50.550 51.600 –.225 102,292 Sept 10928.50 11185.75 10878.50 11126.00 247.50 232,876 U.S Agency Bloomberg Barclays 546.85 2.1 Germany -0.340 -0.740 -0.050 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 10919.50 11167.75 10864.75 11109.75 248.00 2,170 1861.63 5.2 U.S Agency 0.550 0.480 2.040 294.72 -1.1 Japan 0.300 -0.070 0.320 Sept 695.00 710.50 s 691.70 706.00 24.50 2,487 Mini Russell 2000 (CME)-$50 x index Nov 621.00 641.10 s 621.00 638.00 25.90 1,003 Sept 1582.60 1596.90 1570.90 1579.70 2.40 502,762 1621.36 3.8 10-20 years 0.420 0.350 1.950 610.01 2.3 Netherlands -0.250 -0.540 0.080 Milk (CME)-200,000 lbs., cents per lb. Dec 1577.90 1592.10 1568.40 1576.50 2.50 622 Aug 19.38 19.69 19.34 19.53 .14 5,826 Mini Russell 1000 (CME)-$50 x index 4284.25 12.3 20-plus years 1.460 1.170 2.480 1085.47 8.0 U.K. 0.600 0.390 1.180 Sept 16.30 16.55 16.04 16.29 –.06 4,397 Sept 1864.20 1874.20 1844.90 1870.70 26.30 8,150 2900.11 6.1 Yankee 1.470 1.430 3.500 908.03 3.0 Emerging Markets ** 4.578 4.523 7.480 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index Sept 2,451 2,494 2,451 2,479 21 20,734 Sept 93.66 93.90 93.21 93.41 –.19 33,019 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Dec 2,445 2,480 2,445 2,465 17 92,863 Dec 93.74 93.92 93.25 93.43 –.19 1,353 Coffee (ICE-US)-37,500 lbs.; cents per lb. ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Sept 111.35 113.80 110.35 112.05 .70 40,782 Dec 113.60 116.15 112.60 114.25 .65 97,798 Source: FactSet Global Government Bonds: Mapping Yields Macro & Market Economics Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session

Watching the Gauges: U.S. Supply and Demand Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Inventories, imports and demand for the week ended August 7. Current figures are in thousands of barrels or Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import 0.125 U.S. 2 0.157 s l 0.153 0.165 1.588 s l and demand data are available monthly only. 0.625 10 0.674 0.644 0.646 1.649 5.750 Australia 2 0.268 t l 0.270 0.252 0.734 11.1 11.7 -85.4 Inventories, 000s barrels Imports, 000s barrels per day 2.500 10 0.927 s l 0.877 0.866 0.972 25.3 23.3 -67.7 Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Current change week ago avg avg Current change week ago avg avg 0.000 France 2 -0.605 s l -0.634 -0.597 -0.769 -76.2 -78.7 -235.7 0.000 10 -0.172 s l -0.193 -0.143 -0.285 -83.7 -193.4 Crude oil and -84.6 petroleum prod 1,446,420 ... 1,453 1,311 1,454 1,288 7,923 ... 8,260 10,358 7,825 9,315 0.000 Germany 2 -0.663 s l -0.680 -0.692 -0.873 -82.0 -83.3 -246.1 Crude oil 0.000 10 -0.446 s l -0.477 -0.464 -0.590 -112.0 -112.1 -223.8 excluding SPR 514,084 -2,000 519 441 524 439 5,621 ... 6,010 7,714 5,680 7,246 1.000 Italy 2 -0.088 t l -0.075 -0.053 0.269 -24.4 -22.8 -131.9 Gasoline 247,084 ... 248 234 247 227 1,023 ... 657 805 787 675 0.950 10 0.962 s l 0.948 1.222 1.728 28.8 30.4 7.9 Finished gasoline 24,018 -800 24 23 24 25 145 ... 71 169 92 30 Reformulated 35 ... 00 00 0... 00 00 0.100 Japan 2 -0.112 s l -0.113 -0.141 -0.272 -26.9 -26.5 -186.0 Conventional 23,983 ... 23 23 24 25 145 ... 71 169 92 30 0.100 10 0.044 s l 0.033 0.020 -0.219 -63.0 -61.1 -186.8 Blend. components 223,066 ... 224 211 224 202 878 ... 586 637 695 645 0.400 Spain 2 -0.426 s l -0.431 -0.423 -0.490 -58.3 -58.4 -207.8 Natural gas (bcf) 3,274 ... 33 33...... 1.250 10 0.306 s l 0.282 0.408 0.229 -36.8 -36.2 -142.0 Kerosene-type 0.500 U.K. 2 0.014 t l 0.014 -0.095 0.445 -14.3 -13.9 -114.2 jet fuel 40,501 ... 40 42 40 42 210 ... 162 239 183 124 4.750 10 0.238 s l 0.202 0.157 0.491 -43.6 -44.2 -115.8 Distillates 177,655 600 180 136 178 145 148 ... 131 126 120 152 Heating oil 8,690 ... 910911 0... 00 029 Source: Tullett Prebon Diesel 168,964 ... 171 125 170 134 148 ... 131 124 120 122 Corporate Debt Residual fuel oil 35,565 ... 36 31 37 34 225 ... 19 143 115 167 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in Other oils 322,446 ... 324 318 322 295 588 ... 1,149 1,237 827 823 that same company’s share price. Net crude, petroleum Investment-grade spreads that tightened the most… products, incl. SPR 2,100,319 ... 2,109 1,956 2,109 1,963 118 ... 182 2,622 59 4,441 Spread*, in basis points Stock Performance Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg

Weekly Demand, 000s barrels per day Natural gas storage CVS Health CVS 4.100 March 25, ’25 40 –24 66 64.99 –0.41 Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals AerCap Ireland Capital DAC … 4.450 Oct. 1, ’25 434 –16 449 … … Current change week ago avg avg MPLX MPLX 4.875 June 1, ’25 127 –16 n.a. 19.51 0.93 Total petroleum Australia and New Zealand Banking … 6.750 June 15, ’49 254 –14 n.a...... 4250 product 19,369 ... 17,912 22,078 18,507 20,874 Natural gas, ONEOK OKE 2.200 Sept. 15, ’25 209 –14 n.a. 29.94 –0.30 lower 48 states Marriott International MAR Finished t 3250 4.625 June 15, ’30 280 –13 309 96.03 –1.01 motor gasoline 8,883 ... 8,617 9,932 8,715 9,396 Boeing BA 5.040 May 1, ’27 273 –11 315 175.44 –2.60

Kerosene-type 2250 Enel Finance International ENELIM 3.500 April 6, ’28 118 –11 n.a...... jet fuel 987 ... 1,010 2,017 1,025 1,727 t 1250 …And spreads that widened the most Distillates 3,862 ... 3,700 3,859 3,605 3,948 Five-year average Residual fuel oil 453 ... 255 315 339 412 for each week AerCap Ireland Capital DAC … 4.875 Jan. 16, ’24 402 26 375 … … 250 Propane/propylene 1,119 ... 786 1,000 1,084 ... Prudential Financial PRU 5.625 June 15, ’43 149 24 n.a. 69.91 –1.17 A S O N D J F M A M J J Other oils 4,065 ... 3,545 4,955 3,741 ... Dominion Energy Gas Holdings … 3.000 Nov. 15, ’29 105 15 107 … … 2019 2020 Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Apple AAPL 3.200 May 13, ’25 29 13 n.a. 452.04 3.32 Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Microsoft MSFT 3.125 Nov. 3, ’25 30 12 n.a. 209.19 2.86 Aircastle AYR 4.125 May 1, ’24 458 10 457 ...... Exchange-Traded Portfolios | WSJ.com/ETFresearch High-yield issues with the biggest price increases… Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Bond Price as % of face value Stock Performance Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg SchwabUS SC SCHA 71.63 0.38 –5.3 Wednesday, August 12, 2020 Closing Chg YTD ETF Symbol Price (%) (%) Schwab US TIPs SCHP 61.40 0.08 8.4 Closing Chg YTD SPDR DJIA Tr DIA 280.04 1.03 –1.8 Montage Resources MR 8.875 July 15, ’23 100.125 9.50 83.500 5.63 –5.70 ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 80.53 1.58 1.6 SPDR S&PMdCpTr MDY 356.92 0.64 –4.9 Team Health Holdings … 6.375 Feb. 1, ’25 64.250 5.45 59.500 ...... CommSvsSPDR XLC 59.54 1.19 11.0 iShMSCI EAFE EFA 65.49 2.22 –5.7 SPDR S&P 500 SPY 337.44 1.39 4.8 CnsmrDiscSelSector XLY 143.66 1.33 14.5 iShMSCIEmgMarkets EEM 44.45 1.35 –0.9 SPDR S&P Div SDY 98.33 0.53 –8.6 Golden Nugget NUGGET 8.750 Oct. 1, ’25 67.125 3.63 58.500 ...... iShNasdaqBiotech IBB 133.81 1.46 11.0 TechSelectSector XLK 113.91 2.27 24.3 CnsStapleSelSector XLP 64.22 1.29 2.0 Moss Creek Resources Holdings MSSCRK 10.500 May 15, ’27 67.063 3.06 60.639 ...... EnSelectSectorSPDR XLE 38.58 0.99 –35.7 iShNatlMuniBd MUB 117.02 –0.08 2.7 UtilitiesSelSector XLU 61.01 1.45 –5.6 iShPfd&Incm PFF 36.40 0.75 –3.2 FinSelSectorSPDR XLF 25.24 –0.28 –18.0 VanEckGoldMiner GDX 39.23 0.46 34.0 iShRussell1000Gwth IWF 211.41 2.09 20.2 VangdInfoTech VGT Transocean RIG 6.500 Nov. 15, ’20 98.500 2.50 n.a. 2.36 1.29 FT DJ Internet FDN 181.60 0.98 30.5 303.39 2.19 23.9 iShRussell1000 IWB 187.61 1.30 5.2 VangdSC Val VBR 117.89 0.12 –14.0 HealthCareSelSect XLV 107.15 1.68 5.2 Vericast VERCST 8.375 Aug. 15, ’22 81.000 2.25 n.a...... iShRussell1000Val IWD 122.15 0.64 –10.5 VangdSC Grwth VBK 214.77 0.98 8.1 IndSelSectorSPDR XLI 77.64 0.32 –4.7 iShRussell2000 IWM 157.52 0.41 –4.9 VangdDivApp VIG 128.17 1.18 2.8 InvscQQQI QQQ 271.86 2.52 27.9 Ascent Resources Utica Holdings ASCRES 10.000 April 1, ’22 89.000 2.00 82.750 ...... iShRussellMid-Cap IWR 58.44 0.76 –2.0 VangdFTSEDevMk VEA 42.11 1.99 –4.4 InvscS&P500EW RSP 111.20 0.59 –3.9 iShRussellMCValue IWS 83.99 0.38 –11.4 VangdFTSE EM VWO 43.80 1.22 –1.5 Antero Resources AR 5.000 March 1, ’25 68.125 1.63 65.500 4.12 5.64 iSh3-7YTreasuryBd IEI 133.46 –0.12 6.1 iShS&P500Growth IVW 228.75 1.91 18.1 VangdFTSE Europe VGK 54.98 2.17 –6.2 iShCoreDivGrowth DGRO 40.86 1.06 –2.9 iShS&P500Value IVE 116.78 0.73 –10.2 VangdFTSEAWxUS VEU 51.81 1.91 –3.6 iShCoreMSCIEAFE IEFA 61.72 2.12 –5.4 …And with the biggest price decreases iShShortCpBd IGSB 54.97 –0.04 2.5 VangdGrowth VUG 222.48 1.95 22.1 iShCoreMSCIEM IEMG 53.13 1.24 –1.2 iShShortTreaBd SHV 110.71 –0.01 0.2 VangdHlthCr VHT 205.51 1.64 7.2 iShCoreMSCITotInt IXUS 59.37 1.73 –4.1 iShSilver SLV 23.42 0.39 40.4 VangdHiDiv VYM 84.47 0.82 –9.9 Mattel MAT 5.450 Nov. 1, ’41 91.000 –2.43 n.a. 11.64 1.39 iShCoreS&P500 IVV 338.80 1.39 4.8 iShTIPSBondETF TIP 125.82 0.06 7.9 VangdIntermBd BIV 93.70 –0.12 7.4 Occidental Petroleum OXY 3.500 June 15, ’25 91.500 –2.26 94.222 14.92 –1.58 iShCoreS&P MC IJH 195.44 0.62 –5.0 iSh1-3YTreasuryBd SHY 86.50 –0.02 2.2 VangdIntrCorpBd VCIT 96.51 –0.12 5.7 iShCoreS&P SC IJR 75.96 0.34 –9.4 iSh7-10YTreasuryBd IEF 121.62 –0.30 10.3 VangdLC VV 156.45 1.44 5.8 Bombardier BBDBCN 8.750 Dec. 1, ’21 94.000 –2.25 98.250 ...... iShS&PTotlUSStkMkt ITOT 76.03 1.41 4.6 iSh20+YTreasuryBd TLT 165.59 –0.91 22.2 VangdMC VO 177.91 0.77 –0.2 iShCoreUSAggBd AGG 118.75 –0.20 5.7 iShRussellMCGrowth IWP 169.58 1.05 11.1 VangdMBS VMBS 54.35 0.02 2.2 Mallinckrodt International Finance … 5.625 Oct. 15, ’23 20.750 –2.25 23.125 … … iShSelectDividend DVY 86.72 0.23 –17.9 iShUSTreasuryBdETF GOVT 28.01 –0.21 8.0 VangdRealEst VNQ 82.15 1.01 –11.5 iShEdgeMSCIMinEAFE EFAV 69.14 2.17 –7.2 JPM UltShtIncm JPST 50.83 ... 0.8 VangdS&P500ETF VOO 310.04 1.37 4.8 Ford Motor F 9.000 April 22, ’25 117.132 –2.12 118.750 7.11 –1.66 iShEdgeMSCIMinUSA USMV 64.32 1.02 –2.0 PIMCOEnhShMaturity MINT 101.84 ... 0.2 VangdST Bond BSV 83.07 –0.02 3.1 Commerzbank … 7.000 April 9, ’49 102.120 –2.08 99.250 ...... iShEdgeMSCIUSAMom MTUM 141.82 2.71 12.9 SPDR BlmBarcHYBd JNK 105.12 0.21 –4.0 VangdSTCpBd VCSH 82.98 0.04 2.4 iShEdgeMSCIUSAQual QUAL 104.29 1.25 3.3 SPDRBloomBar1-3MTB BIL 91.53 ... 0.1 VangdSC VB 158.81 0.45 –4.1 Netflix NFLX 5.375 Nov. 15, ’29 121.570 –2.05 122.459 475.47 1.83 iShGoldTr IAU 18.20 –0.44 25.5 SPDR Gold GLD 179.10 –0.47 25.3 VangdTotalBd BND 88.74 –0.26 5.8 iShiBoxx$InvGrCpBd LQD 137.25 –0.25 7.3 SchwabIntEquity SCHF 32.19 2.06 –4.3 VangdTotIntlBd BNDX 58.02 –0.02 2.5 Embarq … 7.995 June 1, ’36 119.313 –1.92 120.250 … … iShiBoxx$HYCpBd HYG 84.46 0.02 –4.0 SchwabUS BrdMkt SCHB 80.35 1.29 4.5 VangdTotIntlStk VXUS 53.59 1.82 –3.8 iShIntermCorpBd IGIB 61.21 –0.08 5.6 SchwabUS Div SCHD 57.59 0.58 –0.6 VangdTotalStk VTI 171.16 1.34 4.6 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. iShJPMUSDEmgBd EMB 114.09 –0.11 –0.4 SchwabUS LC SCHX 81.06 1.40 5.5 VangdTotlWrld VT 81.87 1.50 1.1 Note: Data are for the most active issue of bonds with maturities of two years or more iShMBSETF MBB 110.66 0.02 2.4 SchwabUS LC Grw SCHG 112.31 1.85 20.9 VangdValue VTV 107.82 0.74 –10.0 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data P2JW226000-0-B00800-1------XA

B8 | Thursday, August 13, 2020 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. Globant GLOB 174.34 1.76 s LennoxIntl LII 277.51 4.04 ONEOK OKE 29.94 -0.09 Schlumberger SLB 20.36 0.06 s Target TGT 134.60 2.88 s VeriskAnalytics VRSK 190.43 2.54 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. GlobeLife GL 85.54 -0.22 LiAuto LI 15.66 -0.34 OReillyAuto ORLY 463.51 9.49 SchwabC SCHW 34.84 -0.12 TeckRscsB TECK 11.48 -0.05 Verizon VZ 58.60 0.09 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four ScottsMiracleGro SMG that include primary market trades as well as quarters. GoDaddy GDDY 78.99 -0.05 LibertyBroadbandC LBRDK 140.28 0.78 OakStreetHealth OSH 44.25 -0.32 160.00 5.36 TeladocHealth TDOC 185.09 1.34 VertxPharm VRTX 270.85 8.99 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. GoldFields GFI 11.73 -0.06 LibertyBroadbandA LBRDA 139.12 0.16 OccidentalPetrol OXY 14.92 -0.24 Sea SE 126.92 6.56 TelecomArgentina TEO 7.94 -0.23 ViacomCBS B VIAC 26.24 -0.27 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing GoldmanSachs GS 212.13 1.07 LibertyGlobal C LBTYK 21.69 0.25 Okta OKTA 198.82 2.64 Seagate STX 45.64 -0.14 TeledyneTech TDY 331.25 0.23 ViacomCBS A VIACA 28.81 0.05 Nasdaq ISE. standards s Graco GGG 57.68 0.30 LibertyGlobal B LBTYB 23.48 -0.02 s OldDomFreight ODFL 192.35 4.40 SealedAir SEE 40.97 0.08 Teleflex TFX 376.01 0.75 Vipshop VIPS 22.94 0.77 The list comprises the 1,000 largest companies lf-Late filing s Grainger GWW 355.81 2.89 LibertyGlobal A LBTYA 22.37 0.32 Ollie'sBargain OLLI 103.11 -0.64 SeattleGenetics SGEN 158.79 5.31 s Ericsson ERIC 11.93 0.24 VirBiotech VIR 52.87 0.21 based on market capitalization. q-Temporary exemption from Nasdaq Grifols GRFS 18.30 0.31 LibertyFormOne A FWONA 35.64 -0.19 OmegaHealthcare OHI 32.68 0.07 SempraEnergy SRE 134.19 3.08 TelefonicaBras VIV 9.03 -0.34 Visa V 198.74 0.97 Underlined quotations are those stocks with requirements. s Grubhub GRUB 77.26 3.51 LibertyFormOne C FWONK 37.80 -0.18 Omnicom OMC 54.15 -1.59 SensataTechs ST 41.79 0.16 Telefonica TEF 4.34 0.06 Vistra VST 19.34 0.45 large changes in volume compared with the t-NYSE bankruptcy GuardantHealth GH 86.76 5.14 LibertyBraves A BATRA 21.21 0.30 ON Semi ON 22.38 0.19 ServiceCorp SCI 48.07 0.29 TelekmIndonesia TLK 19.94 0.08 VMware VMW 140.72 -0.15 issue’s average trading volume. v-Trading halted on primary market. Guidewire GWRE 106.05 -0.59 LibertyBraves C BATRK 21.05 0.24 OneConnectFinTech OCFT 18.35 -0.51 ServiceNow NOW 427.13 5.77 10xGenomics TXG 97.51 0.61 Vodafone VOD 15.75 0.25 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being LibertySirius A LSXMA 36.45 0.07 OpenText OTEX ShawComm B SJR 19.07 0.23 Tenaris TS 12.37 0.01 VornadoRealty VNO 36.81 -0.25 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, HCA Healthcare HCA 132.13 0.54 43.55 -0.32 s SherwinWilliams SHW VoyaFinancial VOYA 51.76 -0.22 previous closing price was $2 or higher. or securities assumed by such companies. HDFC Bank HDB 47.15 0.11 LibertySirius C LSXMK 36.27 -0.03 Oracle ORCL 54.17 -0.10 671.89 19.49 TencentMusic TME 15.24 -0.26 HD Supply HDS 41.85 0.14 EliLilly LLY 152.55 1.92 Orange ORAN 11.79 0.27 ShinhanFin SHG 28.86 0.84 Teradyne TER 89.65 3.38 Vroom VRM 69.01 4.25 HP HPQ 18.80 0.23 LincolnElectric LECO 98.13 0.07 Orix IX 62.65 1.66 Shopify SHOP 991.00 19.01 Tesla TSLA 1554.76180.37 VulcanMatls VMC 131.89 -1.35 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and LincolnNational LNC 38.82 -0.99 OtisWorldwide OTIS Sibanye-Stillwater SBSW 11.07 0.27 changes in the closing prices from 4 p.m. the previous day. HSBC HSBC 23.12 0.63 64.90 0.53 TevaPharm TEVA 11.64 -0.08 Halliburton HAL 16.71 0.57 Linde LIN 248.63 3.78 OwensCorning OC 67.48 0.86 SignatureBank SBNY 110.97 1.05 s TexasInstruments TXN 138.64 2.60 W X Y Z LiveNationEnt LYV 51.35 -0.34 SimonProperty SPG 67.83 0.68 HartfordFinl HIG 42.80 -1.02 PG&E PCG 9.28 0.19 Textron TXT 38.19 -0.49 WEC Energy WEC 92.27 1.37 Wednesday, August 12, 2020 Net Net LivongoHealth LVGO 114.97 -0.52 SiriusXM SIRI 6.09 0.04 Hasbro HAS 79.82 1.10 PLDT PHI 28.18 0.13 ThermoFisherSci TMO 416.17 8.93 WEX WEX 164.14 -1.37 Stock Sym Close Chg Stock Sym Close Chg LloydsBanking LYG 1.48 ... Skyworks SWKS 147.56 6.23 Net HealthcareAmer HTA 26.23 0.05 PNC Fin PNC 112.00 -0.47 ThomsonReuters TRI 75.70 1.18 W.P.Carey WPC 73.44 0.61 Stock Sym Close Chg HealthpeakProp PEAK 28.64 0.42 LockheedMartin LMT 392.44 0.48 POSCO PKX 44.03 0.95 SlackTech WORK 27.85 0.24 ThorIndustries THO 105.79 -2.25 Biogen BIIB 293.22 3.28 Darden DRI 84.60 0.46 WPP WPP 41.84 0.07 Heico HEI 104.71 0.86 Loews L 38.14 -0.47 PPD PPD 32.06 0.62 SmithAO AOS 50.01 0.24 3M MMM 164.26 0.88 BioMarinPharm BMRN 118.02 1.19 Datadog DDOG 76.61 0.93 Wabtec WAB 69.93 -0.65 A B C Heico A HEI.A 85.40 0.58 LogitechIntl LOGI 73.74 1.89 PPG Ind PPG 120.99 0.10 Smith&Nephew SNN 42.13 1.23 Tiffany TIF 125.00 0.02 BioNTech BNTX 69.11 0.66 DaVita DVA 82.46 0.73 WalgreensBoots WBA 41.82 -0.03 HenrySchein HSIC 66.67 -0.53 s Lowe's LOW 156.63 2.76 PPL PPL 28.85 0.42 Smucker SJM 114.96 2.25 Toro TTC 74.96 0.62 s BlackKnight BKI 79.84 0.96 DeckersOutdoor DECK 220.87 -2.45 Walmart WMT 131.89 1.69 ABB ABB 26.53 0.56 Herbalife HLF 48.16 -0.92 lululemon LULU 345.33 9.96 PRA HealthSci PRAH 104.90 3.52 Snap SNAP 21.86 0.26 TorontoDomBk TD 48.25 0.78 s BlackRock BLK 590.24 3.60 Deere DE 192.31 -0.91 WarnerMusic WMG 29.45 0.93 AcadiaPharm ACAD 39.86 -0.37 Hershey HSY 146.02 3.51 Lumentum LITE 92.97 3.13 PTC PTC 85.92 1.12 SnapOn SNA 153.38 -0.50 Total TOT 40.47 0.75 Blackstone BX 52.86 0.35 DellTechC DELL 61.83 0.29 WasteConnections WCN 99.99 0.32 ADT ADT 11.94 0.32 Hess HES 53.83 0.31 Lyft LYFT 30.52 -0.13 Paccar PCAR 90.33 -0.06 SOQUIMICH SQM 32.78 0.48 ToyotaMotor TM 136.44 2.69 Boeing BA 175.44 -4.69 DeltaAir DAL 29.09 -0.55 WasteMgt WM 112.25 0.66 AECOM ACM 39.23 -0.01 LyondellBasell LYB 69.89 -1.16 SolarEdgeTech SEDG 215.18 11.10 HewlettPackard HPE 10.14 -0.02 PackagingCpAm PKG 99.40 -0.60 TractorSupply TSCO 149.08 3.97 Waters WAT 215.21 1.57 AES AES 17.26 0.28 BookingHldgs BKNG 1808.07 2.97 DentsplySirona XRAY 44.96 -0.85 SolarWinds SWI Hill-Rom HRC 97.19 1.13 PagSeguroDig PAGS 39.14 1.40 19.61 ... TradeDesk TTD 460.03 14.38 Watsco WSO Aflac AFL 37.62 -0.41 BoozAllen BAH 85.72 -0.32 DeutscheBank DB 9.71 0.15 M N 238.86 1.88 Hilton HLT 85.89 -1.13 PaloAltoNtwks PANW 259.82 4.59 Sony SNE 80.74 1.41 Tradeweb TW 54.46 2.38 s AGNC Invt AGNC 13.65 -0.12 BorgWarner BWA 41.51 -0.23 DexCom DXCM 427.89 16.74 Watsco B WSOB 238.93 2.68 Hologic HOLX 67.99 2.20 PanAmerSilver PAAS 32.24 0.20 Southern SO 54.86 0.67 s TraneTech TT 120.20 0.40 ANGI Homesvcs ANGI 12.88 -0.12 BostonBeer SAM 818.67 21.31 Diageo DEO 139.37 3.62 M&T Bank MTB 110.35 -1.00 Wayfair W 301.74 -7.39 s HomeDepot HD 281.58 6.66 ParkerHannifin PH 209.56 1.03 SoCopper SCCO 45.33 0.81 TransDigm TDG 498.49 8.26 Ansys ANSS 308.40 6.48 BostonProps BXP 88.17 -1.79 DiamondbkEner FANG 44.57 0.49 MGM Resorts MGM 21.13 -0.37 Weibo WB 35.72 0.62 HondaMotor HMC 25.91 0.32 Paychex PAYX 74.13 0.18 SouthwestAir LUV 35.25 -0.04 TransUnion TRU 89.45 1.40 ASETech ASX 4.77 0.08 BostonSci BSX 39.96 0.65 DigitalRealty DLR 154.44 2.81 MKS Instrum MKSI 126.48 5.53 WellsFargo WFC 25.19 -0.13 Honeywell HON 160.07 -0.21 PaycomSoftware PAYC 287.70 2.21 Splunk SPLK 190.40 -5.24 Travelers TRV 118.86 -1.06 ASML ASML 374.81 13.50 BrightHorizons BFAM 126.00 -0.25 DiscoverFinSvcs DFS 54.49 -1.27 MPLX MPLX 19.51 0.18 Welltower WELL 56.91 0.28 HorizonTherap HZNP 72.65 0.98 Paylocity PCTY127.10 -4.06 Spotify SPOT 253.29 -0.43 Trex TREX 139.46 3.90 BristolMyers BMY 63.64 0.51 DiscoveryB DISCB 38.01 0.49 MSCI MSCI 354.77 4.24 WestPharmSvcs WST 272.44 7.89 AT&T T 30.18 -0.02 s Square SQ 139.02 0.77 BritishAmTob BTI HormelFoods HRL 52.03 0.62 MagellanMid MMP 41.52 0.60 PayPal PYPL 191.32 2.29 Trimble TRMB 49.51 1.55 WesternDigital WDC 36.77 -0.21 AbbottLabs ABT 100.65 1.59 34.63 0.63 DiscoveryA DISCA 21.82 -0.66 StanleyBlackDck SWK 160.34 -1.07 s DR Horton DHI 71.26 2.22 MagnaIntl MGA 53.41 1.08 Pearson PSO 8.19 0.06 Trip.com TCOM 29.36 0.70 WesternUnion WU 23.37 0.14 AbbVie ABBV 95.51 2.84 Broadcom AVGO 333.64 9.61 DiscoveryC DISCK 20.07 -0.66 Starbucks SBUX 79.29 0.42 HostHotels HST 11.57 -0.10 ManhattanAssoc MANH 92.66 0.87 Pegasystems PEGA 115.00 0.50 TruistFinl TFC 40.81 0.11 WestlakeChem WLK 60.72 -0.78 Abiomed ABMD 302.34 7.47 BroadridgeFinl BR 139.12 -2.99 Disney DIS 131.79 1.30 StateStreet STT 71.18 0.83 HowmetAerospace HWM 18.09 -0.19 ManulifeFin MFC 15.49 0.14 Peloton PTON 64.36 -0.60 Twilio TWLO 240.93 -3.56 WestpacBanking WBK 13.03 0.19 Accenture ACN 229.75 1.18 BrookfieldMgt BAM 33.85 ... DocuSign DOCU 193.30 1.48 SteelDynamics STLD 30.68 0.37 HuanengPower HNP 16.51 0.05 MarathonPetrol MPC 38.13 1.18 PembinaPipeline PBA 26.97 0.47 Twitter TWTR 37.44 0.16 WestRock WRK 30.30 -0.60 ActivisionBliz ATVI 81.71 2.59 BrookfieldInfr BIP 45.43 1.05 DolbyLab DLB 70.74 1.09 Stericycle SRCL 65.34 0.29 Huazhu HTHT 38.90 0.63 Markel MKL 1072.66 -21.02 s PennNational PENN 49.76 3.16 TylerTech TYL 328.76 1.82 Weyerhaeuser WY 29.20 0.31 Adobe ADBE 445.36 10.13 BrookfieldPropREIT BPYU 12.13 0.16 s DollarGeneral DG 196.83 5.74 Steris STE 160.51 1.79 Hubbell HUBB 147.05 2.51 MarketAxess MKTX 492.54 9.75 Pentair PNR 45.19 0.34 TysonFoods TSN 65.71 0.50 WheatonPrecMet WPM 49.35 0.14 AdvanceAuto AAP 154.28 2.34 BrookfieldRenew BEPC 47.32 0.17 DollarTree DLTR 99.21 2.72 STMicroelec STM 30.26 1.29 HubSpot HUBS 255.99 -0.38 Marriott MAR 96.03 -0.98 s Penumbra PEN 237.00 4.10 UBS Group UBS 12.52 0.20 Whirlpool WHR 178.58 2.25 AdvMicroDevices AMD 82.61 5.73 Brown&Brown BRO 45.80 0.14 DominionEner D 79.58 1.02 StoneCo STNE 49.29 -3.10 Humana HUM 420.06 4.29 Marsh&McLen MMC 116.65 -0.33 PepsiCo PEP 137.80 2.68 UDR UDR 35.89 0.10 Williams WMB 21.61 0.19 Aegon AEG 3.45 -0.02 Brown-Forman A BF.A 65.00 1.44 Domino's DPZ 392.67 4.02 Stryker SYK 190.18 1.26 s JBHunt JBHT 137.31 -0.38 MartinMarietta MLM 221.12 -4.43 PerkinElmer PKI 119.87 2.16 UGI UGI 35.56 0.59 Williams-Sonoma WSM 93.70 0.76 AgilentTechs A 97.63 1.33 Brown-Forman B BF.B 71.21 1.60 Donaldson DCI 52.58 0.43 SumitomoMits SMFG 5.84 0.07 HuntingtonBcshs HBAN 9.97 -0.12 MarvellTech MRVL 35.28 0.59 Perrigo PRGO 53.22 0.25 Uber UBER 30.84 -0.37 WillisTowers WLTW 195.39 -0.61 AgnicoEagle AEM 77.35 0.05 Bruker BRKR 43.97 0.33 DouglasEmmett DEI 29.47 -0.38 SunComms SUI 146.06 1.43 HuntingIngalls HII 164.17 -4.37 Masco MAS 58.21 1.04 PetroChina PTR 35.62 0.76 Ubiquiti UI 191.02 1.90 Wipro WIT 4.21 -0.04 AirProducts APD 285.40 3.80 Bunge BG 46.81 0.09 Dover DOV 112.57 0.21 SunLifeFinancial SLF 42.89 0.41 IAA IAA 46.30 0.18 Masimo MASI 211.36 1.87 PetroleoBrasil PBR 8.79 0.01 UltaBeauty ULTA 217.78 1.59 Wix.com WIX 271.80 3.21 AkamaiTech AKAM 107.00 0.78 BurlingtonStrs BURL 192.65 3.44 Dow DOW 44.28 -0.22 SuncorEnergy SU 17.41 0.45 ICICI Bank IBN 10.11 -0.03 Mastercard MA 327.63 -0.91 PetroleoBrasilA PBR.A 8.56 ... Unilever UN 58.84 1.39 Workday WDAY 178.25 0.70 Albemarle ALB 91.02 -1.43 CBRE Group CBRE 47.28 0.08 DrReddy'sLab RDY 60.90 -0.36 Suzano SUZ 8.55 -0.04 IdexxLab IDXX 384.83 10.80 MaximIntProducts MXIM 70.10 1.33 Pfizer PFE 38.33 0.54 Unilever UL 60.18 1.40 WynnResorts WYNN 85.80 -2.49 Albertsons ACI 14.80 -0.12 CDW CDW 116.61 -0.60 DraftKings DKNG 33.74 1.70 SynchronyFin SYF 24.74 -0.36 IHS Markit INFO 83.25 0.45 McCormickVtg MKC.V 202.40 4.56 PhilipMorris PM 79.69 0.97 UnionPacific UNP 191.83 1.48 s XP XP 46.53 -0.82 Alcon ALC 62.18 0.38 CF Industries CF 34.88 -0.61 Dropbox DBX 19.64 -0.02 SyneosHealth SYNH 63.92 1.41 ING Groep ING 8.31 0.10 s McCormick MKC 201.66 3.89 Phillips66 PSX 64.41 0.30 UnitedAirlines UAL 36.40 -0.43 XPO Logistics XPO 86.41 2.41 AlexandriaRlEst ARE 173.30 1.25 CGI GIB 70.19 -0.08 DukeEnergy DUK 84.32 0.65 Synnex SNX 129.40 -0.74 IPG Photonics IPGP 160.75 1.81 McDonalds MCD 206.02 1.02 Pinduoduo PDD 90.11 2.84 UnitedMicro UMC 4.11 -0.08 XcelEnergy XEL 71.48 0.96 AlexionPharm ALXN 102.78 1.54 CH Robinson CHRW 95.68 0.38 DukeRealty DRE 39.59 0.78 Synopsys SNPS 194.34 3.30 IQVIA IQV 162.87 3.56 McKesson MCK 153.00 1.69 PinnacleWest PNW 80.43 -0.34 UPS B UPS 157.79 1.94 Xilinx XLNX 106.04 1.81 Alibaba BABA 255.19 6.77 CME Group CME 169.96 1.84 Dun&Bradstreet DNB 25.87 1.12 Sysco SYY 59.70 -1.14 IcahnEnterprises IEP 55.80 -0.04 Pinterest PINS 35.53 1.13 UnitedRentals URI 178.60 2.98 Xylem XYL 80.10 -0.20 AlignTech ALGN 307.98 3.85 CMS Energy CMS 61.40 0.39 Dunkin' DNKN 71.25 0.16 MedicalProp MPW 19.51 -0.04 Icon ICLR 189.94 2.04 PioneerNatRscs PXD 110.50 3.94 US Bancorp USB 37.81 -0.46 Yandex YNDX 57.92 0.92 Alleghany Y 550.46 -4.16 CNA Fin CNA 34.34 -0.31 DuPont DD 58.35 1.05 Medtronic MDT 102.09 1.37 T U V IDEX IEX 176.98 2.96 PlainsAllAmPipe PAA 8.17 -0.02 UnitedHealth UNH 322.27 6.72 YumBrands YUM 93.16 0.46 Allegion ALLE 104.17 0.01 CNH Indl CNHI 7.84 -0.05 Dynatrace DT 36.78 -0.03 MelcoResorts MLCO 19.90 -0.08 s IllinoisToolWks ITW 198.53 2.21 PlainsGP PAGP 8.50 0.01 TAL Education TAL 75.57 0.68 UnivDisplay OLED 188.30 3.99 s YumChina YUMC 54.92 1.13 AlliantEnergy LNT 53.93 0.27 CNOOC CEO 116.67 3.41 ENI E 19.72 0.69 MercadoLibre MELI 1111.64 11.63 Illumina ILMN 344.14 2.93 s Polaris PII 107.16 -0.10 TC Energy TRP 49.42 0.49 UniversalHealthB UHS 113.46 0.50 ZTO Express ZTO 36.99 0.83 Allstate ALL 96.23 -0.60 CRH CRH 39.95 0.83 EOG Rscs EOG 49.09 -0.33 Merck MRK 82.68 1.77 Immunomedics IMMU 40.62 0.62 MetLife MET 40.04 -0.53 Pool POOL 324.36 8.76 TD Ameritrade AMTD 37.71 -0.09 VEREIT VER 6.73 0.15 ZaiLab ZLAB 79.65 1.37 AllyFinancial ALLY 22.18 -0.25 CRISPR Therap CRSP 91.31 1.86 s EPAM Systems EPAM 312.20 16.26 ImperialOil IMO 17.27 0.38 s MettlerToledo MTD 973.27 26.02 PostHoldings POST 88.66 0.29 TE Connectivity TEL 95.45 0.41 VF VFC 63.72 -0.74 ZebraTech ZBRA 284.01 3.44 AlnylamPharm ALNY 136.69 0.08 CSX CSX 75.03 -0.11 E*TRADE ETFC 54.45 0.61 Incyte INCY 94.22 1.24 MicrochipTech MCHP 102.09 1.45 PrincipalFin PFG 45.43 -0.74 Telus TU 18.37 0.08 VICI Prop VICI 23.34 0.07 Zendesk ZEN 86.22 0.96 Alphabet A GOOGL 1507.24 26.70 CVS Health CVS 64.99 -0.27 EastmanChem EMN 73.58 -1.60 Infosys INFY 12.76 0.13 MicronTech MU 48.48 0.72 s Procter&Gamble PG 135.46 2.23 TIM Part TSU 13.98 -0.37 VailResorts MTN 224.02 9.51 Zillow C Z 76.00 0.67 Alphabet C GOOG 1506.62 26.30 CableOne CABO 1865.09 -0.91 Eaton ETN 102.55 0.37 IngersollRand IR 35.61 -0.25 Microsoft MSFT 209.19 5.81 Progressive PGR 89.01 -0.01 TJX TJX 57.73 0.22 Vale VALE 11.31 0.14 Zillow A ZG 76.10 0.86 Alteryx AYX 107.79 -2.95 CabotOil COG 19.81 0.18 eBay EBAY 55.49 1.20 Insulet PODD 204.65 5.81 MidAmApt MAA 117.09 0.38 Prologis PLD 102.88 2.37 T-MobileUS TMUS 115.25 1.66 ValeroEnergy VLO 55.12 1.47 ZimmerBiomet ZBH 138.58 0.37 AlticeUSA ATUS 27.36 0.29 CadenceDesign CDNS 107.28 2.10 Ecolab ECL 198.69 2.47 Intel INTC 49.19 1.00 Middleby MIDD 103.99 -0.66 Proofpoint PFPT 105.42 0.92 s TRowePrice TROW 138.45 -0.51 VarianMed VAR 173.42 0.13 Zoetis ZTS 159.36 2.43 Altria MO 42.96 -0.64 CaesarsEnt CZR 37.16 -0.72 Ecopetrol EC 11.84 0.25 CamdenProperty CPT 90.40 1.03 InteractiveBrkrs IBKR 51.18 1.40 MitsubishiUFJ MUFG 4.15 0.09 PrudentialFin PRU 69.91 -0.83 TaiwanSemi TSM 79.39 1.45 Vedanta VEDL 6.59 -0.10 ZoomVideo ZM 236.72 5.68 AlumofChina ACH 6.64 -0.16 EdisonInt EIX 54.53 0.95 CampbellSoup CPB 50.96 1.19 ICE ICE 99.43 0.82 MizuhoFin MFG 2.72 0.06 Prudential PUK 33.27 0.51 TakeTwoSoftware TTWO 168.11 1.00 VeevaSystems VEEV 257.10 4.32 ZoomInfoTech ZI 38.53 -0.48 Amazon.com AMZN 3162.24 81.57 EdwardsLife EW 78.58 1.92 CIBC CM 73.73 1.01 InterContinentl IHG 54.68 0.04 MobileTeleSys MBT 9.26 0.30 PublicServiceEnt PEG 55.53 1.06 TakedaPharm TAK 18.69 0.20 Ventas VTR 41.10 -0.42 Zscaler ZS 119.34 1.83 Ambev ABEV 2.49 0.01 ElancoAnimal ELAN 25.00 -0.42 s CanNtlRlwy CNI 102.85 1.01 IBM IBM 126.70 -0.05 Moderna MRNA 69.52 0.55 PublicStorage PSA 198.38 -0.61 TandemDiabetes TNDM 97.24 1.81 VeriSign VRSN 205.22 3.42 Zynga ZNGA 9.11 0.10 Amcor AMCR 11.19 0.11 Elastic ESTC 87.08 3.23 CanNaturalRes CNQ 20.43 -0.12 IntlFlavors IFF 127.00 1.71 MohawkInds MHK 91.44 0.15 PulteGroup PHM 45.44 1.07 Amdocs DOX 61.12 -0.17 ElbitSystems ESLT 139.61 3.59 s CanPacRlwy CP 295.32 4.06 IntlPaper IP 36.72 -0.30 MolinaHealthcare MOH 191.80 6.19 Qiagen QGEN 48.42 -0.28 Amedisys AMED 228.56 1.82 ElectronicArts EA 139.90 4.20 Canon CAJ 17.66 0.33 Interpublic IPG 19.00 -0.30 MolsonCoorsB TAP 38.43 0.22 Qorvo QRVO 131.43 3.81 IPO Scorecard Amerco UHAL 358.67 2.42 EmergentBiosol EBS 129.57 7.24 CanopyGrowth CGC 17.25 0.30 Intuit INTU 304.75 5.55 Mondelez MDLZ 56.03 0.83 s Qualcomm QCOM 115.79 6.96 Ameren AEE 81.98 0.82 EmersonElec EMR 71.79 1.50 CapitalOne COF 68.15 -1.48 IntuitiveSurgical ISRG 683.09 8.09 MongoDB MDB 195.00 3.32 s QuantaServices PWR 49.48 -0.38 Performance of IPOs, most-recent listed first AmericaMovil AMX 13.03 0.17 Enbridge ENB 33.98 0.46 CardinalHealth CAH 53.82 0.78 InvitatHomes INVH 29.85 0.49 MonolithicPower MPWR 280.00 9.82 QuestDiag DGX 121.15 1.01 % Chg From % Chg From AmericaMovil A AMOV 13.02 0.22 EncompassHealth EHC 65.19 -0.65 Carlisle CSL 127.20 -0.66 IonisPharma IONS 52.98 -0.44 MonsterBev MNST 82.65 2.05 Quidel QDEL 239.59 10.00 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day AmerAirlines AAL 13.54 -0.19 EnelAmericas ENIA 7.16 0.08 Carlyle CG 27.29 0.33 iQIYI IQ 22.22 0.11 Moody's MCO 278.84 4.31 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close AEP AEP 84.15 0.86 EnergyTransfer ET 6.55 0.02 s CarMax KMX 106.24 2.25 IronMountain IRM 29.82 0.26 MorganStanley MS 52.38 0.60 R S AmerExpress AXP 101.68 -1.58 EnphaseEnergy ENPH 71.19 3.89 Fortress Value Acquisition II 10.17 1.7 ... Vistas Media Acquisition 9.98 –0.2 0.3 Carnival CCL 15.19 -0.63 ItauUnibanco ITUB 4.61 -0.10 Morningstar MORN 158.62 -0.03 AmericanFin AFG 68.20 -1.43 Entegris ENTG 71.06 1.84 RELX RELX 23.16 0.78 FAII.UT Aug. 12/$10.00 VMACU Aug. 7/$10.00 Carnival CUK 12.95 -0.55 Mosaic MOS 17.41 -0.23 AmHomes4Rent AMH 28.89 0.73 Entergy ETR 101.65 0.47 RH RH 310.21 5.71 CarrierGlobal CARR 29.79 0.30 J K L MotorolaSol MSI 145.01 2.14 FS Development 10.30 3.0 ... Rocket Companies 20.00 11.1 –7.0 AIG AIG 30.94 -1.04 EnterpriseProd EPD 18.80 0.61 RPM RPM 84.76 0.80 Carvana CVNA 193.22 5.57 Mylan MYL 16.18 -0.46 FSDC Aug. 12/$10.00 RKT Aug. 6/$18.00 AmerTowerREIT AMT 251.30 5.10 Equifax EFX 166.86 2.36 JD.com JD 62.90 1.72 RaymondJames RJF 76.31 0.42 CaseysGenStores CASY 172.97 1.56 NICE NICE 220.10 4.43 AmerWaterWorks AWK 145.87 3.45 Equinix EQIX 772.99 14.82 Joyy YY 82.00 4.40 RaytheonTech RTX 64.29 0.03 Arya Sciences Acquisiton III 10.40 4.0 –0.4 Oak Street Health 44.25 110.7 10.6 Catalent CTLT 87.80 2.90 NIO NIO 13.36 0.37 AmericoldRealty COLD 38.76 0.09 Equinor EQNR 16.65 0.44 JPMorganChase JPM 102.94 -0.88 RealPage RP 60.15 -0.27 ARYA Aug. 7/$10.00 OSH Aug. 6/$21.00 Caterpillar CAT 142.57 0.04 NRG Energy NRG 35.26 0.36 Ameriprise AMP 161.08 -1.47 Equitable EQH 21.54 -0.24 JackHenry JKHY 187.86 4.98 RealtyIncome O 63.00 0.32 Celanese CE 102.00 -1.00 NVR NVR 4035.47101.07 Checkmate Pharmaceuticals 13.75 –8.3 –1.8 Gores Hldgs V 10.25 2.5 1.7 AmerisourceBrgn ABC 103.55 2.17 EquityLife ELS 65.60 0.45 JacobsEngg J 90.49 -0.49 RegencyCtrs REG 43.67 0.17 CenovusEnergy CVE 5.23 0.18 NXP Semi NXPI 124.91 3.58 CMPI Aug. 7/$15.00 GRSVU Aug. 6/$10.00 Ametek AME 101.23 1.98 EquityResdntl EQR 54.82 0.07 JamesHardie JHX 22.78 -0.10 RegenPharm REGN 612.35 13.49 Centene CNC 65.05 2.17 Nasdaq NDAQ 130.42 -0.05 Amgen AMGN 241.72 7.07 ErieIndemnity A ERIE 216.10 -1.44 JazzPharma JAZZ 120.14 -2.53 RegionsFin RF 11.92 -0.01 CenterPointEner CNP 20.40 -0.21 NationalGrid NGG 59.93 1.92 IBEX Ltd. 15.20 –20.0 –1.3 Acutus Med 24.85 38.1 –6.2 s Amphenol APH 109.79 0.98 EssentialUtil WTRG 46.02 0.34 J&J JNJ 149.66 2.69 ReinsGrp RGA 95.33 -0.68 CentraisElBras EBR 6.47 -0.28 NatlRetailProp NNN 37.11 0.48 IBEX Aug. 7/$19.00 AFIB Aug. 6/$18.00 AnalogDevices ADI 119.22 2.66 EssexProp ESS 221.21 1.68 JohnsonControls JCI 41.06 0.27 RelianceSteel RS 107.44 0.42 CenturyLink CTL 10.79 -0.25 Natura&Co NTCO 16.86 0.09 Anaplan PLAN 44.77 0.13 EsteeLauder EL 211.50 4.24 JuniperNetworks JNPR 25.43 -0.09 RenaissanceRe RNR 182.96 -1.66 CeridianHCM CDAY 69.90 -0.30 NatWest NWG 3.11 ... Sources: Dow Jones Market Data; FactSet AngloGoldAsh AU 27.65 -0.22 Etsy ETSY 122.05 -5.45 KB Fin KB 34.47 1.58 Repligen RGEN 142.93 0.93 Cerner CERN 72.77 0.36 nCino NCNO 82.39 3.51 AB InBev BUD 56.93 1.00 EverestRe RE 227.72 -0.55 KKR KKR 36.36 1.36 RepublicSvcs RSG 91.24 0.36 CharlesRiverLabs CRL 219.65 9.41 NetApp NTAP 43.28 -0.29 AnnalyCap NLY 7.51 -0.07 KLA KLAC 208.00 7.46 ResMed RMD 175.84 2.86 CharterComms CHTR 598.74 8.26 Evergy EVRG 53.04 -0.35 NetEase NTES 474.53 20.02 Anthem ANTM 283.18 2.85 KSCitySouthern KSU 184.04 -0.44 RestaurantBrands QSR 54.35 -1.14 CheckPoint CHKP 124.96 0.97 EversourceEner ES 87.91 1.82 Netflix NFLX 475.47 8.54 Borrowing Benchmarks Aon AON 192.13 -1.42 Kellogg K 69.28 1.15 ReynoldsCnsmr REYN 32.74 0.64 Chegg CHGG 74.50 -2.46 ExactSciences EXAS 87.15 3.47 Neurocrine NBIX 114.20 1.19 Apache APA 15.75 0.16 KeurigDrPepper KDP 30.11 0.54 RingCentral RNG 279.16 -4.79 wsj.com/market-data/bonds/benchmarks Chemed CHE 509.00 6.00 Exelixis EXEL 21.86 0.19 NewOrientalEduc EDU 141.35 1.35 ApartmtInv AIV 37.45 0.19 KeyCorp KEY 12.89 -0.19 RioTinto RIO 62.32 0.97 CheniereEnergy LNG 53.38 -0.24 Exelon EXC 38.71 0.81 NYTimes A NYT 43.48 -0.06 ApolloGlbMgmt APO 48.10 0.33 KeysightTechs KEYS 99.57 0.76 s RitchieBros RBA 61.90 4.43 August 12, 2020 CheniereEnerPtrs CQP 39.70 0.70 Expedia EXPE 86.95 -1.17 NewellBrands NWL 17.11 -0.16 Money Rates Apple AAPL 452.04 14.54 KilroyRealty KRC 59.01 -0.23 RobertHalf RHI 56.52 0.50 Chevron CVX 90.72 1.10 ExpeditorsIntl EXPD 86.15 0.46 Newmont NEM 62.99 0.12 ApplMaterials AMAT 66.50 2.04 s KimberlyClark KMB 158.84 3.05 RocketCos. RKT 20.00 -0.58 Chewy CHWY 53.15 2.54 ExtraSpaceSt EXR 103.49 0.50 s NewsCorp B NWS 15.26 0.32 Aptargroup ATR 118.09 1.35 KinderMorgan KMI 14.49 0.07 Rockwell ROK 236.12 3.94 Key annual interest rates paid to borrow or lend money in U.S. and ChinaEastrnAir CEA 19.47 0.81 ExxonMobil XOM 44.09 -0.01 s NewsCorp A NWSA 15.17 0.27 Aptiv APTV 89.50 0.66 KingsoftCloud KC 32.36 0.36 RogersComm B RCI 41.90 0.12 international markets. Rates below are a guide to general levels but ChinaLifeIns LFC 12.29 0.25 F5Networks FFIV 138.29 0.54 NextEraEnergy NEE 284.59 6.80 Aramark ARMK 25.28 0.02 KinrossGold KGC 8.52 -0.02 Roku ROKU 146.98 0.57 ChinaMobile CHL 36.63 0.43 FMC FMC 109.46 0.27 Nike NKE 105.22 0.10 don’t always represent actual transactions. ArcelorMittal MT 12.50 0.18 KirklandLakeGold KL 48.60 0.44 Rollins ROL 54.54 0.29 ChinaPetrol SNP 45.33 0.88 Facebook FB 259.89 3.76 Nikola NKLA 42.81 1.71 ArchCapital ACGL 32.60 -0.25 s Knight-Swift KNX 44.57 0.13 s RoperTech ROP 446.70 11.99 ChinaSoAirlines ZNH 25.12 0.99 FactSet FDS 360.16 4.40 NiSource NI 24.75 0.46 ArcherDaniels ADM 44.45 0.06 KoninklijkePhil PHG 53.27 1.34 RossStores ROST 94.07 0.47 Week —52-WEEK— ChinaTelecom CHA 30.57 0.46 FairIsaac FICO 431.70 2.28 Nokia NOK 5.05 0.09 Inflation Latest ago High Low AresMgmt ARES 40.03 -0.34 Farfetch FTCH KoreaElcPwr KEP 8.56 -0.20 RoyalBkCanada RY 73.98 0.56 ChinaUnicom CHU 6.21 0.39 25.85 0.72 NomuraHoldings NMR 5.11 ... July index Chg From (%) arGEN-X ARGX 232.14 3.31 KraftHeinz KHC 35.33 0.70 RoyalCaribbean RCL 57.19 -1.48 Chipotle CMG 1160.92 13.76 Fastenal FAST 48.14 0.75 s Nordson NDSN 206.84 2.21 AristaNetworks ANET 216.24 -3.74 Kroger KR 34.61 0.35 RoyalDutchA RDS.A 32.87 1.02 level June '20 July '19 Other short-term rates Chubb CB 130.28 -1.73 Fastly FSLY 75.95 0.99 NorfolkSouthern NSC 204.85 -1.23 ArrowElec ARW 76.40 0.11 L Brands LB 27.00 0.07 RoyalDutchB RDS.B 31.40 1.05 ChunghwaTel CHT 36.88 0.26 FederalRealty FRT 83.48 1.30 NorthernTrust NTRS 84.07 -0.20 AscendisPharma ASND 141.00 0.51 LHC Group LHCG 196.20 -2.06 RoyalGold RGLD 129.77 -0.41 U.S. consumer price index Week 52-Week Church&Dwight CHD 94.83 2.12 s FedEx FDX 201.96 5.51 NorthropGrum NOC 339.40 -2.45 AspenTech AZPN 97.71 0.41 Line LN 50.51 -0.05 RoyaltyPharma RPRX 44.99 -0.78 Latest ago high low s ChurchillDowns CHDN 170.63 0.65 s Ferrari RACE 192.63 7.14 NortonLifeLock NLOK 22.52 0.14 All items 259.101 0.51 1.0 Assurant AIZ 124.47 -0.49 LKQ LKQ 32.31 0.85 Ryanair RYAAY 82.33 0.54 Ciena CIEN 60.55 0.38 FiatChrysler FCAU 11.65 0.13 Novartis NVS 84.93 2.50 Core 267.703 0.53 1.6 AstraZeneca AZN 56.74 1.56 LPL Financial LPLA 84.37 0.16 SAP SAP 162.61 3.46 Call money Cigna CI 184.32 1.94 FidNatlFin FNF 33.86 -0.93 Novavax NVAX 124.42 -25.06 Athene ATH 36.44 -0.18 L3HarrisTech LHX 183.07 2.43 S&P Global SPGI 349.19 5.48 CincinnatiFin CINF 81.01 -2.11 FidNatlInfo FIS 143.82 0.77 NovoNordisk NVO 67.09 1.90 International rates 2.00 2.00 4.00 2.00 Atlassian TEAM 161.06 0.31 LabCpAm LH 188.10 1.97 SBA Comm SBAC 304.39 8.75 Cintas CTAS 319.89 1.56 FifthThirdBncp FITB 21.30 -0.18 Novocure NVCR 75.00 0.46 AtmosEnergy ATO 104.96 1.43 LamResearch LRCX 381.52 12.51 SEI Investments SEIC 53.72 0.02 CiscoSystems CSCO 48.10 0.91 58.com WUBA 55.83 0.09 NuanceComms NUAN 28.66 0.13 Week 52-Week Commercial paper (AA financial) Autodesk ADSK 231.57 2.78 LamarAdv LAMR 68.00 -1.01 SK Telecom SKM 22.75 0.73 Citigroup C 53.35 -0.41 FirstAmerFin FAF 51.65 -1.87 Nucor NUE 45.89 0.48 Latest High Low Autohome ATHM 85.38 1.08 LambWeston LW 64.38 0.17 SS&C Tech SSNC 61.94 0.60 ago 90 days 0.18 n.a. 2.53 0.04 CitizensFin CFG 26.49 -0.16 FirstRepBank FRC 119.36 0.35 Nutrien NTR 38.51 0.07 Autoliv ALV 72.37 1.46 FirstSolar FSLR LasVegasSands LVS 49.07 -1.93 StoreCapital STOR 25.75 0.18 CitrixSystems CTXS 136.49 0.76 73.53 3.34 NVIDIA NVDA 457.61 23.61 Prime rates ADP ADP 139.58 1.48 FirstEnergy FE 29.87 -0.03 Lear LEA 118.89 -0.71 SVB Fin SIVB 252.98 0.12 Libor AutoZone AZO Clarivate CCC 28.39 0.38 1188.37 16.81 Fiserv FISV 97.97 -0.25 Leidos LDOS 94.41 -1.54 O P Q Salesforce.com CRM 192.62 0.63 U.S. 3.25 3.25 5.25 3.25 One month 0.15800 0.15350 2.19738 0.14925 Avalara AVLR Clorox CLX 226.95 4.65 120.06 1.17 FiveBelow FIVE 108.03 0.09 Lennar B LEN.B 57.14 0.73 Sanofi SNY 51.79 0.97 Canada 2.45 2.45 3.95 2.45 Three month 0.26475 0.24200 2.16838 0.24200 Avalonbay AVB Cloudflare NET 38.86 1.05 152.91 1.17 Five9 FIVN 115.10 2.73 Lennar A LEN 74.29 0.72 OGE Energy OGE 33.39 0.57 SareptaTherap SRPT 158.00 -0.03 Avangrid AGR 49.60 0.28 Coca-Cola KO 48.43 0.50 Japan 1.475 1.475 1.475 1.475 Six month 0.33675 0.29838 2.08525 0.28913 FleetCorTech FLT 230.57 -4.19 Avantor AVTR 20.97 0.65 Coca-Cola Euro CCEP 43.06 0.39 One year 0.45788 0.44350 2.07413 0.44350 Floor&Decor FND 66.80 0.66 AveryDennison AVY 120.46 2.11 Cognex CGNX 66.68 1.54 Policy Rates CognizantTech CTSH FomentoEconMex FMX 59.64 0.50 BCE BCE 43.13 0.15 66.98 0.45 Euro zone 0.00 0.00 0.00 0.00 Euro Libor s ColgatePalm CL 77.24 1.28 FordMotor F 7.11 -0.12 Dividend Changes s BHP Group BHP 57.46 0.63 Switzerland 0.00 0.00 0.50 0.00 One month -0.528 -0.360 -0.621 Comcast A CMCSA 43.34 0.35 Fortinet FTNT 126.70 0.11 -0.551 BHP Group BBL 47.71 0.64 Comerica CMA 42.02 -0.13 Fortis FTS 40.89 0.44 Britain 0.10 0.10 0.75 0.10 Three month -0.502 -0.469 -0.142 -0.539 BP BP 24.26 0.45 Dividend announcements from August 12. CommerceBcshrs CBSH 61.11 0.06 Fortive FTV 74.94 1.48 Australia 0.25 0.25 1.00 0.25 Six month -0.469 -0.454 -0.052 -0.491 B2Gold BTG 6.43 ... SABESP SBS 10.28 -0.27 s FortBrandsHome FBHS 83.01 1.92 Baidu BIDU 126.11 1.51 Amount Payable / One year -0.350 -0.348 0.008 -0.441 ConagraBrands CAG 37.84 0.59 FoxA FOXA 24.92 0.26 Overnight repurchase BakerHughes BKR 17.53 0.35 Company Symbol Yld %New/Old Frq Record ConchoRscs CXO 52.87 -0.07 FoxB FOX 25.21 0.27 Ball BLL 74.38 0.43 U.S. 0.11 0.12 3.40 -0.07 Secured Overnight Financing Rate ConocoPhillips COP 41.66 1.95 Franco-Nevada FNV 144.23 1.75 Increased BancoBilbaoViz BBVA 3.08 -0.05 0.09 5.25 0.01 ConEd ED 74.26 1.00 FranklinRscs BEN 22.01 -0.66 BR Q 0.10 BancoBradesco BBDO 3.66 -0.10 Broadridge Finl Solutions 1.7 .575 /.54 Oct05 /Sep15 U.S. government rates ConstBrands B STZ.B 175.82 3.48 FreeportMcM FCX 13.97 0.01 BancodeChile BCH 17.58 0.12 Haverty Furniture HVT 4.3 .20 /.15 Q Sep09 /Aug24 Value 52-Week ConstBrands A STZ 175.50 2.63 FreseniusMed FMS 43.40 0.60 BancSanBrasil BSBR 5.42 -0.14 Haverty Furniture A HVT.A 4.2 .19 /.14 Q Sep09 /Aug24 Discount Latest Traded High Low ContinentalRscs CLR 18.67 0.48 BcoSantChile BSAC 16.05 0.12 Intl Flavors & Fragrances IFF 2.4 .77 /.75 Q Oct05 /Sep24 0.25 0.25 2.75 0.25 Cooper COO 305.32 5.01 G H I BancoSantander SAN 2.31 -0.01 PPLUS FR Call Ser GSC-2 PYT 3.6 .1958 /.18125 Q Aug17 /Aug14 DTCC GCF Repo Index Copart CPRT 99.98 0.04 BanColombia CIB 26.25 -0.37 GCI LibertyA GLIBA 80.68 0.40 Federal funds s Corning GLW 32.73 0.43 Treasury 0.129 41.250 6.007 0.002 BankofAmerica BAC 26.73 -0.19 GDS Holdings GDS 80.65 2.87 Reduced Corteva CTVA 26.36 -0.42 Effective rate 0.1000 0.1000 2.3600 0.0600 MBS 0.131 76.900 6.699 0.011 BankofMontreal BMO 59.36 1.10 GFLEnvironmental GFL 20.32 -0.46 Xperi Holding XPER 1.4 .05 /.20 Q Sep21 /Aug31 CoStar CSGP 824.74 14.58 BankNY Mellon BK 37.98 -0.16 GSXTechedu GSX 99.16 1.14 High 0.1500 0.1100 3.0000 0.1000 Costco COST 336.76 4.33 BkNovaScotia BNS 44.28 0.55 Galapagos GLPG 190.13 4.57 Initial Low 0.0500 0.0500 2.0500 0.0100 Notes on data: CoupaSoftware COUP 281.37 -0.19 Barclays BCS 5.74 -0.01 Gallagher AJG 106.96 -0.41 FS KKR Capital II FSKR 14.6 .55 Oct01 /Sep16 Bid 0.0800 0.0700 2.1200 0.0100 Credicorp BAP 130.88 1.65 U.S. prime rate is the base rate on corporate BarrickGold GOLD 26.18 -0.07 Gaming&Leisure GLPI 38.86 -0.33 PG&E Un PCGU 4.2 .6875 Aug17 /Aug14 Offer 0.1100 0.1000 2.5000 0.0500 CreditAcceptance CACC 515.57 -3.24 loans posted by at least 70% of the 10 largest BauschHealth BHC 17.39 -0.27 Garmin GRMN 103.28 1.78 CreditSuisse CS 11.56 0.27 U.S. banks, and is effective March 16, 2020. BaxterIntl BAX 83.48 0.54 Gartner IT 130.79 -0.79 Stocks Treasury bill auction Cree CREE 72.97 -0.32 Other prime rates aren’t directly comparable; BectonDicknsn BDX 257.22 2.22 Generac GNRC 171.30 6.44 Tesla TSLA 5:1 /Aug20 CrowdStrike CRWD 98.45 0.29 4 weeks 0.080 0.090 2.065 0.000 lending practices vary widely by location; BeiGene BGNE 213.23 3.78 GeneralDynamics GD 156.41 -2.44 Discount rate is effective March 16, 2020. CrownCastle CCI 165.20 3.41 13 weeks Berkley WRB 63.08 -0.49 GeneralElec GE 6.72 -0.01 Foreign 0.105 0.100 1.960 0.000 Secured Overnight Financing Rate is as of CrownHoldings CCK 75.15 1.60 BerkHathwy B BRK.B 213.24 0.58 GeneralMills GIS 63.06 0.92 Argo Group Intl Pfd A ARGOpA 7.0 .33056 Sep15 /Aug31 26 weeks 0.120 0.105 1.890 0.080 August 11, 2020. DTCC GCF Repo Index is CubeSmart CUBE 30.74 0.25 BerkHathwy A BRK.A 319999620.00 GeneralMotors GM 28.03 -0.49 Depository Trust & Clearing Corp.'s weighted Cummins CMI 213.20 1.16 DHT Holdings DHT 19.8 .48 Q Sep02 /Aug26 BerryGlobal BERY 54.31 0.37 Genmab GMAB 36.38 0.51 Secondary market average for overnight trades in applicable CyrusOne CONE 81.87 1.30 Energ Gerais-Cemig ADR CIG 4.5 .04511 SA Aug13 / BestBuy BBY Genpact G 42.03 0.53 CUSIPs. Value traded is in billions of U.S. dollars. 104.98 0.86 Nutrien NTR 4.7 .45 Q Oct16 /Sep30 BeyondMeat BYND 123.83 -1.67 Gentex GNTX 27.78 0.33 Fannie Mae Federal-funds rates are Tullett Prebon rates as D E F Nutrien NTR 4.7 .45 Q Oct16 /Sep30 Bilibili BILI 40.94 0.60 GenuineParts GPC 96.87 1.60 30-year mortgage yields of 5:30 p.m. ET. Bill.com BILL 85.83 1.56 DISH Network DISH 34.43 -0.80 GileadSciences GILD 68.84 0.74 Sources: Federal Reserve; Bureau of Labor Bio-Techne TECH 263.42 1.60 DTE Energy DTE 118.81 1.42 GSK GSK 42.16 0.87 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: 30 days 1.850 1.751 3.388 1.751 Statistics; DTCC; FactSet; Bio-RadLab A BIO 501.85 5.51 Danaher DHR 205.92 5.91 GlobalPayments GPN 173.00 2.07 spin-off. 60 days 1.903 1.804 3.403 1.804 Tullett Prebon Information, Ltd.

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret SmCpIdxInstPrem 20.09 +0.10 -4.3 FPA Funds ValueI 41.44 +0.32 -6.3 PRIMECAP Odyssey Fds TotBdAdml 11.70 -0.03 7.4 TotIntBdIxInv 11.60 -0.02 3.1 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. TMktIdxInstPrem 95.27 +1.28 5.5 FPACres 31.80 +0.24 -3.1 MFS Funds Instl AggGrowth r 47.42 +0.55 5.6 TotIntBdIdxAdm 23.19 -0.05 3.1 USGro 56.67 +1.10 31.7 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s USBdIdxInstPrem 12.63 -0.03 7.5 Franklin A1 IntlEq 27.68 +0.61 -0.6 Growth r 41.05 +0.56 0.3 TotIntlAdmIdx r 28.73 +0.45 -3.1 WellsI 28.06 +0.03 4.3 apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- Fidelity Advisor I CA TF A1 p 7.84 -0.01 4.4 Nuveen Cl I Schwab Funds TotStAdml 83.31 +1.11 5.5 Welltn 44.11 +0.34 3.1 Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes NwInsghtI 36.36 +0.61 11.2 IncomeA1 p 2.13 +0.01 -5.9 HYMunBd 17.11 -0.01 -1.8 1000 Inv r NA ... NA TxMCapAdml 175.31 +2.50 6.6 WndsrII 35.73 +0.42 -1.1 xand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Notavailable due to incomplete Fidelity Freedom FrankTemp/Frank Adv Oakmark Funds Invest S&P Sel NA ... NA TxMIn r 13.51 +0.24 -3.6 VANGUARD INDEX FDS price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not FF2020 16.35 +0.10 4.0 IncomeAdv 2.11 ... -5.8 OakmrkInt 21.14 +0.27 -15.3 TSM Sel r NA ... NA USGroAdml 146.87 +2.86 31.8 IdxIntl 17.18 +0.27 -3.1 tracked. NS-Fund didn’texistatstart of period. FF2025 14.50 +0.10 3.8 FrankTemp/Franklin A Old Westbury Fds TIAA/CREF Funds ValAdml 42.06 +0.33 -8.6 SmValAdml 50.67 +0.11 -13.2 FF2030 17.93 +0.15 3.5 Growth A p 127.82 +1.81 13.9 LrgCpStr NA ... NA EqIdxInst 24.62 +0.33 5.5 WdsrllAdml 63.38 +0.74 -1.1 TotBd2 11.62 -0.03 7.0 Freedom2020 K 16.34 +0.10 4.0 RisDv A p 72.44 +0.88 4.6 Parnassus Fds VANGUARD ADMIRAL WellsIAdml 67.98 +0.07 4.3 TotIntlInstIdx r 114.90 +1.82 -3.1 Wednesday, August 12, 2020 Freedom2025 K 14.48 +0.10 3.9 FrankTemp/Franklin C ParnEqFd 50.21 +0.74 7.2 500Adml 312.46 +4.35 5.8 WelltnAdml 76.18 +0.59 3.1 TotItlInstPlId r 114.92 +1.81 -3.1 Net YTD Net YTD Net YTD Freedom2030 K 17.92 +0.15 3.7 Income C t 2.17 +0.01 -5.7 PGIM Funds Cl Z BalAdml 41.44 +0.30 7.0 WndsrAdml 65.32 +0.26 -8.7 TotSt 83.28 +1.11 5.5 Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Freedom2035 K 15.04 +0.16 2.9 FrankTemp/Temp Adv TotalReturnBond NA ... NA CAITAdml 12.39 -0.01 4.0 VANGUARD FDS VANGUARD INSTL FDS Freedom2040 K 10.52 +0.12 2.5 GlBondAdv p 9.85 -0.04 -5.1 PIMCO Fds Instl CapOpAdml r 164.55 +2.66 4.3 DivdGro 30.78 +0.28 1.6 BalInst 41.45 +0.30 7.0 American Century Inv BlackRock Funds LgCo 25.96 +0.36 5.8 Guggenheim Funds Tru Fidelity Invest AllAsset NA ... NA EMAdmr 36.36 +0.35 -1.0 INSTTRF2020 25.15 +0.16 4.3 DevMktsIndInst 13.53 +0.24 -3.5 Ultra 66.75 +1.27 28.0 HiYBlk 7.54 ... 0.4 TAUSCoreEq2 20.04 +0.21 0.3 TotRtnBdFdClInst 29.84 -0.02 11.8 EqIncAdml 72.95 +0.65 -6.7 Balanc 26.71 +0.23 9.5 InvGrdCrBd NA ... NA INSTTRF2025 25.75 +0.20 4.1 DevMktsInxInst 21.15 +0.38 -3.5 American Funds Cl A HiYldBd Inst 7.53 ... 0.3 US CoreEq1 26.05 +0.29 1.4 BluCh 142.08 +3.16 31.9 Harbor Funds ExplrAdml 102.99 +0.95 5.9 ExtndInst 98.68 +1.07 3.8 TotRt 10.95 -0.01 7.6 INSTTRF2030 26.07 +0.23 3.8 AmcpA p 35.78 +0.46 8.4 BlackRock Funds A US CoreEq2 23.53 +0.25 0.2 Contra 16.28 +0.28 19.5 CapApInst 98.31 +2.22 29.8 ExtndAdml 98.68 +1.06 3.8 GrwthInst 114.60 +2.27 22.7 PIMCO Funds A INSTTRF2035 26.38 +0.27 3.5 AMutlA p 42.44 +0.48 -1.4 GlblAlloc p 19.91 ... 6.8 US Small 32.20 +0.17 -7.5 ContraK 16.31 +0.28 19.6 Harding Loevner GNMAAdml 10.77 +0.01 3.4 InPrSeIn 11.44 ... 8.6 IncomeFd NA ... NA INSTTRF2040 26.66 +0.30 3.0 BalA p 29.24 +0.21 3.9 BlackRock Funds Inst US SmCpVal 28.71 +0.09 -16.2 CpInc r 10.01 +0.02 0.4 IntlEq 24.65 +0.40 3.6 GrwthAdml 114.59 +2.26 22.7 InstIdx 302.00 +4.21 5.9 PIMCO Funds I2 INSTTRF2045 26.89 +0.34 2.7 BondA p 14.18 -0.02 9.7 MultiAstIncome 10.69 ... 0.2 USLgVa 32.96 +0.19 -13.6 GroCo 29.44 +0.59 37.8 Invesco Funds Y HlthCareAdml r 93.14 +1.05 9.1 InstPlus 302.01 +4.21 5.9 Income NA ... NA INSTTRF2050 26.94 +0.35 2.7 CapIBA p 60.05 +0.68 -3.4 StratIncOpptyIns 10.07 ... 2.6 Dodge & Cox GrowCoK 29.51 +0.60 38.0 DevMktY 45.02 +0.60 -1.3 HYCorAdml r 5.85 -0.01 1.3 InstTStPlus 71.27 +0.95 5.5 PIMCO Funds Instl INSTTRF2055 27.04 +0.34 2.7 CapWGrA 52.50 +0.82 1.4 Bridge Builder Trust Balanced 95.83 +0.32 -3.3 InvGrBd 12.31 -0.03 8.2 JPMorgan I Class InfProAd 28.09 +0.02 8.6 MidCpInst 48.72 +0.39 0.9 IncomeFd NA ... NA EupacA p 57.72 +0.89 3.7 CoreBond 11.03 -0.02 7.7 Income 14.85 -0.02 7.6 LowP r 46.93 +0.43 -6.2 CoreBond 12.48 -0.03 7.1 IntlGrAdml 129.51 +2.79 26.0 IntlVal 34.68 +0.62 -7.6 MidCpIstPl 240.26 +1.90 0.9 Price Funds FdInvA p 61.76 +0.85 1.6 CorePlusBond 10.71 -0.02 7.3 Intl Stk 37.98 +0.61 -12.9 Magin 11.92 +0.22 16.9 EqInc 17.96 +0.13 -6.5 ITBondAdml 12.69 -0.04 9.0 LifeCon 21.89 +0.10 5.0 SmCapInst 76.13 +0.42 -3.5 BlChip 150.48 +2.76 21.0 GwthA p 59.23 +1.10 15.8 Intl Eq 11.90 +0.21 -0.8 Stock 173.72 +1.08 -8.1 OTC 16.03 +0.36 25.3 JPMorgan R Class ITIGradeAdml 10.67 -0.03 8.6 LifeGro 37.04 +0.41 3.3 STIGradeInst 10.99 -0.01 4.0 DivGro 54.34 +0.67 2.6 HI TrA p 9.66 -0.01 -0.5 LargeCapGrowth 18.58 +0.30 17.4 DoubleLine Funds Puritn 25.01 +0.30 10.7 CoreBond 12.50 -0.02 7.2 LTGradeAdml 12.28 -0.12 15.2 LifeMod 29.84 +0.24 4.2 STIPSIxins 25.49 +0.05 3.2 ICAA p 40.42 +0.56 3.4 LargeCapValue 12.87 +0.09 -5.1 CoreFxdIncmI NA ... NA SrsEmrgMkt 21.09 +0.22 2.2 CorePlusBd 8.83 -0.02 6.3 EqInc 28.09 +0.23 -11.2 MidCpAdml 220.52 +1.73 0.8 PrmcpCor 27.18 +0.37 -2.7 TotBdInst 11.70 -0.03 7.4 IncoA p 22.44 +0.19 -1.8 ClearBridge TotRetBdI 10.74 -0.01 3.1 SrsGlobal 12.78 +0.20 -3.0 Lord Abbett A EqIndex 89.91 +1.26 5.7 MuHYAdml 11.85 -0.01 3.0 STAR 29.41 +0.25 8.3 TotBdInst2 11.62 -0.03 7.1 IntBdA p 14.21 -0.01 6.6 LargeCapGrowthI NA ... NA Edgewood Growth Instituti SrsGroCoRetail 24.72 +0.52 39.3 ShtDurIncmA p 4.17 ... 0.9 Growth 87.13 +1.47 18.8 MuIntAdml 14.83 -0.01 4.1 TgtRe2015 15.87 +0.06 4.5 TotBdInstPl 11.70 -0.03 7.4 N PerA p 52.71 +1.12 11.5 Columbia Class I EdgewoodGrInst 47.15 +0.77 22.4 SrsIntlGrw 18.58 +0.34 6.1 Lord Abbett F HelSci 90.33 +1.45 10.9 MuLTAdml 12.23 -0.02 4.7 TgtRe2020 33.91 +0.21 4.2 TotIntBdIdxInst 34.80 -0.07 3.1 NEcoA p 50.99 +0.68 11.5 DivIncom I 23.83 +0.29 -1.4 Fidelity SrsIntlVal 9.08 +0.17 -8.3 ShtDurIncm 4.17 ... 1.0 LgCapGow I 53.17 +0.90 20.7 MuLtdAdml 11.25 -0.01 2.7 TgtRe2025 20.66 +0.16 4.1 TotStInst 83.33 +1.12 5.6 NwWrldA 73.83 +0.83 4.6 Dimensional Fds 500IdxInstPrem 117.38 +1.64 5.9 TotalBond 11.55 -0.02 7.6 Lord Abbett I MidCap 100.56 +0.99 5.5 MuShtAdml 15.96 -0.01 1.6 TgtRe2030 37.83 +0.34 3.8 ValueInst 42.06 +0.33 -8.5 SmCpA p 64.68 +0.41 9.9 5GlbFxdInc 10.87 ... 1.3 Contrafund K6 17.14 +0.30 18.5 Fidelity SAI ShtDurInc p 4.17 ... 1.1 NHoriz 76.24 +0.70 28.4 PrmcpAdml r 146.34 +2.48 1.5 TgtRe2035 23.29 +0.24 3.4 WCM Focus Funds TxExA p 13.60 -0.01 3.5 EmgMktVa 25.26 +0.27 -11.5 ExtMktIdxInstPre 66.18 +0.71 3.7 TotalBd 11.04 -0.02 7.0 Metropolitan West R2020 22.96 +0.17 3.9 RealEstatAdml 116.48 +1.24 -9.9 TgtRe2040 40.33 +0.46 3.1 WCMFocIntlGrwIns 21.38 +0.41 13.1 WshA p 46.55 +0.50 -2.3 EmMktCorEq 20.57 +0.21 -4.6 IntlIdxInstPrem 41.17 +0.80 -4.2 Fidelity Selects TotRetBd 11.67 -0.01 7.8 R2025 18.52 +0.16 4.2 SmCapAdml 76.14 +0.43 -3.5 TgtRe2045 25.39 +0.32 2.8 Western Asset Baird Funds IntlCoreEq 12.75 +0.23 -6.7 MidCpInxInstPrem 23.25 +0.15 -1.0 Softwr r 23.85 +0.31 24.0 TotRetBdI 11.67 ... 8.1 R2030 26.96 +0.27 4.1 SmGthAdml 75.47 +0.70 8.2 TgtRe2050 40.88 +0.52 2.8 CoreBondI NA ... NA AggBdInst 11.91 -0.01 7.7 IntSmCo 17.41 +0.26 -7.7 SAIUSLgCpIndxFd 18.28 +0.25 5.7 First Eagle Funds TRBdPlan 10.97 -0.01 7.9 R2035 19.80 +0.22 4.0 STBondAdml 10.89 -0.01 4.3 TgtRet2055 44.38 +0.56 2.8 CorePlusBdI NA ... NA CorBdInst 12.23 -0.01 7.4 IntSmVa 16.55 +0.26 -14.3 SeriesOverseas 11.30 +0.23 4.8 GlbA 57.39 +0.40 -1.0 MFS Funds Class I R2040 28.15 +0.34 4.0 STIGradeAdml 10.99 -0.01 4.0 TgtRetInc 14.62 +0.05 4.8 CorePlusBdIS NA ... NA P2JW226000-0-B00900-1------XA

THE WALL STREET JOURNAL. Thursday, August 13, 2020 | B9

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Today, thanks to donorslikeyou,TheSalvation Army is helpingthose affected by COVID-19. We arethere forthe most vulnerable in our community.For those whose wages aregone,for those whoneed food,for those whohavenoplace to call home,and forsomanyotherswho desperatelyneed help and hopeinthistimeofcrisis. To see howyou can continue to makea differenceinyourcommunity,givetoday at SalvationArmyUSA.org. P2JW226000-0-B01000-1------XA

B10 | Thursday, August 13, 2020 THE WALL STREET JOURNAL. MARKETS Virus Threatens BiggerShock to Oil Demand

BY DAVID HODARI the global benchmark,and about45% from ayear earlier, West Texas Intermediate, the demand fordiesel and gasoline Thecoronavirus pandemic main U.S. gauge, have traded in continued to climb back and will have an even biggerimpact narrow bands the past two chip away at U.S. stockpiles,the on the global economy and its months. EIA said. demand foroil than previously On Wednesday, Brent rose Despitethe risk of another expected, the Organization of 2.1% to end at $45.43abarrel. round of lockdowns,OPEC left the Petroleum Exporting Coun- West Texas Intermediate intact itsforecast forarecord- tries said Wednesday. gained 2.5%, to $42.67. breaking rebound in 2021. Thecartel estimates that That’salot higher than in Member nations electedto world-wide oil demand this spring,when U.S. futures prices softentheir historic production year will amount to 90.6 mil- plunged forthe firsttime ever curbs starting Aug.1.OPEC and lion barrels aday,9.1 million intonegativeterritory on fears itsmarket allies,such as Rus- barrelslessthan last year.The that therewould be nowhere sia, will nowhold back 7.7mil- 9.1% decline is lefttostore oil as Americans lion barrels aday.Saudi, Emir-

COMMODITIES deeper than S hunkered down to slowthe ati andKuwaiti production

OPEC forecast NEW spread of the deadly disease. already have risen. in its previous monthly report. G But $40 oil hasn’t been enough Questions remain as to OPEC also said that it ex- to encourageU.S.producersto whether countries,including

pectsa4%contraction in the OOMBER ramp up output. Nigeria, that failed to comply global economy, worsethan its TheU.S.Energy Information with earlierquotas will follow earlier estimateof3.7%. Administration said Wednesday through on pledges to compen- TheVienna-based organiza- ALDEN/BL that domestic crude production satewith deeper cutsthis ON

tion expectseconomic recovery JAS last week fell to 10.7 million month and beyond. in all major economies now U.S. crude output lastweek fell to 10.7 million barrels aday,downfromarecordof13.1 million in mid-March. barrels aday,downfromare- Nigeria’scrude output that lockdowns have eased, but cord of 13.1 million in mid- dropped by 38,000 barrels a wrotethat “the latest surge of lead to an erosion in rebound- India, Brazil and some euro- said. March when governorsbegan dayinJuly,according to official infections in the U.S. will need ingconsumer confidenceand zone countries,such as Spain, Therecovery’svulnerability issuingstay-at-home orders. OPEC data, although other data to be closely monitored, as a spending behavior.” also could derail economic has kept oil prices stuck in neu- Though jet-fuel consumption cited in the report shows ade- continuation of this trend may Risingcoronavirus cases in growth and oil demand, OPEC tral. Both Brent crude futures, remained very weak,down cline of just 9,000 barrels aday. Rise in Bond Yields Tempers Gold Rally Treasurys

BY JOE WALLACE investorssought alternatives expecting prices to moveover Goldfutures price* dislocations between prices Stabilize to low-yielding bonds and a the next month. forgold in different locations Gold prices closed slightly havenfromthe economic Theoptions aren’t tied to $2,100 atroy ounce and at different dates,exacer- higher afterawild trading downturn caused by coronavi- gold futures directly but in- bating pricemoves. After session, extending avolatile rus. Most-activegold futures stead to shares in the SPDR 2,000 In one such dislocation, spell for the market as climb- hit aclosing high of $2,069.40 Gold Trust,the largest ex- contractsfor delivering gold ing yields on U.S. government atroyounceonAug.6and change-traded fund backed by 1,900 in December arearound $15 a Auction bonds sap investors’ appetite remain about 28% higher than physical bullion. troy ouncemoreexpensive forthe precious metal. they were at theend of 2019. Adding to the choppiness 1,800 than contractsfor deliveryin BY ANNA HIRTENSTEIN Futures contractsfor deliv- Treasuryyields have in gold markets, noviceinves- August. ering gold in December,which picked up in recent sessions, tors sought to sell the metal 1,700 That gapisunusually wide, U.S. government bonds notched ahigh last week, curtailing investors’ appetite the moment prices stumbled, punishing investorswho came under selling pressure endedthe dayup0.1% at forgold and silver,which pay according to Ole Hansen,Saxo 1,600 avoid taking hold of physical forthe fourth straight session $1,949atroyounceinchoppy no income.Yields on 10-year Bank’shead of commodity bullion in NewYork by selling Wednesdaythough therewere trading.Prices moved in a Treasurynotes have advanced strategy. near-dated futures and buying signs of stabilization following 1,500 wide rangeovernight and in four consecutivesessions “It wasoverdue,but proba- later-dated contracts. a$38 billion auction of new during the regular session in and gotten aboost lately from bly nowoverextended,” Mr. Despitethe turbulence, 10-year notes. NewYork,between alow of better-than-feared economic Hansen said of the reversal in 1,400 manyinvestorsexpect gold Theyield on the benchmark $1,874.20 and ahigh of dataand hopes foracorona- gold prices.“Thefact the cor- JFMAMJ JA prices to keep rising as the 10-year U.S. Treasurynoteset- $1,961. virus vaccine.Bond yields rise rection wasasdeep as it has *Most activecontract Federal Reservepins down in- tled at 0.669%, itshighest Silver futures retreated but as prices fall. been was[due] to the fact Source:FactSet terest ratesand buysbonds close sinceJuly 6, compared closed well abovetheir lows Investorsare bracing for therehavebeen alot of new to support the U.S. economy. with 0.657% Tuesday. of the day, slipping 0.3% to moregyrations in gold prices. investorsentering the market ing uncertainty about the out- “People arelooking fora Yields,which rise when $25.979 atroyounceonthe One gaugeofexpected volatil- in the past few weeks.” look forthe world economy. placetoput their money with bond prices fall, had climbed Comexdivision of the New ity,the Cboe Gold ETFVola- Mr.Hansen expectsgold Gold futures have become yields at zero,” said JoeFos- heading intothe auction, with York Mercantile Exchange. tility Index, has soared over prices to resume their ascent, lessliquid in recent months, ter, aportfolio manager at the 10-year yield reaching as Themoves followedabig the past month, though it is albeit at aslowerpace. according to traders and ana- NewYork-based investment high as 0.69%. drop in precious metals on well belowits recent peak in “The reasons forholding lysts, meaning it is harder for firm VanEck. That marked a turnaround Tuesday. Gold fell roughly March. gold and silver have not gone investorstobuy or sell the Prices could rise to $3,400 forthe bond market, which 4.5%, while silver slid 11%. Likethe VIX gaugethat away at all,” he said,citing amountsthey want forthe atroyounce, according to Mr. ended last week with 10-year Theswingsare interrupt- tracks volatility in stocks, the stimulus policies by central prices they expect. Foster,whose fund investsin yields stalled near ing arally in precious-metal indexuses options prices to banks that have depressed Some playershavedialed shares of U.S. gold mining CREDIT record lows below prices,which have soared as calculatehow far tradersare bond yields as well as linger- back trading activity due to companies. MARKETS 0.6%. TheTreasury market’ssignals this year have been difficult to read for U.S. Corn SupplyGrows as RecordCropIsForecast some investors, with the slide in bond yields suggesting they arenervous about the BY KIRK MALTAIS areforecast to have yields U.S. crop yield forcorn this point,” said Mr. Irwin. “With the markets initially economic outlook,evenasthe aboveayear ago, with record- Despiteindications corn selling off and making new sharp rally in U.S. stocks TheU.S.corn supply—al- high yields expected for Min- 200 bushels an acre supplies arebuilding in the dailylowsinall three com- sinceaMarch lowissending ready projected to reach near nesotaand South Dakota,” the Estimate U.S.,corn futures trading on modities,wehavestabilized a the oppositemessage. record levels—is continuing to USDA said. the ChicagoBoardofTrade re- bit in corn and soybeans,” said The yield’s climb in recent grow thanks to supportive Adequaterainfall and con- 150 coveredtheir initial losses— Michael Zuzolo,president of days waslikely triggeredby weather in theMidwest that sistent temperatures have al- with the most-active contract Global Commodity Analytics bond dealersparing some of has improved crop yields. lowedfarmerstoraise a closing 1.2% higher at $3.27 a and Consulting, in a note fol- their holdings and fund man- In its monthly supply-and- healthycrop—in itslatest bushel. Beforethe report’sre- lowing the USDA report. agersmaking room in their demand report released weekly crop progressreport, 100 lease, corn futures had fallen The onset of the coronavi- portfolios as they prepared for Wednesday, the U.S. Depart- theUSDAsaid 71% of the U.S. morethan 8% sinceJuly 1, due ruspandemic in March stifled the wave of new bonds on of- ment of Agriculturesaid it ex- corn crop is in either good or largely to the sentiment demand forcorn foruse as fer, investorssaid. Thinner pects2020 corn production to excellent condition. That is up 50 among grains tradersofan livestock feed or for ethanol trading volumes during Au- total15.3billion bushels,up from 57% at this time last year. impending corn pileup. production,raising worries gust, which marks the summer 278million bushels from its However, the USDA report Most-activewheat futures about a supply glut. In itsre- vacation period in the U.S. and previous estimate. Themain didn’t account forthe hurri- on theCBOT finished trading port,the USDA forecast corn Europe,likely also contributed 0 driver of the uptick is higher cane-force winds that battered Wednesday0.8%lowerat$4.91 stockpiles to rise to 2.75 billion to the drop. yields per crop acre, which the the Midwest this week.The 2015 ’16 ’17 ’18 ’19 ’20 abushel, in reaction to report bushelsinthe 2020/21 market- TheU.S.this week is raising USDA now projects to be at a stormmay have damaged as Source:USDA datashowing that adecline in ing year,upfromthe 2.65 bil- high levels of debt as it seeks record 181.8 bushels per acre. much as 300 million bushels world wheat consumption will lion bushels forecast last to boost spending programs to “Today’sreport indicates of U.S. corn, according to Scott ing department. “The question likely outpacesupply cutsseen month. That is an uptick of engineer an economic re- that Illinois,Indiana, Iowa, Irwin,head of the University is howmuch of an impact, in regions such as the Euro- morethan 500 million bushels bound. Missouri, Nebraska and Ohio of Illinois agricultural market- which is very hardtoassessat pean Union and Kazakhstan. from last year. After issuing $48 billion of three-year notes on Tuesday, the U.S. government sold $38 investmentsinYieldStreet to investorsand retirement savers most popular deals sold out in accounting of their investments. billion of 10-year notes Deals Site lotsofupto$50,000 as he got that would traditionally go into just seconds. According to court docu- Wednesdayafternoon at a morecomfortable with the stocks or indexfunds.Looser As the pandemic upends the ments, the maritime loan 0.677% yield. Thursday’s30- firm. He and his wifehold mul- regulations formarketing in- global economy, some of these money went to companies tied year bond auction will total Brings FBI, tiple notes backed by ship- vestmentsonline and investors’ alternativeinvestmentsare to the Lakhani family,which $26 billion. breaking loans nowindefault, search forreturns in alow-in- souring.Unlikestocks and builtaniche in the vessel-de- Treasuryyields are“clearly Mr.Peek said. “Webelieved we terest-rateera helped fuel their bonds that aretraded on ex- construction industry. Yield- at amoreinteresting level SECReview were getting diversification by popularity. changes,the investmentsare Street has been seeking to keep now,” said Laurent Crosnier, spreading our investment Crowdfunding sites amassed typically moreopaque and lock afreezeonassetslinked to en- chief investment officer at acrossdifferent loans,” said Mr. at least$250 billion forreal-es- up investor money foryears. tities and membersofthe Amundi’s London branch. ContinuedfrompageB1 Peek.“What wasnot disclosed tate and private-equity deals by “Wewant the same thing Lakhani family,alleging they “Valuations were very investorsthat roughly adozen to us wasthey went to the this year,according to an esti- our investorsdo: to getthe fraudulently sold vessels,addi- stretched, the market was ships that were collateral for same borrower.” matefromIan Ippolito, founder money back because our people tional court documentsshow. pricing in too much bad news the underlying loans disap- Aspokesman forYieldStreet of trade publication the Real including founders, the man- YieldStreet has been in legal without taking intoaccount peared acrossinternational wa- said it never identifies borrow- EstateCrowdfunding Review. agement team, boardmembers, proceedingstoseizeanother the supply that was coming,” ters.Investorsinthose notes ersbyname to investors. The YieldStreet customersare friends and family arealso in- vessel in Malaysian waters. he added. haven’t received payments in firm is pursuing insurance vested in these deals,” accord- “Westrongly denyany allega- —Sam Goldfarb theamountsortime frames claims and legal proceedings ing to afirm statement in re- tions of fraud,” said Muhammad contributed to this article. projected by YieldStreet. againstentities tied to aship- YieldStreet is sponse to questions from The Ali Lakhani,afamily member, Theinquiries maynot pro- ping family to recoverinvestor Wall Street Journal. reiterating an earlier statement 10-yearTreasury yield duceformal allegations of money from the shipping in- among startups that Recently, YieldStreet dis- to the Journal. Thestatement 0.7% wrongdoing against Yield- vestments. offer access to new closed that 14.7%ofthe money said, “Wehaveworked hard Street. Aspokeswoman forthe Mr.Peek said the FBI inter- investorsplowedintothe firm over 37 yearstobuild afamily SEC didn’t respond to arequest viewedhim about his experi- financial products. involved loansthat wound up in business and have agood repu- forcomment. An FBI spokes- enceswith YieldStreet. default as of March. YieldStreet tation which is being tarnished woman declined to comment. YieldStreet is one of avari- said itsability to payinvestors by these allegations and stories.” One of the investorsaffected etyoffinancial startups that relies on the borrowers behind 0.6 is Cliff Peek of Sarasota, Fla. have given people unprece- accredited investors, which in- the loans,and YieldStreet The58-year-old said he built a dented access to alternatives to clude people with morethan $1 doesn’t promise paymentsifthe AUCTION RESULTS Here are the results of Wednesday's Treasury portfolio that allowedhim to stocks and bonds in recent million in net worth or who borrowers don’t pay. auction. All bids are awarded at a single price at the market-clearing yield. Rates are determined by the retireat50, achieving the kind years. This democratization makeover$200,000 in ayear. In recent months,YieldStreet difference between that price and the face value. of financial independencethat also bringsnew risks to savers Thefirm used digital nudges in investorshavebuilt asupport 10-YEAR NOTES 0.5 manyYieldStreet investorshold and retirees. an attempt to hook repeat cus- network,sharing stories about Applications $114,147,525,100 up as agoal. Investmentswith YieldStreet is led by Michael tomers, including email re- the firm in online channels and Accepted bids $60,600,624,700 " noncompetitively $10,723,300 YieldStreet put ashareofhis Weiszand Milind Mehere, ad- minderswith animated timers their work as amateur sleuths " foreign noncompetitively $0 life savingsinjeopardy. vocatesfor making alternative that counted down the seconds tracing the flow of their money. Auction price (rate) 99.498284 (0.677%) Seeking uncorrelated returns investmentsavailable to more beforeofferingsopened up. In April, dozens sent aletterto Interest rate 0.625% 0.4 to stocks,the former marketing people.YieldStreet and other Buyersweresometimes given a YieldStreet executives question- Bids at clearing yield accepted 79.91% Cusip number 91282CAE1 Aug. 3Aug. 12 and real-estateexecutivesaid crowdfunding sites have taken few days to think over potential ing the quality of the firm’sdue The notes, dated Aug. 17, 2020, mature on Aug. 15, he went from making smaller agrowing shareofmoney from investments, and the firm’s diligenceand seeking afuller 2030. Source:TullettPrebon P2JW226000-0-B01100-1------XA

THE WALL STREET JOURNAL. Thursday, August 13, 2020 | B11 ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Grubhub’s Merger Partner Has to Defend Its Lunch GES Pandemic helped Just Eat Takeaway.com’s sales, IMA but is making rivals double down on food delivery GETTY SE/

For Just Eat Takeaway.com, food-delivery sector was already ANCE-PRES the opportunity presented by the cutthroat, and the pandemic is FR Covid-19 pandemic may be better only increasing competitive pres- GENCE

understood than the threat. sures. Last week, Uber said sec- /A

The European online food deliv- ond-quarter revenue from its de- AY ery company—soon to be the livery business doubled year-over- GR VID

world’s largest outside China if a year. With its ride-hailing business DA $7 billion all-share offer for U.S. in serious difficulty, management Some analysts see gold prices surging to as high as $3,000 a troy ounce by late 2021. peer Grubhub goes through—said is now more reliant on Uber Eats Wednesday that revenue in the six to fulfill a pledge to investors to months through June increased by generate positive earnings before 44% at constant exchange rates, interest, taxes, depreciation and Gold Needs a New Catalyst versus the comparable period of amortization next year. 2019. Order growth accelerated in This year’s tech rally may also the second quarter. have extended the length of time This is just the latest evidence that investors are willing to fund By the standards of recent history, the metal has already risen quite a lot that demand foronline food deliv- cash-burning private competitors. eryisskyrocketing as consumers In June, U.S.-based DoorDash stay at home and restaurantslook to raised $400 million in a funding Afterameteoric ascent over the Change in prices overthe previous 10 weeks tech platforms forhelp.What may round at a higher valuation than past year,the priceofgold has be lessappreciated is that the crisis its previous whiparound. tumbled again this week,dropping Treasury inflation-protected securities NewYork spotgold prices will also giveloss-making competi- Just Eat Takeaway.com is plan- back below$1,900 atroyounce. Aug. 11, 2020 tors likeUber Eatsreasons to fight ning “aggressive” investment in That hasn’t fazedanalysts. Bank longer and harder formarket share. important food-delivery hubs like of America, forexample,has an 18- March 4, 2016 At Just Eat Takeaway.com, the London, Paris and Sydney where month gold pricetargetof$3,000. May29, 2020 first half of this year has been ex- competition is intensifying. Chief Investorsshould be morecautious: ceptionally busy for deals. In addi- Executive Jitse Groen also thinks The close relationship between real Aug. 7, 2020 tion to the Grubhub offer, Take- some of the new businesses ac- U.S. interest ratesand gold sug- Feb. 26, 2016 away.com’s purchase of Just Eat quired from Just Eat need higher geststhat the yellowmetal needs a Takeaway.com was approved by marketing budgets and lower newdriver to reach dramatic new March18, 2016 competition authorities in April. prices to remain competitive. He highs. Oct.8,2010 Even as a bulkier company, Just didn’t say what this would cost. Over the past decade,therehave Eat Takeaway.com must work hard With an adjusted Ebitda margin been 19 occasions in which 10-year Feb. 24,2017 to defend its patch. The global of 42% in the first half, the com- Treasuryinflation-protected securi- pany can afford the fight—though ties have risen by morethan 5% in Jan. 30,2015 JustEat Takeaway.com's it had a pretax loss in part because price—meaning that real yields are 05% 10 15 20 grossmargin of deal-related expenses. But fend- tumbling—over the spaceof10 Note:Occasions in the pastdecade with the largestdeclines in real interest rates ing off rivals will be costly. Al- weeks.Ineach of those periods, Source:FactSet 80% ready the share of orders that Just gold prices have risen significantly, Eat Takeaway.com must deliver to but never as much as the 21% they about the inflation to come,the pectsthe surge in the U.S. money diners’ doors—as opposed to more have increased in the past 10 lion’sshareofthe decline is likely supply to push gold prices to at profitable orders that just link res- weeks. to be over.Sospeculativeinvestors least$2,500—and possibly as high 60 taurants and customers online—is So by the standards of recent must find something else to justify as $3,000—a troy ouncebeforelate growing. A bigger delivery busi- history, gold has already risen quite further increases in gold prices. 2021. ness lowered the company’s first- alot. Thebest argument that the yel- Extreme shifts in markets—as half gross margin to 61%, from The10-year Treasuryyield sits lowmetal candisconnect from its now—areprecisely when long-held 40 66% a year ago. at 0.66%, implying that thereisal- relationship with the bond market relationships arestretched, and so Just Eat Takeaway.com’s recent most no expectation of anymean- comes from 2011,when gold prices it’simpossible to writeoff such diz- merger spree, as well as its better ingfulincrease in interest rates moved far moresharply at times zying newheightsentirely. profitability, make it a formidable over the next decade.The 10-year than the moveinTIPS yields would But if they aretobereached, 20 global rival to the likes of Uber. break-even inflation rate has have suggested, and when gold had gold’sexisting relationship with But the pandemic has also closed climbed back to 1.63%, around the already risen considerably in 2009 real rateswill have to be stretched the door, at least for now, on level at which it spent most of 2019 and 2010. to the point of destruction. Bulls hopes that competition for market and just shyofthe 1.78%average Investment advisoryfirm Cross- betting on big further increases 0 share in food delivery will get less forthe five yearsbefore2020. Border Capital believes the link be- should be aware that, as opposed 2017 2018 2019 2020* aggressive. Investors need to be Real interest ratescan certainly tween real ratesand gold, to the to earlier this year,historyisno *Six months through June happy playing the long game. fall further,but unlessthere’sa extent that it holds,isconfounded longer firmly on their side. Source:the company —Carol Ryan sharp changeininvestors’ views by athirdfactor: liquidity.Itex- —Mike Bird Nautilus Is Pumped Up, Giving a Reason to Sweat OVERHEARD Tuesday was rough for Susan director of Netflix and sold them Rice, but the former national se- at an average price of $508.68 Therapid transformation of bility that the market will reach a curity adviser got a nice consola- each on Aug 5, bringing in over Nautilus’s fortunes resembles the saturation point. Fitnessequip- tion prize. $600,000. The shares closed at scrawny character in those vintage ment is aspirational—a lot like Seen by many as among the $466.93 on Tuesday when Ms. fitnessads—from getting sand gymmemberships.Yet while iner- favorites to be selected as Joe Bi- Harris’s selection was announced. kicked in his facetohaving aphy- tia keeps manypeople who joined den’s running mate, she was Netflix was up by over 50% in sique that drawsadmiring glances. aclub as part of afailed New edged out by Kamala Harris on the year to date last week and Last summer,not asingle analyst Year’s resolution paying the Tuesday. A step traditionally briefly overtook the value of me- tracked by FactSet had the equiva- monthly fee, one cansee asecond- taken before running for one of dia giant Walt Disney Co., so Ms. lent of a“buy” rating on the exer- arymarket forhome gymequip- the highest offices in the land— Rice’s timing might be fortuitous. cise-equipment manufacturer’s ment and, unlikePeloton, not much well, by most people—is to sell It sure was for Dick Cheney,

stock.This year the Covid crisis,and in the way of recurring revenue. stakes in businesses that could George W. Bush’s running mate, S

no small level of exertion by man- There used to be more profit in create a conflict of interest. who sold millions of dollars of PRES agement to fixits supply chain, have higher-end equipment of the type While Ms. Rice didn’t give a Halliburton shares in June 2000 TED turned the companyaround. While sold to gyms that needs replacing. reason for doing so and had pre- and the rest of his shares in the OCIA

Peloton Interactive gets most of In 2015, Nautilus paid $115 million set sales criteria, a form she filed company months later. The SS

the headlines in the at-home fitness for Octane Fitness, which partici- with the Securities and Exchange shares were above $26 that June, /A ER

boom, Nautilus is moreprofitable pates in that line but has run into Commission indicates that she ex- near a record, but dropped to ST and has done better, with itsshares trouble. The unit is now for sale at ercised options granted her as a barely $7 by 2002. KA YN

rising eightfold so far in 2020. a thorny time. OL

Second-quarter results released At just over 40 times prospec- CAR Monday added to the market’s ex- tive earnings for this year and al- citement. Net sales rose by 94% most 20 times next year, Nautilus year-over-year, and the company fetches a premium to many peers Inflation Gauge No Match for Fed’s Dovish Turn entered the third quarter with a in the fitness equipment sector ex- big backlog. Hot items such as the posed to gyms. company’s Bowflex SelectTech ad- And while both itsequipment Prices jumped last month, but stance, used-car prices rose 2.3% of pre-emptively raising rates to justable dumbbells are in such and itsshares look reasonably inflation would have to warm up on the month, but that is due to prevent inflation from rising. high demand that they are sold priced compared with Peloton, in- much more for the Federal Reserve vehicle shortages and rising de- Rather,itwill allowinflation to run out and used ones are on sale for vestorsshouldn’t be fixated on just to even consider changing course. mand brought on by the pandemic aboveits target, especially afterpe- around double what brand-new that leaderboard. —Spencer Jakab For investors, that is a green light. that will likely changewhen the riods of lowinflation, aiming foran ones cost earlier this year. The Labor Department on crisis passes. averagerateof2%overtime. The company cautions that a Share-priceperformance Wednesday reported that con- What is more important forin- Whether the Fed can actually certain portion of its newfound sumer prices rose 0.6% in July accomplish that is an open ques- 800% popularity is temporary. Demand from June, putting them up 1% tion, but investors appear to be re- for its ellipticals, treadmills, exer- from a year earlier. Prices exclud- sponding to the idea of an easier Nautilus The Fed is likely to cise bikes and other equipment ing food and energy items—the Fed. Strategists at Evercore ISI 600 should continue to be high for a core that economists watch to bet- abandon its strategy of point out that this summer, as ex- while as former gymgoers remain ter capture inflation’s trend—rose raising rates to prevent pectations solidified that the Fed wary of strangers huffing and 400 0.6%, marking the largest monthly will change its stance on inflation, puffing potentially coronavirus- increase since 1991. Core prices inflation from rising. financial markets have experienced laden germs onto them. were up 1.6% from a year earlier. a shift. Market-implied inflation Even a return to normal isn’t 200 TheFed’spreferred inflation expectations have risen, Treasury the end of the story. Management gaugetends to runabit cooler yields have fallen, the dollar has Peloton estimates that 12% to 25% of gym- Interactive than the CPI, so the risk that infla- vestorsnow isn’t the hard-to-inter- weakened, market volatility has goers may never return—as good a 0 tion breaches its2%targetanytime pret readingsthat pricemeasures declined and stocks have gone up. guess as any. They reckon that Johnson soon seems low. areshowing,but howthe Fedis Fedpolicymakersare widely ex- even people who do go back to a Health Moreover,the coronavirus pan- changing itsviews about inflation. pected to deliver their newframe- Tech gym might keep exercise equip- -200 demic has made amessofinflation Thecentral bank is about to con- work when they meet next month. ment at home as a form of insur- Jan.2020Aug. measures,making it hardtodis- clude areview of itspolicy-making If they don’t meet investors’ dovish ance against future disruptions. cern what thingsmight look like strategybegun last year and ap- hopes,therewill be trouble. That stillleavesopen the possi- Source:FactSet when the pandemic passes.For in- pearslikely to abandon itsstrategy —Justin Lahart P2JW226000-0-B01200-1------XA

B12 | Thursday, August 13, 2020 THE WALL STREET JOURNAL.