P2JW366000-6-A00100-17FFFF5178F

****** THURSDAY,DECEMBER 31,2020~VOL. CCLXXVI NO.154 WSJ.com HHHH $4.00

DJIA 30409.56 À 73.89 0.2% NASDAQ 12870.00 À 0.2% STOXX 600 400.25 g 0.3% 10-YR. TREAS. À 3/32 , yield 0.926% OIL $48.40 À $0.40 GOLD $1,891.00 À $10.50 EURO $1.2300 YEN 103.21 Deadly Attack at Airport Targets New Yemen Government U.S. IPO What’s News Market Reaches Business&Finance Record nvestorspiled into IPOs Iat a record rate in 2020, with companies raising Total $167.2 billion via 454 of- ferings on U.S. exchanges this year through Dec. 24. Few see signs of letup Few expect the euphoria after companies raise to wear off soon. A1 more than $167 billion  Detenteisending in the global fight over tech taxes, despite pandemic with Franceresuming collec- tion of itsdigital-services tax BY MAUREEN FARRELL and the U.S. poised to retali- atewith tariffs.Other coun- Defying expectations,inves-

tries areset to join the fray. A1 S tors piled intoinitial public of-

 China finished 2020 PRES feringsatarecordratein

with a 10th consecutive TED 2020, and few expect the eu-

month of expansion in its CIA phoria to wear off soon. manufacturing sector. A7 SO Companies raised $167.2 AS  TheEUand China agreed TENSIONS HIGH: People fled after an explosion Wednesday at the airport in Aden, Yemen, moments after members of the billion through 454 offerings in principle on an invest- country’s newly sworn-in cabinet arrived. At least 22 people were killed, but all the members of the cabinet were safe. A16 on U.S. exchanges this year ment accord that has sowed through Dec.24, compared concern in Washington. A16 with the previous full-year re- cord of $107.9 billion at the  Alden Global Capital,the height of the dot-com boom in largest shareholder in Trib- 1999, according to Dealogic. une Publishing,isseeking AstraZeneca-Oxford Vaccine Thepandemic turned the to buy the newspaper chain, typical rhythm of the IPO mar- which has amarket value of ketonits head, with $67.3 bil- roughly $470 million. B1 lion raised in the fourth quar-  SoftBank agreed to invest Approved for Use in the U.K. ter. That amount is roughly six $200 million more to bail times the totalfor the first out Katerra, a construction three months of the year. startup that ranintofinancial As aresult of the scramble, problems as it tried to shake BY JOSEPH WALKER inoculationstoreach more billion doses available in Advancemarket stalwartsofthe 21st-century up the building industry. B1 AND JENNY STRASBURG people morequickly as the 2021—morethan anyother commitments of vaccine economyincluding Airbnb variant pushes newcases to Covid-19 vaccine maker—and Inc., DoorDash Inc.and Palan-  TheDow rose 0.2%, doses by countryincome LONDON—TheU.K.autho- recordsand hospitalizations at acheaper price. TheU.K. tir Technologies Inc. are now clinching its13th record rized aCovid-19 vaccine devel- soar. companysays it won’t profit 3.0 billion publicly traded, accessible to close of the year.The S&P COVAX* oped by the University of Ox- Thegreen light represents from the shot during the pan- the average investor. 500 and Nasdaq added 0.1% ford and AstraZenecaPLC, thethirdemergency-use ap- demic,oreverinthe case of 2.5 Low- or medium- When the pandemic began and 0.2%, respectively. B9 income country opening the door fordistribut- proval of aWestern-devel- poorer countries. 2.0 shutting down swaths of the  Amazon said it agreed to ing millions of doses in acoun- oped vaccine this month and Thevaccine canbetrans- High-income U.S. economyinMarch and country acquirepodcast producer trywhereamoreinfectious comes as cases rise sharply in ported and stored for months 1.5 the stockmarket swooned, Wondery, the online retail variant of the coronavirus has Europe and the U.S.,which re- with normal refrigeration, veteranIPO watchersbraced giant’slatestmovetobeef contributed to surging cases. ported itsfirst confirmed case making it easier to distribute 1.0 foranother disappointing year up itsaudio offerings. B1 British health officials also of the variant Tuesday. The where people and health-care 0.5 afteractivity in 2019 fell short recommended adelayofas Pfizer-BioNTech shot and one networks aresparse or under- of expectations. World-Wide long as three months between developed by Moderna Inc. funded. Thetwo other West- 0 Following abrief pause, both doses of the vaccine, have been cleared in the U.S. PleaseturntopageA6 AstraZeneca/ Pfizer/ Moderna new-issue activity resumed in guidancethat applies to the TheOxford-AstraZeneca Oxford BioNTech late Mayafter the Federal Re- shot developed by Pfizer Inc. vaccine stands out on price,  New variant of virus pops up servesignaled it would take  The U.K. authorized a *A global buying club comprising both high- Covid-19 vaccine developed and BioNTech SE that the U.K. convenience and global ambi- in California, Colorado...... A3 and low-income countries extraordinarymeasures to by the University of Oxford authorized earlier in the tion.AstraZenecahas prom-  China gives green light to Note:DataasofDec. 18 shoreupthe economy, and the and AstraZeneca, opening month.The delaywill allow ised to makeasmanyasthree Covid-19 vaccine...... A7 Source:DukeGlobal Health Innovation Center stock market rebounded. the door for the rollout of Several stocks that made millions of doses. But the their debutsaround then clearancecomes afterstum- soared, setting the stagefor a bles that have sown public Rocky Partnership Hobbles Rollout race to the public marketsthat doubt about the shot and afterabrief holidaypause is strained the partnership. A1 expected to pick up again in  California became the BY JENNY STRASBURG cine watchdogsinthe U.S. and to showtothe Food and Drug tious project. In lateNovem- the new year. second state in the U.S. to elsewhere that their missteps Administration by February, ber,they unveiled late-stage TheIPO market gotaboost confirm the presence of LONDON—TheU.K.’sautho- arebehind them and that their said aperson familiar with the trial resultsthat showeda from asurprising surge in spe- the fast-spreading corona- rization of a Covid-19 vaccine vaccine,while not as effective trial. Thepartnershope for wide range of efficacy levels, cial-purpose acquisition com- virus variant that was first developed by the University of as shotsfromtwo rivals al- authorization acrossEurope varying by dose and age panies,orSPACs,empty vehi- identified in the U.K. A3 Oxfordand AstraZenecaPLC ready rolling out, canplaya by February, and agreen light group.The presentation de- cles that raise money through marks ahome-turfvictoryfor meaningfulrole in curbing the in Australia could come soon, scribed an unusual and unex- listingsand then look forbusi-  Theprospect of quick Sen- the two British institutions pandemic. this person said. AstraZeneca’s pected half dose given to some nesses to merge with. They ateapproval of $2,000 stimu- but comes afterstumbles that Thepartnershavepromised manufacturing partner in In- subjectsthat wasn’t fully ex- represent a bet that a yet-un- lus checks dimmed further, have sown public doubt about to distributetheir vaccine in dia has asked forregulatory plained, sowing confusion and known business will generate with the chamber focused on the shot and strained the part- hugequantities and sell it authorization there. All de- skepticism about the vaccine. steepreturns and typifythe overriding Trump’s defense- nership itself. cheaply throughout the pan- pend on regulatory sign-off. U.K. regulatorsonWednes- risk appetite that is fueling bill veto and GOP leaders After clearing regulatorsat demic.Inthe U.S.,AstraZen- Complicating those plans daypraised the vaccine’s new issues and markets. opposing astand-alone vote home,the partnersfacethe ecaexpectstohavedatafrom aredoubtsseeded by the part- promise to help end the pan- Nearly half of all fundrais- on the largerpayments. A4 challengeofconvincing medi- a large American clinical trial ners’ handling of their ambi- PleaseturntopageA6 PleaseturntopageA2  Nashville policesaid that they repeatedly tried to reach the suspect in the city’s The Optimists Christmas Day bombing INSIDE FranceRevives Fight soon afterbeing told in 2019 that he wasmaking bombs Plan Their inside an RV at hishome. A3 Over Digital Taxes  AChinese court sentenced Vacations to prison 10 Hong Kong ac- iii BY SAM SCHECHNER Other countries,including Italy tivistswho were caught AND PAUL HANNON and the U.K.,whose similar fleeing the city on aspeed- Cabin fever taxeswent intoeffect this year, boat, acase that has drawn Detenteisending in the arealso set to begin collection international attention. A8 inspires big travel global fight over tech taxes. in coming months.  LawmakersinArgentina Earlier this year, France TheU.S., meanwhile,isset approved a bill to legalize dreams for 2021 agreed to suspend collection of on Jan. 6 to impose tariffs on abortion, making it the /REUTERS atax on digital revenue from $1.3 billion of French imports, BY ALINA DIZIK /NETFLIX largetechnologycompanies including cosmetics and hand- AY first large Latin American LANG BR country to ditch stringent ES such as Facebook Inc., Ama- bags. Washingtonalso has Jocelyn Kung hasn’t gotten zon.comInc.and Alphabet pending investigations that JAM antiabortion regulations. A16 PHIL the Covid-19 vaccine yet, but Inc.’sGoogle.Meanwhile,the could lead to similar tariffs on  Died: Howard Rubenstein, she already is planning fora SPORTS BUSINESS&FINANCE U.S. delayedthe application of 10 other countries,including 88,influential publicist. B1 grand getaway onceshe does. Alabama, Clemson, The streaming wars tariffs it wasputting on French the U.K.,Italy,India and Spain. The62-year-old executive Ohio Stateand Notre of 2020 turned goods in retaliation forthe tax. At issue in the disputeis coach from SanFranciscosays But nowFrancehas re- PleaseturntopageA4 NOTICE TO READERS she is splurging on athree- Dame continue to into afeast as sumed collecting what is WSJ.comand WSJmobile week,seven-stop“transforma- dominate. A12 subscriberssoared. B1 known as itsdigital-services  European companies seek apps will publish tional experience” in Vietnam tax, aFrench official said. gig-work union pacts...... B4 throughout the NewYear’s in September,completewith a holiday. The Wall Street privateseaplane,avintage Journalprintedition won’t motorcycle and ablessing by a appear Friday, but adaily Buddhist monk. edition will be available in Xi’sChina Aims to BoostYouth Patriotism “It really has kind of given WSJiPadand Android apps. us alittle hopefulness,” she says.“Thevaccine wasthe CONTENTS Opinion...... A13-15 stimulus.” Arts in Review.... A11 Personal Journal A9-10 Slick videos on social media with a nationalistic message are notching millions of views Business News...... B3 Sports...... A12 Coronavirus cabin fever, Capital Account.... A2 Technology...... B4 coupled with aburst of opti- Crossword...... A12 U.S. News...... A2-4 mism over the vaccine,is BY LIZA LIN other campaign to re-educate itsyoung nist Party organization, featuredabald Heard on Street.B10 Weather...... A12 sparking some big-trip dreams people.The messageismoreblatantly eagle dressed in an American flag plot- Markets...... B9 World News.A7-8,16 for2021. High-end travelers In the eraofMao Zedong, China nationalistic than anything in recent ting with talking cockroaches to create arelaying plans forbucket-list used propaganda posterstourgeyoung decades,with President Xi Jinping’s chaos in Hong Kong.CuteChinese rab- > journeystomakeupfor lost people to createagreat socialistna- imageoften at the center.And it is far PleaseturntopageA8 time,injecting some light into tion.After the Tiananmen Squarepro- moresophisticated than anything Bei- a still-grim pandemic winter. testsin1989,the Communist Party re- jing has attempted in the past. “Everybody is excited to get wrotetextbooks to deliver itsversion Slick videos on social media are Recovery Broadens the hell out of their house,” of historyand to steer itsyoung away notching millions of views.One episode s 2020 Dow Jones & Company, Inc. All Rights Reserved says Ed Leinss, 79,who is plan- from Western ideas. of apopular video series called Year China’s industry extends streak...... A7 PleaseturntopageA9 Today, China is embarked on an- HareAffair,co-produced by aCommu- P2JW366000-5-A00200-1------XA

A2 | Thursday, December 31, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip Stimulus Payments Leave Gap in Economy

Faced with crats, who initially wanted $3 Cumulativechange in Checking account balances, replacing their lost income borrow whatever it takes to the U.S.’s trillion of stimulus instead of employment,bysector change from ayearearlier isn’t that expensive. Return- completely neutralize the worst human- last week’s$900 billion, hope ingthe 10% poorest house- pandemic’s ill effects. And itarian and to embarrasscongressional 0million 60% holds to their Februarylevel this column has regularly ar- economic ca- Republicans intoeither voting of income would take $1.5bil- gued that when interest tastrophe in forsomething they don’t want All others 50 lion amonth, by my calcula- rates are near zero, fiscal recent memory, it is tempt- or crossing Mr.Trump. -5 tions.For the lower50% of policy is more critical be- ing to assume there is no Theeconomic case is an- the entirepopulation by in- cause monetary policy is out such thing as too much fiscal other matter. As I argued last 40 come,the priceis$16 billion. of ammunition, and the risks stimulus. week,the economy’sbiggest -10 We can’t target those peo- of debt are much reduced. Thereis, and we might be problem isn’t demand, it is ple perfectly,but we canget about to witnessanexample. supply.Most Americans have 30 pretty close with unemploy- ut the risks aren’t zero. money; they arejust con- -15 ment insurance. Thanks First, thereare political he usual justification strained in howthey spend it mostly to a$600 bonus under B 20 ones.Democratsmight forfederal borrowing is because of pandemic-related Leisureand the Cares Act, 75%ofrecipi- calculatethe odds of Republi- T Hospitality Lowest quartile to counteract acollapse businessrestrictions or fears. entsearned moreonUIthan cans agreeing to stimulus are -20 in demand that is driving up 10 2nd quartile they did in their regular job, betternow than when JoeBi- unemployment, or to meet dvocates sayhard- 3rdquartile estimates Shai Akabas of the den becomes president. On some urgent societal need working Americans de- Highestquartile Bipartisan PolicyCenter,a the other hand, moreborrow- such as waging warorallevi- A -25 0 serveabiggercheck. think tank.With the smaller, ing nowmight stiffen Republi- ating destitution. That misses the point of Feb. Nov. Jan. Oct. $300 bonus in the latest stim- canresistancetoborrowing Neither justification read- stimulus: by definition, most Sources: U.S. Bureau of Labor Statistics via Federal ReserveBank of St.Louis (employment); ulus,roughly half will earn later,for potentially higher ily applies to President hard-working Americans have JP Morgan Chase Institute(checking) more, he figures. To getthat priorities.Mr. Biden, forin- Trump’s and Democrats’ plan apaycheck.Infact, aggregate back to 75%for 11 weeks could stance, has expensiveplans to send almost every adult wagesand salaries were just given the healthystate of James Sullivan calculate 2.3 be done forabout $20 billion, forinfrastructure, renewable an additional $1,400 in stim- 0.4%lowerinNovember than most consumers’ finances. million more people were be- he said, if stateprocessing energy and health care.Many ulus checks on top of the beforethe pandemic.Thanks TheCongressional Budget Of- low the poverty line in No- systems could be upgraded to who lost jobs during the pan- $600 checks approved in last to past stimulus,total income fice estimates 60% of last vember than February. About bettercalibratebenefits(ad- demic need to be retrained for week’s stimulus deal, at a wasactually 2% higher.Itwill spring’s$1,200 stimulus 2 million more mortgages mittedly aprettybig if). apost-pandemic economy. cost of $463 billion. True, be 13% higher oncethe new checks will eventually trans- are now delinquent than be- That would still leave Another disaster—such as a with interest rates near zero, stimulus kicks in. lateintohigher economic out- fore the pandemic, according gaps, for example revenue- deadlier phase of this pan- money is cheap—but it isn’t Yes, the economyisinbad put,and that might be an to Black Knight, a mortgage strapped state and local gov- demic—cannot be ruled out. free. Adding that much to shape.Total employment overestimate; one study found data provider. ernments. Helping them isn’t As forthe financial risks, the national debt for stimu- stands 9.8million lowerthan morethan 80% of recipients This hardship is over- that big a lift: Their planned we liveinaworld of proba- lus of questionable efficacy in February. But leisureand either savedthe money or whelmingly the result of peo- spending cuts this fiscal year bilities,not certainties.While now consumes political and hospitality accountsfor a used it to paydowndebt. ple who lost work because of come to $52 billion, a frac- the probability of anasty financial breathing room thirdofthat deficit, and those So much for boosting ag- the pandemic: their employer tion of what Democrats rise in inflation or interest that might be better saved jobs areunlikely to return un- gregate demand. What about shut down or downsized; they wanted for a stimulus. ratesislow,adding indis- for later. til much of the population is unmet needs—the millions of had to attend to school-aged Historically, fiscal policy criminately to the national Thepolitical appeal is obvi- vaccinated. Howmuch the people visiting food banks or children; they gotsick or were sought only to damp the debt leavesthe countrymore ous.Mr. Trump would get proposed $1,400 stimulus who are behind on their rent trying to avoid getting sick. business cycle’s ups and exposed should they materi- credit forshowering more checks might acceleratethe or mortgage? Academic Because the pandemic fell downs, not eliminate them. alize—as low-probability out- money on Americans.Demo- jobs recovery is debatable, economists Bruce Meyer and hardest on low-paid workers, Today, the temptation is to comes sometimes do.

U.S. WATCH likeSouth Korean e-commerce Market companyCoupang Corp., are considering listing on U.S. ex- changes, too. For IPOs And the SPAC frenzy will likely continue.Noted technol- ogyinvestor SoftBank Group SetsRecord Corp.filed paperwork fora potential SPAC in lateDecem- ber. TheJapanese conglomer- ContinuedfromPageOne ateisconsidering plans to ing in the IPO market was for bring at least two moreto SPACs, and the totalraised market in 2021, according to through SPACsthis year is al- people familiar with itsplans. most six times as much as the Theflurryofactivity kicked vehicles raised in 2019,the off in lateMay,when the largest previous record-setting year. offering sincethe onset of the The IPO frenzy reached its pandemic,the IPO of insurance-

S height in thesecond week of policy-comparison siteSelect- December,typically aquiet QuoteInc., raised $570million PRES time fornew offeringsasyear- afterpricing aboveaninitial TED end approaches,when Airbnb range. Theshares rose 35% on CIA

SO and DoorDash soared in early their firstday of trading. AS trading.That gavethe two Several companies followed,

GLE/ companies, which have yet to handing investorsmorebig EA produceconsistent profits, wins.Vroom Inc., an online valuations stretching well into used-car seller that made its the tens of billions of dollars. debutinJune,morethan dou- BERKSHIRE Those gains raised eyebrows bled in itsfirst dayoftrading.

/THE among some who worrythe This year’s technology

VER IPO market is overheating,and IPOs—the backbone of the new-

GAR drew parallels with the period issue market—have posted the

BEN beforethe internet-bubble biggest gains on their firstday LET IT SNOW: Workers checked a chair lift Wednesday as snow guns operated on Bousquet Mountain in Pittsfield, Mass. burst in early 2000.They point of trading since2000,at34% Snowmaking at the ski area has begun in earnest, as it prepares for opening as soon as it has an adequate base. to asurge in interest among in- on averagecompared with 65% dividual investors, manyof HOME SALES CALIFORNIA CONGRESS OBITUARY whom use abrokerage app run Moneyraised in by Robinhood Financial LLC.If U.S.-listedIPOs Contract Signings Hit Serial Killer Dies; Tied Iowa Republican to Be Actress Found Fame historyisany guide,they say, $175 billion Record forNovember To Scores of Victims Seated, Pelosi Says On ‘Gilligan’s Island’ such investorsare liable to run forthe exitsassoon as mar- 150 The number of Americans The man authorities say was Majority Democrats in the Dawn Wells, who played the kets reversecourse. who signed contracts to buy the most prolific serial killer in U.S. House will allow an Iowa wholesome Mary Ann among a Colin Stewart, MorganStan- 125 homes fell last month, but was U.S. history, with nearly 60 con- Republican to take office while misfit band of shipwrecked cast- ley’s global head of technology still a record high for November firmed victims, died Wednesday they review her opponent’s con- aways on the 1960s sitcom “Gil- equity capital markets, said in- 100 when a seasonal slowdown tra- in California. He was 80. test claiming the six-vote race ligan’s Island,” died Wednesday vestorshave“limitlessinter- ditionally seeps into the market. Samuel Little, who had diabe- was wrongly decided, Speaker of causes related to Covid-19, est” in certain stocks,particu- 75 The National Association of tes, heart trouble and other ail- Nancy Pelosi said Wednesday. her publicist said. She was 82. larly those that have captured Realtors said its index of pend- ments, died at ahospital, ac- Mrs. Pelosi said “yes” when Ms. Wells died peacefully at a theimagination of individual 50 ing sales fell 2.6% to 125.7 in cording to the state Department asked at anewsconference residential facility in Los Ange- investors. “The moves and val- November, down from October’s of Corrections and Rehabilitation. whether Mariannette Miller- les, publicist Harlan Boll said. uations of certain stocks are 25 revised 129.1. An index of 100 He was serving a life sentence Meekswill be sworn in with other Besides TV, film and stage not necessarily based on busi- represents the level of contract for multiple counts of murder. members of the House on Sun- acting credits, her other real-life nessfundamentals,” he said. 0 activity in 2001. It was the third Acareer criminal who had day. Pelosi spokesman Drew roles included teacher, motiva- Such concerns were evident straight monthly decline. been in and out jail fordecades, Hammill said laterthatDemocrats tional speaker and conservation- when two companies that had 1995 2000 ’10 ’20 Contract signings arestill Little denied foryears he had “intend to provisionally seat” Ms. ist, Mr. Boll said. planned to debut in the wake Note:2020isasofDec. 24 16.4% ahead of wheretheywere ever killed anyone. Then, in Miller-Meekspending the out- Tina Louise, 86, who played of Airbnb and DoorDash—Rob- Source:Dealogic lastyear,thankstoabig summer 2018, he opened up to Texas come of the challenge filed by her Ginger the movie star, is the last loxCorp.and point-of-sale rebound thatfollowedaspring Ranger James Holland. During Democratic opponent, Rita Hart. surviving member of the “Gilli- lender Affirm HoldingsInc.— then, according to Dealogic. washout due to the coronavirus approximately 700 hours of in- Ms. Hart asked the House to gan” cast. decided to delaytheir listings. (Overall, IPOs have jumped outbreak. Signings in all four re- terviews,Little provided details investigate and overturn the Ms. Wells, a native of Reno, Robloxofficials were con- roughly 18% on their firstday gions—the Northeast, South, Mid- of scores of slayings only the state-certified results in the Nev., represented her state in cerned about leaving money on of trading; excluding SPACs, the west and West—declined from killer would know. race. Following a recount, Ms. the 1959 Miss America pageant the table should the videogame averagefirst-dayreturn of op- October to November but were A skilled artist, he provided Miller-Meeks was certified by and quickly pivoted to an acting platform have abig first-day erating companies is about up double-digits year-over-year Holland with dozens of paintings Iowa as the winner by six votes career. Her early TV roles were pop,according to people famil- 36%.)Onaverage,2020 IPOs through lastmonth. and drawings of his victims. out of nearly 400,000 cast. on shows including “77 Sunset iar with the matter. have risen roughly 48% from Historically lowinterestrates By the time of his death, Little Allowing Ms. Miller-Meeks to Strip,” “Maverick” and “Bonanza.” Not all newentrantsare re- their original prices. aredrawing prospectivebuyers had confessed to killing 93 people take office wouldn’t preclude the In 2013, she was honored for ceiving awarm welcome from In asign companies continue into the market, but prices have between 1970 and 2005. Most of House from deciding later that her work with a Tennessee- public investors. Theweek af- to experiment with newways to risen significantly the pastyear as the slayings took placeinFlorida Ms. Hart won the race and based refuge, the Elephant terAirbnb and DoorDash access public markets, Palantir supply remains near all-time lows. and Southern California. should replace her. Sanctuary. made their debuts, the parent and smaller tech startup Asana —Associated Press —Associated Press —Associated Press —Associated Press of e-commerce siteWish Inc. made their debutswithout closed below its IPO price on raising money.The so-called di- its first day of trading. rect listings, which have been THE WALL STREET JOURNAL CORRECTIONS  Fewbankerspredict the used by only four major compa- (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) current pace will abate soon. nies,are expected to gain in Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 AMPLIFICATIONS “With interest ratesnear zero, popularity in 2021 afterthe Se- Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. thereare few asset classes out curities and ExchangeCommis- Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. therethat offer areturn above sion said in December it will let All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are available from the Advertising Noticetoreaders inflation. And U.S. equities is issuersraise capital when they Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an Wall Street Journal staff one of those, including IPOs,” use them to go public. advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. membersare working remotely said Jeff Zajkowski,head of Whatever themethod, Letters to the Editor: Fax: 212-416-2891; email: [email protected] during the pandemic.For the Americas equity capital mar- startups’ interest in going Need assistance with your subscription? foreseeable future, please send kets at JPMorgan Chase &Co. public shows no signs of abat- By web: customercenter.wsj.com; By email: [email protected] | By phone: 1-800-JOURNAL (1-800-568-7625) reader comments only by Aslewofbillion-dollar-plus ing.John Chirico, co-head of Reprints &licensing: By email: [email protected] |Byphone: 1-800-843-0008 email or phone,using the con- startups,likeRobinhood itself, North American banking,capi- WSJback issues and framed pages: wsjshop.com tactsbelow, not via U.S. Mail. bitcoin exchangeCoinbase talmarketsand advisoryat Our newspapers are100% sourcedfromsustainably certified mills. Global Inc. and grocery-deliv- Citigroup Inc., said companies Readers can alert The Wall Street ery service Instacart Inc., are “see the benefit and value of Journal to any errors in news articles GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS by emailing [email protected] or waiting in the wings.Many beingpublic likethey never by calling 888-410-2667. moreinternational companies, have before.” P2JW366000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** Thursday, December 31, 2020 | A3 U.S. NEWS Nashville Police Had An Earlier Warning Of Bomber (3) JOURNAL BY ERIN AILWORTH

AND ZUSHA ELINSON REET ST LL

Nashville policesaid WA Wednesdaythat they repeat- THE

edly tried to reach Anthony R Warner, the deceased suspect FO

in the city’s Christmas Day VINE IR

bombing,soon afterbeing told YR IL

in 2019 that he wasmaking TA bombs inside an RV at his Unmasked patrons at the Bird Bar in Ronan, Mont. Congregants sing during a Sunday service at Faith Lutheran Church in Ronan; the minister had tried to ban singing. home. But officerswerenever able to makecontact with Mr. Warner and sawnovisible Pandemic TestsRural Churches signsoutside his home and fenced yard that indicated bombs were being made,po- Small congregations government oversight, and de- pushback,” Mr.Nelson said. there’sadynamic that just licesaid. spite a statewide mandate to “Frankly,I’m alittle depressed collapses,” he said. “I’m not “Ifwewould have had disagree over masks; wear facecoveringsinpublic, and gun-shyoverit. I’dcall saying that’shappened…but probable cause to getinside social distance makes some police officers, baristas people to check in, and they’d we could be close.” the home with asearch war- and line cooks go to work un- just unload on me.” In some Mr.Nelson expressed asim- rant, we would have,” John tending a flock harder masked. cases, he has stopped calling. ilar concern. At the start of Drake, chief of the Metropoli- “It’s challenging,” said the Longtime membersGary this year,the church had been tanNashville PoliceDepart- BY IAN LOVETT Rev. Tonya Whaley, pastor of and Norma Granley wear growing,with morefamilies ment, said at anewsconfer- three small Methodist masks at church every week. joining.Now he isn’t surehow ence.“Youhad no reasonable RONAN,Mont.—When the churches in ruralsouthwest- But Gary’s brother, Gordon manywill return oncethe pan- suspicion to go to ajudge.” Rev. Seth Nelson reopened ern Montana. She has lost Granley, and his wife, Audrey demic is over.“I’m alittle con- Investigatorsare still trying Faith Lutheran Church in this eightchurch membersto Granley, refuse to wear them cerned if people just ease into to determine what might have ruralhighway town this Covid-19,she said, but some almost always. Audrey hasn’t having church piped intotheir motivated the bombing out- spring,heput strict social-dis- congregants remain in denial come to church sinceJuly, homes,” he said, although he side an AT&T switching facil- tancing rules in place:every that the pandemic is real. when coronavirus case num- is hopeful manywill want to ity,which killed Mr.Warner, other pewroped off; no coffee “They just go about life as bersbegan rising and Mr.Nel- return when the snowmelts injured three othersand dam- andcookies afterservice; and, normal until somebody gets son moved from encouraging and the vaccine has been more aged 41 buildings. most controversially,masks sick,” she said. Others, mean- masks to requiring them. widely distributed. An Aug.21, 2019,incident required. while,havebeen advised by The Rev. Seth Nelson “Thereare people who need Fornow,Mr. Nelson has report and synopsis released Themonths sincethen have doctorsnot to come to church, to wear masks,thereare peo- takenonaseries of new Tuesdaybythe Metropolitan been the hardest of his six- and staying connected with Park in northwestern Mon- ple who need to stay home,” roles—videographer,tech sup- Nashville PoliceDepartment year career in ministry. them is tough. “Manyofour tana, disagreementsabout said Audrey Granley, who de- port and worship-materials saythe agencyasked the Fed- “Everyweek,for months, folks don’t have computers,” masks are evident all over. scribedherself as in her early deliverer—as he tries to hold eral Bureau of Investigation to somebody would be telling me she added. “Many don’t have Alargerevangelical congre- 70s. “But I’m not one of those. his congregation together. look intoMr. Warner’s back- Iwas wrong fortaking this se- cellphones.” gation in town has stayed I’m healthy.” On ChristmasEve,Mr. Nel- ground afterpolicewere riously,” said Mr.Nelson, 35 Masks, in particular,have open, no masks required. A Gordon Granley walks into son stood in front of the larg- years old. “It’s caused a lot of led to conflictsinsmall towns. small mainline church has church with a mask, but then est crowd he has assembled tension and friction forme, TheRev.Emily Shipman, closed for good. sitsinthe choir loft, alone, sinceMarch. He had scheduled A woman in 2019 personally and professionally.” co-pastor of four small When Faith Lutheran first and often removes it. He said three services in the hope that Tenmonths intothe coro- churches in northwestern reopened in May, Mr.Nelson asking him to wear amask im- none would be toocrowded, said her boyfriend navirus pandemic,rural pas- North Dakota, said her congre- banned singing and didn’t of- plied alack of trust and de- but the first had drawn about ‘was building bombs tors are struggling to balance gations have fought over fer Communion. He has since cried the “fear-based direc- 50 people, the legal limit. their flocks’ spiritual needs whether to saymasks were relented on those fronts, al- tives” from the government Theevening,hesaid, wasa in the RV trailer.’ with their physical safety. “encouraged” or “optional.” lowing the congregation to that were leading people to capstone to atough year. Theinternet is unreliable in “In North Dakota, to say sing hymns with masks on and lock themselves at home. About adozenmembersofthe manyareas,rendering live- something is ‘encouraged,’ to removemasks briefly,one Amember of the church congregation had grownsick streamed services or Bible people will take that as,you’ll at atime,toreceivethe Eu- council, Mr.Granley said he with Covid-19,but he didn’t called to the home of awoman studies on Zoom impossible. be shamed if you don’t do it,” charist at the altar. worries about whether the think anyhad contracted it in making suicidal threats. The As a result, many pastors feel she said. (Masks significantly But he has held firm on the congregation canmakeit church, and none had died. woman, who officersdeter- a strong pressure to keep the reducethe spread of coronavi- mask requirement, leaning on through the pandemic intact. “It’sbeen personally chal- minedwas in need of apsy- doors open. rus, according to the Centers his wife—a nurse,who runs In-personattendance, which lengingfor me,tokeep that chological evaluation, identi- But congregations are forDisease Control and Pre- testing and contact tracing at averaged about 80 on Sundays hope myself,tokeep the fied herself as Mr.Warner’s deeply split over what gather- vention.) alocal hospital—for advice. last year,isnow around 25 faith,” he said. “But people girlfriend and warned police ing safely looks like in places In Ronan,atownofabout That requirement has split the people a week. have latched ontowords of that her boyfriend “was build- like rural Montana. Residents 2,000 people between Mis- congregation. “You shrink something hope in new ways. I’m trying ing bombs in the RV trailer at areused to living with little soula and Glacier National “I’vegottenall sortsof down to acertain point, and my best to trust in that.” his residence.” Policewerealso told by Raymond Throckmorton III,an attorney who said he repre- Newsom Sees Path sented Mr.Warner and his girlfriend,that Mr.Warner “frequently talks about the To Reopen Schools militaryand making bombs,” according to the report. Mr.Throckmorton didn’t return acall to his officeseek- BY CHRISTINE MAI-DUC the learning needs,but the ing comment. mental-health and social-emo- When policewent to Mr. California Gov.Gavin tional needs of our kids,” Mr. Warner’s home in Nashville’s Newsom said he wanted many Newsom said. “By focusing on Antioch neighborhood that schools in America’smost a phased approach with virus August, officerssaw an RV populous statetoreopen as mitigation and prevention at

parked in the fenced backyard GES early as Februaryand pro- the center,wecan begin to re-

but couldn’t see inside the ve- IMA posed $2 billion in newspend- turn our kids to school to sup- hicle,according to the report. ing to help support that goal. port learning needs and re- They gotnoanswerknocking ETTY Thefunding would provide storethe benefitsofin-person O/G

on Mr.Warner’s door. GL an averageof$450 apupil for instruction.”

Nashville policesaid they CIA safety measures such as regu- Mr.Newsom previouslyleft next alerted their depart- lar testing,PPE distribution decisions over school reopen-

ment’sHazardous Devices MICHAEL and improved ventilation to ingsinthe hands of local Unit, anationally accredited People drove up to receive Covid-19 tests at a site in Parker, Colo., on Wednesday. mitigatethe risks of spread- school districts, prompting bomb squad, and asked the ing Covid-19. concerns that less-affluent ar- FBI to check itsdatabases for In addition, the state plans eas would be forced to con- Mr.Warner and determine California Joins Colorado to distributemillions of tinue distancelearning longer. whether he had anyprior mili- masks to school staff, Thereisnocomprehensive tary connections. strengthen contact tracing to dataonhow manyschools in TheFBI said it reported closely track potential out- the stateallowedany in-per- back the next daythat it had In Reporting Virus Variant breaks at schools,and priori- son learning,but most of Cal- “found no recordsatall” on tizeteachersand other school ifornia’slargest school dis- Mr.Warner in itsholdings. An staff forCovid-19 vaccina- inquiryfromthe FBI to the BY LUKAS I. ALPERT Kingdom..has been identified larly tested for Covid-19. tions. Defense Department “was also hereinthe stateofCalifornia,” Dr.Rachel Herlihyofthe Schools that reopen would negative,” the bureau said. California became the sec- California Gov.Gavin Newsom Colorado Department of Public also be expected to deploy TheHazardous Devices Unit ond stateinthe U.S. to con- said in aconversation with Health said it is possible the other mitigation strategies, $2B reached out to Mr.Throck- firm the presence of the fast- AnthonyFauci, the nation’s guardsmen contracted the new including frequent handwash- morton, but policesaid inves- spreading coronavirus variant top infectious-disease expert. form of the virus elsewhere, ing,symptom screening and New spending proposed by tigatorsweretold the lawyer first identified in the U.K., as Dr.Fauci said he was“not and officials areconducting grouping students intosmall California Gov. Gavin Newsom wouldn’t allowMr. Warner, the number of Covid-19 deaths surprised” that the variant contact tracing to determine cohortswhen they return. who “did not care forthe po- in the U.S. reached arecord had been identified in Califor- who else they had been around. Distancelearning will still be lice,” to grant avisual inspec- Tuesday. nia, and that he expectsother Both guardsmen have mild an option forparents, the tion of his RV. Thestate joins Colorado, states to report cases involv- symptoms.Neither had trav- Democraticgovernor said tricts have remained largely “Atnotime wasthereany which on Tuesdaybecame the ing the new mutation in com- eled abroad recently. Wednesday. online,according to asurvey evidenceofacrime detected first state in the U.S. to iden- ing days. Thenew variant of the virus Younger studentsupto by the websiteCalMatters andnoadditional action was tify acase of the variant. On TheColorado guardsmen wasinitially detected in the second grade will be priori- last month. taken,” policesaid Tuesday. Wednesday, Colorado officials were sent Dec.23tohelp re- U.K.,and studies have found tizedfirst, Mr.Newsom said, Aregional stay-at-home or- Joel Siskovic, aspokesman identified asecond possible lievesickened staff at an el- that it appearstospread far followedbyaphase-in of der announced by the gover- forthe FBI in Memphis,said case.Both were among Na- der-carefacility in Simla, more quickly than the earlier other grade levels intothe norearly this month meant Wednesdaytherewas no alle- tional Guardsmenassigned to Colo., about 50 miles north- knownstrain. spring as conditions allow, only schools that had already gation of acrime made at the an assisted living facility. east of Colorado Springs, state Gov. Jared Polis said Colo- with afocus on elementary reopened in the counties time to the bureau or police. Detection of the variant health officials said. Earlier in rado wasn’t looking to imme- schools. hardest-hit by Covid-19 could “Ifweweregoing to take comes as coronavirus hospital- December,all 25 residentsand diately increase restrictions to Mr.Newsom said his plan continue to allowin-person action like asearch warrant, izations hit arecordofmore 20 of 34 staffershad con- slowthe spread of the new is based on growing evidence learning. we would have had to have than 124,600. Deaths in the tracted the coronavirus.At form of the virus,but urged that young children getsick California has become the probable cause,” Mr.Siskovic U.S. climbed to 3,725, asingle- least two residents died. Coloradans to abide by exist- with Covid-19 less oftenthan epicenter of the latest nation- said. “Weweren’t even at the dayrecord, and newcases State health officials are ing regulations. adults, experiencelesssevere wide Covid-19 surge.The 14- stagewhereacrime had been shot back up above 200,000. nowrunning testsonsamples Thesituation in Colorado illnessand don’t appear to be dayaverage daily number of alleged.” The increases in cases and from the facility’s sickened had been improving as of late. major sourcesoftransmission newcases was40,703Tues- TheTennessee Bureau of deaths are likely attributable residentsand staff,but pre- The emergence of the new of the disease. day, among the highest since Investigation said Wednesday in part to backlogs in report- liminaryresultsdon’t indicate strain comes as the stateis “Asafather of four,Iknow the pandemic began. State that it had no information on ing as a result of the holiday. the presence of the new vari- beginning the second phase of firsthand what parents, educa- health officials said hospitals Mr.Warner beforeChristmas “This newvariant, this new ant of the virus. its vaccination efforts. tors and pediatricians con- in Southern California are so Day, and he wasn’t on the strain that we’veidentified Allguardsmen working in —Christine Mai-Duc tinue to say: In-person is the overloaded that they might agency’sradar. obviously from the United thefacility have been regu- contributed to this article. best setting to meet not only have to begin rationing care. P2JW366000-6-A00400-17FFFF5178F

A4 | Thursday, December 31, 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 Outlook Dims forBiggerStimulus Checks

Democrats reject a catediflawmakerstry to in- clude other policyprovisions. GOP plan to package House Speaker NancyPelosi payments with online- (D., Calif.)said on Wednesday that she hoped the Senatewould rules overhaul take up the House legislation this week.“Let’sbehopeful that BY ANDREW DUEHREN it canhappen this week because the sooner it happens the sooner WASHINGTON—Thepros- the checks go out,” she said. “So pect of the Senatequickly ap- we’renot giving up on it.” proving $2,000 stimulus checks Moving through the proce- dimmed further,with the dural steps foroverriding Mr. chamber focused on overriding Trump’svetoofthe National President Trump’s veto of the Defense Authorization Act annual defense-policybill be- could take up much of the Sen- fore the end of the session and ate’stime beforeSunday. Sen. Republicanleadersbrushing Bernie Sanders(I., Vt.), in a aside Democratic demands for push forastand-alone vote on astand-alone vote on the larger increasing the sizeofthe direct payments. checks,has stopped Mr. Mr.Trump’slatepush to in- McConnell from fast-tracking crease the sizeofdirect pay- votesonthe NDAA override.As mentsinthe recent $900 bil- aresult, the final vote on the lion coronavirus-relief NDAA maynot take placeuntil legislation to $2,000 from $600 S Saturdaydue to aseries of pro-

has scrambled the final days of NEW cedural steps.The Senatetook the 116th Congress. Democrats G oneofthose procedural steps took up Mr.Trump’spush for lateWednesday, voting 80-12 to largerchecks,rapidly passing a OOMBER moveforwardwith the bill. bill through the House with Mr.Trump vetoed the de-

some Republican support and SHEN/BL fense bill, which passed with

attempting to approveitinthe TING broadbipartisan majorities in GOP-led Senate. Senate Majority Leader Mitch McConnell opposes a stand-alone vote on increasing the size of direct checks to Americans. both chambers, aftercriticizing On Wednesday, SenateMa- it forstripping militaryinstal- jority Leader MitchMcConnell largerchecks. the checks,predicting it could checks proposed in the House len. Localand federal officials lations of names and monu- (R., Ky.) blocked avoteonthe Mr.McConnell said Wednes- getenough Republican votesto bill, which would go to people have found no evidenceof ments honoring Confederates. checks,the second time he has daythe three measures would advance. “What we’reseeing with adjusted grossincomes widespread voterfraud in the He has also criticized it forreg- objected to SenateMinority move together to addressMr. right nowisLeader McConnell under $75,000,would cost hun- 2020 election, which Mr. ulating troop withdrawals he Leader ChuckSchumer’s (D., Trump’srequests, and he criti- trying to kill the checks,the dreds of billions of dollars. Trump lost to Democratic Pres- has sought and not including a N.Y.)requeststovoteonthe cized the House bill to increase $2,000 checks,desperately “They want to spend the ident-elect JoeBiden. removal of the social-media Housebill. Instead, he intro- thesizeofthe checks,saying it needed by so manyAmerican money on people who frankly Mr.McConnell’sbill would protections he has criticized. duced legislation that joins the had “no realistic path to families,bytying them com- haven’t suffered anyfinancial createabipartisan commission Those Section 230 protec- increased checks with other de- quickly passthe Senate.” He pletely to partisan provisions,” losses during the pandemic, to study the election and issue tions have given online compa- mands from Mr.Trump that lack said the $2,000 checks were an Mr.Schumer said. andthat’sjust wasteful,” said recommendations to Congress nies broad immunity from legal bipartisan backing: eliminating inefficient way to provide aid, While about ahalf dozen Sen. John Cornyn (R., Texas). on election integrity. liability fortheir users’ actions Section 230 liability protections as some of the money would go SenateRepublicans have ex- While consensus is growing Thestalemateoverincreas- and wide latitude to policecon- forsocial-media companies and to people who haven’t suffered pressed support forlarger in Washingtonthat Section 230 ingthe sizeofthe checks will tent on their sites.Republicans reviewing purported voterfraud financial hardships. checks,most have opposed ad- of the 1996 Communications likely last through the weekend, have criticized Section 230 be- in the 2020 election. Mr. “Here’sthe deal: TheSenate ditional spending on topofthe DecencyAct needs an overhaul, when thecurrent Congresscon- cause they think it allows social McConnell hasn’t announced a is not going to split apart the $900 billion in aid signed into Republicans and Democratsha- cludes and the newone begins. media companies to suppress plan to take up that legislation. three issues that President lawSundaybyMr. Trump.A ven’t agreed on howtochange Afterthat date, Congress conservativeviewpoints, while Democratshavedecried Trump linked together just be- stand-alone vote on checks or replaceit, and anynegotia- will have to start over on any Democratsthink it letssocial grouping the three provisions cause Democratsare afraid to could pit Republicans wary of tionswould stretch well into pending legislation, potentially media companies ignorefalse together,saying Mr.McConnell addresstwo of them,” he said. additional deficit spending next year.Onvoter fraud, Dem- pushing the Democratic-led or misleading content dissemi- is using the contentious mea- Mr.Schumer said Wednes- against othersinthe GOP eager ocratsare leeryoflegislation House to again passabill in- nated on their platforms. sures to cut off Democratic dayMr. McConnell should allow to send morecash to Ameri- that would appear to givecre- creasing the sizeofthe checks. support forthe bill and avoid astand-alone vote on the cans and support the presi- dencetoMr. Trump’sclaims Thepush fornew checks could  Small-business pandemic aid holding avotedirectly on the House bill increasing the sizeof dent’s position. Thelarger the November election wassto- become increasingly compli- fails to scan for fraud...... B2 Hawley Will Object to Biden Victory Georgia Runoffs to

BY LINDSAY WISE today, that JoeBiden will be Draw Dueling Rallies confirmed by the acceptanceof WASHINGTON—ARepubli- the votesofthe Electoral Col- BY JOSHUA JAMERSON paignthe same dayfor their cansenator said he would ob- legeasthe 46th president of Democratic challengers: docu- ject to the results of the presi- the United States,” House WASHINGTON—President- mentaryfilmmaker JonOssoff dential election when Congress Speaker NancyPelosi (D., Calif.) elect JoeBiden will travel to and the Rev.Raphael Warnock. holds ajoint session next week said Wednesday. Georgia to campaign forthe Democratsare trying to rep- to certifyDemocrat JoeBiden With his announcement, Mr. two Democratsinrunoff elec- licateMr. Biden’sinroads in as the winner,amovethat Hawley rejected aplea by Sen- tions that will decide control metropolitan Atlanta, wherethe would forcelawmakerstovote ateMajority Leader Mitch of the Senate, as he and Presi- party has had growing success. to affirm the states’ tallies but S McConnell (R., Ky.) and other dent Trump hold competing Republicans,meanwhile,are

hasnochanceofoverturning NEW SenateRepublican leaders, rallies in the state next week. banking on keeping their base— theoutcome. G who had warned colleagues on The duelingeventswill including white, ruralvoters “Millions of voters con- aconferencecall this month showcase the parties’ electoral dispersed throughout the cerned about election integrity OOMBER not to join afutile bid to chal- strategies in atraditionally Re- state—highly motivated to vote. deservetobeheard,” tweeted lengethe presidential election publican-dominated state, Runoffelections in Georgia

RepublicanSen. Josh Hawley of SHEN/BL results in Congress. whereMr. Biden beat Mr.Trump have long favoredRepublicans

Missouri. “I will object on Jan- TING Mr.McConnell, Sen. John by arazor-thin margin. He was because Democratic turnout uary6ontheir behalf.” Sen. Josh Hawley’s planned move would force a vote to affirm Thune (R., S.D.), and Sen. Roy the firstDemocratic presidential hastended to decline in the President Trump has blamed states’ tallies, but it wouldn’t overturn the election outcome. Blunt (R., Mo.) each spokedur- nominee to carryGeorgia since second round of voting. voterfraud forhis defeat in the ing the call, arguing that it 1992, giving his party hope for Theincoming Senatehas 50 November election, but no sig- Federal lawrequires Con- been looking forasenator to would be abad vote forsena- similar upset victories in the Republicans and 48 Democrats. nificant evidenceemergedthat gresstocount and certifythe join them. tors running in 2022. Both Mr. Senatevoting Tuesday. If Democratswin both Georgia would challengethe result. Re- resultsofeach state’selectoral Onceanobjection is filed, Thune and Mr.Blunt areupfor In Georgia, Senatecandi- races, they will gain control cently departed Attorney Gen- vote in ajoint session of Con- lawmakershold two hoursof re-election in two years. dates must win with more because Vice President-elect eral William Barr said the Jus- gressonJan. 6, but lawmakers debatebeforeup-or-down ma- They made theircase shortly than 50% of the vote or facea Kamala Harris would break tice Department hadn’t found canraise objections.Ittakes jority votes. Both chambers afterthe Electoral College runoff.Two Senateseatswere ties.IfDemocratslose either evidenceofwidespread voter one member of the House and have to agree in order forthe votedtoconfirm Mr.Biden’s on the ballot in Georgia in No- of theraces,Republicans will fraud that could reverseMr. Bi- one senator to formally object challengetobesuccessful, an win,amilestone that had vember,and no candidate retain the majority. den’selection victory. andforce debateand votesin extremely unlikely prospect prompted Mr.McConnell and cleared that bar. The in-person early voting TheTrump campaign has both chambers. giventhat Democratscontrol otherGOP Senateleadersto Mr.Trump will headline an period will wrap up this week. continued to trytochallenge Several House Republicans, the House.But the effort could publicly acknowledgethe Dem- eventMondayinDalton, acity So far,morethan 2.3million the resultsincourt, and on includingRep.MoBrooks (R., set the stagefor afinal public ocrat as president-elect and in northwest Georgia, with Re- people have voted, which Tuesdayitasked the Supreme Ala.), had already said they fight over the tally. congratulate him. publican Sens.David Perdue pointstopotentially record- Courttooverturn Mr.Biden’s plannedtoobject to votesin “I have no doubt that on —Andrew Duehren and Kelly Loeffler.Mr. Biden is breaking turnout foraGeorgia victory in Wisconsin. multiple states,and they had next Wednesday, aweek from contributed to this article. traveling to Atlantatocam- runoff, party officials said.

to dissatisfaction with how ital services,which they con- pected to reap morethan that Digital long it has taken to get a tend areunfairly targeted in 2020,the French official

global multilateral solution,” against U.S.-based businesses. GES said.

said Manal Corwin, who served Spokesmen forAmazon and IMA “Wemust makesurethey Tax Clash as deputy assistant secretary Facebook said the companies arepaying their fair shareof forinternational affairsatthe instead support the multilat- GETTY taxes,” French President Em-

U.S. TreasuryDepartment in eral talks—organized by the SE/ manuel Macron said of tech Resumes the Obama administration, and OECD—on acoordinated global companies during an autumn nowworks at accounting firm reallocation of taxrevenue.A eventatthe OECD. ANCE-PRES

KPMG.“Youmay need some spokesman forGoogle didn’t FR An international deal is still ContinuedfromPageOne trade battles back and forth respond to arequest forcom- possible in 2021. Discussions howtotax an increasingly dig- beforethere’sastrong incen- ment, but the companyhas ENCE at theOECD arecontinuing, ital economy. Fordecades,tax tivetosay,‘OK,enough.’ ” previouslyexpressed the same AG with public commentsonits ON/

treaties have generally allo- Thepotential foratrade position. MS proposals submittedinDecem-

catedcorporateprofitbased spat over digital taxeswill pro- Some companies subject to SA ber. S on wherevalue is created. But vide an early challengefor U.S. digital-services taxeshave Aless-controversial pro-

modern multinationals—par- President-elect JoeBiden, who started passing along those THOMA posal to create a global mini- ticularly ones with digital of- takesofficetwo weeks after costs. Amazon chargesmer- Amazon charges merchants fees to cover digital-services taxes in mum taxlevel forcorporations ferings—can sell their products the U.S. tariffs on Francego chantsfees to coverthe taxes France, the U.K. and Italy. A company facility in France in 2019. faces fewerobstacles.But it acrossbordersinways that intoeffect. in France, the U.K. and Italy,a isn’t likely alone to satisfy leavelittle taxable profit in a Democrats have so far spokesman said. income among countries some countries including India Franceand other countries, countrywherethose products largely supportedthe Trump TheOECD talks on howto should shiftroughly $100 bil- and Austria have begun impos- which have said they would areconsumed. administration’sapproach to reallocatetax revenue from lion of taxrevenue ayear.But ing their owntargetedtaxes on withdraw their unilateral taxes Franceand some other big these talks,but the incoming digitalcompanies have run thepotential net cost to U.S. digital revenue from big com- only if asatisfactory agree- European countries saytech administration has declined to intotrouble.Overthe summer, taxrevenue is likely much panies.Spain says itsdigital- ment canbereached on digital companies should paymore offer anypositions on the topic U.S. TreasurySecretarySteven smaller,perhaps as little as $5 services taxwill go intoeffect taxation. taxesinthe countries where or comment forthis article. Mnuchin declared the talks to billion, according to aperson on Jan. 16,with paymentsdue As moretaxes go on the theirusersand clientsare lo- Aslide intotax-linked trade be at an impasse.InOctober, involved in thenegotiations. quarterly. books,aninternational deal cated, something that could disputes could reduceglobal the OECD said that while it “Internationalcooperation Austria says it expectsits becomes morecomplicated, boost their taxrevenues. economic output by 1%, the Or- had made progressontechni- on taxpolicywill be crucial to version of the tax to bring in KPMG’sMs. Corwin said: “It’s But in long-running multi- ganization forEconomic Coop- caldetails,itwouldn’t meet confront and defeat the virus, €40million, equivalent to $49 just much harder to pull it lateraltalks on howtoupdate eration and Development, a the year-end goal of reaching and also to build back better,” million, for 2020. France, for back together when you’vegot the taxsystem,the U.S. has club of 37 advancedecono- an overall agreement—pushing OECD Secretary-General Ángel itspart, says itstax—a 3% levy countries having gone off and opposedany solution that is mies,warned in October. back itsexpectations to Gurría said during amid-De- on some types of digital reve- done their ownthings.” tootargetedattech compa- Big U.S. tech companies mid-2021. cember speech that referred to nue from big companies— —Richard Rubin, nies—slowing progress. have opposed the patchwork of TheOECD says itsproposal the coronavirus pandemic. broughtin€400 million in Rajesh Roy and Eric Sylvers “These taxesare areaction one-time national taxesondig- forhow to reallocatetaxable As talks have draggedon, 2019.The French taxisex- contributed to this article. P2JW366000-0-A00500-1------XA

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Wishing youahappynew year. From, Ally P2JW366000-2-A00600-1------XA

A6 | Thursday, December 31, 2020 ** THE WALL STREET JOURNAL. FROM PAGE ONE

farshould be similarly effec- Dose Destinations shot—made at facilities in the could be granted in early April U.K. Clears tiveagainst the newvariant as countryand elsewhere—prom- if the study resultsare posi- they have been in clinical tri- The Covid-19 vaccine developedbythe UniversityofOxfordand ises to accelerateinoculations tive, Moncef Slaoui, chief ad- als,aviewAstraZenecaexecu- AstraZeneca is being countedontohelp expand inoculations in by the country’sstate-run viser to the federal Operation Oxford’s tives share, according to a the developing world. health-caresystem. TheNa- Warp Speed initiative, told re- person familiar with the mat- COUNTRIES WITH ADVANCE COMMITMENTSFOR THE VACCINE tional Health Service will de- portersWednesday. If the vac- ter. Thevariant could be as (2.7 billion doses world-wide) termine which shot to provide cine is authorized that month, Vaccine much as 70%moretransmissi- people depending on supply. the U.S. government expects ble than moreestablished AstraZenecasaid Wednes- several tens of millions of forms of Covid-19,government dayitwould supply millions of doses to be available fordis- ContinuedfromPageOne officials say. doses in the firstquarter of tribution, he said. ern vaccines in use requireul- The U.K. medicines regula- next year, without specifying Dr.Slaoui said he has no tracold temperatures forall torsaid the vaccine canbead- an exact number.The U.K. has doubt that the vaccine is ef- but a few days or weeks. ministered to people 18 years ordered as manyas100 mil- fectiveinpreventing severe AstraZeneca’sshot—lessef- andolder.The authorization lion doses,enough for50mil- disease in the population fectiveinclinical trials than its clearsthe use of two standard lion people. whereithas been tested. How- rivals’ injections—won’t be vaccine doses, a regimen that It isn’t known howquickly ever,hesaid, “For me,the big- available in the U.S. until the was 62% effective in prevent- other nations might authorize gest question mark,frankly,is Food and Drug Administration ingsymptomatic Covid-19 in Notes: 470million doses areexpected to be distributed through the Covaxglobal funding initiative; the vaccine.Alarge clinical efficacyinthe elderly popula- data as of Dec. 18 reviews large-scale trials being an interim analysis of trials in- Source:DukeGlobal Health Innovation Center trial is under way in the U.S., tion that needs to be further conducted in the countryand volving about11,600 people in whereAstraZenecaexecutives documented” because the U.K. decides whether to authorize the U.K. and Brazil. be given, anywhere from four thecountry. Previously,the expect to have full trial datato and Brazilian studies didn’t itsuse. They said no preference weeks to 12 weeks afterthe second dose wasrecom- submit by February, according enroll enough older volunteers Themutated virus recently generally should be given be- first. Delaying the second dose mended 21 days afterthe first. to aperson familiar with the early in the trials. led some nations to ban visi- tween the two vaccines so far would help stretch supplies so U.K. officials changed that matter. They have been sub- Oxfordand AstraZeneca tors and goods from Britain, authorized by the U.K. The moreBritons getafirst shot Wednesdayto“within 12 mitting batches of datatoEu- emergedearly this year as increasing the political ur- higher efficacyshown by the sooner.But the vaccine’sfull weeks,” citing the latest scien- ropean regulatorsand are front-runnersinthe race to de- gencyfor aspeedy vaccine Pfizer vaccine isn’t directly protection—benefitsshown in tific advice. poised forpotential authoriza- velop aCovid-19 vaccine before rollout here. Thegovernment comparable with that of the clinical trials to prevent hospi- The vaccine’s makers have tion across the European falling behind competitors that has said that morethan Oxford-AstraZenecashot, offi- talization—kicks in only after said full protection doesn’t Union by February, the person completed clinical trials faster. 600,000 doses of the Pfizer- cials said, because of scientific the second dose. start until at least seven days said. Developed by scientistsat BioNTech vaccine have been and clinical-trial differences. U.K. health officials said after the second dose. AstraZeneca’sU.S.study Oxford’sJenner Institute, the administered. AstraZenecaand U.K. health Wednesdaythe updated sec- Pfizer has promised the has so far enrolled 29,700 vol- vaccine uses aweakened cold Scientistshavesaid the officials said the two-dose reg- ond-dose guidancealso applies U.K. millions moredoses by unteersout of aplanned virus to courier genetic mate- three Covid-19 vaccines autho- imen is flexible in terms of to the Pfizer-BioNTech shot al- the end of the year,but the 30,000 volunteers, and an rial from the coronavirus into rized by Western countries so when the second dose should ready being administered in AstraZenecaand Oxford emergency-use authorization cells and triggerimmunity.

ing versions swirled over the Confusion half-dose discovery. AstraZen- eca said that it resulted from an error made early on, which Follows is when Oxfordwas running trials,but that it didn’t detract from results. Thevaccine “is LatestShot going to dent the pandemic, whether it’s60%, 70%, or 90% efficacy,” said Mene Pangalos, ContinuedfromPageOne AstraZeneca’shead of bio- demic but rejected use of the pharmaceuticals research and half-dose regimen Oxfordand development, in an interview AstraZenecahad highlighted at thetime.“Ithink we’relos- as moreeffective, saying the ing a little bit the importance datadidn’t support the find- of that story.” ing. Onegovernment health But Adrian Hill,alead Ox- adviser said the complexity of ford scientist behind the vac-

the vaccine trials made draw- GES cine, told investors in the Ox-

ing conclusions about efficacy IMA ford spinout he co-founded— and dosagemoredifficult than Vaccitech Ltd., which stands to he and peers typically find. GETTY earn vaccine royalties—that Oxfordofficials have de- SE/ there was no dosing mistake. manded morecontrol over “Let me just clarifythat we communications about the did knowwhat we were doing ANCE-PRES

vaccine,said people familiar FR and what dose we were giv- with interactions between the ing,” he told the investorsona

partners. Some people at the GENCE video call, which wasreviewed /A

university felt that AstraZen- RD by The Wall Street Journal.

ecahad mishandled communi- FO Prof.Hill said early manu- cations about the trials. OX facturing failures had dented OF Frictions in the academic- vaccine supplies and made try- corporatepartnership were in- ing ahalf-dose regimen attrac- evitable,some people close to tive, leading researchersto

it said, given the economic /UNIVERSITY discover it caused less-severe andpolitical stakes,reputa- side effects. “So it was delib- tional risks and sheer com- CAIRNS erate, it wasn’t an accident,”

plexity.Missteps on both sides JOHN he said. He declined to com- made it moredifficult at A technician at the Jenner Institute at Oxford works on the university’s and AstraZeneca’s Covid-19 vaccine, now approved in the U.K. ment for this article. times. Some skeptics have Oxfordeventually provided questioned the prospectsfor collaboration asuccess.“We recording trial data. dem with the news media. trial datafromthe U.K. so it moredetails.Aspokesman restoring enough credibility to recognizeworking with aca- In the spring,anOxford AstraZenecaCEO Dr.Soriot satisfied the FDA, according to said “there were no problems win far-reaching public sup- demic partnersisnot always biotech spinout co-founded by talked about the trial pause people involved in or briefed with manufacturingthe vac- port in the U.S.,oreventowin easy for large companies,” he two university scientistsbe- and theories about the illness on the process. TheU.S. cine,” but different materials FDA approval soon. said through an Oxford hind the vaccine wasramping on anonpublic call with cli- agencyrequested large vol- used and methods formeasur- In early December,with spokesman. He called working up to start clinical trials in the ents of amajor investment umes of additional data from ing vaccine concentration plans forpublication of an ac- with AstraZeneca’s CEO a de- U.S.,too.Then AstraZeneca bank. The discussion leaked. AstraZeneca, aprocess Dr.So- caused uncertainty in finished ademically rigorous review of light and said he hoped “we came in and took over respon- During a public media con- riot said in aNovember inter- dosage levels. thetrial data, Oxfordofficials have both demonstrated the sibility forplanning U.S. trials. ference, Dr.Soriot defended viewwas “nerve-racking in To be conservative, the homed in on making sure the right levels of mutual respect.” TheU.S.government agreed to his and the company’s disclo- terms of the time that it took.” spokesman said, researchers release of this reviewwould AstraZeneca had little vac- preorder at least 300 million sures.“When youconduct a “They asked [for] alot of downsized the dose using happen on Oxford’s terms. cine experiencebut supported doses,inadeal nowvalued at datathat were not necessarily what they considered the best John Bell, asenior Oxford Oxford’skey goals.Itagreed to $1.6 billion, providing crucial related to the case itself” but estimates.That led to an “un- academic who had negotiated makeand distributebillions of clinical-trial support. Regulators didn’t about clinical-trial design, planned lowerdosing regi- the vaccine deal with Astra- doses of the vaccine—more AstraZeneca faced compli- safety parametersand related men,” according to the Oxford Zeneca,told itsCEO,Pascal than any Western drugmaker cations in satisfying U.S. offi- approve a half dose information involving vac- spokesman. Soriot, that Oxfordwanted its rival—without making aprofit cials about trial parameters. It that yielded the best cines,hesaid. TheFDA de- He said the lowerdose was lead scientists front and cen- on it during the pandemic, or didn’t start recruiting atar- clined to comment. fully understood only after terwhen the companypre- ever in the developing world. geted30,000 U.S. volunteers clinical­trial results. U.S. trials resumed in the some trial volunteers showed sented U.K. trial findings, ac- U.K. officials liked having a until August. Some rivals last week of October aftera fewer and less-severe side ef- cording to people familiar homegrown player. AstraZen- sprang intoaction more nearly 7-week pause. fects. Regulatorscleared the with a call between the two. eca is based in Cambridge. quickly and gained an edge. On Nov.23, the partnersre- use of the initial half-dose for In the firstweek of Septem- clinical trial, you basically in- leased preliminaryresults the subgroup of the trial. ber,after atrial volunteer in form the regulators, the au- from late-stagetrials in the Talking to the FDA Easier to store the U.K. suffered a suspected thorities,” he said. “You don’t U.K. and Brazil. By then, public Oxford’s demands included Though trials showeda neurological illness—the sec- go and publish, makebig an- perceptions of vaccine success Regulators hesitate having moresay in dealings lowerefficacyratethan vac- ond to occur—AstraZeneca nouncementsinthe press... had shifted, thanks to 90%- But it didn’t clear the U.K. with the FDA. According to a cines developed by Pfizer Inc. and Oxfordsuspended the tri- This is a scientific process.” plus efficacyrates reported by hurdle Wednesday. Regulators senior U.S. official, some at and Germany’sBioNTech SE, als globally. The pause lasted “It’sideal that folks don’t Pfizer and BioNTech as well as signed off on the full-dose the FDAfelt that AstraZeneca and another by ModernaInc., less than aweek in the U.K., hear about that from an inves- by Moderna. plan but rejected the half-dose hadn’t told it quickly enough the shot from Oxford and As- but in the U.S. trials overseen torcall,” said Saad Omer,an regimen. One government when aparticipant in the U.K. traZenecahas advantages.It by the FDA, the disruption infectious-disease specialist health adviser said the 90% ef- trials gotsick,and that the needs just normal refrigera- dragged on for weeks. and director of the Yale Insti- The half dose ficacy could be morerelated companylater wasslowto tion formonths of storage. FDAofficials learned about tutefor Global Health.“This is Oxfordand AstraZeneca to alonger interval between provide follow-up information. That andalowpriceand large the illness and pause in trials an environment in which the said trialdata showedtheir doses than to the sizeofthe In an interview, Prof.Bell output makeitparticularly two days later when reporters sausageisbeing made in front vaccine wasbetween 62%and dose itself.Hesaid aconclu- said he wanted the univer- suited to poorer countries and called, said a person familiar of everyone.” 90% effective.The higher sion wasn’t possible without sity’s chief U.K. clinical-trial hard-to-reach populations. with thematter, and agency Acomplication wasthe number came in asubset of more data. investigator forthe vaccine to AstraZeneca has promised officials gotafull briefing time-consuming matter of re- subjects who had received a Another adviser said be at the next meeting with to makethree billion doses from AstraZenecaonly in tan- formatting detailed Oxford-led smaller initial dose in the two- Wednesdaythat interpreting U.S. regulators. “The FDAlikes available in 2021, enough to shot regimen. the Oxford-AstraZenecavac- to talk with vaccinologists,” he vaccinate 1.5 billion people. Scientistsand executives cine data was complicated by said. “Weshould always be on Some early difficulties said they couldn’t satisfacto- the design of the trials—con- the podium together.” came down to different meth- rily explain whythe initial ducted across multiple coun- AstraZenecaalways odologies in the university and half-dose was more effective, tries with differing age planned to involveOxfordsci- corporate worlds. but called the finding good groups,dose intervals and entistsfully in the release of Last January, as scientists news and said they were dose sizes.Eventhe findings the academically rigorous re- were just starting to under- studying it further. The part- published in TheLancet three viewoftrial data, and com- stand the coronavirus,re- ners didn’t say that research- weeks agocan’t entirely be panyexecutives supported Ox- searchersatOxfordworked ers administered a lower ini- squared with the latest analy- ford’s attendanceatthe FDA around the clock to fine-tune a tial dose to some subjectsasa sis,the adviser said. Thead- meeting,aperson familiar vaccine,which introduces a result of discrepancies in mea- viserssaid they found the vac- with executives’ thinking said. weakened cold virus from a suring vaccine concentration, cine to be safeand effective “Oxford University and As- chimpanzee as the vehicle car- making the lower dose a sur- regardless. traZeneca share the common rying genetic code specific to prise. Oxfordand AstraZeneca objectiveofbringing billions the coronavirus to triggerhu- Anotherthing they didn’t have said they will continue to JOURNAL of doses of our vaccine to the man immunity.The university initially disclose wasthat study whyhalving the first

world at no profit to help put then used itsown small drug- REET those who gotthe smaller dose showedbetterresults. ST

the pandemic behind us,” said production facility to pump LL dose and showed90% effec- FDAofficials,meanwhile,have

aspokesman forAstraZeneca. out enough to test. WA tiveness were all 55 or youn- remained skeptical about the

“Our strong relationship and In April, Oxfordstarted hu- THE ger. AU.S.government official half-dose explanation, accord- complementarycapabilities man trials in the U.K.,later ex- R pointed that out aday later, ing to the U.S. administration have enabled us to moveat panded to Brazil and South Af- FO spurring ascramble by Oxford official, and areholding out great speed.” rica. They were different in and AstraZenecatocounter for definitive U.S. trial data. TURNER

Prof. Bell said his relation- design from trials at large Y confusion and criticism about —Thomas M. Burton ship with AstraZeneca execu- pharmaceutical firms, and Ox their limited disclosure. and Joseph Walker MAR tives is positiveand called the ford had different methods for Prof. John Bell insisted Oxford scientists be in on talks with FDA. In the next few days, duel- contributed to this article. P2JW366000-6-A00700-1------XA

THE WALL STREET JOURNAL. ****** Thursday, December 31, 2020 | A7 WORLD NEWS Chinese Industry Virus Variant in South Africa Extends Streak Sparks Fear of Faster Spread BY JONATHAN CHENG that reading wasdownfrom 56.4 in November,itmarked a BEIJING—China finished 10th month of expansion and South African doctorsand 2020 with a 10th consecutive remains near the highest lev- researchers battling a second month of expansion in its els in more than a decade. wave of Covid-19 cases are manufacturing sector,capping Taken together, the robust racing to understand what role adramatic year that sawthe finish to the year is likely to anew coronavirus variant country’sfactories incapaci- affirm economists’ forecasts might playinthe newsurge of tatedbythe pandemic,only to forgross domestic product infections. roar back as a growth engine growth in the fourth quarter for China and the world. and full year of more than 6% By Gabriele Beijing’sofficial gaugeof and 2%, respectively.Italso Steinhauser and factoryactivity finished the suggestsastrong start to Aaisha Dadi Patel year at 51.9, in line with ex- 2021, with economistsboth in- in Johannesburg pectations and remaining side and outside the govern- and Benjamin Katz above the 50 mark that sepa- ment projecting economic in Cape Town

ratesexpansion from contrac- growth of 8% or moreinthe GES

tion, extending astreak that coming year. Totalconfirmed cases of IMA dates back to March. The Also likely to improvethe Covid-19 in South Africa reading wasslightly lower overall statistical picturewas a passed one million this week. GETTY than November’s 52.1 reading. downward revision by China’s On Wednesday, the countryof SE/ The Chinese economy also statistics bureau Wednesday, 60 million recorded 17,710 new showedstrength outside its which cut the country’sofficial infections,higher than any ANCE-PRES

factories.China’snonmanufac- GDP figure for2019 to 6.0% daily case load seen during its FR turing PMI, which covers ser- from aprevious reading of firstwaveofinfections,which ENCE

viceslikeretail, aviation and 6.1%. Thelowerbase could peaked in July. AG

software as well as the real es- provide asmall boost to Doctorssay they have to ra- LA/

tate and construction sectors, China’sGDP number for2020. tion oxygen and lack the man- SO CA

came in at 55.7 in December, powertodobest-practice LU the National Bureau of Statis-  Heard on the Street: China care, such as turning patients Researchers say a new coronavirus variant in South Africa has the same mutation that might have tics said Thursday. Though has wind at its back...... B10 on theirstomachs.One-third made a variant in the U.K. more contagious; a man is tested for Covid-19 at a Johannesburg airport. of coronavirus tests are com- ingback positive, suggesting recent weeks to see family, African variant also appearsto tions—which many scientists that the true number of infec- while tens of thousands have be the dominant virus there. have believed areexceedingly Sinopharm Va ccine tions is likely much higher. crowded intorestaurants, bars It is unclear whether the rare—or the resurgence of an South African researchersin and beaches during afestive mutations could affect the effi- earlierillness. South Africa’s November firstdiscovered the season that overlaps with the cacy of Covid-19 vaccines. public health-caresystemgen- Gets Green Light newcoronavirus variant— country’smain summer holiday. Richard Lessells,aninfec- erally testsonly people who which shows similarities to a “It’slikely that the variant is tious-diseasespecialist at the have Covid-19 symptoms. variant found in December in playing averysmall role” in the KwaZulu-Natal Research Inno- Complicating matters,most BY ERIN MENDELL pharm, said earlier Wednesday the U.K.—and it quickly became recent surge in infections in vation and Sequencing Plat- South African labs don’t store that itsshot wasfound to be dominant in the country’scoro- South Africa, said Jinal Bhiman, form, or KRISP—the group of coronavirus testing samples AChinese drug regulator 79% effectiveinprotecting navirus hot spots. There- the principal medical scientist scientistswho sequenced the longer than afew weeks, gaveprovisional approval to a againstCovid-19 in interim searcherssay the South African at theNational Institutefor South African variant—said its which means it is almost im- Covid-19 vaccine developed by Phase 3clinical trials overseas. variant has the same mutation Communicable Diseases in Jo- discoveryhas coincided with possible to check whether a astate-owned company, an of- Thevaccine,along with two that U.K. scientistssay might hannesburg, who has been anotherdevelopment:Doctors newinfection stems from a ficial at the agency said, pro- other homegrowncandidates, have made the variant there studying the newvariant. But, arereporting morepatients,in- different variant of the virus. viding agreen light formass wasearlier approved for significantlymorecontagious Dr.Bhiman said, “itcould also cluding health-careworkers, Overworked health-care inoculation roughly a year af- emergency use in China. Bei- than otherversions. be aperfect storm.” who aretesting positivefor workersare at high risk of re- terthe pandemic first jing grantsconditional approv- Researcherssay they also Several countries have Covid-19 asecond time,after infection, because of their ex- emerged in central China. als forvaccines that haven’t have found changes in the vi- banned travel to and from having haditinthe firstwave. posuretosick patientsand be- TheNational MedicalProd- completed clinical trials if it is rus’sstructurethat, in earlier South Africaoverconcerns “Weare genuinely con- cause stressmay weaken their uctsAdministration, the coun- deemed to be urgent to cope laboratorytests, led to in- about the newvariant spread- cerned, and that’swhy we need immune systems. try’stop drug regulator,ap- with public health emergen- creased resistancetoantibod- ing. In the past week, labora- to do the research to under- “What we’relooking at is a proved the vaccine Wednesday cies. The new approval is the ies from people who recovered tories in Finland, the U.K., stand this variant as quickly as very dark boxhere, whereno evening, Deputy Commissioner first allowing for broader use from Covid-19. Japan, Australia and Switzer- we can,” said Dr.Lessells. one understands what’sinit,” Chen Shifei said Thursday. A of acoronavirus vaccine in the However, researcherssaid land have found the South Af- Dr. Lessells and other doc- said John Black,who heads the Beijing-based drug-develop- country. human behavior is still the rican variant in coronavirus tors in South Africa said they infectious-diseases division at ment unit of ChinaNational Drugmakersmust still sub- main reason forthe newsurge testsconducted there. Re- haven’t been able to prove Livingstone Hospital in Port Pharmaceutical Group Co., mit final resultsafter they re- in Covid-19 cases.Millions of searchersinneighboring Zam- whether these repeat positive Elizabeth, thecity hit hardest known morecommonly as Sino- ceive conditional approval. South Africans have traveled in bia said Wednesdaythe South testsare genuine reinfec- by South Africa’ssecond wave.

ANNOUNCEMENT OF INTENTION FOR THE AWARD OF ANGOLAN PETROLEUMCONCESSIONS 2020

The AngolanAgency of Petroleum, Gas and Biofuels (ANPG),asNational Concessionaire and holder of mining rights forthe prospecting, research, evaluation, development and production of liquid and gaseous hydrocarbons throughout the Angolan territory,announces the launch on the 30th of April 2021 of the Petroleum Concession Award“Licensing Round 2020” foroil exploration in the Lower Congoand KwanzaOnshore Basins.

The publicationofthe Licensing Round will be made 120days afterthe dateofpublication of thisNoticeofIntent, in accordance with Presidential Decree No. 86/18, of 2ndofApril, which establishes the rules and procedures forpublictenders forthe Acquisition of an Associateofthe National Concessionaireand the Contracting of Goods and Servicesinthe OilSector.

Thus, we inform that atotal of nine (9)blocks will be put out to tender, three (3)inthe LowerCongoOnshore Basin (CON1,CON5 and CON6) and six (6) in theKwanza Onshore Basin (KON5, KON6, KON8, KON9, KON17and KON20).

The participation of theaforementionedLicensing Round will have as amandatorycondition, the payment of an EntryFee in the amountofUSD 1,000,000.00 (OneMillion United States Dollars), whichwill allowaccesstothe basins’ Data Packages.

The deadline forthe submissionofproposals is 09th of June 2021,incompliance with the 40 days established by law, and the opening ceremonyofthe proposals will takeplace on 10th of June 2021.

The 2020 Licensing Round aims to relaunchthe exploration and production of hydrocarbons in theonshore areas of the referred basins, to mitigatethe decline in production, by increasing the exploration and discoveryofnew resources, to stimulatethe emergence of small and medium-sized oilcompanies, to promote the incorporation of qualified Angolan labor,aswell as fostering technological innovation and good governance practices.

TheLicensing Round will takeplace under Lawno. 10/04, of 12th of November (LawofPetroleum Activities, amended by Lawno. 5/19,of18th of April) and the aforementioned Presidential Decree no. 86/18.

The National Concessionairewill informthe date and the location of the Technical Presentations (roadshows),through an announcement on the ANPGwebsite(www.anpg.co.ao), and in national and international media.

Luanda, December 31,2020 ______ANPG –AgênciaNacional de Petróleo, Gás eBiocombustíveis ANPG -Angola National AgencyofOil,Gas,and Biofuels Edifício Torres do Carmo –Torre 2, RuaLopes de Lima, DistritoUrbano da Ingombota,– República de Angola Tel.: +244 226400000 |E-mail: [email protected]|www.anpg.co.ao P2JW366000-4-A00800-1------XA

A8 | Thursday, December 31, 2020 **** THE WALL STREET JOURNAL. WORLD NEWS China Sentences Hong Kong Activists to Prison

BY JOYU WANG racy activistshavecriticized galprocess is ajokebut with equivalent of about $3,000, Thepolicesaid the teens, see her son. “Can Ibring win- the detention of the 12 on the serious consequences—we and Ms.Moon wasfined whoare now18and 17,re- terclothes and buy some HONG KONG—A Chinese mainland sincethe Chinese don’t even knowhow to ap- 15,000 yuan. spectively,would still face food formyson? I’m begging court sentenced to prison 10 coast guardintercepted a peal thesentence.” Theother eight were sen- chargesinHong Kong.The the mainland [authorities] to Hong Kong activistswho speedboat headed to Taiwan TheU.S.called forthe re- tenced to seven months and two arechargedwith arson in tell us as quickly as possible,” were caught fleeing the city in lateAugust. Families and lease of the activistsearlier fined 10,000 yuan, the court connection with their alleged she said. on aspeedboat, in acase that attorneysthey hired to repre- this week.Foreign diplomats said, adding they had all involvementinlast year’s Pro-democracyactivists has drawninternational at- sent the activistshaven’t attempted to attend the trial pleaded guilty in the trial, protests. In September 2019, have tried to use the cases to tention and galvanized the been allowedtocontact them. butweren’t allowedinside. which took placeatthe Yan- theolder teen wasarrested reinvigorateHong Kong’spro- city’s opposition. Thedefendantswereap- “China’sjudiciaryhandled tian District CourtinShen- with four othersinanopera- test movement, which was Theactivistssentenced pointed attorneysfromthe the cases strictly in accor- zhen. tion wherethe policefound initially triggeredbyanow- were among agroup known mainland, and their trial was dancewith the law,” Chinese Theremaining two,who explosivematerials inside an defunct bill that would have as the “Hong Kong 12.” The held behind closed doors this Foreign Ministryspokesman were minorsatthe time of apartment, while the younger allowedpeople to be extra- cases have become afocus of week. Wang Wenbin said. their arrestsinAugust, were one is accused of throwing ditedtomainland China. apro-democracymovement “They didn’t have proper Twoofthe 10 activists handed over to aHong Kong Molotov cocktails at apolice Anumber of Hong Kong that washobbled by pan- legal representation, were de- sentenced—Tang Kai-yin, 31, policestation Wednesday. station in October 2019,po- democracyactivists have demic restrictions,keeping tained in secret formonths and Quinn Moon, 33—were Chinese prosecutorsdecided lice said. sought refuge this year after protestersoff the streets, and and the verdict washanded convicted of organizing the to drop their cases because Themother of Wong Wai- the passageofthe national anew lawimposed by Beijing down afterasecret trial,” attempted escape and re- they were minorsafter they yin, who wassentenced to security law,including for- that allows authorities to said Eddie Chu, apro-democ- ceived terms of three years pleaded guilty in another seven months,said in are- merlawmakersNathan Law, prosecutepeople accused of racy politician who has been and two years, respectively, closed-door hearing,accord- corded messagethat she TedHui and Sixtus Leung. threatening national security. coordinating with the fami- thecourt said. Mr.Tang was ing to the prosecutor’s office hoped aprison visit would be —Natasha Khan Families and pro-democ- lies of the12. “The whole le- also fined 20,000 yuan, the and Hong Kong police. arranged soon so she could contributed to this article.

One of the most effective Beijing videoeffortshas been Year HareAffair,launched in 2015, initially withoutgovernment Promotes involvement, by illustratorand self-professed militarygeek Lin Chao. Patriotism Theanimated series uses talking animals to represent world political events, with a ContinuedfromPageOne pro-China spin. TheBritish are bitsshowuptofight off the represented as bulls, the cockroaches. French as chickens.They are PanBorui,a19-year-old oftenseen doing the bidding of freshman at a Beijing college, the American eagle,who is gothooked last year on the sometimes seen chomping on a cartoons,which he said will cigar and issuing orders. “shape the thinking of the next One episode in the firstsea- generation of Chinese.” He son featuredChinese rabbits, said he knew they were made wearing green Communist hats with partysupport, but said and redstars on their bellies, most Chinese still considered finishing development of an them very accurate and more atomic bomb,tothe surprise accessible than traditional of theeagle.The cartoon said news reports. thedevelopment “helps Chi-

Chinese leadershavealways S nese people to finally stand up tried to encouragepatriotism. straight.” In Mao’s era, young people PRES Mr.Lin, the creator,has said

learnedabout “Mao Zedong ZUMA in interviews that he wasn’t al-

Thought” and classstruggle A/ wayssurethe government and sang revolutionarysongs. would likethe series,because Curriculum changes in the XINHU some episodes might offend early 1990s began spreading foreigners. But it attracted at the narrativethat China was XUEREN/ least100 million views in its LI suffering at the hands of the Chinese President Xi Jinping visits a primary school in Hunan province. Patriotic education has become sharper and more widespread. firstseason, and authorities West. quickly gotonboard. Yetpolls of university stu- containing Covid-19. Wide Following likeduring the 1930s march, At first, the Youth League dentsabout adecade ago One kindergarten in the according to awebsiterun by helped promotethe work on showedthat manysaw those eastern Chinese city of Hang- The CommunistYouth League has an online following nearly China’spropaganda ministry. social media and organized effortsasclumsy and transpar- zhou interspersed its lessons as large as thatofnewsnetwork CNN. Theeducation ministryalso public eventstointroducepeo- ent. Manyidentified them- in Septemberwith four days Subscribersonavideoplatform* made changes at the university ple to Mr.Lin. Later, the Youth selves as holding liberal or of what it called “military level, including requiring uni- League,China’smilitaryand Western political views. training” forits 5- and 6-year- Kim versities to boost Marxist edu- the Central Political and Legal YouTube Bill Gates Previousleaderssuch as Hu olds. The children, dressed in Kardashian cation. Thechartersofsome AffairsCommission, aparty monthly activeusers: Jintao,Mr. Xi’spredecessor, militaryfatigues,held Chinese 2.49M prestigious universities were committeethat oversees the were wary of pushing propa- flagsand performed salutes, Morethan 2billion* 1.78M amended to placeabsolutead- police,co-produced episodes. ganda toohard, fearfulitcould according to the school’soffi- CNN herencetoparty rule over aca- TheYouth League has tied 11.6M inflame nationalism in ways cial WeChat social-media ac- Donald Trump NBA demic independence. up with celebrities,including that might destabilizeChina. count. 15.4 million This year,China updated its Chinese rock starsand na- They wanted to speed eco- Theschool’sprincipal said 2.54M subscribers Law for the Protection of Mi- tional athletes,toattract more nomic development and were in aspeech that the goal was on YouTube nors, striking “independent eyeballs. willing to allowsome debate to encouragechildren to be thinking” from thelist of as- Mr.Lin, the Youth League, over Western ideas. strong and to perseverelike setsschools aremeant to cul- the militaryand the commis- Under Mr.Xi, patriotic edu- young Chinese soldiers. tivate. sion didn’t respond to requests cation has become sharper and CommunistYouth forcomment. morewidespread. Chinese au- Infiltration fears League of China** Social-media push Some Chinese parentssaid thorities learned from recent 11.45M in interviews that they didn’t unrest among teenagersand Therootsofthe current pa- In 2016,the party issued mind the rise in patriotic con- Bilibili MAU: young adultsinHong Kong triotic campaign reach back to 197million† what it said were reform tent. UnlikeinHong Kong, that indoctrination has to start 2013,soon afterMr. Xi as- guidelines calling on itsCom- wheresome parentsare un- young,according to Stanley cended to power. That year, munist Youth League to help *AsofDec. 15 †AsofNovember **Combined figureincluding its main accountand 21 Rosen, aChinese politics pro- party leaderswrote apolicy provincial/regional sub accounts on Bilibili lead on social media. The fessor at the University of memo, Document No.9,which Sources: YouTube; Bilibili Youth League began opening Surveys suggest Southern California. warned of seven threatstothe accountsonplatforms includ- “Weneed to seizethis criti- party,including the rise of Chinese Characteristics,” that with nationalist and revolu- ing Douyin, China’sversion of younger Chinese calperiod that determines and Western notions of civil soci- focuses on Mr.Xi’saccomplish- tionarymessages.One features TikTok.Italso started an offi- people today are forms teenagers’ values and etyand afreepress.Itcalled ments. His name appearsin an exhibition devoted to Mr. cial account on Bilibili,avideo- guide them so they candoup on party memberstothe book at least 46 times, Xi, with apainting of youths hosting platform akin to fiercely patriotic. life’sfirst buckle,” Mr.Xiex- strengthen resistancetoinfil- compared with 16 mentions of admiring him, echoing Mao-era China’sYouTube whose users plained in one August 2018 tration by outside ideas. Mao. images of that leader sur- are mainly under 25. The meeting. In 2016,the government ap- ThreeChinese teachersde- rounded by adoring young Youth League and itsregional pointed anew education min- scribed in interviews what people. arms nowhavealmost 11.5mil- nerved by an increase in patri- ister,Chen Baosheng, who they said were effortstosi- Apreschool in the city of lion followers there. otic behavior in schools and Youth focus pushed formorepatriotic lencedebateinschools over Yueyanghad studentsdress in Agraduatestudent from changes in textbooks,manyin Beijing’sambitions arelaid teaching.Mr. Chen wasaparty the party’s achievements. They army-green Communist Party China’sInner Mongolia Univer- mainland China areapathetic outinadocument published veteranwhose main academic said they were asked to give suitsand walk in anearby na- sity analyzed541 Communist about it. by the State Council, China’s experiencewas serving as vice poor grades to exam essays if tional park to commemorate Youth League videos published One teacher said her stu- cabinet, in November 2019, president of the Communist studentstook unapproved theLong March, ayearlong, between March 2018 and dentsrecognizepropaganda which said “patriotism is the Party’s Central Party School, stances,such as portraying the 5,600-mile trek made by Red March 2020 and found that the and oftensigh or makefaces most naturaland simple emo- which trains party cadres.Mr. government’shandling of Army soldierstoescape Na- videos,which focused mostly when encountering political tion of theChinese.Wemust Xi wasthe school’spresident Covid-19 in anegativelight. tionalist forces during the civil on patrioticorotherwise pro- texts. One study, though, sug- insist on starting from when during most of Mr.Chen’sten- In Beijing,authorities intro- war. Thechildren stopped to party content, attracted 130 geststhat at least some stu- they arebabies,focusing on urethere. duced aprogram with compul- harvest sweet potatoes and million likes.Some logged dentsare embracing the mes- consolidating the roots, con- In aspeech that year,Mr. sorystudent visitstomuseums wild vegetables forlunch, just morethan 100,000 comments. sage. centrating on the soul.” Chen warned that “hostile Thestudy,published in Sep- The9,000-worddocument forces” versed in “internet lan- Cartoon Network tember by researchersfrom includes instructions forgov- guage” were trying to subvert Shanxi University,found that ernmentand party officials to China’seducation system to HowaChinese CommunistParty-supported animation depicts unrestinHong Kong. Chinese teens born after1998 promotemovies,newsand weaken the party and spread aremorepatrioticthan their classroom lessons with Mr.Xi’s thewrong kind of thinking. predecessors.They cited an ideologyand his plans for “Oncethe studentscome into online survey of morethan 580 China’srejuvenation.Itcalls on contact with it, they areeasily teenagersinwhich morethan authorities to capitalizeon deceived, and is the equivalent 90% used terms such as teenagers’ interestsinonline to the whitecloth entering the Wearing astars “lucky” and “satisfied” to de- games,animation and short dyevat,” he said. andstripes suit scribe howthey felt about videos “sothat patriotism can TheChinese government growing up in China. fill the internet space.” reversed apolicythat allowed Young people realize TheMilitaryCorrespon- provincial governmentsto China’spowerand areproud dent, anewsjournal spon- choose their owntextbooks, of it, the academics wrote, un- sored by the People’s Libera- and required anylearning ma- Abald eagle,suggesting the presenceofthe U.S. Protesters aretrainedbythe eagle to attack and hold likeearlier generations,who tion Army, has said China’s terial dealing with national behind the scenes,agitatesataprotest. their ground. regarded China as abackward military must increase use of sovereignty,ethnicity and reli- countryand believed Western social-media platforms,which gion to be approved by au- values could change it. Many it calls “gatheringplaces for thorities. Wearing yellow, asymbolic even dreamed of moving to color of the protesters younger users.” It also rewrotetextbook the West. Surveyssuggest younger sections,including extending CharlieHong,aschool- Chinese people todayare the length of China’swar with teacher in Chongqing,said that fiercely patriotic andmore Japan in the 1930s and ’40s by is no longer the case.When he loyaltotheir countrythan pre- six yearstoinclude what it has asked his studentsifthey vious generations.Academics, described as earlier Japanese would liketoimmigratetoa parentsand teenagerssaid in actsofaggression, amplifying different country, he said, all interviews that young people China’ssacrifices.High-school except one said no. have manyreasons to be proud studentswererequired to Other protesters depicted as cockroaches run amok Rabbits in policeoutfits turn up to stopthe violence. —Yoko Kubota of China, including itseco- study anew politics volume, on the streets of Hong Kong. and Jonathan Cheng nomic growth and success in “Socialism in the NewEra with Source:CommunistYouth League of China via Bilibili (screencaptures) contributed to this article. P2JW366000-2-A008A0-1------NS

THE WALL STREET JOURNAL. ** NY Thursday, December 31, 2020 | A8A GREATER NEW YORK Thousands RestaurantsMissOut on Festivities Can Watch Times Square-area Twenty-three Applebee’s arecurrently open in New Bills Game businesses say loss of York City,employing about New Year’s Eve caps 500 people.These locations won’t be doing anything dif- In Person disappointing season ferent forcustomersthis New Year’s,just the standardto-go BY JIMMY VIELKIND BY KATE KING dining option off the regular menu. Morethan 6,000 people will TheApplebee’slocations in Butthe chain’s1,000 fur- be allowedtowatch live when Times Squareand nearby loughedemployees will have the Buffalo Bills compete in a 50th Street areusually hop- access to a special, free take- playoff game next weekend at ping on NewYear’s Eve. Hun- out dinner and brunch menu their Erie County stadium, dreds of people from all over during the holiday, Mr.Tankel NewYork stateofficials said the world fork over hundreds said. Out-of-work associates Wednesday. of dollarseach to party in the and their families have been Gov.Andrew Cuomo,a chain restaurant beforestep- able to eat free of charge at Democrat, and NewYork State ping outside to watchthe ball Applebee’sthroughout the Health Commissioner Howard drop. pandemic. Zucker said they had reached This year, both restaurants Marisa Ferrarin, owner of agreement with the American will sitdark on Thursday, as GES the LowerEast Side burlesque Football Conferenceteam to they have sinceMarch. New IMA supper club Duane Park,has

allowfans forthe firsttime Year’s Eve marks the latest in ETTY booked her 10 outdoor tables, this season. The Bills secured along string of parties can- /G which canseat about 20,for ORD

aberth in the Wild Cardplay- celed this year because of the Y NewYear’s Eve. Therestau-

off match that is set to happen coronavirus pandemic. CIND rant will serveafive-course on either Jan. 9 or Jan. 10. “It’sabig hole in my Only about 100 invitees will be allowed to watch the musical performances and ball drop in person. tasting menu for$165 while Theteam said season-ticket heart,” said Zane Tankel, chief dinersare entertained by bur- holderswould getfirst dibs on executiveofApple-Metro, few for seated dining. dictable winter weather makes person, said Tim Tompkins of lesque dancers, a juggler, fire securing one of the 6,200 seats. which operates the franchise’s Businessownerssaid the everything moredifficult, with the nonprofit Times Square eater,contortionist and oth- Anyone who wishes to attend New York City locations. lossofNew Year’s Evecon- Mr. Guarino finding that cus- Alliance. ers. Aerialists will perform in would need to pay$63 fora NewYear’s Evewill be qui- cludes adisappointing holiday tomers are willing to sit out- “The absenceofalivecele- alarge hoop hung from the coronavirus PCRtest at the sta- eter in NewYork City this season at the end of adifficult side in cold temperatures,but bration is devastating for the fire escape, Ms. Ferrarin said. dium and test negativeinthe year,with public-health re- year. not if it is windy or raining. restaurants and the hotels in TheNew Year’s toast will be at threedays beforethe game. strictions enacted to stop the “This week between Christ- “We’re agonizing over 10- TimesSquare,” he said. “It’s 9 p.m., an hour ahead of cur- “The entire Bills organiza- spread of the coronavirus pre- mas and New Years is usually dayforecasts, trying to figure obviously atime wherethey few. tion misses the energy of our venting restaurants, bars, ho- our best week of the year,” out howmuch food to order makelotsofmoney because In previous years, Duane fans at ourgames.Weknow tels and other venues from said Robert Guarino,managing and howmanystaff to bring they’regiving people areal Park seats 150 guests indoors they’rethere, but we want hosting their usual gatherings. partner of the Midtownres- in,” he said, adding that he ex- bucket-list experience.” on NewYear’s Eveand “makes them here,” TerryPegula, who Indoor dining is prohibited, taurants Marseille, Nizza and pectsthe biggest demand over Mr. Tankel said he plans to aload of money,” Ms.Ferrarin owns the team along with his leaving restaurants limited to 5Napkin Burger. “The city the holidaytobefor takeout reopen the two Applebee’slo- said. This year,ofcourse,is wife, Kim Pegula, said during a outdoor seating, delivery and should be buzzing with lotsof and delivery meals. cations near Times Square at different. virtual news conference. takeout. tourists.” In Times Square, the show some point but has perma- “Asabusinesswe’renot Dr. Zucker said fans would Forthose who do brave During the pandemic,Mr. will go on, mainly forthe tele- nently closed about adozen making any money. We’re not be spaced out in the stadium, winter temperatures forout- Guarino has considered aweek vision cameras. The public is othersacrossthe five bor- even breaking even,tobehon- which cannormally seat door dinner anddrinks,the successfulifsales were only barred from entryand only oughs.The fateoftwo restau- est,” shesaid. “It’smoreabout 72,000 people,and would have champagne toast will come down 50% compared with nor- about 100 invitees will be al- rantsisstill uncertain pending getting the kitchen people and to wear masks at all times. early, sincebarsand restau- mal. He expectstoend this lowedtowatch themusical ongoing negotiations over our performers back to work, They must also agree to con- rants are under a 10 p.m. cur- week down 80%. Theunpre- performances and ball drop in rent, he said. just to move on a bit.” tact tracing after the game. Dr.Zucker said tailgating in stadium lotsthat normally ac- Manhattan’s Moynihan Train Hall to Open on New Year’s Day companies home games in the Buffalo suburb of OrchardPark New York state officials on wouldn’t be permitted. He re- Wednesday unveiled a new train minded people who aren’t go- hall attached to Penn Station in ing to the stadium that they Midtown Manhattan that will should avoid gathering to open to the public Friday. watch the game with people Named forDaniel Patrick from outside their households. Moynihan, the late U.S. senator Erie County ExecutiveMark from NewYork, the newhall Poloncarzsaid local officials wasbuilt in the James A. Farley would also be strictly enforc- Post Officebuilding on Eighth ing against tailgating activity Avenue. The 255,000-square-foot that oftenoccursatprivate concourse is roofed by an acreof residences and parking lots glassand connects to 17 tracks near thestadium. “Ifthere’s below. The newtrain hall will lots of tailgating in private add waiting areas, retail stores, lots,New York statewill not elevators and stairwaysthatwill allowasecond game,” he said. improve circulation in the exist- Mr.Cuomo had hinted at al- ing station, said Eric Gertler,who lowing fans forseveral weeks, runs the stateauthoritythat as the Bills finish their regular managed the $1.6 billion project. season with a12-3record, Mr.Moynihan lamentedthe atop theAFC East Division. destruction of the former Penn- Thegovernor said Wednesday sylvania Station, abeaux-arts that he planned to attend the masterpiecethatwas torn down game,the firstwild-cardgame in 1963, prompting the train sta- hosted by the Bills in 25 years. tion to be movedbeneath the TheBills have never wonaSu- Madison SquareGarden arena. per Bowl, but lost arecord He conceived of the newhall as four consecutivechampionship away to improve the passenger games in the early 1990s. experiencefor whatisnormally a Mr.Cuomo said the state’s quarter-million Amtrak and Long JOURNAL

work to let fans attend the Island Rail Road passengers who REET game wasapilot project that catchtrains thereevery day. ST LL

could be replicated at other The project had languished WA events.“It’snot about afootball for decades, and New York Gov. THE

game as much as it is,How do Andrew Cuomo pushed for its R youreopen the economy? And completion as part of a larger FO that is aquestion that concerns expansion and renovation of the JONES

everyone,” he said. “We’rego- Midtown station complex. Y

ing to need to find away to re- —Jimmy Vielkind GABB open smartly and safely.” Seaport Development Plan Draws Mixed Response

BY IRENE PLAGIANOS they were tootall and out of but they shouldn’t be tied to posed asoaring toweronthe characterwith the low-rise the proposal. waterfront that wasultimately TheSouth Street Seaport, buildingsinthe district. The “I don’t think it’sfair to ask quashed afteropposition from one of New York City’s oldest project requires approval from the community to sayifyou’re the community,elected offi- neighborhoods,isnostranger the agency. not for this, you’re not for af- cialsand the museum. Also in to fightsoverprotecting its Theproposal already faces fordable housing and you’re 2015,the National Trust for historic buildings. And one of community opposition. Last not forthe museum—that’sin- Historic Preservation put the its longstanding preservation week,Manhattan’sCommunity credibly unfair,tobehonest,” Seaportonits annual list of battlegrounds is aparking lot. Board1,the community advi- Ms. Blank said. the 11 most endangered his- Over the past decades,sev- soryboardfor lowerManhat- Therewas support forthe toric places because of en- eral developments have been tan, votedagainst the project, project as well, in part be- croaching development plans. proposed forthe block-long afternumerous residents, over cause of itspromised benefits Now, afterworking with lot, whichsitsatthe edgeof Zoom and in writtentestimony, to the community. Howard Hughes over the past the historic district in lower voiced concerns about the Themuseum’spresident, five years, Mr.Boulwaresaid

Manhattan. But manyhave M height of the towerand other Jonathan Boulware, along with themuseum sees the devel- been scuttled over the height SO issues,likecontamination his board, areamong the pro- oper’s latest plan as the mu-

and style of the proposed ION/ found at the lot, which sits posed development’sstaunch- seum’sbest chancefor survival. AT

buildings. OR acrossfromtwo neighborhood est supporters. He said the museum, sinceits

The Howard Hughes Corp., RP schools.Howard Hughes says it “The Seaportmuseum is an founding in 1967,was meant to aTexas-based developer,is CO will remediatethe hazardous invaluable asset in New York: be financially supported nowpitching aproposal for contamination, in accordance educationally,culturally and through the district with real-

the lot at 250 WaterSt. that HUGHES with the state’sbrownfield historically,” Mr.Boulware estatetransactions likerent includes neighborhood incen- RD cleanup program. Thecommu- said. “And if we lose it be- shares or selling air rights—but WA

tivestosweeten the deal. Its HO nity board’sopinion is only ad- cause we aresoinflexible it has never worked: Deals have project calls for a $1.4 billion Arendering shows the two470-foottowers the Howard Hughes visorytothe Landmarks Pres- about azoning limit then we fallen through, or developers mixed-use development fea- Corp. proposes to build in the historic district in lowerManhattan. ervation Commission. will have lost something that haven’t kept up their part of turing two 470-foot towers, Howard Hughes,which is irreplaceable.” the bargains. even though the height is 350 long struggled financially.Mr. come,$150,000,can qualifyfor bought thelot in 2018 for Howard Hughes has already Themuseum—which is feet taller than what the dis- Scherl said the money is con- the rentals. $180 million, had previously invested abillion dollarsin housed in several 19th-century trict’s zoning allows. tingent on the development TheHoward Hughes pro- floated an idea foranearly other Seaport development buildings, and also runs edu- Saul Scherl,president of earningthe required city ap- posal is slated to go beforethe 1,000-foot towerinthe space, projects, Mr.Scherl said. The cational programs on itsfive the New York tri-state region provals to move forward. city’s Landmarks Preservation which wasmet with pushback. company, known formaster- historic ships docked at Pier forHoward Hughes,said the Theproject also includes Commission on Jan. 5. The AliceBlank,anarchitect planned communities,signed a 16—has grappled with funding proposal also includes commu- 100unitsofaffordable hous- commission has previouslyre- and the vice-chair of Commu- long-term lease with the city for problems fordecades,and was nity space and $50 million to ing, which is required for the jected at least nine develop- nity Board 1, said she person- much of the Seaport in 2010. damaged during superstorm help endowthe South Street special permission needed to mentsfor the site, according ally thinks theneighborhood In yearspast, the company’s Sandy in 2012 when storm wa- Seaport Museum.The mu- build so high in the historic to the Seaport Coalition—a lo- needsadditional affordable relationship with the museum ters flooded the district. Its seum, which manyconsider district. Households that earn cal community and preserva- housing and the Seaport Mu- wasstrained, Mr.Scherl said. galleries have remained closed the anchor of the district, has 40% of the median area in- tionist group—largely because seum should be supported— In 2015,the developer pro- since. P2JW366000-2-A008B0-1------NS

A8B | Thursday, December 31, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK New Jersey Winemakers Feel the Fizz

BY CHARLES PASSY “Thereare wines that can meet anypalate,” said Tom NewJersey maybebest Cosentino, executive director known as the statethat pro- of the Garden State Wine duced such rock greatsas Growers Association. Mr. BruceSpringsteen and Jon Cosentino added that the Bon Jovi. Or as the home of number of wineries in the Tony Soprano of HBO’s“The statehas increased from 27 to (2) Sopranos” TV series. Or even 53 over the last quarter cen-

as the placewhere Taylor ham tury. JOURNAL or pork roll became aculinary Thevintnersproduceitall, staple of sorts. from European-style blends to REET ST

But now, the stateiseyeing fruit wines.And, indeed, LL

a different sort of fame—as a there’s also the bubbly. WA

producer of sparkling wine. Tomasello Winery, based in THE R

Anumber of producers Hammonton, offers four fizzy FO

throughout NewJersey,par- options,fromablueberry ON

ticularly in the state’s south- sparkling wine to a sparkling YO ern portion, are touting their Rkatsiteli, made from the

bubbly of late, with the New namesake grape varietal that HANNAH Year’s celebration being a fo- has been popular in the coun- A number of wine producers in southern New Jersey are touting their sparkling wine. Renault Winery Resort, located in Egg Harbor cal point. try of Georgia. City, is planting grapevines to jump-start its winemaking program with a focus on what it calls its ‘American Champagne.’ It is part of alargerpush “It’sreally rather pleasant,” to see the state take its place said winery president Charlie Hawk Havenco-owner Todd nault, aFrenchman with a alongside other emerging Tomasello, of the latter wine, Wuerker said. passion forChampagne,the winemaking regions—think noting itspear-likeflavors. But, he added, it will be a business was built largely on the North Fork of Long Is- Mr.Tomasello is part of the growing segment forhis busi- sparkling wine. land—as Americans increas- third generation in his family nessand he is looking to plant The Renault winery, which ingly look beyond the old to run the winery, which was moreofthe grape varietals, grew to become aresort re- standbysfromEurope and Cal- established in 1933. such as PinotNoir and Char- pletewith agolf course,had ifornia. Hawk HavenVineyard& donnay, that go intohis wines. itsups and downs over the Those in the local industry Winery, located in Rio Grande, Renault WineryResort, sit- yearsand went intobank- point to the terroir,especially has three different sparkling uated in Egg Harbor City, has ruptcy at onepoint in the past aprized sandy loam soil found wines on itsmenu. Thepro- alegacydating back to the decade.But it is nowunder in the state’ssouthern area, as duction of the bubbly is still 1860s,which is indeed ancient new ownership, with investor being optimal forproducing small, accounting forabout historybywinemaking stan- group Accountable Equity ac- quality wine,both sparkling 200ofthe 6,000 cases the dards in NewJersey,ifnot all quiring it two yearsago for$5 and still. winery packages annually, the U.S. Founded by Louis Re- million, the group said. Renault is investing an ad- ditional $10 million to upgrade CORRECTIONS  AMPLIFICATIONS the property and is planting grapevines to jump-start the winemaking programagain, soil,” he said. “It’sgot the to- wines“so bad I’drather not Netflix Inc. sent money it editions Wednesday, an article payments to an escrow ac- with afocus on what it calls pography.” name them.” contractually owedAnna So- about New York state’s use of count monitored by OVS. its “American Champagne.” It Thereare afew skeptics. Still, the statecontinues to rokin foracoming television the“Son of Sam” law, which currently offerswine under NewJersey wines,sparkling find itsway,somuch so that series based on her life to an bars criminals from profiting EarthCam is acompany theRenault name,including or otherwise, arerarely re- SalWestrich, an oenophile who escrow account that is held by from the publicity of their based in Upper Saddle River, sparkling,though it is pro- viewedbytop national wine lives in Francemost of the Ms.Sorokin’slawyer on her crimes,incorrectly said the N.J. TheMetroMoney column duced out of state. publications,for example.Let- year,devoted an entire book in behalf and is being monitored money wasreceived from a incorrectly gavethe location Theo Smith, the winemaker tieTeague,wine columnist for 2012 to the subject, “NewJer- by the NewYork stateOffice Netflix contact, and it didn’t as Upper Saddle in some edi- who produces forRenault, is TheWall Street Journal, sey Wine: ARemarkable His- of Victim Services.Insome make clearthat Netflix sent tions Wednesday. convinced there is a solid fu- pointed to some quality Gar- tory,” with attention paid to ture for New Jersey wine, es- den State bottles in a2016 Renault andother pioneers. Readers can alert The Wall Street Journal to any errors in news articles pecially bubbly. survey,but also noted in her The state’s wine is “a best- by emailing [email protected] or by calling 888-410-2667. Thestate “has gotthe article that she encountered kept secret,” he said.

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TRAVEL & ENTERTAINMENT PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, December 31, 2020 | A9

THE MIDDLE booked for a September trip, she SEAT says she had to pay another $144 SCOTT for her bags and her husband’s McCARTNEY round trip. That trip had to be canceled because of a family ill- ness, so to keep the credit from credit from a store is expiring, she booked a trip for usually straightfor- next May. ward. A credit from an “I’m into this for $250 for lug- airline can be anything gage that went nowhere,” she says. A but: It’s often hard Frontier says it actually re- to use, and you funded Ms. Dori’s origi- may never get back all nal baggage charges your money. as part of her credit, With billions of dollars tied which was converted up in vouchers for a pandemic’s into frequent-flier miles. worth of canceled flights, some When booking the next airlines have created flight using miles, customers new classes of must purchase baggage or seating vouchers. Some separately again. have new restrictions Regarding the Colorado AG, that limit their use Frontier says it was in full compli- and value. ance with federal rules. It has United, a target of changed vouchers so they are good many customer complaints, for one year rather than 90 days. has two types of credits: Stephanie Martin paid United travel credits and flight credits. $8,348 for two business-class They may sound nearly identical, seats from Orlando to Johannes- but they’re quite different. burg via Frankfurt, but took a Travel credits, officially travel certificate for that called electronic travel cer- value when she and her hus- tificates, can be used for multiple band decided to cancel the trips until you use up the full June trip. All their flights were to value. Not so with flight credits. be flown by Lufthansa, United’s Starting March 3, flight credits be- joint-venture partner. She bought came one shot—if you rebook for a them through United. trip less expensive than your origi- When she went to use the nal ticket, United pockets the dif- voucher foratrip to Cairo, she ference. And guess what happens wastold it could be used only for with credits and certificates if flightsonUnited’splanes,not its your new trip is more expensive partners. When she accepted the than the original: United charges travel certificate, she had specifi- you the difference. cally asked United’sagent if she Confused? Frequent flier Karen could book the same trip she’d Moraghan was when she ended up had, or other international trips, with a $1,200 United flight credit and wastold either wasfine.But and tried to use it on a $700 re- it turned out no—United doesn’t booking, only to learn she’d lose flyits ownplanes to Johannes- the remaining $500. Airlines Aren’tMaking burgorCairo. Flightcreditscan “I was just flabbergasted,” says be used forpartners, not travel Ms. Moraghan, a Hilton Head Is- certificates. land, S.C., resident who is in the She thinks airlines are doing all elite 1K tier of United’s frequent- they can to hang on to customer flier program. “That’s not right.” It Easy to UseCredits cash. “They were making money She complained, and United on my money,” she says. made an exception forher so she Ms.Martin called United four could getarefund on residual Redeeming vouchers for canceled flights has been a real pain in 2020 times and four times filled out value. the airline’scustomer-service United says it has two kinds of form. Each time United rejected creditsbecause it tries to use travel grounded consumers start thinking are issued for pandemic-related customers to rebook. Vouchers had her request forarefund or a certificates to compensatecustom- about traveling in 2021 and using cancellations; travel vouchers have to be manually processed, she changetoaflight credit. She ersfor disruptions,servicefailures the vouchers that airlines forced been around for decades in paper notes. “We want to make it easy to wrotetothe Florida attorney gen- or bumping passengersfromflights. them to take instead of refunds. and electronic form and will be do business with us,” she says. eral, the Transportation Depart- Flightcreditsare forpassengers U.S. regulations require that air- phased out; and trip credits were Other airlines make vouchers ment and United CEO ScottKirby. who changetheir plans on nonre- lines offer refunds if the airline launched this year as the ultimate and credits hard to use in different She complained on social media. fundable tickets. So the terms are cancels a flight and the new itiner- replacement for travel vouchers. ways. Denver-based Frontier Air- Adesperation call to the Federal different. Spokeswoman Maddie ary is significantly different. Some Unlike United, American’s new lines imposes a 90-day rebooking Aviation Administration brought a King says United will, under some airlines have ignored that. And for flight credits don’t lose value if expiration date on its credits. That suggestion to go to the airport circumstances,switch acustomer’s all, if passengers opt to cancel a you rebook for a cheaper flight— drew so many complaints that Col- and plead, sinceairport agents flight credit to atravelcertificateif nonrefundable trip, a credit or you get the difference in a trip orado’s attorney general appealed sometimes have morelatitude to requested. Certificates canbeused voucher is what they get. credit. But there are restrictions. to the Transportation Department, resolvedisputes. by another person if the original Carriers like Southwest and Vouchers can be used to book trips since airlines are regulated feder- After three hours, a helpful su- passenger can’t use it or canbe Delta have relatively simple terms for other people; flight credits can ally and immune from state con- pervisor contacted a friend inside used formultiple trips. on credits, much like other mer- be only used for tickets for the sumer laws. United who, three weeks later, got ON Asked if it’s fair for the airline chants. You can apply the credit original passenger. There are some One example of Frontier frus- Ms. Martin a refund.

BINS to pocket residual value if the new toward multiple trips, for example. benefits, too. If paper vouchers tration: Every time Kristen Dori “Having different types of RO flight doesn’t cost as much as the But other airlines make their cred- were lost and you didn’t have the rebooked a trip to keep the credit travel vouchers does complicate TIM original flight, Ms. King says: “Our its very hard to use and easy to number, you lost. Flight credits from expiring, she was charged it,” she says. BY goal is to give them an option. We shrink in value. live electronically with your fre- predeparture baggage fees again United says it isn’t sure how ION hope they will use this whole American says it has three quent-flier account. and again, even though she never Ms. Martin received a travel certif- AT

TR flight credit that they are offered types of travel credit, two Sunita Warrier, American’s di- left home. She bought a ticket in icate instead of a flight credit, US for another trip in the future.” launched this year. It will ulti- rector of customer-experience so- February for a March trip and paid which would have allowed her to ILL

TO Airline credits are about to ex- mately streamline to two once the lutions, says trip credits will ulti- $133 for luggage, then canceled book on partner airlines as she

PHO plode as a consumer issue, as pandemic is over. Flight credits mately make it easier for and got a credit. When she re- originally had done.

Other stops include the Mal- Optimists dives,Israel, the United Arab Emir- ates andafavoritehotel in the Ger- man spa town Baden-Baden. “We Make Big want to do it in aleisurely man- ner,” says Mr.Leinss. Travel is still down from pre-pan- Travel Plans demic levels,and travel-industry professionals aren’t predicting afull recovery soon. Yetthe vaccine news ContinuedfromPageOne already is releasing pent-up demand, ning amonthlong,three-continent they say. journey with his wifethis summer,by Gavin Delany, chief executiveof which time he hopes to be vaccinated. Austin, Texas-based Travelstride Inc., “You gettoacertain age, and you awebsitethat letspeople search for don’t have as manyyearsahead of trips,says bookingsfor 2021 picked youasyou had behind you.” up afterthe Food and Drug Adminis- TheAtlantacouple hopes to visit tration authorized the Pfizer Inc.vac- eight countries, flying west to Asia cine this month. Theweek afterthe and stopping first to see a friend in announcement, booking referrals Korea. Therethey intend to visit were up 7% compared with the same Seoul’sItaewonneighborhood for period ayear ago, he says. luggage and handbags. “My wifewill Interest has shiftedfromSpain, go nuts,” Mr. Leinss says. Portugal, the U.K. and crowded big cities in general, he says,tomoreremote Above, the Italian countryside beckons. Below, left: Ed and Claudia Leinss plan a three-continent journey. destinations in Africa, South Americaand even Antarctica. Ridgefield, Conn., couple plans to extratime to getthere. Averagetrip of restrictions and timelinessofvac- Catherine Heald, spend the first few weeks traveling length forthe firstquarter of 2021 is cinations,neither of which is certain founder of NewYork- acrossCalitri, Bari and Gargano with 14 days,upfromsix days during the at this point. Mr. Gaughen says cli- based tour operator friends, then to spend 10 days with same period in 2019,hesays.“Cli- entswant reassurancethat they can RemoteLands Inc., their adult children in Tuscany. entsare itching to use their pass- cancel should the pandemic force says the companyis Mr.Salierno,66, apart-time con- ports and stay out longer,” he says. them to changecourse.The company flooded with phone sultant, says they intend to skip Doctorsemphasizethat it is impor- works with vendorstohelp secure calls and emails to largercities such as Rome,Naples tant fortravelerstocontinue taking refunds or creditsand books with book tripstofar-flung and Milan and to spend time explor- precautions such as masking and dis- airlines that are offering flexibility destinations intothe ing smaller towns. “I’m going to It- tancing even afterthey have been vac- for flights, he says. summer and fall. aly to do moreentertaining with cinated. “Wedon’t knowfor certain ForMs. Kung,the SanFrancisco “They want something friends and not necessarily to sight- that the vaccine protectsagainst executivecoach, the main idea is to longer,because they see to congested areas,” he says. transmission,” says David Dowdy, pro- getasfar away as possible from her want to makeupfor With roomykitchens in some of fessor of epidemiologyatthe Johns lockdown life. Within afew days of GES some of the lost time,” theirvillas,Mr. Salierno is looking HopkinsBloombergSchool of Public arriving in Vietnam, she and her IMA she says. forwardtoauthentic Italian food at Health.“Youcould be protected from husband plan to boardaprivate

GETTY Lynne and Tom Sa- home,not in arestaurant. “We’ll getting sick,but could still infect junk boat to cruise the waters of Ha

S; lierno arecharting a bring in chefs to teach us howtocook those traveling beside you.” Popula- Long Bay. nearly seven-week and makeitanadventure,” he says. tions in less-wealthycountries where After months at home, she says, LEINS

ED jaunt through the Ital- Michael Gaughen,atraveladviser vaccinations roll out moreslowly may she is looking forwardtohaving a : ian countryside with in Atlantawith Brownell Travel Inc., be especially vulnerable. placetodon high heels,full makeup LEFT family and friends,be- says clientsare eager to go as far Theadvance travel planning re- and ablowout. “It’slikebeing on OM

FR ginning in May. The away as possible and are budgeting flects an optimism about the lifting ‘The Bachelor,’ ” she says. P2JW366000-0-A01000-1------NS

A10 | Thursday, December 31, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | TRAVEL & ENTERTAINMENT

pending NewYear’s Eve Clockwise from top: Prepping for a at home in front of your different New Year’s in Times screen? Youcan say Square; ‘Black Orpheus’; ‘Bridgerton.’ goodbyeto2020,say hello to 2021 or tryto S “I read alot of 19th-century forget what year it is en- tirely.Nomatterwhich camp you’re English literatureinhigh school, in, thereare plenty of streaming but nowIwatch alot of ‘The Real options.Here, we have TV specials Housewives of NewYork City.’ So, celebrating the end of the year,rec- I’m loving ‘Bridgerton,’ which has ommendations that cantakeyou far the drama and messinessof‘Real away and, of course,afew ways to Housewives,’ plus the empire watchthe ball drop. waist dresses of KeiraKnightley’s ‘Pride and Prejudice,’which is one New Release: ‘Yearly Departed,’ of the few movies that Iown on ‘Death to 2020,’ ‘Peace Out 2020’ my computer in case of blackout (Prime Video, Netflix, Facebook or emergency. Watch) Theshowtakes placeinanalter- There’s no shortage of stars lin- natereality in horse-and-carriage- ing up to bid farewell (or worse) eraEngland and someone is writing to 2020. In Facebook Watch’s some sort of anonymous ragabout “Peace Out 2020” special, an array the people in high society.Daphne of boldfaced names—Arnold Bridgerton is arich girl looking for Schwarzenegger, Anne Hathaway ahusband in London’smarriage and more—turn out for a send-off. market and devises ascheme with a Netflix’s “Death to 2020” is a very desirable Duketofeign inter- mockumentary-style look back at est in her so that she canget some the year that—you may be sur- actual suitorstotry to win her prised to remember—goes back all hand. When Isay that out loud, it the way to a presidential impeach- does not sound likethe most excit- ment trial, “Parasite” winning the ing show, but really what it is is the best-picture Oscar, and Joe Biden’s sexual politics of 20-somethings battle with Bernie Sanders. trying to makeother people jealous, On Amazon Prime Video, actors WHAT’SSTREAMING THIS WEEK |CHRIS KORNELIS stab other people in the back and and comedians show up for a com- then find true love. It feels likeit edy special “Yearly Departed’’ to wasinvented especially formy chat about all that was lost (for Shows to SayGoodbye to deepest fantasy.” better and worse) in 2020. Tiffany Haddish mourns the loss of casual AReader Recommends:‘Black sex, Natasha Rothwell sends up TV Orpheus’ (Kanopy, HBOMax) cops, Rachel Brosnahan bids fare- 2020 and StartaNew Ye ar Eduardo Rios is areader in well to pants, and Patti Harrison Chicago. Here, he recommends the says a few words film that won the about the downfall Oscar for best for- of “rich girl Insta- eign-language film in gram influencers.” 1960. Edited from an “This is a shock- interview. ing loss,” she says, “I lived in Uruguay “for their family, forthe first35years fans, followers and of my life. Ilearned their branded part- the terms ‘auteur nerships with movie’ and ‘art-house Smartwater.” movie’ when Icame to this country. In Uru- The Classic: Watch guay,wehad good, the Ball Drop in bad and in-between. NETFLIX Times Square We were treated to (Various) first-run movies from CTION;

LLE The public’s not directorslikeIngmar

CO allowed in Times Bergman, Jean-Luc Square to watch the Godardand Luchino ball drop this year. Visconti, and never EVERETT But, then again, it thought we were in an GES; wouldn’t really be ‘art house.’ Isaw IMA appropriate to expe- ‘Black Orpheus’ in the

ETTY rience an annual tradition in 2020 son Daly close out the year in minutes of footage that he’s been in these rather bleak times that theater in my town when it came /G away from a screen, would it? “NBC’sNew Year’s Eve2021.” sifting through for his documen- we’re in at the moment.” out. Aretelling of the Greek myth Among the options forwatch- tary, “The Beatles: Get Back,” ex- of Orpheus,whereOrféuisatrolley

SENFELD ingthe ball drop from home: You New Release: ‘The Beatles: Get pected in 2021. The sneak peek is An Expert Recommends: driver in Rio de Janeiroand Eury- RO canstream the festivities—in- Back—A Sneak Peek’ (YouTube) a euphoric look at a group of guys ‘Bridgerton’ (Netflix) dice, agirl of the ‘favelas’ preparing

ALEXI cluding Gloria Gaynor singing “I Though we don’t yet know named Ringo, George, Paul and Bess Kalb is the head writer forCarnival. It’sbasically aFrench

P: Will Survive”—at what’s going to happen after the John—as well as friends (Billy and an executive producer of film, directed by the French direc- TO timessquarenyc.org,you canex- ball drops, big promises have been Preston) and lovers (Yoko Ono)— Prime Video’s year-end comedy torMarcelCamus,made in Brazil OM

FR perienceitonABC via “Dick made. You can get an early look at singing, dancing, smiling, and gen- special, “Yearly Departed.” Here, with Brazilian actorsand Brazilian Clark’sNew Year’s Rockin’ Eve one, courtesy of director Peter erally carrying on. “Maybe,” Mr. she recommends one of her favor- music. Themovie is full of the joy WISE With Ryan Seacrest 2021’’ or you Jackson. The director of “The Lord Jackson says, introducing the foot- ite new shows. Edited from an of modest, beautiful, working peo- OCK

CL canturn to NBC and watchCar- of the Rings” released about five age, “it’ll put a smile on your face interview. ple,getting ready forCarnival.”

THEATER REVIEW contrary, that there was something its exploration of the male-female TERRYTEACHOUT suspicious about the stated cause divide. of her death: “I’ve had policemen As well as being an exceptional and doctors and psychiatrists all play, “Haunting Julia” is a show- MoreThan a trotting out their favorite scenar- case for Mr. Ayckbourn’s acting. ios or whatever they call them, He quit the stage in 1964 to con- and they all amount to a load of so centrate on writing and directing, Ghost Story much boiled cabbage.” resuming his performing career Andy, Julia’s now-married boy- for “Anno Domino.” Needless to lan Ayckbourn, a great play- friend, discovered her corpse the say, playing three sharply differen- wright who masquerades as day after she killed herself and be- tiated roles is a formidable chal- A lieves that she was “completely a popular entertainer, re- lenge, especially for a rusty actor, mains abundantly active at age 81. screwed up from the day she was but one to which Mr. Ayckbourn is Not only does he continue to born by a father who never let her fully equal. write—80 plays to date—but he alone for a second….Her only ref- Forthe record,Naomi Petersen acted in a radio play of his own, uge was her music.” Ken, the third supplies the voiceofJulia, which is “Anno Domino,” that was webcast character, is a mousy mortuary at- briefly heardonarecording that in May by Scarborough’s Stephen tendant who claims to have psy- she made beforeher death Joseph Theatre, the company Mr. chic powers and offers his services and…but I’dbetterstopthere. To Ayckbourn led from 1972 to 2009. to the skeptical Joe. “There are find out the rest, listen to the play. Now he has given us a second ra- things that you catch a sense of— Alan Ayckbourn in May; the playwright is starring in his ‘Haunting Julia’ While Iwould very much liketosee dio play, “Haunting Julia,” first that you know are happen- “Haunting Julia” performed in a staged in 1994 and newly adapted ing…have happened…are even fully staged production, youneed and directed by the author for au- about to happen…and there’s noth- Covid-19, though there is much women have in communicating not watchany part of it to become dio-only performance, in which he ing you can do about it,” he ex- more to the play than that. Among with one another, usually because, entangled in the playwright’s plays three parts with seemingly plains. “Not a thing.” other things, Mr. Ayckbourn is also as Ken hints, the men aren’t trying tightly knit webofstorytelling. casual virtuosity. “Haunting Julia” is a ghost inviting us to speculate on the na- hard enough: “We’re like radio “Haunting Julia” is a latter-day story in the sense that inexplicable ture of artistic talent and the way sets. But mostly we’re all switched ghost story about a Mozart-like things take place in it (none of that it can distort the personalities on to transmit, you see. Even when Haunting Julia musical prodigy who died of an which I will describe here). But it of those who are blessed—or we think we’re listening to each Stephen Joseph Theatre, Scarbor- overdose of sleeping pills at the is, I think, better understood as a cursed—with it. In Julia’s words, other, we’re not really. We’re actu- ough, England (listenable online age of 19 and with whose suicide psychological drama about the as reported by Ken: “It’s the mu- ally busy thinking up what we’re only through Jan. 31, 2021, £12). To the play’s three characters are still devastating emotional damage sic….It’s—like a great cloud in going to say, even before the other purchase “tickets,” go to sjt.uk.com obsessed 12 years later. Joe, her wrought upon people who find it front of the sun…It’s blotting out person’s finished saying what smothering, uncomprehending fa- impossible to come to terms with [my] life.” they’re saying.” Scary things hap- OMEW ther, has turned Julia’s home into the untimely death of a loved one. In addition, he rings fresh pen in “Haunting Julia,” at some Mr. Teachout, the Journal’s drama THOL a music-center-cum-shrine that is Seen from that point of view, it is changes on the underlying theme of which you will likely jump in critic, is the author of “Satchmo at BAR the setting of the play. He persists singularly well suited to the mo- of his oeuvre, the near-insur- your seat, but the play’s deeper the Waldorf.” Write to him at ttea- NY

TO in believing, all evidence to the ment, a tale of grief for the age of mountable difficulty that men and emotional resonance comes from [email protected]. P2JW366000-0-A01100-1------XA

THE WALL STREET JOURNAL. Thursday, December 31, 2020 | A11 ARTS IN REVIEW

FILM REVIEW |JOE MORGENSTERN ‘Herself’: Small Budget, LargeSpirit

small Irish film called “Herself,” directed by Phyllida Lloyd, has ar- rived just in time to Atake its rightful place as one of 2020’s special pleasures. (It’s playing in select theaters before going to Amazon Prime Video on Jan. 8, 2021.) But small compared to what? If mea- sured by likely budgets, a couple of hundred films on the scale of this one could have been made for the cost of, say, “Wonder Woman 1984.” But “Herself” bulks far larger than any would-be block- buster with a shriveled spirit if measured by depth of feeling, sheer delight and genuine sur- prise, even shock. And there’s a startlingly fine performance in the title role by Clare Dunne, who, with Malcolm Campbell, wrote the screenplay. Ms.Dunne is Sandra, the mother of two endearing little girls and the partner of acarpen- ter, Gary(Ian Lloyd Anderson). His gifts forself-scrutinyand self- control areroughly equal: that is to say, this infantile brutewill al- most surely kill Sandraifshe stays with him anylonger.Domes- tic abuse is the triggerfor what follows,but the film is toocon- (2)

cerned with the complexities and S

contradictions of lifetobeabout UDIO

only one thing.Its next concern is ST housing—and that’snot the last ON AZ

one either. AM A waitress at a pub, Sandra also ClareDunne,Molly McCann, Daniel Ryan, Dmitry Vinokurov,RubyRoseO’Hara, AaronLockhart, Anita Petry and Mabel Chah, above;HarrietWalter,below finds time to clean and care for a physician, Peggy O’Toole (Harriet Walter, from “Killing Eve”), who’s stuck in a public-housing hotel It’s easy to imagine the feel- build the house. That corresponds Peggy, the physician forwhom back home in Dublin recovering room until she comes upon a good appeal of such a construction roughly to what happens here, but Sandraserves as apart-time care- from having broken her hip in a promising notion in the form of a project selling an outline, treat- very roughly, since, as I said, home giver,especially when the roles field hospital in Africa. But Sandra tiny house—specs and plans avail- ment or elevator pitch that leads building is only part of an uncom- arereversed. ConlethHill is qui- doesn’t have the money to rent or able for free on the internet—that to a script being written and a monly rich fabric that constitutes etly affecting as Aido,alocal buy a safe haven for herself and can be built for £35,000, or around film being made in which the mom the film as a whole. Another way building contractor with abig her children. All three of them are $47,000. manages to get the money and of putting it is that “Herself” has a heart that’sbeen giving him trou- largeness of spirit that finds room ble.(His son, Francis,isplayedby for its passionate, funny and Daniel Ryan.) Thedirector,Ms. fiercely desperate heroine and ev- Lloyd,had an international hit a eryone who rallies around her. A dozenyearsago with “Mamma couple of scenes threaten to cross Mia!” It wasabig,sprawling the line between joy and sentimen- movie Iliked alot—first in spite tality. For the most part, though, of itsinsistent good cheer,then the film makes goodwill plausible because of it. Her work in “Her- by making evil equally so. self” is notable forits intimacy Sandra, as written and played and insistsonnothing but the hu- by Ms. Dunne, is driven by terror manity of itspeople,starting and and sustained by love for her ending with amother’s devotion. daughters, Emma (Ruby Rose Tom Comerford did the fluid, O’Hara) and Molly (Molly Mc- self-effacing cinematography. Re- Cann). Depending on the moment, becca Lloyd was the editor. There’s her thought processes are bril- no need for the film to explain it- liantly clear or touchingly wishful. self—everything is there for the Both modes collide when she enjoying—but Aido and Francis ex- makes an earnest appeal at a wel- press its spirit when they invoke fare office. Given her dim pros- an old Irish term, meitheal, which, pects for breaking out of the pov- they say, means people coming to- erty cycle, and the cost of the gether to help each other, and be- welfare hotel, the government ing helped in return. The music is would save huge sums, she ex- eclectic, and at one point exqui- plains, by lending her the money site. That’s when Sandra sings for the house. Her logic is impec- “The Lass of Aughrim,” the tradi- cable and her proposal is, of tional Irish ballad that figures to course, doomed. shattering effect in the James Some supporting roles are Joyce short story “The Dead,” and playedbystage and film actorsof in John Huston’s film version of it. distinction. Ms.Walter bringsa The context is different, but the wonderfully astringent quality to impact is stunning all the same.

TELEVISION REVIEW |JOHN ANDERSON out, although the experienceisvery she seems to be falling forward much about the lead performance; wherever she goes,and you’re it comes very close to tooclose for never sureshe’sgoing to reach a Gone but Not Forgotten comfort foranyone who’s dealt with destination. Maud’smental stateis aperson with Alzheimer’s.The frus- something else: Her ownfailing trations of Maud—and her family,of memoryinfuriates her,but so does GLENDAJACKSON, two-time Os- Salvation Army thrift store), Maud show with the truly traumatic course—areexpressed with asym- the dismissiveattitude she gets car winner and former member of immediately assumes the worst— mystery of her sister’s disappear- pathetic eloquencebyMs. Jackson from those around her,including a the British Parliament, returns to she has a sticky note, after all, ance 70 years past. and her co-stars, notably Ms.Behan policeman who assures her with a the small screen for the first time confirming that Elizabeth was sup- This 90-minute“Masterpiece” and Nell Williams as Katy,Maud’s chuckle that all available unitson in nearly three decades in “Eliza- posed to arrive. We viewers, how- presentation of “Elizabeth Is Miss- plucky, punkygranddaughter.But land and in the air arelooking for beth Is Missing,” a mystery that ever, aren’t quite sure whether ing,” forwhich Ms.Jackson wona Ms.Jackson, who is in her 80s her- Elizabeth. Forall the villainyin puts a few poignant spins on some Maud, in her mental wanderings, BAFTAafter it aired in the U.K. last self,also makes Maud’sphysical fra- “Elizabeth Is Missing,” his is per- conventions of the genre. Has a isn’t conflating Elizabeth’s no- year,keeps one guessing through- gility an element of the suspense— haps the most repellent. But no one crime actually happened? takesMaud seriously—just Why will no one listen? And as no one believed the local how unreliable is our unre- madwoman (CaraKelly) liable witness? Glenda who haunted their village Having made a trium- Jackson back in 1949,and who phant re-emergence on the seemed to knowhow and London stage in 2016 as why—and with whom— King Lear, Ms. Jackson Sukey had vanished. brings a kindred squall of “Elizabeth Is Missing” wintry ferocity to Maud was adapted by Andrea Horsham, a woman with de- Gibb from the 2014 novel mentia who insists, to deaf by Emma Healey, who ears all around, that her based her book on her friend Elizabeth has disap- grandparents and not only peared. In her 80s, Maud understood how dementia lives alone—under the close appears to the outside supervision of her long-suf- world but the conflict it fering daughter, Helen generates in the hearts of (Helen Behan)—and gets those who live with it—not through her day on sticky just those afflicted them- notes: “Don’t forget to lock selves, but those who are up”; “Coffee helps mem- entrusted with their care ory”; and “Today Eliza- and who eventually be- beth’s house gardening.” come strangers in their While digging about with eyes. Ms. Jackson has al- Elizabeth (Maggie Steed), ways shown herself to be Maud finds half of an old, an exacting and gifted art- lacquered compact, of the ist, but Maud Horsham is type women would have the kind of role that re- carried in the late 1940s— quires much more out of a precisely when Maud’s sis- performer than just ac- ter, Sukey (Sophie Rundle), torly craft. And that, hap- disappeared without a pily, is what we get. trace. When Elizabeth fails ODUCTIONS

to show up the next day at Elizabeth Is Missing PR V

the “Sally Army” (the local Sunday, 9 p.m., PBS ST P2JW366000-0-A01200-1------XA

A12 | Thursday, December 31, 2020 THE WALL STREET JOURNAL. SPORTS

BY RACHEL BACHMAN Virus Causes he iron grip of afew programs on the College Football Playoff is so Schedule Tstrong that this season, it even survived amod- ern-dayplague. Scramble Alabama, Clemson, Ohio State and that pluckyNo. 4seed, Notre Dame,withstood coronavirus-rav- BY JOSHUA ROBINSON aged 2020 and emergedagain atop the sport. Alabama-NotreDame and THE ENGLISH PREMIER LEAGUE Clemson-Ohio State will faceoff in this week rescheduled matches due the semifinals on Jan. 1. to coronavirus forthe firsttime If the teams sound familiar,it’s sinceMarch, turning what wasal- no wonder.NotreDame has made ready itsmost condensed season the playoff twicesincethe format’s intoapotential logistical night- 2014-15 launch. Alabama, Clemson, mare. Ohio State and Oklahoma, which Firstcame the news that Man- finished sixth in this year’s rank- chester City had enough players ings, have grabbed 20 of the play- and staff in isolation that it off’s 28 all-time slots. wouldn’t be able to playits match Money explains alot. Recent against Everton on Tuesday. Then yearshavebrought ballooning TV- on Wednesday, Fulham requested rightsdeals,worth billions annually, that itsgame against Tottenham mostly to the so-called Power5 be rescheduled just hoursbeforeit conferences that generatethe most wasdue to kick off due to “a num- revenue.Wealth is only part of the ber of players showing symptoms,” reason, however, whythe playoff the league said. has become an exclusiveclub. This comes on topofthe league Clemson players huddle before the College Football Playoff championship game against Alabama in 2019. reporting anew high of 18 positive Teams Rich in Players Get Richer cases from itsmost recent round Only 11 collegeprograms cantell of testing and at least one man- recruitsthey’vereached the playoff. ager,Southampton’sRalph Hasen- Only four teams cansay they’ve WhyFour Teams huttl, coaching his team from wonitall. That appearstobecreat- home this week.The timing of the inganovel recruiting advantage. surge couldn’t be worse: the holi- “In the NFL,the team that wins dayperiod is the densest part of the Super Bowl gets the last pick in Dominate the Playoff the Premier League’sschedule and the firstround and the last pick in teams have been visibly exhausted. the second round, so they tryto “Match at 6p.m…We still don’t help the bad teams,” said Steve knowifweplay,” Tottenham’sex- Spurrier,the former Heisman Tro- Deep pockets, pivotal coaching hires, the decline of nonplayoff bowls asperated manager José Mourinho phy-winning quarterback and coach wroteonInstagram beforehis at Florida who’s nowanathletic de- and a feedback loop in recruiting have enshrined a tiny upper class game waspostponed. “Best league partment ambassador. in the world.” “In collegefootball, Alabama gets TheentireFulham squad was the first10picks in the firstround, Reruns it. In 2013-14,the last year of the scoring offenses.These coaches’ $6 due to be retested in the hopes of the first10picks in the second BCS, the non-championship Sugar, million-$10 million salaries are making itsnextgame against Teams thatfrequentthe College round and then about the firstfive Orangeand FiestaBowls combined comparable to what they would Burnley on Sunday. Manchester Football Playoffdominate in the thirdround. And then they to draw an audienceofnearly 39 earn in the NFL. City,meanwhile,expected Sunday’s recruiting rankings say, ‘Alright, the rest of youguys, million, according to the website An influx of cash from the play- trip to Chelsea to go ahead aftera y’all canget the rest of them.’And 2021 Recruiting CFP appearances SportsMedia Watch. Last year off,which gaveeach topconference newround of testing returned no then Clemson gets abunch of them, classranking Champion three CollegeFootball Playoff sec- abase of about $66 million last sea- further positives,the league said. and then Ohio State and so forth.” ’14 ’16 ’18 ’20 ondarygames,the Sugar, Orange son, helps fund those salaries.So Until now, the toptier of Eng- Spurrier’s 1996 Florida team 1. Alabama and CottonBowls,combined for do NCAA amateurism rules,which lish soccerhad largely been able to holds adistinction some find worri- 2. Ohio State 22.5 million viewers. ban athletecompensation beyond proceed with businessasusual. As some: It wasthe last first-time na- Although the CFP promotes its tuition, room, boardand minor ex- it concluded the 2019-20 season tional champion. Each title winner 3. Georgia games as the NewYear’s Six,the penses. and plowedahead intothe 2020-21 sincealready had achampionship. 4. LSU four non-semifinal bowls have be- campaign, games went ahead at a That streak will continue this year. guntorecede intothe background. Expansion and Amateurism furious pacewithout the need to CFP executivedirector Bill Han- 5. Clemson “Anunintended consequenceof Calls have increased to expand juggle the schedule. cock said the sport’stop teams are 6. Oregon the playoff is that the amount of at- the playoff and givemoreprograms Thesudden rise in cases has led merely in acycle of strength that’s tention has been spread not as achance. No team outside aPower to suggestions that the Premier 7. TexasA&M been seen before—with Armyinthe widely as it oncewas,and moreof 5conferencehas gotten in, and ran- League might consider a“circuit- 1940s,Oklahoma in the 1950s,and 8. NotreDame the attention has been spread to corsurgedthis year when unbeaten breaker” stoppage, shutting down later with Nebraska and Florida 9. Oklahoma those teams that areinthe playoff Cincinnati finished No.8despite all games fortwo weeks.The State. hunt,” said Greg McElroy,anESPN beating three ranked teams. league on Wednesdaydismissed 10. Florida analyst and former Alabama quar- TheCFP’sHancock rejected the the idea, insisting that it still had The Marquee Is Shrinking Schools with playoffappearances but terback.That heightened attention, notion that lower-earning confer- the flexibility to shuffle itscalen- Collegefootball’schampionship notintop 10 of recruiting rankings McElroy said, “creates anaturalad- ences have no chance, saying: “Ev- dar,despitestarting the season a game is as popular as ever.Last vantagefor those teams on the re- eryteam is equal when the season month later than usual. OL PO

year’s title game drew 26 million 22. Florida State cruiting trail.” starts.” TheCFP has no imminent S TV viewers,same as the champion- plans to expand, and changing the 32. Washington ship the year beforethe playoff was TopCoaches Get Paid and Stay contract, nowinyear seven of 12, IN/PRES RA

launched. Yetnonplayoff bowl 40. Michigan State Thecoaches of perennial playoff would requireunanimous consent Y games have lost luster. teams aren’t just good, they’reHall- of all conferences,ESPN and the Sources: 247Sports (compositerankings,Dec.21); College AND

A1984 Supreme Court decision FootballPlayoff(years) of-Fame-level elite. Nick Saban at bowl games,Hancock said. S;

pavedthe way forbloat. Thecourt Alabama; Dabo Swinney at Clem- TheSupreme Court is expected PRES ruled the NCAA could no longer effort culminated in the Bowl son; Bob Stoops then Lincoln Riley to rule next year in an ongoing bat- TED limit the number of collegefootball Championship Series,which eventu- at Oklahoma; and Jim Tressel, Ur- tle over whether NCAA player-com- OCIA

games on TV.Athletic conferences ally included the title game plus ban Meyer and Ryan DayatOhio pensation limitsviolateantitrust SS

took control, and the number of four other bowls—fiveheavily pro- State.(Brian Kelly nearly has the laws.Allowing collegeathletes to /A

televised games and bowl games moted eventsthat gave10teams most wins in NotreDame history profit from their name,imageand CHIU exploded. bragging rights. but is still seeking anational title.) likenesscould help some programs JEFF

In the early 1990s,anallianceof Fans decried the BCS’sbaroque Thetop coaches arebetterre- gain an edgeinrecruiting.“It also P: topconferences began morphing selection formula of computer rank- cruitersand attract and develop mayreinforce the existing hierar- TO OM

one bowl matchup each year intoa ingsand human polls,but their betterquarterbacks as the position chy,” said former West Virginia ath- FR national championship game.The viewing habitssuggested they loved has become crucial to today’shigh- letic director Oliver Luck. View of Tottenham Hotspur Stadium.

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. 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THE WALL STREET JOURNAL. Thursday, December 31, 2020 | A13 OPINION 2020 Hindsight and a Look Ahead BOOKSHELF | By Karin Altenberg

By Karl Rove round to wild-cardTennes- cause the economygrows at least four effectivecoronavi- Rest, Retreat see—andthe “Greek Freak,” betterthan 3.5%. Mr.Trump rusvaccines used by more et’sbid farewell to a Giannis Antetokounmpo,was doesn’t declare for president than half the country. L horrible year by review- the National Basketball Asso- next year because he doesn’t North Korealaunches an ing my 2020 predictions ciation’s most valuable want the personal financial- advanced intercontinental bal- And Renewal and offering prophecies for player. reporting and contribution listic missile or conducts an- the coming year. Nowmy2020 prediction limitsthat would impose,but other nuclear test. Iran ramps Overall, I made 20 correct bloopers.Climateguesses he keeps all options open for up itsnuclear program. China Wintering forecasts—nine incorrect and were amixed bag: As pre- 2024 so he’s kingmaker even offers a big emissions reduc- three are up in the air. dicted, U.S. carbon emissions if he doesn’t run again. tion forending U.S. arms sales By Katherine May What Igot right: Mayor dropped, but mostly because As aprivatecitizen, Mr. to Taiwan. Mr.Biden and (Riverhead, 241 pages, $24) Pete Buttigieg wonthe Iowa of theunpredicted Covid-in- Trump needs betterlawyers Prime Minister Boris Johnson caucuses,Joe Biden secured duced economic contraction, than Rudy Giuliani,Sidney strikethat U.S.-U.K.trade herewill be times,inall our lives,when we find the Democratic nomination, not innovation. Global reces- Powell and Lin Wood.The deal. TheWest decides howto T ourselves unraveled, upended, unable.Wefind no President Trump trailed in the sion forced Paris climateac- Manhattandistrict attorney counter Chinese intellectual- rest. We arenot as successful, as on topofthings, popular vote and carried Flor- cord signatories (including property theftand foreign-aid asloved, as we pretended to be.Wehavebeen found out, ida and Ohio while attracting Chinaand India) to reduce manipulation through itsBelt unmasked. At such times we mayprefertosee ourselves moreAfrican-American and CO2emissions,the opposite The Chiefs win again, and Road Initiative. There’s as blamelessvictims rather than the perpetratorsofour Hispanic voters than in 2016. of what I predicted. less difference than expected ownpain—the shame will lessen if the cause is external Thepresidential election came TheDemocratic convention and at least two Biden between the Biden and Trump and fixable,rather than self-created. down to Michigan, Pennsylva- took one ballot, not more. cabinet nominees policies on the Mideast and In “Wintering: ThePowerofRest and Retreat in nia and Wisconsin, settled by Iowa didn’t go Democratic in China. Difficult Times,” Katherine Mayshows us another way to awider margin than Mr. November. Because of Covid, don’t get confirmed. Alabamaiscrowned col- handle our personal winters. “Wehaveseasons when we Trump’scombined 77,736-vote therewas recession instead of lege-football champion. The flourish,” she writes,“and seasons when the leavesfall edgein2016.Mr. Biden took 2.3% growth, and jobs and Kansas City Chiefs win an- from us,revealing ourbarebones.” In this honest and them by 257,025 votesand wagesdidn’t increase for and New York state attorney other Super Bowl, but Green deeply sympathetic meditation on her ownfall through a wonthe election. As forecast, workers. No U.S.-U.K.trade general will dog him over per- Bay’sAaron RodgersisNFL gapinthe “mesh of the Democratskept the House but agreement. TheRavens didn’t sonal finances. MVP.PeytonManning,Charles everyday world,” Ms.May, with a reduced margin. win Super Bowl LIV,and their Republicans maneuver to Woodson and areceiver—Reg- aBritish novelist and Therewas asecond U.S.- quarterback, Lamar Jackson, define themselves with Mr. gie Wayne,TorryHolt or Cal- essayist, proves that there China trade deal—and it wasn’t MVP. Trump out of the Whitehouse vin Johnson—areinducted is graceinletting go, wasn’t comprehensive. Nor Threepredictions areunre- but still on Twitter. Mr.Biden’s into the Hall of Fame in Can- stepping back and giving didChina buy the $141.7bil- solved. Special counsel John traditional Democratsand his ton, Ohio.Taylor Swift’s yourself time to repair in lion in American goods it Durham’sinvestigation is party’s socialist wing argue “Folklore” album wins a the dark. promised; by November, Bei- pending.Istand by my fore- about policy, personnel and bi- Grammyand “The Crown” an Her memoir begins at the jing had bought only $82 bil- cast that the U.S. dominates partisanship,but by year’s end Emmy. end of summer,aweek lion. the competition formedals at Mr.Biden is still governing as These aremyguesses for beforeher 40th birthday. Middle East refugee flows what arenow the 2021 Tokyo anormal liberal. 2021, but lifeoften takesus Her husband falls danger- increased but were mostly Olympics.The question of At least two Biden cabinet by surprise.May 2021 do so ously ill and, when he contained within the region. who controls the Senate will nominees aren’t confirmed. lesscruelly than this year did. recovers,she is spent. She Libyabecame morechaotic, be settled in Tuesday’s Geor- No major taxincrease or has found herself in the grips and the Islamist threat in the gia runoffs: I still believe Re- Green NewDeal-type climate Mr. Rove helped organize of depression before, but this sub-Saharagrew. Iran contin- publicans retain anarrow ma- measurepasses.The Su- the political-action committee time she has ayoung son to ued disrupting Iraq,but Iraq’s jority.They better, sincesome preme Court reins in several American Crossroads and is care for, and ajob that she government appearsmoresta- of my newprognostications of the newadministration’s author of “The Triumph of can’t keep up with. She is riddled with anxiety and ble. hinge on it. regulatoryactions.There’s William McKinley” (Simon & paranoia—and very hardonherself,evencriticizing her TheNew England Patriots So for2021 predictions: Mr. bipartisan legislation on Schuster, 2015). owndreams: “What asilly little human Iam, to dream didn’t makeittothe Ameri- Biden’sapproval rating ayear Covid, infrastructure and such obvious things.” And yet, as aveteran at wintering, canFootball Conferencetitle from nowisatleast the 51% trade. Violent urban crime Daniel Henninger is away. she knows that she cansurvive. And she is generous game—they lost in the first he received in November be- grows. By July thereare at enough to shareher strategies forhow to find respitein the dark and endureuntil anew spring arrives. She is drawntothe North, to the “peaks and troughs of itsseasons,” and travels to Iceland and Norway in search The Tyranny of Diversity of cold comforts. She tries (and fails) to re-createthe Finnish sauna experienceinaBritish sportscenter.Inmid- By Joseph Epstein rected me,atleast partly,by Because of this want of intel- large numbersofhighly quali- December,her search foraway toward the light bringsher pointing out that without such lectual authority,universities fied Asian-American applicants to the annual SantaLucia concert at the Swedish Church in resident-elect Biden an administrator fordiversity have nowbeen on the slide for foradmission. In contestsfor London, arather stiltedexpat affair,which offersalittle P promises “the single the school might be denied manyyears. awardsand prizes,diversity, solaceand just enough light to see by. most diverse cabinet, federal funds forscientific and In government, the value of too, is oftenthe primaryfac- Theorigins of this Swedish winter ritual arefractured based on race,color,based on other projects. diversity is ofteninconflict tor. Afriend recently told me and layered. Themodern version involves acandle-lit gender,that has ever existed in There’snothing wrong with with the value of true merit, that his grandson wonaMar- procession, headed by agirl—SantaLucia—wearing a the United StatesofAmerica.” the idealistic yearning for or of the real abilities of the shall Scholarship,all the more crownofcandles,and her singing attendantsdressed up as Diversity,and itsbrother-in- equality unlessitgetsinthe people chosen to perform remarkable,henoted, since avariety of creatures,including virgins in whitenighties, lawInclusivity,isatthe center way of other important goals their jobs.Under identity poli- the kid is awhitemale. gingerbread figures, magi carrying starsonsticks,and gray of progressivepolitics and of or goods.The ideal of prom- tics,somuch favoredbythe Americahas always been gnomes.This year,due to the coronavirus pandemic,the woke culture. But what is its ised equality undercommu- Democratic Party,diversity is andremains adiverse coun- celebration wascanceled acrossSweden forthe firsttime true value? nism, forexample,annihilated the sine qua non. In choices try, composed of wavesofim- in living memory. No bright candles and nighties,no Diversity is aserious plank the ideal of personal liberty. forcabinet and subcabinet migrantsseeking opportuni- harmony-singing,just the cold December dark.InSweden’s in the platform forequality Thepolitical philosopher Isa- ties available nowhereelse.If old agricultural calendar,Dec.13marked the longest night, generally: equality,beitnoted, iahBerlin oftenwrote about some groups have had to when supernatural forces were at play,animals spokewith not of opportunity but of re- the conflict that arises when Itsmonomaniacal struggle to securethese op- human voices and the boundaries between the worlds sult. Diversity—in universities, two good qualities compete. portunities, they have for the disappeared. This fallow, liminal night wasfollowedbya corporations,government, TV Great goods,Berlin thought, pursuit undermines most part successfully done defiant morning of feasting.Later,the vernacular ritual commercials—is in part ade- sometimes cannot liveto- other values—true so.Those who oppose them mergedwith the Feast of St.Lucyand became afestival liberateattempt to make gether: “Weare doomed to arenow rightly regarded as of light. amends forpast injustices.The choose,and everychoicemay equalityamong them. retrograde. Left to their own intention is to bring minority entail an irreparable loss.” Is devices,and oncefreed of the groups out from their posi- diversity,inhigher education harness of victim status that We have seasons when theleavesfall from us, tionsofmarginality intothe and in politics,always the posts, under identity politics many of their leaders wish to revealing our bare bones. Thereisgrace in center of institutions,politics right choice? the desirefor—some might bind them in, they arelikely and culturegenerally. In contemporaryhigher ed- say the tyranny of—diversity to go from strength to letting go,and in giving ourselvestime to repair. Universities employdeans ucation, diversity competes generally trumps past perfor- strength. Attempts to rig the andassociateprovostswhose with intellectual authority, mance. Under the banner of system in their favorthrough entire task is to foster diver- based on scholarly and scien- diversity,the political version the artificial arrangements Mythologies and their rituals givesense and rhythm to sity.One such person wasre- tific accomplishment. These of affirmativeaction rules.To that imposeddiversity re- our lives and mark the passing of the seasons.Ms. May cently hired “torealizean days,diversity is all but victo- have,inMr. Biden’swords, quires cannot ultimately help keeps aclose eyeonthe natural world and her own ideal Northwestern University rious and intellectual authority “the single most diverse cabi- them attain the genuine internal weather,paying attention to the “metronome that wherecommunity members well in retreat. This leavesno net ...that has ever existed equality that only true accom- ticks away itsdarkest beats.” She cooks,pickles and knits arechallenged to engagedif- one in aposition to set or de- in the United States” is con- plishment can bring. and finds “the sense of akindnessdone in the process.” ferences as strengths in an en- termine educational standards. sideredmeritorious,some- Thebest way to celebrate She forces herself to go forwalks; she sitsonthe beach vironment that ensures equal- University presidents, onceed- thing grand in itself. diversity,perhaps,istobegin until the tide turns.Her hibernation seems snug at ity of access,opportunity, ucational leaders, nowfocus In the conflict between by celebrating diversity of times—blessed with family and friends,acottage by the participation and representa- on fundraising and public rela- goods,itisalways worth ask- thought. sea, awood-burning stove, agarden—but pain and tion.” When Ispoketoafriend tions.The heads of academic ing who is favoredand who wearinessare not easily healed by home comforts. Late in who teaches at Northwestern departmentstend to accept loses because of the good cho- Mr. Epstein is author, most the year,she has to take her son out of school. He,too, about what seemed to me the theirjobs not out of adesire sen. In higher education we recently, of “Gallimaufry: A has lost his joyand she decides to teach him howto emptinessand unnecessaryex- forintellectual leadership but have witnessed Harvard, in its Collection of Essays, Reviews, winter in order to help him through his sadness. Together pense of such ajob,hecor- to reducetheir teaching loads. desirefor diversity,turn away Bits.” they witnessthe winter solsticeatEngland’smost famous Neolithic monument—Stonehenge—whereneo-pagans, NewAgers and druids gather on Dec.21tosee the sunrise that marks the end of the longest night. Thedawn, when TheU.S.General Who Steered China Right it arrives,iscloudy and gray.The celebrantsturn to each other and deliver the mantra“We have turned the year!” By Thomas J. Campanella Buthelikely had an ulterior rule of the road be inverted. automobile industryinmind. but Ms.May describes the experienceasa“missed motive. The generalissimo agreed. So Changing China’straffic would orgasm” with “no distinct moment of release.” fmymanyinternational TheJapanese occupation of didmost Chinese; the move- pave the way for American During the pandemic,manyofusfeel that we have lost O studentsatCornell, China prompted Wedemeyer’s lefttradition had the mark of cars in amarket long domi- our sense of time.Working from home,one dayisjust those from China are decision. By early 1945,impe- British imperialism. natedbythe British. Indeed, likeanother; holidays and social eventsare canceled. among the most eager to take rial troops had been forced Wedemeyer ordered apub- he recalled with pleasurethe Time is out of joint; we have lost our rhythm, and the up driving in America. Partly out of Burma and the Pacific licity campaign in preparation. “thrilling experienceofstand- chaos in our chronologymakes us perceivelifeaslinear this is due to the popularity of islands.But two million re- “Posterswereplaced on tele- ing on the balconyofmy rather than cyclical. Ms.May offersaway of inviting cars in China, the most rap- mained in mainland Asia, phone poles and shop win- towerapartment in the Cathay winter,and the steady,familiar comfort of seasons,back idly motorizing nation on mostly in southern China. To dows,” he recalled in his mem- Hotel in Shanghai to watchthe intoour lives.“OWind,” Shelley wrotein“Ode to the earth. But it’salso because drivethe Japanese out, Wede- oir,“showing diagrammatically traffic at midnight change West Wind,” “IfWinter comes,can Spring be far behind?” trafficinChina and the U.S. meyer launched Operation howtraffic would move.” over to movealong the right Thegiftofwinter,Ms. Mayargues,isthat it is irresist- follows the same rule of the Carbonado.Itrequired the But therewas resistance. side of theroad.” ible: “Changewill happen in itswake, whether we likeit road. Vehicles in both coun- marshaling of two divisions of Editorials appeared in the lo- It wasn’t until the 1980s or not.” tries driveonthe right. Learn cal press “criticizing the idea that Detroit moved intoChina, But wintering is not just about finding light, or waiting to drivehereand youcan of breaking an old Chinese and it wasonly possible be- forthe year to turn. It is about giving in to the dark and drive there. Driving on thelefthad tradition and urging the Gen- cause Mao chose to keep coming to terms with the limitations of our lives. China didn’t always drive eralissimo to reconsider.” Sus- move-right traffic flow after Slowing down, Ms.May reminds us,isdeeply unfashion- right; before World War II its themarkofBritish picious,Wedemeyer ordered 1949—the same pattern used able,but wintering gives us achancetoreinvent traffic ranonthe left. That imperialism—and it an investigation. Thesource by the Soviet Union. Today, ourselves. changed at midnight on Dec. turned out to be the British China’sroads areflooded with Ms.May is aclear-eyed observer and her languageis 31, 1945.Asthe newyear wasbad forDetroit. Embassy,whose officials were Buicks,Teslas and Fords. That steady,honest and accurate—capturing the sense,the dawned, traffic throughout convinced that Wedemeyer these—and all other vehi- beauty and the latent powerofour resting landscapes,of the land shiftedfromone side waspreparing foraninvasion cles—moveonthe right like lying fallow.I’m reminded of Seamus Heaney’sline from to the other. It was the work Chinese troops by air from of another sort—the sale of those in Parsippany, N.J.,or the poem “Personal Helicon”:“Irhyme /Tosee myself,to of Gen. Albert Wedemeyer of Burma, then moving them 700 American automobiles. Peoria, Ill., is daily proof that set the darknessechoing.” Her retreat and renewalisa the U.S. Army, whom Presi- miles south from Chongqing They were probably right. America’s most universal ex- personal experience, generously shared. “A great deal of dent Franklin D. Roosevelt had to the coast in aconvoy of TheJapanese surrender on port to China is not Holly- lifewill always suck,” she notes,but at the end of 2020,a tapped to replaceJoseph American trucks. Sept.2,1945, mooted Car- wood or McDonald’sbut sim- year when so manyofuswereforcedtoslowdown, when Stilwell as commander of But because the vehicles bonado.With U.S. Armyvehi- ply the way that we drive. we were masked and unmasked, “Wintering” encourages American forces in China. were driven on the “wrong” cles soon to leave, there was us to accept our imperfections and trust in the world, Wedemeyer’s movewas in- side of the road, traffic acci- no need to alter traffic across Mr. Campanella is an asso- with itscycles of hibernation and regeneration. tended, at least ostensibly, to dentsensued. Afterdriver ed- China. Yetthe plan proceeded. ciate professor of city plan- reduceaccidentsonChina’s ucation campaigns failed, Why? Wedemeyer was a ning and director of the urban Ms. Altenberg was born and raised in southern Sweden roads,which were cloggedby Wedemeyer proposed to patriotic American, and he studies program at Cornell and has lived in the U.K. since 1996. She is the author of American jeeps and trucks. Chiang Kai-shek that China’s might well have had the U.S. University. the novels “Island of Wings” and “Breaking Light.” P2JW366000-0-A01400-1------XA

A14 | Thursday, December 31, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Trump’s Push to Turn 2020 Into 1876 Everybody WantsCredit forthe Covid Vaccine

resident Trump’slast and worstshot at In Georgia the GOP chairman said it wasin- Graham T. Allison correctly high- Alfred Nobel endowedhis chemis- overturning the 2020 election will come tended to preserveMr. Trump’slegal options, lightsthe importanceofcompetitive tryprizefor those who have “con- P on Jan. 6, as the new Congress meets in even as thestate’s Republicanleadersofficially privateenterprise in developing ferred the greatest benefit to man- Covid-19 vaccines (“WhoMade the kind.” ANobel PrizeinChemistryfor joint session to tally the votes certified electorsfor Mr.Bi- Vaccine Possible? Not WHO,” op-ed, President Trump maybeinorder. from the Electoral College. Mr. The attempt to overturn den. Dec.24) but glosses over the primary DAVID LEWIS Trump wantsRepublican law- the Electoral College If Democratstried asimilar importanceofpublicly funded basic The Villages, Fla. makerstolodgeformal objec- Electoral Collegestunt, Repub- research. That is,research not moti- tionstoJoe Biden’s electors, is hopeless folly. licans would hoot it down. The vatedbypractical applications and Iwonder if it occurred to Rep.Al- and this kamikazemission al- closestrecent analogue wasaf- not conducted by privatecompanies, exandria Ocasio-Cortez,after she re- ready has afew volunteers. terthe 2004 race,when Demo- but motivated by the simple goal of ceived her Covid-19 vaccine,that Here’swhat would happen next, at least ac- cratschallenged Ohio’s electors, claiming they understanding howthe natural world without the animal spiritsofcapital- cording to the Electoral Count Act: If astate’s wanted to forceadebateonvoting reforms.Sen. works and conducted largely in public ism, therewouldn’t have been avac- electorsare challenged by both aSenator and a Barbara Boxerjoined them, delaying the ratifica- institutions. cine to take.And when Sen. Bernie Representative, then each chamber is supposed tion forhoursasthe House and Senateconsid- Second is the essential role of gov- Sandersgot his vaccine,did he realize ernmentsand public funding,not only it wasthe fruit of the push from a to retiretoconsider it. If they rejected the elec- ered the objections. to support the basic research, but also president he vilifies and an economic tors of enough states to denyMr. Biden 270elec- Rep.NancyPelosi defended the exercise,say- to provide the legal framework essen- system in which profit-seeking drives toralvotes,then the House would choose the ing that the discussion “should not be consid- tial foramarket economy. Idon’t innovation? Theeconomic system that President. ered frivolous.” Rep.Jerrold Nadler thundered denythe crucial role of privateenter- these politicians support, runbycen- iii that “the right to vote has been stolen from qual- prise from that point onward,but to tral planner in Washington, couldn’t But howcould lawmakersjustifythrowing ified voters,” while allowing that irregularities conclude that pharmaceutical compa- have completed this mission in time. out electorsfor Mr.Biden? Although Mr.Trump “havenot been proved to have changed the out- nies and Operation Warp Speed de- DON SULLIVAN keeps tweeting claims of massivevotefraud, his come.” Rep.Maxine Waters chargedthat Ohio’s servethe vast bulk of the credit for Venice, Fla. lawsuitshavebeen rejected in court, sometimes “partisan SecretaryofState,Mr. Kenneth Black- the development of the vaccines is a by his ownconservativeappointees. well, I’m ashamed to sayanAfrican-American selectivereading of howscience Whomade avaccine possible? The AnychallengetoMr. Biden’selectorsappears man,” failed to pursue voterintimidation. works. 30,000 volunteerswho took achance WILLIAM HORNS and joined atrial beforeitwas proved doomed, sinceupholding the objection takesa What wasthe GOP’srejoinder? “Some Demo- Fitchburg, Wis. to be safe. Ihaveseen little acknowl- majority in both chambers. TheDemocratic cratsonly want to gripe about counts, recounts, edgment of our contribution. Housewould use the opportunity to excoriate and recountsofrecounts,” said Rep.Deborah Mr.Allison doesn’t take his analysis Oncethe vaccine wasshown to be Mr.Trump afinal time on his way out the door, Pryce. Then-Rep.Roy Blunt pointed to the sub- to itslogical conclusion. Theresearch- effective, we volunteersthought we’d and grown-ups in the Republican Senateare un- stantial Ohio margin. “Ifweweretaking this im- erswho formulated the vaccine were be “unblinded”—told whether we likely to playalong.Hencethe Trump crowd’s portant time todaytotalk about adifferenceof in the right placeatthe right time, were given the vaccine or aplacebo— latest argument: that the powertoinvalidate 118 votes,” he said, “that might be justifiable,” with funding guarantees and advance- so the placebo group could be given electorsrestswith the joint session’spresiding but Mr.Bush wonby118,000. purchase orders. While their task the vaccine it helped makepossible. officer—Vice President MikePence. Counts, recounts, and recountsofrecounts— wasn’t trivial, it appearsthat tens of We haven’t. TheFDA wantstomilk Anub of truth hereisthat the Electoral Count that’sadescription of Georgia this year.The dif- laboratories around the world have some moredatafromour bodies to completed it successfully. learn something moreabout the vac- Act might be unconstitutional. Originally passed ferenceisthat in 2004 Democratic candidate Thegame changer wasOperation cine’slong-term safety,and it is con- afterthe contested-election messof1876, it pur- John Kerryconceded. “I will not be taking part Warp Speed. Without it, we would be tent to sacrificeour short-term safety portstolet asimple majority of Congressdecide in aformal protest of the Ohio electors,” he said. sitting herewaiting foravaccine an- to getit. which presidential electorsare valid, apower Despitereportsofirregularities,“our legal nouncement, and then wondering WILLIAM TINDALL that’shardtojustifyunder the Constitution or teams on the ground have found no evidence when production would start. Church Hill, Tenn. separation-of-powerprinciples. that would changethe outcome.” Does Mr. Reverting to the Constitution’stext, however, Trump want to depart by making people pine for would be small help to Mr.Trump.The workings the statesmanship of John Kerry? of the Electoral Collegewererefined by the 12th iii Christmas Messages From the Editorial Page Amendment, which says that the Vice President Republicans should be embarrassed by Mr. shall “open all the certificates and the votesshall Trump’sElectoral Collegehustle.Mr. Trump is Thank you for republishing Ver- ren, the Galatians, the words he mont Royster’s 1949 editorial “In Hoc would have us remember afterward then be counted.” Wheredoes that languagegive putting his loyalVPinaterrible spot, and what Anno Domini” (Dec. 24). It is so im- in each of the years of his Lord: Mr.Penceunilateral authority to set aside electors? do Republicans think would happen if Mr.Pence portant, in our world threatened by Stand fast therefore in the liberty This can’t be what the Founderswanted. pulled the trigger, Mr.Biden wasdenied 270 critical theory and cancel culture, to wherewith Christ has made us free In 1876, at least, therewerecompeting elec- electoral votes, and the House chose Mr.Trump understand where we came from and and be not entangled again with the tors that each claimed official imprimatur.InOr- as President? Riotsinthe streetswould be the the importance of freedom and indi- yoke of bondage.” egon the Governor and the SecretaryofState least of it. vidual responsibility in delivering us Yet on the adjacent page, Phil certified different slates.Florida’soutgoing Gov- Mr.Penceistoo much of apatriottogoalong, from the “darkness” and “oppres- Gramm and Mike Solon’s “In Defense ernor signed off on agroup of electors, only to but the scramble to overturn the will of the vot- sion.” Your courage in sharing Paul’s of Scrooge, Whose Thrift Blessed the be reversed by the incoming Governor. erstarnishes Mr.Trump’slegacyand under- words to the Galatians is one reason World” (op-ed) honors Scrooge and None of that ambiguity existsnow.Self-styled minesany designs he has on running in 2024. that I’ve been a subscriber for more Marley and “the wealth accumulators Republican shadowelectorsheld their owngath- Republicans who humor him will be giving Dem- than 60 years. of our own age.” It concludes that WILLIAM BEATTIE “Scrooge’s wealth accumulation eringsthis month in some states that Mr.Biden ocratslicense to do the same in the future, and Danbury, Conn. would have benefited far more people won. But it wasapurely extracurricular exercise. then it might matter. than anything he gave to charity after I was struck by the ocean of differ- his reclamation.” Wealth hoarding— ence in depth between neighboring not driven by one of the better parts Trump’s School-Choice Relief opinion articles on Christmas Eve. of our nature—is only another form Royster’s “In Hoc Anno Domini” ends of the bondage that Royster warns emocrats hate vouchers so much that ing states and local agencies to draw from $1.7 by appealing to the best parts of hu- against. they restricted states from using edu- billion in federal funds from the separateCom- man nature: “And so Paul, the apostle JOHN CASANA D cation funds in the $900 billion Covid munity Services Block Grant (CSBG) program of the Son of Man, spoke to his breth- Annandale, Va. relief bill to help struggling to “provide emergencylearn- families during the pandemic The President improves ing scholarships to disadvan- ‘How’sYour Drink?’ Never Enough Lunchbag Letdown: send their kids to private access to vouchers for taged families for use by any schools.All the morecredit to child without access to in-per- Been More Needed,Cheers Full Deductibility for Meals President Trump for opening schools that are open. son learning.” Eric Felten has done yeoman’s Your editorial “TheMartini Lunch the door foratleast some Statesare supposed to allo- work in cheering Covid shut-ins who TaxCode” (Dec.22) criticizes the school-choice relief. cate the grant money to have emptied the liquor larder, temporaryreturn of businessmeals The Covid-19 relief bill sets aside $2.75 bil- groups that help low-income folks with employ- sweeping away years of dead spiders to full deductibility as bad taxpolicy. lion forprivateK-12schools on topofsome ment, education and housing,among other in search of anything potable and al- To the contrary, small businesses de- $54.3billion forpublic schools.The catchis things. Mr. Trump’s order says recipients can coholic (“Here’s to Simple Pleasures,” pend on these meals to grow their that none of the private-school funds can be also usethe grant funds forscholarships to as- Bookshelf, Dec. 26). He is an essential businesses.Unable to rely on Super used for vouchers that go directly to families. sist families with private-school tuition and worker in these dry times and I toast Bowl advertising or stadium spon- his spirit(s). sorships,they build relationships Statescan use the funds to support prep other education costs. PAUL BLOUSTEIN one by one. schools attended by the children of Members The executive order cites a June McKinsey Cincinnati Businessmeals were an easy tar- of Congress, but not to help low-income kids at- study projecting that Hispanic, black and low- getfor regulatorsdue to the abuse of tend those schools. income students would lose 9.2, 10.3 and 12.4 the three-martini lunch. But that was Democrats, er,unions,wereangryafter sev- months of learning, respectively, if in-person Thomas HasLed the Fight resolved decades ago, even if the eral Republicangovernorsused their small pot classes didn’t fully resume beforeJanuary2021. Against Chevron Deference stigma persists. As acertified public of discretionaryeducation money from the It also found that the average K-12 student in accountant and taxattorney for Cares Act to help low- and middle-income fami- the U.S. could lose $61,000 to $82,000 in life- It is a mystery to me why Kimber- small businesses,Ican attest that lies struggling to affordprivate-school tuition. time earnings in that scenario. ley A. Strassel, usually so knowledge- the Internal Revenue Code nowhas So they fought to stop governorsfromdoing so Joe Biden could reverse Mr. Trump’s order, able and careful to include relevant substantiation rules forthese ex- again. Republicans surrendered because they but he’ll have to explain why he wants to keep facts in her Potomac Watch column, penses that arestricter than most overlooked Justice Clarence Thomas other deductions. didn’t want to hold up the bill. low-income families from in-person education when considering whether the Su- Thefull deductibility of meals is On Monday Mr. Trump signed an executive that public schools refuse to provide despite preme Court might be willing to fair taxpolicy. When Congresspicks order that helps remedy the injusticebyallow- getting tens of billions more in relief. “take appeals and clarify important and chooses which legitimateex- matters of administrative law,” in penses to allow, the system goes out particular the “limits of the famed of balance. Thelimitation of the de- $2,000 Checks for the Affluent Chevron doctrine” (“Biden’s Court duction forbusinessmeals has always Problem,” Dec. 18). Ms. Strassel notes hit small businesses disproportion- onald Trump and Chuck Schumer keep benefitstoafamily of five making up to that Justices Neil Gorsuch and Brett ately.Full deductibility,evenona demanding another $2,000 in relief $350,000 ayear.The cost would add $463.8 bil- Kavanaugh have expressed skepticism temporarybasis,isafirst step to- D checks fortheir ownpolitical reasons, lion to the national debt in addition to the $165.7 about that doctrine, that less is wardsreinstating fairnessbetween known about Justice Amy Coney Bar- small and big business. Thepolicy but it looks likeSenateMajor- billion in checks that passed Schumer and Trump rett, and that even Chief Justice John should be praised, not bludgeoned. In ity Leader Mitch McConnell Congressthis month. In other Robertshas been willing to narrow apost-Covid-19 environment, busi- mayhold them off with some want to write checks words, Democratswant to bur- Chevron’s scope. nessmeals will playanimportant role crafty political maneuvering. den futuretaxpayers to write But she fails to mention that Jus- in the revitalization of small business. He’s also right on the policy to the non-needy. even bigger checks to affluent tice Thomas has argued explicitly in E. MARTIN DAVIDOFF merits. families today. his concurring opinion in Michigan v. Hightstown,N.J. Mr. McConnell has linked Mr.Trump’sproposal is Environmental Protection Agency the $2,000 checks to Mr. Trump’s other de- somewhat lessspendthriftinleaving payments (2015) that Chevron deference is un- mandstorepeal aliability shield forbig tech to children age18oryounger at $600.But he constitutional and urged the Court to Pepper ... firms and establish acommission to investigate would still provide benefitstoafamily of five re-examine it. Beginning in the And Salt voterfraud. Democratsdon’t likethe lattertwo earning up to $266,000 ayear and add $315.5 bil- 2014-15 term, Justice Thomas has been on something of a crusade to THE WALL STREET JOURNAL provisions,soabill with all three isn’t likely to lion to the debt. explain and to urge the court to con- passthe Senate. This betrays that Democrats Mr.McConnell called this “another fire hose front the fact that, in Charles J. Coo- aremerely using the $2,000 checks to help the of borrowedmoney that encompasses other per’s summary, “the basic principles Democratic candidates in the Georgia Senate people who aredoing just fine.” Thebill that has of our Constitution’s separation of runoffs next week. already passed Congressisbettertargetedatthe powers are incompatible with the Mr.Schumer wantsthe Senatetopassthe bill unemployed and low-income workerswith more system of bureaucratic rule that took the House passed earlier this week with the cash, morefood stamps,morechild-caresubsi- root in the progressive era.” $2,000 checks.The SenateFinanceCommittee dies,and higher joblessbenefits. EM. PROF. LILLIAN R. BEVIER staff has examined the details of both the House Even some Keynesian economistswho aren’t University of Virginia Law School bill and Mr.Trump’sproposal, and it turns out entirely in the Democratic tank areopposing the Charlottesville, Va. they’reevenworse than we thought in flowing $2,000 checks as poorly targeted and unneeded Lettersintended forpublication should to affluent Americans. given the paceofeconomic recovery and vaccine be emailed to [email protected]. Please TheHouse bill would increase the $600 deployment. Thepress loves the newTrump- include your city, state and telephone checks to $2,000 ($4,000 forjoint taxfilers) Schumer condominium, but Mr.McConnell and number.All letters aresubject to with another $2,000 foreach dependent regard- SenateRepublicans arebetterserving the coun- editing,and unpublished letters cannot be acknowledged. lessofage.All told the House bill would provide trythis year and intothe future. “I can’t get out.” P2JW366000-0-A01500-1------XA

THE WALL STREET JOURNAL. Thursday, December 31, 2020 | A15 OPINION How I Became a ‘Far-Right Radical’ Cold War With China By Lou Perez right, the“JoeRogan University— FanChannel” is labeled “center.” ’vebeen put on alist and not Does Mr.Rogan’spodcast only radi- Is Avoidable agood one.Itisn’t the Holly- calizecasual watchers, but not his wood Reporter’s Next Gen fans? I Classof2020 or Forbes’s30 Even Mark Ledwich, whom the By Joseph S. Nye Jr. Under 30—forgetthe acco- paper’sauthorsthank forsharing lade; I’dtakebeing under-30 again. datawith them, took issue with “the merican relations with China That would be so much betterfor way the labels were converted into A areattheir lowest point in 50 my career than whereIamnow:a far-rightand far-left.” (Towit: On years. Some sayDonald Trump comedian approaching 39,who his site Transparency.Tube,which has bequeathed JoeBiden anew finds his work labeled “far-right” tracks politicalchannels on You- cold war, which they define as in- in an academic paper titled “Evalu- Tube,Wethe Internet TV only tense competition without shooting. ating thescale,growth, and origins scored “Right” and “Anti-woke.”) But it is not yetacold war, and Mr. of right-wing echo chamberson Lumping together all these cre- Trumpisn’t the sole source of the YouTube.” atorswith vastly different political problem. Although I’m not mentioned by persuasions is lazy at best. At worst In the past decade, Chinese lead- name,ifyou turn to the last pageof it undermines criticism of actual ersabandoned Deng Xiaoping’s mod-

the preprint paper—which has yetto E far-right content. As YouTuber eratepolicyofbiding their time.

be peer-reviewedorsubmittedtoa OW Rebel Wisdom put it, “ifeverything They became more assertive, build- journal—you’ll see the words“We CR is far right, then nothing is.” He is ing artificial islands in the South

the Internet TV” huddled among CHAD of course also “far right” by the pa- China Sea and coercing Australia ec- other supposedly far-right YouTube per’s standards. onomically.Ontrade,China tilted the channels.Iwas head writer and pro- this study eliminates the need fora rorism” were missing from the pa- It’sthe type of analysis you’d playing field with subsidies to state- ducer of We the Internet TV before critic of mine to go put in the leg- per, because these terms have be- have to be living in an echo cham- owned enterprises and forced intel- my position waseliminated in Octo- work of akeyword search. Re- come inextricably linked to the far ber to come up with. Theauthors lectual-property transfer.Mr. Trump ber. ForfiveyearsIwas responsible searchersfromprestigious institu- right. Then Irealized it wasasmart writethat “the growing appeal of was clumsy in responding with tar- formaking hundreds of videos about tions including the University of (and cowardly) move on the part of radical content on YouTube may iffs on both allies and China, but he current events, politics and culture. Pennsylvania and Harvardalready the authorstoleave them out: just simply reflect amoregeneral trend wascorrect to defend against Chi- Iwas an equal-opportunity offender. went to the trouble of demonstrat- usethe umbrella term “far right” driven by acomplicated combina- nese companies like Huawei, whose Our comedy channel made funofev- ing that Iamsomehowresponsible and allowyour readerstofill in the tion of causes,both technological plans to build 5G networks pose ase- erybody—left, right, center. for“the phenomenon of right-wing tacit isms.That way,you don’t risk andsociological, that extend be- curity threat. Iremember the good old days of radicalization on YouTube.” It’ll be being called out for labeling people yond the scope of the platform’s easy to cancel anysuccess Ifind in who arenot fascists, racistsand algorithms.” mainstream media. terroristsassuch. Instead, the But the walls of their bubble Today’schallengeis Academics mislabeled me Which videos did it? Iwonder. study is peppered with nebulous ad- must not have been adequately different. Beijing has as one—as they did Bret Wasit“Burglarsfor Gun Control” or jectives like“extreme” and “radi- soundproofed, because the authors “Your Gun Makes YouLook Likea cal,” which allowreaderstosee arerevising theirpaper ahead of its economic powerMoscow Weinstein, Joe Rogan, D—”?The videos lambasting the alt- their ownbogeymen. official publication to include anew right or the anti-antifa one? The I’m not the only one who takesis- category:Intellectual Dark Web. could onlydream of. Sam Harris and others. sketches critical of President suewith being mislabeled. This gives This IDWcategorywould include Obama’sdrone strikes or the one me some hope formyfuture. channels that are“Anti-Woke” or mocking YouTube commentersleav- In the study’s view, former Ever- “Anti-Social-Justice-Warrior.” In the It is amistake, however, to think cancel culture, when if youlanded a ing racist insultsabout the 44th greenCollegeprofessor Bret Wein- current labeling system, anychannel we candecouple our economycom- gig on “SaturdayNight Live,” some- president? stein—a self-described progressive labeled IDWautomatically qualifies pletely from China without enormous one would have to put in some work Idon’t know. Ihavenever faced andBernie Sanderssupporter—is as far right. economic costs. That is whythe cold to getyou canceled. Beforeonline my accusers. Iwould liketoscroll far-right too. Joining us areneurosci- Ican’t speak forall those other warmetaphor is misleading.Inthe mobs could be whipped up in sec- through the We the Internet TV li- entist SamHarris (a self-confessed “radical” YouTube channels.But Cold War, the Soviet Union wasadi- onds,anangrydetractor would have brarywith them and point out the liberal), podcast host JoeRogan when it came to We the Internet TV, rect militaryand ideological threat to roll up his sleeves,comb through kind of “far-right” material that won (who considershimself “pretty lib- its“growing appeal” had alot to do to the U.S., and the two countries your tweets, listen to hoursofyour us aWebby Awardin2017. Other eral”)and Bloggingheads.tv(whose with it being funny. Ievendared to had almost no economic or social in- podcast, or track down arecording of winnersthat year included the regular contributorsinclude Voxco- do thetype of comedy that gets you terdependence. TheU.S.does half a youbombing at an open mic to find Women’sMarch and CNN’sVan founder EzraKlein). put on lists. trillion dollarsintrade annually with the material to take youdown. Jones. One thing that’sinteresting—by China, nottomention the millions of Don’t getmewrong: My “prob- At firstIfound it odd that the which Imean bonkers—is that while Mr. Perez is acomedian and host social interchanges liketourism. lematic” material is out there. But words“fascism,” “racism” and “ter- Mr.Rogan’schannel is deemed far- of “The Lou Perez Podcast.” China has learned to harnessthe cre- ativity of marketstoauthoritarian Communist Party control in waysthe Sovietsnever mastered. Could Garry Moore Have Made 2020 Wonderful? TheU.S.and itsallies aren’t threatened by the export of commu- By Bob Greene personality made him an ideal front would walk between stage-set denly on alamp post. “Yes,” Moore nism—few are taking to the streets man. streetlights. He seemed to be emu- would say, “itwas that wonderful in favorofMr. Xi’sideology—but by venGarryMoore, mayhis The signaturefeature on “The latingFrank Sinatra’s“In the Wee year—1951!” ahybrid system of economic and po- E ever-sunny soul rest in peace, Garry Moore Show” was something Small Hours” record-album cover, What would followwas along litical interdependencethat China might be hard-pressed to he called “That WonderfulYear.” but helpful-next-door-neighbor segment featuring re-enactmentsof canmanipulate. Morecountries come up with an upbeat way to GarryMoore, the fellowwho would sprightly momentsfromeach splen- count China than the U.S. as their frame this year. lend youarake, couldn’t really pull did year.Nat King Cole mightcome leading trade partner.Partial decou- Moore(1915-93) wasanamiable, The TV host even managed offring-a-ding-ding. onstagetosing avintagehit; Carol pling on security issues like Huawei crew-cut, bowtie-wearing broad- Yettherehewas,every week,be- Burnettmight act in ascene from a is necessary, but total economic de- caster during the early yearsoftele- to find something terrific neath those Sinatrastreetlights, and Broadway showthat had been big coupling would be costly,and few al- vision. He wasthe host of the popu- about 1929. This year an off-camerachoir of sweet-voiced box-office. GarryMoorewas able to lies would follow suit. lar game shows “I’veGot aSecret” singerswould croon: “That wonder- turn anyAmerican year intoadistil- Moreover,with regard to the eco- and “ToTell the Truth,” and Ameri- might have challenged him. fulyear,wehope you’ll see,the past lation of purejoy.Heck,hemanaged logical aspectsofinterdependence cans liked his friendly manner so reappear likeamemory...” to devoteone peppy segment, full of such as climatechangeand pandem- much that CBS gavehim his own With that, Moorewould begin his laughter and music,to1929: the ics, the laws of physics and biology prime-time variety show. Each week,hewould tell his nation- pitch: “That wonderful year! Jersey year the stock market crashed. But makedecoupling impossible.No In those yearsyou could count wide audiencehow terrific aspecific JoeWalcottknocked out Ezzard what on earth would he have done countrycan solvetransnational the number of TV channels on one year in the 20th centuryhad been. Charles. Ben Hogan wonthe Open with 2020? problems alone. Thepolitics of hand.Manyfamilies had only one Youcouldn’t name ayear that he Golf Championship.And JoeDiMag- global interdependenceinvolves us- set. Programs had to trytoappeal didn’t think had been marvelous. gio retired from baseball with five Mr. Greene’s books include ing powerwith othersaswell as over to everyone in the household, and Wearing afedoraand cupping a world recordstohis credit.” “Chevrolet Summers, Dairy Queen others. Forbetterand worse, we are Moore’scheery, nonconfrontational cigaretteinhis right hand, Moore Thebig reveal would appear sud- Nights.” locked in a“cooperativerivalry” with China in which we need astrategy that can accomplish two contradic- tory thingsatthe same time.This Building Bridges to Help the Economy Through Covid isn’t like Cold War containment. Meeting the China challenge will By Alan S. Blinder TheFederal Reservealso unveiled a gencylending.Yet TreasurySecre- we had anyright to expect. But requireamorecomplexstrategythat series of emergencyresponses to the tary Steven Mnuchindecided to apart from that phenomenal success, leverages American hardand soft he year is almost gone—and economic crisis back then. Those makethat harder,and some Repub- the countryhas done just about ev- powerathome and abroad to defend T 2020 won’t be missed. Thefu- timely and effectiveactions helped lican senators then tried to make it erything wrong in fighting ourselves and strengthen arules- turelooks brighter thanks to getthe economythrough the third impossible. Covid-19—including,most recently, based system. Some pessimistslook some truly amazing scientific work, quarter of 2020 in surprisingly good In contrast, Congresshas an fumbling the vaccine rollout. at China’spopulation sizeand eco- but athoroughly vaccinated America shape. abundanceoffast-acting palliatives And at horrific cost. Morethan 19 nomic growth rate and believethe is probably six to nine months away. As thepandemic worsened and at itsdisposal—such as extended million Americans have nowbeen in- task is impossible.Onthe contrary, if To limit the damagewhile getting the main provisions of the Cares Act fected, and about 340,000 have died. the U.S. treatsallies as assetsrather from heretothere, we need to build started to phase out over the sum- These numbersplaceusamong the than liabilities,the combined wealth two (figurative) bridges: apublic- mer,itbecame clear that we needed The Covid relief bill is a worst-performing nations on earth. of the Western democracies will far health bridgeand an economic-relief another economic relief package. As this is written, the latest data exceed that of China well intothis bridge. Thetwo makeanaturalpair Clear to everyone,that is,except down payment on what from Johns Hopkins rank the U.S. as century. because the economywon’t getback SenateMajority Leader Mitch Joe Biden can do to help eighth worstamong 217countries in AsuccessfulchallengetoChina to normal until the pandemic is un- McConnell and his colleagues.They Covid cases per capita(nestled be- will requireclear strategywith well- der control. refused to budgeuntil the virus was avoid a recession. tween French Polynesia andBahrain) defined goals. It will require estab- President Trump’sgrudging sig- raging out of control, the economy and 14th worst in deaths per capita lishing and defending technology natureonarelief bill allows us to waslooking abit shaky, and millions (between Bulgaria and Mexico). standards and values that areconsis- start building roughly half of the faced eviction at Christmas. and enhanced unemployment bene- Our neighborstothe north put us tent with freedom. Anew cold war necessaryeconomic bridge. Isay Incredibly,Republicans even fits,food stamps and other grantsto to shame.Covid illnesses and deaths can’t be ruled out. But as HenryKis- “roughly half” because the $900 bil- tried to hamstring the Fed. What the needy,measures to staveoff per million people (so far) areabout singer has warned, the appropriate lion that Congressappropriated is little medicine is leftinits cabinet evictions andbankruptcies,and sim- 60,000 and 1,050 here, but only historical metaphor todayisn’t 1945 about40% of the amount provided is mostly slow-acting—not the sort ply writing checks.Now that Mr. about15,000 and 420 in Canada. but 1914, when all the great powers in the Cares Act in March. (Should of thing that cangivethe economy Trump has spared aminutefromhis Had we achieved Canadian numbers, expected ashort thirdBalkan war. the $600 checks be boosted to aquick boost if needed. There’s busy golfing schedule to sign the morethan 200,000 dead Americans Instead they gotaworld warthat $2,000,the bridgewill be longer.) one big exception, however: emer- bill, manyofthese remedies will be would be alivetoday. Do Canadians lasted four yearsand destroyed four continued or restarted. have bettergenes? No.Just better empires.Asuccessfulstrategymust This matters greatly. Thesooner government. also protect against such asleep- theeconomygetsback to full em- Themuch-needed public-health walker syndrome. PUBLISHED SINCE 1889 BY DOWJONES&COMPANY ployment, the lesswe’ll need to effort requires simple measures like If China thinks it can coerce Tai- Rupert Murdoch Robert Thomson worryabout scarring from the deep masks,social distancing,testing, wanwith ablockade or by taking an Executive Chairman, News Corp Chief Executive Officer, News Corp recession. With afaster recovery, tracing—and, perhaps aboveall, re- offshoreisland—or thereisaship or Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher fewerworkerswill lose their jobs sponsible behavior.Yet Mr.Trump aircraftcollision that leads to lossof Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: permanently or see their skills atro- and his enablersseem determined to life—all betsare off.Ifthe U.S. reacts Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; phy. Fewerfirms will go bankrupt. turn these straightforwardmeasures by freezing Chinese assetsorinvok- Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; Fewerstate and local governments intotestsofpolitical will. Mr.Biden ing the Trading with the EnemyAct, News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; will seetheir finances ruined and will stop promoting that craziness, the world could slip quickly intoa Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer theirpublic services decimated. but not until Jan. 20. real cold war, or even ahot one.The Andrew Dowell, Asia; AnthonyGalloway, Video & Butit’sagigantic economy, and Decades from now, historians will Biden administration needs to pre- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; $900 billion is unlikely to be look with wonder at howRepubli- pareabroad strategytomeet the Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; enough. Fortunately,President-elect cans disparaged wearing masks and China challenge, and it must include Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; JoeBiden understands that. social distancing as infringements processes foraccident avoidance, Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News Apublic-health bridgetothe sec- on individual liberty.But long before crisis management and constant high Thomas SanFilippo, Customer Service; ond half of 2021 is also essential. that, millions moreAmericans will level communication. Otherwise,the GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; Sadly,its prospectslook poor, have fallen ill and hundreds of thou- result could be disastrous forChina, Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; among other reasons because of the sands will have died. Forthem, Jan. the U.S. and the world. Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International way Mr.Trump and his administra- 20 will not come soon enough. WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: tion have politicized the response to Mr. Nye is aformer dean of the LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head the pandemic.Yes,marvelous work Mr.Blinder, aprofessor of eco- Harvard Kennedy School and author

EDITORIAL AND CORPORATEHEADQUARTERS: by brilliant scientistsand dedicated nomics and public affairs at Prince- of “Do Morals Matter? Presidents 1211 Avenue of the Americas, New York, N.Y., 10036 medical professionals has produced ton, served as vice chairman of the andForeign Policy From FDR to Telephone 1-800-DOWJONES excellent vaccines far sooner than Federal Reserve, 1994-96. Trump.” P2JW366000-4-A01600-1------XA

A16 | Thursday, December 31, 2020 **** THE WALL STREET JOURNAL. WORLD NEWS Attack TargetsNew Ye men Cabinet Abortion Becomes Blast kills 22 as new government arrives at Legal in city of Aden’s airport; all ministers survive Argentina

BY JARED MALSIN BY JUAN FORERO AND SALEH AL-BATATI LawmakersinArgentina ap- An attack on an airport in proved a bill to legalize abor- Yemen killed at least 22 peo- tion, making it the first large plemomentsafter members Latin American countryto of the country’snewly sworn- ditch stringent antiabortion in cabinet arrived, in ablow regulations in avoteexpected to acountry struggling to to boost feminist movements

emerge from adevastating S acrossthe predominantly

conflict. PRES Catholic region. Thesound of explosions fol- After12hoursofdebatein TED

lowedbygunfireshook the CIA Buenos Aires,the senate

airportinthe city of Aden, SO votedWednesday38to29to sending people running across AS approveabill promoted by

therunway,according to news LEH/ President AlbertoFernández, footageofthe attack reviewed SA who has made women’srights

by The Wall Street Journal. MAJID apriority forhis government. Theblaststook placemo- A blast rocked Aden’s airport as Saudi-backed government ministers landed. Iran-backed Houthi rebels denied they were responsible. Argentina will nowpermit ments after cabinet ministers elective abortion up to the from agovernment backed by ment, in atweet. Thecountryissplit be- nied involvementinthe at- with the United Arab Emir- 14th week of pregnancy, Saudi Arabia had landed from The Yemeni interior minis- tween Iran-backed Houthi tack. ates. scrapping current legislation Riyadh. The government’s in- tryaffiliated with the Saudi- rebels who control the capital TheWestern officials didn’t “The real concern going that allows the procedure formation minister said all the backed government said 22 San’aand avariety of other rule out the possibility that al forward is that this attack di- only when apregnancyre- members of the cabinet were people were killed in the at- factions,including the Saudi- Qaeda in the Arabian Penin- vides the newgovernment sultsfromrape or when a safe. Adeputy minister of tack and morethan 50 backed government. Other sula or factions within the rather than unites it,” said mother’s health is at risk. public works waskilled in the wounded. The local branch of Middle East powers have a southern separatist camp Elana DeLozier,aYemen ex- The outcome wasablow to attack, officials said. Doctors Without Borders, the hand in the conflict, including could have been responsible pert at the Washington Insti- the growing evangelical “The cowardly terrorist act international medical relief the United Arab Emirates Theviolencepresentsa tute for Near East Policy. movement and the Catholic that targeted Aden airport is charity, said it was preparing which is allied with separatist challengetothe newgovern- It wasalso unclear what Church in the countryof45 part of thewar being waged for a “mass casualty” event. Southern Transitional Coun- ment sworn in on Dec.26as caused the blastsatthe air- million. Pope Francis,who against the Yemeni stateand Theattack further rattled cil. part of apower-sharing port. Video footagebroadcast wasborn in Argentina, had ourgreat people,and it will Yemen, a country in the grips No one claimed responsi- agreement brokered by Saudi by SkyNewsArabia showed actively backed antiabortion only deepen our resolveto of apolitical and humanitar- bility forthe attack,but West- Arabia aimed at ending fight- what appeared to be amissile groups. fulfill our duties,” said Maeen ian crisis afteryearsofawar ern officials and analystssaid ing between loyalistsofthe hitting the tarmac. It wasavictoryfor femi- Abdulmalek Saeed,the prime fueled in part by clashing re- it waslikely carried out by country’spresident and the —Stephen Kalin nistswho persisted even after minister in the newgovern- gional powers. the Houthis.The Houthis de- southern separatistsallied contributed to this article. the senaterejected abortion legalization two years ago. Although the movement has been around foryears, it American Who Spied on U.S. MovestoIsrael gained strength afterhuge protestsin2015 triggeredby the slaying of a14-year-old BY DOV LIEBER lives in the country. rival, while centrist and right- administration, who areal- pregnant girl. “Weare excited to be home wing politicians, including Is- ready at odds over howtohan- In much of Latin America, TEL AVIV—Former Ameri- finally after35years….We rael’s Defense Minister Benny dle Iran’snuclear ambitions. abortion is permittedonly if cannaval analyst Jonathan hope to become productive Gantz and Foreign Minister As acivilian analyst with the health of the mother is in Pollardarrived in Israel early citizens as soon as possible Gabi Ashkenazi, welcomed him theU.S.Navy, Mr.Pollardre- danger,incases of rape or if Wednesdaywith his wifeafter andcontinue our lives here,” to Israel. moved alarge number of clas- the fetus is unlikely to sur- spending 30 yearsinprison in Mr. Pollard said, according to Mr.Pollardisalso contro- sified documentsfromgovern- vive. Ahandful of countries in the U.S. forspying forIsrael,a astatement from the prime versial in Israel’s intelligence ment files and gavethem to an the Caribbean and Central case that caused friction for minister’s office. community. Israeli handler over an 18- Americaban it outright. Until S yearsbetween the two close Therelease of Mr.Pollard “He’snot the villain or the monthperiod, U.S. officials now, only Cuba, Uruguayand allies. from parole last month and his PRES hero he’sbeen made to look have said. He eventually Guyana—along with Mexico Mr.Pollardand his wifeEs- travel to Israel arethe latest TED like,” said aformer senior Is- pleaded guilty and wassen- City and the Mexican stateof

ther were greeted on the tar- in aseries of political deci- OCIA raeli defense official. tenced to lifeinprison. Oaxaca—have permittedelec- SS

mac by Israeli Prime Minister sions by President Trump seen /A Theofficial said that while Mr.Pollardwas paid be- tiveabortion.

Benjamin Netanyahu, who as aimed at bolstering Mr.Ne- TER Mr.Pollard’scase has been tween $1,500-$2,500 monthly Advocatesfor decriminaliz- handed them their national tanyahu, who is facing his used by some in the U.S. to by his Israeli handlers, along ing abortion in the region I.D. cardsasthey descended fourth election within two taint Israel and paint Jewish- with accepting lavish jewelry, hope the moveinArgentina NEUMEIS

from the plane. years in March. Y Americansasdisloyal, his rise U.S. government documents will inspiremovements bat-

Mr.Pollard, now66years Mr.Netanyahu has cam- LARR to fame in Israel and personal show. tlingtochangereproductive old, wasarrested in 1985 on paigned heavily on his close Jonathan Pollard in 2016 treatment by Mr.Netanyahu In the CIA’s 1987 assessment laws in Colombia,Chile and chargesofproviding Israel relationship with President waspolitically motivated. of the Pollardaffair,investiga- othercountries. with sensitiveU.S.militaryin- Trump. While the decision to ment failed to passabudget “Howmanytimes has the tors highlighted the large num- “For me,this is unstoppa- telligence and was sentenced not seek arenewalofMr. Pol- due to infighting between the Israeli prime minister come to ber of files,over800 docu- ble,” said Catalina Calderon, to lifeinprison. He wasre- lard’sparole afterfiveyears coalition’s main parties, trig- welcome a member of the Is- ments, stolen by the Israeli the Colombia-based director of leased in 2015 and placed on a mayhavebeen the product of gering the automatic dissolu- raeli security forces who val- agent that could divulgeU.S. the Women’s Equality Center, five-year parole that ended in cooperation between Messrs. tion of the country’sparlia- iantly fought forIsrael, and intelligence-gathering secrets. which advocates for women’s November,allowing him to Trump and Netanyahu, his ar- ment. notfor compensation,” the Mr.Pollard, who will live rights in the Americas.“The leave the U.S. rival in Israel at the start of a Mr.Pollardisapolarizing former official said. “It is with hiswifeinJerusalem, women’smovement in Argen- Mr.PollardisanAmerican new election season was “to- figure in Israel, where a large grossly politicized.” hopes to enter Israel’stechnol- tina has formanyyearsbeen a but Israel granted him citizen- tally coincidental,” said Nit- contingent of Mr.Netanyahu’s Thelionizing of Mr.Pollard ogysector.Heiscurrently forcethat has mobilized and ship while he wasimprisoned. sana Darshan-Leitner,Mr. Pol- right-wing camp has long pub- by Israel’sprime minister,ac- backed financially by private inspired women in Latin Mr.Pollardthanked Mr.Ne- lard’s lawyer. licly discussedits hope that he cording to the former official, individuals but his lawyer says America.” tanyahu forbringing them to Israel’s next election is set could one day move to Israel. could add to the tension be- she expectsthe government to —Silvina Frydlewsky Israel and said he and his wife to be held on March 23 after Left-wing politicians did not tween Israeli and incoming U.S. provide him with financial as- in Buenos Aires intend to livethe rest of their Mr.Netanyahu’sunity govern- comment on Mr. Pollard’s ar- defense officials of the Biden sistance. contributed to this article. WORLDWATCH

UNITED KINGDOM Parliament Approves Brexit Trade Deal British lawmakers approved a historic free-trade agreement with the European Union, an un- surprising but important step in cementing the U.K.’s departure from the bloc after more than 40 years as one of its biggest member states. The 1,246-page legal text agreed between London and Brussels on Christmas Eve was ratified by the House of Com- mons, Parliament’s lower house, after six hours of debate on Wednesday. Queen Elizabeth II GES gave her forma assent at around IMA midnight, the final step in the

U.K.’s legislative process. GETTY

Speaking in Parliament at the SE/ opening of Wednesday’s debate, Prime Minister Boris Johnson

said the treaty represented a ANCE-PRES new beginning. FR “What we wanted was not a GENCE

rupture but a resolution—a reso- /A lution of the old, tired, vexed

question of Britain’s political re- GEN/NTB

lations with Europe, which has HA bedeviled our postwar history,”

he said. FREDRIK Keir Starmer,leader of the URBAN DISASTER: A landslide smashed into a residential area near the Norwegian capital Wednesday, injuring at least 10 people, leaving 21 missing and destroying main opposition Labour Party, said homes, authorities said. Hundreds were evacuated amid fears of further landslides. Police were alerted at 4 a.m. to the slide in Ask, a village 12 miles from Oslo. he would ask his lawmakers to back the agreementtoavoid dis- EUROPE-CHINA The agreementaddresses vote in the European Parliament. RUSSIA on charges of large-scale fraud ruption on Jan. 1. He criticized as- longstanding European calls for The Europeans saythe pact pro- relatedtohis alleged mishandling pects of the accord,including its EU, Beijing Reach fairer competition with China’s vides similar advantages to those New Fraud Probe of some $5 million in privatedo- provisions on services trade and Investment Accord companies and improvedaccess the U.S. gained when it signed its Opened Into Navalny nations to his Anti-Corruption lawenforcement, but said it was to its markets. It commits Beijing trade agreementwith China, Foundation and other organiza- the only deal available to prevent The European Union and to end forced technology trans- which took effect this year. Russian authorities ramped up tions. Mr.Navalny, who is conva- adamaging no-deal outcome. China agreed in principle on an fers and increase transparency Critics of the deal in both the pressureontop Kremlin critic lescing in Germanyafter an Au- The House of Commons investmentaccord after seven overhow it subsidizes firms. U.S. and Europe saythatitcould Alexei Navalnybyleveling new gustnerveagentpoisoning he voted 521 to 73 in favor of the years of negotiations thatprom- The deal wonbacking from help build authoritarian China’s fraud accusations againsthim. blamed on the Kremlin, ridiculed legislation to implement the ac- ises to open newChinese mar- leaders of all 27 EU countries but economic mightjustasWestern Russia’smain investigative the newaccusations as asign of cord. kets forEuropean companies but still needs their governments’ leaders areworking to check it. agency,said it has opened a PresidentVladimir Putin’sdespair. —Jason Douglas has worried Washington. formal approval and will face a —Laurence Norman criminal case againstMr. Navalny —Associated Press P2JW366000-6-B00100-1------XA BUSITECHNOLNEOGY: FIRMS SEEKSSGIG-WORK&FCONTRACTS WITHINUNIONS INANEUROPE B4 CE

© 2020 Dow Jones & Company. All Rights Reserved. ****** THE WALL STREET JOURNAL. Thursday, December 31, 2020 | B1

S&P 3732.04 À 0.13% S&P FIN À 0.40% S&P IT g 0.02% DJ TRANS À 0.24% WSJ $ IDX g 0.46% LIBOR 3M 0.238 NIKKEI (Midday) 27444.17 g 0.45% See more at WSJ.com/Markets SoftBank RescuesBuilder Startup Fund

BY KONRAD PUTZIER while other investorswill see services firm Greensill Capital gressivegrowthstrategyand a Katerrainitially thought that Seeksto their stakes severely diluted, agreed to cancel around $435 high debt load depleted itscash money wasenough, Mr.Kib- SoftBank Group Corp.has according to people familiar million in debt owedbyKaterra reserves.The Covid-19 pan- sgaardsaid in the interview, agreed to invest $200 million with the matter. in exchangefor aroughly 5% demic,which delayedconstruc- but later realized amoreseri- FullyBuy moretobail out Katerra,a SoftBank’snew investment stakeinthe company, Mr.Kib- tion projectsinsome cities, ous restructuring wasneeded. construction startup that ran will enable Katerratoavoid sgaardsaid in an interview added another challenge. Mr.Kibsgaard, the former head intofinancial problems as it having to seek bankruptcy pro- Wednesday. SoftBank,the world’slargest of oil-services firm Schlum- triedtoshakeupthe building tection, according to Katerra’s Founded in 2015, Katerrahas technologyinvestor,was an berger Ltd., washired as CEO Tribune industry. chief executive, Paal Kibsgaard. been trying to competewith es- earlybacker of Katerra. The with amandatetofix the com- Katerra’sshareholderson Thecompanyneeded Soft- tablished builders by assem- bailout marks the second time pany’sfinances. Wednesdayvoted to approve Bank’slatestinvestment “to bling building partsinfactories this year that SoftBank has in- Mr.Kibsgaardsaid in the in- Chain the newinvestment on topof continue as agoing concern,” and offering services such as creasedits investment in the terviewthat beforehebecame the roughly $2 billion SoftBank he said in anoticetoshare- plumbing andarchitectureun- firm. In May, when Katerra’s CEO, the companydiscovered has already invested. Under the holdersabout Wednesday’s der one roof. board tapped Mr.Kibsgaardto financial practices that weren’t plan, the Japanese investment meeting. Butsome of the company’s be CEO,the startup secured an in line with generally accepted Ahedgefund that owns a firm’sstake in Katerrawill As part of the funding pack- projectswereplagued by delays additional $200 millioninvest- accounting principles and big stakeinTribune Publish- grow to giveitamajority stake, age, SoftBank-backed financial- and cost overruns,while itsag- ment from SoftBank. PleaseturntopageB4 ing Co.isseeking to buy the newspaper chain behind titles includingthe ChicagoTribune and NewYork Daily News,ac- Streaming Wars of 2020 Turned Into Feast cording to people familiar with the matter.

By Cara BY LILLIAN RIZZO Netflix and other streaming services experienced surges 250 million Lombardo, Dana AND DREW FITZGERALD in both subscribersand viewership during the pandemic, Cimilluca and Lukas I. Alpert Thepast 12 months were as consumersspentmuch of their time at home. Netflix billed as theyear when aflood Alden Global Capital LLC, of newentrantswould force Cumulativenumber of U.S. 200 which is already Tribune’s streaming services to wage an streaming subscribers* largest shareholder with a32% all-out warfor subscribers. In- stake, could disclose an offer stead, incumbentsand rookies forthe companyassoon as alikefeasted on abase of shut- Prime Video Thursday, the people said. De- in customerseager formore 150 tails of the potential bid things to watch. couldn’t be learned. Thelargest streaming ser- Tribune has amarket value vicesare expected to finish Hulu of roughly $470 million aftera 2020 with combined U.S. sub- yearslong slide.Its shares are scriber numbersmorethan 100 CBSAll Access little changed this year and 50%higher than ayear ago, Showtime closed Wednesday at $12.79. according to aWall Street Adeal would have far- Journal analysis of datafrom Disney+ reaching implications foran market-research firms Moffett- industrybeset by sharp de- Nathanson LLC and HarrisX. 50 clines in revenue over the past They enjoyedacaptiveau- Apple TV+ 20 yearsthat have led to a dience.The coronavirus pan- wave of consolidation and cost demic triggeredlockdowns Peacock cuts. Between 2008 and 2019, that sent millions of Ameri- the industryshed 51% of its cans home,leaving manypeo- 0 HBO Max newsroom jobs,according to ple with moretime to watch 1Q 2019 2Q 3Q 4Q 1Q ’20 2Q 3Q 4Q the Pew Research Center. movies and shows from the Tribune Publishing, one of couch. Thevirus also the largest newspaper chains prompted movie theatersto in the country by circulation, Average daily U.S. traffic† Streaming-servicepenetration among U.S. households‡ shut down and sportsleagues publishesnine largermarket to go on hiatus formonths, 20 terabits per second daily papersincluding the Bal- further boosting streaming Netflix 61% timore Sun, Orlando Sentinel services’ appeal. and Hartford Courant. “Instead of astreaming war, Prime Video 47 Alden controls MediaNews 15 there’sbeen streaming coexis- Group,aprivatecompanythat tenceand parallel growth,” Hulu 36 owns some 60 daily newspa- said Dritan Nesho,HarrisX’s Netflix pers around the countryin- chief executive. Newservices 10 Disney+ 31 cludingthe DenverPost, San such as Walt Disney Co.’sDis- Jose MercuryNewsand the March 11 HBO Max 15 ney+ grew rapidly without nec- Coronavirus is declared global pandemic Orange County Register.The essarily harming established hedgefund has areputation 5 Apple TV+ 11 playerssuch as Netflix Inc. Hulu formaking deep cost cutsat and Hulu, he said. Disney+ CBSAll Access 9 titles it acquires. “Disney+ did not displace Prime Video In July,Alden cemented a 0 existing services,” Mr.Nesho HBO Peacock 7 firmer position on the Tribune said. “It complemented them.” Feb. April June Aug. Oct. Dec. board, taking control of a

Disney+ is one of many *Excludes Hulu liveTVusers; traffic, market penetration charts include Hulu liveTV. †Traffic data from sample group. HBO numbers include legacy online services and HBO Max, third seat out of seven in ex- streaming platforms that which waslaunched on May27. ‡Asofthe end of the thirdquarter.Peacock numbers only include Premium tiers. changefor an agreement to didn’t exist alittle over ayear Sources: MoffettNathanson; HarrisX (cumulativesubscribers); Nokia Deepfield (daily U.S. traffic) ;ParksAssociates(streaming-servicepenetration) extend a standstill agreement ago. It launched in November that preventsthe fund from 2019,afew days after Apple they would likely cancel their erseach quarter since “Right now, the rising tide’s demic limited the types of on- increasing itsstake or making Inc.’s Apple TV+. Twoother subscriptions to makeway for mid-2018,atrend that analysts helping everyone,” said Mi- the-gosituations Quibi envi- a hostile bid until after June. majorplayers, AT&T Inc.’s newservices. expect to continue. chael Nathanson,ananalyst sioned forits prospective Consequently,any deal to HBO Max and Comcast Corp.’s In fact,the newstreaming U.S. households nowsub- forthe research firm. users. increase the stakewould likely Peacock, went live in recent platforms didn’t prevent Net- scribe to 3.1streaming services Theonly newstreaming en- Mr.Nathansonsaid many need signoff from Tribune or a months. flix and othersfromcontinuing on average—up from 2.7last trant to crash right out of the lesser-known services could significant portion of share- About ayear ago, Ameri- to sign up newcustomersata year,according to Kagan, a gate wasQuibi, which shut struggle to keep adding cus- holdersunaffiliated with Al- cans told aWSJ-Harris Poll healthyclip.Their growth media research group within down in October six months tomersatthe same paceafter den. Thecompany’ssecond- survey that they were willing came as traditional pay-TV S&P Global Market Intelli- afterlaunching.The service thepandemic,onceU.S.con- largest shareholder,with to subscribe to an averageof providerscontinued to lose gence. About three out of four wasdesigned forpeople to sumers start spending more about 25%, is Patrick Soon- 3.6streaming services—and subscribers.Satellite and cable U.S. households subscribe to at consume entertainment in cash on restaurants, travel and Shiong,who in 2018 bought some 30%ofthe Netflix sub- companies have shed more least one streaming service, short incrementsontheir other expenses outside the the LosAngeles Times from scribersamong them had said than 1million pay-TV custom- MoffettNathanson datashow. smartphones,but the pan- PleaseturntopageB4 Tribune for $500 million. AmazontoAcquire INSIDE PR Whiz Generated Publicity, PodcasterWondery Repaired Dented Reputations

BY BENJAMIN MULLIN tinue to be available to listen- /REUTERS

ersonavariety of platforms OK BY JAMES R. HAGERTY stein had represented rats dur-

Amazon.com Inc.said it free of charge when the deal CO ing the bubonic plague,news- A

agreed to acquirepodcast pro- closes,Amazon said. Wondery CC Howard J. Rubenstein, who papers would have reported

ducer Wondery, the online re- will be joining Amazon Music, REBE opened aone-man public-rela- that the rodentshad been un- tail giant’slatestmovetobeef the division of the company tions firm in his parents’ fairly accused of amild rash. up its audio offerings. that offerslistenersmusic- BUSINESS Brooklyn kitchen in 1954 and Other guests included Jerry Amazon didn’t disclose the streaming and podcasts. turned it into Seinfeld, Tina Brownand Mi-

Hyundai sets the pace S purchase price, but aperson Several other podcast start- OBITUARY NewYork’s chael Bloomberg.

with the biggestU.S. PRES familiar with the mattersaid it ups have been acquired in re- HOWARD most powerful Much of the time,Mr.

wasabout $300 million. The cent yearsastechnology, ra- market-sharegains of RUBENSTEIN polisher of po- TED Rubensteinwas behind the Wall Street Journal this month dio and news companies seek anycar maker. B3 1932-2020 litical and CIA scenes,quietly arranging to SO

reported Amazon wasinexclu- newlisteners. SpotifyTech- business repu- AS resolvedisputes or glossover sivetalks to purchase Wondery. nologySArecently bought tations,died Tuesdayathis embarrassments, but he TINI/

Founded in 2016,Wondery Gimlet Media, the Ringer and Manhattan home overlooking OS wasn’t averse to the occa- is one of several audio startups Parcast, expanding its capacity Central Park. AG sional stunt. In 1983, to mark AN

that blossomed in recent years forproducing and monetizing He was88yearsold. His EV the 50th anniversaryofthe as podcasting caught on with podcasts.Dow Jones &Co., family didn’t disclose a cause Howard J. Rubenstein original King Kong movie, he advertisersand listeners. Won- publisherofthe Journal, has a of death. arranged foragiant inflatable deryisknown forits gritty, content partnership with Spo- Mr. Rubenstein’s firm built people to get things done. gorilla to be attached to the narrative-driven podcaststhat tify’sGimlet unit. up aclient list that included a In astatement, Mr.Mur- topofthe EmpireState Build- apply cinematic sound design Last year,radio company long series of New York may- doch called him afriend, ing and forastunt pilot to to nonfiction stories. Entercom Communications orsand governors, the New trusted adviser and “aboveall buzzaround, pretending to at- Amazon said acquiring Corp.purchased podcasters York Yankees,Donald Trump ahugecontributor to New tack the rubber menace. “Did I Wondery—the maker of true- Pineapple Street Media and MARKETS and Rupert Murdoch,the York’s life and times, particu- getpublicity!” Mr.Rubenstein crime shows like “Dr. Death,” Cadence13.And this year,the Disneyleads the way chairman of News Corp,which larly in periods of crisis.” crowed later. “Dirty John” and “The Shrink NewYork Times announced as the Dowreaches owns TheWall Street Journal. When Mr.Rubenstein’sfirm His controversial clientsin- Next Door”—would allow the the acquisition of Serial Pro- He became known not just for held a50th anniversaryparty cluded Leona Helmsley,aNew companytodeepen itspodcast ductions,maker of the hit another high, its13th repairing damaged reputations in 2004,the guestsincluded York hotel owner who was offerings. podcast “Serial.” of 2020. B9 but forhis ability to make NewYork Gov.George Pataki, convicted of taxevasion in Wonderypodcastswill con- PleaseturntopageB4 connections among powerful who said that if Mr. Ruben- PleaseturntopageB2 P2JW366000-6-B00200-1------XE

B2 | Thursday, December 31, 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 Devon Energy...... B9 Moody's...... B9 European Banks’ Sovereign Assets Affirm...... B3 Eli Lilly...... B10 Netflix...... B1 Afterpay...... B3 F P Alden Global Capital...B1 Facebook...... A1 Pfizer...... A1,A6 Rekindle MemoriesofLastCrisis Alexion Pharmaceuticals Freeport-McMoRan.....B9 Prevail Therapeutics.B10 ...... B10 G R Alphabet...... A1 Gilead Sciences...... B10 Roblox...... A2 BY PATRICIA KOWSMANN Bankshave increasedtheir exposuretogovernmentdebt… Amazon.com...... A1,B1 Golden Credit Rating..B9 AstraZeneca...A1,B9,B10 S Italian banks’ holdings*Spanishbanks’holdings* Greensill Capital...... B1 European banks aredoing B Schlumberger...... B1 something that gotthem into €500 billion €500 billion H SoftBank...... B1 Banco Bilbao Vizcaya troubleyearsago:loading up Argentaria...... B2 Hyundai Motor...... B3 Spotify Technology.....B1 on government debt, atrade 400 400 Biogen...... B10 I T investorscall the “doom loop.” Banks in theeurozone, BioNTech...... A1,A6 Intesa Sanpaolo...... B2 Target...... B4 Bristol Myers Squibb Tiffany...... B10 stuffedwith excess cash 300 300 K thanks to Covid-19 central ...... B10 Tribune Publishing...... B1 Katerra...... B1 bank relief efforts, bought C U Kia Motors...... B3 close to €200 billion, the 200 200 China Chengxin Klarna Bank...... B3 Uber Technologies...... B1 equivalent of $245 billion, in International Credit UniCredit...... B2 government debt of their Rating...... B9 L 100 100 United Airlines...... B4 home countries in the year to China National Live Nation W September.That has raised Pharmaceutical Group Entertainment...... B3 their holdingsby19% to €1.2 ...... A7 0 0 LVMH Moët Hennessy Walt Disney...... B9 trillion, according to the Euro- Citrix Systems...... B4 Louis Vuitton...... B10 Y pean Central Bank. 2011 ’15 ’20 2011 ’15 ’20 Crowdsurge...... B3 M - N Yongcheng Coal & This comes against the …pushing the shareofbanks’ assets in sovereign debthigher. D - E Moderna...... A1,A6 Electricity...... B9 backdrop of massivegovern- ment and central bank sup- Exposuretosovereign debtasapercentageofbanks’assets port packages that have 20% buoyed assets. TheECB has INDEX TO PEOPLE been buying big quantities of eurozone government bonds, Italy 15 B J N keeping their prices stable Baxter, Timothy...... B3 Johnson, Richard...... B3 Nathanson, Michael....B1 andmaking the investment Blitz, Steven...... B10 Jojo, Linda...... B4 Nesho, Dritan...... B1 safefor banks. Thefear is that behind the 10 Spain C K R Rajavel, Meerah...... B4 support lies increasingly frag- Caldwell, Jessica...... B3 Kibsgaard, Paal...... B1 Rubenstein, Steven....B2 ile government finances,as G L countries borrow aggressively 5 S Euroarea Gambarini, Simona...B10 Lopez, Hernan...... B1 to counteract the effect of the Sykes, David...... B3 Covid-19 pandemic. Germany Gremore, Ryan...... B3 M T It rekindles memories of France 0 H McNamara, Mike...... B4 Ton, Vanessa...... B3 Europe’slast financial crisis Howard, Dennis...... B4 Mulliner, Andrew...... B2 Troiano, Marco...... B2 early last decade.In2012, 2007 ’10 ’15 ’20 ’22† what started as astruggle by *Holdings of domestic general-governmentdebt securities, €100 billion=$122.51 billion†December 2022 figureisaprojection. weaker eurozone countries to Source:European CentralBank wonadmission to Harvard repaydebtsturned intoafi- Howard Law School but then dropped nancial-sector crisis.Banks But afterthat, the situation Banco Bilbao VizcayaAr- pervisorsand investorscon- out after about two months. held mountains of govern- will changeradically” oncein- gentaria SA,Spain’ssecond- sidercomfortable,” aspokes- At the suggestion of his fa- ment bonds that fell in value, vestorsstart evaluating the largest lender by assets, in- man forthe bank said. Rubenstein ther,who had dabbled in PR, triggering aspiral of ratings sustainability of some coun- creased itsholdingsof AUniCredit spokesman he started his ownfirm to downgrades that sent bank tries’ debt, said Lorenzo Spanish bonds by 35% in the said the bank is actually run- writenewsreleases and man- borrowing costshigher,lead- Codogno,aformer chief econ- firstsix months of the year to ning counter to the trend, cut- Dies at 88 age publicity. ing to acredit crunch that omist at the Italian treasury. about €34 billion. “The in- ting itsexposuretoItalian He began emerging as a slowedeconomic growth. Thepurchases come as crease is aimed at improving sovereign debt since2018.It powerbrokerinthe That hit government finances governmentsare issuing more the cost of excess liquidity af- hasn’t used the ECB loan pro- ContinuedfrompageB1 mid-1970s,when Abraham and perpetuated the doom debt than ever trying to raise terthe full take up of the gram to pile intogovernment 1989 and wasdubbed “the Beame waselected mayorof loop between banks and their funds to fight the coronavirus ECB’sloan program,” a debt. “Weare extremely com- Queen of Mean” afteremploy- NewYork and made Mr. sovereigns. pandemic.Italy’s public debt spokesman forthe bank said. fortable with our sovereign ees complained she had humil- Rubenstein one of his closest “In Europe youcan’t take In Italy,Intesa Sanpaolo holdings,” he added. iated them. “He is wonderful,” advisers. That gavehim arole forgranted that the ECB will SpA, Italy’s second-largest Mr.Legras isn’t worried in she told the NewYork Times in managing NewYork’s fiscal alwaysstepin,” said Jérôme Countries have bank by assetsand abig buyer the short term because this later.“He tells me thingsI crisis of the 1970s. He rallied Legras,head of research at of Italian debt, increased its monththe ECB extended its don’t want to hear. It doesn’t business and civic leadersto Axiom AlternativeInvest- borrowed heavily to domestic bondholdingsby18% emergencybond-buying pro- mean I will practice them.” createthe Association fora ments. counteract the effect this year to €40billion in Sep- gram through March 2022. Letting bad news “dribble Better New York. Italian and Spanish banks tember. Andrew Mulliner, abond out” wasapoor strategy, he Mr.Rubenstein married currentlyhold roughly afifth of the pandemic. Marco Troiano,deputy portfolio manager at Janus told the Times.Hepreferred AmyForman,whose family of their respectivecountries’ head of the banks team at rat- Hendersonwho has invested giving the media alimited owned the PeterLuger Steak outstanding debt, according to ing agencyScope Ratings, es- in Italian, Spanish and Portu- amount of factsand, if re- House,in1959.She survives the ECB. timates Intesa and UniCredit guese debt, said given yields quired, an apologytoclear the him, as do three children and Fornow,marketsare san- is expected to grow close to SpA, Italy’s largest bank by aresolow,holding the securi- air.His advicecould be simple. seven grandchildren. guine to the risks. Borrowing 160% of grossdomestic prod- assets, had exposures to Ital- ties has become lessattractive “Ifyour leftfoot has acorn He also helped found New costsfor banks and govern- uct this year and stay around ian sovereign debt as of June forprivateinvestors. That and your right foot doesn’t, York’sMuseum of Jewish Heri- mentsare close to or at record that level at least through worth morethan 80% of their means banks will have an in- youput your right foot for- tage. lows.The additional interest 2022, according to the Euro- core equity Tier 1, akey mea- creasingly bigger role in the ward,” he once said. His son Steven is president Italy has to pay on its 10-year pean Commission. It was135% sure of banks’ ability to with- purchases. Howard Joseph Rubenstein of the public-relations firm, bonds is at itsnarrowest com- last year. stand losses.Atmanysmaller “It’sarisk amplifier” for was born on Feb. 3, 1932, and known simply as Rubenstein. pared with similar German TheECB is also providing banks the figure surpassed banks,Mr. Mulliner said. grew up in Brooklyn. In 1953, In amessageonthe firm’s debt—around 1.1 percentage cheapcredit to banks to in- 200%. “That said, if your sovereign Mr.Rubenstein graduated with website,StevenRubenstein re- point—since2018.Portuguese centivizelending.Aneasy way “Intesa Sanpaolo continues is going bust, chances are PhiBetaKappa honorsfrom called one of his father’s mot- 10-year yields recently went forbanks to makemoney with to maintain itsholding of Ital- your banks areprobably going the University of Pennsylvania, tos: “I always choose to walk negative for the first time. the program is to buy govern- ian sovereign bonds below bust as well, whether they where he studied economics. on the sunnyside of the “The risk is close to nil on ment bonds that yield more 50%ofits totalsovereign hold alot of government debt Prodded by his mother,he street.” atwo-tothree-year horizon. than theborrowing cost. bondholdings, alevel that su- or not.” Small-Business Pandemic Aid Fails to Scan forFraud

BY SHANE SHIFFLETT the complaint either declined to comment or couldn’t be Thenew Covid-19 relief reached. plan forsmall businesses that TheSBA in November said it President Trump signed this would audit businesses that re- week doesn’t addresssome ceived loans of $2 million or weaknesses in the original more.The newlegislation also stimulus legislation that al- increasesthe SBA’soversight lowed companies with check- authorityand appropriates an ered histories to getbillions of additional $50million forfu- dollars in payments. ture audits. The$900 billion pandemic- Thenew bill barspublicly aidbill includes an additional traded companies from partici- $284 billion forthe Paycheck pating and requires disclosures Protection Program to support S from some government officials small businesses.Inthe earlier PRES who received loans but doesn’t

stimulus,5.2 million small busi- UMA outline documentation require- nesses borrowed$525 billion in /Z mentsfor borrowers. NP

forgivable loans. /C TheSBA is working with in- Nearly 1,500 companies that vestigatorstoclawback funds MKEY

received about $2 billion in PPP LA from obvious frauds,but loans D

loans have faced allegations of RO that areborderline inappropri- violating government regula- Republican Sen. Susan Collins of Maine joined others to announce emergency-relief bills in Washington earlier this month. atewill requireother remedies tionsorofcriminal conduct, such as fines,said TarekHelou, according to aWall Street Jour- requirementscould change qualifyfor the newprogram. daterules forborrowers and ceived loans valued at an aver- aformer JusticeDepartment nal analysis of loan recipients when the Small BusinessAd- This time,Congressfocused lenders. ageof$526,000 to support an prosecutor. andnewssources. ministration determines the ap- moreonhelping businesses TheJournal’sanalysis is averageof36jobs.Nearly 400 An additional 432 firms laid plication processand rules for than on keeping jobs by allow- based on dataofall 5.2million of thosecompanies borrowed off workersafter getting ap- the newcash. Investigatorsare ing borrowers to spend the PPP recipientsreleased in re- at least$1.5million, including a NOTICE TO THE HOLDERS OF proved fornearly $1 billion in just beginning to untangle the funds on awider rangeofnon- sponse to alawsuit filed by televangelist warned by author- loans,according to an analysis questionable loans and reports payroll expenses. news organizations including ities forallegedly touting fake Banco Central of national layoff notices filed of potential fraud from the first Thenew legislation doesn’t Journal publisher DowJones & coronavirus treatmentsand a del Uruguay mostly by large companies by round of PPP. addresshow the government Co.The Journal matched names private-equity firm accused by Value Recovery Rights Good Jobs First, aWashington, “Prevention is always better will verifyrevenue declines or listed in the PPP database to astate securities regulator of NOTICE IS HEREBY GIVEN D.C.-based nonprofit promoting than detection,” said Bruce whethercompanies facing liti- news stories since2012 detail- running aPonzi scheme,Jour- pursuant to the Fiscal Agency accountability. Dorris,chief executiveofthe gation or that have violated ing court cases and allegations nal reporting shows. Agreement dated as of February 19, Thegovernment has charged Association of CertifiedFraud government regulations should of violations of government Manyofthe loan recipients 1991 under which the above Rights were issued that the Calculation dozens of people in at least 36 Examiners. “Therewill be tens be eligible.The bill gives the regulations from news sources. were accused of moretypical Agent has prepared and delivered to complaintsrelated to fraudu- of billions of dollarsinfraud SBA10days to implement the Matches were confirmed by business violations. Banco Central del Uruguay a lently obtaining relief funds, that we’regonna find in the changes. comparing the addresslisted Rhode Island-based Madeira Calculation Report for the Payment Date occurring on January 4, 2021 manyfor allegedly falsifying firstround of funding.” “You’renot getting amort- on their loan against publicly Restaurant Inc.received a setting forth for the Reference Period PPP loan applications and mis- Thelatestround of PPP gage unlessyou canprove that disclosed locations of the busi- $143,000 PPP loan in April. The October 2017 -September 2020 the appropriating the funds,ac- funding allows forloans of up youmakeacertain amount of nessidentified in news articles. U.S. Labor Department filed following amounts: cording to aJournal reviewof to $2 million to businesses with money,” said Ann Gittleman, Thedataincludes previously suit againstthe restaurant in Commodity Terms JusticeDepartment data. fewerthan 300 employees, managing director at Duff & unreleased details of 4.5million 2019 accusing it of illegally of Trade Index 34.68305287 Formula Amount US$ 0.00 The original PPP program down from $10 million forem- Phelps,amultinational finan- recipientsthat borrowedless withholding overtime payfrom Value Recovery Payment skipped the typical lender due- ployers with no morethan 500 cial consulting firm. “I would than $150,000.These smaller employees who worked more in respect of each diligencetospeed money to workersinthe firstround. have assumed therewould have borrowers accounted for28% of than 40 hoursaweek.Acourt Value Recovery Unit US$ 0.00 struggling businesses.Issues Businesses must also demon- been moredocumentation that the $525 billion distributed be- ordered the restaurant in May By: Citibank, N.A. such as violating regulations strate at leasta25% drop in wasrequired this go-around.” tween April and August. to paythe employees $40,000 as Fiscal Agent would likely have been dis- revenues between comparable An SBAspokeswoman said Thenearly 1,500 companies in back wagesand damages. December 31, 2020 closed under typical loans.The quarters in 2019 and 2020 to the agencywas working to up- with troubled backgrounds re- Restaurant employees named in P2JW366000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** Thursday, December 31, 2020 | B3 BUSINESS NEWS Hyundai Accelerates Gains in Market Share

BY BEN FOLDY Hyundai and Kia have for Hyundai’sglobal chief operating yearsworked to elevatetheir officer. In atough year forthe car profile in the U.S.,whereboth Much of the recent strength business, Hyundai Motor startedout as budget brands has been driven by the release Group picked up momentum in selling to price-sensitivebuyers. of two newSUVs—the Kia Tel- 2020,aided by aslateofnew Thetwo had some success early luride and HyundaiPalisade— sport-utility vehicles that have last decade,redesigning their that have wonaccolades from resonated with American buy- sedans with newlooks and im- autoreviewers and remained in ers. proved fuel economy, helping high demand throughout the TheSouth Korean automan- them boost sales.But the year,dealerssay. ufacturing giant, which sells ve- brands were slowtopivot to Theautomaking group has hicles under two separatecom- SUVs as demand took off,leav- added other SUVs as well in re-

panies—Hyundai Motor Co.and ing them with sedan-heavy line- S cent years, including subcom- affiliate Kia Motors Corp.—ex- ups that waned in popularity. pactslikethe Hyundai Venue, NEW

panded itsU.S.market share In the past few years, the G whichisdesigned to appeal to morethan anyother major auto group’sexecutives have redou- younger and morebudget-con-

maker through November and bled their effortsinNorth OOMBER scious buyers. Hyundai and Kia

held retail sales steady during America, sharpening their focus /BL nowsell about adozenSUV

the period, defying the broader on SUVs and trying to moveup- CHO models in the U.S.,upfromsix industry’s12% drop,according scale with the launch of asepa- nameplates five yearsago. to market research firm J.D. rate luxurybrand, Genesis. Ryan Gremore, president of ONGJOON

Power. When Covid-19 hit the U.S. SE O’BrienAutoTeam of Illinois, As investorshavelavished this year,Hyundai revived a Hyundai and Kiahave worked to boost their profile in the U.S., wherebothstarted out as budget brands. whichowns Hyundai and Kia attention on electric-vehicle promotion, similar to one intro- dealerships, said some of the startups,shares of Hyundai and duced during the 2008-09 fi- given them an edgeduring eco- Strong retail sales—pur- on discountsand expanding the group’snewermodels,likethe Kia, listed separately on theKo- nancial crisis,toreassurebuy- nomic downturns,executives chases made by individuals— appeal of their brands to more- Kia Telluride,are helping reaExchange, also rallied in ersworried about the economy. and dealerssay.“Even though helped lift the combined U.S. affluent buyersbyselling larger, changecustomers’ perceptions 2020,climbing 67% and 49%, It offered to coveruptosix they’vegone moremainstream market shareofthe group’s pricier SUVs,analystssay. of the two brands.“Consumers respectively,through Tuesday’s months in paymentsfor buyers and moreupmarket, they al- three brands to 8.6% through TheshareofHyundai buyers haven’t thought of Kia as the close and outperforming other if they lost their job because of waystry to promotetheir November,upfrom7.8%inthe with ahousehold income of ‘bad credit’ brand it was,” Mr. traditional automakerssuch as the pandemic’simpact. value,” said JessicaCaldwell,an year-earlier period and itshigh- morethan $100,000 was43% Gremoresaid. General MotorsCo. and Volks- Thebrands also benefited analyst with car-shopping web- est level since2012, according this year,upfrom33% five Thechallengenow forHyun- wagenAG. “The market has from fewerpandemic-related siteEdmunds.com. to research firm WardsIntelli- yearsago, according to data dai and Kia will be holding on been down foreveryone,but disruptions at itsfactories in Likeother carcompanies, gence. Automakersare sched- from CoxAutomotive. ForKia, to the recent market-share they seem to be the ones com- Korea, which build manyofthe overallU.S.sales forHyundai uled to release year-end U.S. that sharejumped to 36%, up gains as rivals regain their foot- ing out of it stronger,” said Van- models forthe U.S. market, and and Kia were dented by abig sales resultsTuesday. from 23%. “We’retrying to ing and replenish dealership essa Ton, senior industryintel- areputation forselling feature- drop in rental-car business. But Thetwo companies also highlight howgood our prod- stock depleted by Covid-related ligencemanager at research loaded vehicles at alowerprice the decline hasn’t been as steep strengthened their pricing by uctsare as opposed to just sell- plant shutdowns this spring, firm CoxAutomotive. than rivals,aformula that has as the broader industry’s. cutting their overall spending ing the deal,” said José Muñoz, analystssay. Ticketmaster Fined $10 Million for Spying Scheme

BY REBECCA DAVIS O’BRIEN master—a subsidiaryofcon- identified as a U.K.-based on- At the center of the scheme monitored draftticketing web- Thecompanyearlier this cert giant LiveNation Enter- line-ticketing platform that wasaformer Crowdsurge em- pages designed by Crowd- year settled with the U.S. Ticketmaster will paya$10 tainment Inc.—must report to allowed artists to sell tickets ployeewho went to work for surge,and created aspread- JusticeDepartment over its million fine to help resolve the Brooklyn U.S. attorney’s before general sales—in a co- Live Nation in 2013, and who sheet to track the company’s ticketing practices,following federal chargesthat former officeonnew compliance ordinated effort to “chokeoff” prosecutorssay encouraged clientsand offeringssothey allegations that LiveNation executives and employees un- measures forthe next three the company’s business. his newcolleagues to use login could try to dissuade the art- had tried to strong-arm con- lawfully accessed acompeti- years. If the agreement is TheU.K.-based company details to gather information istsfromusing their competi- cert venues intousing Ticket- tor’s computer systems in an breached, the companycould wasn’t named in court filings, on theircompetitor.The for- tor’s services. master. alleged scheme to gather busi- be prosecuted. but is identifiable as Crowd- mer employeewasn’t charged LiveNation andTicketmas- LiveNation said in January ness intelligence. In a statement, Ticketmas- surge,acompanythat merged or named in court filings. An- terare facing legal scrutinyon it strongly disagreed with the Thefine waspart of ade- tersaid two employees re- with Songkick in 2015.In2018, other former Ticketmaster ex- several fronts. Earlier this JusticeDepartment’sallega- ferred prosecution agreement sponsible forthe breach were LiveNation reached a$110 ecutivepleaded guilty in 2019 year,the NewYork attorney tionsand said the company with federal prosecutorsin firedin2017. “Weare pleased million settlement with Song- to one count of conspiracy in general’sofficesaid it would hadsettled “tomakeclear Brooklyn, N.Y.,filed Wednes- that this matterisnow re- kick’sparent companyand connection with the alleged look intocomplaintsabout re- that it has no interest in dayalong with afive-count solved,” it said. agreed to acquireittoresolve scheme,which lasted from funds forshows postponed be- threatening or retaliating criminal information charging Federal prosecutorssaid alawsuit alleging that Ticket- around 2013 to 2015. cause of the coronavirus pan- against venues” that choose Ticketmaster with computer Ticketmaster executives and master had used illegally ob- According to prosecutors, demic.Ticketmaster has other ticketing companies. intrusionand fraud offenses. employees used login creden- tained information to compete the LiveNation andTicket- denied changing itsrefund —Anne Steele Under the agreement, Ticket- tials foranother company— with Songkick. master employees illegally policy. contributed to this article. ‘Buy Now, Pay Later’ Offers Lure Credit-Wary Shoppers

BY PETER RUDEGEAIR Afterpayshareprice range from 2.5% to 4% of the purchase price, according to A$120 Theholidayseason is al- analystsatBank of America, most over, but for many gift- and can sometimes be higher. givers, the tabwon’t come due 100 At Affirm, which finances until well into 2021. productsincluding Peloton In- Millions of U.S. consumers, 80 teractive Inc.’sstationary looking to stretch their dollars bikes,merchant-network reve- and avoid taking on newcredit- nue in the three months ended card debt during the coronavi- 60 Sept. 30 was$93.3 million, or ruspandemic,flocked in recent about 6% of Affirm’s$1.48 bil- months to “buy now, paylater” 40 lion in grossmerchandise vol- offersfromfinancial-technol- ume during that period. ogycompanies including Af- 20 Formerchants, such costs firm Holdings Inc., Afterpay areoften worth it because Af- Ltd. and Klarna Bank AB. firm, Afterpayand Klarna can “Buy now, paylater” ap- 0 encourageyounger,debt- pliestoavariety of payment Jan. Dec. averse consumerstocomplete plans,but among the most 1Australian Dollar =$0.77 asale or spend more. The common is an option to split Source:FactSet companies also help driveon- the cost of a small to midsize line sales amid the shift away online purchase intofour ExchangeCommission for an from physical stores. Macy’s equal installmentsoverthe initial public offering that Inc., Foot Locker Inc.and TM course of afew weeks or could value the SanFrancisco thousands of other merchants FloorLiner months, interest-free. startup at as much as $10 bil- have added these payment op- In November, the cumula- lion, TheWall Street Journal tions in recent months. tive number of U.S. shoppers previously reported. Foot Locker introduced that hadopened an Afterpay Klarna recently became one Klarna as apayment option on account exceeded 13 million, of Europe’smost valuable itsNorth American websites in and7.5 million of them had closely held tech firms aftera October.Itquickly became one made a purchase using After- fundraising round pegged the of the topthree waysshoppers THE FORECAST payinthe previous 12 months. Swedish companyat$10.65 were paying fortheir sport- Also in November,purchase billion. ing-good purchases,with more volume among Afterpay’sU.S. Shoppers areattracted to than 2,000 orders a day, Foot usersreached morethan 1bil- fixedpayment schedules and Locker Chief ExecutiveRich- lion Australian dollars, equiva- simplified checkout processes, ard Johnson said on a confer- CALLS FOR lent to morethan US$770 mil- according to consumer sur- ence call in November. lion and roughly triple the level veys.Some providers, such as Klarna has driven a25% in- ayear earlier.(Afterpayis Affirm, structure these offers crease in the averageorder based in Australia and reports as zero-interest loans,which value forcustomersofthe itsfigures in the local currency.) involve credit checks. Others, fashion retailer Express Inc. FLOORLINER Klarna had counted 11 mil- including Afterpay, consider who use that option to pay lion totalU.S.usersasofOcto- their services not to be loans sinceitwas made available in ber,two million of which used but instead regard them as September, Express Chief Ex- the Klarna app in the preced- sales contractstowhich some ecutiveTimothyBaxter said ing month. Thenumber of an- stateand federal consumer- on an earningsconferencecall When temps takeanosedive,it’stime to nually activeAffirm users credit rules don’t apply. in December. prepare your vehicle for the snowy days ahead. reached 3.9million as of Sept. Purchases made on buy- Thenewfound popularity of 30,up63% from ayear earlier. now-pay-later plans areaccel- buy-now-pay-later offersis Only WeatherTech FloorLiner offers absolute “You think of the Zooms of erating as banks’ credit-card leading regulatorstopay closer interior protection™, shielding your vehicle from the world, forexample,the de- balances have fallen.Consum- attention.InMarch, Califor- livery services of the world— ers’ reluctancetotakeonnew nia’sDepartment of Business water and salt damage all winter long some businesses were really revolving debt during eco- Oversight said it reached a luckytodowell during Covid, nomicuncertainty,and the roughly $1 million settlement and Ithink we were one of movebybanks to toughen ap- with Afterpaytoresolvefind- thosereally fortunatebusi- proval standards,are among ings that the companystruc- nesses,” said David Sykes, the the reasons for the decline in tured itsproduct to “evade head of Klarna’s U.S. unit. card volumes,bank executives otherwise applicable consumer Investorsare taking notice. have said. protections” and wasmaking Thepriceofshares in After- Buy-now-pay-later compa- loanstoCalifornia residents Auto.Home.Pet. Find Your Fit. pay, which trade in Australia nies makethe bulk of their without avalid license. Made in the USA and the U.S.,has quadrupled revenue from fees they charge Afterpaysaid it waspleased ©2020 MacNeil IP LLC 1-800-441-6287 or 1-630-769-1500 since the start of 2020. merchants, though some also to have the “clarity and path- Affirm filed paperwork last charge consumersfees forlate way for business certainty in month with the Securities and payments. Merchant fees can the market.” P2JW366000-6-B00400-1------XA

B4 | Thursday, December 31, 2020 ****** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Firms Seek Gig-WorkUnion Pacts CIOs

BY ADAM CLARK Adjusted

BARCELONA—Gig-econ- omycompanies in Europe,un- Priorities der pressureoveremployment rights, arelooking to strikela- bor agreementsthat give workerssome benefitsbut In 2020 stop short of making them employees. Uber Technologies Inc.and BY JOHN MCCORMICK Amazon.com Inc.-backed De- liveroo areamong anumber of Remotework and the accel- food-deliverybusinesses seek- eration of certain digital proj- ing to securedeals with work- ectsin2020 forced chief in- ers and unions in the hope of formation officersto averting legislation that could reprioritizecorporatede- forcethem to treat delivery mands and set newboundaries driversasemployees,poten- to prevent team burnout. tially upending their business In addition to supporting GES models. sometimeswidely dispersed IMA Theeffort follows several workforces, manyCIOs helped

legal judgmentsacrossEurope GETTY lead their companies’ acceler-

challenging the companies’ SE/ ated digitaltransformation ef- viewthat driversand couriers fortstomeet evolving cus- are independent contractors. tomer demands in the wake of

In the U.K.,Uber is appeal- ANCE-PRES the pandemic. ing to the Supreme Court to FR Consulting firm McKinsey &

overturn an earlier decision ENCE Co.inanexecutivesurvey that driversusing itsapp ef- AG found Covid-19 accelerated fectively work forthe com- OLI/ such corporate digital efforts

pany,while Swisscourtshave PIZZ by three to four years. The forced Uber Eatstostopusing TO global survey, fielded in July,

independent contractorsin ALBER generated nearly 900 re- the Genevaarea. Instead it Uber agreed with an Italian union to pay couriers €10 an hour but not to make them employees. A food deliveryman in Rome. sponses from C-level execu- has started using third-party tives acrossavariety of indus- employees,afirst forthe Thecompanies struck the has said he wantstointroduce said Sacha Michaud, co-founder (Autonomous Riders’ Associa- tries and company sizes. company. deal, which covers all of their collectivebargaining forcon- of Barcelona-based deliveryapp tion), acouriersgroup that In response to the shifts, Gig-economycompanies say food-deliveryworkersinthe tractors,and the Independent Glovoapp23 SL,which operates works with the platform com- CIOs reordered their priorities. reclassifying workersasem- country, after the Italian gov- DriversGuild—a NewYork- as GlovoacrossEurope and in panies.“Acontract of 40 or 30 Target Corp.’sheadquarters ployees would add to costs, re- ernment threatened to regu- based drivers’ group—called for partsofAfrica. or 20 hoursdoesn’t interest workforce became fully remote duceworkers’ flexibility and late the sector.The companies states to offer such arrange- In Spain, Glovo, Deliveroo me.” in March, with itsITteam result in lost jobs.Following saythe deal doesn’t add to mentstogig workersfollowing and Uber saythey arewilling to Otherssay the companies helpingthe retailer set up theGenevamove, Uber said costs for their customers. the California vote. offer workersadeal that would pose afalse choicebetween about 15,000 employees in only 300 couriers were given Larger unions have said the In Europe,the next battle- payminimum rates—plus bo- flexibility and employment. their homes.Ataround the contracts, costing 1,000 others deal leavesworkersworse off ground is Spain, wherethe gov- nuses forworking in bad “The Italianmodel is what same time,said MikeMcNa- their jobs. than if they were treated as ernment hopes to completea weather—but doesn’tinclude the companies want because it mara,Targetexecutivevice Instead the companies are employees,but it remains in newgig-economylaw in the benefitssuch as paid vacation. offersthem morebenefitsand presidentand CIO,the com- championingarecent labor force. Thecompanies saythey coming weeks.The companies Deliveroo said it wanted to lessfor the workers,” said Dani pany was seeing an explosion agreement with asmall right- areinterested in pursuing sim- arepushing an Italy-style deal improvesocial protections for Gutierrez,aspokesman forRid- in digital sales,which were up wing union in Italy as an alter- ilar arrangements elsewhere, that would avoid workersbeing workersinSpain and else- ersXDerechos (Ridersfor 282% in April 2020 compared native. Under adeal agreed in including in Franceand Spain. reclassified as employees. where, without risking their Rights),anindependent couri- with the same month ayear September,agroup of compa- While Uber and Lyft Inc.of- Theindustryalso backed flexibility. ers’ groupthat supportsem- earlier.Mr. McNamarawas nies including Uber and De- fereddriversinCalifornia government proposals in Some deliverydriversare ployment status forcouriers. one of 45 IT executives who liveroo promised couriersinIt- modest benefitsafter winning Francetointroducechartersof supporting the companies’ ef- “‘Flexibility’iswhat they say responded via email to CIO aly €10 an hour spent making astate vote to keep workers agreed working conditions, fortsinSpain. youhave. We don’t work when Journal’sannual end-of-year deliveries,equivalent to about as independentcontractors, whileruling out full employ- “Wewant to work as inde- we want, we work when they questionnaire. $12, as well as equipment and the Italian deal goes further ment rights. pendentcontractorsand have let us,which is very different,” At Target, Mr.McNamara insurance. That is abovethe by introducing collective bar- “Wedobelievegig workers the flexibility to work as many Mr.Gutierrez said, referring to said, “systemstability became typical€7-an-hour minimum gaining for independent con- should have access to moreso- hoursaswewant,” said Badr the lack of guaranteed mini- paramount from atech per- wage but comes without holi- tractors. cial rightsbut not necessarily Eddine Hilali,head of the Aso- mum work and the pressureto spective.” daypay or sick leave. President-elect JoeBiden underastrict labor regime,” ciaciónAutónoma de Riders work eveningsand weekends. Target in March put ashort- term hardfreezeoncode de- ploymentsand technology from SoftBank and wish them changes that didn’t help the SoftBank the absolutebest and hope that companysafely buy,moveor Ican be helpful.” sell merchandise,Mr. McNa- Mr.Kibsgaardsaid the com- marasaid. “Any work that Rescues panytook on toomanyprojects didn’t fulfill that purpose and and side businesses in itsear- serveour communities by keep- lier years. “I think we underes- ing our stores and digital chan- Startup timated the complexity of exe- nels up and running wastem- cuting self-perform projectsat porarily deprioritized,” he said. alarge scale,including manu- United Airlines Holdings ContinuedfrompageB1 facturing and material sourcing Inc. also did a pivot.

launched an investigation. The and managing our ownlabor,” S Theairline stopped every probe resulted in people get- he said. project it wasworking on in ting fired, he said. Theirregu- Thecompanymade signifi- PRES early March to determine larities weren’t material and cant job cutsinthe U.S. and TED which was the most critical. CIA

didn’t requirethe companyto planstowind down unprofit- SO “Gonewerelong-approval

restateits results, he said. able side businesses and getrid AS cycles and debates over what In astatement Wednesday, of some of itsleases,Mr. Kib- were our priorities.Ifitwasn’t SoftBank said that Mr.Kib- sgaard said. clearly obvious that it was sgaard“addressed several oper- He said Katerraisontrack needed, we didn’t do it,” said

ational inefficiencies and im- to makebetween $1.5billion WILLIE/NETFLIX/ LindaJojo,United’sexecutive

proved thefinancial trajectory and$2billion in revenue this DES vicepresident of technology of Katerra” and that it re- year and expectstosee positive Facing newrivals, Netflix maintained its domination of the market in 2020 with shows like‘The Crown.’ and chief digital officer. mained “committedtothe cash flow in 2022. “[A]nd if it wasneeded, it Company’slong term vision SoftBank,best known forits nies startedbringing content cording to research firm Parks needed to be done fast.” and believes the current leader- $100 billion Vision Fund, has Streaming they had licensed—think Associates, and it still holds a Touchlesskiosks,for exam- ship team has the ability to experienced several high-pro- “Friends” and “The Office”— sizable lead over most of itsri- ple,went from being an idea to makethis vision areality.” file flops.InOctober 2019,the back home to their own vals—though some newen- aprototype in lessthan 30 Katerraexpanded aggres- investment firm agreed to pro- Wars Turn streaming services. trantsare gaining ground fast. days,Ms. Jojo said. sively by acquiring other con- vide alifeline to WeWork after Thesmaller number of orig- Some of these gains are Themachines let passengers struction firms and building afailed initial public offering inal series made specifically bound to be temporary: Many print out luggage tags by scan- factories in anumber of cities. leftthe office-sharing company Into Feast forstreamerslikeDisney+ and streaming services have seen ning the boarding passes on MichaelMarks,aKaterra co- in danger of running out of HBO Max arefractions of the subscriptionsjump partly be- their mobile phones at the ki- founder who served as itsCEO money. massivelibraryofpopular ti- cause of promotions offering osks.They don’t have to touch beforeMr. Kibsgaard, said in a But on balance, 2020 has ContinuedfrompageB1 tles that theirparent compa- free access foruptoayear. the screen. United started roll- February2019 interviewthat been agood year forSoftBank. home.Hesaid areturn to nor- nies have produced in recent CustomersofVerizon Com- ing out the kiosks in May, and thecompanyexpected to be It has cashed in on several suc- mal wasunlikely to affect Net- years. Those companies are munications Inc., forinstance, they arenow at more than 300 “cash flow neutral by the end cessfulinvestmentsand its flix,which he said wasinits starting to put their online- gotfirst-year Disney+ sub- airports. of this year.” shares areupmorethan 50% “own stratosphere.” only services first: Disney told scriptions free.AT&Toffered But shifting technologyde- In astatement Wednesday, this year. An analysis of U.S. webtraf- investorsitwould showabout free HBO Max trials to many mands also brought IT and the Mr.Marks said, “I greatlyre- —Eliot Brown ficshows Netflix usagesurged 80% of the 100 titles it re- customersand bundled the business closer together. spect the backing that we got contributed to this article. in the early days of the pan- leases each year on Disney+, servicewith itstop-tier wire- “Astechnologyteams be- demic to amuch greater extent andHBO Max parent Warner- lessand broadband plans. come much moreintegrated than itsrivals,and remains Mediashocked Hollywood in Similarly,pay-TV and intothe businessand develop wasanexecutiveatFox Sports. significantly aboveits pre-pan- earlyDecember with plans to broadband customersofNBC- deeper businessknowledgeand Amazon Mr.Lopezhas denied the demic levels. showits entire2021 film slate Universal parent Comcast re- expertise…it leads to technology charges. Alawyer forMr. Lo- Thegap between Netflix us- online the same day the mov- ceivethe ad-supported pre- being at the table much more pez, MatthewUmhofer,has ageonweekends and week- ies maketheir debut in the- mium tier of Peacock free of oftenthan in the past,” said To Acquire said the portion of the federal days also shrank as home- aters. charge.The companydoesn’t Dennis Howard,executivevice indictment that mentioned Mr. boundcustomershad more SinceJuly,Netflix domi- break down howmanyofits president and chief information Lopez “alleges nothing re- opportunities to consume pro- nated Nielsen’sweekly top-10 sign-ups originatefromthe officer at financial-services firm Wondery motely improper.” gramming on weekdays,said streaming list with amix of li- Comcast customer base. Charles SchwabCorp. ThesubsidiarywhereMr. CraigLabovitz,chief technol- censed content like“TheOf- Apple TV+, meanwhile,is There’s also a bigger spot- Lopezworked, FoxInterna- ogyofficer of Nokia Deepfield, fice” and original series such available free forayear to light on IT. ContinuedfrompageB1 tional Channels,was absorbed the telecom-equipment as “The Queen’sGambit.” Dis- anyone who recently pur- “This crisis has thrust IT WonderyChief Executive by Walt Disney Co.in2019. maker’s network analysis unit. ney+’s“TheMandalorian” and chased an Apple device. teams—oftenthe ‘unsung he- Hernan Lopezwill be leaving Amazon didn’t comment on Netflix’ssheer dominance Amazon.com Inc.’s“TheBoys” Arecent MoffettNathanson roes’ of abusiness—intothe the companyafter the deal the chargesagainst Mr.Lopez. during thepandemic canbe were among the rare other survey showedsubscribersof limelightlikenever before. closes,anAmazon spokes- Foxsaid in a2017trial that it explained by itslarge library shows to break intothe top10. established services such as They have worked to deliver se- woman said. JenSargent, the didn’t knowabout anybribes. and continued supply of origi- “I don’t think Netflix was Netflix,Prime Video and Hulu cure, reliable work environ- chief operating officer,will Foxdeclined to comment. Dis- nal content, while manyofits alone in having adecent pipe- were far likelier to foot the mentsthat arekeeping employ- take over management of Won- ney didn’t respond to arequest rivals struggled with pan- line,” said Neil Begley, an ana- bills fortheir subscriptions ees engaged and productiveand deryupon Mr.Lopez’sdepar- to comment. demic-related production de- lyst forMoody’s InvestorsSer- than those of newentrants. businessmoving in extremely ture, the spokeswoman said. TheWall Street Journal’s lays that forced them to post- vice. “But come 2021, that (Amazon’sPrime subscribers challenging times.” said Meerah Afterthe deal closes,Mr. parent News Corp and Fox pone releasing high-profile pipeline is going to look nar- getPrime Video as part of Rajavel, CIO at software com- Lopezwill focus on the Hernan Sportsparent FoxCorp.share shows that they had hoped rower.” their package). pany Citrix Systems Inc. LopezFamily Foundation, a common ownership. would lurenew subscribers. Netflix will saygoodbyeto Mr.Nesho,HarrisX’sCEO, But, she said, the company newinitiativeaimed at com- Wondery’sfundersinclude Netflix has made no secret “The Office” in Januarywhen said his firm expectsthe num- is also mindfulthat workers bating systemic bias,the peo- Waverley Capital, Advancit of itsstrategyfor keeping the it joins Peacock,the platform ber of Apple TV+ subscribers canburn out and encourages a ple said. Capital, LererHippeau and streaming-video crown: more developed by Comcast-owned to dip in the fourth quarter of good work-lifebalance. “It’sall In April, Mr.Lopezwas Greycroft. Itslast funding original shows,and lotsof NBCUniversal,whose execu- this year as the firstwaveof about flexibility and trust. We chargedwith participating in round, in June 2019, valued the them.Its spending on newse- tives have touted the comedy’s free trials ends—though he knowthat lifehappens—often an allegedscheme to paymil- companyatmorethan $100 ries and films like“Tiger King” streaming return sincethe ser- said plenty would likely buy during work hours—and we let lions of dollarsinbribes to million.Itisonpacetoin- and “The Irishman” helped vicelaunched in July. iPhones and other Apple prod- our teams knowthat it’sOKto soccerofficials in exchangefor crease itsrevenue to more keep subscribersglued to their About 60% of U.S. house- uctsinthe coming year,partly be offline forafew hoursto broadcasting rightswhen he than $40 million this year. TVswhile rival media compa- holds currently use Netflix,ac- offsetting such defections. manage it,” she said. P2JW366000-0-B00500-1------XA

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EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 30409.56 s73.89, or 0.24% Trailing P/E ratio 29.92 21.22 3732.04 s5.00, or 0.13% Trailing P/E ratio * 39.94 25.53 12870.00 s 19.78, or 0.15% Trailing P/E ratio *† 38.92 27.55 High, low, open and close for each P/E estimate * 24.68 19.09 High, low, open and close for each P/E estimate * 26.55 19.77 High, low, open and close for each P/E estimate *† 32.45 24.10 trading day of the past three months. Dividend yield 1.98 2.23 trading day of the past three months. Dividend yield * 1.61 1.82 trading day of the past three months. Dividend yield *† 0.75 0.97 All-time high 30409.56, 12/30/20 All-time high 3735.36, 12/28/20 All-time high: 12899.42, 12/28/20

Current divisor 0.15198707565833 32200 3750 12800 Session high DOWN UP Session open Close 31000 3625 12400 t

Close Open t 29800 3500 12000 Session low

28600 3375 11600

65-day moving average 27400 3250 11200 65-day moving average 65-day moving average

26200 3125 10800

Bars measure the point change from session's open 25000 3000 10400 Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 690,892,749 21,795,422 Industrial Average 30525.35 30393.04 30409.56 73.89 0.24 30409.56 18591.93 6.6 6.6 7.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 489,690,678 14,819,474 Transportation Avg 12504.87 12427.94 12459.23 29.75 0.24 12803.02 6703.63 14.3 14.3 5.5 Most-active issues in late trading Decl. volume* 190,998,142 6,750,466 Utility Average 854.52 847.96 850.59 1.70 0.20 960.89 610.89 -3.3 -3.3 5.5 Volume After Hours Issues traded 3,237 283 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 39164.71 39018.39 39037.62 102.00 0.26 39090.96 22462.76 18.2 18.2 12.2 Advances 2,165 190 PDL BioPharma PDLI 7,864.3 2.56 0.09 3.64 2.69 2.47 Barron's 400 852.53 846.53 849.60 5.50 0.65 852.20 455.11 16.0 16.0 6.1 Declines 987 84 SPDR S&P 500 SPY 7,566.2 371.91 -0.08 -0.02 373.00 371.54 Unchanged 85 9 Intel INTC Nasdaq Stock Market 6,386.9 48.66 -0.09 -0.18 48.80 48.58 New highs 133 10 Nasdaq Composite 12924.93 12857.76 12870.00 19.78 0.15 12899.42 6860.67 43.4 43.4 23.1 Juniper Networks JNPR 6,293.4 22.18 -0.02 -0.09 22.20 22.15 New lows 20 Nasdaq 100 12917.45 12828.79 12845.36 1.87 0.01 12845.36 6994.29 47.1 47.1 26.2 Houghton Mifflin Harcourt HMHC 4,677.5 3.45 0.06 1.77 3.46 3.39 Closing Arms† 0.94 1.18 PEDEVCO PED 4,477.3 2.07 0.82 65.60 2.44 1.29 S&P Block trades* 4,289 204 eBay EBAY 3,806.4 50.60 0.05 0.10 50.60 50.30 500 Index 3744.63 3730.21 3732.04 5.00 0.13 3735.36 2237.40 15.5 15.5 11.8 Nasdaq NYSE Arca Li Auto ADR LI 3,795.8 29.18 0.12 0.41 29.73 28.92 MidCap 400 2315.74 2288.87 2302.88 18.89 0.83 2315.36 1218.55 11.6 11.6 6.6 Total volume*5,275,051,806 158,317,754 SmallCap 600 1122.36 1108.55 1118.01 10.66 0.96 1124.94 595.67 9.5 9.5 6.1 Percentage gainers… Adv. volume*4,063,952,967 126,082,741 Decl. volume*1,106,591,259 30,616,077 Other Indexes PEDEVCO PED 4,477.3 2.07 0.82 65.60 2.44 1.29 Issues traded 3,842 1,429 Russell 2000 1987.78 1961.72 1979.99 20.63 1.05 2007.10 991.16 18.7 18.7 8.8 Ashford AINC 474.5 8.96 3.07 52.12 11.39 5.94 Advances 2,593 1,144 NYSE Composite 14520.57 14447.96 14477.48 79.55 0.55 14516.73 8777.38 4.1 4.1 4.2 Planet Green Holdings PLAG 551.2 2.58 0.33 14.67 2.94 2.25 Declines 1,143 262 Canaan ADR CAN 770.5 4.91 0.53 12.10 4.94 4.36 Value Line 569.56 562.96 567.75 4.79 0.85 568.70 305.71 2.8 2.8 0.3 Unchanged 106 23 FG Financial Group FGF 2,792.7 5.00 0.19 3.95 6.18 4.75 NYSE Arca Biotech 5855.19 5759.98 5777.69 8.47 0.15 6142.96 3855.67 14.0 14.0 11.0 New highs 223 183 NYSE Arca Pharma 687.90 684.77 685.15 2.40 0.35 691.70 494.36 4.8 4.8 7.9 ...And losers New lows 17 17 KBW Bank 97.03 96.11 96.82 0.72 0.75 114.12 56.19 -14.6 -14.6 -3.2 iShares Global Industrial EXI 51.8 98.91 -7.66 -7.19 98.91 98.91 Closing Arms† 0.62 1.48 § PHLX Gold/Silver 147.17 143.10 147.14 4.68 3.29 161.14 70.12 37.6 37.6 19.9 Capri Holdings CPRI 59.0 41.30 -2.45 -5.60 44.87 41.01 Block trades* 44,977 761 § PHLX Oil Service 44.46 43.34 44.16 0.83 1.91 80.99 21.47 -43.6 -43.6 -33.4 Wyndham Destinations WYND 303.5 43.01 -1.01 -2.29 44.03 43.01 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2788.92 2754.74 2783.77 45.72 1.67 2816.27 1286.84 50.5 50.5 30.5 BJ's Wholesale Club BJ 115.3 37.30 -0.78 -2.05 38.56 37.20 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 23.15 22.41 22.77 -0.31 -1.34 82.69 12.10 65.2 65.2 27.3 RGNX REGENXBIO 134.4 46.00 -0.75 -1.60 46.75 46.00 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. WklyPctChg Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.36 World MSCI ACWI 645.29 2.29 14.2 Indonesia Energy INDO 6.80 2.17 46.95 11.87 1.55 -7.0 AeroCentury ACY 6.85 -2.42 -26.11 38.04 0.71 52.2 0.62 MSCI ACWI ex-USA 327.71 2.01 8.6 FG Financial Group FGF 4.81 1.51 45.75 5.92 2.80 -12.9 BOS Better Online Solns BOSC 2.26 -0.61 -21.25 3.35 1.02 13.6 MSCI World 2686.06 3.88 0.14 13.9 Net Element NETE 16.30 5.00 44.25 20.08 1.47 407.8 China Finance Online ADR JRJC 8.68 -2.31 -21.02 31.40 3.65 -2.5 MSCI Emerging Markets 1289.03 22.26 1.76 15.6 Bit Digital BTBT 15.15 4.59 43.47 16.19 0.28 3691.3 Osmotica Pharmaceuticals OSMT 4.23 -1.06 -20.04 9.67 2.81 -39.5 Americas MSCI AC Americas 1460.70 2.32 0.16 17.0 Conifer Holdings CNFR 3.79 1.14 43.02 5.00 2.00 -5.3 Regional Hlth Properties RHE 3.26 -0.67 -17.05 15.77 0.75 132.9 Canada S&P/TSX Comp 17545.81 2.38 0.01 2.8 Ikonics IKNX 10.35 2.75 36.18 13.39 2.83 93.5 Big Rock Ptrs Acqn BRPA 27.14 -4.82 -15.08 76.99 9.80 156.0 Latin Amer. MSCI EM Latin America 2466.29 –1.34 –0.05 –15.5 500.com ADR WBAI 7.61 1.87 32.58 8.44 2.51 -11.5 Euro Tech Holdings CLWT 3.28 -0.57 -14.81 6.58 1.73 45.0 Brazil Sao Paulo Bovespa 119017.24 –391.91 –0.33 2.9 Codiak BioSciences CDAK 28.00 6.32 29.15 28.00 7.90 ... Mediaco Holding MDIA 2.72 -0.47 -14.73 17.00 1.10 ... Chile Santiago IPSA 2857.61 –14.12 –0.49 –14.3 DermTech DMTK 35.69 7.68 27.42 37.37 8.69 187.8 ImmunoPrecise Antibodies IPA 15.98 -2.73 -14.57 33.34 1.15 625.6 Mexico S&P/BMV IPC 44693.96 –0.03 –.0001 2.6 Nortech Systems NSYS 8.25 1.75 26.92 10.14 2.52 69.4 fuboTV FUBO 33.31 -5.43 -14.02 62.29 5.00 274.1 EMEA Stoxx Europe 600 400.25 –1.36 –0.34 –3.7 Gatos Silver GATO 12.02 2.53 26.66 12.29 5.78 ... New Concept Energy GBR 2.10 -0.34 -13.93 3.50 0.55 70.7 Eurozone Euro Stoxx 399.59 –1.12 –0.28 –1.1 National Holdings NHLD 3.42 0.69 25.40 3.90 1.12 34.1 Gevo GEVO 4.00 -0.62 -13.42 5.15 0.46 73.2 Belgium Bel-20 3663.06 –8.05 –0.22 –7.4 Sifco Industries SIF 8.25 1.55 23.13 8.45 1.89 108.9 Wah Fu Education Group WAFU 3.99 -0.58 -12.69 15.39 1.20 166.0 KalVista Pharmaceuticals KALV Cyclacel Pharmaceuticals CYCC Denmark OMX Copenhagen 20 1465.17 –9.89 –0.67 29.0 18.89 3.25 20.78 20.21 5.61 6.1 7.15 -1.03 -12.59 19.60 3.12 -46.6 Himax Technologies ADR HIMX 8.16 1.40 20.71 8.30 1.73 206.8 Tottenham Acquisition I TOTA 10.82 -1.54 -12.46 17.50 10.30 3.2 France CAC 40 5599.41 –12.38 –0.22 –6.3 Germany DAX 13718.78 –42.60 –0.31 3.5 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1500.07 15.51 1.04 –10.9 Italy FTSE MIB 22232.90 –26.45 –0.12 –5.4 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 628.06 –1.08 –0.17 3.9 Russia RTS Index 1387.46 –11.02 –0.79 –10.4 Bionano Genomics BNGO 796,984 6620.2 2.10 57.89 2.97 0.25 Nortech Systems NSYS 741 7999 8.25 26.92 10.14 2.52 South Africa FTSE/JSE All-Share 59634.93 388.53 0.66 4.5 Guardion Health Sciences GHSI 221,600 3160.5 0.59 54.21 0.74 0.17 FinTech Acqn IV Cl A FTIV 8,506 4079 11.39 5.03 17.44 5.00 Novan NOVN CONX CONX Spain IBEX 35 8154.40 –20.40 –0.25 –14.6 147,065 1470.4 1.05 50.17 3.20 0.22 601 4013 10.17 -0.48 10.50 9.91 Castor Maritime CTRM 141,945 1201.9 0.23 36.94 2.60 0.11 JanOne JAN 5,496 3350 5.44 7.09 9.10 2.01 Sweden OMX Stockholm 768.38 –5.77 –0.75 12.9 Sundial Growers SNDL 141,413 -37.4 0.49 4.98 3.88 0.14 Net Element NETE 49,762 3206 16.30 44.25 20.08 1.47 Switzerland Swiss Market 10703.51 21.47 0.20 0.8 Turkey BIST 100 1479.91 20.22 1.39 29.3 Professional Diversity IPDN 119,292 15116.8 2.74 100.00 5.56 0.76 Janus SC Growth Alpha JSML 190 2881 63.33 1.65 65.20 28.03 U.K. FTSE 100 6555.82 –46.83 –0.71 –13.1 NIO ADR NIO 116,072 -32.5 48.38 4.85 57.20 2.11 Bit Digital BTBT 46,240 2313 15.15 43.47 16.19 0.28 U.K. FTSE 250 20715.11 –182.48 –0.87 –5.3 Apple AAPL 94,849 -18.1 133.72 -0.85 138.79 53.15 Innov MSCI EAFE Pwr Jan IJAN 437 1728 25.77 0.16 25.88 18.57 Acasti Pharma ACST 70,671 314.8 0.36 19.17 2.54 0.17 Cango ADR CANG 2,642 1596 7.82 -9.60 14.00 4.20 Asia-Pacific MSCI AC Asia Pacific 199.87 2.18 1.10 17.1 Zomedica ZOM 65,392 23.3 0.23 -5.35 0.50 0.06 Direx Russ1000 Val Ov Grw RWVG 119 1579 48.66 0.89 57.20 33.70 Australia S&P/ASX 200 6682.40 –17.89 –0.27 –0.03 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3414.45 35.42 1.05 11.9 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 27147.11 578.62 2.18 –3.7 Track the Markets 0.28 India S&P BSE Sensex 47746.22 133.13 15.7 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 27444.17 –123.98 –0.45 16.0 global stock indexes, bond ETFs, Singapore Straits Times 2869.22 21.08 0.74 –11.0 currencies and commodities at Currencies South Korea Kospi 2873.47 52.96 1.88 30.8 wsj.com/graphics/track-the-markets Taiwan TAIEX 14687.70 215.65 1.49 22.4 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1449.35 –12.60 –0.86 –8.3 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Wed YTD chg Wed YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004331 23089 –0.4 CREDIT MARKETS Argentina peso .0119 84.1450 40.5 Europe Brazil real .1925 5.1940 29.2 Czech Rep. koruna .04688 21.329 –5.9 Canada dollar .7843 1.2751 –1.8 Denmark krone .1653 6.0494 –9.2 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001407 710.50 –3.9 Euro area euro 1.2300 .8130 –8.8 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000292 3422.00 4.3 Hungary forint .003369 296.78 0.5 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007879 126.92 4.8 A consumer rate against its 5-year CDs Mexico peso .0502 19.9035 5.1 Norway krone .1171 8.5425 –2.7 benchmark over the past year 2.50% Uruguay peso .02372 42.1600 13.5 Poland zloty .2684 3.7260 –1.8 Bankrate.com avg†: 0.56% 10% Asia-Pacific Russia ruble .01345 74.343 19.8 Euro s Sweden krona .1220 8.1983 –12.5 Washington Savings Bank 0.70% One year ago 2.00 Australian dollar .7687 1.3009 –8.7 Switzerland franc 1.1347 .8813 –8.9 1.60% Lowell, MA 978-458-7999 t 5 China yuan .1533 6.5233 –6.3 1.50 Turkey lira .1355 7.3778 24.0 s Hong Kong dollar .1290 7.7526 –0.5 Lone Star Bank 0.71% Ukraine hryvnia .0353 28.3500 19.7 1.20 0 Yen India rupee .01366 73.191 2.6 Houston, TX 713-358-9400 1.00 UK pound 1.3625 .7339 –2.7 Five-year CD yields Tradeweb ICE Indonesia rupiah .0000712 14050 1.2 Colorado Federal Savings Bank 0.80% Middle East/Africa t 0.80 Wednesday Close 0.50 –5 s Japan yen .009689 103.21 –5.0 Greenwood Village, CO 877-484-2372 t WSJ Dollar index Kazakhstan tenge .002372 421.57 10.4 Bahrain dinar 2.6522 .3771 ...

t Federal-funds 0.40 CFG Community Bank 0.82% 0.00 –10 Macau pataca .1251 7.9910 –0.3 Egypt pound .0636 15.7290 –2.0 target rate Malaysia ringgit .2477 4.0370 –1.3 Israel shekel .3110 3.2155 –6.9 Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2020 New Zealand dollar .7206 1.3877 –6.6 Kuwait dinar 3.2860 .3043 0.4 0.00 month(s) years J F M A M J J A S O N D TAB Bank 0.85% Pakistan rupee .00623 160.500 3.5 Oman sul rial 2.5972 .3850 0.01 maturity 2020 Ogden, UT 800-355-3063 Philippines peso .0208 48.038 –5.3 Qatar rial .2746 3.641 –0.1 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7558 1.3231 –1.7 Saudi Arabia riyal .2665 3.7521 0.02 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009187 1088.45 –5.8 South Africa rand .0684 14.6264 4.5 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0053908 185.50 2.3 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Taiwan dollar .03556 28.124 –6.0 Yield (%) 52-Week Total Return (%) Thailand baht .03339 29.950 0.6 WSJ Dollar Index 84.83 –0.39–0.46 –5.28 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.24 0.25 0.20 l 1.91 -1.46 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2456.950 0.580 0.600 1.800 0.400 7.779 5.158 Money market, annual yield 0.20 0.20 0.19 l 0.58 -0.13 Five-year CD, annual yield 0.56 0.58 0.56 l 1.41 -0.92 U.S. Treasury Long, Barclays 4707.700 1.530 1.560 2.340 0.980 16.659 9.752 Commodities 30-year mortgage, fixed† 2.90 2.89 2.86 l 4.22 -1.02 Aggregate, Barclays 2289.800 1.140 1.170 2.310 1.020 7.320 5.307 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.39 2.38 2.37 l 3.57 -0.98 Fixed-Rate MBS, Barclays 2230.920 1.280 1.320 2.690 0.930 3.846 3.706 DJ Commodity Jumbo mortgages, $510,400-plus† 2.92 2.89 2.87 l 4.36 -1.40 728.22 4.63 0.64 728.22 433.70 13.38 13.38 High Yield 100, ICE BofA 3326.413 3.558 3.884 10.740 3.558 4.160 5.151 TR/CC CRB Index 1.30 187.39 106.29 -10.28 Five-year adj mortgage (ARM)† 3.22 3.19 2.85 l 4.35 -0.84 166.68 0.79 -10.28 Muni Master, ICE BofA 595.674 0.864 0.879 3.441 0.838 5.271 4.480 Crude oil, $ per barrel 0.40 63.27 -37.63 -20.73 New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.73 48.40 0.83 -20.73 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 932.749 4.338 4.366 7.480 4.338 5.774 4.904 Natural gas, $/MMBtu 2.422 -0.022 -0.90 3.354 1.482 10.64 10.64 banks.† Excludes closing costs. Gold, $ per troy oz. 1891.00 10.50 0.56 2051.50 1477.30 24.45 24.45 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW366000-0-B00700-1------XA

THE WALL STREET JOURNAL. Thursday, December 31, 2020 | B7

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Cash Prices Wednesday, December 30, 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 May 127.25 128.60 126.55 127.30 …45,572 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future Contract Open March 15.07 15.45 14.98 15.28 .24 385,996 Open High hi lo Low Settle Chg interest months. May 14.32 14.63 s 14.24 14.53 .22 209,680 Wednesday Wednesday Wednesday Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Jan 3.5590 3.5745 3.5400 3.5430 –0.0065 3,255 March 28.40 28.40 28.40 28.40 …2,820 Energy Aluminum, LME, $ per metric ton *2000.0 Wheat - Hard - KC (USDA) $ per bu-u 6.2625 March 3.5525 3.5830 3.5430 3.5490 –0.0065 161,042 Cotton (ICE-US)-50,000 lbs.; cents per lb. Copper,Comex spot 3.5430 Wheat,No.1soft white,Portld,OR-u 6.4000 Gold (CMX)-100 troy oz.; $ per troy oz. March 77.00 78.06 s 76.90 77.97 .96 126,158 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.350 Iron Ore, 62% Fe CFR China-s 158.9 Food Jan 1879.90 1891.60 1877.30 1891.00 10.50 1,276 May 77.62 78.63 s 77.55 78.57 .95 42,108 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 371 Feb 1881.80 1895.50 1879.50 1893.40 10.50 405,163 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Metals Steel, HRC USA, FOB Midwest Mill-s 1009 Beef,carcass equiv. index April 1886.50 1899.60 1884.30 1897.80 10.50 85,888 Jan 120.75 124.95 120.75 122.95 2.20 1,068 choice 1-3,600-900 lbs.-u 181.18 June 1889.80 1902.60 1887.80 1901.00 10.70 35,015 March 125.00 127.00 124.35 125.95 1.40 8,543 Fibers and Textiles select 1-3,600-900 lbs.-u 167.53 Aug 1896.50 1905.30 1891.20 1904.00 10.60 12,320 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8102 Oct 1906.40 10.70 5,168 Engelhard industrial 1881.00 Burlap,10-oz,40-inch NY yd-n,w 0.6450 Interest Rate Futures Butter,AA Chicago 1.4475 Palladium (NYM) - 50 troy oz.; $ per troy oz. Handy & Harman base 1887.60 Cotton,1 1/16 std lw-mdMphs-u 0.7497 Cheddar cheese,bbl,Chicago 150.75 Jan 2373.10 34.10 1 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Handy & Harman fabricated 2095.24 Cotlook 'A' Index-t *82.85 Cheddar cheese,blk,Chicago 164.00 March 2339.00 2385.00 2334.00 2378.40 34.10 8,905 March 212-050 212-280 211-020 212-260 17.0 1,028,248 LBMA Gold Price AM *1873.90 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 114.00 Platinum (NYM)-50 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% LBMA Gold Price PM *1874.30 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp Jan 1058.50 1075.20 1053.80 1072.60 16.00 2,432 March 172-180 172-290 172-010 172-270 6.0 1,156,026 Krugerrand,wholesale-e 1965.50 n.a. Grains and Feeds Coffee,Colombian, NY April 1064.80 1081.80 1060.50 1078.50 15.90 56,115 June 171-150 6.0 13 Maple Leaf-e 1984.40 n.a. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Eggs,large white,Chicago-u 0.7650 Silver (CMX)-5,000 troy oz.; $ per troy oz. American Eagle-e 1984.40 Barley,top-quality Mnpls-u n.a. March 137-285 137-315 137-240 137-310 1.5 3,227,053 Flour,hard winter KC 16.50 Jan 26.320 26.525 26.260 26.488 0.352 1,011 Mexican peso-e 2286.65 Bran,wheat middlings, KC-u 148 March 26.325 26.655 26.260 26.573 0.356 143,430 June 137-030 1.5 138 Hams,17-20 lbs,Mid-US fob-u 0.52 Austria crown-e 1855.48 Corn,No. 2 yellow,Cent IL-bp,u 4.7000 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Hogs,Iowa-So. Minnesota-u 60.70 Austria phil-e 1984.40 Corn gluten feed,Midwest-u,w 152.7 Feb 48.13 48.66 47.61 48.40 0.40 362,267 Dec 125-260 .7 52,919 Pork bellies,12-14 lb MidUS-u n.a. Silver, troy oz. Corn gluten meal,Midwest-u,w March 48.26 48.78 47.76 48.50 0.36 264,758 March'21 126-022 126-042 126-005 126-037 1.0 3,220,156 565.2 Pork loins,13-19 lb MidUS-u 0.8288 April 48.36 48.87 47.87 48.57 0.32 124,843 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Engelhard industrial 26.3000 Cottonseed meal-u,w n.a. Steers,Tex.-Okla. Choice-u n.a. May 48.36 48.90 47.94 48.59 0.29 101,577 Dec 110-153 110-155 110-153 110-152 18,115 Handy & Harman base 26.4100 Hominy feed,Cent IL-u,w 118 Steers,feeder,Okla. City-u,w n.a. Handy & Harman fabricated 33.0130 Meat-bonemeal,50% pro Mnpls-u,w 300 June 48.42 48.88 47.95 48.55 0.26 224,951 March'21 110-153 110-153 110-148 110-152 1,905,115 Fats and Oils Dec 47.66 48.06 47.30 47.68 0.11 268,540 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. LBMA spot price *£19.3600 Oats,No.2 milling,Mnpls-u 3.7450 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 99.9100 99.9100 99.9075 99.9075 116,469 (U.S.$ equivalent) *26.1500 Rice, Long Grain Milled, No. 2 AR-u,w n.a. Corn oil,crude wet/dry mill wtd. avg.-u,w 41.0000 Jan 1.4884 1.5018 1.4757 1.4898 .0030 8,443 Jan'21 99.9150 99.9200 99.9150 99.9150 156,312 Coins,wholesale $1,000 face-a 19725 Sorghum,(Milo) No.2 Gulf-u 6.8450 Grease,choice white,Chicago-h 0.3200 Feb 1.4900 1.5041 1.4767 1.4918 .0041 92,038 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Other metals SoybeanMeal,Cent IL,rail,ton48%-u 429.90 Lard,Chicago-u n.a. Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 97-260 4.0 105,851 LBMA Platinum Price PM *1039.0 Soybeans,No.1 yllw IL-bp,u 12.9500 Soybean oil,crude;Centl IL-u 0.4367 Jan 1.3905 1.4235 1.3888 1.4120 .0241 9,932 Eurodollar (CME)-$1,000,000; pts of 100% Platinum,Engelhard industrial 1071.0 Wheat,Spring14%-pro Mnpls-u 7.2625 Tallow,bleach;Chicago-h 0.3800 Jan 99.8025 99.8125 99.8025 99.8050 …244,097 Feb 1.3804 1.4119 1.3779 1.4013 .0230 123,551 Palladium,Engelhard industrial 2357.0 Wheat,No.2 soft red,St.Louis-u 6.6825 Tallow,edible,Chicago-u n.a. Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 99.8300 99.8300 99.8250 99.8300 … 1,068,204 Feb 2.444 2.473 2.387 2.422 –.022 195,151 June 99.8250 99.8350 99.8250 99.8350 .0050 946,044 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; March 2.442 2.468 2.389 2.422 –.017 250,637 Sept 99.8200 99.8250 99.8150 99.8250 .0050 793,456 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 12/29 April 2.460 2.486 2.418 2.447 –.007 110,841 May 2.483 2.506 2.445 2.471 –.002 62,697 Currency Futures Source: Dow Jones Market Data Sept 2.628 2.657 2.605 2.632 .004 46,721 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Oct 2.644 2.687 2.637 2.663 .004 109,387 Jan .9661 .9714 .9657 .9686 .0024 1,218 Bonds | wsj.com/market-data/bonds/benchmarks Agriculture Futures March .9666 .9721 .9662 .9692 .0024 192,341 Canadian Dollar (CME)-CAD 100,000; $ per CAD Corn (CBT)-5,000 bu.; cents per bu. Jan .7815 .7845 .7799 .7836 .0029 1,341 Tracking Bond Benchmarks March 466.00 476.00 s 462.00 474.50 8.50 833,728 March .7804 .7846 .7799 .7836 .0028 148,054 May 465.75 475.25 s 462.50 474.25 8.25 265,308 British Pound (CME)-£62,500; $ per £ Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Oats (CBT)-5,000 bu.; cents per bu. Jan 1.3530 1.3626 1.3498 1.3614 .0110 693 highs and lows for different types of bonds March 338.50 349.75 s 338.25 349.00 10.00 3,912 March 1.3512 1.3633 1.3499 1.3618 .0110 137,290 Total Total May 344.75 8.75 513 Swiss Franc (CME)-CHF 125,000; $ per CHF return YTD total return YTD total Soybeans (CBT)-5,000 bu.; cents per bu. March 1.1342 1.1374 s 1.1317 1.1359 .0026 52,236 Yield (%) Yield (%) close return (%) Index Latest Low High close return (%) Index Latest Low High Jan 1295.00 1308.25 s 1279.75 1303.75 8.25 15,691 June 1.1360 1.1401 s 1.1349 1.1389 .0026 82 March 1296.00 1306.00 s 1280.00 1300.50 4.50 409,271 Australian Dollar (CME)-AUD 100,000; $ per AUD Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Soybean Meal (CBT)-100 tons; $ per ton. Jan .7630 .7687 s .7609 .7678 .0065 748 Jan 427.00 432.90 s 420.30 432.40 5.40 8,581 March .7611 .7692 s .7611 .7682 .0065 136,689 2289.80 7.4 U.S. Aggregate 1.140 1.020 2.310 2230.92 3.8 Mortgage-Backed 1.280 0.930 2.690 March 424.00 429.40 s 417.20 427.80 3.50 186,907 Mexican Peso (CME)-MXN 500,000; $ per MXN 2177.74 3.7 Ginnie Mae (GNMA) 0.760 0.290 2.660 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Jan .05030 .05034 .04984 .05021 .00006 100 U.S. Corporate Indexes Bloomberg Barclays Jan 42.67 .19 7,683 March .04973 .05005 .04948 .04987 .00006 142,417 3455.17 9.7 U.S. Corporate 1.760 1.760 4.580 1317.60 4.0 Fannie mae (FNMA) 1.460 1.110 2.690 March 41.86 41.98 s 41.25 41.86 .11 211,099 Euro (CME)-€125,000; $ per € Rough Rice (CBT)-2,000 cwt.; $ per cwt. Jan 1.2260 1.2314 s 1.2257 1.2294 .0032 2,137 3111.90 7.4 Intermediate 1.090 1.090 4.400 2022.32 3.9 Freddie Mac (FHLMC) 1.440 1.080 2.710 Jan 12.23 12.39 12.15 12.21 …471 March 1.2275 1.2330 s 1.2271 1.2309 .0031 663,943 March 12.35 12.71 12.35 12.49 .03 9,053 5178.11 13.6 Long term 2.800 2.730 4.930 595.67 5.3 Muni Master 0.864 0.838 3.441 Wheat (CBT)-5,000 bu.; cents per bu. March 620.00 643.50 s 614.00 640.75 22.25 184,688 Index Futures 701.87 8.8 Double-A-rated 1.410 1.300 3.360 421.70 5.7 7-12 year 0.848 0.771 3.447 July 612.75 629.50 s 608.50 627.25 15.50 78,236 Mini DJ Industrial Average (CBT)-$5 x index 9.7 Triple-B-rated 482.37 6.5 12-22 year 1.251 1.224 3.690 Wheat (KC)-5,000 bu.; cents per bu. March 30273 30416 30211 30302 64 81,743 921.51 2.020 2.020 5.350 March 585.00 604.75 s 580.75 601.25 16.25 121,796 June 30104 30288 30090 30182 65 85 High Yield Bonds ICE BofA 468.48 6.3 22-plus year 1.896 1.765 4.123 May 604.50 16.50 38,128 S&P 500 Index (CME)-$250 x index Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 3694.70 3737.70 3717.60 3724.20 4.30 6,709 495.07 6.0 High Yield Constrained 4.253 4.253 11.400 Global Government J.P. Morgan† Jan 139.500 139.700 137.800 138.525 –1.100 8,481 Mini S&P 500 (CME)-$50 x index Triple-C-rated 614.73 5.5 Global Government 0.560 0.390 1.060 March 141.200 141.225 139.225 139.750 –1.475 21,257 March 3724.50 3738.25 3716.50 3724.25 4.25 2,494,823 456.17 4.2 8.312 8.312 19.071 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 3712.00 3727.00 3706.50 3714.00 4.50 3,999 3326.41 4.2 High Yield 100 3.558 3.558 10.740 861.87 7.2 Canada 0.850 0.590 1.740 Dec 112.425 112.500 111.550 112.125 .075 227 Mini S&P Midcap 400 (CME)-$100 x index Feb'21 114.725 114.900 113.950 114.450 –.125 110,887 March 2284.20 2313.80 2275.00 2299.40 18.70 53,442 447.16 6.1 Global High Yield Constrained 4.254 4.254 11.310 n.a. n.a. EMU§ n.a. n.a. n.a. Hogs-Lean (CME)-40,000 lbs.; cents per lb. June … 2311.20 18.10 n.a. Feb 67.100 69.150 67.075 67.600 .400 78,051 Mini Nasdaq 100 (CME)-$20 x index 337.60 2.7 Europe High Yield Constrained 2.847 2.464 8.183 793.16 4.5 France -0.110 -0.160 0.430 April 71.000 72.400 70.725 71.075 …44,173 March 12860.75 12909.75 12820.50 12841.50 .50 215,735 U.S Agency Bloomberg Barclays 552.01 3.0 Germany -0.470 -0.740 -0.050 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 12834.25 12893.00 12806.75 12826.50 .75 1,142 Jan 883.10 883.10 867.70 873.90 –14.20 613 Mini Russell 2000 (CME)-$50 x index 1867.03 5.4 U.S Agency 0.480 0.460 1.880 295.21 -1.0 Japan 0.300 0.040 0.320 March 779.40 780.90 745.00 745.00 –32.00 1,686 March 1957.10 1987.40 1949.70 1976.50 21.00 531,884 Milk (CME)-200,000 lbs., cents per lb. June 1961.00 1981.70 1947.90 1972.50 20.90 32 1627.37 4.1 10-20 years 0.370 0.340 1.760 617.92 3.7 Netherlands -0.390 -0.540 0.080 Jan 16.26 16.34 15.93 16.06 –.20 3,724 Mini Russell 1000 (CME)-$50 x index Feb 17.98 18.07 17.73 17.91 –.02 3,043 March 2109.40 2112.20 2102.20 2105.40 3.20 8,051 4267.92 11.8 20-plus years 1.650 1.170 2.450 1091.99 8.7 U.K. 0.570 0.390 1.140 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index 2933.08 7.2 Yankee 1.380 1.380 3.500 5.8 Emerging Markets ** March 2,503 2,607 2,499 2,597 90 97,582 March 89.87 89.90 t 89.52 89.65 –.27 35,373 932.75 4.338 4.338 7.480 May 2,440 2,533 2,440 2,524 73 56,426 June 89.73 89.84 t 89.54 89.61 –.27 564 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Coffee (ICE-US)-37,500 lbs.; cents per lb. ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan March 125.30 126.75 124.65 125.40 …110,474 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 Watching the Gauges: U.S. Supply and Demand selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Inventories, imports and demand for the week ended December 25. Current figures are in thousands of barrels Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago import and demand data are available monthly only. 0.125 U.S. 2 0.125 t l 0.127 0.147 1.571 0.875 10 0.926 t l 0.934 0.845 1.894 Inventories, 000s barrels Imports, 000s barrels per day 2.250 Australia 2 0.079 t l 0.086 0.101 0.914 -5.0 -4.7 -65.1 Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year 1.000 10 0.992 s l 0.978 0.909 1.321 6.5 3.9 -56.3 Current change week ago avg avg Current change week ago avg avg 0.000 France 2 -0.698 s l -0.739 -0.678 -0.577 -82.7 -87.2 -214.2 Crude oil and s l petroleum prod 1,342,040 ... 1,357 1,267 1,360 1,276 7,360 ... 7,497 8,404 7,770 9,940 0.000 10 -0.341 -0.347 -0.324 0.121 -126.8 -128.5 -176.2 Crude oil 0.000 Germany 2 -0.710 s l -0.716 -0.738 -0.608 -83.9 -84.8 -217.3 excluding SPR 493,469 -2,500 500 430 499 447 5,326 ... 5,564 6,352 5,698 7,617 0.000 10 -0.571 t l -0.571 -0.570 -0.185 -149.8 -150.9 -206.8 Gasoline 236,562 ... 238 242 238 253 601 ... 571 473 643 574 0.050 Italy 2 -0.411 s l -0.419 -0.394 -0.175 -54.0 -55.2 -174.0 Finished gasoline 27,353 600 26 26 26 28 89 ... 114 17 96 47 0.900 10 0.546 t l 0.555 0.623 1.421 -38.3 -46.3 Reformulated 44 ... 00 00 0... 00 00 -38.1 Conventional 27,309 ... 26 26 26 28 89 ... 114 17 96 47 0.100 Japan 2 -0.120 t l -0.119 -0.125 -0.125 -24.9 -25.2 -169.0 Blend. components 209,209 ... 212 216 212 226 512 ... 457 456 548 527 0.100 10 0.025 t l 0.027 0.030 -0.016 -90.2 -91.2 -189.9 Natural gas (bcf) 3,574 ... 43 43...... 0.400 Spain 2 -0.629 t l -0.625 -0.584 -0.375 -75.8 -75.8 -194.0 Kerosene-type 1.250 10 0.041 t l 0.053 0.077 0.467 -88.6 -88.6 -141.6 jet fuel 36,534 ... 36 39 36 42 121 ... 121 223 136 192 0.125 U.K. 2 -0.160 t l -0.147 -0.021 0.596 -28.9 -28.0 -96.9 Distillates 152,029 -100 149 134 151 152 619 ... 444 183 459 254 4.750 10 0.214 t l 0.214 0.306 0.867 -71.4 -72.4 -101.6 Heating oil 7,865 ... 711812 0... 00 034 Diesel 144,164 ... 142 123 143 139 619 ... 444 183 459 217 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Residual fuel oil 30,664 ... 32 30 31 35 34 ... 77 151 149 247 Corporate Debt Other oils 294,132 ... 298 282 300 257 519 ... 572 860 524 867 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Net crude, petroleum expectations products, incl. SPR 1,980,125 ... 1,995 1,902 1,998 1,944 -1,921 ... -1,316 -1,730 -292 3,569 Investment-grade spreads that tightened the most… Spread*, in basis points Weekly Demand, 000s barrels per day Natural gas storage Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Wells Fargo WFC 3.000 1.05 Oct. 23, ’26 70 –13 n.a. Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals –12 Current change week ago avg avg Delta Airlines, Inc. Retirement Plan … 4.500 2.82 Oct. 20, ’25 247 268 Mitsubishi UFJ Financial MUFG 3.751 2.33 July 18, ’39 64 –9 n.a. Total petroleum 4250 Royal Bank of Canada RY 0.500 0.30 Oct. 26, ’23 13 –7 24 product 19,317 ... 19,088 19,922 19,069 20672 Natural gas, lower 48 states Swedbank SWEDA 0.600 0.46 Sept. 25, ’23 29 –5 34 Finished t 3250 Principal Life Global Funding II … 1.250 0.37 May 11, ’23 20 –4 n.a.

motor gasoline 8,128 ... 8,022 8,961 7,931 8641 HSBC Holdings HSBC 3.900 1.20 May 25, ’26 84 –3 96 t 2250 Kerosene-type Microchip Technology MCHP 0.972 0.85 Feb. 15, ’24 49 –3 56 Five-year average jet fuel 1,217 ... 1,196 1,972 1,218 1609 for each week Distillates 3,594 ... 4,174 3,055 3,790 4111 1250 …And spreads that widened the most Residual fuel oil 275 ... 128 292 190 194 DuPont de Nemours DD 2.169 1.54 May 1, ’23 137 9 132 250 Propane/propylene 1,755 ... 1,292 1,285 1,602 ... Caterpillar Financial Services … 2.625 0.30 March 1, ’23 13 5 n.a. J F M A M J J A S O N D Other oils 4,348 ... 4,278 4,356 4,338 ... 5 2020 Verizon Communications VZ 5.250 2.57 March 16, ’37 88 83 Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. General Motors GM 4.875 0.83 Oct. 2, ’23 66 4 68 Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires NBCUniversal Media … 5.950 2.60 April 1, ’41 92 3 98 Pacific Gas and Electric … 4.500 3.65 July 1, ’40 198 3 197 Exchange-Traded Portfolios | WSJ.com/ETFresearch Canadian Imperial Bank of Commerce CM 3.100 0.56 April 2, ’24 19 2 n.a. Santander UK SANUK 2.875 0.78 June 18, ’24 42 2 43 Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Schwab US TIPs SCHP 61.90 0.03 9.3 High-yield issues with the biggest price increases… Wednesday, December 30, 2020 Closing Chg YTD ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 304.13 0.22 6.7 Bond Price as % of face value Closing Chg YTD SPDR S&PMdCpTr MDY 419.43 0.89 11.7 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week ETF Symbol Price (%) (%) iShMSCI EAFE EFA 73.52 0.14 5.9 SPDR S&P 500 SPY 371.99 0.14 15.6 ARKInnovationETF ARKK 127.10 2.24 153.9 iShMSCIEmgMarkets EEM 51.70 1.33 15.2 SPDR S&P Div SDY 105.37 0.65 –2.0 Seagate HDD Cayman … 4.750 2.35 Jan. 1, ’25 109.099 0.60 107.850 iShMSCIJapan EWJ 67.35 0.04 13.7 TechSelectSector XLK 129.83 –0.05 41.6 CommSvsSPDR XLC 66.94 –0.67 24.8 CF Industries CF 5.150 3.01 March 15, ’34 123.112 0.51 n.a. CnsmrDiscSelSector XLY 160.69 0.60 28.1 iShNatlMuniBd MUB 117.14 –0.02 2.8 UtilitiesSelSector XLU 61.78 0.50 –4.4 CnsStapleSelSector XLP 66.98 –0.10 6.4 iSh1-5YIGCorpBd IGSB 55.15 0.04 2.8 VanEckGoldMiner GDX 36.56 2.29 24.9 Dish DBS … 5.875 4.45 Nov. 15, ’24 105.000 0.45 105.500 iShPfd&Incm PFF 38.34 0.45 2.0 EnSelectSectorSPDR XLE 38.22 1.57 –36.3 VangdInfoTech VGT 353.48 0.13 44.4 iShRussell1000Gwth IWF 240.59 –0.07 36.8 VangdSC Val VBR American Airlines AAL 4.000 8.10 July 15, ’25 84.707 0.41 n.a. FinSelSectorSPDR XLF 29.12 0.45 –5.4 141.99 1.05 3.6 iShRussell1000 IWB 210.90 0.20 18.2 VangdSC Grwth VBK 267.93 0.97 34.8 HealthCareSelSect XLV 112.26 –0.02 10.2 iShRussell1000Val IWD 135.68 0.48 –0.6 VangdExtMkt VXF 164.93 0.71 30.9 Netflix NFLX 5.875 3.00 Nov. 15, ’28 120.000 0.29 119.430 IndSelSectorSPDR XLI 88.14 0.64 8.2 iShRussell2000 IWM 196.41 1.02 18.6 VangdDivApp VIG 140.20 0.31 12.5 InvscQQQI QQQ 312.97 0.00 47.2 QVC QVCN 4.375 1.87 March 15, ’23 105.375 0.25 n.a. iShRussellMid-Cap IWR 68.38 0.77 14.7 VangdFTSEDevMk VEA 47.53 0.21 7.9 InvscS&P500EW RSP 126.73 0.72 9.5 iShRussellMCValue IWS 96.48 1.09 1.8 VangdFTSE EM VWO 50.24 1.39 13.0 Ford Motor F 8.500 2.68 April 21, ’23 112.869 0.24 111.820 iSh3-7YTreasuryBd IEI 132.93 0.02 5.7 iShS&P500Growth IVW 63.58 –0.11 31.3 VangdFTSE Europe VGK 60.96 –0.13 4.0 iShCoreDivGrowth DGRO 44.45 0.14 5.7 S 0.20 iShS&P500Value IVE 126.99 0.43 –2.4 VangdFTSEAWxUS VEU 58.70 0.57 9.2 Sprint Communications 6.000 1.37 Nov. 15, ’22 108.500 107.595 iShCoreMSCIEAFE IEFA 69.71 0.16 6.9 iShShortTreaBd SHV 110.52 ... 0.1 VangdGrowth VUG 252.87 –0.02 38.8 iShCoreMSCIEM IEMG 62.10 1.32 15.5 iShSilver SLV 24.76 1.52 48.4 VangdHlthCr VHT 222.16 0.14 15.9 …And with the biggest price decreases iShCoreMSCITotInt IXUS 67.59 0.57 9.2 iShTIPSBondETF TIP 127.38 0.08 9.3 VangdHiDiv VYM 90.74 0.30 –3.2 iShCoreS&P500 IVV 373.30 0.13 15.5 iSh1-3YTreasuryBd SHY 86.39 0.01 2.1 VangdIntermBd BIV 92.85 0.04 6.5 iShCoreS&P MC IJH 229.64 0.87 11.6 iSh7-10YTreasuryBd IEF 119.87 0.07 8.8 VangdIntrCorpBd VCIT 97.12 0.15 6.3 Royal Caribbean RCL 7.500 5.80 Oct. 15, ’27 109.425 –0.58 109.563 iShCoreS&P SC IJR 91.76 1.01 9.4 iSh20+YTreasuryBd TLT 157.50 0.22 16.3 VangdLC VV 174.96 0.13 18.3 Macy's M 6.790 8.49 July 15, ’27 91.594 –0.56 n.a. iShS&PTotlUSStkMkt ITOT 85.87 0.25 18.1 iShRussellMCGrowth IWP 102.79 0.54 34.7 VangdMC VO 206.34 0.69 15.8 iShCoreUSAggBd AGG 118.10 0.06 5.1 iShUSTreasuryBdETF GOVT 27.36 0.05 5.5 VangdMBS VMBS 54.05 0.02 1.7 Fiat Chrysler Automobiles FCAIM 5.250 1.98 April 15, ’23 107.250 –0.34 107.625 iShSelectDividend DVY 95.39 0.71 –9.7 JPM UltShtIncm JPST 50.78 –0.00 0.7 VangdRealEst VNQ 84.12 0.55 –9.3 Teva Pharmaceutical Finance Netherlands … 2.800 3.21 July 21, ’23 99.000 –0.33 98.700 iShESGAwareUSA ESGU 85.65 0.15 20.1 PIMCOEnhShMaturity MINT 102.02 0.02 0.4 VangdS&P500ETF VOO 341.85 0.13 15.6 iShEdgeMSCIMinUSA USMV 67.29 0.13 2.6 SPDR BlmBarcHYBd JNK 108.81 0.18 –0.7 VangdST Bond BSV 82.86 ... 2.8 Ford Motor Credit … 3.087 2.36 Jan. 9, ’23 101.419 –0.31 100.970 iShEdgeMSCIUSAMom MTUM 161.13 0.37 28.3 SPDRBloomBar1-3MTB BIL 91.51 –0.01 0.1 VangdSTCpBd VCSH 83.25 0.06 2.7 iShEdgeMSCIUSAQual QUAL 115.47 0.23 14.3 SPDR Gold GLD 177.70 0.77 24.4 VangdSC VB 194.81 1.05 17.6 CSC Holdings CSCHLD 5.250 2.63 June 1, ’24 108.500 –0.15 108.125 iShGoldTr IAU 18.05 0.78 24.5 SchwabIntEquity SCHF 36.26 0.17 7.8 VangdTotalBd BND 88.07 0.07 5.0 –0.05 iShiBoxx$InvGrCpBd LQD 138.10 0.13 7.9 SchwabUS BrdMkt SCHB 90.65 0.24 17.9 VangdTotIntlBd BNDX 58.53 0.02 3.4 Springleaf Finance … 6.875 2.74 March 15, ’25 116.297 114.709 iShiBoxx$HYCpBd HYG 87.23 0.21 –0.8 SchwabUS Div SCHD 63.77 0.44 10.1 VangdTotIntlStk VXUS 60.55 0.55 8.7 iShJPMUSDEmgBd EMB 115.84 0.13 1.1 SchwabUS LC SCHX 90.60 0.19 18.0 VangdTotalStk VTI 193.75 0.27 18.4 *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. iShMBSETF MBB 110.12 0.02 1.9 SchwabUS LC Grw SCHG 128.33 –0.05 38.1 VangdTotlWrld VT 92.51 0.35 14.2 Note: Data are for the most active issue of bonds with maturities of two years or more iShMSCI ACWI ACWI 90.66 0.33 14.4 SchwabUS SC SCHA 89.20 0.93 17.9 VangdValue VTV 117.93 0.32 –1.6 Source: MarketAxess P2JW366000-0-B00800-1------XA

B8 | Thursday, December 31, 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. LibertyFormOne A FWONA 38.79 -0.43 Paylocity PCTY 206.64 -1.57 TeladocHealth TDOC 203.57 4.59 UnionPacific UNP 205.98 1.56 WasteMgt WM 116.93 0.11 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. G H I listed securities. Prices are composite quotations dd-Indicates loss in the most recent four LibertyFormOne C FWONK 42.83 -0.39 PayPal PYPL 231.51 0.48 TeledyneTech TDY 391.10 6.19 UnitedAirlines UAL 44.65 0.91 Waters WAT 245.56 -0.31 Teleflex TFX 407.56 1.52 UnitedMicro UMC 8.66 0.35 that include primary market trades as well as quarters. GDS Holdings GDS 94.04 2.92 LibertyBraves A BATRA 25.45 0.53 Pegasystems PEGA 131.67 1.05 Watsco WSO 227.84 0.31 Ericsson ERIC 11.84 -0.11 UPS B UPS 166.23 -2.80 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. s GFLEnvironmental GFL 28.78 0.55 LibertyBraves C BATRK 25.14 0.35 Peloton PTON 154.96 4.86 Wayfair W 230.67 -2.69 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing TelefonicaBras VIV 8.87 0.21 UnitedRentals URI 230.06 3.63 GSXTechedu GSX 52.48 1.79 LibertySirius A LSXMA 43.09 0.34 PembinaPipeline PBA 23.64 -0.07 Weibo WB 41.02 1.42 Nasdaq ISE. standards Telefonica TEF 4.03 -0.04 US Bancorp USB 46.15 0.44 Gallagher AJG 121.70 0.17 LibertySirius C LSXMK 43.17 0.14 PennNational PENN 87.09 -1.18 WellsFargo WFC 29.75 -0.03 The list comprises the 1,000 largest companies lf-Late filing EliLilly LLY Pentair PNR TelekmIndonesia TLK 23.56 -0.58 UnitedHealth UNH 344.99 -2.36 based on market capitalization. q-Temporary exemption from Nasdaq Gaming&Leisure GLPI 42.12 0.07 167.01 0.43 52.68 0.89 Welltower WELL 63.80 0.62 10xGenomics TXG 142.61 0.42 UnitySoftware U 154.82 3.64 Underlined quotations are those stocks with requirements. Gap GPS 20.48 0.40 LincolnNational LNC 49.58 0.42 PepsiCo PEP 147.31 -0.11 WestPharmSvcs WST 279.94 1.60 Tenaris TS 16.09 0.12 UnivDisplay OLED 231.08 1.17 large changes in volume compared with the t-NYSE bankruptcy Garmin GRMN 119.52 0.14 Linde LIN 261.77 2.35 PerkinElmer PKI 140.58 0.75 WesternDigital WDC 49.53 1.24 s TencentMusic TME 19.22 0.29 UniversalHealthB UHS 136.13 -0.05 issue’s average trading volume. v-Trading halted on primary market. Gartner IT 158.55 0.17 LithiaMotors LAD 293.21 9.11 PetroChina PTR 30.88 -0.09 WesternUnion WU 21.78 0.20 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Teradyne TER 120.29 3.09 VEREIT VER 37.44 0.24 Generac GNRC 229.19 7.82 LiveNationEnt LYV 74.57 0.06 PetroleoBrasil PBR 11.21 0.16 WestlakeChem WLK 81.33 1.47 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, LloydsBanking LYG 1.96 0.03 PetroleoBrasilA PBR.A 10.98 0.13 s Tesla TSLA 694.78 28.79 VF VFC 86.15 1.39 WestpacBanking WBK previous closing price was $2 or higher. or securities assumed by such companies. GeneralDynamics GD 148.30 0.75 14.96 -0.01 Pfizer PFE TevaPharm TEVA 9.60 0.05 VICI Prop VICI 25.67 0.41 GeneralElec GE 10.71 0.15 LockheedMartin LMT 354.16 0.26 36.74 -0.31 WestRock WRK 43.43 0.36 Loews L 44.42 0.36 PhilipMorris PM 81.48 -0.39 TexasInstruments TXN 162.70 1.52 VailResorts MTN 276.98 6.94 Weyerhaeuser WY 33.65 0.32 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and GeneralMills GIS 58.56 -0.59 s LogitechIntl LOGI Phillips66 PSX Textron TXT 48.44 0.93 Vale VALE 16.95 0.11 GeneralMotors GM 41.84 0.27 97.30 1.00 70.60 2.22 WheatonPrecMet WPM 42.93 1.25 changes in the closing prices from 4 p.m. the previous day. ThermoFisherSci TMO 461.73 -1.13 s Lowe's LOW 160.56 0.02 s Pinduoduo PDD 179.11 12.92 ValeroEnergy VLO 56.72 1.27 Whirlpool WHR 184.39 1.19 Genmab GMAB 40.76 0.97 ThomsonReuters TRI LufaxHolding LU 14.54 0.25 PinnacleWest PNW 79.11 0.04 82.01 0.41 VarianMed VAR 174.73 -0.23 Williams WMB 19.94 -0.14 Wednesday, December 30, 2020 Net Net Genpact G 41.23 0.13 3M MMM 174.11 0.26 lululemon LULU 350.78 -2.44 Pinterest PINS 67.14 -1.15 Vedanta VEDL 8.86 0.13 Williams-Sonoma WSM 103.47 -0.89 Net Stock Sym Close Chg Stock Sym Close Chg Gentex GNTX 34.06 0.42 Tiffany TIF 131.35 0.02 LumenTech LUMN 9.72 -0.07 PioneerNatRscs PXD 114.57 4.48 VeevaSystems VEEV 276.06 0.51 WillisTowers WLTW 206.14 -0.94 Stock Sym Close Chg GenuineParts GPC 99.61 0.82 s Toro TTC 94.34 0.20 Berkley WRB 66.10 0.37 Corteva CTVA 38.44 0.50 Lumentum LITE 95.11 -0.69 PlainsAllAmPipe PAA 8.37 -0.17 Ventas VTR 48.86 -0.17 Wipro WIT 5.64 0.05 Gerdau GGB 4.74 0.03 TorontoDomBk TD 56.43 0.14 BerkHathwy A BRK.A 345095275.00 CoStar CSGP 924.96 6.74 LuminarTech LAZR 36.14 3.78 PlugPower PLUG 34.19 1.73 VeriSign VRSN 214.50 -1.13 Wix.com WIX 256.88 3.03 A B C t GileadSciences GILD 56.65 -0.18 Total TOT 42.67 0.16 BerkHathwy B BRK.B 229.65 0.08 Costco COST 374.45 1.73 Lyft LYFT 50.34 1.09 Pool POOL 367.28 3.24 VeriskAnalytics VRSK 205.78 0.11 Woodward WWD 121.78 0.77 GSK GSK 37.04 0.06 ToyotaMotor TM 154.09 0.75 ABB ABB 27.93 0.04 BerryGlobal BERY 56.15 1.19 CoupaSoftware COUP 341.31 0.82 LyondellBasell LYB 91.07 1.58 PrincipalFin PFG 48.78 0.39 Verizon VZ 58.14 -0.67 Workday WDAY 236.93 -0.79 s GlobalPayments GPN 210.14 0.37 TractorSupply TSCO 142.76 -0.24 AcadiaPharm ACAD 53.69 -0.09 BestBuy BBY 101.38 0.62 Credicorp BAP 163.65 -1.25 Procter&Gamble PG 137.77 -0.65 VertxPharm VRTX 232.68 -0.81 WynnResorts WYNN 113.40 -0.91 Globant GLOB 217.88 3.02 TradeDesk TTD 818.00 -2.29 AECOM ACM 49.47 0.98 BeyondMeat BYND 126.49 0.59 CreditSuisse CS 12.81 0.02 M N Progressive PGR 97.41 -0.28 ViacomCBS B VIAC 36.90 0.18 XP XP 40.48 0.47 GlobeLife GL 93.21 1.05 Tradeweb TW 61.58 -0.16 AES AES 22.78 -0.53 s Bilibili BILI 94.35 11.90 Cree CREE 104.39 7.19 Prologis PLD 98.82 1.10 ViacomCBS A VIACA 37.61 0.14 XPO Logistics XPO 118.57 1.35 GoDaddy GDDY 83.32 0.03 M&T Bank MTB 125.64 1.83 TraneTech TT 144.83 1.93 Aflac AFL 44.01 0.26 Bill.com BILL 137.25 -1.40 CrowdStrike CRWD 210.29 4.36 Proofpoint PFPT 136.19 2.66 Viatris VTRS 18.13 0.38 XcelEnergy XEL 65.65 0.23 GoldFields GFI 9.63 0.27 MGMGrowthProp MGP 31.17 0.17 TransDigm TDG 616.14 8.31 AGCO AGCO 102.18 0.92 Bio-Techne TECH 316.99 2.08 PrudentialFin PRU 77.45 1.11 s Vipshop VIPS 27.76 1.68 Xilinx XLNX 142.10 2.20 CrownCastle CCI 156.39 0.58 GoldmanSachs GS 259.45 1.44 MGM Resorts MGM 31.19 0.42 TransUnion TRU 98.64 0.47 AGNC Invt AGNC 15.57 0.10 Bio-RadLab A BIO 574.83 -0.09 s Prudential PUK 37.07 -0.11 s Visa V 218.36 3.99 XPeng XPEV 42.29 0.74 CrownHoldings CCK 99.84 1.66 GoodRx GDRX 42.29 0.14 MinisoGroup MNSO 26.37 -0.31 Travelers TRV 139.08 0.73 Ansys ANSS 362.32 1.47 Bio-RadLab B BIO.B 574.15 0.15 PublicServiceEnt PEG 57.36 0.28 Vistra VST 19.49 0.59 Cummins CMI 224.99 2.30 Graco GGG 72.21 0.37 MKS Instrum MKSI 152.76 2.07 Trex TREX 83.790.99 Xylem XYL 100.78 1.27 s ASETech ASX 5.89 0.15 Biogen BIIB 243.58 0.12 PublicStorage PSA 228.93 1.13 VMware VMW 138.05 -1.37 CureVac CVAC 81.76 -3.11 Grainger GWW 406.83 -0.45 MPLX MPLX 21.56 0.04 Trimble TRMB 66.33 0.56 Yandex YNDX 69.50 1.99 s ASML ASML 489.91 5.90 BioMarinPharm BMRN 86.96 0.78 PulteGroup PHM 44.09 -0.06 Vodafone VOD 16.65 0.01 CyrusOne CONE 73.36 -0.02 Grifols GRFS 18.50 0.19 MSCI MSCI 436.99 2.42 Trip.com TCOM 33.25 1.22 YatsenHolding YSG 16.26 0.41 AT&T T 28.49 -0.05 BioNTech BNTX 83.94 -4.34 Qiagen QGEN 52.86 0.20 VornadoRealty VNO 36.43 0.44 GuardantHealth GH 126.14 4.52 MagellanMid MMP 42.16 -0.18 TruistFinl TFC 47.37 0.65 s YumBrands YUM 109.51 0.06 AbbottLabs ABT 108.44 0.11 BlackKnight BKI 88.25 0.59 D E F Qorvo QRVO 167.37 3.60 VoyaFinancial VOYA 58.28 0.53 Guidewire GWRE 128.25 1.29 MagnaIntl MGA 71.95 0.07 Twilio TWLO 349.56 -0.94 YumChina YUMC 57.12 0.28 AbbVie ABBV 105.27 0.57 BlackLine BL 133.15 1.47 Qualcomm QCOM 149.95 1.46 VulcanMatls VMC 146.47 3.70 ZTO Express ZTO 29.00 1.02 DISH Network DISH 31.52 -0.18 HCA Healthcare HCA 162.35 -1.48 ManulifeFin MFC 17.64 -0.01 Twitter TWTR 54.33 -0.03 t AbCelleraBio ABCL 41.10 2.10 BlackRock BLK 708.94 2.66 QuantaServices PWR 71.15 0.53 ZaiLab ZLAB 134.11 4.34 DTE Energy DTE 119.66 0.42 s HDFC Bank HDB 72.00 1.28 MarathonPetrol MPC 41.57 0.84 TylerTech TYL 428.93 -0.44 W X Y Z s Abiomed ABMD 323.92 2.99 Blackstone BX 64.70 0.16 QuestDiag DGX 118.33 -0.07 ZebraTech ZBRA 383.75 5.71 DadaNexus DADA 37.59 1.75 s HP HPQ 24.32 0.27 Markel MKL 1019.69 26.90 TysonFoods TSN 63.59 0.09 AcceleronPharma XLRN 127.82 2.41 Boeing BA 216.67 0.42 Quidel QDEL 184.91 3.73 WEC Energy WEC Zendesk ZEN 141.29 1.24 Danaher DHR 220.68 -2.18 HSBC HSBC 25.94 0.12 MarketAxess MKTX 562.27 -2.52 UBS Group UBS 14.06 -0.05 90.55 0.24 Accenture ACN 257.54 -0.22 s BookingHldgs BKNG 2205.26 19.86 WEX WEX 201.13 1.05 Zillow C Z 130.45 -0.11 Darden DRI 117.55 -1.01 Halliburton HAL 19.12 0.48 Marriott MAR 130.47 1.47 R S UDR UDR 37.97 0.50 s ActivisionBliz ATVI 91.58 0.21 BoozAllen BAH 86.98 -0.24 W.P.Carey WPC 69.70 0.59 Zillow A ZG 136.75 0.32 s DarlingIngred DAR 58.88 2.58 HartfordFinl HIG 47.94 0.41 Marsh&McLen MMC 115.01 0.21 UGI UGI 34.44 0.01 AdaptiveBiotech ADPT 59.40 0.06 BorgWarner BWA 39.19 0.64 WPP WPP 54.50 -0.57 ZimmerBiomet ZBH 152.22 -0.23 Datadog DDOG 99.31 0.39 Hasbro HAS 94.00 0.62 MartinMarietta MLM 280.94 6.86 RELX RELX 24.76 -0.19 US Foods USFD 33.35 0.42 Adobe ADBE 497.45 -4.66 BostonBeer SAM 997.41 18.71 Uber UBER 53.15 0.88 Wabtec WAB 72.40 0.23 Zoetis ZTS 164.27 1.15 s DaVita DVA 115.50 -0.50 HealthcareAmer HTA 27.17 -0.11 MarvellTech MRVL 47.50 1.27 RH RH 449.48 -1.04 AdvanceAuto AAP 157.66 0.97 BostonProps BXP 93.87 1.56 s Ubiquiti UI 278.93 3.92 WalgreensBoots WBA 39.34 -0.07 ZoomVideo ZM 353.40 -0.35 DeckersOutdoor DECK 286.00 -1.45 HealthpeakProp PEAK 29.86 0.10 Masco MAS 54.77 0.12 RPM RPM 90.50 0.70 BostonSci BSX 35.55 0.05 AdvMicroDevices AMD 92.29 1.67 Heico A HEI.A 117.76 0.61 Masimo MASI 267.52 0.74 RalphLauren RL 103.94 2.38 UltaBeauty ULTA 282.98 5.64 Walmart WMT 144.18 -0.12 ZoomInfoTech ZI 47.03 1.39 s BridgeBioPharma BBIO 70.07 2.45 Deere DE 266.15 1.57 Aegon AEG 3.92 0.03 Heico HEI 132.49 1.27 Mastercard MA 355.55 8.89 RaymondJames RJF 94.23 0.24 UltragenyxPharm RARE144.37 -3.07 WarnerMusic WMG 37.99 0.77 Zscaler ZS 201.31 3.47 BrightHorizons BFAM 169.81 -0.63 DellTechC DELL 72.50 1.00 AgilentTechs A 117.39 0.16 HenrySchein HSIC 65.84 0.12 MaximIntProducts MXIM 87.52 1.50 RaytheonTech RTX 71.36 1.02 Unilever UL 60.90 0.77 WasteConnections WCN 101.84 0.36 Zynga ZNGA 9.72 0.11 BristolMyers BMY 61.92 0.50 DeltaAir DAL 40.56 0.53 AgnicoEagle AEM 72.13 0.95 Hershey HSY 150.53 -0.91 McCormickVtg MKC.V 94.23 -0.50 RealPage RP 87.10 -0.17 BritishAmTob BTI 37.72 -0.09 DenaliTherap DNLI 85.65 1.65 AirProducts APD 271.10 2.37 Hess HES 53.77 1.20 McCormick MKC 94.56 0.08 RealtyIncome O 61.28 0.31 s Broadcom AVGO 434.83 5.79 DentsplySirona XRAY 51.46 0.21 Airbnb ABNB 148.43 -1.57 HewlettPackard HPE 11.68 0.01 McDonalds MCD 211.56 -1.15 Redfin RDFN 70.87 -1.47 IPO Scorecard BroadridgeFinl BR 152.11 0.74 DeutscheBank DB 10.89 -0.05 AkamaiTech AKAM 104.65 -2.06 HighwoodsProp HIW 39.14 0.60 McKesson MCK 173.42 -0.76 RegencyCtrs REG 45.59 0.28 BrookfieldMgt BAM 41.36 0.07 DexCom DXCM 362.77 5.87 Performance of IPOs, most-recent listed first Albemarle ALB 149.29 3.07 Hilton HLT 110.18 2.23 MedicalProp MPW 21.61 -0.09 RegenPharm REGN 478.30 -5.92 s BrookfieldInfr BIP 49.73 0.03 Diageo DEO 161.82 -1.40 % Chg From % Chg From Albertsons ACI 16.85 0.21 Hologic HOLX 71.75 0.01 Medtronic MDT 115.64 0.07 RegionsFin RF 15.93 0.18 BrookfieldPropREIT BPYU 14.98 -0.13 DiamondbkEner FANG 49.27 2.27 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day Alcon ALC 66.57 0.33 HomeDepot HD 265.26 -0.93 MelcoResorts MLCO 18.52 -0.17 ReinsGrp RGA 115.40 0.17 AlexandriaRlEst ARE BrookfieldRenew BEPC 58.06 -0.77 DigitalRealty DLR 138.35 0.35 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close 175.09 1.02 HondaMotor HMC 28.16 -0.06 MercadoLibre MELI 1712.94 39.45 RelianceSteel RS 119.16 0.99 AlexionPharm ALXN 156.23 0.88 Brown&Brown BRO 46.25 0.22 DiscoverFinSvcs DFS 89.30 1.28 Honeywell HON 210.95 1.82 Merck MRK 80.59 -0.83 RenaissanceRe RNR 164.27 1.83 Ventoux CCM Acquisition 10.30 3.0 1.1 Inhibikase Thera 7.16 –28.4 –27.7 Alibaba BABA238.39 2.13 Brown-Forman A BF.A 73.06 -0.25 DiscoveryB DISCB 34.50 2.82 HorizonTherap HZNP 72.34 2.48 MetLife MET 46.40 0.39 Repligen RGEN 189.14 0.12 VTAQU Dec. 24/$10.00 IKT Dec. 23/$10.00 AlignTech ALGN Brown-Forman B BF.B 78.68 -0.26 DiscoveryA DISCA 29.81 0.12 524.32 3.87 HormelFoods HRL 46.44 -0.31 MettlerToledo MTD 1133.88 -4.08 RepublicSvcs RSG 95.71 0.09 7GC & Co. Hldgs 10.49 4.9 1.5 Viveon Health Acquisition 10.25 2.4 0.3 Allakos ALLK Bruker BRKR 53.51 0.07 DiscoveryC DISCK 25.98 0.02 141.22 -1.83 DR Horton DHI 70.12 0.13 MicrochipTech MCHP 136.79 1.63 ResMed RMD 209.72 -1.54 VIIAU Dec. 23/$10.00 VHAQ.UT Dec. 23/$10.00 Alleghany Y Bunge BG 65.19 1.75 s Disney DIS 181.17 3.87 600.02 1.74 HostHotels HST 14.60 0.25 MicronTech MU 71.92 1.71 RestaurantBrands QSR 61.83 1.03 Allegion ALLE 114.94 1.40 s BurlingtonStrs BURL 260.24 1.09 DocuSign DOCU 225.90 -2.26 CF Acquisition IV 10.32 3.2 0.7 Ackrell SPAC Ptnrs I 10.21 2.1 1.1 s HowmetAerospace HWM 28.36 0.39 Microsoft MSFT 221.68 -2.47 RingCentral RNG 388.03 3.54 AlliantEnergy LNT 50.76 0.28 CBRE Group CBRE 62.40 0.29 s DolbyLab DLB 97.08 1.58 CFIVU Dec. 23/$10.00 ACKIU Dec. 21/$10.00 HuanengPower HNP 14.42 0.14 MidAmApt MAA 125.00 0.75 RioTinto RIO 75.99 -0.14 Allstate ALL 108.15 0.63 CDW CDW 130.00 0.53 DollarGeneral DG 209.93 -1.41 Huazhu HTHT 45.12 1.11 MiratiTherap MRTX 219.29 -1.65 RitchieBros RBA 70.34 1.16 GBS 7.70 –54.7 –30.1 908 Devices 60.38 201.9 23.2 s AllyFinancial ALLY 35.25 0.49 CF Industries CF 37.97 1.02 DollarTree DLTR 107.80 -1.30 Hubbell HUBB 156.31 -0.48 MitsubishiUFJ MUFG 4.42 ... RocketCos. RKT 21.16 0.41 GBS Dec. 23/$17.00 MASS Dec. 18/$20.00 AlnylamPharm ALNY 131.04 0.48 CGI GIB 79.23 -0.89 DominionEner D 74.06 0.18 HubSpot HUBS 395.21 1.74 MizuhoFin MFG 2.53 -0.03 Rockwell ROK 249.10 2.44 Alphabet C GOOG 1739.52 -19.20 CH Robinson CHRW 93.04 -0.68 Domino's DPZ 384.62 0.26 Healthcare Svcs Acquisition 10.26 2.6 –0.1 Dune Acquisition 10.24 2.4 1.2 Humana HUM 406.11 -1.32 MobileTeleSys MBT 9.03 ... RogersComm B RCI 46.72 -0.10 Alphabet A GOOGL 1736.25 -21.51 CME Group CME 178.00 -0.86 DoorDash DASH 140.20 -1.07 HCARU Dec. 23/$10.00 DUNEU Dec. 18/$10.00 JBHunt JBHT 135.44 -0.66 Moderna MRNA 111.13 -3.26 Roku ROKU 338.74 -0.83 Alteryx AYX 123.82 1.49 CMS Energy CMS 59.91 0.75 Dover DOV 124.43 0.92 HuntingtonBcshs HBAN 12.56 0.24 MohawkInds MHK 142.51 3.04 Rollins ROL 38.25 0.13 s AlticeUSA ATUS 37.62 -0.28 CNA Fin CNA 38.44 0.21 Dow DOW 55.47 1.14 Sources: Dow Jones Market Data; FactSet HyattHotels H 73.64 0.70 MolinaHealthcare MOH 206.76 -0.58 RoperTech ROP 421.82 2.22 Altria MO 40.74 0.01 s CNH Indl CNHI 12.78 -0.17 DrReddy'sLab RDY 70.74 0.60 s IAA IAA 64.94 0.11 MolsonCoorsB TAP 45.24 -0.30 RossStores ROST 122.49 1.03 AlumofChina ACH 8.65 0.07 CNOOC CEO 91.00 -2.75 DraftKings DKNG 48.95 0.84 ICICI Bank IBN 14.66 0.10 MolsonCoorsA TAP.A 62.80 -0.68 RoyalBkCanada RY 82.12 0.07 Amazon.com AMZN 3285.85 -36.15 s CRH CRH 42.82 0.52 Dropbox DBX 22.60 -0.33 IdexxLab IDXX 496.96 2.89 Mondelez MDLZ 58.00 -0.14 RoyalCaribbean RCL 73.75 2.15 Ambev ABEV 3.05 -0.07 CRISPR Therap CRSP 161.57 3.74 DukeEnergy DUK 90.56 0.70 Dividend Changes IHS Markit INFO 88.52 0.49 MongoDB MDB 365.11 1.25 RoyalDutchA RDS.A 36.03 -0.11 Amcor AMCR 11.74 0.14 CSX CSX 90.33 1.00 DukeRealty DRE 39.45 0.01 II-VI IIVI 76.33 1.90 MonolithicPower MPWR 360.73 9.04 RoyalDutchB RDS.B 34.35 -0.05 Amdocs DOX 69.36 -0.28 C3.ai AI 146.84 7.06 Dun&Bradstreet DNB 25.41 -0.46 ING Groep ING 9.39 -0.05 s MonsterBev MNST 91.46 0.42 RoyaltyPharma RPRX 49.43 -0.16 Dividend announcements from December 30. Amedisys AMED 289.08 0.22 CVS Health CVS 67.75 -0.15 DuPont DD 70.30 0.99 Invesco IVZ 17.34 0.33 Moody's MCO 285.51 4.78 Ryanair RYAAY 111.99 0.09 Amerco UHAL 453.33 5.64 s CableOne CABO 2250.24 -43.52 Dynatrace DT 43.69 1.81 Amount Payable / s IPG Photonics IPGP 224.29 2.75 MorganStanley MS 67.84 0.13 SAP SAP 130.64 0.69 Company Symbol Yld %New/Old Frq Record Ameren AEE 76.97 0.40 s CadenceDesign CDNS 135.25 1.27 ENI E 20.88 -0.11 IQVIA IQV 177.52 2.69 s Morningstar MORN 229.36 4.27 S&P Global SPGI 323.63 2.14 AmericaMovil AMX 14.73 0.10 CAE CAE 27.88 0.49 EOG Rscs EOG 50.56 1.89 IcahnEnterprises IEP 50.25 -0.29 Mosaic MOS 22.16 0.48 SBA Comm SBAC 274.56 -1.44 Increased AmericaMovil A AMOV 14.52 -0.09 CaesarsEnt CZR 73.69 0.32 EPAM Systems EPAM 358.48 6.73 Icon ICLR 193.66 0.16 MotorolaSol MSI 166.98 0.04 SEI Investments SEIC 56.84 0.50 Gold Resource GORO 1.3 .0033 /.00306 M Jan25 /Jan11 AmerAirlines AAL 16.15 0.29 CamdenProperty CPT 98.73 0.20 EastmanChem EMN 100.27 1.34 IDEX IEX 196.63 1.40 NICE NICE 282.81 2.55 SK Telecom SKM 24.35 -0.50 Invesco Mortgage Cap IVR 9.5 .08 /.05 Q Jan26 /Jan12 AEP AEP 81.51 0.33 CampbellSoup CPB 48.02 -0.40 Eaton ETN 119.30 2.14 IllinoisToolWks ITW 202.17 2.90 NIO NIO 48.38 2.24 SS&C Tech SSNC 72.56 0.67 AmerExpress AXP 119.43 1.29 CIBC CM 85.39 -0.13 EatonVance EV 67.54 0.01 Illumina ILMN 364.09 -2.02 NRG Energy NRG 36.36 0.81 StoreCapital STOR 33.78 0.17 Reduced AmericanFin AFG 87.37 1.55 CanNtlRlwy CNI 109.44 -0.64 eBay EBAY 50.55 -0.31 ImperialOil IMO 19.33 0.23 NVR NVR 4127.66 0.84 s SVB Fin SIVB 383.55 7.55 HCA Healthcare HCA ... .2678 /.43 Jan13 /Dec31 AmHomes4Rent AMH 29.92 0.16 CanNaturalRes CNQ 24.33 0.54 Ecolab ECL 215.24 0.77 Incyte INCY 86.86 0.99 NXP Semi NXPI 159.39 3.48 Salesforce.com CRM 222.40 -0.06 AIG AIG 37.52 0.36 s CanPacRlwy CP 348.99 2.57 Foreign Ecopetrol EC 13.12 0.03 s Infosys INFY 16.93 0.17 Nasdaq NDAQ 130.14 1.00 Sanofi SNY 48.36 0.10 AmerTowerREIT AMT 220.34 -0.14 Canon CAJ 19.37 -0.10 EdisonInt EIX 61.63 0.11 IngersollRand IR 45.24 0.76 Natera NTRA 98.85 -0.54 SareptaTherap SRPT 171.54 -0.28 Banco Sant Brasil ADR BSBR 1.7 .0336 Feb11 /Jan12 AmerWaterWorks AWK 150.63 -0.10 CanopyGrowth CGC 25.25 0.99 EdwardsLife EW 89.64 -0.36 Inphi IPHI 160.34 3.33 NationalGrid NGG 58.96 -0.27 Schlumberger SLB 21.88 0.50 AmericoldRealty COLD 36.67 0.73 CapitalOne COF 97.88 1.70 ElancoAnimal ELAN 30.12 -0.25 Insulet PODD 260.55 -0.10 Natura&Co NTCO 20.17 0.25 SchwabC SCHW 52.41 -0.13 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Ameriprise AMP 191.35 2.28 CardinalHealth CAH 53.49 -0.01 Elastic ESTC 148.22 0.35 Intel INTC 48.75 -0.64 NatWest NWG 4.45 0.08 ScottsMiracleGro SMG 196.50 1.35 spin-off. AmerisourceBrgn ABC 96.96 -0.16 Carlisle CSL 155.94 0.90 ElectronicArts EA 142.05 1.35 InteractiveBrkrs IBKR 60.12 -1.44 NetApp NTAP 65.33 0.28 Sea SE 196.75 8.40 Ametek AME 119.83 1.17 Carlyle CG 31.42 0.16 EmersonElec EMR 79.82 0.58 ICE ICE 113.15 0.25 NetEase NTES 95.93 2.49 Seagate STX 60.60 -0.16 Amgen AMGN 227.17 0.30 CarMax KMX 94.62 2.38 Enbridge ENB 31.97 0.14 InterContinentl IHG 64.33 0.33 Netflix NFLX 524.59 -6.28 Seagen SGEN 183.70 -2.51 Amphenol APH 129.84 1.40 Carnival CCL 21.79 0.36 Borrowing Benchmarks EncompassHealth EHC 82.35 -0.05 IBM IBM 124.34 0.54 Neurocrine NBIX 95.46 1.46 SempraEnergy SRE 125.82 -0.57 AnalogDevices ADI 146.18 2.52 Carnival CUK 18.87 0.37 EnelAmericas ENIA 8.24 0.01 IntlFlavors IFF 111.26 0.22 NewFortressEner NFE 54.57 1.67 SensataTechs ST 52.16 0.69 wsj.com/market-data/bonds/benchmarks Anaplan PLAN 72.02 -1.29 CarrierGlobal CARR 37.73 0.56 EnergyTransfer ET 6.16 -0.04 IntlPaper IP 49.64 0.67 NewOrientalEduc EDU 181.21 13.20 ServiceCorp SCI 48.56 0.06 AngloGoldAsh AU 23.57 0.60 Carvana CVNA 250.34 -0.17 EnphaseEnergy ENPH 172.93 2.73 Interpublic IPG 23.46 -0.22 NYTimes A NYT 51.59 0.08 ServiceNow NOW 547.38 1.40 AB InBev BUD 70.65 -0.34 Catalent CTLT 103.19 0.48 December 30, 2020 Entegris ENTG 96.37 2.00 Intuit INTU 375.55 -2.78 NewellBrands NWL 21.08 0.10 ShawComm B SJR 17.56 0.10 Money Rates AnnalyCap NLY 8.36 0.12 Caterpillar CAT 180.04 3.39 Entergy ETR 98.64 1.90 IntuitiveSurgical ISRG 815.30 1.23 Newmont NEM 60.39 0.66 SherwinWilliams SHW 727.13 -3.46 Anthem ANTM 314.05 -0.28 Celanese CE 129.60 2.09 EnterpriseProd EPD 19.55 -0.12 Invitae NVTA 44.20 0.26 NewsCorp A NWSA 18.03 0.01 ShinhanFin SHG 29.53 -1.07 Key annual interest rates paid to borrow or lend money in U.S. and Aon AON 206.71 -0.20 Cemex CX 5.18 0.09 Equifax EFX 191.17 0.42 InvitatHomes INVH 29.53 0.42 NewsCorp B NWS 17.91 0.06 Shopify SHOP 1163.00 -8.61 ApolloGlbMgmt APO 48.58 0.51 CenovusEnergy CVE 6.14 0.14 international markets. Rates below are a guide to general levels but Equinix EQIX 700.40 -8.38 IonisPharma IONS 57.20 0.17 NextEraEnergy NEE 75.91 0.58 Sibanye-Stillwater SBSW 16.30 0.56 Appian APPN 161.50 7.69 Centene CNC 58.92 -0.11 don’t always represent actual transactions. Equinor EQNR 16.70 0.01 iQIYI IQ 17.54 -0.01 NielsenHoldings NLSN 20.55 -0.20 SignatureBank SBNY 134.23 0.47 Apple AAPL 133.72 -1.15 CenterPointEner CNP 21.42 0.12 Equitable EQH 25.23 0.37 IronMountain IRM 29.29 -0.10 Nike NKE 141.58 0.01 SimonProperty SPG 83.97 0.68 ApplMaterials AMAT 86.98 2.71 CentraisElBras EBR 7.07 ... EquityLife ELS 62.70 0.70 ItauUnibanco ITUB 6.13 -0.03 NiSource NI 22.55 0.21 SiriusXM SIRI 6.41 ... Week —52-WEEK— s Aptargroup ATR 136.39 1.08 CeridianHCM CDAY 105.40 -1.66 Inflation Latest ago High Low EquityResdntl EQR 58.96 0.60 Nokia NOK 3.89 -0.04 Skyworks SWKS 152.75 2.34 s Aptiv APTV 130.79 2.72 Cerner CERN 77.98 -0.52 Nov. index Chg From (%) ErieIndemnity A ERIE 244.84 2.75 J K L NomuraHoldings NMR 5.30 0.06 SlackTech WORK 42.33 0.09 Aramark ARMK 37.99 0.15 CharlesRiverLabs CRL 248.59 -0.05 level Oct. '20 Nov. '19 Other short-term rates EssentialUtil WTRG 46.56 0.45 Nordson NDSN 198.83 1.93 Smartsheet SMAR 70.38 1.10 ArcelorMittal MT 23.44 0.46 CharterComms CHTR 653.49 -11.49 JD.com JD 89.52 3.38 EssexProp ESS 238.35 3.51 NorfolkSouthern NSC 235.98 1.99 SmithAO AOS 54.71 ... ArchCapital ACGL 35.58 0.28 CheckPoint CHKP 134.12 -0.92 JPMorganChase JPM 125.36 0.35 U.S. consumer price index Week 52-Week EsteeLauder EL 262.62 -0.13 NorthernTrust NTRS 91.92 0.01 Smith&Nephew SNN 42.36 -0.46 ArcherDaniels ADM 49.91 0.46 Chegg CHGG 90.57 2.04 JackHenry JKHY 158.75 -0.53 Latest ago high low Etsy ETSY 183.18 6.17 NorthropGrum NOC 302.61 1.62 Smucker SJM 114.72 -0.61 All items 260.229 –0.06 1.2 AresMgmt ARES 47.69 -0.05 Chemed CHE 527.62 -2.42 JacobsEngg J 107.49 0.26 EuronetWorldwide EEFT 142.36 0.71 NortonLifeLock NLOK 20.75 -0.08 Snap SNAP 49.35 -1.88 Core 269.473 0.05 1.6 arGEN-X ARGX 297.61 -4.70 CheniereEnergy LNG 60.80 1.00 JamesHardie JHX 29.61 0.20 Call money EverestRe RE 230.36 1.03 NorwegCruise NCLH 25.64 0.25 SnapOn SNA 170.95 2.09 AristaNetworks ANET 288.96 1.46 CheniereEnerPtrs CQP 34.24 1.05 s JazzPharma JAZZ 164.56 4.28 Evergy EVRG 54.07 0.11 Novartis NVS 94.36 1.01 Snowflake SNOW 300.92 -3.13 International rates 2.00 2.00 3.50 2.00 ArrowElec ARW 96.93 0.81 Chevron CVX 85.33 0.72 J&J JNJ 156.05 1.91 EversourceEner ES 85.33 0.14 Novavax NVAX 118.96 -1.31 SOQUIMICH SQM 49.21 0.94 ArrowheadPharm ARWR 77.43 -0.61 Chewy CHWY 92.34 1.42 JohnsonControls JCI 46.42 0.52 ExactSciences EXAS 135.40 3.30 NovoNordisk NVO 70.20 -0.38 SolarEdgeTech SEDG 319.10 11.13 Week 52-Week Commercial paper (AA financial) AscendisPharma ASND 170.19 3.59 ChinaEastrnAir CEA 21.80 -0.03 JonesLang JLL 149.23 -1.64 Latest High Low Exelon EXC 41.93 0.10 Novocure NVCR 174.14 5.18 s Sony SNE 100.78 0.35 ago 90 days 0.14 0.21 2.53 0.04 AspenTech AZPN130.94 1.24 ChinaLifeIns LFC 11.00 0.05 JuniperNetworks JNPR 22.20 0.01 Expedia EXPE 132.12 0.82 NuanceComms NUAN 43.97 0.31 SoteraHealth SHC 27.80 0.29 Assurant AIZ 134.03 1.50 ChinaMobile CHL 28.29 -0.08 KB Fin KB 39.64 0.14 ExpeditorsIntl EXPD 94.58 -0.08 Nucor NUE 52.94 1.26 Southern SO 60.61 0.54 Prime rates Libor AstraZeneca AZN 50.18 0.28 ChinaPetrol SNP 45.22 0.17 KE Holdings BEKE 63.82 1.57 ExtraSpaceSt EXR 114.71 0.90 Nutrien NTR 47.17 0.46 s SoCopper SCCO 65.82 1.55 U.S. 3.25 3.25 4.75 3.25 Athene ATH 42.51 0.65 ChinaSoAirlines ZNH 29.40 -0.17 KKR KKR 39.69 0.26 One month 0.14400 0.14800 1.76250 0.12663 ExxonMobil XOM 41.60 0.33 NVIDIA NVDA 525.83 8.10 SouthwestAir LUV 46.41 0.26 Canada 2.45 2.45 3.95 2.45 Atlassian TEAM 234.04 0.89 ChinaTelecom CHA 27.56 -0.81 KLA KLAC 260.15 5.79 Three month 0.23750 0.25100 1.90838 0.20488 F5Networks FFIV 175.66 0.57 Splunk SPLK 172.38 0.14 Japan AtmosEnergy ATO 93.51 0.35 ChinaUnicom CHU 5.77 -0.14 KSCitySouthern KSU 201.37 2.02 1.475 1.475 1.475 1.475 Six month 0.25950 0.26375 1.91213 0.23375 FMC FMC 114.08 1.91 O P Q Spotify SPOT 319.35 0.92 Autodesk ADSK 299.41 1.30 Chipotle CMG 1374.17 -18.04 Kellogg K 61.53 -0.76 One year 0.33863 1.99625 0.32763 Facebook FB 271.87 -4.91 Square SQ 221.04 7.04 Policy Rates 0.34238 Autohome ATHM 99.61 2.99 Chubb CB 151.93 1.03 KeurigDrPepper KDP 31.82 -0.18 ONEOK OKE 38.12 -0.01 FactSet FDS 328.38 1.05 StanleyBlackDck SWK 178.30 2.03 Autoliv ALV 93.49 1.22 ChunghwaTel CHT 38.84 0.32 KeyCorp KEY 16.25 0.28 OReillyAuto ORLY 451.80 -0.78 Euro zone 0.00 0.00 0.00 0.00 Euro Libor FairIsaac FICO 503.95 -3.56 s Starbucks SBUX 105.97 0.34 ADP ADP 173.81 -1.06 Church&Dwight CHD 86.71 -0.37 KeysightTechs KEYS 131.24 1.23 OakStreetHealth OSH 61.54 1.32 Switzerland 0.00 0.00 0.50 0.00 Farfetch FTCH 64.53 1.71 StateStreet STT 72.42 0.48 One month -0.587 -0.596 -0.360 -0.621 AutoZone AZO 1175.87 -1.25 ChurchillDowns CHDN 198.43 2.44 KimberlyClark KMB 133.13 -1.00 OccidentalPetrol OXY 17.91 0.67 Britain 0.10 0.10 0.75 0.10 Fastenal FAST 49.07 -0.65 SteelDynamics STLD 36.59 0.47 Three month -0.566 -0.574 -0.142 -0.574 Avalara AVLR 170.46 4.46 Ciena CIEN 52.49 0.18 KinderMorgan KMI 13.57 ... Okta OKTA 260.52 -1.23 Australia 0.10 0.10 0.75 0.10 Fastly FSLY 90.43 0.92 Steris STE 186.29 0.70 Avalonbay AVB 158.05 2.43 Cigna CI 204.05 ... KingsoftCloud KC 43.11 -0.33 OldDomFreight ODFL 193.62 -0.51 Six month -0.532 -0.533 -0.052 -0.540 FateTherap FATE 93.62 1.03 STMicroelec STM 37.56 0.78 Avangrid AGR 45.49 0.42 CincinnatiFin CINF 86.46 0.23 KinrossGold KGC 7.56 0.23 OmegaHealthcare OHI 36.82 0.07 Overnight repurchase One year -0.490 -0.486 0.008 -0.501 FedEx FDX 259.98 -1.58 StoneCo STNE 83.24 0.14 Avantor AVTR 27.34 0.56 Cintas CTAS 350.23 2.86 KirklandLakeGold KL 42.37 0.99 Omnicom OMC 61.89 -0.16 U.S. s Stryker SYK 242.06 1.84 0.05 0.06 1.65 -0.07 AveryDennison AVY 154.19 1.97 CiscoSystems CSCO 44.48 -0.16 Ferrari RACE 229.69 0.05 KodiakSciences KOD 151.33 5.07 ON Semi ON 32.48 0.82 Secured Overnight Financing Rate s SumitomoMits SMFG 6.18 ... AxonEnterprise AAXN 123.88 0.55 Citigroup C 60.86 -0.05 FiatChrysler FCAU 18.12 0.14 KoninklijkePhil PHG 54.46 -0.09 OneConnectFinTech OCFT 21.17 0.75 0.10 0.07 1.64 0.01 SunComms SUI 149.45 1.10 U.S. government rates BCE BCE 42.78 0.09 CitizensFin CFG 35.40 0.52 FidNatlFin FNF 38.77 -0.21 KoreaElcPwr KEP 12.32 0.37 OpenText OTEX 45.49 ... SunLifeFinancial SLF 44.09 0.18 Value 52-Week BHP Group BHP 65.94 0.24 CitrixSystems CTXS 128.29 -1.82 FidNatlInfo FIS 139.53 -1.76 KraftHeinz KHC 34.67 -0.23 OpendoorTech OPEN 24.27 -0.74 Discount SuncorEnergy SU 17.06 0.21 Latest Traded High Low BHP Group BBL 53.44 0.02 Clarivate CCC 29.83 0.14 FifthThirdBncp FITB 27.28 0.27 Kroger KR 31.55 0.09 Oracle ORCL 64.40 -0.06 SunRun RUN 67.40 3.63 0.25 0.25 2.25 0.25 BP BP 21.03 -0.04 Clorox CLX 201.04 -0.72 s FirstRepBank FRC 144.81 2.41 L Brands LB 38.03 0.44 Orange ORAN 12.01 -0.06 Suzano SUZ 11.29 0.28 DTCC GCF Repo Index s Baidu BIDU 219.63 24.56 Cloudflare NET 77.53 1.13 FirstSolar FSLR 100.34 3.36 LKQ LKQ 35.37 0.03 Orix IX 76.92 0.16 Federal funds SynchronyFin SYF 34.29 0.36 Treasury 0.096 45.760 1.720 0.002 BakerHughes BKR 21.21 0.46 Coca-Cola KO 54.44 0.31 FirstEnergy FE 30.11 0.40 LPL Financial LPLA 104.00 -0.05 OtisWorldwide OTIS 66.72 1.03 Synopsys SNPS 256.91 3.09 Effective rate 0.0900 0.0900 1.6200 0.0600 Ball BLL 92.86 0.62 Coca-Cola Euro CCEP 49.07 0.43 Fiserv FISV 112.88 1.01 L3HarrisTech LHX 187.65 1.36 OwensCorning OC 76.97 0.99 MBS 0.122 54.100 1.763 0.011 Sysco SYY 73.29 0.46 High 0.1200 0.1200 1.6500 0.1000 BancoBilbaoViz BBVA 4.98 0.03 Cognex CGNX 80.89 0.33 s FiveBelow FIVE 172.74 2.95 LabCpAm LH 201.51 -0.69 OzonHoldings OZON 44.01 0.27 Five9 FIVN 174.81 1.31 Low 0.0500 0.0500 1.5800 0.0100 BancoBradesco BBDO 4.65 -0.12 CognizantTech CTSH 81.07 0.57 LamResearch LRCX 484.45 11.23 PG&E PCG 12.34 0.38 T U V Notes on data: ColgatePalm CL 84.73 -0.30 FleetCorTech FLT 270.03 -1.17 LamarAdv LAMR 82.33 0.87 PNC Fin PNC Bid 0.0800 0.0800 1.6000 0.0100 BancodeChile BCH 20.46 -0.20 146.89 2.02 U.S. prime rate is the base rate on corporate Flex FLEX 17.970.40 Offer 0.1100 0.1100 1.6300 0.0500 BancSanBrasil BSBR 8.61 -0.17 Comcast A CMCSA 51.21 -0.34 LambWeston LW 77.36 0.52 POSCO PKX 62.34 0.77 TAL Education TAL 71.76 3.16 loans posted by at least 70% of the 10 largest BcoSantChile BSAC Comerica CMA 55.74 0.52 Floor&Decor FND 93.70 -0.63 LasVegasSands LVS 58.74 0.63 PPD PPD 33.63 -0.31 TC Energy TRP 40.18 -0.25 19.25 -0.21 Treasury bill auction U.S. banks, and is effective March 16, 2020. BancoSantander SAN 3.10 -0.02 CommerceBcshrs CBSH 65.98 0.30 FomentoEconMex FMX 75.92 0.26 Lear LEA 160.49 1.66 PPG Ind PPG 143.22 0.32 TE Connectivity TEL 119.76 1.61 Other prime rates aren’t directly comparable; BanColombia CIB 40.95 0.44 CiaSiderurgica SID 6.08 -0.14 FordMotor F 8.86 0.04 Leidos LDOS 103.98 0.39 PPL PPL 27.59 0.29 Telus TU 19.84 -0.09 4 weeks 0.080 0.075 1.575 0.000 lending practices vary widely by location; BankofAmerica BAC 29.98 -0.03 ConagraBrands CAG 36.13 -0.29 Fortinet FTNT 148.02 0.49 Lennar B LEN.B 62.32 -0.09 s PRA HealthSci PRAH 124.10 2.57 TJX TJX 68.30 0.31 13 weeks 0.095 0.090 1.550 0.000 Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of BankofMontreal BMO 75.73 -0.10 ConchoRscs CXO 58.26 1.37 Fortis FTS 41.06 0.04 Lennar A LEN 78.03 0.08 PTC PTC 119.51 1.74 T-MobileUS TMUS 133.28 0.14 26 weeks 0.100 0.090 1.560 0.080 BankNY Mellon BK 41.69 0.25 ConocoPhillips COP 40.01 0.94 Fortive FTV 69.57 1.20 LennoxIntl LII 271.99 2.65 Paccar PCAR 85.87 0.55 TRowePrice TROW 149.58 1.20 December 29, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted ConEd ED FortBrandsHome FBHS 85.81 0.62 s BkNovaScotia BNS 53.91 0.28 71.02 0.26 LeviStrauss LEVI 20.42 0.60 PackagingCpAm PKG 137.47 1.80 TaiwanSemi TSM 108.90 3.34 Secondary market average for overnight trades in applicable Barclays BCS 8.03 -0.01 ConstBrands A STZ 218.21 0.77 FoxB FOX 28.70 -0.09 LiAuto LI 29.06 0.39 PagSeguroDig PAGS 55.93 1.78 s TakeTwoSoftware TTWO 206.35 3.90 CUSIPs. Value traded is in billions of U.S. dollars. BarrickGold GOLD 23.24 0.33 s ConstBrands B STZ.B221.23 2.08 FoxA FOXA 29.09 0.07 LibertyBroadbandC LBRDK 156.15 -2.82 PalantirTech PLTR 25.10 0.44 TakedaPharm TAK 18.18 -0.15 Fannie Mae Federal-funds rates are Tullett Prebon rates as BaxterIntl BAX t ContextLogic WISH Franco-Nevada FNV 126.09 1.07 LibertyBroadbandA LBRDA 155.00 -2.55 PaloAltoNtwks PANW 355.79 -0.41 Tapestry TPR 31.45 1.34 79.20 -0.80 17.58 -1.06 30-year mortgage yields of 5:30 p.m. ET. BectonDicknsn BDX 246.68 -1.67 Cooper COO 356.45 -0.82 FranklinRscs BEN 24.78 0.26 LibertyGlobal A LBTYA 24.48 -0.09 ParkerHannifin PH 270.22 4.09 Target TGT 173.88 -1.16 Sources: Federal Reserve; Bureau of Labor BeiGene BGNE 255.00 10.00 Copart CPRT 126.54 0.62 s FreeportMcM FCX 26.53 1.79 LibertyGlobal B LBTYB 24.65 0.15 Paychex PAYX 92.14 -1.00 TataMotors TTM 12.60 0.24 30 days 1.915 1.925 3.289 1.751 Statistics; DTCC; FactSet; BentleySystems BSY 39.84 1.29 Corning GLW 35.97 0.33 FreseniusMed FMS 41.52 -0.25 LibertyGlobal C LBTYK 23.60 -0.12 PaycomSoftware PAYC 447.91 0.32 TeckRscsB TECK 18.44 0.80 60 days 1.940 1.947 3.300 1.804 Tullett Prebon Information, Ltd.

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

Conifer CNFR 5.00 43.0 FastAcqnWt FST.WS 1.95 17.4 IEC Elec IEC 13.44 4.9 NatlRurUtilNt2064 NRUC 29.42 1.2 SarissaCapWt SRSAW 2.37 ... US Gold USAU 16.52 10.4 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American Conmed CNMD 114.96 -0.3 FastAcqn FST.U 11.10 2.8 IPG Photonics IPGP 227.09 1.2 NaviosMaritime NMCI 3.79 6.5 ScorpioTankersNts SBBA 25.30 1.2 Ubiquiti UI 284.89 1.4 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest ConstBrands B STZ.B 221.23 0.9 FarPeakAcqn FPAC.U 10.62 ... Ikonics IKNX 13.39 36.2 Net1UEPS UEPS 5.08 5.0 SempraEnNts79 SREA 28.22 0.2 UnionAcqnII LATN 10.43 0.8 session. %CHG-Daily percentage change from the previous trading session. CrownHoldings CCK 100.42 1.7 FiatChrysler FCAU 19.50 0.8 ImmunoPrecise IPA 33.34 -14.6 Network1Techs NTIP 3.59 6.3 7GC VIIAU 10.71 1.4 UnionAcqnIIWt LATNW 1.06 10.4 DailyJournal DJCO 402.95 6.8 FinTechIV Wt FTIVW 3.00 -6.0 InariMedical NARI 88.07 2.3 NoahHoldings NOAH 48.39 6.4 Shift4Paymts FOUR 74.80 4.3 Unisys UIS 19.84 -0.4 Wednesday, December 30, 2020 DanimerSciWt DNMR.WS 20.00 19.0 FinTechAcqnIV FTIVU 13.49 1.7 IndonesiaEnergy INDO 11.87 47.0 NortechSystems NSYS 10.14 26.9 ShoeCarnival SCVL 41.94 -5.4 US GlobalInv GROW 5.10 6.2 52-Wk % 52-Wk % 52-Wk % DanimerScientific DNMR 31.00 -1.7 FirstHorizonPfdC FHNpC 28.96 4.2 Infosys INFY 17.00 1.0 O2MicroIntl OIIM 9.20 13.8 SifcoInd SIF 8.45 23.1 Vericel VCEL 31.54 7.5 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DarlingIngred DAR 59.00 4.6 FirstRepBank FRC 145.02 1.7 IntegraLifeSci IART 67.29 -2.3 OaktreeAcqnIIWt OACB.WS 2.16 3.7 SilverbackTherap SBTX 44.36 13.6 VictoryCapital VCTR 24.84 2.1 DaVita DVA 117.65 -0.4 FirstSavingsFin FSFG 67.55 3.3 JazzPharma JAZZ 164.80 2.7 OrbitalEnergy OEG 2.80 -4.9 SilverCrestMetals SILV 11.31 7.2 Vipshop VIPS 28.38 6.4 AptivPfdA APTVpA 152.96 1.3 BrighthouseDeb58 BHFAL 28.16 0.7 DecarbonizaPlusA DCRB 10.99 0.5 FiveBelow FIVE 173.55 1.7 JefferiesFin JEF 24.31 0.3 Organogenesis ORGO 7.60 4.2 Smith-Midland SMID 9.45 2.2 Visa V 220.39 1.9 Highs Aptiv APTV 131.03 2.1 BrighthouseFinlPfC BHFAN 27.69 1.4 DenisonMines DNN 0.77 1.4 500.com WBAI 8.44 32.6 JohnsonOutdoors JOUT 114.32 2.0 PMV Consumer PMVC 10.19 -0.4 SoftwareII A SAII 10.10 0.8 VistaGenTherap VTGN 1.77 18.0 FortunaSilver FSM 8.27 8.0 PMV Consumer PMVC.U 10.53 0.7 ArgoGoupPfdA ARGOpA 27.19 0.6 Broadcom AVGO 438.00 1.3 DermTech DMTK 37.37 27.4 KalVistaPharm KALV 20.21 20.8 SoftwareII Wt SAIIW 1.38 3.3 VistasMediaAcqnUn VMACU 10.85 0.8 Amcon DIT 127.00 15.7 FreeportMcM FCX 26.83 7.2 PRA HealthSci PRAH 124.86 2.1 AscendantDigWt ACND.WS 1.76 11.9 BroadcomPfdA AVGOP 1424.15 1.2 Disney DIS 183.40 2.2 KSCitySo Pfd KSUp 38.91 -2.7 SoftwareAcqnGrpII SAIIU 10.74 2.2 VornadoPfdN VNOpN 26.24 1.3 ASETech ASX 5.94 2.6 FusionAcqnUn FUSE.U 13.00 1.0 PTK Acqn Un PTK.U 11.63 4.8 AspirCnsUn ASPL.U 10.57 1.1 BrookfieldFinNts BAMI 25.80 0.5 dMYTechIII Un DMYI.U 11.30 1.5 KenonHoldings KEN 29.80 4.7 SolidBiosci SLDB 8.08 17.1 WRBerkleyDeb58 WRBpE 27.99 0.2 ASML ASML 492.66 1.2 FusionAcqnA FUSE 11.74 -0.2 PanaceaAcqnWt PANA.WS 3.46 22.7 AssdBancPfdF ASBpF 28.98 0.6 BrookfieldRenew BEP 43.42 0.1 Docebo DCBO 65.60 6.7 KingswoodAcqn KWAC.U 10.45 0.1 Sony SNE 100.95 0.3 XTL Biopharm XTLB 3.40 2.4 Abcam ABCM 23.48 10.6 AteaPharm AVIR 41.99 6.0 BuildersFirstSrc BLDR 42.84 0.9 GFLEnvironmental GFL 28.91 1.9 PeriphasCap PCPC.U 26.33 0.8 DolbyLab DLB 97.50 1.7 KratosDefense KTOS 28.53 1.1 SouthernNts77 SOJC 27.44 0.4 YumBrands YUM 110.66 0.1 Abiomed ABMD 328.83 0.9 AthenePfdD ATHpD 25.20 0.4 BullHorn BHSE 11.19 -2.8 GatosSilver GATO 12.29 26.7 Pinduoduo PDD 179.37 7.8 DukeEnerDeb78 DUKB 28.78 0.7 LGL Wt LGL.WS 0.62 30.0 SouthernNts2020C SOJE 26.71 1.0 AcaciaComms ACIA 72.95 1.0 AtlStreetAcqn ASAQ 10.13 0.7 BurgundyTechA BTAQ 10.55 3.1 Genmab GMAB 40.92 2.4 PPlus GSC-2 PYT 23.62 0.3 DukeEnerDeb73 DUKH 26.83 0.2 LandcadiaIII A LCY 10.57 -1.0 SoCopper SCCO 65.88 2.4 Lows AcadiaHealthcare ACHC 50.99 3.6 Atomera ATOM 16.50 9.5 BurgundyTechWt BTAQW 2.14 32.7 Glaukos GKOS 76.20 3.0 ProfDiversity IPDN 5.56 100.0 elfBeauty ELF 23.96 1.0 LandcadiaIII Wt LCYAW 2.89 3.3 StarboardValueA SVAC 10.88 -0.1 AcamarPtrs ACAMU 13.52 22.6 AutoNation AN 70.88 1.5 BurlingtonStrs BURL 264.48 0.4 GlobalPayments GPN 213.40 0.2 PrudentialNts2060 PFH 26.28 0.2 AbCelleraBio ABCL 37.62 5.4 EagleMaterials EXP 102.30 2.3 LatticeSemi LSCC 45.91 3.0 Starbucks SBUX 106.62 0.3 ActivisionBliz ATVI 92.60 0.2 AzurePowerGlbl AZRE 43.15 0.4 CCNeubergerII PRPB.U 10.86 0.5 GreatLakesDredge GLDD 13.21 0.8 PrudentialPfd PUKpA 28.78 0.1 ApreaTherap APRE 4.73 0.4 EastStoneRt ESSCR 0.54 11.0 LiveOakAcqnII LOKB.U 11.09 1.9 StepStone STEP 40.07 3.7 AdvDrainageSys WMS 84.00 1.1 BRileyFinlPfdA RILYP 25.98 1.1 CMSEnerDeb78 CMSA 28.50 1.0 GreenroseAcqn GNRS 10.26 1.0 PublicStoragePfdN PSApN 25.77 0.6 CIM CmclPfdL CMCTP 21.26 -4.2 EastStoneAcqn ESSC 10.14 0.1 LogitechIntl LOGI 97.97 1.0 Stryker SYK 242.82 0.8 AegonNts2049 AEFC 27.31 0.9 B.RileyPfdB RILYL 26.27 -0.2 CNH Indl CNHI 12.97 -1.3 GrupoSimec SIM 13.19 1.2 PublicStoragePfM PSApM 26.95 0.5 ChurchillCapCorp.V CCV.U 10.11 1.0 EidosTherap EIDX 130.66 3.8 LumosPharma LUMO 36.72 12.4 SurgeryPartners SGRY 29.46 -2.3 Alarm.com ALRM 103.95 3.6 B RileyFin RILY 44.91 0.6 CPS Tech CPSH 3.40 10.5 GuildHldgs GHLD 17.60 2.0 PublicStoragePfdO PSApO 25.64 0.3 CleverLeaves CLVR 9.83 -5.3 Emcore EMKR 5.91 -0.5 LuxHlthTech LUXAU 11.85 -0.4 Albertsons ACI 17.57 1.3 Baidu BIDU 220.60 12.6 CRH CRH 43.07 1.2 HDFC Bank HDB 72.38 1.8 Pulmonx LUNG 66.95 6.2 Synaptics SYNA 96.55 4.6 ContextLogic WISH 17.50 -5.7 AllegiantTravel ALGT 186.97 2.6 Balchem BCPC 114.98 1.4 CableOne CABO 2326.80 -1.9 EmpowerWt EMPW.WS 1.35 6.6 HMS Holdings HMSY 36.95 -0.2 MAG Silver MAG 20.73 6.8 PulseBiosciences PLSE 25.00 6.2 TWC Tech II A TWCT 11.37 -0.5 GBS GBS 7.61 -10.3 AllyFinancial ALLY 35.43 1.4 BankofAmPfd4 BMLpJ 25.43 0.2 CadenceDesign CDNS 136.06 0.9 EncoreWire WIRE 60.43 3.7 HP HPQ 24.69 1.1 MSG Entertainment MSGE 106.63 6.7 QAD B QADB 47.99 1.6 TaiwanSemi TSM 109.70 3.2 GileadSciences GILD 56.56 -0.3 AlphaHlthcrA AHAC 10.15 0.8 BeamGlobal BEEM 75.44 -0.3 CanPacRlwy CP 349.73 0.7 EndeavourSilver EXK 5.07 9.8 HPX Un HPX.U 10.65 ... MaxLinear MXL 38.45 8.0 Qumu QUMU 7.93 0.5 TakeTwoSoftware TTWO 209.26 1.9 Histogen HSTO 0.97 -2.8 AlphaHlthcrAcqnUn AHACU 10.72 -0.4 BeamGlobalWt BEEMW 68.00 0.6 CapitalOnePfdI COFpI 26.58 0.8 EndoIntl ENDP 7.17 8.6 HealthSciences2 HSAQ 13.00 5.3 Metlife pfA METpA 25.49 0.4 RMGAcqnII RMGBU 11.10 2.7 Telos TLS 32.40 3.4 InhibikaseTherap IKT 7.16 -5.8 AlticeUSA ATUS 38.30 -0.7 Bilibili BILI 95.71 14.4 CapitolInvtV CAP.U 10.41 0.5 Envista NVST 33.51 0.9 HelixAcqn HLXA 11.75 -0.7 MicroStrategy MSTR 399.82 6.5 R1RCM RCM 24.19 0.9 TencentMusic TME 20.18 1.5 InterceptPharm ICPT 24.25 4.5 AltitudeAcqn ALTUU 10.50 1.7 BioanalyticalSys BASI 11.40 6.1 Capri CPRI 44.55 1.5 EosEnergy EOSE 25.80 -2.5 HighPeakEnerWt HPKEW 4.97 16.4 MillerIndustries MLR 38.47 3.6 RandolphBancorp RNDB 23.51 6.0 Tesla TSLA 696.60 4.3 JamfHolding JAMF 29.35 -2.4 AmerEagle AEO 20.69 -0.9 BionanoGenom BNGO 2.97 57.9 CapstoneTurbine CPST 11.20 13.1 EosEnergyWt EOSEW 8.99 5.1 HimaxTechs HIMX 8.30 20.7 MonsterBev MNST 91.68 0.5 Ranpak PACK 13.18 5.6 ThayerVentures TVACU 10.54 0.2 MediromHlthcr MRM 13.82 -1.7 AmFinDeb2059 AFGB 28.53 0.6 BionanoGenomWt BNGOW 2.70 143.3 CascadeAcqn CAS.U 10.50 0.8 EstablishLabs ESTA 36.42 ... 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THE WALL STREET JOURNAL. **** Thursday, December 31, 2020 | B9 MARKETS Disney Leads Blue Chips to Another High

BY WILL HORNER “The fundamental tailwinds AND KAREN LANGLEY that have propelled the market

to all-time highs arestill going S TheDow Jones Industrial to be in placenextweek and PRES Averageclinched its13th re- over the course of 2021,” said UMA

cord close of the year,liftedby Hank Smith, head of invest- /Z

aclimb in Walt Disney shares ment strategyatHaverford TER

and bets on a rapid economic Trust. “Extraordinarymone- GIS recovery. tary policy, extraordinary fis- RE

Therecent signing of acor- calstimulus,aneconomythat UNTY

onavirus aid bill and rollout of is poised to surge.” CO vaccines have The vaccine rollout and ANGE

WEDNESDAY’S bolstered ex- passageofthe new$900 bil- OR MARKETS pectations lion fiscal stimulus package

that the econ- have buoyed investors’ senti- CHEN/

omywill quickly rebound from ment in recent weeks.But the GRIT

the pandemic,fueling gains in ongoing pandemic,weakening JEFF everything from entertainment economic dataand debatein Walt Disneyshares gained 2.2% on amid rising hope thatvaccines will tame the pandemic. Visitors in Disneyland lastmonth. companies to rawmaterials Washingtonoverthe sizeof producers. stimulus checks has tempered climbed $1.79,or7.2%, to therewill be and the fact that S&P500 and sector performance, Wednesday Theblue chips added 73.89 some of that optimism. $26.53, while DevonEnergy distribution of it is easier,par- points, or 0.2%, to 30409.56 “We are going to keep get- added 83 cents, or 5.4%, to ticularly in developing coun- Energy Wednesday. TheS&P 500 ting this push-pull, vaccine $16.14. tries, makes it important.” gained 5.00 points, or 0.1%, to versus virus,politics versus Shares of AstraZeneca Money managersare largely Materials 3732.04, while the tech-heavy economics, forawhile yet,” slipped 0.8% in London trading looking beyond the near-term Industrials Nasdaq Composite rose 19.78 said Altaf Kassam, head of in- afterthe U.K. approved acoro- challenges posed by the pan- points, or 0.2%, to 12870.00. vestment strategyfor State navirus vaccine developed by demic and betting that the Utilities Together the three indexes Street Global Advisors in Eu- the company and the Univer- vaccines will enable govern- Financials have notched 100 record rope. “November was a great sity of Oxford. Theinoculation mentstobegin easing restric- closes in 2020,the most in a month for markets and there is the thirdWestern-developed tions and offer fresh momen- Real estate year since2017, according to wasalways going to be a vaccine to receiveemergency- tum to the economic rebound. Dow Jones Market Data. pause forbreath.December use approval this month, and In bond markets, the yield Consumer discretionary Major indexes areoncourse seems to be just that.” comes as cases rise sharply in on the10-year U.S. Treasury S&P500 to finish 2020 with sizable Disney shares gained $3.87, the U.S. and Europe. note edged down to 0.926% gains,evenasthe coronavirus or 2.2%, to $181.17, boosting “Thereisalot riding on the from 0.934% on Tuesday. Health care pandemic continues to weigh the Dow industrials. Dow Inc. AstraZenecavaccine in partic- Overseas,the StoxxEurope Technology on the economy. TheS&P 500 added $1.14, or 2.1%, to $55.47. ular,much morethan any 600 ticked down 0.3%. In Asia is up 16% forthe year,while Energy and materials other vaccine on aglobal at midday Thursday, major in- Consumer staples the Nasdaq Compositehas ad- shares were the top-perform- level,” said Hani Redha, amul- dexesweremixed. Japan’s vanced 43%. And many inves- ing sectorsinthe S&P 500, tiasset portfolio manager at Nikkei 225was down 0.5% and Communications services tors believethe rally is poised both rising more than 1%. PineBridgeInvestments. “Just Hong Kong’sHang Seng Index -0.5% 00.5 1.01.5 to continue in the new year. Freeport-McMoRan shares the sheer number of doses was up 0.2%. Source:FactSet Crucial Year Is Ahead China’sTop Rating Firm Sanctioned

In Switch From Libor BY XIE YU Bond investorsstill see Morethan half of all Chinese somewhat elevated, according elevatedcredit risk among corporatebonds have the to Wind data. China’stop credit-rating lower-ratedChinese debt. highestdomestic credit rating. Domestic rating firms in BY NINA TRENTMANN apanel of banks,SOFR is based firm wasbanned from rating China have given the vast ma- on the cost of transactions in newbonds forthree months, Yields on three-year Onshorecorporate jority of corporatebonds their Effortstoskip the London themarket forovernight re- afteraninvestigation found it corporatebonds* bonds outstanding highest possible AAA grade, interbank offered rate fornew purchase agreements, or repos. ignored redflagsatastate- which connotes minimal de- transactions by the end of Financial companies already owned coal miner whose de- 4.50% AA-rated fault risk, and the percentage next year areforcing finance use the repo rate to borrow faultlast month rattled the Yongcheng of debt with this rating has executives to take stock of cash, using U.S. government country’s bond market. Coal’sdefault climbed in recent years. their contracts, communicate bonds as collateral. SOFR is ChinaChengxin Interna- 4.25 AAA-rated Some analystssaid the pen- with banks and investors and considered alessriskyrate, tional Credit Rating Co. had 19.3 trillion yuan alty on Chengxin wasmild in adjust their interest-rate cost which means overall interest an AAA rating on the miner comparison to ayearlong rat- calculations. costsfor companies could be when it failed to repaythe 4.00 ingssuspension imposed on Global policymakersde- lowerthan under Libor. equivalent of $153 million in one of itsrivals, Dagong cidedtodoaway with Libor, But SOFR currently doesn’t short-term debt on Nov.10. Unrated Credit Global Rating Co., an interest-ratebenchmark allowfor predictive, forward- Thedefault occurred just 3.75 6.8 trillion Other which wasbarred in 2018 underpinning trillions of dol- looking rate calculations,ade- weeks afterthe company, yuan ratings from rating bonds in both the larsinfinancial instruments, viation from Libor,which can Yongcheng Coal &Electricity 5.6 trillion interbank and exchange- afterconcluding it wasprone be calculated three,six or 12 Holding Group Co., raised the 3.50 AAA-rated yuan traded bond markets. At the to manipulation. Banks facea months out. This limitsthe in- same amount from asale of Sept. Oct. Nov. Dec. time,regulatorscriticized Da-

Dec.31, 2021, deadline to re- sight treasurerscan glean into three-year debt. *Bonds traded on China’sinterbank market Note:1trillion yuan=$153billion gong forpoor internal man- placeLibor with alternative futureinterest-ratecosts. Theseries of events Source:Wind agement and fortaking high ratesfor newcontractsfol- Timken Co. Chief Financial spooked investors,triggering consulting fees from clients. lowing ayearslong transition Officer Philip Fracassa is pricedeclines that pushed up and will take correctiveaction. the firstoutcome of astring of Thefirm’sbusinesswas badly effort. working to ensurethat the bond yields and raised bor- Bond raters typically collect investigations into securities affected, and Dagong was A majority of financial and NorthCanton, Ohio-based rowing costs forother com- fees from companies when firms,accounting firms and takenoverbythe statelast nonfinancial companies re- maker of engineered bearings panies. they rate new bond issues. corporateissuersthat were in- year. cently said their Libor transi- and power-transmission prod- TheNational Association of China’s$4.8trillion on- volved in the recent series of Earlier this month, China’s tion plans areahead of sched- uctsshifts itscontractsto Financial Market Institutional shore corporate bond market debt defaults. TheChina Secu- securities regulator barred ule,according to asurvey by SOFR.“Thediscontinuation of Investors, aself-regulatoryor- has two subcategories; the rities Regulatory Commission Golden Credit Rating,a consulting firm AccenturePLC Libor requires alot of restruc- ganization overseen by China’s larger and more liquid one is is also looking into suspected smaller rival to Chengxin, released earlier this month. In turing of debt agreements,” central bank,said Chengxin known as the interbank mar- legal or regulatoryinfractions from rating newbonds for some cases though, the pan- Mr. Fracassa said. failed to conduct on-siteinves- ketand is regulated by the in the Yongcheng default. three months.The CSRC in- demic has caused delays. He doesn’t expect big tigations and interviews with People’sBank of China. The Chinese regulatorshave structed the firm to rectifyits Corporations including Walt changes to Timken’sinterest Yongcheng’smanagement per- other is the exchange-traded tried to act swiftly to reassure businesspractices,after an in- Disney Co., network-equipment costsaspart of the transition, sonnel. bond market, overseen by the investorsthat the recent de- vestigation uncovered aseries maker Juniper Networks Inc. but foresees additional paper- It said the ratingsfirm country’ssecurities regulator. faultsare isolated events of corruption cases involving and cancer treatment firm Var- work. didn’t take steps to verifyand Moody’s Corp.owns 30% of caused by bad actors, rather multiple employees. ian Medical Systems Inc.have Financeexecutives also investigatedelays in salary Chengxin, which has the big- than an indication of systemic Xing Zhaopeng,anecono- started alerting investorsto need to deal with existing con- paymentsand debt-repayment gest market share among rat- problems acrossthe bond mist at ANZ, said Chinese the pending changes and the tractsthat citeLibor.That can arrangements, and didn’t ade- ingcompanies in China. The market. In lateNovember,a credit ratingshavefor years potential challenges as they be tricky—especially in cases quately disclose the company’s Beijing-based firm rated1,381 high-level committeeoversee- giventheir clientsgenerous shifttoanew rate regime. where some of these debt in- credit risks. bonds in the thirdquarter of ing financial stability and de- ratings, but tend to ignore Businesses facepotential strumentsare held by hun- Chengxin has been sus- this year,representing slightly velopment said it would show problems due to their lack of adjustmentstointerest costs, dreds of investorswho all pended from rating newinter- morethan athirdofthe deals zero tolerancefor misconduct internal controls. arising from Libor being calcu- need to agree to the changes. bank bond issues forthree during the period, according among market participants. “The punishment against lated differently than itslikely Transactionlawyerssuggest months,the NAFMII said. It to NAFMIIdata. Chengxin also In the wake of the recent the market leader is sending a successor in the U.S.,the Se- that financechiefs createan also faulted the credit rater’s had AAA ratingsonafew defaults,some Chinese com- strong signal that China will cured Overnight Financing inventory of agreements that internal controls and ordered other companies that de- panies had to payhigher in- strengthen enforcement to Rate,orSOFR. referenceLibor,and take a the companytoconduct “com- faulted recently,including terest ratestosell newbonds. crack down on wrongdoings Forone,the immediatecost look at when they runout. The prehensiveand profound recti- Tsinghua Unigroup,alarge Yields on three-year AAA- by rating agencies,urging the of borrowing maybecheaper. cutoff datefor existing con- fication.” government-backed chip ratedbonds have recently lattertoshoulder biggerre- While Libor is derived from tractstostopreferencing Li- Chengxin said it has ac- maker. come down, while those on sponsibilities in curbing risks daily pricequotes provided by bor is June 30, 2023. cepted the regulator’s decision Thepenalty on Chengxin is lower-rated issues remain on the credit market,” he said.

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret DoubleLine Funds CpInc r 10.70 +0.03 10.0 CapApInst 104.50 +0.28 54.8 PIMCO Funds A EMAdmr 41.56 +0.58 14.9 WelltnAdml 76.26 -0.03 10.2 ExtndIstPl 308.89 +2.70 32.7 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. CoreFxdIncmI 11.35 +0.01 5.6 DivIntl 47.86 +0.18 19.4 Harding Loevner IncomeFd NA ... NA EqIncAdml 78.61 +0.25 2.2 WndsrAdml 70.84 +0.36 6.7 IdxIntl 19.44 +0.11 11.4 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese TotRetBdI 10.73 ... 4.1 GroCo 33.01 +0.12 68.2 IntlEq 28.53 +0.10 NA PIMCO Funds I2 ExplrAdml 119.90 +1.06 31.7 VANGUARD FDS MdCpGrAdml 91.16 +0.43 34.3 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Edgewood Growth Instituti GrowCoK 33.10 +0.12 68.4 Invesco Funds Y Income NA ... NA ExtndAdml 125.17 +1.09 32.7 DivdGro 32.97 +0.02 11.2 SmValAdml 60.97 +0.62 5.7 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r EdgewoodGrInst 51.28 -0.22 40.9 InvGrBd 11.91 +0.01 9.8 DevMktY 53.49 +0.93 17.6 PIMCO Funds Instl GNMAAdml 10.73 ... 3.7 INSTTRF2020 26.22 -0.71 8.8 TotBd2 11.45 +0.01 7.2 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Fidelity LowP r 48.51 +0.22 9.1 JPMorgan I Class IncomeFd NA ... NA GrwthAdml 130.08 -0.05 39.8 INSTTRF2025 27.41 -0.51 10.8 TotIntlInstIdx r130.00 +0.70 11.5 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; 500IdxInstPrem129.33 +0.19 17.6 Magin 12.97 -0.01 27.6 CoreBond 12.27 +0.01 8.0 Price Funds HlthCareAdml r 90.50 +0.01 12.1 INSTTRF2030 28.09 -0.45 11.8 TotItlInstPlId r130.03 +0.70 11.5 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. Contrafund K6 18.82 -0.03 30.3 NASDAQ r 161.55 +0.25 44.4 EqInc 19.54 +0.08 2.6 BlChip 165.04 -0.07 34.3 HYCorAdml r 5.98 ... 5.4 INSTTRF2035 28.68 -0.46 12.5 TotSt 94.26 +0.26 20.3 ExtMktIdxInstPre 83.76 +0.73 32.6 OTC 17.51 +0.04 46.7 JPMorgan R Class DivGro 59.51 +0.12 13.0 InfProAd 28.26 +0.02 10.7 INSTTRF2040 29.30 -0.43 13.2 VANGUARD INSTL FDS FidSerToMarket 12.85 +0.04 20.2 Puritn 25.98 +0.06 20.4 CoreBond 12.29 +0.01 8.2 EqInc 30.98 +0.17 0.5 IntlGrAdml 160.77 +1.76 60.2 INSTTRF2045 29.84 -0.41 14.0 BalInst 44.21 +0.09 16.0 Wednesday, December 30, 2020 IntlIdxInstPrem 45.87 +0.04 8.8 SrsEmrgMkt 24.99 +0.48 24.9 Lord Abbett A Growth 96.73 -0.10 36.6 ITBondAdml 12.58 +0.01 9.7 INSTTRF2050 29.91 -0.42 14.1 DevMktsIndInst 15.30 +0.04 10.6 YTD YTD YTD Net Net Net MidCpInxInstPrem 26.92 +0.20 16.7 SrsGlobal 14.39 +0.08 11.1 ShtDurIncmA p 4.21 ... 2.9 HelSci 98.89 +0.30 30.2 ITIGradeAdml 10.46 +0.01 10.3 DevMktsInxInst 23.91 +0.06 10.6 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret INSTTRF2055 29.99 -0.46 13.9 SAIUSLgCpIndxFd 19.50 +0.03 17.5 SrsGroCoRetail 22.85 +0.07 70.3 Lord Abbett F LgCapGow I 61.02 -0.15 39.1 LTGradeAdml 11.76 +0.03 15.2 IntlVal 40.41 +0.20 9.4 ExtndInst 125.17 +1.10 32.7 GrwthInst 130.09 -0.05 39.8 American Century Inv Baird Funds DivIncom I 25.60 +0.07 6.9 SeriesBondFd 10.78 +0.01 7.6 SrsIntlGrw 17.82 +0.06 18.9 ShtDurIncm 4.21 ... 3.0 MidCap 112.70 +0.78 23.7 MidCpAdml 255.36 +1.72 17.8 LifeCon 22.64 -0.43 9.1 MuHYAdml 11.96 ... 5.5 InPrSeIn 11.51 +0.01 10.8 Ultra 75.78 +0.06 49.5 AggBdInst 11.75 ... 8.4 Dimensional Fds SeriesOverseas 12.46 +0.02 16.9 SrsIntlVal 10.14 ... 5.4 Metropolitan West NHoriz 82.54 +0.27 58.2 LifeGro 40.17 -1.03 12.0 MuIntAdml 14.86 ... 5.2 InstIdx 329.33 +0.48 17.6 American Funds Cl A CorBdInst 12.13 +0.01 8.7 5GlbFxdInc 10.89 ... 1.5 SmCpIdxInstPrem 25.04 +0.26 20.3 TotalBond 11.31 +0.01 9.2 TotRetBdI 11.17 +0.01 9.0 R2020 22.71 +0.06 13.0 LifeMod 31.60 -0.78 10.4 MuLTAdml 12.22 ... 6.2 InstPlus 329.34 +0.48 17.6 AmcpA p 38.86 +0.10 20.6 BlackRock Funds EmgMktVa 28.55 +0.29 2.4 TMktIdxInstPrem107.21 +0.29 20.2 Fidelity SAI TRBdPlan 10.48 +0.01 9.1 R2025 19.33 +0.06 14.5 PrmcpCor 28.83 +0.14 11.5 MuLtdAdml 11.26 ... 3.4 InstTStPlus 73.61 +0.20 20.4 AMutlA p 44.23 +0.09 3.8 HiYBlk 7.79 +0.01 5.6 EmMktCorEq 24.18 +0.33 13.4 USBdIdxInstPrem 12.44 +0.01 7.7 TotalBd 10.75 +0.01 8.9 MFS Funds Class I R2030 28.39 +0.10 15.7 STAR NA ... 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B10 | Thursday, December 31, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY King Dollar Abdicates and That Is OK

Fed’s stance means the currency’s weakness is likely to continue, but that isn’t a disaster for investors who position themselves

There are many reasons to ex- a weaker dollar run even deeper. WSJDollar Index run above its 2% target for an ex- dollar-positive if it successfully pect a weaker U.S. dollar next year For several years before the pan- tended period and not to respond boosts U.S. growth. This time, and perhaps for longer, but none demic, U.S. interest rates on both 98 to falling unemployment with pre- however, the Fed has essentially more important than the new pol- the long and short ends of the emptive rate increases. Meanwhile, pledged not to lift rates pre-emp- icy stance of the Federal Reserve. yield curve were substantially 96 peer central banks around the tively in response to positive eco- The U.S. dollar briefly rallied in higher than in Europe and Japan— world continue to target inflation nomic news, so a big stimulus March due to its haven role in in- a major source of strength for the 94 rates of around 2% while falling package is likely to be unambigu- vestment portfolios. Since then, it U.S. currency. That premium has well short of that. ously negative for the dollar. has dropped around 12% against a largely disappeared, though, as the 92 If markets take the Fed at its None of this needs to be bad trade-weighted basket of Fed lowered short-term rates to word, they won’t bid up the dollar news for investors. As most assets currencies as the U.S. turned out near zero and launched a new 90 as they normally might in re- are priced in dollars, a weaker to be even harder hit by the round of asset purchases. The sponse to robust inflation or dollar often means higher asset coronavirus pandemic than most yield on 10-year U.S. Treasury 88 growth data out of the U.S. This is prices on everything from stocks major economies. notes has fallen from almost 2% at why TS Lombard economist Steven to commodities to emerging-mar- As vaccines are rolled out and the start of the year to around 86 Blitz calls the new framework an ket bonds. the global economy snaps back, 0.93% now. effective end to the traditional Investors whose net worth is this trade won’t necessarily run in Granted, that is still well higher 84 “strong dollar” policy of the U.S. concentrated in dollars should reverse. Rather, currencies of than the 0.02% and minus 0.58% government. make sure they are diversified, for countries that export commodities yields on 10-year Japanese and JFMAMJJASOND Consider, for instance, the likely example by not hedging the cur- and manufactured goods are likely German government bonds, re- Source:Dow Jones Market Data market reaction to a large stimu- rency exposure on their foreign to keep strengthening against the spectively. But real yields in the lus package early in the Biden ad- equity holdings, says Brian Rose, dollar, as would be seen in a U.S. are in fact lower on an infla- earlier in November. That com- ministration. Big doses of deficit senior economist, Americas at UBS typical global recovery. Some tion-adjusted basis, points out pares with slight deflation in spending are typically seen as dol- Wealth Management. Asian exporters already are quietly markets economist Simona Gam- Japan and the eurozone. lar-negative because they mean The perennially strong dollar intervening to limit their curren- barini of Capital Economics. In the This gap in real rates is unlikely the U.S. will have to import more may be a thing of the past. Inves- cies’ rise. U.S., the core consumer-price in- to narrow soon. After all, the Fed foreign savings. tors are unlikely to miss it. But this time, reasons to expect dex was 1.6% higher than a year pledged in August to let inflation But stimulus could be seen as —Aaron Back

Share-priceperformance, weekly LVMH and Tiffany 40% Bristol- 30 Myers S

PRES To EndMergerDrama Squibb

20 TED OCIA

SS With aShortHoneymoon 10 /A RD

0 FO OX Tiffany &Co. executives will be high-end watches and clothing will OF –10 happy that the final hurdle to the decline at double that rate. jeweler’s bumpy union with LVMH Tiffanymight still underperform AbbVie –20 MoëtHennessy Louis Vuitton has the global jewelrymarket, though. /UNIVERSITY been removed. TheFrench buyer Thecompany’ssales fell one-quarter might be morepreoccupied with over the nine months through Octo- –30 CAIRNS howtomakethe pricey deal payoff. ber.Itrelies on touristsfor achunk 2019 ’20

JOHN On Wednesday, Tiffany’s share- of sales,particularly at itsFifth Ave- Source:FactSet The industry mightget political capital from quickly developing Covid-19 vaccines. holders gave their approval for a nue flagship in NewYork,and its slight discount to the original engagement-ring businessissuffer- merger terms. The jeweler now ing as couples delaymarriage. Pharma Heads foraDeals Spree has a sticker price of $15.8 billion, Strong demand in mainland down from $16.2 billion. It is still a China this year suggeststhe brand good result for investors who at still has room to grow in Asia. The one stage feared the deal could shareofits e-commerce business— collapse. They cash out at a 33% nowanimportant focus forluxury Regulatory outlook looksmorepromising than some had feared premium to the value of the shares companies—has doubled to 12% of before news of talks between the group sales from last year’s level. two sides first leaked in October And Tiffanyhas only one-sixth of its In the year ahead, investors trymight getpolitical capital from easy way to please Wall Street. And 2019, even though the pandemic stores based in Europe,giving it the should expect pharmaceutical developing safeand effective with ultralowinterest ratesand has shrunk the brand’s revenue. option to expand if and when tourist companies to have their wallets Covid-19 vaccines in record time. strong balancesheetsacrossthe After the deal closes in early spending recovers in the region. open. Investors hunting for buy- As such, deal activity has picked industry, the consequences of over- January, five top executives at Tif- LVMH has agood record in tak- outs should think big. up. This month, AstraZeneca paying on adeal arefairly minimal. fany will receive golden parachutes ing jewelrybrands upmarket. When Totaldeal volume forthe drug agreed to purchase Alexion Phar- Indeed, deals won’t come cheaply. of $100 million in total, and LVMH it bought Bulgari back in 2011, the industryhas reached $253 billion maceuticals for$39 billion in cash Abroad indexofsmall and midsize will begin an overhaul. Italian brand had an operating mar- globally so far this year,according and stock,and Eli Lilly agreed to biotech stocks has rallied about 50% Jewelry has performed better gin of just 8%. By 2018,that number to Dealogic.That is down from are- buy gene-therapy startup Prevail so far this year.Ofcourse,the ma- than other luxury products during had roughly tripled to 25%, accord- cord $432 billion in 2019.The onset Therapeutics for$880 million in jority of biotech companies won’t be the pandemic. Global sales will be ing to Jefferies estimates.Now that of the pandemic,coupled with elec- upfront cash and morethan $1 bil- acquired, and even the most exciting down 15% in 2020 compared with the drama of this mergerisover, tion-related uncertainty over future lion if certain development mile- stocks arehighly riskyand volatile. last year’s levels based on Bain & the work needed to polish up Tif- industryregulations meant fewer stones arereached. Bigger biotechs lack as much po- Co. estimates. By comparison, fanycan begin. —Carol Ryan large deals were agreed upon. Theindustry’shardrealities tential upside,but should be asafer Investors are expecting that to mean that the biggest companies bet. Forexample, Gilead Sciences change, and for good reason. For areconstantly shopping.Most drug and Biogen aredownmorethan starters, the regulatory outlook candidates never reach the market, 50% each since2015 as investor seems far brighter than some had and those that do facepatentexpi- concerns about their pipelines of feared. President-elect Joe Biden rations and the possibility of asu- newdrugs have grown. But each did vow to implement tough new perior product being developed. companygenerates significant cash drug-pricing measures during the Drugmakershavealso been less flow and trades at asharp discount campaign. But with the pandemic willing to raise prices on existing to the overall market, which could still unfolding, it is unlikely to be a medicines in recent years. Retail present abuying opportunity forin- priority for the administration. prescription-drugprices fell 0.4% dustrybehemoths. Theultimatebalanceofpower in 2019 and 1% in 2018,according That strategy paid off previously. in the Senateisstill uncertain, but to datafromthe Centersfor Medi- Bristol-MyersSquibb purchased the blue wave that investorsfeared care and Medicaid Services.List- Celgene for$74 billion in cash and ahead of the election didn’t mate- priceincreases forbigger-ticket stock last year,a54% premium. De- rialize. Even with anarrow Demo- drugsstill occur,but much of that spiteinvestor skepticism, Bristol

cratic majority,getting broad leg- extramoney winds up in the hands shares rose about 30% sincethe deal GRI/REUTERS islation through the Senatewill be of middlemen instead of as revenue wasannounced in January2019. ALLE

achallenge. And while pharmaceu- forthe manufacturer.That reduces Investorsholding some unpopular O

tical companies arealways apopu- the chances of unwanted attention stocks might see aturn in fortunes CARL lar target forpoliticians,the indus- in Washington, but also stymies an in the newyear. —Charley Grant Jewelry has performed betterthan other luxury products during the pandemic. China Heads Into 2021 With Wind at Its Back

China began 2020 negotiating a Chineseborrowing rates goose construction is lesscompel- Further out, the picturegetsmore treacherous exit from an extended 7% ling.Short-term borrowing ratesal- uncertain. With China and the Euro- trade war, and then wasimmedi- ready have risen substantially since pean Union poised to sign along- ately plunged intothe battle against June and nowsit roughly where stalled bilateral investment treaty, Covid-19.Twelvemonths later it they were in late2019.Mortgage Biden administration effortstoiso- 6 has emerged, improbably,asthe Six month AA- rates, which fell much lessthan lateBeijing maybeoff to arocky large economyinthe best shape. commercial paper short-term borrowing ratestobegin start. But in the longer term, Euro- That strength seems likely to with this year,seem likely to follow pean governmentsand companies 5 Mortgage continue in 2021 as global trade (weighted soon. Meanwhile weaker gains in maystill struggle to explain to citi- keeps recovering and Chinese con- averageloan rate) house prices and pricier bond fi- zens or customerswhy they areso sumers—badly hit by the lock- nancing will squeeze developers. willing to overlook China’shuman- downs in early 2020—regain their 4 Luckily,China’sconsumersare in rightsabuses,including the large- confidence.Inthe second half of Six month AA decent shape to pick up the slack. scale internment of China’sUighur the year,slowing real-estateand commercial paper China’shousehold savingsratewas minority in Xinjiang.And China’sde- infrastructureinvestment could 3 about 3percentagepointshigher in mographic advantageiseroding rap- provetobeheadwinds,although the thirdquarter of 2020 than in idly,meaning boosting productivity China still seems likely to outper- late2019 beforeCovid-19 hit, notes is critical. Itspivot toward an import form most major economies.Inthe 2 OxfordEconomics—implying further substitution-likeeconomic strategy longer term, the nation’soutlook 2015 '16''17'18 19 '20 room forcatch-upgrowthinspend- in high technologycarries substan- still depends on howitmanages Source:Wind ing.Meanwhile,China maylose tial risk,especially without much- deteriorating relations with devel- some export market shareinlate needed financial reforms. oped democracies and whether ficiencyand technological progress. straightforward. With retail sales 2021 as otherindustrial economies China canbid farewell to 2020 President Xi Jinping’sstrategyof Thecase forslowing investment and private-sector investment al- ramp back up,but sincethe overall with aclear expectation of smoother cross-fertilization between the in real estate—a big chunk of the ready back to growth and exports global economic pie will be growing seas ahead next year.In2022and stateand China’sdynamic private economywhich also tends to drive roaring,the policyrationalefor faster,China’sshipmentswill proba- beyond, the waterstill looks quite sector canreally deliver higher ef- global commodity markets—is keeping mortgagerates lowto bly hold up,too. murky. —Nathaniel Taplin