Midair Scare Brings Probe of 777S Turer Is Increasingly Hosting Crazereaches Beyond Shares Drive-Through Job Fairsand Rais- Favoredonsocial Media

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****** MONDAY,FEBRUARY 22, 2021 ~VOL. CCLXXVII NO.42 WSJ.com HHHH $4.00

Last week: DJIA 31494.32 À 35.92 0.1% NASDAQ 13874.46 g 1.6% STOXX 600 414.88 À 0.2% 10-YR. TREASURY g 1 11/32 , yield 1.344% OIL $59.24 g $0.23 EURO $1.2120 YEN 105.43 Texas Thaws Out and Repairs Begin on Damage From the Cold Housing, What’s News Online Shopping Business&Finance Propel trength in housing and e- Scommerce during the pandemic has helped propel hiring JobGains in blue-collar jobs,with employment in some categories exceeding precrisis levels. A1 Blue-collar workers  The jump this month in see boom, but some U.S. government-bond yields is sending tremors companies can’t find through stocks and forcing enough qualified help investorstomoreseriously confront the implications BY SARAH CHANEY CAMBON of rising interest rates. A1

 Agroup of activist inves- GES TheU.S.’sblue-collar work-

tors has abig stakeinKohl’s IMA forcehas begun to benefit from and is attempting to take astrengthening job market. control of the department- GETTY An Orlando,Fla.-area home store chain’s board. B1 AN/ builderisseeking to add four construction workerstoasix-  M&T Bank is nearing a SULLIV person team in the midst of deal to acquire People’s TIN soaring housing demand during United Financial for more JUS SHELTER: Plumber Randy Calazans repaired a burst pipe in a home in Houston on Sunday, as temperatures climbed and the pandemic.InAtlanta, a than $7 billion, in the lat- Texas started to recover from severe weather that overwhelmed its power grid, leaving homes without heat for days. A7 forkliftdriver rakesinovertime est in a string of regional- paybecause the warehouse that bank tie-ups. B1 employs him is so busy distrib-  GameStop mania has uting packages.AChicago- spilled over into a popular based truck-trailer manufac- ETF, as the WallStreetBets Midair Scare Brings Probe of 777s turer is increasingly hosting crazereaches beyond shares drive-through job fairsand rais- favoredonsocial media. B1 ing wagesbyupto7%ashiring picks up acrossits nine produc-  Toast is planning an BY ALISON SIDER Japan aimed at the Pratt& anearby town. Manyofthe 128 jetsthat tion plants. initial public offering that AND ANDREW TANGEL Whitney engines found on 128 United Airlines Holdings Boeing recommended be side- Nationally,employment in could value the restaurant- of its777s. TheUnited Airlines Inc., the only carrier in the U.S. lined while the FAAcompletes residential construction, pack- software provider at Boeing Co.told airlines to flight Saturdaywas the third that uses that engine type,said itsinspection plan arealready agedeliveryand warehousing around $20 billion. B4 stop flying itswide-body 777 failureinvolving that model earlier Sundaythat it had in storage. Airlines have moth- nowexceeds pre-pandemic lev-  Newfood-ordering tools, aircraftequipped with atype plane with those engines in re- takentwo dozenplanes out of balled some of the wide-body els.Manufacturershavesteadily and some restaurants, are of engine that brokeapart dur- cent years. service. aircraftthey use forlong added back jobs afterslashing finding ways around Door- ing aflight over the weekend Safety investigatorsinthe RegulatorsinJapan had al- flightsdue to the coronavirus payrolls last spring,though em- Dash and Uber Eatsand the near Denver, as the Federal U.S. aretrying to determine ready ordered airlines to stop pandemic that hasweakened ployment remains down about commissions they charge. B1 Aviation Administration moved whythe engine failed shortly flying aircraftwith the same demand fortravel. Boeing said PleaseturntopageA2 to order immediateinspections afterthe Honolulu-bound engine type until further no- 69 of the 777 aircraftwith cer- World-Wide of those jets. flight took off, forcing the tice,including 13 Boeing 777s tain Pratt&Whitney 4000-se-  The Outlook: Full inflation Boeing’srecommendation plane to return to DenverIn- flownbyJapan Airlines Co. ries engines areinservice. picture isn’t so pretty...... A2 on Sundayfollowedaction by ternational Airport and leaving and 19 such planes operated by Apreliminaryexamination  Midwest job market beats  Theoutlook forarebound regulatorsinthe U.S. and atrail of debris scatteredover All Nippon Airways Co. PleaseturntopageA6 the odds ...... A3 in travel this year has dimmed afterthe global pandemic rav- aged the industry and hurt tourism-dependent econo- Tourism Recovery Darkens China Deploys mies,with travelerspostpon- ing plans amid vaccine delays and border restrictions. A1 In ’21 Amid Delays in Shots Covid-19 Vaccine to  Boeing told airlines to stop flying itswide-body 777 equipped with atype of en- Theoutlook forarebound When do you Build Influence gine that brokeapart during a 1stquarter 2021 1% in travel this year has expect a flight, and the FAAisordering dimmed afterthe global pan- rebound in 2nd quarter 2021 4 immediateinspections. A1 demic ravagedthe industry international 3rdquarter 2021 27  Nominee for attorney and hurt tourism-dependent tourism in 4th quarter 2021 18 With U.S. on sidelines, Beijing assembles general Judge Merrick your country? Garland will pledgetocon- By Mike Cherney 2022 50 ways to deliver doses to developing world front arise in extremist vi- in Sydney and olenceand racial discrimi- Eric Sylvers in Milan When do you ADDIS ABABA, Ethiopia—A the other is acontrol room 2021 1% nation during his Senate expect cavernous newairport cargo with awall of computer mon- confirmation hearing. A4 economies,with travelers international 2022 15 terminal in Ethiopia’scapital itorswhereChinese and Ethi- postponing plans amid vac- tourism to is the center of avast supply opian technicians will track  TheState Department 2023 43 cine delays and border re- return to temperatures of everybatch. didn’t name newfirms as tar- 2024 or later strictions. pre-pandemic 41 By Joe Parkinson, This week,morethan one gets forsanctions related to Tourist destinations had 2019 levels in Chao Deng million doses of China’snew NordStream 2, allowing work Note:Survey conducted in January 2021 of morethan 200 tourism been hoping Covid-19 vac- your country? and Liza Lin Covid-19 inoculations will on the pipeline to continue. A5 officials, businesses, academics and other experts in about 70 countries cines would allowcountries Source:World Tourism Organization movethrough here, according  Covid-19 survivors who to reopen their bordersand network China is assembling to Ethiopian Airlines officials. received adose of avaccine driveamuch-needed recovery likely that international travel prospectsfor a2021 rebound to speed deliveryofits coro- Thousands of doses have al- aregenerating immune rein 2021. Now, with vaccine could be stalled foryears. have worsened. In October, navirus vaccines—and deepen ready passed through, they sponses that might makea rolloutsdelayedinsome Afterdeclaring that 2020 79% of expertspolled by the itsinfluenceacrossthe devel- and Ugandan officials said. second shot unnecessary. A6 places and newvirus strains wasthe worstyear fortour- agencybelieved a2021 re- oping world. Moredeliveries areset to ar-  Scientistssay conditions appearing,itislooking more ismonrecord, with one bil- bound waspossible.Only 50% At one end is asoccer- rivevia apartnership be- areripe forthe rise of more lion fewerinternational arriv- said they believed that in Jan- field-sized freezertostore vi- tween Chinese technologygi- new coronavirus variants  Research looks at one dose als, the United Nations World uary, and some 41% didn’t als from Chinese state-con- ant Alibaba Group Holding that could complicate ef- for Covid-19 survivors...... A6 Tourism Organization said PleaseturntopageA8 trolled drug companies.At PleaseturntopageA10 fortstocontrol Covid-19. A6  Israel lifted curbs on most commerce and public Looking for a Little Relaxation? INSIDE activity,requiring apassto Bond-Yield Rise Puts document vaccination sta- Try Tufting a Tiny Chair tus for some pursuits. A8 iii Pressure on Stocks JOURNAL REPORT C-SuiteStrategies: Building miniatures is a hot hobby, but What’skeeping Black BY SAM GOLDFARB ation models forsome hot

workersfromrising. R1-10 some find it isn’t easiest way to unwind technologyshares,investors GES

Thesharp increase this and analysts said. IMA BY RACHEL WOLFE project manager who lives in monthinU.S.government- As of Friday, the yield on CONTENTS Outlook...... A2 AND HALEY VELASCO Waxhaw, N.C., planned to bond yields is pressuring the the benchmark 10-year U.S. ETTY Arts in Review... A13 Personal Journal A11-12 /G BusinessNews...B3,5 Sports...... A14 spend aleisurely weekend ar- stockmarket and forcing in- Treasurynotestood at 1.344%, Crossword...... A14 Technology...... B4 After nine months of look- ranging tinybistrotables and vestorstomoreseriously con- up from 1.157% just five trad- HeardonStreet... B10 U.S. News...... A2-7 ing forsoothing waystofill chairs. Instead, when she front the implications of rising ing sessions earlier and about SPENCER Markets...... B9-10 Weather...... A14 time at home,Kimberli opened the box, “I realized, interest rates. 0.9% at the start of the year. ON

Opinion...... A15-17 World News...... A8-9 MER

Fancher had already re-tiled ‘ohgosh, this thing is amillion While the liftinyields TheS&P fell 0.7% forthe CA hergaragefloor and built a pieces.’ ” She said she didn’t largely reflectsinvestor expec- week,dragged down largely by > meditation garden in the back- expect to have to carve, paint tations of astrong economic technologystocks,which after JASONGAY yard.ByNovember,she de- and glue individual chair spin- recovery,the collateral dam- big gains in recent yearsare An 18th major title has cided to turn her attention to dles herself. age could include higher bor- seen as especially vulnerable Djokovic justtwo something smaller: aDIY min- Reminiscent of the minia- rowing costsfor businesses, to rising yields. iature coffee shop kit. ture cars and boats hobbyists morealternatives forinvestors Banks,meanwhile,rose as trophies awayfrom s 2021 Dow Jones & Company, Inc. All Rights Reserved Missing coffeehouses,Ms. have painstakingly epoxied for that have been forced into investorsbet that higher long- Federer and Nadal. A14 Fancher,a49-year-old tech PleaseturntopageA10 stocks and lessfavorable valu- PleaseturntopageA6 P2JW053000-2-A00200-1------XA

A2 | Monday, February 22, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Jon Hilsenrath ECONOMIC CALENDAR

Full Inflation Picture Isn’t So Pretty Tuesday: Federal Reserve Chairman Jerome Powell delivers the centralbank’ssemiannual re- TheFederal As the U.S. has become moreaffluentand unequal, moreassets up 215%; soybeans,54%, lum- nancial crisis to spot prob- port on the economyand mone- Reservepredi- go into ﬁnancial resources. ber,117%. lems in asset prices—such as tary policy to Congressduring cates itseasy- Homes areparticularly booms driven by investor twodaysoftestimonybeginning money policies Household networth as apercentageofeconomic output thorny. They provideaser- borrowing binges—that might Tuesday. Mr.Powell is again likely in part on the 6.5% vice—weliveinthem—that is destabilizethe financial sys- to signal that easy-moneypoli- fact that its measured in official contem. It is then forregulators cies will remain in place forthe favoritemeasureofinflation RECESSION sumer-priceindexes. They are to figure out what to do. foreseeable future. 6.0 has runmorethan ahalf per- also themost valuable asset “Monetarypolicyshould Wednesday: The U.S. housing centagepoint belowits goal in the investment portfolios not be the firstline of de- market has been aconsistent forseveral years. 5.5 of manyhouseholds.The in- fense,” against destabilizing economic brightspotduring the With inflation so lowfor vestment part isn’t measured asset pricebooms,Fed Chair- pandemic. Low mortgage rates so long,the thinking goes, 5.0 in these inflation indexes. man Jerome Powell said last and strong demand arehelping the Fedcan hold interest Rather than track actual September.Raising ratesto propel sales and boost construc- ratesverylow forawhile to 4.5 home prices,the indexesesti- tame asset bubbles,hesaid, tion activity,but arealso leading help boost the economyasit matehousing costsbased on could be asecondaryreaction. to higher prices forhouses, lum- recovers from the effectsof 4.0 the rentspaid in big cities. ber and other building materials. the coronavirus pandemic. With Covid-19 decimating or now, marketsand Wednesday’sreport on January This raises an important commerce in cities and peo- the people monitoring new-home sales will offer the 3.5 question: Is the central bank ple leaving,nowonder the F latest gauge of the market. them don’t seem very thinking about inflation 2001 ’10 ’20 Labor Department’sofficial concerned. Thursday: U.S. joblessclaims properly? Source:Federal ReserveBank of St.Louis measureofrental housing In answertoaquestion at rose in the opening weeks of TheFed defines itsinfla- costsinthe past year rose his Januarypress conference, February,asign of heavy layoffs tion target in terms of con- run. In other words, itsmea- homes.Perhaps not coinci- just 2%, while home prices Mr.Powell said he sawrising and continued dislocation for sumer prices,such as those surewas the cost of house- dentally,two of the last three nationallywereupatnearly home prices as atemporary workers acrossthe country.Econ- we payfor cars,toothpaste hold goods and services. U.S. recessions were driven five times that rate.In2004 reaction to the Covid-19 cri- omists areforecasting adecline and haircuts. But in recent Since2012, this measure by asset pricebubbles—a and 2005,asahousing bub- sis,with people switching during the week ended Feb. 20. decades,prices have often has averaged 1.3% annual tech stock boom in the late ble grew,the Labor Depart- residences to adapt. U.S. neworders for durable climbed much faster forin- growth—a long time below 1990s and ahousing price ment measureofrentsaver- NancyDavis, founder of goods areexpected to rise in Jan- vestment assets, such as the Fed’sgoal. Critics who boom in the 2000s—that aged gains of little morethan Quadratic Capital, a$1.5bil- uary foraninth straightmonth. homes and stocks,and twice warned the Fed’seasy-money caused economic imbalances 2% annually. lion investment management Manufacturing rebounded early in led to booms and bustsfol- policies of the 2010s would even though consumer prices “You have faulty price fund, notes that in swaps the pandemic in the midstof lowedbyrecessions. lead to an inflation surge,a made barely apeep. measurementsand policy markets, wherecompanies strong demand forfactory goods, If the Feddoes runinto financial bubble and acol- Cheap importsfrom makerslinking their deci- hedgeinflation and interest- though some companies have problems with the lowinter- lapsing dollar turned out to abroad, among other global sions to faulty pricemea- rate risk,firms arepricing in- started warning of rising input est ratesithas helped to en- be flat outwrong.All the forces,might be holding surements,” says Joseph Car- flation in the2-to-10-year ho- costsand supply-chain bottle- gineer,itmight be because of morereason to keep interest down U.S. consumer prices son, aformer Alliance rizon at about 1% ayear,even necksthatcould crimp growth. asset prices and not con- ratesexceptionally lowtoday, while asset prices march Bernstein and Commerce De- further belowthe Fed’starget. Friday: U.S. consumer spend- sumer prices. when the economyisstrug- higher,creating newrisks partment economist. Themarket might be coming is expected to increase in gling,the Fed’sthinking goes. that could sideline the econ- While stable consumer placent, she said. Or it might January after household incomes twasn’t until 2012 that Lowrates areintended to omyinunexpected ways. prices arethe primaryfocus be saying that the risk of a gotaboost from the latest I the Fedadopted anumer- spur borrowing,spending and It is easy to find reasons of monetarypolicy, asset pickup in inflation is no more round of stimulus checks. Friday’s ical definition of itsgoal. investment, supporting eco- fordiscomfort. Tesla’sstock prices arethe domain of reg- serious than the risk of fall- report also includes the Fed’spre- It said it sought 2% inflation nomic growth and hiring. priceisupmorethan 300% ulators. ing consumer prices,known ferred inflation gauge—adata as measured by the Com- As society has become in the past year.Copper TheFed and TreasuryDe- as deflation. pointlikely to garner increasing merce Department’spersonal- moreaffluent, morere- prices areup56%. TheS&P partment arecounting on “Nobody knows what’sgo- attention as policy makers de- consumption expenditures sourceshavegone intoassets Case-Shiller Home priceindex monitoring systems they have ing to happen,” she said, “es- bate appropriate levels of fiscal priceindexoverthe medium likestocks,bonds and second is up 9.5%. Freight prices are set up sincethe 2007-2009 fi- pecially the economists.” and monetary stimulus.

U.S. WATCH worked shut down. Afterearn- Blue-Collar ing a certificate in forklift driving,the Atlantaresident FLORIDA found ajob at aPitney Bowes WorkersSee distribution center last sum- Trump Plans to Speak mer.Mr. Williams,who uses a At CPAC on Sunday forklifttounload and reload Jobs Boom packages into trucks,ishelp- Former PresidentDonald ing people gettheir mail on Trump is expected to addressthe time. ConservativePolitical Action Con- ContinuedfromPageOne “I feel likeI’m still doing ferenceonSunday, in whatwould 5% from February2020,accord- something good,” Mr.Williams be his firstpublic appearance ing to Labor Department data. said. He is also staying very sinceleaving the WhiteHouse. Jobopeningsinmanyblue-col- busy.Overthe holidayseason Mr.Trump is planning to at- lar occupations brokeabove through mid-February, he said

tend the gathering, also known pre-virus levels last summer JOURNAL he wascalled in to work many as CPAC,onthe final dayofthe and remain significantly ele- seven-day shifts,helping him REET

four-dayevent,which is being vated, figuresfromthe online ST rack up overtime at an hourly

held in Orlando,Fla., this year jobsiteIndeed show. LL rate of $21. Mr.Williams plans rather than the Washington, Strength in housing and e- WA to stay in warehousing,where

D.C., area. An adviser forMr. commerce during the pan- THE the payofnearly $1,100 aweek R

Trump said he would speak demic has helped propel hiring FO well exceeds his previous res-

about the futureofthe Republi- in blue-collar occupations, OLF taurant wage.

can Partyand conservatism, and which were hardhit by previ- WO Manyblue-collar companies commentonPresidentBiden’s ousrecessions.Manyecono- arestruggling to find workers CHEL

immigration policies. Ian Wal- mistsand companies expect RA to keep up with demand. Mil- ters, spokesman forthe Ameri- blue-collar jobs to continue Ahot housing market has provided opportunityfor workers likeMatthewLynch, on asiteinColorado. lions of people aren’t seeking can ConservativeUnion, con- growing,though at aslower work,insome cases because of firmed thatMr. Trump would pace, afterthe coronavirus is Change in job postings sinceFebruary 2020 result from the growing adop- increased child-careresponsi- Warehousing speak at the conference. contained. They predictthe 40% tion of online shopping during bilities or fear of contracting The former presidenthasn’t key factorsdriving employer Manufacturing the pandemic,which is likely to the coronavirus.Feweryoung appeared publicly sinceafarewell demand forblue-collar work- Construction last. In arecent survey by the people areseeking work that in- rally the morning of Mr.Biden’s ers—a swiftpickup in online 20 technologycompanyPitney volves operating machineryor inauguration, though he has is- orders and abuoyant housing Driving Bowes, consumerssaid they do lifting heavy objects, according sued some statements and has market—will largely stay even 0 All jobs about 59% of their shopping on- to industryexperts. done some media interviews.Af- aftervaccines arewidely dis- line,and they expect to do 56% Finding workershas been a terhelostthe WhiteHouse, he tributed and consumersshift -20 online afterthe pandemic ends. topchallengefor Great Dane, refused to concede the race and some of their spending from Before the coronavirus hit, con- said BrianSage, executivevice made unfounded assertions that goods to services. -40 sumersdid about 39% of their president of manufacturing.The the election wasstolen. “The demand forthe work- shopping online. Chicago-based companymanu- While some conservatives ersisnot going to go down,” March 2020 Aug. Jan. '21 Rapid growth in online or- factures trailersused forlong- have distanced themselves from said David Berson,chief econo- Source:Indeed dersduring the pandemic has haul trucking.Great Dane is the former leader,heremains mist at Nationwide Mutual In- transformed howgoods aredis- seeking to add workersacross very popular with Republican vot- suranceCo. “We’restill going to forworkerssuch as Matthew up on my feet,” he said. Mr. tributed. In the past, items of- itsnine manufacturing plants ers. In arecentCBS News/You- need good warehousing.Wewill Lynch. Mr.Lynch, 36 yearsold, Lynch bought ahome in Colo- tenjust moved from the manu- andincrease itshead count by Govpoll, 73% of Republicans sur- continue to see great strength came to aGoodwill staffing rado SpringsinJanuaryand is facturing plant to abig-box 20% to 25%. “My ability to pro- veyedsaid theythoughtitwas in the demand in the construc- agencyinsearch of work last comfortably paying bills on his storefor customer pickup,said duceisbeing hindered most importantorsomewhatimpor- tion area, particularly housing.” September.Hehad lost his $19-an-hour wage. Melissa Hassett, vicepresident by…being able to getqualified tanttobeloyal to Mr.Trump. An- Economistsalso expect ser- home through acourt dispute JobopeningsonIndeed are of client delivery forManpow- workers,” Mr.Sagesaid. other 27% said it wasn’ttoo im- vice-industryjobs,such as retail and waspicking up side gigsto up 25.6%inconstruction com- erGroup Talent Solutions.The portantornot importantatall. and restaurants, to see particu- makeends meet. Goodwill con- pared with last February. Open- increase in home delivery“cre- THE WALL STREET JOURNAL —Catherine Lucey larly big gains as the pandemic nected him to atemporaryrole ingsalso rose by double digits ates aneed formany, many (USPS 664-880) fades,helping propel broader as aproject technician that be- in manytransportation and dis- more driversand manymore (Eastern Edition ISSN 0099-9660) INTERNATIONAL SPACESTATION economic growth. came permanent at the start of tribution positions that involve touches on the packagebe- (Central Edition ISSN 1092-0935) One factor driving construc- the year.Now Mr.Lynch over- delivering items such as yoga tween the manufacturing plant (Western Edition ISSN 0193-2241) Supply Ship Honoring tion and housing jobs has been sees the construction of ranch- pants, air fryers and groceries and the home,” she said. Editorial and publication headquarters: the Federal Reserve, which cut style homes in Colorado to homes.Overall job openings Trenton Williams,28, lost 1211 Avenue of the Americas, Johnson TakesOff New York, N.Y. 10036 short-term interest ratesto Springs, Colo., forToll Brothers. rose 3.9% over the past year. hisjob as acook last spring Published daily except Sundays and general Aspace-station supply ship near zero last year and has in- “I’vebeen able to getback Theblue-collar gains largely when the restaurant wherehe legal holidays. Periodicals postage paid at named after the Black NASA dicatedrates will remain low New York, N.Y., and other mailing offices. mathematician featured in the forthe foreseeable future. Mil- Postmaster: Send address changes to movie “Hidden Figures” rocketed lennials—nowintheir prime CORRECTIONS  AMPLIFICATIONS The Wall Street Journal, 200 Burnett Rd., into orbit Saturday, the 59th anni- homebuying years—will likely Chicopee, MA 01020. versary of John Glenn’shistoric maintain astrong appetitefor All Advertising published in The Wall Street Journal is subject to the applicable launch. houses afterthe pandemic.Fur- OPEC-plus,aninformal BusinessNewsarticle incor- times a week. rate card, copies of which are available Northrop Grumman’sCygnus ther,the pandemic sped up em- group of some of the world’s rectly said the spokeswoman’s from the Advertising Services Department, capsule—dubbed the S.S. Kather- ployers’embraceofremote biggest oil producers, effec- statement arrived afterthe ar- Urban EdgeProperties de- Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The ine Johnson—should reach the In- work and consumers’ accompa- tively agreed to maintain its ticle was published. creased itsquarterly dividend Journal reserves the right not to accept an ternational SpaceStation on Mon- nying desirefor morespace, of- collectiveoil-output cutsat to 15 centsfrom22centswith advertiser’s order. Only publication of an dayfollowing its launch from teninlower-density areas.Tele- about 7. 1million barrels aday Facebook Inc.’s screening ayield of 3.7%. TheDividend advertisement shall constitute final acceptance of the advertiser’s order. Virginia’seastern shore. commuting is expected to through February. APageOne system to block apps from Changes table on Fridayincor- Letters to the Editor: Ms. Johnson died almost ex- endure, though at lowerlevels article on Thursdayabout sending it sensitivepersonal rectly listed the dividend as a Fax: 212-416-2891; email: [email protected] actlyayear ago at age 101. than during thepandemic. Saudi Arabia’s oil production datacurrently covers only 15-cent special dividend with a Need assistance with your subscription? “Mrs. Johnson wasselected for Home builderswill likely re- incorrectly said the group health-related information, yield of 0.0%. By web: customercenter.wsj.com; her hand-writtencalculations that main in hiring mode as they agreed to maintain collective anditistriggeredaround 25 By email: [email protected] By phone: 1-800-JOURNAL helped launch the firstAmericans scurrytobring morehomes oil output at that level. million times aday.AMedia & (1-800-568-7625) into space, as well as her accom- intoamarket that has suffered Technologyarticle on Friday Noticetoreaders Reprints &licensing: plishments in breaking glassceil- from historically lowinventory Aspokeswoman for the aboutFacebook incorrectly Wall Street Journal staff By email: [email protected]; ing after glassceiling as aBlack levels.The residential construc- LosAngeles Times sent a said that the screening system membersare working remotely By phone: 1-800-843-0008 woman,” Frank DeMauro, aNor- tion sector began hiring again statement to The Wall Street blocked the transmission of during the pandemic.For the WSJback issues and framed pages: throp Grumman vicepresident, in Mayafter cutbacks at the on- Journal just before an article other sensitivedata, including foreseeable future, please send wsjshop.com said on the eveofliftoff. set of the pandemic.Employ- published online Fridayabout information about a user’s fi- reader comments only by Our newspapers are100% sourcedfrom Ms. Johnson’snumbers contrib- ment in the sector is nowup1% its owner exploring a sale. In nances and religious practices, email or phone,using the con- sustainably certified mills. uted to the Feb. 20, 1962, flightin from February2020,while it is some editions Saturday, a and wastriggered25million tactsbelow, not via U.S. Mail. which Mr.Glenn became the first down 6.5% acrossall industries. GOTATIP FORUS? American to orbit the world. Ahot housing market is Readers can alert The Wall Street Journal to any errors in news articles SUBMIT IT AT WSJ.COM/TIPS —Associated Press churning out job opportunities by emailing [email protected] or by calling 888-410-2667. P2JW053000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** Monday, February 22, 2021 | A3 U.S. NEWS Midwest Job Market Beats Odds SpaceX Midwestcities with Offers diverse economies and lesspopulation density Virus fare betterinpandemic Insights BY KIM MACKRAEL AND JOE BARRETT BY SARAH KROUSE Midwest cities such as Co- lumbus, Ohio, have had some of the most resilient job mar- When the Covid-19 pandemic kets during the pandemic. shut down the U.S. economyin Indianapolis,Minneapolis March, Elon Musk had arocket and Cincinnati joined Colum- to launch. bus as having among the low- Thebillionaire’sspaceexplo- est unemployment rates of 51 ration venture, SpaceX,was major metro areas at the end planning to blast acrewed

of last year,onthe unadjusted JOURNAL spacecraft intothe skyinMay basis the Labor Department and wanted to stay on schedule. REET

uses to rank cities.That ST That meantfinding away to placed the heartland cities LL keep facilities safely open and well ahead of tech and finan- WA limitthe spread of Covid-19,a

cial powerhouses such as San THE challengewhen testswerein R

Francisco and Boston. FO short supply. Economists said Columbus To monitor the prevalenceof

and other Midwest cities that SPEAR the virus among SpaceX work- arefaring relatively well bene- ersnationwide,Mr. Musk and

fited from a diverse economy ANDREW the company’stop medical exec- that includes alarger-than-av- Dr. Kel Guerin, co-founder of Ready Robotics in Columbus, Ohio. The company moved to Columbus from Baltimore three years ago. utiveworked with doctorsand erage concentration of white- academic researcherstobuild collar workers who could shift his 15-person staff in February Role Reversal rates in Columbus, Cincinnati an antibody-testing program. to remotework during the 2018.Now,the company, which and Indianapolis have re- Morethan 4,000 SpaceX work- SeveralMidwestcities have among the lowest unemployment pandemic.They also have less gotfunding from Columbus- mained belowthe national av- ersvolunteered formonthly ratesfor major metroareas in the country relianceontourism compared based DriveCapital, has nearly erageonaseasonally adjusted blood tests. with other large metro areas, 40 employees and sales have Unemployment ratesfor select metroareas basis sinceMarch, suggesting Thegroup recently published relatively lowpopulation den- been growing rapidly. adegree of resilienceoverthe itsfindings, which suggest that sities,and their overall Nationally,the seasonally ad- 20% course of the pandemic. acertain threshold of antibod- Covid-19 caseloads haven’t justed unemployment rate rose Other Midwest metros, in- ies might provide people last- been as severe as some hard- to 6.7% in December 2020,from cluding Kansas City,Mo.,Min- ing protection against the virus. est-hit parts of the country. 3.6% ayear earlier,according to 15 neapolis and St.Louis,had un- Mr.Musk is listed as aco-author “In the case of this particu- the Labor Department. Jobless employment ratesbelowthe of the peer-reviewedstudy, lar crisis,the starsare aligned ratesinthe four Midwest met- SanFrancisco national averageatthe end of which appearsinthe journal Na- 10 forthese places,” said Sarah rosrose about half as much, Boston last year, though Minneapolis tureCommunications. Crane,aneconomist at Moody’s while the ratesclimbed morein also had alarge decline in the “People canhaveantibodies, U.S. average Analytics.“They basically have several coastal cities. size of its labor force. but it doesn’t mean they are lowexposuretothe most dam- Columbus and Cincinnati 5 Indianapolis Ohio State University econ- going to be immune” to aged partsofthe economy.” finished last year with a sea- Cincinnati omist BruceWeinbergsaid the Covid-19,said Galit Alter,aco- Benjamin Gibbs, co-founder sonally adjusted 5.1% unem- Columbus stategovernment in Ohio in- author of the study who is a and chief executiveofReady ployment rate.The rate was 0 troduced economic restric- member of the RagonInstitute Robotics, which makes soft- 4.3% in Indianapolis and 4.7% Jan. 2020 April July Oct. tionsthat were relatively ef- of MGH, MIT and Harvard. In- ware that runs robotsfrom in Minneapolis.The rateswere Note:U.S. rate is seasonally adjusted; metrorates seasonally adjustedwith smoothed methodology fectiveatreducing the spread dividuals who experienced multiple manufacturers, moved higher in San Francisco, 7. 3%, Source:Labor Departmentvia St.Louis Fed of the virus without unneces- fewer, milder Covid-19 symp- his startup to Columbus from andBoston, 6.9%. Thelatter sarily limiting business activ- toms generated fewerantibod- Baltimore three yearsago, de- two cities had among the low- during economic downturns vices sector was almost back ity—something he said was ies and were thereforeless spiteadvice from BayArea est unemployment rates and the area’slargest single to itsyear-agolevel,according easier because Ohio cities likely to meet the threshold for venturecapital funds that the among major metroareas at employer. Thecity is also home to Labor Department data. aren’t that densely populated. longer-term immunity,the companyneeded to moveto the end of 2019. to the stateCapitol and is a Columbus MayorAndrew Still, he said, the metro study found. the West Coast to thrive. Columbus moved from hav- major hub forJPMorganChase Ginther said the city’s overall area continues to face a long “I would literally pull out a inganear averageunemploy- &Co.,the largest privateem- comeback “kind of speaks to recovery.“We maybedoing map when they said that to ment rate in 2019 to having ployer,with 18,000 workers. the diversity of our economy.” better than most,” Mr. Wein- More than 4,000 showthem the concentration” among the nation’slowest rates Likemanyplaces,Colum- Unemployment datafor berg said of Columbus.“But of U.S. factories in the Midwest, formajor metroareas latelast bus’srestaurantsand hotels metroareas arebased on there are a lot of people who SpaceX workers he said. Being close to custom- year.The region, with apopula- were hit hardbythe pan- small sample sizes,limiting arewithout work,thereare a volunteered for ers, combined with the talent tion of 2.1 million, is home to demic.But other industries their value in tracking changes lot of people who have gotten pool andaffordability of Co- Ohio State University,asource fared better: By December,the from one month to the next. Covid, thereare alot of busi- monthly blood tests. lumbus,wereenough to move of young talent and stability professional and businessser- However, the unemployment nesses that are struggling.”

Theidea is one that other researchersare exploring to understand Covid-19 immunity. “Toreally nail this down at a public-health level would re- quiredoing reinfection studies and following people forreinfec- tion” over time,said Joshua T. Schiffer,associateprofessor at the Fred Hutchinson Cancer Re- search Center’s vaccine and infectious-disease division. As vaccines roll out slowly acrossthe globe,the scientists who studied SpaceX workers saytheir findingscould be used to identifywho is most vulnera- (2) ble to the virus and should be vaccinated first. Forexample,

JOURNAL thosewith no antibodies in areas with high case countscould REET

ST getpriority,Dr. Alter said.

LL Representatives forSpaceEx-

WA ploration Technologies Corp.,

THE theofficial name of the closely R

FO held Southern California company, declined to comment on thetesting. HERMAN In May, SpaceX launched a LIA

TA successful test flight of its Environmental scientistJoanne KerbavazinNorthern California’sBig Basin Redwoods StatePark, which suffered heavy damage lastyear.Aburned bathroom building, below. Dragon capsule in Florida car- rying two astronauts. Of the roughly 4,000 SpaceX New Plan for Ancient Trees in Era of Frequent Fires workerstested several times, 300 became infected with Covid-19.Researchershad BY JIM CARLTON 18,000 acres of the SantaCruz enough dataon120 people to dig Mountains,also sawlessdam- deeper intotheir infections and BOULDER CREEK,Calif.— agetosome partsofthe park subsequent levels of antibodies Ancient giant redwoods are that had been thinned, park of- to draw conclusions in the study. among the charred survivorsin ficials say. Themedian ageofthat Big Basin Redwoods State Park Redwoods affected by infre- small sample was 31, and 92% afterawildfirelast year.Now quent fire,evenalarge one,can of them were male, which the rangersand conservationists rebound successfully. authorsacknowledgemight aredevelopingplans to better At Big Basin, park officials skew their findingsbecause protect them out of fear that estimate90% of the redwoods people of different ages and the world’stallest trees may survived the 86,509-acre CZU backgrounds present different notsurvivefutureblazes that Lightning ComplexFire, in- immune-system responses.The arealmost certain to come. cluding the so-called Father of study included test resultsbe- TheCZU Lightning Complex the Forest, which at 250 feet tween April and June. Fire last August damaged 97% is amongthe park’stallest. TheCentersfor Disease of the park in this town 60 Most hadlost all their green Controland Prevention has miles south of San Francisco, leaves, however, and were sur- said that having antibodies destroying cabins and camp- rounded by fallen limbs. may provide some protection, grounds and obliterating oak On arecent walk-through, but it is unknown how long it and Douglas firtrees.Many California Department of maylast. Researchersand di- redwoods turned intogiant stand smaller firesatmuch is apriority,asmoremega- from the trees. Parks and Recreation senior agnostic companies are work- chimneys, with flames shoot- longer intervals,but not the fires are likely. TheSempervirens Fund, a environmental scientist ing to understand what level of ing out of their crowns. current cycle of big ones every The risk of wildfires in the nonprofit conservation group, Joanne Kerbavazlooked for antibodies confers immunity. Thanks to their thick bark, few years, redwood research- West is rising due to climate thinned several dozenacres of signs that the redwoods were SpaceX and itsresearch they remained standing even erssay.“What should be obvi- change, construction in fire- dense growth in aredwoods renewing themselves. partnerscontinue testing each while most of their leaves ous to everyone is we have to prone areas,and overgrown forest it owns close to Big Ba- Longer term, Ms.Kerbavaz month and arenow monitoring were singed black. do abetterjob of living with forests, according to scientific sinoverthe past seven years. said, the warming climatemight for reinfection, particularly as Theredwoods,some of fire,” said SteveNorman,re- researchers. To addressthe That helped result in lower-in- shrink the territoryofcoastal mutations spread, researchers which areastall as the Statue search ecologist forthe U.S. latterthreats, park officials tensity burning to some red- redwoods,which nowextendas involved in those efforts said. of Liberty and dateback centu- Forest Service. said they would seek to thin woods thereduring the CZU far south as Central California. So far,they have observed ries and even millennia, area As they work on rebuilding outbrush and smaller trees fire,said LauraMcLendon, the “I would emphatically say some reinfection among work- primaryattraction forvisitors plans for 119-year-old Big Ba- from around the redwoods and organization’sdirector of land the redwoods will endure,” she erswho were found to have to coastal Northern California. sin, park officials saybetter likely will construct newbuild- conservation. said. “But the question is lowlevelsofCovid-19 antibod- The trees adapted to with- protection for redwood trees ingsatBig Basin farther away BigBasin, which straddles where will they endure.” ies in past testing. P2JW053000-2-A00400-17FFFF5178F

A4 | Monday, February 22, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ** THE WALL STREET JOURNAL. U.S. NEWS Garland Set To Make His Case in Capitol

Attorneygeneral pick JudgeGarland is expected to receivebipartisan support, in- will vow at his hearing cluding from some Republicans to target discrimination who blocked his path to the Su- preme Court in 2016. and extremistviolence He also has broad backing from the legal community,with BY SADIE GURMAN morethan 150 former Justice Department officials of both President Biden’snominee partiesand at least 61 judges forattorney general, Judge urging theSenateJudiciary S

MerrickGarland, will pledge Committeetoadvance his PRES

during his Senateconfirmation nomination. Civil-rightsand TED

hearing Mondaytoconfront a policing groups sent letters to CIA SO

rise in extremist violenceand lawmakersdescribing him as a AS

racial discrimination, while leader who would balancetheir S;

stressing the need to restorea interests. PRES

moretraditional approach to If confirmed, JudgeGarland, TED the JusticeDepartment’swork aformer federal prosecutor and OCIA

afteryearsofpolitical turmoil. 1997 appointee during the Clin- SS According to prepared re- tonadministration to the U.S. /A marks already made public, Court of Appeals forthe Dis- WMER

JudgeGarland will highlight trict of Columbia Circuit, would BO what he viewsasanurgent contend with anumber of polit- RICK

need forstrong enforcement of ically sensitivefederal investi- P: civil-rightslaw,citing the Jus- gations.They include acriminal TO OM

ticeDepartment’soriginal mis- taxinvestigation intoMr. Bi- FR sion to enforce amendments den’sson, Hunter,and aspecial- Merrick Garland in April 1995 spokeafter the hearing of TimothyMcVeigh, who wasultimately convicted and executed forthe Oklahoma that provided broaderrights counsel inquiryintothe origins Citybombing, which killed 168 people. Mr.Garland, then asenior JusticeDepartmentofficial, oversawthe criminal investigation. and protections forBlack of the Federal Bureau of Inves- Americans that grew out of the tigation’sRussia investigation. Civil War. Lawmakersare expected to Past Terror Probes groups likethe Oath Keepers “That mission remains ur- question him on howhewould and Proud Boys. gent because we do not yet handle the probes,and whether Shape Perspective Mr.Biden has promised to have equal justice,” JudgeGar- he believes the JusticeDepart- make tackling domestic extrem- land plans to say. “Communities ment should prosecuteformer ism atop priority forthe Jus- of color and other minorities President Donald Trump forof- Merrick Garland oversaw ticeDepartment, which is pros- still facediscrimination in fenses such as his alleged in- the criminal investigation after ecuting morethan 200 people housing,education, employ- citement of the Jan. 6attack on an antigovernmentextremist in connection with the riot. ment,and the criminal justice the Capitol by rioterstrying to blewupthe Alfred P. Murrah Judge Garland, who now system; and bear the brunt of block the ratification of Mr.Bi- Federal Building in Oklahoma sits on the U.S. Court of Ap- theharm caused by pandemic, den’selectoral win. Mr.Trump’s Cityin1995. peals forthe D.C.Circuit, also pollution, and climatechange.” lawyersand allies have denied The investigation ended in oversawthe investigation into JudgeGarland has faced some that he incited the attack,and the convictions of Timothy TedKaczynski, known as the skepticism from the left, where the former president wasac- McVeigh, who wasexecuted in Unabomber,asthe department some progressives had hoped quittedinaSenateimpeach- 2001, and Terry Nichols, who is debatedhow to deal with a foranominee with abroader ment trial. serving alifesentenceasan burgeoning militia movement. record of civil-rightsadvocacy. JudgeGarland plans to say accomplice. Federal law-enforcement Ed Whelan, afellowwith the he would work to battle arise newly elected government,” his cally chargedcases on behalf of The attack, which killed 168 agencies at the time were still conservativeEthics and Public in extremist violence, which has prepared remarks say. Mr.Trump.Mr. Barrhas said he people, including 19 children, facing criticism fortheir actions PolicyCenter,said civil-rights takenonnew urgencyafter the As attorney general, he actedbecause prosecutorsover- was one of several major acts during twodeadly clashes years enforcement could emerge as a Capitol attack, in which more would facethe challengeof reached in those cases. of violence that solidified for earlier,one with militantwhite flashpoint forJudgeGarland. than 200 people have been steadying aJusticeDepartment JudgeGarland’sprepared re- Judge Garland the urgency and supremacists at Ruby Ridge, “One question would be chargedwith crimes ranging rocked by yearsofpolitical marks point to his previous complexity of the domestic Idaho,and another with afringe whether his commitment to from conspiracyand assaultson storms.Manylegal observers roles in the JusticeDepartment, terror threat, a perspective he religious group in Waco,Texas. civil rightsincludes religious officerstoobstructing an offi- view him as being likely to rein which he helped develop pol- would again bring to the Jus- “That gave him aunique liberty as acivil right. And how cial proceeding. storethe JusticeDepartment’s icies designed to insulatethe tice Department if confirmed perspective” and keen under- he reconciles the clash between “I will supervise the prosecu- traditional independencefrom institution from partisan influ- as President Biden’s attorney standing of lawenforcement’s religious liberty and big parts tion of whitesupremacistsand the WhiteHouse. ence,codifystronger limitson general. struggle to thwart extremist of the progressiveagenda,” otherswho stormed the Capitol Democratsand some Justice communications between the The threattook on newsig- threats while balancing civil lib- such as LGBTrightsthat some on January6—a heinous attack Department veterans criticized agencyand the WhiteHouse, nificanceafter the Jan. 6siege ertyconcerns, said Beth Wilkin- social conservatives viewasin- that sought to disrupt acorner- former Attorney General Wil- and establish charging and sen- of the U.S. Capitol by Trump son, aformer colleague and fringing on their religious be- stone of our democracy: the liam Barr over what they tencing guidelines forthe na- supporters, including far-right Oklahoma Cityprosecutor. liefs, Mr.Whelan said. peaceful transfer of powertoa viewedasinterferenceinpoliti- tion’s federal prosecutors. HighBar foranIncitement Charge Big-Tech Employees Helped Fund Biden Run BY BRENT KENDALL called incitement allegations other department official said a to inciteariot to disputethe absurd, saying the former pres- daylater that thegovernment electoralvotecount. “The call WASHINGTON—As former ident wasexercising his First didn’t expect to bring cases to arms by Defendant Trump BY BRODY MULLINS campaigns,their employees President Donald Trump was Amendment rightstospeak out against people formaking hadits intended effect,” the AND EMILY GLAZER are free to give as individuals acquittedathis impeachment against howthe U.S. election speeches at the rally on the El- lawsuit said. Theformer presi- and in the aggregateprovide a trial on one charge of inciting wasconducted and never en- lipse near the WhiteHouse that dent, through his representa- WASHINGTON—Employ- windowintothe leaningsof the Jan. 6riot at the U.S. Capi- couraged violenceagainst law- preceded the Capitol attack. tives, denied the allegations. ees of big technologyfirms workerswho arepolitically ac- tol, some Republicans sug- makers. They have emphasized Lawyersfor some of the de- Legalobserverssaid acrimi- were akey source of contribu- tiveenough to donateacross gested that the proper forumto that Mr.Trump specifically fendantshavesaid their clients nal case would be trickier,in tions forJoe Biden’spresiden- different industries. consider the legality of his be- stated that rally-goersshould stormed the Capitol because part because it comes with a tial campaign,newly released Thetop sourcesofmoney havior wasaU.S.court. expressthemselves peacefully. they believed Mr.Trump higher burden of proof of guilt campaign-financerecords from corporateemployees to Atop federal prosecutor in- Afterhevoted to acquit Mr. beyond areasonable doubt. show, eclipsing donations from the Republican incumbent Don- vestigating the riot also has Trump,saying that the Senate Benjamin Glassman,afor- employees at traditional Dem- ald Trump’s2020 presidential suggested the JusticeDepart- wasn’t capable of holding an ‘If you look at his mer U.S. attorney in Ohio who ocratic fundraising sources campaign were employees of ment could reviewMr. Trump’s impeachment trial of aformer served in both the Obama and such as banks and lawfirms. American Airlines Group Inc., actions as part of itssprawling official, SenateMinority Leader speech, there’s Trump administrations,said Employees of Google’spar- Boeing Co., Bank of America investigation intothe attack. Mitch McConnell (R., Ky.) said, evidence that both anyincitement case would need ent, Alphabet Inc.,and Micro- Corp., Lockheed Martin Corp. And District of Columbia Attor- “Impeachment wasnever to do morethan just focus on a soft Corp., Amazon.com Inc., and Wells Fargo&Co.,accord- ney General Karl Racine,aDem- meant to be the final forumfor sides could use.’ single speech. Mr.Glassman, a Apple Inc.and Facebook Inc. ing to the Center forRespon- ocrat, “isinvestigating whether American justice.” partner at SquirePattonBoggs, were the five largest sourcesof sive Politics’sanalysis. former President Trump or any TheJusticeDepartment’sin- said prosecutorswould need to money forMr. Biden’scampaign Thefindingscome as Repub- other individual violated dis- vestigation intothe perpetra- assesswhether Mr.Trump and and joint fundraising commit- licans have asserted that the trict lawand illegally incited vi- tors of the Jan. 6riot is still in wanted them to do so.Atthe otherstook actions privately tees among those identifying bigtech companies arebiased olenceonJan. 6,” according to itsearly stages.Roughly 250 Ellipserally,Mr. Trump urged that prompted or prolonged the corporateemployers,according against them, including allega- aspokeswoman, though his au- defendantsare facing federal the crowd to fight forhim and riot. “Thereare plenty more to aWall Street Journal analy- tions that companies with on- thority is morelimited. chargessofar.Prosecutors forthe country, reiterating un- factsthat an investigation could sis of campaign financereports. line platforms such as Face- Prosecutorswould faceclear have brought no incitement founded claims about astolen uncover,” he said. If therewere Mr.Biden’spresidential book and Google censor online challenges in bringing anycase, cases. election. evidenceofaconspiracy, that campaign received at least content to favorliberal views. according to former prosecu- Michael Sherwin, the acting Rep.Bennie Thompson (D., would be anaturalway to ap- $15.1 million from employees “Thereisadisconnect be- tors and experts. U.S. attorney in Washington, Miss.), represented by the proach acase,headded. of those five tech firms,re- tween the tech industryand TomFirestone, alawyer with last month said the JusticeDe- NAACP, recently filed acivil —Lindsay Wise, cordsshow. Thecompanies manyRepublicans,” said Doug Baker &McKenzie LLP and for- partment waslooking “atall ac- lawsuit against Mr.Trump and Jess Bravin and Tarini Parti declined to comment. Heye, aformer spokesman for mer assistant U.S. attorney in tors” connected to the riot. An- others,alleging they conspired contributed to this article. Theprevious Democratic the Republican National Com- NewYork,said prosecutors presidential candidates Hillary mittee. “We don’t like Silicon would have to consider several Clinton and Barack Obama Valley—and they don’t like factors, including whether Mr. also received large contribu- us.” Trump wasengaged in consti- tions from tech-company em- Facebook,Google and other tutionally protected political ployees, but their top sources tech platforms have in the speech or instead crossed aline of employeedonations ex- past denied that the politics of that prompted supportersto tended beyond the tech sector. their employees affectshow commit violence. “Ifyou look at Mrs. Clinton’sbiggest they run their businesses. his speech, there’sevidence sourcesoffunds from those Some Democratsbelieve that both sides could use,” said identifying corporateemploy- that the companies have Mr.Firestone,who spent 14 ersin2016 included employees growntoo large and that their yearswith the JusticeDepart- of the personal-injurylaw firm platforms have permitted the ment. Morgan&Morgan and JPMor- spread of false political infor- Other considerations would ganChase &Co.,along with mation that helped Mr.Trump. include Mr.Trump’sintent, Google,Microsoftand Apple, Google,Facebook and Ama- what he knew about his sup- according to election records zon are already targets of an- porters’ intentions,and compiled by the nonpartisan titrust investigations,and whether the attack on the Capi- Center forResponsivePolitics. there is bipartisan support in

tolwas reasonably foreseeable GES Four yearsearlier,Mr. Congressfor measures that

under the circumstances.“I IMA Obama’stop sourcesofcorpo- could diminish their clout. think all of these factorswould rate employeecontributions Facebook Chief ExecutiveOffi- ETTY

makeitadifficult prosecution, /G included Microsoftand Google cer Mark Zuckerberg, Twitter though not an impossible one,” but also Deloitte,Time War- Inc. CEO Jack Dorsey and Al- Mr.Firestone said. ner, nowpart of AT&T Inc., phabet CEO Sundar Pichai are Arepresentativefor Mr. ANGERER and the law firm DLA Piper. set to testifybeforeaHouse of

Trump declined to comment. DREW While corporations arepro- Representatives panel in Mr.Trump’slawyershave Former President Donald Trump’s lawyers have called incitement allegations against him absurd. hibited from giving directly to March. P2JW053000-0-A00500-1------XA

THE WALL STREET JOURNAL. Monday, February 22, 2021 | A5 U.S. NEWS ReportLetsRussia Pipeline Proceed, forNow

BY BRETT FORREST in 2019 and 2020 that halted with 18 companies,mostly in- Sen. Jim Risch (R., Idaho), NordStream 2would energy,considersRussian gas the pipeline’sconstruction for surers, that already have left the topRepublican on the Sen- strengthen Russia’sgrip on deliveries vital. The State Department in a morethan ayear until itsre- or were leaving the project. ateForeign Relations Commit- the European energy market, TheBiden administration is report to Congressdidn’t sumption this month. TheBi- Thefailuretoname any tee, called the report mislead- put an end to anygeopolitical eager to improveties with name newcompanies as tar- den administration has called newtargets forsanctions al- ing.“Maritime tracking leverageUkraine maystill Berlin, acritical European ally, gets forsanctions related to the project abad deal. Nord lows the work to continue information makes it clear that have in its struggle with Rus- which were strained by former an $11 billion pipeline de- Stream 2isshaping intoapres- while also providing the ad- ships not coveredintoday’s sia, and increase Moscow’s in- President Donald Trump’s signed to transmit Russian surepoint between the newad- ministration with time for dis- report arecurrently activein fluence on the continent. The skepticism of the NATO alli- natural gastoGermany, allow- ministration and abipartisan cussions with Germany about supporting NordStream 2con- pipeline is morethan 90% ance and threats of tariffs on ing work on the pipeline to Congressional coalition that has the project and to formulate struction,” he said. “The ad- completed, with about 100 German goods,and by German continue unabated for now. assailed the project. itsown policyonthe pipeline. ministration’sdecision to ig- miles remaining. Chancellor Angela Merkel’s Some Republican lawmak- Thereport wasexpected to The State Department sent norethese activities demands Friday’sreport cites Ger- criticism of Mr.Trump’s erscriticized the State Depart- provide alist of companies in- the report to lawmakerson an immediateexplanation.” many’scommitment to the “AmericaFirst” foreign policy. ment over the Nord Stream 2 volved in pipeline construction Friday but didn’t publicly re- Thepipeline if completed pipeline and rejection of po- TheBiden administration report, which wasrequired by and arethereforesubject to lease it or respond to ques- would allow Gazprom,Rus- tential U.S. sanctions related has opened talks with Berlin Congress, and both Republi- U.S. sanctions.Instead, the tions about itsfindings. The sia’sgas-export monopoly,to to the project, which it sees as on the future of the pipeline, cans and akey Democrat re- State Department named two Wall Street Journal revieweda all but abandon the Ukrainian “an attack on German and EU including “threatsofsanctions quested an explanation of the entities previouslysanctioned copy of the report this week- transit system that fordecades sovereignty,” the report says. against companies involved in administration’s position. by the Trump administra- end. German officials didn’t has handled the bulk of Rus- TheGerman government, the construction of Nord TheTrump administration, tion—the main pipe-laying immediately respond to a re- sian gasdeliveries to Europe. which is phasing out the do- Stream 2,” aGerman official urgedbyCongress, signed laws vessel and itsowner—along quest for comment. U.S. lawmakers worry that mestic use of coal and nuclear said. GES IMA ETTY /G AFP KI/ OWS SMIAL AN BREND Ex-Sen. Bob Dole has cancer. Dole Gets Biden Visit PRATT Ahead of INDUSTRIES Treatment

BY CATHERINE LUCEY HASBUILT President Biden visited former Sen. Bob Dole on Satur- day, days afterthe longtime RepublicanSenateleader said 5OFAMERICA’S LAST he has been diagnosed with stage-four lung cancer. Mr. Biden arrived late Sat- urdayafternoon at the Water- 6PAPER MILLS — gate complexinWashington, whereMr. Dole and his wife, Elizabeth, have an apartment. The White House said Mr. Bi- den was“visiting his close ALL 100% RECYCLED friend, Senator Bob Dole.” Mr.Biden attended Massaf- terthe visit. As he exited Holy Trinity Catholic Church in Georgetown, he wasasked how Mr. Dole was doing. “He’sdoing well,” Mr.Biden said. Messrs. Biden and Dole served in the Senate together formorethan two decades. Both unsuccessfully sought their party’s 1988 presidential nomination. Mr.Dole,97yearsold, said last week in atweet that he would start treatment on Monday, writing: “While Icer- tainly have some hurdles ahead, I know that I join millions of Americans who face significant health challenges of their own.” Theformer senator fought in World WarIIand lost most use of his right arm and hand afterbeing wounded in battle. He entered politics afterre- PRATT turning home,winning aseat in the Kansas Legislaturebe- fore successfully running for the U.S. House and then Senate. In 1976, Mr.Dole was INDUSTRIES picked as then-President Ger- ald Ford’s running mateinhis unsuccessfulre-election bid. Afterserving as the topRe- publican in the Senate, Mr. Dole wonthe GOP presidential nomination in 1996,but lost to HASBUILT Democrat Bill Clinton. Mr.Biden, who served in the Senatefrom1973to2009, worked across the aisle from 5OFAMERICA’S LAST Mr. Dole for many years. In an interviewwith the Kansas City StarinDecember, 6PAPER MILLS — Mr.Dole said Mr.Biden was“a friend of mine and he wasa good chairman of the Judi- ciaryCommitteeinthe Sen- ate.” “He did agood job.Proud ALL 100% RECYCLED to be a liberal—hopefully not tooliberal—but he knows how the government works and the Congressworks and all this will be abenefit to Joe,” Mr. Dole said. As Mr.Trump refused to concede the election, Mr.Dole said in that interview:“The election is over and [Joe] Bi- den will be president on Janu- ary20. Iknowthe president has not conceded and he may www.prattindustries.com never concede,but he will not be in the WhiteHouse on Jan- uary 21.” P2JW053000-6-A00600-1------XA

A6 | Monday, February 22, 2021 ****** THE WALL STREET JOURNAL. U.S. NEWS GES

Research Looks at One Dose IMA GETTY

For Covid-19 survivors, ers in Israel reported a single who wasn’t involved in the cine,support the idea that in- SE/ shot of the vaccine from Pfizer studies. oculation generates arobust a second vaccine shot Inc.and BioNTech SE is 85% Still, giving single shots to immune response after just a

may be unnecessary, effective in preventing symp- survivors could be costly and single dose. ANCE-PRES FR freeing more supply tomatic disease 15 to 28 days laborious because of the need Only about 1.7million Amer- after being administered. to conduct testing to deter- icans arebeing vaccinated ENCE Late-stage clinical trials of mine who has sufficient anti- daily,per federal figures. Since AG A/ BY JARED S. HOPKINS two-dose vaccines by Pfizer bodies to forgoasecond dose, mid-December,morethan 40 and BioNTech, as well as Mod- vaccine expertssay.Itmay millionpeople in the U.S. have MOREIR

Covid-19 survivorswho erna Inc., have shown their also be tough to do without received at least one dose,and O

have gotten afirst dose of shotstobesafeand highly yet knowing what exact level morethan 17 million have been MEL

Covid-19 vaccine are generat- protective against Covid-19 of immune response is neces- fully vaccinated. DE ing immune responses that when given through two doses sary forprotection with cur- Vaccines work by tricking TRICIA

might render asecond shot spaced several weeks apart. rent vaccines,known as an im- the body intothinking it has PA unnecessary, potentially free- However, Pfizer’s trial ex- mune correlate of protection. been infected with avirus, A healthcare worker tended to a patient at a field hospital for ing up limited vaccine supply cluded individuals with symp- An FDA spokeswoman said prompting the immune system Covid-19 patients in Portimao, Portugal, earlier this month. for more people, several new tomatic Covid-19,and Mod- thereisn’t enough research to to makeantibodies to fight the research papers suggest. erna’s leftout people with a changevaccine administration. pathogen. In Covid-19 survi- Theresearch, while prelimi- previously knowninfection, Still, the U.S. government has vors,the immune system is al- Va ccination Delay nary, found that the previously prompting researchers to see been open to adjusting dosing ready trained to makeanti- infected people generated pro- how immune systems in peo- schedules,and the Centersfor bodies,researcherssay, tection against the disease ple previouslysick responded. Disease Control and Preven- priming the body similarly to quicklyand at dramatically Pfizer doesn’thavedatare- tion last month allowedsec- howavaccine’sfirst dose Promotes Strains higher levels afterafirst shot garding the single-dose ap- ond doses to be delayed by might. This includes making of the current two-shot regi- proach in Covid-19 survivors, a several weeks. neutralizing antibodies,which mens when compared with spokeswoman said. Moderna would prevent the virus from BY SARAH TOY variants,” said Richard people who were vaccinated is aware of the preprint data entering cells and replicating. Lessells,aninfectious-disease but hadn’t been sick. but isn’t studying the issue, a Previously infected In asmall study of 59 Scientistssay the world has specialist at the KwaZulu-Na- “Everyone should getvacci- spokesman said. healthcareworkers, researchers reached a precarious point in talResearch Innovation and nated. Not everybody needs Giving just one dose means people generated at theUniversity of Maryland the Covid-19 pandemic,one Sequencing Platform in Dur- two shots,” said Viviana Simon, health officials could redeploy protections quickly School of Medicine reported where conditions are ripe for ban, South Africa, the group of aprofessor of microbiologyat excess doses to morepeople this month that 42 who sur- the rise of morenew coronavi- scientistswho firstsequenced NewYork’sIcahn School of and speed the reach of vacci- after a first shot. vived Covid-19 on averagegen- rusvariantsthat could compli- the South African variant, Medicine at Mount Sinai and an nations,which vaccine experts erated dramatically higher anti- cate effortstocontrol the dis- B.1.351. author on one study.“As long and health authorities sayis body levels aftertheir first ease. When avirus infectssome- as we can’t deliver as much crucial as newforms of the vi- dose than 17 people who hadn’t Thevirus continues to one,itcreates many copies of vaccine to everybody who rusincrease transmission. But the U.S. hasn’t joined been sick before. Theimmune spread rapidly in many parts itself.Each time it does,errors wantsit, Ithink it’sanimpor- Limited initial supply has con- other countries such as the U.K. responses were so high, they of the world, even as segments can be introduced into its ge- tant consideration.” tributed to the bumpy rollout that delayedsecond doses to reached levels seen in people of the population have gained netic code. Some of these er- Theresearch, which has of the vaccine and forced gov- givepriority to getting doses to who had gotten both doses but some degree of immunity as a rors,ormutations,havenoef- been posted on preprint serv- ernmentstofavor high-risk in- morehigh-risk groups.The U.K. weren’t previouslyinfected, re- result of having been infected fect on the behavior of the ersbut not peer-reviewedor dividuals ahead of others. has cited itsown analysis that searchersestimated. Thehospi- or vaccinated. virus.Others—likesome of published in a scientific jour- “Weneed as manypeople suggestsasingle shot in talworkerswerediagnosed an Scientistssay that combina- those seen in the worrisome nal, comes as other findings vaccinated as quickly as possi- healthypeople to be 90% effec- averageeight or nine months tion—high ratesofviral trans- variantsthat emerged in the intothe two-shot regimen to ble,and this is one of the ways tiveafter the firstdose and be- beforetheir firstdose; antibody mission and apartially immu- U.K.,South Africaand Brazil— healthymembersofthe gen- to go about doing that,” said fore the second dose. levels began rising afterjust nized population—encourages mayboost the virus’sability eral population highlight im- Buddy Creech, director of the ThedatafromIsrael, and a one week from inoculation— the emergenceofvariantsthat to evadeour immune defenses. mune benefitsafter the first Vanderbilt Vaccine Research separate study published Fri- faster than in people who arepotentially moretransmis- It’s a matter of mathemat- injection.OnFriday, research- Program in Nashville,Tenn., dayofthe AstraZenecavac- hadn’t been sick. sible or morelethal. More ics: Moretransmission means transmission means more op- moremutations and agreater portunities forthe virus to likelihood that dangerous vari- evolve, they say. ants will take hold. “If everyone has immunity, Andifthe virus is spread- then youhaveprettymuch no inguncontrollably within a virus circulating and the virus population that only has par- can’t adapt,” University of tial immunity,then variants Bern molecular epidemiologist that have advantageous muta- Emma Hodcroftsaid, adding tions—for instance, those that that if no one within apopula- help it evade the immune re- tion has immunity,then sponse—will tend to predomi- there’s no pressure on the vi- nate, scientists say. rustoevolve. “That middle This phenomenon, called part, whereyou have apar- selectivepressure, mayhelp tially vaccinated population, explain how some of the new or apartially immune popula- coronavirus variants arose in tion with lotsofvirus circulat- the firstplace, and whySouth ing,that’skind of your danger African doctorsand scientists point,” she said. have reported seeing an un- Newvariantscould also re- usually high number of sus- duce the effectiveness of vac- pected reinfections. cines and treatmentsand lead ResearchbyDr. Lessells and to reinfections among people his colleagues showedthat the who have already recovered B.1.351 variant had initially from Covid-19, scientists say. spread most rapidly in the Thekey to minimizing these SouthAfrican provinceof

S problems,they say, lies with Eastern Cape,wheremany

NEW social distancing andother residentshad already con- G measures to reducecontagion tractedCovid-19 and recov- as well as with ramping up ered. He and his colleagues

OOMBER vaccination efforts, which have also showed in a series of lab lagged in many places. experimentsthat antibodies “The sloweryou areatboth from previouslyinfected indi- GREEN/BL of these things, the biggerrisk viduals were lesseffective

MICAH you’retaking that you’regoing againstB.1.351 than earlier A patient received the Pfizer-BioNTech vaccine at the McLeod Health Clarendon hospital in Manning, S.C., last week. to have the emergenceofmore coronavirus variants.

damage, the safety boardsaid. which is used only on some Boeing said it wasworking Infrastructure, Transport and moreunusual than other en- Jet Scare Such engine failures,in Boeing 777 airplanes,after re- with U.S. and Japanese regula- Tourism said it has asked the gine failures—and potentially which internal partsbreak viewing the initial safety data. tors while the engine maker U.S. aviation authorities to inmore dangerous—is that the through the engine’sprotective Thesafety board’sinvesti- conductsmoreinspections. vestigatethe incident and cowling, which covers the Brings 777 casing,can badly damage gators areexpected to down- Raytheon didn’t respond to re- “prevent itsrecurrence.” A front of the engine,looks to planes because debris canhit load information from the questsfor comment on the Japan Airlines spokesman said have come off,said John Cox, wings, fuel tanks and fuselage. plane’sflight-dataand cockpit movesbyU.S.and Japanese the airline has 22 Boeing 777 aretired pilot, ex-crash inves- Inspections Theeventsare rare and voicerecordersand review regulators. aircraftwith adifferent type of tigator and former senior prompt stepped-up investiga- maintenanceand other docu- Boeing has delivered more engine that canstill fly. ABoe- union safety official in the U.S. tivescrutiny, and even moreso mentsaspart of their probe, than 1,600 of its777 jetswith a ing spokeswoman referred Mr.Cox isn’t involved in the ContinuedfromPageOne in this case because planes which maytakemonths to variety of engines sinceits de- questions about the grounding probe involving theUnited by the National Transportation that makeextendedflights complete. but in the 1990s. to that country’sair-safety flight. Safety Boardshowedthat two over water, hoursfromemer- TheFAA’s aviation safety United said taking the Boe- regulators. In Broomfield, Colo., large fan blades in one of the United gencyairports, faceheightened expertsare meeting with ening 777 aircraftout of service United Flight 328 landed pieces of debris fell in apark aircraft’sengines were frac- requirementsfor maintenance gine maker Pratt&Whitney,a would affect asmall number of safely lessthan 25 minutes af- and in neighborhoods,police tured—one nearly entirely and andother safety measures,in- unit of Raytheon Technologies customers. It added that it has tertaking off on Saturdayfol- said. Therewerereportsof the other about half-broken, dustryofficials said. Corp., and Boeing to finalizean 28 additional Boeing 777 air- lowing thefailureofits right property damage, but no one theagencysaid Sunday. TheFAA said on Sunday emergencydirectivewith exact craftwith the Pratt&Whitney engine.United said none of the wasinjured, policesaid. Theremaining fan blades that it decided to acceleratein- details of required inspections, engines,but they areinstor- 241passengersand crew mem- —Doug Cameron showedsigns of damage, while spections of the hollowfan according to FAAAdministra- age. bersonboardwereinjured. and Peter Landers the plane also sustained minor blades on this engine type, torSteve Dickson. Japan’sMinistryofLand, What made the incident contributed to this article.

most of last year,Treasury that to happen in the near Finally,manyinvestorsuse Change in the ﬁnancial and awelcome sign that the eco- Bond Yields yields have climbed in recent term—while moregovernment the 10-year Treasuryyield as a tech sectorsvs. the S&P500 nomic outlook is improving. months along with investors’ borrowing could boost yields discount rate in formulas to “Our base case is forthe 5% expectations forastrong eco- as well just by increasing the value stocks.All else being positives of ahigher rate re- Weigh on nomic rebound, driven in part supply of bonds. equal, the expected cash flows Financials gime to outweigh the nega- by moredebt-financed govern- Investorsplan this week to of companies areconsidered 4 tives,” said MattPeron,direc- ment spending. monitor the latest develop- less valuable when yields are torofresearch at Janus Stocks Themoveoverthe past mentsinWashington, where higher.That could threaten 3 Henderson Investors. week caught investors’ atten- House Democratshope to manytech stocks because Manyprofessional stock in- tion because no specific cata- completea$1.9trillion stimu- much of their earningsare ex- vestorshavealready baked ContinuedfromPageOne lyst wasapparent. That raised luspackage, as well as figures pected to come further in the 2 higher yields intotheir valua- term interest rateswould the prospect that yields could on consumer spending and future. tion models,and the largest S&P500 maketheir lending activity rise more quickly and unpre- earningsfromconsumer com- Treasury yields remain ex- 1 tech companies generally have more profitable. dictably than expected—an panies likeHome Depot Inc. tremely lowbyhistorical stan- earningsthat justifytheir “The market’swobbled a outcome that manybelieve and Macy’s Inc. dards but aren’t so lowrela- Tech prices, he said. little bit,” said Brad McMillan, would be moredisruptiveto They will also keep watch- tivetostock prices,some 0 Even so,rising yields could chief investment officer at other assetslikestocks than a ing Treasuryyields,whose argue. Feb. 5Feb. 19 cause investorstorethink Commonwealth Financial Net- slow, orderly climb. rise canhurt stocks in afew In recent years, the 12- Source:FactSet their allocations to different work,aninvestment adviser Risingyields,which result different ways, according to month forward-earningsyield sectors, Mr. Peron said. and brokeragefirm. “The mar- from falling bond prices,often investors and analysts. of world technologycompa- previouslyjustified by ultralow His team started adding ex- kethas principally been saying reflect investor expectations As yields moveup, borrow- nies—their expected earnings bond yields “isturning irratio- posureinthe second half of hooray, the pandemic is com- of faster growth and an ac- ing costs for most businesses pershareasapercentageof nal,” DhavalJoshi,chief Euro- last year to companies such as ing under control and the companying rise in inflation, should also rise,crimping their stock price—has gener- pean investment strategist at certain retail brands and on- economyisstarting to grow which makes the interest pay- profits. Higher yields could ally exceeded the 10-year BCAResearch, aMontreal- line travel businesses that again, but now we’re actually mentsofbonds lessvaluable. also prompt some risk-averse Treasury yield by at least 2.5 based investment research stand to benefit from an eco- starting to see the conse- Apickup in inflation could investorstosell stocks and re- percentage points. firm, wroteinareport last nomicrecoveryand areless quences of that in the form of also eventually lead the Fed- turn to government and cor- But the yield differential has week. vulnerable to rising rates. higher rates, and Ithink the eral Reserve to raise short- poratebonds,now that they recently fallen belowthat Still, many investors aren’t —Amrith Ramkumar market’s processing that.” term interest rates—though will earn amoremeaningful threshold, asign that the tooworried about rising and Karen Langley Stuck near historic lows for most investorsdon’t expect return. stock-market rally that was yields, seeing them mostly as contributed to this article. P2JW053000-0-A00700-1------XA

THE WALL STREET JOURNAL. Monday, February 22, 2021 | A7 U.S. NEWS With PowerBack On, TexasStartsCleanup

BY ALICIA A. CALDWELL erycould be as high as the re- AND ALEXA CORSE lief during Hurricane Harvey, Texas Rep.Michael McCaul Millions of Texans starting told CNN on Sunday. “A disas- to recoverfromdeadly winter ter declaration brings in fed- storms arecontending with eral assistance,” said Mr. Mc- water-quality issues,food Caul, aRepublican. “That’s shortages and, for some, sky- what Texans need right now JOURNAL

rocketing utility bills, even as so desperately.” REET

powerand higher tempera- As temperatures climbed ST tures returned. back into the 50s and higher LL Morethan 13.7 million peo- over the weekend and roads fi- WA THE

ple across 198 Texas counties nally cleared of ice, residents R

remain affected by water-sys- and businessownersbegan to FO

temdisruptions and boil-water survey the damage. GER notices,the Texas Department KarenClark &Co.,which of Environmental Quality said runs catastrophe-modeling UTENBER

on Sunday. software widely used in the LA

President Biden signed adi- U.S. insuranceindustry, has JEFF saster declaration forthe state said property insurers facean A sign at a Home Depot on Saturday warned that the store didn’t have generators, firewood or gas heaters, among other items. on Saturday, covering 77 coun- estimated $18 billion bill for ties considered hardest hit and damagetohomes and busi- providing grantsfor tempo- nesses from the long stretch of rary housing and home re- frigid weather in Texas and nu- Houston Businesses Reopen pairs, low-cost loans for resi- merous other states. dents for uninsured property Theaftermath of the storm damage and other aid. leftsome Texas residentswith BY COLLIN EATON acrossTexas during the worst Jack Chau, co-owner of said Saturday. TheWhiteHouse has said sky-high utility bills as de- of the storm last week.On Vietnamese eatery Vi’s Sand- DeyaRojas,manager of VVS additional designations to pro- mand forpowerspiked, dra- HOUSTON—As Henry Saturday, that figure was wiches at the Hong Kong Food Car Wash &Detail in southwest vide further resourcesmay be matically inflating prices for Nguyen reopened his hair salon down to less than 50,000, ac- Market, estimated he and his Houston, said her family’s busi- made later if requested by the usage. Gov.GregAbbott said in southwest Houston, half a cording to PowerOutage.US mother had prepared and nesslost roughly $7,000 as the state. The Federal Emergency on Saturdayhemet with dozenneighborsrushed in—not data. Access to safedrinking given out roughly 200 free storm forced the carwash to Management Agency had dis- members of the state legisla- forhaircuts, but to wash their water remained acritical issue banh mi sandwiches to fami- shut down. When apipe burst, tributed meals, blanketsand ture about the issue.“We have hair.They had gone days with- for millions in the state, after lies unable to getfood else- Ms.Rojas’sfamily couldn’t find hundreds of thousands of li- aresponsibility to protect Tex- out running waterathome. freezing temperatures caused where. They hadoffered the plumberstorepair it and local ters of water, with an addi- ans from spikes in their en- Thewinter freeze that cut pipestoburst and cities,in- free meals for two hours. department stores had runout tional 150,000 liters expected ergy bills that arearesult of power and wateracrossmuch cluding Houston were placed “Weran out of sandwiches,” of PVCpipe.Her family fixed to be delivered to the stateon the severewinter weather and of America’sfourth-largest under boil water notices. said Mr.Chau, 27.“We didn’t the pipe with ahose,and was Sunday. power outages,” said Mr. Ab- city had forced Mr.Nguyento Mr.Nguyenwas cutting finally able to return to wash- After a week of frigid tem- bott, a Republican. close his salon forfour days as hair again as cars darted along ing cars on Saturday. peratures that left millions in Roughly 29,000 people re- he scrambled to protect his roads cleared of ice. The Access to safe water “It worked out,” she said, as the dark and cold fordays and mained without electricity home waterpipes,wrestled weather hadturned warmer. cars lined up to getsprayed. caused extensive damage, di- Sundayafternoon, according with alifelessgenerator and Foot traffic resurfaced along remains a critical Thestorm had cost Bu- saster relief needed forrecov- to poweroutage.us. sent histhree children to a the main thoroughfareof issue for millions of chanan’sNative Plantsaround friend’shouse to escape the Sharpstown, the diverse $50,000 in lost plantsand relentlesscold. In the three neighborhood whereHair By people in Texas. days of closurelast week,and decades sincehis arrival from Henry opened 19 years ago. the icy weather had busted a Vietnam, Mr.Nguyenhad only In the storm’saftermath, few pipes.David Alvarado,a ever worried about heat and many were still struggling to manager at the garden center, hurricanes in Houston. securewater andsearching for expect that manypeople.” said staff scrambled to move “I wasn’t scared about win- food even as powerwas re- Thestorm delayedship- some vulnerable plantsin- ter, but nowIknow,” Mr. stored. Early Saturday morn- ments of Covid-19 vaccines in doorsand put some in frost Nguyen said. “The icestorm ing,dozens waited outside the Texas and other states.The cloth to protect plantsfrom

GES took down the whole state.” doorsofaHome Depot in Houston Methodist hospital freezing temperatures.The be-

IMA Thehair stylist wasamong southwest Houston, wherea system last week had received low-freezing temperatures manyresidentsand business sign hung warning that the only half itsexpected ship- killed many of those, as well. GETTY ownersemerging on Saturday storedidn’t have generators, ment of 30,000 doses of Butcustomerswerewind- AN/ to survey damageand begin firewood, gasheatersorchar- Covid-19 vaccines.But vacci- ing around the garden center returning to their normal rou- coal, among other items.A nation appointmentswerere- Saturday, and Mr.Alvarado SULLIV tines following the fiercest sign at a crowded 85C Bakery turning to a normal pace and said he expectscustomersto TIN

JUS winter storm to hit the city in Cafesaid it couldn’t servecus- maybesped up in coming pounce on the opportunity to Volunteers set up food for distribution Sunday at NRG Stadium decades. Around 4million customers drinks because of the days to makeupfor the delay, refurbish their gardens after in Houston. Thousands of people lined up for food and water. tomerswereout of power city’s water issues. spokeswoman Stefanie Asin the storm.

Jacob Sanchez Diagnosed with autism

Lack of speech is asign of autism. Learn the others at autismspeaks.org/signs. P2JW053000-0-A00800-1------XA

A8 | Monday, February 22, 2021 THE WALL STREET JOURNAL. WORLD NEWS Vaccines Spark Israeli Reopening Mideast Swap Said Inoculation campaign combining incentives, To Involve threats helps country beat back latest surge Shot Sales

BY FELICIA SCHWARTZ Israeli Prime Minister Benja- TEL AVIV—Israel lifted re- min Netanyahu has side- strictions on most commerce stepped questions over and public activity,opening whether his countryagreed to malls,marketsand museums— payRussia to provide coronavi- and requiring the use of apass rusvaccines to Syria as apart to document vaccination sta- of aprisoner swapbetween the tus for some activities. two Middle Eastern countries. Sunday’smoves illustrate howIsrael, which rolled out By Dov Lieber theworld’sfastest Covid-19 in Tel Aviv

vaccination campaign,iscom- CK and Jared Malsin

bining incentives and threats TO in Dubai to getthe rest of itspopula- tion vaccinated—and howit Mr.Netanyahu confirmed SHUTTERS

learned from missteps. A/ that negotiations with Russia Thenation is reopening af- took placeaspart of effortsto N/EP

terhaving some of the worst TA bring back an Israeli woman

infection ratesfor months,as SUL stuckinSyria. He said he had

manyflouted lockdowns,and ABIR spoken twicewith Russian Pres- morerecently,aBritish variant Israel lifted curbs on most stores and public spaces around the country on Sunday. Shoppers wait to enter a store in Jerusalem. ident Vladimir Putin to hammer of the disease ranrampant. out the deal, but denied Israel The opening up and use of passport documents, the web- longstoone of four healthcare over 60,Israel has gradually re- try, the risk of death from cor- provided itsown vaccines. what officials arecalling green sitecrashed Saturdaynight. providers, also sped the drive duced the eligible agerange. onavirus falls 98.9%two weeks “I want to saythat not even passports, which allowpeople TheHealth Ministrysaid peo- by identifying citizens in target This month, the vaccine became afterboth shotsofthe Pfizer one Israeli vaccine went for to enter gyms and hotels and ple could use their vaccination groups andreaching them with available to the general public. vaccine.Israel also found that, this thing,” said Mr.Netan- eventually embark on quaran- certificates in the meantime. phone calls,textmessages and Now, 49% of Israelis have rein the same period aftertwo yahu. “Webrought back the tine-free travel, set up atest At the Carlton Hotel in Tel mobile apps.Adeal between ceived at least one shot and shots, serious illnessdecreased woman. I’m happy we did this. forone of the most closely Aviv,12couples were expected the Jewish stateand Pfizer Inc. 33% arefully vaccinated, almost by 99.2%, morbidity by 95.8%, Ithank President Putin that watched countries during the to check intorooms that have and BioNTech SE,which devel- entirely with the Pfizer vaccine. and hospitalization by 98.9%. we did this.And morethan pandemic: Can Israel return to reopened to people who have oped the Covid-19 vaccine,be- Israeli health officials cau- Thefigures arecompared with a this I won’t add because that relativenormalcywithout slip- received two shotsofthe vac- came the centerpieceofIsrael’s tion afull return to normal nonvaccinated group. was the Russian request.” ping back into peak infection cine.Yossi Navi, the hotel’s vaccination campaign. nowcould be months,ifnot While Israel racedahead, it Thedeal wasearlier re- ratesand overwhelming its general manager,said he ex- Pfizer agreed to provide years, away. also faced pressuretosupply ported by aU.S.-based blogger, healthcare system? pectsmoreinthe next few enough vaccines to fuel the As long as children under vaccines to the Palestinians for Richard Silverstein, and the To strikethat balance, offi- weeks as Israelis understand drive. In exchange, Israel 16 can’t be vaccinated, they humanitarian reasons.Israeli NewYork Times,who said cials arewarning those who hotels are open again and the agreed to provide health data will continue to spread the vi- officials have acknowledged that Israel secretly agreed to shun the national vaccination weather improves. to the NewYork-based drug- rus, these health officials said. that failing to reach immunity payRussia to send vaccines to campaign that they will be With roughly nine million maker to betterunderstand the They also aren’t sure howsuc- in the West Bank and Gaza Syria in order to securethe re- shut out of everyday activities. people,about the same as New vaccine’simpact. Israel also of- cessful the vaccine is against could hamper Israel’sefforts. turn of the Israeli woman. “Anyone who does not getvac- York City,Israeli authorities feredahigher pricethan many the variants. Israel’s vaccine campaign Israel has described the ex- cinated will be leftbehind,” Is- were able to focus on acom- other countries,morethan Thegovernment has had still confrontsobstacles,mainly changeasastandardprisoner rael’shealth minister Yuli pact geographic footprint. Is- double or triple what the U.S. onepowerful weapon in its among those resisting it: many swap. Theprime minister Edelstein said. rael’sadvancedand fully digi- and Europe arepaying. campaign—the vaccine itself. young people as well as swaths didn’t denybuying the Russian As thousands of people tized healthcaresystem, in Afterinitially offering shots According to datareleased on of the country’sultraorthodox vaccines,however, and aperson rushed to download the green- which everycitizen by lawbe- to medical workersand people Saturdaybythe health minis- and Arab populations. familiar with the deal said that waspart of the arrangement. Israeli Defense Minister Benny Gantz also said he had CurbsDrive Australian Farm-Labor Drought spoken with his Russian counterpart to help secure the Is- raeli woman’s release. BY DAVID WINNING duceAlliance, an industry TheIsraeli government de- group,predictsthe labor short- clined to comment on Sunday SYDNEY—Toharvest red agecould raise fruit and vege- on the inclusion of vaccines in papaya in northern Australia’s table prices by 60% and reduce the prisoner-swap deal. tropical heat, farmer Paul Fagg the value of the horticulture Thedeal highlightshow has long drawnonanunusual industrybynearly $5 billion. coronavirus vaccines arebe- labor pool of overseas tourists. Labor-intensivecrops,such as coming acentral part of inter- Not this year. berries,are most at risk. national diplomacyasnations Australia crushed the coro- With apopulation of 25.7 use access to the shotsto navirus with one of the strict- million in aterritoryabout the wield influenceand pursue est border-control regimes in sizeofthe continental U.S., strategic objectives.Russian the world. But that success is Australia has long lacked the leaders in particular view the causing trouble forthe na- agricultural workforce it needs. country’sSputnik Vvaccine as tion’sfarmers, who can’t get Under a visa arrangement, alever forMoscow’s geopoliti- the labor they need to pick and backpackers can extend their calsway and acounterforceto plant crops.Backpacking tour- stay from one year to two if U.S. power, some analystssay. ists, who typically account for they agree to completeatleast On Thursday, the Israeli 80%ofthe workforce harvest- 88 days’ work. militarysaid it had released ing fresh produce, have leftin Around 40,000 backpackers two Syrian shepherds who had

droves sincethe pandemic be- RMS aretypically employedonAus- been held sincethey crossed FA

gan, with no arrivals to replace Y tralian farms,roughly one intoIsraeli-controlled territory them. Seasonal workersfrom thirdofthose with aWorking in the Golan Heightswithin YBUR

the Pacific islands arealso SK Holiday Maker visa. the past few weeks. mostly locked out. Ashortage of workers to harvestred papaya led Skybury farm near Mareeba, Queensland, to cut output. However, the pandemic has In return, Syria released an Quarantining laborerson shrunk this workforce to Israeli woman who had farms has been tried, but it falls and colleagues decided latelast typically recruit seasonal la- Covid-19 vaccination campaign around 16,000 people,and it is crossed intoSyria on Feb. 2 well short of what growers year to rip out older papaya borers rather than tourists. by the end of October, and its continuing to drop as back- and wasdetained by Syrian need. FewAustralians have plantsand sacrificearound The pandemic upended these economyisemerging from its packersfly home.Inaddition, security forces,Israeli security takenupoffersofgovernment $100,000 in monthly revenue. flows, too, as workersfrom first recession in 29 years. only 2,400 seasonal laborers officials said. TheIsraeli civil- money to relocatetorural ar- “Our production has dropped poorer parts of the European Still, lawmakershaven’t from Pacific Island nations ian had crossed into Syria by eas.The labor shortageishurt- by at least athird,” Mr.Fagg Union couldn’t take farm jobs fixedadatefor reopening have arrived from among the her ownaccord, Israeli offi- ing the economy: Farmersre- said of the farm, which sitson in richer countries such as Australia’sborders, frustrating more than 22,000 pre-vetted cials said. port declining profits, and some roughly three-quartersofa France when borders closed. growers who saythey can’t for visas last year. Russian officials haven’t fear foreclosure. Manyare now squaremile near Mareeba, in With the U.S.,U.K.and plan for growing cycles that Agriculture Minister David commented on the agreement. planting fewercrops,which Queensland state. “It’sreally some other countries making last months.Planting decisions Littleproud forecast adifficult Syria’sstate news agencycon- could driveupfood prices. frustrating,especially when progress toward vaccinating could affect consumersacross season forgrowers.“It’snot firmed on Saturdaythat apris- With exhaustion rising we’veworked so hardtobuild their populations,hopes are Asia, as Australia is among the as if this is anew problem; we oner exchangehad takenplace, among regular staff at the 470- demand forpapayas.” rising that the pandemic’seco- world’slargest exportersof knewback in April that we but quoted an unidentified acreSkyburyfarm and little Manycountries rely on for- nomic impact will lessen. Aus- fruit, wheat and cotton. would be short of labor,” he source denying coronavirus vac- prospect of extrahelp,Mr. Fagg eign labor to harvest crops but tralia aims to completea TheAustralian Fresh Pro- said. cines were apart of the deal.

for10% of the global econ- “Vaccines were expected to SamSophea used to organize est percentages in the devel- saying it is unclear if vaccines Tourism omy, and one in 10 jobs,ac- be the great panacea,” said up to 150 toursamonth dur- oped world, the economy areeffectiveinstopping cording to estimates from the CharutaFadnis,who leads ing the high season. Now, Mr. shrank 11% last year—the transmission of the virus and World Travel &Tourism Phocuswright’sresearch Sophea, who lives with his largest decline in the euro- that allowing people to travel Faces Long Council. Manyplaces were team. But at current vaccina- wife and two sons,isunem- zone.International arrivals based on whether they have even more reliant on tourism tion rates,lessthan 20% of ployed. dropped morethan 75%in been vaccinated is discrimina- than that. the world’spopulation is ex- Thenumber of foreign visi- 2020.The government has tory.Denmark,however, aims Recovery As of Feb. 1, air ticketsis- pected to be inoculated this tors to Angkor Watdeclined pumped billions of euros into to issue one by the end of the sued forinternational travel year,according to recent esti- 82% last year,and wasdown the economyand protected month. in the coming six months mates by UBS.“We expect 99.5%last month compared jobs through furlough pro- It is also not yetclear ContinuedfromPageOne were 15.5% of what they were governmentstobecautious with January2020,according grams,but those effortscould when people will feel com- think travel would reach pre- in 2019,downabout 2per- when reopening borders,” she to the site’sticket office. Mr. end soon. fortable traveling again. pandemic levels until 2024or centagepointscompared with said. While Spain’scentral bank BeckyWentland, ahigh- beyond. Jan. 1, according to travel-an- Some destinations popular is forecasting 6.8% growth school teacher in southern James Sowane,who owns a alytics companyForwardKeys. with domestic travelersare Tourism accounted this year,itdoesn’t expect the California, doesn’t plan to fly transportation companyca- Scheduled flightsthis month hopeful that increased visits economytohit itspre-pan- domestically until her family tering to touristsinFiji, aredownnearly 50% globally by locals will lessen the blow. for 10% of the global demic level until mid-2023, is vaccinated. Beforegoing called astaff meeting this compared with February2019, But while that helped last economy before the aboutayear later than the abroad, she is waiting for month and told employees to with some marketsdown summer in Europe,itisun- overalleurozone.Spain will Covid-19 infection ratestofall start looking forother jobs. about 90%, according to data clear if governmentswill pandemic. recoverslowerinpart be- considerably and is keeping Mr.Sowane doesn’t think companyCirium. loosen restrictions likelast cause it will take time for an eyeonpotentially vaccine- touristswill return until next In the U.S., the demand for year, amovethat contributed tourism to rebound, acentral resistant strains. year,and he and his wife hotels isn’t forecast to return to the continent’sharsh sec- bank official said recently. Her family would have can’t affordtokeep paying to 2019 levels until 2023,with ond wave. Sophea is considering buying Thetravelindustrywants traveled to Europe this sum- wagesattheir company, Pa- room prices not fully recover- Temporarychanges in the atruck to haul gravel fornew to speed the recovery with mer if not forthe virus.Last cific Destinations Fiji. He is ing until 2025,according to a industrycould start to be- roads,though he planned to so-calledvaccine passports, year,they canceled aJapan borrowing from his bank to joint forecast from hotel-data come permanent. Airlines and ride along with his nephew including smartphone apps trip.Atrip to Peru waspost- keep afew core employees. companySTR and Tourism cruise operatorshavemoth- firsttosee if it is toophysi- that travelersuse to notify ponedtothis June,but will “The hardest thing is look- Economics.Gross travel book- balled planes and ships and cally demanding. governmentsoftheir vaccina- almost certainly be pushed ing them in the eye,” Mr.So- ingsinthe U.S.,including ho- laid offorfurloughed tens of “I feel abit sad, abit tion status so they wouldn’t back again. wane said. “You’reseeing tels,air ticketsand carrent- thousands of people world- stressed,” Mr.Sophea said. “I need to quarantine.Airlines “I love to travel, but losing their wifeand their children als,are expected to still be wide.Some hotels have closed hope the touristswill come and airportsare testing vari- those trips wasn’t aheart- andtheir husbands because below2019 levels in 2024, to save cash until morecus- back.” ous systems. break forme,” Ms.Wentland we knowthem so well.” travel-market research firm tomersreturn. Workersare In Spain, wheretraveland Government responses, said.“Travel is atotal luxury Beforethe pandemic, Phocuswright estimates.It looking fornew careers. tourism previously accounted however, have been mixed. and Iwould never lose the travel, tourism and related forecaststhe recovery in Eu- At Angkor Wat, an ancient forsome 14%ofgross domes- U.K. officials ruled out aEu- perspectiveofhow awful business activity accounted rope will be even slower. temple complexinCambodia, tic product, among the high- rope-wide vaccine passport, thingsare right now.” P2JW053000-2-A00900-1------NS

THE WALL STREET JOURNAL. ** NY Monday, February 22, 2021 | A9 WORLD WATCH WORLD NEWS

RUSSIA resistancetothe army’stakeover. It asked people to gather to- Court Upholds Prison gether forthe Five Twos—refer- Term for Navalny ring to the digits in Monday’s date—to makea“Spring Revolu- ARussian court denied an ap- tion.” peal by Alexei Navalny, sealing Statetelevision broadcaster an earlier ruling thatwould see MRTV carried an announcement the prominentKremlin critic and from the junta, formally called the anticorruption activistspend StateAdministration Council, years in apenal colony. warning againstthe strike. Mr.Navalny, whose detention “Protesters arenow inciting in January sparked masspro- the people, especially emotional teststhatmushroomed into a teenagers and youths, to acon- broader act of defianceagainst frontation path wheretheywill Russian PresidentVladimir Putin, suffer the loss of life,” it said. The wassentenced earlier this month statementblamed protesters, forviolating the conditions of a whose numbers it said included suspended sentencefrom2014. criminal gangs, forviolence, with Mr.Navalnywas detained upon the result that“the securityforce returning from Germany, where members had to fireback.” Three he spentmonths recovering from protesters have been shotdead. apoison attack thatheblames —Associated Press on Mr.Putin. The Kremlin denies ARICH anyinvolvement. IRAN The rallies, which at one point PINT sawover40,000 people on the Tehran Vows to Cut EDGAR streets of Moscow and thou- Off U.N. Cameras T-

sands moreacrossthe country, HORS were met with asweeping crack- Iran will begin to offer U.N. Students in Vienna preparetoself-testfor Covid-19. Children whose parents refuse to let them be testedmustcontinue remote learning. down by the authorities, who de- inspectors “less access” to its tained morethan 10,000. While nuclear program as part of its Mr.Navalny’sallies have tempo- pressure campaign on the West, rarily suspended large-scale pro- though investigators will still be Austria Tries In-School Testing testsuntil the spring, the protest able to monitor Tehran’s work, wave has cementedhis position the U.N. atomic watchdog’s chief as Mr.Putin’smostvocal critic said Sunday. BY RUTH BENDER reopened schools afternearly aren’t Covid-19 hotspots, they surge in cases this fall and win- and apotentthreattothe Krem- Rafael Grossi’s comments three months,istaking this playarole in spreading infec- ter, plans to conduct at least lin leader’s two-decade-old rule. came after a trip to Iran in On acontinent still strug- furtherthan anyother Euro- tions.Manyalso saythe spread 200,000 weekly salivaPCR At the hearing on Saturday, which he said the International gling with high Covid-19 rates, pean country. canbemitigated with strict testsinschools afterthe Feb- Mr.Navalnyappeared inside a Atomic Energy Agency reached Austria is attempting some- Twiceaweek,its 1.1 million safety protocols. ruarybreak,Prime Minister glasscage fordefendants and a “technical understanding” with thing newtoreopen its schoolchildren nowuse nonin- European governmentshave Jean Castex said earlier this flashed a“V”sign forvictory.He Tehran to continue to allow schools: Requirethat students vasiveantigen tests, which de- made school reopeningsapri- month. Thetests, which will be rejected the notion thathewas monitoring of its nuclear protest themselves twiceaweek tect infections by searching for ority,but the continent’sslow voluntary, don’t giveimmedi- hiding from justice, saying that gram for up to three months. before they canattend class. viral proteins. vaccine rollout and the spread ateresultsbut aremoreaccu- his whereabouts were publicly But his remarks to journalists Theexperiment could bear Children collect their sam- of highly infectious coronavirus rate than antigen tests. known, and he described the le- underlined a narrowing window valuable lessons forthe U.S., ples by turning aswabintheir variantsmean thereare sub- Of 1.3million testsacross gal processasabsurd. for the U.S. and others to reach wheremany schools remain stantial risks. Austria last week,364 children “If Iwas hiding, Iwouldn’tbe terms with Iran, which is already closed,especially because it is Similar to the U.S.,safety and 172teacherswerepositive. standing hereinthis aquarium,” enriching and stockpiling ura- happening in aplacewith rela- The government measures in European schools Officials said the lowratecould Mr.Navalnytold the court. nium at levels far beyond those tively high infection ratesde- have varied widely,including be because the children were —Georgi Kantchev allowed by its 2015 nuclear deal spitemonths of restrictions. requires students increased handwashing,stag- emerging from amonthslong with world powers. TheU.S.Centersfor Disease take two Covid19 geredarrival and recess times, lockdown,but some scientists MYANMAR Mr. Grossi, the IAEA’s director Control and Prevention has divided classes and compulsory considered the possibility that general, offered few specifics of urgedschools to reopen as par- selftests a week. mask wearing.Inmanycoun- children weren’t collecting General Strike Plan his agreement with Iranian lead- ents, teachersand local gov- tries,teachershavepressed for samples correctly. DrawsMilitary Threat ers. He said the number of in- ernments debatehow they tighter measures,including Parentsand teachershave spectors on the ground would should operateduring the pan- morevirus testing. embraced the testing offer, Acall foraMondaygeneral remain the same but that “what demic. nosesbeforeinserting it intoa In Germany, some states are with only 1% to 2% refusing to strikebydemonstrators in Myan- changes is the type of activity” In Europe,wheresome cartridge, dropping afew drops also planning to regularly test let children participate, accord- mar protesting the military’sFeb. the agency was able to carry countries arereopening of liquid on it and waiting 15 staffand studentswhen they ing to the education ministry. 1seizureofpowerhas been met out, without elaborating further. schools after winter shut- minutes forthe result. The reopen schools forthe youn- Horst Pintarich,principal at by the ruling junta with athinly Iranian Foreign Minister Javad downs,moregovernmentsare government has ordered 24 gest studentslater this month. alarge elementaryschool in veiled threattouse lethal force, Zarif, who under President Has- pushing in-school testing as million testsfromaChinese Other countries such as Bel- Vienna, said he decided not to raising the possibilityofmajor san Rouhani helped reach the they trytobalanceagrowing manufacturer at €2.40,equiva- gium andthe Czech Republic worrytoo much about howac- clashes. atomic accord, said the IAEA urgencytoget children back lent to $2.90,apiece. Children areclosely watching the Aus- curatethe testsare.“It’sstill The call forageneral strike would be prevented from ac- intoclassrooms with fears whose parentsrefuse the test trian experiment, according to betterthan not having any wasmade Sundaybythe Civil cessing footage from their cam- about the newhighly infectious must continue remotelearning. Austria’seducation ministry. testsbecause what is clear is DisobedienceMovement, a eras at nuclear sites. virus variants. Epidemiologistsand health France, which has kept its that we need to getkids back loosely organized group leading —Associated Press Austria, which this month officials saythat while schools schools open throughout a in theclassroom.” S PRES ZUMA OPI/ CIARELLA/R INETTI-PIC Guinean Cardinal Robert Sarah, center, clashed with Pope Francis on a variety of subjects. Pope AcceptsResignation of INTERNATIONALLY, ONEOFTHE MOST Conservative African Cardinal DESIRABLELOCATIONS

BY FRANCIS X. ROCCA controversy with abook widely world at the time. interpreted as an attempt to in- In 2010,Pope Benedict made IN FOOD INNOVATION ROME—Pope Francis ac- fluencePope Francis’ decision him acardinal and named him cepted the resignation of Car- on whethertoallow the ordi- to head the Vatican officethat dinal Robert Sarahas head of nation of married men as coordinates the church’sglobal the Vatican’sofficefor liturgy, priests.The episode led to em- charitable activities.Pope Findall your businessneedsin removing an outspoken con- barrassment forthe cardinal Francis appointed him to head servative and possible future when retired Pope Benedict the liturgy officein2014. MiddlesexCounty,New Jersey. pope from the ranks of Vatican XVIasked to have his name re- Thecontrast between the leadership. moved as the book’sco-author. cardinal and the newpope was TheHoly See PressOffice TheGuinean cardinal’sre- soon clear. Learnhow adeepcommitment from on Saturdaysaid Cardinal tirement leavesonly one Afri- Pope Francis had signaled a localgovernmentand thecommunity, Sarahhad stepped down. No canasthe head of aVatican newopennesstogay people, successor has been named. department: Ghanaian Cardi- playeddownteachingsonsex- along with beingstrategicallylocated The cardinal submitted his nalPeter Turkson,prefect of ual and medical ethics and in thewarehouse anddistribution hub resignation as required by the Dicasteryfor Promoting made high-profile overtures to church lawwhen he turned 75 Integral Human Development, Muslim leaders. But Cardinal of theNortheast,have created the on June 15 of last year.But the which focuses on issues of so- Sarahtold aVaticanmeeting of perfectecosystem forbusinesses pope frequently letscardinals cial justice. bishops on family issues in 2015 serve two or three years past Cardinal Sarah didn’t reply that the modern family faced in theﬁeldoffoodinnovation. that age, though not past 80. to arequest forcomment on “two unexpected threats, al- Last June, the cardinal wrote Saturday. Shortly afterthe an- most liketwo apocalyptic on Twitter: “For my part, Iam nouncement, he tweeted: “I beasts, located on opposite happy to continue my work” am in God’shands.The only poles: on the one hand, the idol- at the Vatican. rock is Christ. We will meet atryofWestern freedom; on the In accepting Cardinal again very soon in Rome and other,Islamic fundamentalism.” Sarah’s resignation, the pope elsewhere.” Cardinal Sarahhas been a has removed asubordinateout Thecardinal wasborn in prominent spokesman on such of step with his approach to thesmall villageofOurous, issues forAfrica’sbishops, liturgy,homosexuality and re- Guinea, in West Africa, where who have emergedasamajor lations with the Muslim world. his father wasafarmer and a conservativebloc in the cur- Thecardinal is aherotomany convert to Catholicism. At the rent pontificate. conservativeCatholics, some ageof11hewas sent to asem- During his tenureatthe lit- of whom see him as afuture inaryinIvory Coast. Pope John urgy office, the cardinal pontiff.Hewill still be able to Paul II made him archbishop of openly clashed with the pope vote in aconclave to elect a the Guinean capital of Conakry on questions of worship,twice DiscoverMiddlesex.com/Biz pope until he turns 80. at theage of 34, and he was drawing extraordinary public Last year,the cardinal raised the youngest archbishop in the rebukes. P2JW053000-2-A01000-1------XA

A10 | Monday, February 22, 2021 ** THE WALL STREET JOURNAL. FROM PAGE ONE

forchildren to playwith when After20-plus hoursof would have to start over.” Crafters finished, but to display. Many work, tufting a tiny armchair OnceMs. Garfinkle finished hobbyistspost their creations almost did Ms.Smith in. her greenhouse,she added a on social media—#dollhouse “You’reliterally measuring video of it to her TikTok,join- Build Tiny yields over two million results and cutting fabric,” she said. ing millions who have posted on Instagram. “It is a pain in the butt.” to their own social-media ac- Lucia Smith, 38,debated In Bronxville,N.Y., Jennifer counts, and placed it on the Rooms getting one of the kitsasaHa- Gillett’s battles were with the windowsill next to her real nukkah present to occupy her 3.5-inch door to the antique houseplants. 10-year-oldnieceduring the birdcageshe has spent the Theproject didn’t work out ContinuedfromPageOne pandemic.She found aminia- pandemic converting intoali- as well forAmberly Warner, generations,tinyone-room ture library so irresistible, at brary. “Anything that went in 29,who started off with trying modeling kits have surgedin 7. 5inches tall, that she bought thereIhad to be able to get to build one of the bookcases popularity during the pan- it for herself instead. through that door,” the office forher librarykit that came demic alongside other crafty Thefirst challenge? A manager said. with warped wood. Thewonky pastimes such as embroidery “haikuversion of an IKEA cat- On one occasion, while side led to shelves that didn’t and woodworking.But when alog,” Ms.Smith said, describ- wearing abulkysweater and fitand Ms.Warner called in faced with a pair of tweezers ing directions that display trying to reach the very back, reinforcements: her father. and autility knife, some numbered pieces that builders “I gotwedged in there,” Ms. “I gotmydad out in the ga- would-be buildersare realiz- have to comb through dozens Gillettsaid. “I managed to pull rage and he brought in a ing that no matterhow long of plastic bagsfilled with alit- myself free,but all construc- clamp to trytoreglue it to get they arestuck at home,they anyofpartstomatch.The kit tion is nowdone in short it to stick together,” she said

have neither the patience nor RD included miniaturebooks, sleeves.” but even the tools and a the dexterity forsuch ate- FO shelves,displays,aladder and With hundreds of 1-centi- handyman couldn’t getthe job dious task. REY a working light. meterflowers to cut out by finished. KO “Ordinarily,Iwould read Kimberli Fancher is building a miniature coffee shop. Ms.Smith, aBrooklyn- hand, Rosalie Garfinkle,27, es- After trying to build a few the reviews,” Ms.Fancher based human-resourcescon- timates she spent 40 hours other pieces of furniture, the said. Distracted by the pre- “Holy cow,Ihad no idea what of the box,” said Hands Craft sultant, battled with glue—or- completing the 230-piece high-school math teacher ciousness of doll-sized coffee I was getting into.”) general manager Isaiah Lee. dering three types off the greenhouse she stumbled upon abandoned her kit. “I reached mugs, “I did no such thing.” Thecompanyalso sells kits “I’m not going to lie,we internet to completeher proj- while researching life-sizever- my breaking point,” she said. HandsCraft US, manufac- fordoll-sized icecream shops, have people telling us it’s ect—and both cemented her sions forher sister’s backyard. As for Ms. Fancher’s plans turer of Ms.Fancher’s “Si- RV campersand greenhouses, harder than they expected it fingers together and also got “It wasworking with astrip forher coffee shop? Aftertwo mon’sCoffee,” has seen a ranging in pricefrom$30 to to be,” he said. “But others glue on her faceonmorethan of paper that youwerebasi- months, she’s stuck at step 6 650%increase in year-over- $50.“Small-businessowners love it and keep asking for one occasion. “I have really cally doing origami on,” the of 26. “If I ever put this thing year sales of itsminiatures [who sell the kits] told us they more, and different styles.” learned about the dangers of Pittsburgh eventscoordinator together,” she said, “it’sgoing kits. (And that’s despite a top were literally being sold as The kits, sold by a number glue through this process,” she said. “I would cut them in half to be atreasure. This is going Amazon reviewthat reads, they were unpacking them out of companies,aren’t intended said. because they aresotinyand to belong in a museum.”

to deliver an initial batch of China Chinese equipment to 52 of Af- rica’s 54 countries in just seven days,according to Ethiopian Deploys Airlines. Vaccine ‘Thank you, China’ In cash-strapped countries such as Zimbabwe, Nigeria and ContinuedfromPageOne Sudan, wheremedics on the Ltd. and Ethiopian Airlines, front line oftengomonths said officials at the state- without pay, Mr.Ma’sdona- owned airline. tions were met with cheers. Se- At stakeisapotential soft- nior African cabinet ministers powerprize: the goodwill of lined up on the tarmac to politiciansand people across watchprotectivegear being thedevelopingworld needing unloaded. Chinese statetelevi- low-cost Covid vaccines,and sion released afilm cutting be- the prestigeofbeing seen as a tween the firstEthiopian Air- nation with the capacity to act lines jet taking off from the as aguardian of global public city of Guangzhou and control

health. GES towerstaff there. “Thank you,

Formonths,China’sgovern- IMA China,” says the pilot. Thecon- ment, stateenterprises and pri- troller responds: “Long livethe

vate companies have laid the GETTY China-Africafriendship.” groundwork foravaccination Mr.Maand China wonposi- push from Africatothe Middle tiveheadlines acrossthe world, UFUMELI/ East and Latin America. afterweeks in which China was WA

They’veassembled asupply DZ blamed as the virus’sorigin. chain that would maintain tem- FA Afterthe success of the part- TA peraturecontrols from the The Chinese Foreign Ministry said China is working to provide its vaccines to morethan 60 countries; above,ashipmentinZimbabwe. nership,Mr. Ahmed encour- point of manufacturing through aged Ethiopian Airlines to everystepofdistribution—and ods,can be stored using Early deliveries and commit- istrysaid, enough doses to vac- Health Ltd., aunit of Chinese deepen ties with Chinese com- further the “Health Silk Road,” conventional refrigeration and mentsshowthe ties China has cinatehalf the population of state-owned medical giant panies.Ethiopian Airlines piv- as Beijing has called it. thus have been easier to dis- built around the world, includ- the strategic Indian Ocean na- Northern International Group, oted itscratering passenger “There’sareal win-win op- tributeindevelopingcountries. ing in places that itstrillion- tion, whereBeijing has for privateguards with tempera- businesstoward cargoand lo- portunity forChina if they play Clinical trials suggest the dollar Belt and Road infrastruc- yearssought to derail Indian turescannersand armed police gistics. it right,” said RayYip,apublic- Chinese vaccines’ efficacyrates tureproject and other effortstoestablish amilitary officerskeep watchoverare- In early December,Ethiopian health expert and former China rangefrom50.4%to86%— investmentsfromhydropower outpost. On Feb. 15,Zimbabwe cently refurbished warehouse. launched avaccine logistics tie- director of the Bill and Melinda abovethe 50% threshold the to mining have reached. Coun- received 200,000 doses of the Beyond its3-meter fence, Sino- up with Alibaba, planning Gates Foundation.Asthe U.S. WHO deems necessarytopro- tries using Chinese vaccines Sinopharm vaccine,adonation Africahas installed tempera- twice-weekly flightstomove andEurope focus on their own tect populations.But Chinese have pledged their support of from China, according to a ture-control facilities to store vaccines to Africaand other populations,hesaid, China can vaccine makershaveprovided China’sglobal interests. tweet by the nation’shealth Chinese vaccines to distribute partsofthe world. An Alibaba ride in likea“knight in shining few details about howre- Morethan adozencountries ministry. Senegal received in Uganda and acrossEast Af- spokeswoman said the com- armor.” searcherscalculated the effi- have approved use of Chinese 200,000 doses earlier in Febru- rica. Deliverytrucks fitted with panyhas conducted atest TheTrump administration cacy rates. Manypublic-health vaccines and some officials in ary, the country’shealth minis- refrigeratorsstand ready.In flight and is in talks with “key focused on accumulating vac- expertshavequestions about Europe have said they would trysaid in an online statement. the coming days,they will start stakeholders” to makesurethe cine supplies fordomestic use the datafor Chinese vaccines consider them.Doses have One of the firstdestinations delivering vaccine doses within flightsoperatesmoothly. and declined to participateina and warn against proceeding been delivered to places such forChinese vaccines moving and outside the capital. “The vaccine is nowour multinational effort known as tooquickly,including using the as Morocco,Turkey and Egypt. through Addis Ababa’scargo In China’scold-chain infra- company’spriority,” said Fit- Covax,backed by the World shotsonelderly people. National leaderswho have structure, Ethiopia is alinch- sumAbady,Ethiopian Airlines’ Health Organization,which Sinovac’strial in Brazil was been publicly inoculated with pin. In December,Chinese and logistics chief.“This is amis- aims to supply enough doses to suspended but resumed last ChineseshotsrangefromMo- ‘There’s a real win Ethiopian officials broke sion of alifetime.” inoculate20% of the develop- year afteritwas reported that hammed bin Rashid al Mak- ground on the African Centers Thevaccine effort is likely ingworld’speople by the end one volunteer died from sui- toum, the ruler of Dubai, to In- win opportunity for forDisease Control and Pre- to present the two companies of 2021. President Biden’steam cide.Sincethen, no serious donesian President Joko China if they play it vention in Addis Ababa,a with challenges beyondtheir has announced $4 billion in health cases among people tak- Widodo and Turkish President 90,000-square-meter headquar- previous experience, logistics fundstoCovax,half of which ing the vaccine have been re- Recep Tayyip Erdogan. right.’ ters to be largely financed by operatorsand analystssaid. will be released immediately. ported. Chinese vaccine makers China and built by Chinese con- Requirementsfor vaccine logis- Chinese leader Xi Jinping as Aspokeswoman forCanSino have signed contractstosupply struction companies. tics aremorestringent than its early as June said Africawould declined to comment. Sinovac morethan 500 million doses to China’scold chain through normal cold-chain operations, receiveChinese vaccines.Chi- and Sinopharm didn’t respond other countries,according to terminal wasUganda, accord- Ethiopia has atemplatetested they said. And Alibaba’slogis- nese Foreign Minister Wang Yi, to requestsfor comment. Sino- research firm Gavekal Drago- ing to Ethiopian and Ugandan in thepandemic’searlier days. tics arm also operates likea who took afive-nation tour of pharm’schairman told aCom- nomics.Indonesia has secured officials.Some 70 metric tons Following an agreement last middleman platform connect- AfricainJanuary, said in his munist Party newspaper that the most from China, signing of Sinovac and Sinopharm vac- year between Ethiopian Prime ing customerstothird-party NewYear’s statement that vac- no serious adverse effectshave up for125 million Sinovac cines entered Entebbe airport Minister Abiy Ahmed and Ali- serviceproviders, which ex- cine distribution in Africa occurred in people taking its doses,according to the firm. in the final week of December baba founder Jack Ma,Ethio- poses it to risks as it may would be apriority forBeijing vaccine. TheU.S.has ordered 600 and were issued to workersat pian Airlines distributedmore struggle to monitor the entire this year. million doses of authorized an industrial park north of than 14 million pieces of Chi- deliveryprocess,they said. TheChinese Foreign Minis- vaccines from Pfizer and Mod- Kampala and some senior nese-made surgical masks, Meanwhile, Mr.Ma’sbusi- trysaid in awrittenstatement Vaccine diplomacy erna Inc.and has additional Ugandan officials,according to gloves andother protective ness empirehas come under that China is working to pro- Some policyanalystssay contractsfor other vaccines if government officials,doctors equipment donated by the Jack pressurefromChinese authori- vide itsvaccines to morethan China risks overpromising in they areauthorized. andamemo circulated within Ma Foundation and Alibaba ties afteraspeech he gavecrit- 60 countries and that more an area whereithas little expe- TheSeychellesonJan. 7be- Uganda’shealth ministryre- Foundation to countries in Af- icizing the country’sfinancial than 20 arealready using rience. One vaccine mishap ganvaccinating itsresidents viewedbyThe Wall Street rica. regulatorsprompted Chinese them. In Africa, it said, China could have an outsizeimpact with the 50,000 Sinopharm Journal. Ethiopian Airlines planes leader Mr.Xitocall off the IPO hasprovided shotstoEquato- on China’sreputation. Beijing, doses donated from the United At the Kampala compound spearheaded the effort, work- by Mr.Ma’sfinancial-technol- rial Guinea, Zimbabweand Si- meanwhile,has vaccinated only Arab Emirates,the health min- of SinoAfricaMedicines & ing with Alibaba’slogistics arm ogygiant Ant Group Co. Ant erraLeone and has plans to 3% of itsown 1.4billion people, hassaid it is complying with provide foranadditional 16 and analystssay Chinese vac- official requirementsand is re- countries on the continent. cine makersfaceproduction viewing itsbusinesses. Africaincludes some of limitations. Still, the plans to distribute toughest places to distribute And vaccine diplomacyisn’t Chinesevaccines continue to vaccines,with manycountries asurefirewin forBeijing, unfold. Thepassageofthe vac- lacking proper infrastructureto which has cultivated anew cines will be tracked in the ter- receiveand transport them. breed of “wolf warrior” diplo- minal’snew monitoring center, Two leading vaccines from mats,who assert themselves whereChinese-made sensors Western pharmaceutical com- on social media, taking on foes packed with the vaccine send panies,which studies have big and small. Their aggression continuous updates on the shown to be morethan 90% ef- has been seen in manycapitals temperatureinside the pack- fective, use anew technology as undermining Beijing’searlier ages.Logistics department known as mRNA,and have attemptstowin friends with chief Yibeltal Mariyam said needed to be stored at ex- donationsofmasks and other newordersare coming in from tremely lowtemperatures.New personal protectiveequipment. countries including Kenyaand research this month indicates Still, “For people receiving South Africa.

that one of those,manufac- Chinese vaccines,itwill change GES “The vaccine rollout won’t

tured by Pfizer Inc.and BioN- their impressions of China,” IMA take six months,itwill be two Tech SE, could be stored in or- said Peng Nian,aresearcher at yearstoroll this out acrossAf-

dinaryfreezersinstead of the National Institutefor South GETTY rica,” said Bisrat Mariyam, ultracold ones. China Sea Studies,agovern- EthiopianAirlines’ pharma- Threevaccines by Chinese ment-backed think tank in team manager,“probably UFUMELI/ companies Sinopharm, Sinovac China. “That’shardtoachieve more.” WA

Biotech Ltd. and CanSino Bio- through big-scale construction DZ —Nicholas Bariyo in Kampala logics Ltd., based on more-tra- projectsorgovernment agree- FA and Raffaele Huang in Beijing TA ditional vaccine-making meth- ments.” A health worker with the Sinopharm vaccine from China in Zimbabwe this month. contributed to this article. P2JW053000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, February 22, 2021 | A10A GREATER NEW YORK Lamont Defends Refusal to Raise Taxes

Progressivegroups say economic crisis.The stateun- These Democratic lawmakers said he still hasn’t changed his employment rate forDecember arecalling forpaying forthese mind. He said Connecticut, Connecticut governor was8%, while the Januaryna- newprograms with ahost of which increased income taxes needs bolder plan to tional joblessratewas 6.3%, newtax increases,including a in 2011 and 2015,earned arep- according to the most recent 5% surtax on capital gains for utation forraising taxeslike addresseconomic woes figuresavailable. individuals making morethan clockwork.

In an interview, Mr.Lamont MONT $500,000 annually and raising The state’shot housing BY JOSEPH DE AVILA defended his approach and LA the state’stop income-tax market gives Connecticut an

said hisbudget plan directs NED bracket to 12.696%, which opportunity to market itself to Connecticut Gov.Ned La- “significant resourcestothose would be the second-highest in new residents when the state

mont’scentrist budget plan that aremost in need.” The VERNOR the nation afterCalifornia. canaffordtomakebig invest-

has put him at odds with aco- governor pointed out that his GO While Mr. Lamont’s budget mentsineducation and can alition of progressivelawmak- budget gives an additional doesn’t include income-tax in- help struggling cities and

ers, activistsand labor unions $100 million to morethan two CTICUT creases,itdoes propose freez- towns without seeking out

calling fortax increases to dozendistressed cities and NNE ing wagesfor stateworkers. newrevenue,Mr. Lamont said. fund amorerobust response towns and boostseducation CO TheState Employees Bargain- “Why would youwant to OF to the economic crisis. funding by morethan $200 ing Agent Coalition, which raise taxeswhen youdon’t

Mr.Lamont, aDemocrat, million using federal funds. OFFICE representspublic-sector have to?” Mr. Lamont said. proposed atwo-year spending “Weare going to be provid- Gov. Ned Lamont has proposed a two-year, $41.6 billion budget. unions,said that stateworkers TheRev.Joshua Pawelek,a plan of $41.6billion that in- ing moreeducation funding to have already made sacrifices leader of Recoveryfor All, an cluded Democratic priorities our towns and cities than ever tereconomic growth could sivecaucus in the stateHouse during the pandemic and that allianceofcommunity groups, such as legalizing recreational before, Imean significantly produceimproved revenue fig- of Representatives. it wastime forthe wealthyto faith organizations and labor cannabis and newprograms more,” Mr.Lamont said. “Talk ures as well, and each option The Democratic-controlled pay more taxes. unions focused on reducing in- designed to addressclimate about standing up to the mo- gives the stateflexibility to stateLegislatureisnow work- “The people who are being come inequality,said his group change. ment in time—that’s what we avoid painful spending cuts, ing on drafting a counterpro- asked to payare the people plans a series of public dem- Still, Mr.Lamont’sbudget did on education.” Mr. Lamont said. posaltothe governor’s bud- who are least able to pay and onstrations advocating fortax leftthe progressivewing of the Republicans criticized Mr. But some of the most get. Agroup of about 40 the people who aremaking increases to payfor programs Democratic Party unimpressed, Lamont’sbudget fornot iden- pointed criticism of Mr.La- lawmakersinthe stateSenate money hand over fist are be- to benefit struggling families. in part because it includes no tifying more clearly the reve- mont’sspending plan has and House arebacking a$3 ing protected from paying a Thegroup held acar caravan newmajor taxincreases.Many nue it wascounting on. The come from fellow Democrats. billion legislativepackageof pennymore,” said SalLuciano, rally Saturdayoutside the gov- said the governor’s spending governor’s plan calls for tap- “It’smiddle of the road, but newspending on housing, president of Connecticut AFL- ernor’s residenceinHartford. plan failed to meet the urgency ping the state’s$3.5billion not at all strong enough or property-tax relief,a$500 CIO, which represents private “The pressure campaign is of the moment when manyres- rainy-dayfund if Congress bold enough,” said state Rep. stimulus payment forpeople and public-sector workers. just beginning,” Mr.Pawelek identsremain out of work be- fails to pass another stimulus Anne Hughes,aDemocrat and who lost work during the pan- Mr.Lamont, who cam- said. “This kind of public ac- cause of the pandemic-fueled bill with aid forthe state. Bet- co-chairwoman of the progres- demic and other items. paigned on not raising taxes, tion is not going to let up.”

While New York Shivers, Spring Training Is On in Florida STATESTREET | By Jimmy Vielkind Cuomo, Lawmakers Feud Amid Outcry On Nursing Homes

The rela- the leading critics over the tionship be- state’shandling of nursing tween New homes.Hehas accused Mr. York Gov. An- Cuomo of acoverup afterthe drew Cuomo statefor months refused re- and leading queststoreport howmany lawmakers of his own party nursing-home residentsdied has hit a nadir amid ques- outside of those facilities.Re- tions over the Democratic cent disclosures increased the governor’s handling of official death toll attributed

GES Covid-19 in nursing homes. to long-term-carefacilities to

IMA Democrats who control morethan 15,000,which is the state Senate plan to pass around 50% higher than the GETTY a bill this week requiring ad- statepreviously said. SE/ ditional approval of any fu- Mr.Kim attended aFeb.10 ture executive orders, which meeting with Dr.Zucker and Mr. Cuomo has been issuing Melissa DeRosa, the gover- ANCE-PRES

FR to manage the pandemic, ac- nor’s topaide,when Ms.De- cording to a spokesman for Rosa said the state delayed

GENCE Senate Majority Leader An- release of nursing-home data /A drea Stewart-Cousins, a because of acontinuing fed- Democrat from Yonkers. Re- eral probe.She said the state PENNINK publican lawmakers are talk- feared the information would

HANS ing about impeachment, but be politicized by the admin- LOOKING FORWARD: New York Yankees catcher Robinson Chirinos bunted during practice Sunday at the Yankees Player Development Democrats dismissed their istration of former President Complex in Tampa, Fla. The Pinstripes’ first preseason game is set for Feb. 28 against the Toronto Blue Jays. effort as disingenuous. Donald Trump, according to On Thursday, lawmakers atranscript. from both parties said they would publicly grill State Health Commissioner How- Jersey CityPolice TryNew Approach ard Zucker over the state’s Relations have delay in releasing a fuller tally of nursing-home deaths soured at a critical BY BEN CHAPMAN as well as a controversial period of negotiation March 25 department direc- Jersey City hasplaced its tive that said nursing homes around the budget. policedepartment under the couldn’t refuse to admit leadership of acivilian in an Covid 19-positive patients. unusual arrangement meant to Mr. Cuomo and his aides bring greater transparency have responded forcefully to Mr. Kim said in interviews and accountability to law en- critical lawmakers both re- last week, including a Friday forcement there. cently and over the course of appearance on ABC’s “The MayorStevenFulop,who his time in office, and the View,” that Mr. Cuomo called hasenacted anumber of re- governor said on Friday that him on Feb. 11 and threat- forms to the policeforce in he would be more aggressive ened to ruin his career if he Jersey City while driving in addressing critics of his didn’t issue a statement crime rates down, placed the actions on nursing homes. about the Feb. 10 meeting. Jersey City PoliceDepartment Dr. Zucker said the March 25 Mr. Kim said he hired a law- under the leadership of Police directive was consistent with yer over the weekend after Director Tawana Moody this federal guidance at the time repeated calls from blocked month with the retirement of JOURNAL and was necessary to pre- numbers that he believed

former Jersey City PoliceChief REET serve hospital capacity. came from the governor. Michael Kelly at age59. It is ST But pressure tactics that Mr. Cuomo publicly criti- LL

thefirst time acivilian will WA normally happen in private cized Mr. Kim during a Feb. lead the department. are bursting into public view 17 news conference. Rich Az- THE

Police agencies around the R and, some legislators said, zopardi, a senior adviser to FO

countryare rethinking the S have only steeled their posi- the governor, said Mr.

roles of officers and civilians RIO tions. Cuomo never threatened Mr. in public safety,including New “I guess this is a low Kim during the Feb. 11 call.

York City acrossthe Hudson DESIREE point in the relationship be- But other lawmakers ral- River. JCPD Director Tawana Moody, shown with Capt. Mark Conroy, is the first civilian to lead the force. tween Andrew Cuomo and lied to Mr. Kim’s defense, Mr. Fulop, a Democrat who the Legislature,” said Assem- and said his account was took officein2013,said the matters with a fresh perspec- makesurethat the community health crises. blyman Richard Gottfried, a consistent with similar inter- decision to placeMs. Moody at tive, Mr. Fulop said. perspectiveisjust as valuable Ms.Moody’s appointment Democrat from Manhattan. actions they have had with the head of the JCPD, instead Ms.Moody,aJersey City as the police’sperspective,” marks abreak from orthodoxy, Relationshavesoured at a the governor over the years. of another sworn chief,was native and local minister, has Mr. Shea said. Ms.Rahman said, but it may critical period of negotiation “That’s classic Andrew motivated by adesiretospeed served in various roles in Police departments around not herald abreak from tradi- around the state’s$193 bil- Cuomo. A lot of people in reforms. JCPD since2005.She said her the country are placing some tional policing in the JCPD. lion budget, plans to legalize New York have received that “Not having auniformed of- deep roots in the community policing functions in the hands “Just the fact that acivilian is recreational marijuana and phone call,” New York City ficer, with biases and relation- makeher privytothe con- of civilians rather than offi- leading the department does other legislation. During a Mayor Bill de Blasio said ships of being that uniformed cerns of residents. cers in the wake of protests not mean that businessas Fridayafternoon news con- during a Thursday interview officer forthe last 20 or 30 “You have alot of people that followed the May 25 kill- usual will change,” she said. ference, Mr.Cuomo said he on MSNBC. “The bullying is years, is going to ultimately whothink they’vebeen ig- ing of George Floyd in the cus- National PoliceAssociation spokewith Ms.Stewart-Cous- nothing new.” help this city move forward,” nored,” said Ms. Moody, who tody of Minneapolispolice, spokeswoman Betsy Brantner ins and Assembly Speaker Mr. Azzopardi said that Mr.Fulop said. “That different is Black. said Insha Rahman, director of Smith, aretired officer of 29 Carl Heastie, aDemocrat Mr. Cuomo “works night and perspective adds value to the Ms.Moody said she hopes strategyand newinitiatives at years, said that Ms.Moody’s from the Bronx,tofoster a day to move the ball down entire organization.” to help diversifythe forceand the Vera InstituteofJustice, a career in the JCPD positions moreconstructivedialogue. the field for New Yorkers Having acivilian at the bring the wishes of the com- national criminal-justiceor- her well to lead the force, but “We have a lot going on, and they know that, which is head of the JCPD will allow munity to the JCPD.“Iwant to ganization that has supported theexperienceofworking as and we have to put the poli- why he has been elected and the department to moreeasily be able to strengthen and ad- such measures. an officerinthe field is in- tics aside and move for- re-elected statewide four shareinformation regarding vancethat relationship” be- LosAngeles,Berkeley,Ca- valuable in police leadership. ward,” the governor said. times over the last 15 years.” policedisciplinaryactions tween policeand residents, lif., and Denverhaveall begun “If this becomes a national “But I said to them, ‘I’m not More than a dozen law- with the public due to aspects she said. to experiment with the use of trend, anycivilian police going to allow people to lie makers have called for a re- of statelaw governing the Jersey City Director of Pub- civilians rather than uni- agencyleadersare going to to the people of New York peal of a March law that handling of such information, lic Safety James Shea said that formed officersincertain set- have to work very hardtoim- without answering them.’ ” granted Mr. Cuomo addi- Mr. Fulop said. Ms.Moody’s appointment was tings, according to Ms.Rah- merse themselves in the police Thegovernor’s biggest tional power to manage the Ms.Moody,49yearsold, designed to bring the depart- man, such as when making profession, so that they can spat last week waswith As- pandemic. will also makedecisions about ment and residents closer to- traffic stops or responding to understand what it’slike,” said semblyman Ron Kim, aDem- deployments and disciplinary gether. “Having a civilian will people experiencing mental- Ms. Brantner Smith. ocrat from Queens and one of [email protected] P2JW053000-2-A010B0-1------NS

A10B | Monday, February 22, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK Chefs Go the Delivery-Only Route WATCH BRONX BY CHARLES PASSY Police Say They Shot For his latest culinary ven- Man Who Fired Gun ture, veteranNew York City chef Franklin Becker has de- A man who was shot by New cided to tackle what might York City officers early Sunday seem likeamission impossi- had fired at police and sprayed ble.Heisopening four restau- graffiti, the New York Police De- rantsatonce, each with differ- partment said. ent themes and menus,from JOURNAL A sergeant and two officers

the Israeli-inspired Shai to the REET were on patrol when they saw ST

Southern-styled Butterfunk LL two men spraying graffiti in the

Biscuit Co. WA Bronx, NYPD Chief of Depart-

The challenge is mitigated THE ment Terence Monahan told re-

by the fact that Mr.Becker R porters. The men ran when the won’t have anyactual dining FO officers tried to approach them, JR. rooms to manage. Therestau- Chief Monahan said. One officer DO

rantsare delivery-only—or RA caught one of the men and at- ghost kitchens,asthey are VA tempted to arrest him. The man AL

called in the industry. And A. allegedly pulled out a gun and

they will all operateout of a SE fired three shots at police. JO

single location, a 490-square- O; Allthree officers fired back, foot spaceinManhattan’s striking the man numerous HINC

SoHo neighborhood. SC times, Chief Monahan said. The Mr.Becker,51yearsold, O man wastaken to ahospital in NIC

says the approach affords him P: critical condition. The chief said a the opportunity to test and TO semiautomatic handgun wasre- OM

develop new dining concepts, FR coveredatthe scene. Policewere including ones he mayeventu- Zuul, in SoHo, has multiple restaurant tenants. Franklin Becker, below, is opening four delivery-only restaurants out of the space. looking forthe second man. ally open as bricks-and-mortar —Associated Press locations,and save on rent, la- Because of the financial it seems. In some cases,itis what a restaurant will be do- bor and other costsatthe challenges they have faced just a matter of changing the ing,” said Mr.Earl of the ghost LONG ISLAND same time. over the past year, restaura- saucefor the chicken wings approach. “I have the ability to run teurs are looking for alterna- offered at one concept versus Forall the enthusiasm Car Crash Leaves much moreefficiently,” said tive ways to do business as a another.But the ideas and among some in the industry Two Dead, Two Hurt Mr.Becker,who plans to start means of survival. At the same core ingredientsare oftenthe forgoing the ghost route, taking ordersinthe coming time,New Yorkershavebe- same. skepticism abounds. Culinary Two people were killed and weeks. come all the moreeager to “There’salot of duplica- professionals note that it can two others were injured in a Thechef’s effortsspeak to a have their food delivered. tion,” Mr.Thall said, adding be challenging to reach cus- one-car crash early Sunday on largertrend in the NewYork That wasespecially true that having moreconcepts tomerswithout astorefront Long Island, police said. dining world, with several res- during theearly days of the nevertheless allows for more location that announces ares- The crash happened at about taurateurssetting up similar pandemic,when restaurants exposure, especially on the taurant to the world. And rely- 1:30 a.m. on the Northern State operations in the past few couldn’t offer indoor or out- third-party deliveryplatforms ing on third-party platforms, Parkway in Huntington, New years. Indeed, Mr.Becker rents door dining.Evennow, dining he uses to reach customers. which charge fees, can eat up York State Police said. Two peo- his facility from Zuul, aNew spots are limited by the state Celebrity chefs arealso get- some of the savingsofnot ple were pronounced dead at York-based ghost-kitchen com- in terms of indoor capacity ting intothe ghost-kitchen having abricks-and-mortar lo- the scene and two others were panythat has other restaurant andmanylocals arehesitant game.Food Network fixture cation. taken to Nassau University Med- tenantsinthe same SoHo to sit inside because of virus- Guy Fieri,whose Times Square Naysayersalso question if ical Center with non-life-threat- space. related concerns. restaurant closed at the end of ghostkitchens will hold the ening injuries, they said. Some restaurateursare also “Wehad to reinvent our- 2017, is back in NewYork with same appeal in apost-pan- —Associated Press starting to rundelivery-only selves,” said SteveThall,exec- rant to expand itsdelivery adelivery-only concept called demic world when dining concepts out of their existing utivevicepresident of Sarge’s, range—but in the past few FlavortownKitchen, with spotswill be able to runat NEW JERSEY establishments—meaning the a delicatessen and diner that months Mr.Thall has added over-the-top offeringsthat in- 100% capacity indoorsand neighborhood diner candoex- has been a fixture in Manhat- conceptsspecializing in every- clude such dishes as Jalapeño regularswill relish the oppor- Toddler Struck, Killed traduty,atleast in the virtual tan’sMurray Hill neighbor- thingfromMexican food to PigPoppersand Mac Daddy tunity to return. Josh Grif- By Truck Backing Up space, by adding anything hood for 55 years. mac and cheese. Mac NCheese.The restaurant, fiths,apartner in NewYork from aramen joint to ataque- While Mr.Thall continues In some cases,Mr. Thall has which is opening in other mar- restaurants, makes the point A man backing a pickup truck ria (or both). his duties at the restaurant, he joined with restaurant compa- kets across the U.S., has been that nothing canequatetothe out of a driveway struck and The ghost trend has accel- has developed alarge ghost- nies that aredevelopingcon- developed in partnership with vibe of sitting inside agreat killed a 2-year-old boy in New erated during thepandemic, kitchen operation at the Zuul ceptsfor the burgeoning ghost- RobertEarl,anindustryvet- dining establishment, espe- Jersey, authorities said. sayoperatorsand other res- Soho spacewherehenow runs kitchen industry. eran who has launched other cially on an importantocca- Officials in Somerset County taurant-industryprofessionals, 24 restaurant brands.Itbegan As to the challenge of run- ghost-kitchen concepts, in- sion. said the accident happened at a forreasons that go beyond the beforethe pandemic with a ning two dozenrestaurantsat cludingacookie one created “I’m never going to order Franklin Township home at practical and cost-saving as- Sarge’sdeli—the ghost location once, Mr.Thall said it isn’t with Mariah Carey. ghost-kitchen food formyan- about 8:45 a.m. Saturday. pects cited by Mr. Becker. downtownallowedthe restau- necessarily as complicated as “This is the newfaceof niversary,” Mr. Griffiths said. —Associated Press

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CAREERS & LEADERSHIP PERSONAL JOURNAL.

Joking with co-workers can build camaraderie, while inappropriate humor can end a career

WORK Mercifully, it’s not that hard to &LIFE get right, those who study humor RACHEL told me. CHU

FEINTZEIG “Just don’t make fun of any- A

one’s basic identity or back- LIND ground,” says Jennifer Aaker, a ;

professor at the Stanford Graduate CURITY

hould you be funny at School of Businessand co-author SE H

work? of the book, “Humor, Seriously.” AT Nail it, and humor can “The jokes that are rooted in these bond teams, boost your things aren’t any more necessary OPENP career and makeeventhe to society than smoking in an air- S plane on a cross-country trip.” NNELL; most boring and stressful CO

jobs bearable.Miss, and youcan Ask yourself: If youremovethe O’ faceawkward silenceonZoom, of- funnypart of what you’reabout to CH fended colleagues—or even worse, share, is it still appropriatetodis- MIT public ridicule on social media. cussnow,with this audience? If yes, BY ION

“Best-case scenario,they prom- go ahead, Dr.Aaker says.Ifyou find AT

ise never to go on Twitteragain,” yourself frequently offering up ex- TR US

management professor Brad Bitterly planations like, “It’sjust ajoke,” es- ILL

says of those who broadcast bad sentially using humor as an excuse, P: jokes out to the world. “Worst-case rethink what you’resharing. TO OM

scenario,they also lose their job Beforeweaving jokes about em- FR and arepublicly shamed.” ployees’ dogsordrinking habitsinto OK, so that’s not great. Plus, if companyPowerPoint presentations, WISE OCK

comedy is tragedy plus time, what entrepreneur James Segil checks CL are we supposed to do amid a with them to makesurethey’re deeply unfunny public health crisis comfortable with the exposure. and exceedingly serious national “The point of the humor is to firm Openpath. He views the com- an independent strategy consul- a pitcher of beer at the bar after conversation around politics and bring us together,not just to pany’scollectivesense of humor— tant and comedian in San Fran- work, and she hadn’t watched last race? At a moment when so many makeanyone laugh,” says Mr.Se- from asilly group karaokeof cisco, used jokes to call out sexist night’s football game—but she of us could use a laugh, we’re all gil, the 49-year-old president of Queen’s“Bohemian Rhapsody” to language and push back against could do a killer impression of the terrified of stumbling. LosAngeles security-technology amarshmalloweating contest—as overly flirty bosses during her boss behind a closed office door. adifferentiator. years at finance and consulting “It allowed me to establish rap- “It is something that people are firms, she says. Once, at a mostly port with my colleagues in a way scared of and most people don’t male conference, a man from a that I felt like I couldn’t do any do,” he says.“There’sanapprecia- group Ms. Lakshminarayanan was other way,” she says. tion and certain leniencythat most chatting with announced that all Still, even the best comedians people have because youtry.” the “gentlemen” were going to among us can find themselves lost If a joke doesn’t land—but it make their way to a private dining in the current reality of video calls doesn’t offend anyone—employees room for a sushi dinner. Ms. Lak- and masked interactions. It’s hard forgive you, he’s found. shminarayanan stood up and jok- to deploy quips, puns and pranks Of course,the ideal is to pull off when you’re dealing with a two- apunchline that’sboth appropriate second time delay and can’t read and hilarious.Dothat, and people Humor can be tricky in the energy of the room. will see youasmoreconfident, “There are definitely times An Openpath marshmallow-eating contest, left, and Linda Chu, right. competent and intelligent, accord- the current reality of when I’m like, ‘Wow, that wasn’t ing to research from Dr.Bitterly,an video calls and masked funny,’ ” says Linda Chu, a New assistant professor of management York City event marketer who’s KEEP IT SAFE FOR WORK at the Hong Kong University of Sci- interactions. had some of her jokes get lost in enceand Technology. In one of his digital translation. “You’re just experiments, having someone tell a like, ‘How do I become invisible?’ ” n Be careful with self-depreca- a pandemic, you might say, good jokemade them morelikely She’s taken to reaching for tion. It works well if you’re the “Excuse me while I go remove a to be selected as the group leader, ingly announced that she and a fe- props, like a stuffed plush cat she boss, demonstrating that you dog toy from my child’s mouth.” an indication that we bestow funny male colleague would just stay put got in Tokyo, to try to lighten the don’t take yourself too seriously, n Don’t punch down. Don’t take people with higher status. and eat leftovers from their bag mood of video meetings. Some- says executive coach and “Hu- aim at people below you in the In another research scenario, lunches. Everyone laughed, and times she feels like a clown. mor, Seriously” co-author Naomi office hierarchy. participants evaluated a character the man apologized. “I have these moments where Bagdonas. But lower-status who was channeling the worst of “It’s destabilizing,” she says of I’m like, ‘Man, maybe I should chill workers risk undermining their n Don’t be too dark or too Michael Scott, the boorish boss the impact of a well-timed joke. out a little,’ ” she says. But then abilities. harsh. Everyone’s feeling vulnera- from the television show “The Of- Humor can defuse inappropriate she remembers how colleagues ble these days, says Dani Klein fice,” during a job interview. They behavior, she’s found, leaving folks and clients know her for her gre- Extend the levity. Sign off an n Modisett, the founder of Laugh- weren’t impressed. laughing and disarmed. garious personality, and how she email by referring to a moment ter on Call, which does comedy “You don’t think,‘Wow, that per- Humor helped her build rela- gets a rush each time she makes of shared laughter. For example, workshops with companies. “The son’sreally witty,’ ” Dr.Bitterly says. tionships in an industry where she them laugh. if you were just commiserating kind of court jester right now is “You think,‘Oh, my gosh, Ican’t be- often felt out of place as a petite “I truly believe the reason I am over the joys of parenting during to be sensitive.” lievethat person really said that.’ ” Indian woman, she says. She didn’t personally successful,” she says, Dhaya Lakshminarayanan, now have the alcohol tolerance to split “is because of that part of me.”

A CHILDHOOD DREAM

Name: Chris Tiller Age: 42 A Former Baseball baseball and went to Florida to train as a Location: College Station, Umpire Makes a Call professional umpire, a Texas To Be aVeterinarian course that takes Education: Bachelor of busi- about two months. nessadministration, University Mr. Tiller umped in of Massachusetts Amherst BY PATRICK THOMAS the minor leagues from 2000 to 2011. While he Former jobs: Baseball umpire n a visit to his father’s veter- was never added to the and director of operations at O inarian clinic in Waskom, permanent roster of Tiller Well Services LLC Texas, Chris Tiller watched major-league umpires, New job: Veterinary student his own young son helping out, he also called 64 MLB at Texas A&M and realized it was time for an- games from 2008 to Aha moment: Avisit to his other career switch. 2010. His most memo- father’s veterinaryclinic in Mr. Tiller, a former professional rable was when he offi- 2017 broughtback an old goal. baseball umpire who was running ciated in a 2008 exhibi- a small trucking company at the tion game between the Most important piece of time, had wanted to be a veteri- Los Angeles Dodgers Chris Tiller in a class this fall at Texas A&M University, where he is studying advice for changing jobs: “If narian like his father when he was and the Boston Red Sox veterinary medicine; below, in his former career as a baseball umpire, in 2008. you’re not happy, pull the growing up. But that goal faded. at the Los Angeles Me- Band-Aid,” he said. “Just wait- When he graduated morial Coliseum be- about 100 employees and expan- year at his father’s clinic,shadowing ing is not gonna do anybody from high school, fore a crowd of sion to Pennsylvania and New and getting afeel forthe business. any good. If you have a pas- he pursued a career 115,300. Mexico. After several years of on- At the age of 39, he moved his sion, go for it. We only get in baseball instead. But the nonstop line classes, he earned a bachelor’s family to College Station in 2018 one chance at life, so we bet- He attended Panola travel schedule of degree in business administration and enrolled at Texas A&M Univer- ter make the most of it.” College in Texas professional baseball from the University of Massachu- sity to pursue a doctor of veteri- and was selected in made starting a fam- setts Amherst. nary medicine degree. The pro- the 41st round of ily difficult. When he But again he felt he wastravel- gram, which had prerequisites of the Major League missed the birth of ing toomuch as the businessgrew, 52 credit hours of science courses, night seven days aweek studying. Baseball draft by his second son in and wanted to settle down. lasts a total of four years—three But he says his intense time travel- the Detroit Tigers 2010, he decided it In 2017Mr. Tiller,with his then years in the classroom and one ing as abaseball umpireprepared in 1998. was time to leave the 7-year-old son, visited his father at year of clinical rotations. In his him well forgraduateschool.

TILLER Still, Mr.Tiller sport: “I didn’t want his ruralvet clinic,which caresfor first year in practice, Mr. Tiller ex- When he graduates in the felt he wouldn’t be to be on the road the animals from cats and dogsto pects to earn $80,000-$100,000. spring of 2023, Mr. Tiller plans to JULIE ; good enough to rest of my life.” horses and cattle.When Mr.Tiller Most of the students in his move his family back to his child- crack the majors In 2011, he joined sawhis young son’sinterest, his classes are about half his age. hood home in northeast Texas and

KELLETT and wasstarting to his brother-in-law ownchildhood memories came “They probably look at me like work at his father’s clinic. He feel burned out playing the game. full-time in running a small truck- back.Heknewhewanted to be- their dad,” Mr. Tiller says. “I do hopes to eventually pass it on to He studied computer science ing company in Tyler, Texas, that come avet. “It clicked that day,” feel blessed to come back and do his children. MICHAEL

P: briefly at Texas State University they had started on the side in Mr.Tiller says. this at this age.” “I’d hold onto the clinic for TO but didn’t finish and gotmarried 2008. Tiller Well Services LLC Selling the trucking business Vetschool canbeagrind, says them if that’s something they want OM

FR at 21. He decided to getback into reached its peak around 2014 with shortly afterward, Mr.Tiller spent a Mr.Tiller,who stays up until mid- to do one day,” he says. P2JW053000-0-A01200-1------XA

A12 | Monday, February 22, 2021 THE WALL STREET JOURNAL. PERSONAL JOURNAL. TheRise of the Mid‑Career M.B.A. In the pandemic, older applicants seek degrees

BY PATRICK THOMAS out business experience. Michael Gallant, who is 33 years onventional wisdom says old, didn’t have an undergraduate the best time to go to degree beforegetting his M.B.A. At business school is in 18,the Israel nativewas draftedand your 20s, after working then volunteered to servefor five C a few years, perhaps yearsinthe country’sspecial forces while you are still single unit equivalent to the U.S. Navy and trying to move up in the cor- Seals.When he gotout, he founded porate world. ahandful of startups that all fiz- Some M.B.A. students beg to zled, including adiving school and differ. In fact, the experiences of acompanythat made bicycles of re- graduates with untraditional or cycled cardboardand plastic bot- non-business backgrounds show tles,hesaid. that the degree can help mid-ca- Mr. Gallant felt he needed an reer individuals parlay expertise in M.B.A. to advance in business and areas such as science or the mili- to leverage his military and entre- tary into business leadership. It preneurial experience. He enrolled also can help in the transition in a one-year M.B.A. program at from the public to the private sec- Insead in France. He now lives in tor at any age. New York City and is a partner at Many M.B.A. programs have EM8 Properties, which acquires sought candidates from different and manages multi-family real es- backgrounds in recent years, espe- tate in the Midwest, he said. He cially as businesses look to hire a also began an M.B.A. admissions more diverse workforce. Schools coaching service, which has a spe- have said that waiving their stan- cialty in helping untraditional ap- dardized-test requirements, includ- plicants like himself. ing the GMAT “The M.B.A. is exam, for this year not for everyone, removes a hurdle but it can add for untraditional tremendous students. Some top value to your programs also have life,” he said. “It plans to diversify shifted my life.” applicant pipelines. Even without In 2020, the businessexperi- percentage of two- ence, those with year M.B.A. appli- deep knowledge cants with six or in other fields more years of work canuse an Michael Gallant says he got an MBA to leverage his military and entrepreneurial experience: “It shifted my life.” experience in- M.B.A. to makea creased to 32% Gregory Rummo, above, career change. from 17% in 2019, and Kima McCoy, below When Gregory Fla. “If you have the passion, the primarily younger students for in 2009 and went on to found the according to the Rummo,65, of patience and the money, it is never M.B.A. programs if they don’t have pharmaceutical company nonprofit Graduate Lake Worth, Fla., the wrong decision to go back to much career perspective or mana- TearClear. He currently is on the Management Ad- wasachemist at school and earn a degree,” Mr. gerial experience. “One of the key board of six companies, including mission Council. the companyDy- Rummo said. flaws of most M.B.A. programs is OnSight Medical and Lentechs. The share of candi- namit Nobel in Not everyscientist-turned- that they accept students too Kima McCoy, a portfolio spe- dates with 10 or the early 1980s, M.B.A. uses the degree to moveinto young,” he said. M.B.A. programs cialist at Invesco and a squadron more years of expe- he wanted to management. John Galvagni, 80,a need to be based on actual man- commander for the Illinois Na- rience rose to 19% leave the labora- retired scientist at AVXCorp., stud- agement challenges students are tional Guard, graduated in 2001

Y from 7% a year ago. tory and become ied part time foranM.B.A. from facing, so they can learn from the from the U.S. Air Force Academy, CO Applications to amanager.“I Webster University in Myrtle Beach, experience, he said. where she majored in political sci- MC M.B.A. programs, in had no business S.C.,and earned the degree in 1992. ence. She was deployed three

KIMA general, soared this knowledgewhat- At the time,Mr. Galvagni wasinhis times to the Middle East before past year as stu- soever.Ididn’t early 50s and wasn’t aiming to be- getting her M.B.A. Ms. McCoy said

MMO; In the past year, many dents from a variety of back- knowwhat abalancesheet was,” come amanager or increase his sal- she felt the degree would give her RU

Y grounds sought places to ride out he said. ary. He pursued the M.B.A. to learn business schools rolled a broad understanding of business GOR the pandemic-induced recession. Mr. Rummo enrolled in the eve- moreabout AVX’sbusinessside so out moreaffordable that could help her change careers. GRE

; Students typically flock to busi- ning M.B.A. program at Iona Col- he could betterdesign productsthe She graduated from Cornell Uni- ness schools and other graduate lege in New Rochelle, N.Y., in 1980. firm could market to customers. “It online MBA programs. versity’s Johnson Graduate School REET

ST programs during economic down- The degree, coupled with his sci- doesn’t do anygood to put aprod- of Management’s full-time M.B.A.

LL turns to sit out a tough job market ence background, helped him land uct to market until youunderstand program in 2011. WA and gain credentials. M.B.A. pro- a managerial position at Harrisons the marketing requirements,” said Moving from the military to an

THE gram applications had fallen for & Crosfield—a British firm now Mr.Galvagni, who lives in Mulberry, While working at the manage- M.B.A. program was difficult, she R

FO five straight years because of a called Elementis—running its Fla.“Even if one is not on the man- ment consulting firm Schafer Con- said, but her experience leading hot job market and high tuition pharmaceutical division. He went agement track,anM.B.A. gives sulting early in the 2000s, Mr. Hei- groups was good preparation. “It’s HONG costs. on to become chief executive of needed perspective.” nick decided he needed a degree to basic leadership in high-stress sit- HY

OT In the past year, many business New Chemic (US) Inc., where he Some M.B.A.s don’t believe the become an executive. At 43, he be- uations,” she said. “A lot of people schools rolled out more-affordable worked for three decades until ideal candidates are in their 20s or gan pursuing a Master’s in Man- stereotype people in the military DOR

P: online M.B.A. degree programs, stepping down in 2017 to teach early 30s. Rick Heinick, 55, of agement at McGill University’s De- as rigid and my impression in the TO which drew a more diverse pool of chemistry at Palm Beach Atlantic Thousand Oaks, Calif., said busi- sautels Faculty of Management military is you have to be ready to OM

FR candidates, including some with- University in West Palm Beach, ness schools are wrong to target school in Montreal. He graduated pivot at any moment.”

tend to communicate with most of mittently since the family moved want them to be in daycare, and dren has been our energy levels. The Ways them directly. Their parents will here to Chicago a few years ago, their parents are both busy with You have to be completely focused often send us their schedules to but when the pandemic hit and the their full-time jobs. The kids were on taking care of them and not Grandparents let us know what’s going on and schools shut down, our daughter fully online but we’d get them up trying to multitask. I’ve also where we need to be. I feel like I’m asked us to be more involved. early in the morning and have learned to cater to their unique a far better grandfather than I was We’ve made some adjustments be- them prepped for school for four personalities. When our children Help Out a father. I wish I had been more cause the hours and amount of days of the week. were growing up, my wife was patient with my kids, and I am handling all of the duties, so it’s During Covid grateful that I’ve lived this long to basically a relearning period where raise these grandkids. I see some of the nuances in my grandkids that I know I missed in BY XAVIER COUSENS John Davis my kids when I was working. Abilene, Texas recent Wall Street Journal We try to have a routine and Jeanne Trimble A article by Rachel Feintzeig ritual for our grandchildren. I will Northern Virginia explored how grandparents bring them to my office and they My son and daughter-in-law across the United States have do the same things that they al- were reluctant to put the kids in stepped up to take care of their ways do—take everything out of daycare and were struggling to grandchildren during the pan- my desk and set it up and have a keep up with their work schedules. demic. The demands of full-time great time. I teach in the College You can’t be a conscientious em- jobs and shifting school schedules of Business at Hardin-Simmons ployee and take care of a 2-year- have many working parents turn- University in Abilene, Texas, and old and a 4-year-old at the same ing to their own mothers and fa- sometimes I’ll bring them to play time. Nobody can multitask like thers for relief. on the lawn or to chase ducks by that. I’m 64 and was planning to We reached out to several Wall the pond. We are not keeping retire in two years but my hus- Street Journal readers who shared them on an extended basis, like so band and I consulted with our their experiences. Here are some many of the people in the article, bank and figured out that with So- edited excerpts. but we try to keep them enter- cial Security, I could retire early. tained and having fun. Intermit- Iended up retiring in August Bill Culver tently this past year, the grand- and have been taking care of the Waukesha, Wis. children would stay with us for kids pretty much full time.Iwent We have four children near us three to five days to give their from an eight-hour aday job to a and seven grandchildren between parents a break. nine-hour aday job.They’vebeen them. I’vebeen fortunateenough to able to compensatemefor some be retired sinceIwas 61 so I’ve Ellen Mannos of the work to makeupfor the re- been heavily involved sincebefore Chicago tirement but the paycut has defi- the pandemic.Ican saywith confi- We have four grandchildren un- nitely been worth it. Howmany dencethat my lifewould be much der the age of 8 from one family. other people getthe chanceto lesscompleteorfulfilling if we We actually have a formal sched- spend this much time with their didn’t have these grandkids.The ule to help organize when my hus- grandkids? We trytoget them pandemic has not stopped us from band and I will need to take care In a recent story, Sharon Schindler Rising shared her experience. outdoorsand out of the house in spending time with the grandkids of the kids and what they need to general as much as we can. It’s and helping out their parents. be doing. We run it like a school. actually been apositivethat with They’vebeen very helpful and vol- They get their lunch break and go work can be overwhelming but When they were doing online the kids,I’m getting morephysi- unteered to help me with my proj- out in the backyard for recess or we’re hoping this arrangement will school at our home we would calactivity running up and down ects. Ineeded to put together a play basketball in the alley, what- only be temporary until our monitor them throughout the day the stairs. I’vebeen moreex- workbench and, my God, were the ever they can do for a half-hour, daughter can get some more help but we would also try to make the hausted but it’sbeen nicerealiz- 14-and 15-year-olds helpful. They 45 minutes. Then they come back around the house. day as “normal” as possible. My ing that I’m not alone as agrand- would help take the tools down- in and then we’re running up and wife and I would have them prac- parent. Iwas astounded by the stairsand put everything together. down the stairs, making sure ev- Larry Mori tice piano, guitar or singing for statistics that so manypeople It wassuch awonderfulexperience. erybody’s logged on to their Zoom Huntington Beach, Calif. some of the day or we would take have turned to grandparentsfor

Y Now with most of the kids hav- class. It’s kind of hilarious to In the fall of 2020, my wife and them out to get some exercise and help.Ihad always heardbeing a MIL ing smartphones, I get the most watch them function like these lit- I made the decision to help out make them lunch. grandparent is the most awesome FA wonderful greetings from the tle mini adults. with our three grandchildren who The biggest difference between thing in the world and they were

RISING grandkids by text messages. We We’ve been helping out inter- go to school nearby. We didn’t raising our children and grandchil- absolutely right. P2JW053000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, February 22, 2021 | A13 ARTS IN REVIEW

ARTREVIEW Magical, Malleable Human Forms At Nashville’s Frist Art Museum, more than 75 works explore Pablo Picasso’s varied interpretations of the body

Picasso’s ‘Woman With a Baby Carriage’ (1950), above; Paul Haesaerts’s documentary ‘Visit to Picasso’ (1949), below, in ‘Picasso. Figures’

BY LANCE ESPLUND

Nashville, Tenn. IF YOU VISIT “Picasso. Figures,” at the Frist Art Museum (its only U.S. venue), I recommend that you walk straight to gallery three. There loops a two-minute excerpt from Paul Haesaerts’s 1949 black- and-white documentary “Visit to Picasso.” Filmed at the artist’s stu- dio in Vallauris, France, it shows Pablo Picasso (1881-1973) painting in white line on large glass plates, as Haesaerts films from the other side—offering us a real-time window into the Spanish master’s nimble, creative practice. In one shot, Picasso paints a bull’s head, which then becomes a woman’s bust. In another, he paints a tall, delicate stem, perched on as if by proach to his subject. Picasso was over 5,000 Picassos—every work coloring book—Pi- a bird; or perhaps capped by a a traditional genre artist. And this in “Picasso. Figures” is excep- casso pits painting flame or flower. After the artist show would be equally compelling tional. If for no other reason than against sculpture; makes a few adjacent strokes that if its focus were still lifes or land- that the majority of these art- artist against suggest trees, and then human scapes or interiors. Haesaerts’s works are from the artist’s private model; two against limbs, Picasso’s stem transforms film establishes that, as Picasso collection—Picasso’s Picassos. Of- three dimensions. into the vertical juncture between explores the figure, his forms are ten, his attachment is understand- Flat planes billow the standing legs of a life-size fe- forever in flux, always associative able. The show opens with “The into biomorphic male nude. And now the bird/ and metaphorical, never descrip- Barefoot Girl” (1895)—the kind of volumes. The flame/flower also reads as the tive, never fixed. Picasso is not so painting that causes bottlenecks. sculpted female crowning “V” of her sex—culmi- much depicting figures as he is An astonishing, full-length, melan- bust advances, as nating in a long-haired figure rem- meditating on the theme of meta- cholic portrait of a girl in a long the artist and iniscent of Sandro Botticelli’s morphosis. He explores the com- red dress, it rivals figures by Bar- model recede—and windswept protagonist in “The plex relationships between artist tolomé Esteban Murillo and Gus- sculpture contem- Birth of Venus” (c. 1485). and model; among family mem- tave Courbet. Picasso painted it plates sculptor. In It’s not that you have to start bers, lovers and friends; between when he was 13. other Surrealist with Haesaerts’s film in this exhil- himself and other artists. Half of the artworks here are works from the arating, chronological exhibition of Co-curated by Emilia Philippot Surrealist, from the 1920s and 1930s, Picasso approximately 75 paintings, draw- and François Dareau from the Mu- ‘30s. In the wry, playful self-por- transforms figures ings, prints and sculptures. To do sée National Picasso-Paris—and trait “The Sculptor” (1931)—a life- into stones, clubs, so, however, will ground you in Pi- drawn entirely from that mu- size linear painting filled with lo- bones, horns and casso’s magical, malleable ap- seum’s permanent collection of calized color, as in a child’s discombobulated, writhing geome- tries. Sex becomes battleground, and lovers’ limbs and tongues parry like swords. Or, as in the candy-colored painting “Read- Picasso’s ‘Portrait of Dora Maar’ ing Woman” (1932), the figure (1937), top right; ‘Jacqueline With soars and interweaves, curving Crossed Hands’ (1954), above; and with lovely arabesques and distor- ‘The Bathers’ (1918), left. The tions worthy of Jean-Auguste-Do- show is drawn from the Musée minique Ingres. National Picasso-Paris’s collection Here, too, are Picasso’s first sculpted Cubist head, the bronze “Head of a Woman (Fernande)” period. This curatorial treatment (1909); and the inventive contrap- seemingly mirrorsSurrealist and tion “Woman With a Baby Car- expressionistic trends in contem- riage” (1950), a cast bronze assem- poraryfigurativeart, and empha- blage of objects including a stove sizes those styles at the expense plate, a gas ring, cake tins and an of others. As aresult, it turns actual baby carriage. some works,such as the dreamy, Fast-paced and packed with Neoclassical gems “The Bathers” masterpieces,“Picasso. Figures” is (1918) and “BathersWatchinga striking and dynamic—traversing Plane” (1920), intoeccentricities. itseight galleries is likegoing eight rounds in aprizefight. View- ers, though possibly punch-drunk,

(2) Most of the pieces in the arelured from room to room by large,graphic,gasp-inspiring exhibition come from

SHVILLE works that announce, as if with

NA the Spanish artist’s fanfare, another of Picasso’sen- tirely newstylistic approaches. private collection Gallery two opens with the MUSEUM,

T Cubist painting “Man With a Gui- AR

T tar” (1911/13), which explodes as it

FRIS reunifies the figure and his envi- Despite this fashionable mis-

(3); ronment. Gallery four’s salvo is the step in an appeal, seemingly, to

RK large, Surrealist, nearly abstract contemporary taste, “Picasso. Fig- YO painting “The Acrobat” (1930)—a ures” delivers enormous range and

NEW contorted, four-legged man whose quality. The final gallery is per- arm suggests a tail; his leg, an ele- haps the show’s strongest. There, ARS,

O/ phant’s trunk; and whose head in the late paintings “The Family,” SS hangs like heavy genitalia. Pulling “Reclining Nude and Man Playing

PICA us into the final gallery is the be- the Guitar” and “Seated Young O

BL jeweled, beautifully frenetic inter- Girl” (all 1970), Picasso, continu- PA pretation “Luncheon on the Grass ally reinventing the figure, chal- OF

E After Manet” (1960), in which the lenges himself, Rembrandt, Ve-

TAT figures—as in the original—drift lázquez and Willem de Kooning. ES : like apparitions. We encounter the many faces of But “Picasso.Figures” is not a Picasso. RIGHT

P full representation of the artist’s TO wide-ranging stylistic gifts.It Mr. Esplund, the author of “The OM

FR makes enormous leaps among Pi- Art of Looking: How to Read Mod- casso’svarious periods,ignoring ern and Contemporary Art” (Basic WISE his Blue and Rose phases and Books), writes about art for the OCK

CL barely grazing his Neoclassical Journal. P2JW053000-0-A01400-1------XA

A14 | Monday, February 22, 2021 THE WALL STREET JOURNAL. SPORTS

JASONGAY Djokovic Is Making an All-Time Case

An 18th major title has the Serbian star just two trophies away from Federer and Nadal; Osaka takes women’s crown

Tennis will have to mattress. Combined with Brady’s reckon with Novak semifinal run at the 2020 U.S. Djokovic, sooner or Open (she lost to Osaka there, in a later, because he’s closer match), this run establishes charging in the rear her as a growing force, and yet an- view. Roger Federer other potent U.S. women’s player. and Rafael Nadal may have come For Osaka, this is now four ma- of age as generational rivals, capti- jor titles—four wins in four ap- vating the sport, and harnessing pearances—at age 23. It’s the sec- much of its good will, but as the ond time she’s gone back-to-back years go on, and bodies weary, it from New York to Melbourne, and may be Djokovic—the third man her powerful game continues to in, and a historic talent himself— improve, which should be unnerv- who stands alone. ing for the competition. On Sunday, Djokovic won the “I hope young girls at home are Australian Open men’s final, his watching and inspired by what 18th major tournament victory, she’s doing,” Brady said of Osaka. rolling over Daniil Medvedev 7-5, Osaka’s obvious next challenge 6-2, 6-2, putting him two majors will be Paris and Wimbledon. She behind Federer and Nadal, who hasn’t gotten past the third round both have 20. At 33, Djokovic is of either tournament, leading to about a year younger than Nadal, suspicion that her talent is less and more than six years younger formidable on clay and grass. She’s than Federer, who will be 40 when talked about this, suggesting that the U.S. Open rolls around in late the slipping and sliding that hap- summer. Djokovic owns lifetime pens on variable surfaces might be winning records against both—he’s as much of a mental issue as it is a 29-27 against Nadal, 27-23 against physical one, and she could im- Federer. prove. Nothing should be assumed in We’ll see. It’s hard to imagine tennis—injuries can happen at any she won’t figure it out. time, and the mental stress of an Osaka’s idol, Serena Williams, individual, globe-circling sport appears determined, at 39, to keep isn’t insignificant. Great players NovakDjokovic, above,won his ninth Australian Open title, while Naomi Osaka, below, claimed the women’schampionship. trying for that elusive 24th major, can and have suddenly walked and maybe more. Honestly, seeing away. It will be interesting to see Serena get there would probably what condition Federer is in when thrill Osaka as much as anyone. he returns this spring, after nearly Williams looked very good in Mel- a year away, recuperating from a bourne, until she ran into Osaka, knee injury, and if there’s a chance and while Serena is the icon, he can add a couple more. There’s Osaka is the face of where tennis part of me that thinks Nadal could is going. She’s already one of the keep dropping in and winning the most recognizable athletes on the French Open into his late 30s and planet, and, according to the an- early 40s, like some kind of clay- nual Forbes list, the highest-earn- court version of Tom Brady—or S ing female athlete. Now she’s col-

better yet, in the way the aging PRES lecting the hardware, the only golfer Fred Couples stays relevant currency that matters for making at Augusta, because he knows the ZUMA tennis legends.

joint so well. SMI/ iii

But if Djokovic continues to ON AFINAL NOTE: This Australian power along, staying healthy, he Open wasthe Journal sportssec- may soon be atop the major tion’sfirst without our beloved

mountaintop. HEIDRICH/IC tennis correspondent, TomPer-

“The question that comes out of ON rotta, who died last month at 44

this match is simple,” John McEn- JAS afteralong battle with brain can-

roe said on ESPN after Djokovic GES; cer. Manytimes over the past

prevailed Sunday. “Is he going to IMA couple of weeks,Ifound myself be the greatest player that ever wanting to text him, or call him ETTY

lived, or is it going to be Roger or /G on the phone,because among

Rafa?” AFP Tom’smanystrengths as atennis Whoa, whoa, whoa, Johnny reporter washis ability to pro- ONE/ Mac. I try to avoid the greatest- cess,inreal time,why aplayer ever comparisons, which are MAL wassucceeding in amatch—or fraught in a sport with seismic conversely,struggling.He ANDON

equipment evolution (rackets, BR watched so much tennis he could

strings) and game-changing im- OP: tell instantly when someone was provements with training and :T nervous,orrushing,orbecoming OM

travel. Someone ask Rod Laver if FR distrustfulofabackhand or sec- he wants a couple of prime sea- ond serve. Tennis is agame where sons with a composite racket, a bows and shotmaking, was consid- ond only to Rafa’s grip on Roland in Australia was Naomi Osaka, who the slightest physical and psycho- full-time physio, and a private jet. ered a dangerous opponent, and Garros. defeated Jen Brady 6-4, 6-3 Satur- logical margins canmakethe dif- Heck, ask McEnroe! he’d ridden a 20-match win streak Djokovic was gracious toward day evening. Brady herself was a ferencebetween an all-timer and But most men’smajors? That’sa into Sunday. Medvedev in the trophy presenta- good story—this was the 25-year- an also-ran, and Tom’sability to legit mark,and afascinating chase, But a major final with Djokovic tion. old former UCLA Bruin’s first ma- detect the small variations in en- sincethe Top2are still active, still is a different kind of bull ring. “It’s matter of time, when jor final, achieved after two weeks ergy and technique made him a capable,and herecomes Novak. Djokovic has now won the Mel- you’re going to hold a Grand in a hard quarantine lockdown. wonderfulperson to watcha Djokovic’s 18th came a little bourne final nine times in nine Slam,” he said. “If you don’t mind That’s a feat of these times— match with. Ireally missed that, easier than expected—Medvedev, a tries, including the last three—an waiting a few more years…” reaching a final after a fortnight these past two weeks.But mostly, fun-to-watch assembly of arms, el- astonishing run of dominance, sec- On the women’s side, the story hitting tennis balls into a hotel Ijust missTom.

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THE WALL STREET JOURNAL. Monday, February 22, 2021 | A15 OPINION AMLO’s Plan to Drop Texas Gas BOOKSHELF | By Howard Schneider

Texas Gov. time it could cost Texas gas gasprices went straight to the in energy but Mexicans will A Heart in the Greg Abbott’s suppliers. company’sbottomline, boost- pay more for electricity, pro- decision last TheAbbottdecree was ing its operating profits sub- ducing it will be dirtier and week to ban likely not even legal. “Force stantially. lessefficient, and supply natural-gas majeure” clauses in contracts This presentsaproblem for won’t keep up with demand. Right Place exportstomight allowthe interruption of Mr.LópezObrador’s other This is an economic tragedy AMERICAS Mexicotem- shipmentsdue to an act of hobby horse, Pemex. It’s lug- foracountrythat has real po- porarily was God. But agovernor doesn’t ging some $110 billion in fi- tential to become aserious By Mary Mr. Humble and Dr. Butcher shortsighted have jurisdiction to shut down nancial debt and around $67 competitor to China in manu- Anastasia and counter- international trade unilaterally. billion in pension liabilities, facturing—and in the produc- By Brandy Schillace O’Grady productivefor Thegas flow likely stopped, according to Pemex’slatestfi- tion of inputssuch as steel, (Simon & Schuster, 303 pages, $27) his state. in part, because Mexicohad nancial report. All of itsMexi- glass, silicone and synthetic fi- This isn’t to dismissthe no hedges in place, and when canrefineries lose money. bersinthe digital economy. he “title characters” of Brandy Schillace’sadmirable suffering in Texas.But North- shortages caused prices to Electricity generators no lon- Without cheap,plentiful and T biography“Mr.Humble and Dr.Butcher: AMonkey’s ern Mexico, which wasalso in spikeintothe stratosphere, geruse the large quantities of reliable energy,the opportu- Head, the Pope’sNeuroscientist, and the Quest to the deep freeze, is the Lone Mexico may have declined to nity will be lost. Transplant the Soul” were one and the same person: StarState’s largest trading paythem. In anycase,Texas Thereal answertolast Robert J. White, adistinguished neurosurgeon, an partner and itsbiggest market would have been betteroff Gov. Greg Abbott week’scrisis is energy diversi- accomplished neuroscientist and aman dedicated to fornatural-gas exports. Trying with Mr.Abbottkeeping his fication and adequate redun- searching forthe means to transplant souls by trans- to use a state edict to cut off mouth shut and letting the inadvertently gives dancy, not protectionism. planting the human brain. If this makes Whitesound Mexican powergeneratorsina market allocate supply.His Mexico protectionist AMLO is taking the countryin macabre, Ms.Schillace’saccount of his life, work and crisis was a public admission words are now being used by the oppositedirection. Ana- temperament is anything but. She deftly persuades the that in Texas’seyes, customers AMLO to justifyautarkyinen- arguments in energy. lystswarned foryearsthat an reader to take Whiteseriously (he wasn’t even eccentric) south of the border don’t rate. ergy and state control. interruption in gasfromTexas and to ponder profound medical-scientific-philosophical As the cold snap ends, gas To getthereMr. LópezOb- would provokehardship.But issues.Best of all, the book is fascinating. exportswill resume and life rador wantstouse the state- high-sulfur fuel oil that ineffi- proposals to build sufficient White(1926-2010)—blue-collar,middle-class, born in will go on as before for Texas owned oil company, known as cient Pemex refineries throw storagecapacity were side- Duluth, Minn.—was,inmanyways,amodel American. gas suppliers. But Mr. Abbott Pemex, and the state-owned off when making gasoline, jet lined by the AMLO-controlled He enlisted in the Armyduring World WarIIand served has handed Mexican President electricity company, known as fuel and diesel. Nobody else energy regulatorycommission. in the medical corps. AndrésManuel LópezObrador the CFE. When they were mo- wants it. Thegovernment has also Afterwardhereceived afull acudgel with which to beat nopolies, these coddled na- To solvethis fuel-oil glut, quashedprivateinvestment, scholarship to Harvard Mexico’seconomic liberals, tional champions became bas- AMLO wantstogoback to Mexican and foreign, in natu- Medical School and in 1953 who opened energy marketsto tions of corruption and electric-powergeneration us- ral-gas fields—in the Burgos graduated with full honors. private investment and trade patronage, unable to provide ing the moreexpensiveand Basin in Tamaulipas and in the He subsequently enrolled in 2014. It is their fault, AMLO efficient, reliable energy at dirtier Pemexbyproduct. This stateofCoahuila—which in the University of argues,that Mr.Abbotthas competitiveprices.InAMLO’s cannot be accomplished with- might have made Mexico less Minnesota’sneuroscience the powertoleave them shiv- world, those were the good old out making the CFE the com- dependent on U.S. producers. program and completed his ering in the dark. days. To make Mexico great panythat is first, by law, to Diversity,whether from Ph.D.In1961 he moved with This claim is nowherenear again, he wantstorelivethem. provide powertothe grid, hydro, gasorrenewables,is his family (he and his wife the truth—I’ll get to that in a Cheap Texas gashas been a even if private power genera- the path to energy strength, would have 10 children) to minute—but AMLO used it last boon forboth privategenera- tors aremorepricecompeti- flexibility and resiliencefor Cleveland, wherehefounded week to launch anew blitz- tors and the CFE. Forthe CFE, tive. Arguing that Texas is un- Mexico. But AMLO is having the neurosurgery department krieg against energy competi- which has all the inefficiencies reliable,AMLO will have the none of it because choice and and brain-research lab at tion, foreign and domestic, in of apublic companybut has CFE substitutehigh-sulfur fuel independenceundermine cen- Metropolitan General Hospital. Mexico. Theworld-classdema- been forced to competewith oil in placeofclean natural tralized political power. Un- White’scontribution to goguefromTabasco, who othersupplierssince2014, gas to fire their plants. wittingly,Mr. Abbotthas mainstream medicine was thrives on nationalism, now Texas gashas been crucial. In If all this happens AMLO helped his cause. groundbreaking and enduring.Heplayedaseminal role has the bit in his mouth. Over 2020,for example,declining will get his “self-sufficiency” Write to O’[email protected]. in the medical use of “localized hypothermic cerebral perfusion”—putting the brain on ice, so to speak,to provide surgeons with the necessarytime to repair it. Perfusion is nowcommonplace—it is also used in cardiac A Stock-Trading Dupe Is Born Every Minute surgery—and has savedthe lives of countlessindividuals who would otherwise have died. By the end of his life, Michael J. founder of the stock-trading instead of “paper hands” ashareofthe blame.You can’t White, asuperb surgeon, had operated thousands of Meehan and app Robinhood. Letmegently (which fold). Dupes aretold to pump without hot air,which times,was loved by his patientsand their families, friends suggest what he meant to hold so the pump-and-dump- the Fedhas been supplying for advised two popes on bioethical matters,had written started buy- tweet: “Robinhood limited ers can sell. Cryptoheads call way toolong.Sometimes hundreds of articles and wonnumerous honors. He ing atech trading of GameStopand AMC it HODL,or“Hold On forDear these schemes last awhile, thought it important to makehimself available to the company’s so even bigger fools from Red- Life.” Same thing.Justin Sun, even years. Payattention to press(perhaps tooavailable: one headline read “Monkeys INSIDE shares,but dit couldn’t bid up the price afounder of the Chinese inter- the stories told by those hyp- Help Doctor Get ‘Ahead’ ”)and popular culture(he wasa VIEW from each further and let me dump my net companyTron, bought $10 ing manyoftoday’sover- consultant on the 2008 movie “X-Files: IWant to Believe”). other, driving shares on them.” million in pumped stocks,now valued stocks.Then remember But Ms.Schillacedidn’t writethis book to chronicle By Andy up the price Here are a few things Con- worth maybe $2 million. With RCA.Iworrythat all the the lifeofaroutinely establishment physician. Even as a Kessler on each trade. gress missed: GME back near $40,anew young dupes smarting from young man, White, adevoutCatholic,was convinced that Othersno- •GameStophad afloat, or and predictable Reddit board losses nowthink it’snormal to the soul waslocated in the brain, what the author ticed the rising stock and shares available fortrading,of emerged, r/GMEBagHolders- see cannabis stocks jump 35% describes as “three pounds of gelatinous convolutions and started buying too, sending about 50 million. Yetthere Club,for all those underwater. on one dayoranelectric vehi- ahundred billion nerves.” Whitefelt it washis religious shares to morethan $100. were 71 million shares sold cle SPAC up 60% on another. and medical duty to devise techniques forrescuing Then everyone piled in until it short. This canhappen but When reality setsinthey may healthybrains from otherwise diseased and dying bodies. hit around $500 at itspeak. shouldn’t. Prime brokers, like The recent hearing on turn away from the stock mar- His solution wastotransplant heads (containing their Soundfamiliar? GameStop? Goldman Sachs and Morgan ket. brains) ontocadavers that were brain dead but otherwise AMC? Nope.Itwas RCA, Stanley,are supposed to make Robinhood missed the •Old exchangerules,which physiologically viable. pumped by the so-called Radio it very difficult. It’saform of basics of how pump- mandate that clients have ac- Beforehecould attempt such surgery on people,White Pool in 1928-29. leverage. But they looked the cess to the best prices, mean experimented, mostly on monkeys, dozens of times,to Pump-and-dump schemes other way.Their securities- and-dumps work. high-frequencytraders(HFTs) ascertain and refine the necessaryprocedures.InMarch and roving gangsofinvestors lending businessistoo lucra- pay for order flow to brokers 1970hesucceeded in transplanting amonkey’s head onto areanage-old problem. In the tive—fees,fees,fees—and re- like Robinhood.This enables another monkey’s body.(Awarning: Ms.Schillace’s 1930s,Congressmade these places stock-trading profits •Inretrospect, the decision zero commissions,but c’mon, descriptions of surgery areverydetailed.) Thetransported stockpools illegal. Problem lost long agotohigh-fre- by Robinhood and other no- nothing is free.HFTscan head didn’t survivelong,but the important thing for solved, right? Ha ha, sure— quencytraderslikeCitadel commission brokerstocut off movethe priceofstocks to Whitewas that sensorsrevealedelectrical impulses just like last week’sRoaring and Virtu. investorstemporarily from their advantagedepending on emanating from the resettled brain. Whitebelieved that Kitty congressional hearings •This wasnot some “ama- buying moreGameStopshares how orders are flowing. only brain death—the cessation of thebrain’selectrical will “fix” the latest iteration. teur tradersvs. Wall Street fat wasablessing that savedeven Is today’smarket agiant signals—meant true death. Thereforethe monkey whose To be fair,RCA wassuccessful cats” fantasy.Quitethe oppo- moredupes from taking ahit. pump and dump? Back in 1999 head wasrelocated, while itsbrain wasstill active, was, and radios really were the fu- site. Someone wassmart Thestock clearinghouse De- therewerehugeflows into in White’sopinion, actually alive. He couldn’t wait to start ture. No matter, afterthe enough to noteGameStop’s positoryTrust &Clearing growth mutual funds that on human transplants. crash the stock hit $10. hugeshort interest. Why Corp.made Robinhood put up bought Yahoo everyday.Now Forapump and dump to didn’t other hedgefunds start morecollateral forthe in- we see flowsintoexchange- work,you need acertain type buying shares and bid it up to creased volume of these traded funds likeanimals Thepioneer of head-transplant surgery believed of investor—specifically,the pull off the short squeeze of pumped stocks,giving Robin- flowing onto Noah’s ark. The that thesoul residesinthe brain and could be type P.T. Barnum said is born Melvin and Citron? Because hood agreat excuse.Itisn’t market is priced at 32 times everyminute(on platforms hedgefunds aren’t stupid and surprising that Robinhood us- earnings; the historic norm is rescued from physicallycompromised bodies. likeReddit and Robinhood, don’t likelosing money. ersfelt betrayed; the app nor- 16.SPACs areincreasingly the more like every nanosecond). Maybe they could have dou- mally celebrates freewheeling newblind pools.Heck,Kaep To be nice, let’scall them bled the stock,but none were dealing by showing confetti and Shaq each have a SPAC. I That daynever came.During the erainwhich White dupes. “Greater fools” works dumb enough to pay$100,let falling afterbig trades.But can’t tell youwhen this one conducted his experiments, politicians,doctors, journalists too. alone $438,for GameStop grizzled investorswill tell you will end, but they always and celebrities were becoming deeply and increasingly On Feb. 2, Barstool Sports shares to squeeze the shorts that if youfeel euphoric after do—a whiff of inflation could dismayedbyscientific experimentsonanimals.Whiteran founder Dave Portnoy properly. a trade, it wasn’t a good one. be the pinprick.Socould a afoul of the animal-rightsadvocacyorganization People tweeted, “I have officially sold • The Reddit board r/Wall- You should feel awful and be zealous tax-and-spend Con- forthe Ethical Treatment of Animals (PETA)and was all my meme stocks.Ilost StreetBets, aperfect conduit second-guessing yourself. gress. Then expect the inevita- threatened by animal-rightsextremists (he remained 700kish. Vlad and company for the pump, was filled with That’s the sign of agreat ble Reddit group: r/StockBag- imperturbable). Whiteprided himself on scrupulously stole it from me and should be commentslike“have diamond trade. HoldersClub. avoiding harm to his animal subjects. But he didn’t believe in jail”—Vlad Tenev being the hands” (meaning “don’t sell”), •The Federal Reserveowns Write to [email protected]. that animals had souls: Forhim, Ms.Schillacewrites,“the human wasmorethan animal, and equating the two was not only wrong,itwas dangerous.” One of White’s rejoinderstothose who would halt animal experimentation The Most Popular Shows Yo u’ve Never Seen was, to paraphrase: If youwereasurgeon, howwould you liketotell parentsthat their young child is going to die By Peter Funt in 3Americans.Wasteland or time,” thetotal jumps to cial and political groups. because the operation that might save him or her was not, it waspart of asweeping nearly 6hours. (The pandemic Back in the 1960s, viewers impossible to perform, mainly because the necessary ewtonMinowfamously shared experience. droveupthe number by about were hostage to three broad- animal-dissection research that would have permittedit N called television a“vast When I looked at Nielsen’s 35 minutes a day.) cast networks and afew local wasforbidden by laworthe medical canon of ethics? wasteland”: “a proces- top10list of most-viewedse- Some streaming services stations.Now we have “almost His foes never had agood answer. sion of game shows, formula ries for2020,Iwas surprised draw large audiences,the big- unlimited choice—a totally Newtechnologies in nervous-system research have comedies about totally unbe- to discover that Ihad watched gest foranoriginal series be- different medium,” Mr.Mi- allowedneurosurgeons to circumvent adamaged spinal lievable families,blood and only three—and two of them longing to Netflix’s drama now, 95,tells me by email cord by inserting devices intopatients that restoreatleast thunder,mayhem, violence, were NFL football. My editor “Ozark.” But Netflix reaches from Chicago. He declined to some movement in inert limbs.And studies of glial cells sadism, murder, western bad at theJournal had seen only only asmall majority of U.S. answerwhen Iasked if he still (they makeup“90 percent of brain structure”)and “a men, western good men, pri- the same three.(Thethird considersTVa“wasteland,” liquid polymer known as polyethylene glycol” have shown vate eyes,gangsters, morevi- wasthe NBC drama “This Is but he made a related point. that they canhelp regeneratespinal cordsinanimals. olence, and cartoons.And Us.”)Neither of us has Even when TV was a “Fractionalization of the Quitepossibly,these innovations have rendered White’s endlessly,commercials.... watched the two most popular ‘vast wasteland,’ it audienceprovides more extraordinaryproject superfluous.Orhavethey? And most of all, boredom.” scheduled nonsportsseries, choice,” he said, “but we paya Ms.Schillaceisthe editor in chief of the journal That was60yearsago. To- the CBS crime dramas “NCIS,” brought us together. big price. Our country now is Medical Humanities and the author of “Death’sSummer day the options are far more with a5.0 rating,and “FBI,” much more divided because Coat: What theHistoryofDeath and Dying Teach Us vast, and manyofthem areof with 4.2. The numbers repre- we do not sharethe same About Lifeand Living.” Her latest book is well-researched high quality.But we’velost sent the percentageofhomes homes, so even its top series news or believethe same and well-written, and has itssuspenseful moments. something: With so many with television that tuned in. fallsshort of “Wagon Train” facts. Iused to think provid- Readers might find themselves admiring and perhaps viewing options,TVisnolon- In 1961 the rating for“Gun- penetration numbers. And ingmorechoicewas in the even sympathizing with White, whose attitude toward ger America’s great common smoke” was 37.3. with streaming,the commu- public interest but Iamnot brain transplantswas always motivated by aprincipled denominator. Theissue isn’t whether cop nity experience—same show, sure today.” desiretoalleviate human misery. But the book’svalue lies In 1961, when Mr.Minow shows areaesthetically better same night, chatted up at the Television used to bring us in challenging readerstocontemplatesome momentous became chairman of the Fed- than cowboyshows.And it’s water cooler the next day—is together. Nowadays, we read concerns.What is life? What is death?Should religion play eral Communications Commis- not as if Americans arewatch- gone. listsofthe “most popular” arole in medical decisions? Should scientistsexperiment sion, the three most-watched ing lessTV; in fact, adults TV is a metaphor for what programs,which most of us on animals? Can technologythat saveslives still be television programs were view4hoursand 8minutes of ails, or at least divides, soci- have never seen. immoral? Whogetstoanswerthese questions? westerns: “Wagon Train,” “Bo- television everyday,accord- ety.With fewershared experi- nanza” and “Gunsmoke.” Each ing to Nielsen. When you add ences—even trivial ones—we Mr. Funt is awriter and Mr. Schneider reviews books for newspapers and was seen weekly by roughly 1 in other forms of “video find ourselves in smaller so- host of “Candid Camera.” magazines. P2JW053000-0-A01600-1------XA

A16 | Monday, February 22, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Non-Covid Spending Blowout Trump Is Flawed but Don’t Shun HisVoters

he Biden WhiteHouse is pointing to polls plans arechronically underfunded due to lax fed- Regarding William A. Galston’s Lincoln Project, DriveOff With a showing that its$1.9trillion spending eral standards and accounting rules.Yet the bail- “The GOP Won’t PurgeTrump” (Poli- Lemon,” (FreeExpression Feb. 16). T bill is popular, and the presscorps is out comes with no real reform. tics &Ideas,Feb.17): Nowthat the We aren’t tweeters. We don’t enjoy gang that couldn’t impeach straight being angry24hoursaday.Wearen’t cheering.Yet we wonder how •Elementaryand secondary blewits chancetocancel anypossibil- willing to insult those who disagree much public support there’dbe Most of the $1.9 trillion schools getanother $129 bility of President Trump pulling aGro- with us.Weare probably tooquiet. It if Americans understood that House bill has little to lion,whether they reopen for verCleveland act in 2024, the chasm doesn’t mean we arefew. most of the blowout is alist of classroom learning or not. between the old, establishment Re- MARGARET MCGIRR longtime Democratic spending do with the virus. Higher education gets $40 bil- publican guardand the Trump-trans- Greenwich, Conn. priorities flying under the Here’s a breakdown. lion. TheCBO notes that since mogrified GOP base has naturally wid- false flag of Covid-19 relief. Congressalready provided ened. And as Mr.Galston pertinently Mr.Galston is concerned that too Let’sdig intothe various some $113 billion forschools— pointsout, the only purge which is manyRepublicans believethat “Dem- House committeebills to sepa- and as “most of those funds re- coming to pass, albeit thus far on the ocratsare mostly bad people.” Well, if rate the Covid from the chaff.The Covid cash main to be spent”—it expectsthat 95% of this new statelevel,isthat of those isolated yousupport cancel culture, economi- includes some $75billion forvaccinations, money will be spent from 2022through 2028. Republicans who votedtoconvict. cally destructivegreen fundamental- Clearly those Trump-fatigue-af- ism, believethe U.S. is fundamentally treatments, testing and medical supplies. That is,when the pandemic is over. flicted Republicans who see President racist and oppressiveand have no There’salso $19 billion for“public health,” pri- •Enormous sums go to expanding favorite Trump as aradioactiveforce within problem with the depredations of marily forstate health departmentsand com- Democratic programs.The packageadds $35 bil- the GOP aren’t reading the tealeaves postmodern left-wing media then, at a munity health centers. One might even count lion to pump up subsidies to defray ObamaCare properly.They cantakesolaceinthe minimum, your moral compassmay the $6 billion to the Indian Health Service, or premiums.The bill eliminates the existing income fact that the Great Disrupter’s last be abit off.Thingsgorapidly down- $4 billion formental health. cap(400% of the poverty level) on who qualifies disruptiveact, unlikesomanyofhis hill from there. Thepackagealso hands moretobusinesses forsubsidies,and lowers the maximum amount others, hardly put Americafirst. TOM PARONIS and individuals most hit by lockdowns.That in- participantsare expected to contributetoabout “Character is destiny,” said Heraclitus. Brooklyn,N.Y. cludes $7.2 billion morefor the Paycheck Protec- 8.5% of their income,downfrom10%. Yetdespitethat domestic dayofin- tion Program, $15 billion foreconomic injurydi- Thebill also spends $15 billion to provide a famy, he’ll undoubtedly be the party’s We should not be surprised that saster loans,$26 billion forrestaurants, barsand temporaryfivepercentage-point increase in the kingmaker now, though it’sanopen Trump voters hold stronger views on question whether he could rise likea immigration, trade,climateand Dem- livevenues,and $15 billion in payroll support for federal Medicaid match to states that expand eligi- phoenix to become the party’s stan- ocratsthan the rest of their Republi- airlines.The recipientsofthis taxpayermoney bility to lower-income adults. This is bait forthe dard-bearer again. canbrethren. Manydon’t have the will at least be required to proveeconomic harm, dozenorsostatesthat have resisted ObamaCare’s One thing is certain: With Presi- luxuryof“enlightened” or “nuanced” and in some cases repayloans. Medicaid expansion, which enrolls working age, dent Biden in the WhiteHouse doing views because,asblue-collar workers, Not so the recipientsofthe $413 billion in childlessadultsabovethe poverty line.The politi- the radical Democrats’ bidding on ev- their economic relationship to those checks Democratsintend to send to households far calgoal overall is to chip away at privatecoverage eryfront, one canreadily envision a policies is existential. Forthem, the and wide,at$1,400 per man, woman and depen- on the way to Medicarefor All. redux of Trumpism in 2024, sans the Green NewDeal is araw deal in which dent, that begins phasing out at $75,000 of individ- •There’s$39 billion forchild care;$30 billion sizzling melodrama of itsprogenitor. they or their friends and relatives lose ual income.The Congressional Budget Officesays forpublic transit agencies; $19 billion in rental JAMES HYLAND their jobs. the bill’sunemployment provisions will increase assistance; $10 billion in mortgagehelp; $4.5bil- Beechhurst,N.Y. They believeChinese mercantilism in the guise of “free” trade means deficitsby$246billion, and that its$400 aweek lion forthe LowIncome Home Energy Assistance Mr.Galston compares the differ- fewerjobs here, and open-door illegal in federal “enhanced” unemployment benefits program; $3.5 billion forthe program formerly ences in views between Trump sup- immigration will acceleratejob losses through August “could increase the unemploy- known as food stamps; $1 billion forHead Start; portersand all Republicans as agroup and is unfair to those who emigrate ment rate as well as decrease labor forceparticipa- $1.5 billion forAmtrak; $50 billion for the Fed- but leavesout the one pieceofinfor- legally.Manyare former Democrats tion.” So much foreconomic stimulus. eral EmergencyManagement Agency; $4 billion mation Iamlooking for. What portion who,likeRonald Reagan, believethat All told, this generous definition of Covid-re- to payoff loans of “socially disadvantaged” of thecurrent whole aremoderates? party leftthem, and it did. They don’t lated provisions tallies some $825 billion. The farmersand ranchers; and nearly $1 billion in Areweasliver? One-third? Ahalf? love foreign wars because they and rest of the bill—morethan $1 trillion—is acom- world food assistance. Perhaps the same percentageasthe their neighborsare the ones who bination of bailoutsfor Democratic constituen- •Don’t forget the $15 an hour minimum wage, seven out of 50 GOP senatorswho fight them. They hatethe fecklessness cies,expansions of progressiveprograms,pork, which CBO estimates will cost 1.4million jobs. votedtoconvict? of international organizations,and and unrelated policychanges. Thebill increases the child taxcredit to $3,000 Naturally,Democratsinsist that they lovetheir country, believing Trumpism has infected the entire wholeheartedly that it is agood and iii from $2,000 ($99 billion) and temporarily ex- party and the GOP is alost cause but just place. They arenot interested in •Start with the $350 billion forstate and local pands the Earned Income TaxCredit to certain Iamconfident Iamnot the only whiteself-flagellation or endless governmentsand cities and counties,evenasstate additional childlessadults($25 billion). It elimi- centrist Republican left, and that I grievance, and they viewour nation’s revenues have largely recoveredsincethe spring. nates the caponthe rebatethat drug makers retain the companyofotherswho foundersasheroes who risked every- Democratsalso changed the funding formula to must payMedicaid foroutpatient drugs. This is lean center-right and haven’t thing forfreedom from tyranny. ensuremost of the dollarsgotoblue states that arareprovision that increases federal revenue changed their affiliation. As agroup, Yes, their standard-bearer is imposed strict economic lockdowns. ($16 billion), though only by undermining phar- some of us will have voteddown-bal- flawed, but Donald Trump has tapped Last year’s Cares Act distributed money maceutical innovation. lot only in 2016 and 2020,unim- intosomething important. Traditional mainly by statepopulation, but much of the •This being Congress, Membersare also slip- pressed with anyofthe three candi- Republicans should stop talking to $220 billion forstatesinthe newbill will be allo- ping in pet causes.Our favoriteis$1.5million for dates.Atthe same time,wewere and about President Trump and start catedbased on averageunemployment over the theSeaway International Bridge, which connects never moved to join the virulent talking to his voters. anti-Trump Lincoln Project, de- CONAN M. WARD three-month period ending in December.An- NewYork to Canada and is apriority forNew scribed by GerardBaker in “Join the Princeton, N.J. drew Cuomo’sNew York (8.2% unemployment York Sen. Chuck Schumer.And don’t overlook in December) and Gavin Newsom’s California the nearly $500 million for, as the CBO putsit, (9%) getrewarded forcrushing their businesses, “grantstofund activities related to the arts, hu- while Kristi Noem’s South Dakota(3%) is penal- manities,libraries and museums,and Native Big Automotive Chip Shortage Is No Surprise ized forstaying open. These windfalls come with American language preservation.” few stringsattached. No wonder Democratswant to passall this on “Car MakersCollide With Global complexproduction cycles that can •The bill includes $86 billion to rescue 185 apartisan vote.It’saprogressiveblowout forthe Chip Shortage” (PageOne,Feb.13) rangefrom10to26weeks.Oncea or so multiemployerpension plans insured by ages that does little forthe economybut will fi- correctly identifies the autoindustry’s production cycle is begun, large quan- the Pension Benefit Guaranty Corp.Managed nanceDemocratic interest groups foryears. current supply-chain woes as aself-in- tities of the same product flow in lots flicted wound. From the electronics- through asemiconductor-manufactur- jointly by employersponsorsand unions,these Please don’t call it Covid relief. manufacturing industry’spoint of ing line that pop out at the end in a view, automotiveismostly alow-vol- burst. Highest volume customers(e.g., ume,high-mix customer segment, and smartphone manufacturers) caneffi- Two Tales of the Va ccine it requires buffering through compo- ciently receiveproduct directly from a nent distributors. Instead, the auto manufacturer.For lowervolume,high- inding an open appointment to getthe 65 and older,two women aged 34 and 44 went makers’ extreme focus on cost optimi- mix customerslikeautomotiveand in- Covid-19 vaccine wasaheadache,so90- to an OrangeCounty immunization site“dressed zation and lean manufacturing meant dustrial, distributorsbuffer inventory F year-old Fran Goldman wasn’t going to be up as grannies,” an official said Thursday. That eliminating these valuable supply- to match acustomer’s demand fora deterred by some snow. Thewalk wasthree miles, made national headlines,although it’snot clear chain partners. Thefocus on lean steady flow of product to the long each direction. She dressed in layers and grabbed whether it wasexaggerated. should have been balanced with a production cycles of semiconductor walking sticks.“It wasnot easy going,” she told Body-cameravideo released Fridayshows lit- pragmatic viewonthe extreme cost of manufacturing and also provide many idled automotiveproduction lines.To value-added services. the Seattle Times.“It waschallenging.” tle disguise,but both of the women had face shut down production lines for Thecollaboration between autho- Did we mention she had ahip replaced last masks and glasses,and one waswearing agray $80,000 vehicles because of amissing rized distributorsand automotiveman- year? But atrekinthe snowwill be worth it for hat. Thewomen “had altered their yearsofbirth $2 microcontroller is catastrophic. ufacturerspresentsawealth of oppor- two great-grandchildren. “I can’t wait to be able on their vaccination registrations to bypassthe Productslikesemiconductorsthat tunity to minimizefuturedisruptions. to hold them,” Ms.Goldman told the newspaper. statesystem,” the Orlando Sentinel reported. have longer lead times and large pro- DAVID LOFTUS Nowthere’sanantidotetothe articles about They apparently had already received afirst vac- duction lot sizes need distribution for President and CEO public skepticism of the vaccines.Polls last year cine dose but were denied the second and issued efficient buffering between the manu- Electronic Components Industry showing hesitancywerenoteworthy, but two trespasswarnings. facturersand end customers. Semi- Association months intoAmerica’svaccination program, the Aheroic storyand amalicious one.Yet both conductorshaveextremely long and Alpharetta, Ga. storyisabout demand. aregood signs of vaccine demand, sinceending Here’sanother one,though not quiteasup- this pandemic depends on getting millions more lifting.InFlorida, which is prioritizing people shotsintomillions morearms. Macron FightsTerror but Steps on Parents Regarding your editorial “Emman- style “home schooling.” Having cited uel Macron and the Woke” (Feb.18): ad nauseam the example of 15 children Why Beijing Loves Biden and Paris While Iwelcome French President Ma- found being radicalized, half of whom cron’sapparent opposition to “woke- were registered as “home-schooled,” he U.S. officially rejoined the Paris cli- Beijing gets apasstoincrease itsemissions until ness,” far from restoring “classical lib- the government unjustly tars all mate accord on Friday to much media 2030.In2020 China’scoal plantsproduced eral values,” he is forcing through a 62,000 home-schooled children in T andEuropean applause.Our guessis some 4,874 terawatt hours of energy—an in- lawthat effectively rendershome Francewith the same brush. that China is the most pleased because it knows crease of nearly 15% sinceitjoined the pact, ac- schooling illegal formost parents. Thearchitectsofrecent terrorist at- the accord will restrict American energy while cording to S&P Global Platts. Just as the German government in tacks overwhelmingly have been prod- 1938 threatened parentswith prison if uctsofthe French (or Belgian) school Beijing gets a decade-long free ride. A newreport by the nonprofit Global Energy they did not send their children to system, none of them home-schooled. Paris is a voluntary agreement, and nations Monitor highlightsthat “in2020,China built school from age6,Francewill soon re- Mr.Macron’stotalitarian instinctsare submit their owncommitmentstoreduce over three times as much newcoal powercapac- quireall children from age3toattend as troubling as those of the jihadists. greenhouse-gas emissions.The Obama Adminis- ity as all other countries in the world com- school or else.Few truly independent PRISCILLA LARKIN HARRIS tration vowed to slash emissions 26% or more bined—the equivalent of morethan one large options exist, as even the Catholic Ghlin, Belgium from 2005 levels by 2025, but the Trump Ad- coal plant per week.” Last year Beijing also initi- schools followthe statecurriculum ministration withdrew from the accord. Presi- ated more than 73.5 gigawatts“of newcoal plant with full statefunding. dent Biden has nowpledged to reach “net-zero proposals,” five times as much as “the rest of the Defendersofthe lawreiteratethe Pepper ... emissions no later than 2050.” world combined,” the report says. viewofFrench revolutionaryGeorges And Salt LikeMr. Obama, Mr.Biden is committing the TheU.S.generated an estimated 788tera- Danton in 1793 that children belong U.S. without submitting the Paris agreement to watt hoursofcoal-fired energy in 2020 as not firsttotheir parentsbut to the THE WALL STREET JOURNAL state. MPshaveacknowledged that the Senateasatreaty.They knowitwould cheaper natural gasreplaced coal. Thanks to they knowthey aretaking away afun- never getatwo-thirds vote forapproval, and natural gas—a fossil fuel—the U.S. has out- damental right by seeking to make probably not even asimple majority.Yet the paced most of the world in reducing emissions, home schooling very difficult, but they Administration will citeParis to justifysweep- and in 2019 emissions reached their lowest forgeahead despiteall evidencethat ing environmental regulations to raise the cost level since1992. Market forces,not Paris,drove this moveisdisproportionateand un- of fossil fuels and subsidizerenewable energy that reduction. necessarytocombat Islamic radical- and electric vehicles.Itwill bypassCongress Paris will have zero effect on the climateeven ism. Thecurrent law, which includes formuch of this. if everynation meetsits commitments. Mr.Biden an in-home inspection of home- The economic damage will be real. A 2017 will dispatch John Kerry, his climateenvoy,to schooled children each year,isamply analysis of the Obama Paris commitments, by lobby China and everyone else to reduceemis- sufficient fordetecting anymadrasa- the U.S. Chamber of Commerce and the Ameri- sions,which will also please President Xi Jinping. Lettersintended forpublication should can Council for Capital Formation, predicted a Mr.Xiwill be happy to makepromises about the be emailed to [email protected]. Please $250 billion reduction in GDP and some 2.7mil- futurewhile demanding U.S. concessions today include your city, state and telephone lion lost jobs by 2025. on Taiwan, trade and more. TheChinese Commu- number.All letters aresubject to Meanwhile, China emitted nearly twice as nistsmust sit back and marvel as they watchthe editing,and unpublished letters cannot “People say I’m crazy, be acknowledged. much CO2 as the U.S. in 2018. Yet under Paris, U.S. undermine itsown economic strength. but this phone ages like a fine wine.” P2JW053000-0-A01700-1------XA

THE WALL STREET JOURNAL. Monday, February 22, 2021 | A17 OPINION ‘Stimulus’ The Money Boom Is Already Here Does Little By John Greenwood that total bank loans have declined And Steve H. Hanke from their May peak, leaving a net For Jobs $300 billion increase. peculativemanias arein The$4trillion increase in M2 the air,asevidenced by the tracks closely with the $3 trillion of By Andy Puzder recent pricesurgesfor bit- Fedquantitativeeasing,plus $1 tril- coin, a digital asset with a lion of bank purchases of securities he Biden administration says if S fundamental value of zero, and the net $300 billion in newcor- T Congresspasses the proposed and GameStop, a declining retailer. porateborrowing.The reason for $1.9trillion Covid relief bill, Along with the other economic the apparent $300 billion discrep- we won’t have to “wait foryearsfor trends—a strong recovery,surging ancyisthat the Fedpurchases some the economytoreturn to full em- commodity prices and an uptick in of its securities from banks—trans- ployment,” as two membersofthe inflation—those asset bubbles have actionsthat do not createnew de- Council of Economic Advisersput it aclear cause: the massiveexpansion posits. When the Fedbuyssecurities in a recent White House blog post. of money and credit. from a bank, the bank’s reserve ac- It’s the right goal. In April 2017, YetAmerica’sfiscal and monetary count at the Fediscredited. The the unemployment rate dipped be- mastersare turning ablind eye. Fed’sbalancesheet has expanded,

low what the Congressional Budget They arefocused solely on mending E but forthe bank the transaction is

Officeprojected as full employment. the labor market. With the fervor of OW merely an asset swap. Its securities It stayed thereuntil the pandemic. messiahs,Federal ReserveChairman CR holdings drop, and its Fed reserves

That created intense competition for Jerome Powell and Treasury Secre- CHAD rise,but thereisnoaddition to cus- employees and drovewagegrowthat tary Janet Yellen tell us the only way tomer deposits, so M2 remains un- or above3%for 20 consecutivepre- to save the labor market and reach flation,which moved from minus gage-backed securities.When the changed. pandemic months.By2019 median full employment is to continue to 1.8% in July 2009 to 6.5% by July Fed buys such securities from non- TheU.S.money explosion isn’t family income hit arecordhigh, the pour fiscal and monetaryfuel on the 2011. Money matters. banks, which is its normal practice, over.Bank reserves,currently $3.2 poverty rate declined to arecord fire.But their prescriptions and Fast-forwardtoFebruary2020. it gives the seller acheck or pay- trillion, will increase by about $1.4 low, and income inequality de- prophecies,modeled on the play- Sincethen, the quantity of money in ment,credited to the seller’s bank trillion this year simply from Fed creased forthe second year in arow. book of the 2008 financial crisis,are the U.S. economy, measured by M2, deposit account. This increases M2. purchases of Treasurys and mort- not valid today. has increased by an astonishing $4 SinceMarch 2020,the Fed’shold- gage-backed securities at apromised Afterthat crisis,the Fedbegan trillion. That’saone-year increase of ings of Treasurys and mortgage- $120 billion amonth. In addition, the Companies won’t make quantitativeeasing,which massively 26%—the largest annual percentage backed securities have increased by Treasuryindicated in itsFebruary expanded itsbalancesheet. At the increase since 1943. almost $3 trillion. M2 has increased Refunding Statement that it will run permanent investments same time,commercial banks were by roughly the same amount. down itsTreasuryGeneral Account in new employees based busy shrinking their loan books and The second largest source of M2 at theFed by about $820 billion this writing off losses from mortgage SinceFebruary2020, the growth has been commercial bank year.This money will be spent on temporary revenue. debt and securities,which meant purchases of short-term Treasurys through federal fiscal programs. the Fed’sinjections did little more M2 supplyhas increased and other debt securities,including These expenditures will further than offset the contraction of com- 26%—the largestone- mortgage-backed ones.These trans- boost depositscounted in M2. Thejobs pictureisall but certain mercial bank balancesheets. As a actions create deposits in the same So we already knowthat the to improveinayear when people are result, money growth from 2010-19, year jump since1943. way as newloans do,with the de- money supply will likely increase by getting vaccinated and states are as measured by the Fed’sbroadest posit account of the seller or bor- at leastanother $2.3trillion over opening their economies. The labor money measure, M2, averaged only rowerbeing credited. Sincethe start thecurrent year.Inother words, market will improveinthe coming 5.8% ayear. Thelooming danger forthe econ- of the pandemic last year,the in- even withoutany newlending or months if the government does noth- While money on the Fed’s books omyisn’t only that the monetary crease in banks’ holdings of these furtherpurchases of securities by ing. But massive spending will hurt grew rapidly,money in the hands of printing presses have been in over- assets has added almost $1 trillion banks, the M2 money supply will more than it helps. the public grew slowly.Spending drivesincethe pandemic began, but to deposits and, therefore, to M2. grow by nearly 12% this year.That’s Business ownersrecognizethat andinflation were restrained, and also that they arealready set forthe A third source of the increase in twice as fast as its average growth government spending can put more the postcrisis recovery was anemic same in 2021. Amonetarysurge for M2 wasthe sudden drawdownof rate from 2000-19.It’saratethat money into circulation and may re- with inflation persistently belowthe this year is locked in. $800 billion in credit lines by U.S. spells trouble—inflation trouble. sult in increased sales.But they also Fed’starget. In contrast, China’s It’s worth tallying the list of pol- companies from Februarythrough know that government largess—no money-supply growth exploded in icy measures that got us where we April 2020.These funds were imme- Mr. Greenwood is chief economist matterhow generous—is finite. If 2009 and 2010,averaging 23% a are. The first and largest source of diately credited to corporatedeposit at Invesco in London. Mr. Hanke is a youbelievearevenue source is going year.China achieved astrong recov- M2 growth in 2020 wasthe Fed’s accounts. But corporatebank bor- professor of applied economics at to dryup, youdon’t invest in growth eryasaresult, but also ajump in in- purchases of Treasurys and mort- rowing has turned downward,so Johns Hopkins University. and hiring based on its continuing. Say youowned arestaurant and sales increased because your competitor next door burned down, but Why Cuomo Should Be Worried About a Federal Probe he had insuranceand would rebuild. You’dcertainly appreciatethe in- By John B. Daukas it as a“nursing-home death.” Second, Nowweknowitwasn’t. designed to frustratethe federal gov- creased sales,but youwouldn’t hire NewYork didn’t include deaths occur- Late last month NewYork’sDemo- ernment’soversight efforts. New morepermanent employees,because he Cuomo administration’sal- ring beforethe Centersfor Medicare cratic attorney general, Letitia York’sapparently false statements youknowthe increased revenue is T leged misreporting of nursing- and Medicaid Services began requir- James, issued areport showing that about nursing-home deaths misled temporary. home deaths in NewYork is se- ing Covid reporting from nursing the Cuomo administration had under- public-health officials acrossthe As CEO of CKE Restaurants rious,perhaps meriting federal homes in mid-May. CMS made report- counted nursing-home deaths by countryatatime when they were (owner of quick-servicebrands Carl’s criminal charges. ing prior Covid deaths optional, and morethan 50%, astaggering finding trying to develop strategies to battle Jr.and Hardee’s),Isaw this playout On March 25,2020,Gov.Andrew NewYork apparently elected to keep that belies the governor’s repeated adeadly pandemic. during the Obama era. Themonth Cuomo issued an executiveorder re- the information to itself. public claims.Melissa DeRosa,Mr. Ms.DeRosa’sreported admissions President Obama took office, his eco- quiring NewYork nursing homes to But NewYork officials knewthe Cuomo’s topaide,reportedly apolo- indicatethe Cuomo administration’s nomic advisersissued areport argu- admithospitalized patientswho had datathey reported to CMS only went gizedtofellowstate Democratsin conduct wasn’t merely negligent, but ing formassivegovernment stimulus tested positivefor Covid-19.The or- back to mid-May. TheCuomo admin- early February, not forunderreport- intentional and perhaps criminal. Nu- to revitalizethe economy, much as der also prohibited nursing homes istration misled the public when it ingdeaths but forcausing them po- merous federal criminal statutes President Biden’sadvisers aredoing from requiring hospitalized resi- relied on that datatoclaim in late could apply.It’sacrime to makefalse today. TheObama team’sanalysis in- dentsdeemed “medically stable” to September that the state’stotal nurs- statementstothe federal govern- cluded achart showing that with be tested beforeadmission or reading-home deaths were low. His administration ment. It’salso acrime to conceal in- this “stimulus,” unemployment mission. By the end of the summer TheJusticeDepartment’sCivil Di- formation and otherwise obstruct would remain below 8%. NewYork had morethan 32,000 vision has jurisdiction to investigate appears to have engaged government investigations.New York Congressobliged, passing an Covid deaths,the highest in the na- Medicareand Medicaid fraud. Armed in a coverup to frustrate mayhaveengaged in aconspiracyto $800 billion stimulus bill in Febru- tion and morethan double anyother with NewYork’sadmission that it defraud the U.S. and itsagencies and ary2009.Unemployment hit 8% that state. If NewYork were itsown had underreported government-run federal oversight. possibly obstruct justice, among month, rose to 10% by October, and country, it would have ranked among nursing home deaths by athird, Jus- other crimes. remained above 8% for 43 consecu- the top10for Covid deaths.The ticeDepartment attorneysrequested Even if it cannot be proved that tivemonths,ormorethan 3½ years. number of deaths translated to the datainOctober on the morethan 600 liticaltrouble.“We froze,” Ms.De- the Cuomo administration knowingly Progressives claim the Obama country’ssecond-highest death privately runnursing homes in the Rosasaid, according to media provided false information to Justice stimulus failed to producethe antici- rate—morethan three times the na- state. accounts. “Because then we were in a and CMS,New York’swillful failureto pated resultsbecause it wastoo tional average. This time the request wasstone- position whereweweren’t sureif provide information mayitself con- small. Thereal problem wasthat What caught the JusticeDepart- walled. Months passed and NewYork what we were going to givetothe stituteacriminal offense—particu- businesses were reluctant to invest ment’seye wasGov.Cuomo’s claim refused to producedata, insteadsay- Department of Justice...was going larly if the intent wastothwart afed- andgrowbased on temporaryreve- that NewYork’snursing-home deaths ing it wastaking Justice’srequest un- to be used against us while we eral investigation—which, afterall, is nue.Adding increased taxesand reg- were lowerthan manyother states’ der consideration. Rich Azzopardi, a weren’t sureiftherewas going to be exactly what Ms.DeRosa reportedly ulation to the mix, as occurred dur- andthat his March 25 order didn’t senior adviser to Mr.Cuomo,called an investigation.” said the administration did. ing the Obama era and as Mr. Biden contributetothe extremely high num- the expanded inquiry“aTrumped-up Mr.Cuomo’s March 25 order led to haspromised, further discourages ber of NewYorkerswho died from election evescamfromapoliticized manymoretragic and unnecessary Mr. Daukas served as principal job growth. Covid. Giventhe virus’sdispropor- DOJ.” Mr.Cuomo himself accused the deathsthan were reported to the deputy and acting U.S. assistant at- Twoother aspectsofthe Covid-19 tionateeffect on the elderly,sick and department of trying to advance“a public,and his administration ap- torney general for the Justice Depart- relief bill exacerbate the problem: a frail, this seemed unlikely.OnAug.26, political theory.” pearstohaveengaged in acoverup ment’s Civil Rights Division,2020-21. minimum-wageincrease,which Justice’sCivil RightsDivision, relying would kill low-wagejobs,and an in- on itsjurisdiction to investigategov- crease in the federal unemployment- ernment-run facilities under the fed- benefitsenhancement from $300 to eral CivilRightsofInstitutionalized WHO Said What About Wuhan? $400 aweek,which would reducein- Persons Act, asked the Cuomo admin- centives to work. istration fordataonNew York’spub- By Scott Gottlieb held up importsfromthe U.S. and by anything other than science.” As we come out of the pandemic, licly runnursing homes,which ac- Europe. Thevirus most likely emerged the labor market will improve. But count forlessthan 5% of nursing hinese policymakershave TheU.S.Food and Drug Adminis- from nature, bouncing between ani- getting back to full employment re- homes in the state. C been floating an implausible tration weighed in last week with a mals and humans beforeitfinally quires areturn to what gotusthere In September,New York produced theory: The novel coronavirus forceful statement. “Thereisnocred- brokeout. It’salso possible that the in the firstplace—tax,regulatory datashowing it had underreported didn’t originateinChina but wasim- ible evidenceoffood or food packag- virus escaped from alab whereit and energy policies that encourage, Covid deaths in government-run nurs- ported from Europe.That’swhat a ing associated with or as alikely wasbeing studied. Someone could rather than discourage, growth. inghomes by athird. Theundercount- former chief epidemiologist of the source of viral transmission,” the Act- have become infected while handling ing appeared to be due to several fac- Chinese Center for Disease Control ing Commissioner Janet Woodcock samples,and there’sbeen particular Mr. Puzder is aformer CEO of tors.First, when anursing-home and Prevention told an academic said in aCovid updateonThursday. suspicion about the Wuhan Institute CKE Restaurants and author of “The resident who contracted Covid died conferencelast fall. One theoryis Other scientific bodies have of Virology, ahigh-security research Capitalist Comeback: The Trump afterbeing transported to ahospital the virus rode intoWuhan on frozen- reached similar conclusions.The In- lab that wasexperimenting with cor- Boom and the Left’s Plot to Stop It.” fortreatment, NewYork didn’t count food packaging. ternational Commission on Microbi- onaviruses.The theoryofalab leak This month the World Health Or- ological Specifications forFoods is exaggerated by some fringe com- ganization visited China to investi- has stated: “Despitethe billions of mentators, who suggest that the vi- gate the origins of the virus.Amem- mealsand food packages handled ruswas deliberately engineered.But PUBLISHED SINCE 1889 BY DOWJONES&COMPANY ber of the WHO delegation said it's sincethe beginning of the COVID-19 it’s plausible to wonder about a lab Rupert Murdoch Robert Thomson “possible that afrozencarcass could pandemic,todatetherehas not accident. Executive Chairman, News Corp Chief Executive Officer, News Corp have been shipped” to China and in- been anyevidencethat food, food TheWHO team said the lab-es- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher troduced the virus,giving some vali- packaging or food handling is a cape theoryissoremotethat it Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: dation to the food-packaging idea. source or important transmission doesn’t merit anyfurther investiga- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Reporting has suggested that China route.” Morethan 100 million cases tion. But frozensalmon does? By Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; required the WHO to agree it would of Covid have been diagnosed giving weight to the food theory, the News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; investigatethe food hypothesis as a world-wide and, outside China, not WHO is making itself less credible, Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer condition of entering Wuhan. By asingle case has been traced to whichisapity.The WHO provides Andrew Dowell, Asia; AnthonyGalloway, Video & lending credencetothis improbable food or food packaging. important public-health functions, Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; theory, WHO is damaging trust in To its credit, the Biden adminis- especially in low- and middle-income Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; the important project of figuring out tration has said it will reject the nations, where its assistance saves Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; where the virus originated. WHOfindingsabsent independent lives.Its work is essential. But the Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News Themost common culprit cited verification. “The Chinese,atleast WHO risks eroding itsstanding and Thomas SanFilippo, Customer Service; by Chinese officials is frozen heretofore, have not offered the req- mission if it trades rigor for access GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; salmon, though officials have also uisitetransparencythat we need,” and the pretense of relevancy. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; suggested the virus mayhave State Department Spokesman Ned Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International hitched aride on frozencod, pig Pricesaid earlier this month. “We Dr. Gottlieb, aphysician and resi- WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: heads or other products. In re- will work with our partners, and also dent fellow at the American Enter- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head sponse,Beijing has suspended im- draw on information collected and prise Institute,was commissioner of

EDITORIAL AND CORPORATEHEADQUARTERS: portsofsome food productsand in- analyzedbyour ownintelligence the Food and Drug Administration, 1211 Avenue of the Americas, New York, N.Y., 10036 troduced inspections and testsof community,” rather than “rush to 2017-19 where he helped implement Telephone 1-800-DOWJONES frozenfood, which has frequently conclusions that may be motivated the Food Safety Modernization Act. P2JW053000-0-A01800-1------XA

A18 | Monday, February 22, 2021 THE WALL STREET JOURNAL.

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Last Week: S&P 3906.71 g 0.71% S&P FIN À 2.81% S&P IT g 1.92% DJ TRANS À 0.75% WSJ $ IDX g 0.10% LIBOR 3M 0.175 NIKKEI 30017.92 À 1.69% See more at WSJ.com/Markets Group Seeks Kohl’s Board Takeover M&T Bank Nears Deal Activist investors 9.5% stakeinKohl’sand nomi- totalrevenue fell 25% to $9.8 shareholdersthat wasviewed based Kohl’shas amarket value want to reverse the nated nine people earlier this billion in the nine months by TheWall Street Journal. It of about $8.3 billion. Itsshares year to itsnow-12-person board, ended Oct. 31. Losses forthe also is calling on Kohl’store- have risen about 18% over the Va lued at retail chain’s declines the people said. Neither the size period totaled $506 million duceinventorylevelswhile im- past year,trailing a73% jump in operating margin of the stakenor the boardbid compared with aprofitof$426 proving offeringsand make foranindextracking the retail previously hasbeen revealed. million ayear before. discountsand promotions eas- sector as awhole. $7 Billion BY CARA LOMBARDO Thetrio of activists, which Kohl’sisset to report its ier forcustomerstofollow. While amassing enough previouslyteamed up on acam- fourth-quarter and full-year Kohl’ssaid in astatement it shareholder support to take BY ORLA MCCAFFREY Agroup of activist investors paign that remade the board of 2020 resultsMarch 2. has been in discussions with control of acompanythe sizeof AND CARA LOMBARDO has abig stakeinKohl’s Corp. retailer Bed Bath &Beyond Theactivistsare calling for the group sinceDecember and Kohl’scan be atall order and and is attempting to take con- Inc., thinks Kohl’sisn’t moving Kohl’stotakearangeofac- remains open to newideas.It activistsoften settle forfewer M&TBank Corp.isnearing trol of the department-store fast enough to addressstagnant tionsincluding adding direc- said it is confident itsnew seatsthan they initially seek, adeal to buy People’sUnited chain’sboard, according to peo- sales and declining operating tors with retail experiencewho strategypublished in October thereissome precedent fora Financial Inc.for morethan $7 ple familiar with the matter. margin, issues that predatethe canwork with Kohl’sCEO Mi- will accelerategrowthand bid likethis to succeed. Thema- billion, according to people fa- Agroup that includes activ- pandemic,the people said. chelle Gassand considering a profitability.Italso noted that jority of Bed Bath &Beyond’s miliar with thematter, in the ists Macellum AdvisorsGPLLC, Thecompany’soperating sale-leaseback of some of its sinceitwas unveiled, it has re- directorswerereplaced in con- latest in astring of regional- AncoraHoldings Inc.and Le- margin fell to 6.1% in 2019 from morethan $7 billion in non- ceived seven upgrades from eq- nection with the activists’ 2019 bank tie-ups. gion PartnersAsset Manage- 11.5% in 2011 while itssales core real estate, according to uity analystsand itsstock price campaign: five by the company Thecompanies arediscuss- ment LLC,aswell as 4010 Capi- were little changed. Then the the people and aletterthe has appreciated 150%. and four as part of asettle- ing an all-stock deal that could tal LLC,controls acombined coronavirus pandemic hit and group plans to send to other Menomonee Falls,Wis.- PleaseturntopageB4 be announced as soon as this week,the people said, assum- ing talks don’t fall apart. Based Bitcoin inﬂation rate Bitcoin's value hit in Bridgeport, Conn., People’s United has amarket value of Surging Bitcoin Eclipses 200% $1 trillion roughly $6.6 billion, while Buf- as it tradedat falo,N.Y.-based M&T’sismore High in early years $55,000 Friday when mostofthe than $19 billion. $1 Trillion in Market Va lue supply wascreated. Combined, the banks would have morethan $200 billion in assets, with anetwork of BY PAUL VIGNA handful of companies,most no- market capitalization were to branches concentrated in the tably Tesla Inc., recently match that of gold. Almost any Northeast and mid-Atlantic re- Thetotal market value of started buying it fortheir cor- priceinbetween could be justi- $750B gions.The deal would facilitate bitcoin crossed $1 trillion on poratereserves. fied because of the intense in- M&T’sexpansion intothe Bos- Fridayasthe pricesurged Yetdetermining afair value terest from retail buyers, he tonmarket and strengthen its above$55,000. forbitcoin is much harder than added. position in NewYork and Con- Passionatebackersare fond valuing stocks,investorssay, Bitcoin’sbackersare apas- necticut. of saying the digital currencyis both because bitcoin isn’t atra- sionatebunch, lessconcerned ForM&T,abusy acquirer,it on atrajectory“to the moon.” ditional asset and because much with fundamental analysis than Priceperformance would be itsfirst major take- Forthe lessfaithful, determin- about it is misunderstood. afervent belief that bitcoin is 400% over sinceits acquisition of ing bitcoin’svalue is much “It’sadifficult asset classto the future. That ethosis Hudson City Bancorp.Inc.in morecomplicated. value,” said J.P. MorganChase summed up in asingle word: Bitcoin 2015.That deal wasdelayedfor Bitcoin has skyrocketed analyst Nikolaos Panigirtzo- hodl, amisspelling of “hold” three yearsafter regulators sincethe beginning of 2020 glou,who estimates the value from an impassioned 2013 post 500 found “significant weaknesses” when it wastrading around of one bitcoin could be as little on abitcoin forumbyatrader in M&T’santi-money-launder- 200 $7,000.Asteady stream of in- as $11,000 or as much as during one of bitcoin’speriodic ing and consumer-compliance stitutional demand has been $146,000. crashes.Itmeans always keep programs. credited with driving much of Thelow end of that rangeis buying,nomatterwhat, and M&Tisamong the largest that rally.Billionairehedge- what it costsincomputing never sell. To these people,bit- regional lendersinthe North- fund managers disclosed pur- powertocreateabitcoin, he coin’svalue is limitless. east, with $142.6billion in as- Gold chases: Paul Tudor Jones called said, while the high end marks To others, determining bit- 0 Total market value of bitcoins sets at theend of 2020.Com- it a“great speculation.” A bitcoin’sestimated value if its PleaseturntopageB5 Sept. 2020 ’21 in circulation, in billions mercial real-estateloans comprise almost 40% of its 250 portfolio,including some to NewYork City’s batteredhospi- tality sector.But loan perfor- manceatthe bank,aswell as Source:CoinMarketCap (total market that of manyofits regional value, inﬂation); CoinDesk (bitcoin); peers, has been better-than-ex- FactSet (futures) pected over the past year. People’sUnited operates about 450 branches in Connect- icut, southeastern NewYork, Massachusetts,Vermont, New Jan. 2020 Jan. 2021 0 Hampshireand Maine.The bank said last month it wouldn’t renewcontractsatthe 140branches located inside the Online Frenzy for GameStop Drives an ETF grocerychain Stop &Shop.

BY MICHAEL WURSTHORN StreetBetsforum and whose amounting to $506 million in as an also-ran by manyinves- From amarketsperspec- enthusiasm hasturned this redemptions,driven in part by tors in aworld dominated by tive, the link between INSIDE GameStop mania has mundane investment intoa what some analystsdescribe Amazon and Costco,atone GameStopshares and the spilled over intoapopular ex- roller coaster. as afrantic rush by tradersto point this year accounted for State Street ETFisafeature change-traded fund, as the On Jan. 27,GameStopCorp. liquidatethe ETF—whose 20% of the State Street fund. rather than abug.ETFsare WallStreetBetscraze reaches soared 135%,driven by events priceattimes traded at dis- Theroller-coaster ride in basketsofsecurities,likemu- beyond shares favoredonso- such as Tesla Inc.Chief Execu- countsrarely seen in this part the retail ETF“isn’t something tual funds,tradable intraday cial media. tiveElon Musk tweeting of the world—toget their yousee really ever,” said Kom- on an exchange. Their ex- Thefund, StateStreet’s “Gamestonk.” TheState Street hands on underlying son Silapachai,avicepresi- changelisting creates alink SPDR S&P Retail ETF,was fund jumped 42% the same GameStopshares. dent of research at portfolio between the priceoffund created in 2006 to giveinves- day. Thenextday,GameStop Thewhipsawtrading high- strategyatSageAdvisory.Mr. shares and the value of the tors broad exposuretomall- shares tumbled 44% and the lightshow the mania in Wall- Silapachai said the firm underlying securities that storefirms.Its shares have fund, known by itsticker XRT, StreetBetsfavorites like bought shares of the ETFlast savvytraders—notably so- surged23% this year,far out- dropped about 9%. GameStopcan drivepricing in year as away to playthe called authorized participants, HEARD ON THE stripping a4%gain in the S&P On Jan. 28,the fund suf- other investments, in this case growth in e-commerce and financial firms chosen by the STREET 500,despitethe uncertain out- feredits largest single-day one typically preferred by in- sold them last monthata ETFissuer to managethe ETF Shale companies look forretail. Behind those outflow in morethan ade- vestorsseeking portfolio di- profit. He said the firm is still shares’ trading—can quickly gains arethe traderswho con- cade,according to FactSet. versification and targeted ex- seeking to invest in acyclical exploit forprofitwhen it gets re-emerge at a gregateonsocial-media plat- Three-quartersofthe money posuretoindustrysectors. economic recovery but won’t out of whack.That is what slipperytime. B10 forms such as Reddit’sWall- in the fund flowedout, GameStopshares,long viewed use this ETFtodoso. PleaseturntopageB9 Groceries Wrestle With Masks EateriesTakeBiteOut of Food-Order Apps

BY PREETIKA RANA livery-app fees,totry to rein in Monthly delivery sales Makersofthe newservices say AND HEATHER HADDON restaurants’ costswhile the loggedbyapps,change they save both restaurantsand health crisis keeps people home. from ayearearlier consumersmoney,because res- Apps like DoorDash and “The pain over app commis- taurantsaren’t marking up Uber Eatshaveprovided res- sions is not new…the pandemic 200% menu prices to offset commis- taurantsaflood of customers just exacerbated it,” said An- sions and they cancharge cus- in the pandemic.Now ahost of drew Wang,the founder of tomerssmaller deliveryfees. food-ordering tools,along with Spread, awebsitethat charges 150 Sales on third-party food-de- some restaurants, arefinding restaurants$1per order and liveryservices aremorethan waysaround those apps and marketsitself as acheaper and double what they were before thecommissions they charge. morerestaurant-friendly alter- 100 the pandemic,with levels of de- DoorDash Inc., Uber Tech- nativetothe big apps. mand staying high, according to nologies Inc.’sEatsand Grub- Mr. Wang says restaurants an analysis of credit- and debit- hub Inc.can charge restau- give Spread lowerprices for 50 card datafromEarnest Re- rantsupto30% of everyorder menu items.Restaurantssay search. DoorDash, Uber Eats —a chunk manyownerssay they typically mark up on pop- and Grubhub have registered 0 dentsprofits even as more or- ular apps to makeupfor the the biggest growth, though ders come in. commissions that those ser- Jan. Jan. smaller deliverycompanies such Anew crop of services is vices charge. 2020 ’21 as Chowbus and Ritual Technol- JOURNAL promising online ordering at a Deliveryisanexpensivelo- Source:EarnestResearch ogies Inc.loggedyear-over-year

REET lower cost to eateries, by let- gistical undertaking.DoorDash increases in December and Jan- ST

LL ting therestaurantsarrange and Uber Eatshavetrimmed restaurantstoorganizetheir uary, the datashows.

WA more deliveries themselves. their losses as ordershave owndeliveries—as pizza shops Long John Silver’s LLC,the

THE Chipotle Mexican Grill Inc., surged, but have yettopost a and takeout businesses have nearly 700-unit fast-food

R ShakeShack Inc.and other yearly profit.Grubhub has in- long done—or to outsource de- chain, plans to introducea FO chains have acknowledged the curred newlosses,inpart as liveries to apartner. Lyft Inc. system later this year forcus- UN

BY cost of app-based deliveryor- commission caps weighed on has said it is exploring such tomerstoorder directly on S. ders, and manysay they intend its bottom line. partnerships with restaurants. thecompany’swebsite, with ON

YO to addressit. Localgovern- Some newplayers saythey Whether these alternatives deliveryhandled by athird- Supermarkets find themselves policing safety measures to stem mentsfromNew York to Seattle can steer enough orders to cangrabmarket share, or turn party delivery service. the spread of the coronavirus pandemic. B3 have enforcedrules capping de- make it worthwhile for the profits, is an open question. PleaseturntopageB2 P2JW053000-4-B00200-17FFFF5178F

B2 | Monday, February 22, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Cyxtera Technologies..B4 Nike...... R6 Truckers Seek Priority for Vaccine Accenture...... R2 D - K Northern International Group...... A10 Aerojet Rocketdyne Delta Air Lines...... B4 Holdings...... B4 Oasis Petroleum...... B10 DLA Piper LLP...... A4 BY JENNIFER SMITH dent of safety policyfor the Affirm Holdings...... B4 DoorDash...... B1,B4 P - S Airbnb...... B4 Facebook...... A4 PayPal Holdings...... B4 American Trucking Associa- Albertsons...... B3 FedEx...... B2 People's United Truck driverslikeMichelle tions.The industrygroup esti- Alibaba Group Holding 4010 Capital...... B1 Financial...... B1 Kitchin have loggedthousands mates thereare between A1 GameStop...... B1,B9,B10 PepsiCo...... R8 of milesduring the pandemic 500,000 and 550,000 for-hire Alphabet...... A4,B2,B3 Gazprom...... A5 Pfizer...... A10 Altria Group...... R8 Glencore...... B4 Philip Morris to deliver food,household long-haultruck drivers. Amazon.com...... A4,B3 Goldman Sachs Group International...... R8 goods and medical supplies,in- TheATA wantsthe Centers American Airlines Group B4, B9 Pratt & Whitney...... A1 cluding the Covid-19 vaccine. forDisease Control and Preven- A4 Greenoaks Capital Procter & Gamble...... R8 Ms.Kitchin, who hauls office tion to givepriority to vaccines American Express...... B4 Management...... B4 Raytheon Technologies Ancora Holdings...... B1 Groupon...... B2 A1,B4 furnitureand producefor amid- fortruck drivers, calling them Apple...... A4 Grubhub...... B1 Robinhood Markets..B10 sizetrucking companyinByron “the linchpin of our nation’sen- B Home Depot...... A6 Shake Shack...... B1 Center,Mich., hasn’t yetbeen tirefrontline response” to the IBM ...... B3, R SpaceX...... A3 able to getthe shot herself. pandemic. Bank of America...... A4 JPMorgan Chase...A4,B4 Square...... B4 Bank of New York “I would loveto,” said Ms. Vaccinations of dockworkers Kohl's...... B1 Starboard Value...... B4 N/REUTERS

Mellon...... B2 Kroger...... B3 Starboard Value Kitchin, 57,who said she hasn’t SO in Southern California have BC Partners...... B4 Acquisition Corp. Un B4 contracted Covid-19 and wants OL started afteraprolonged Covid Bed Bath & Beyond....B1 L - O CH

State Street...... B1 NI Bessemer Venture Legion Partners Asset to keep it that way.She wears outbreak slowedoperations at Management...... B1 T - Z CY

Partners...... B4 masks“religiously,” she said, LU seaportsthat handle morethan Best Buy...... R5 Lockheed Martin...A4,B4 Target...... R6 andhas avoided seeing family Patty Castillo received a Covid-19 vaccination on the first day the athirdofall containerscoming Lyft...... B1 Tesla...... B1 BHP Group...... B4 and friends “because Ijust didn’t shots were available for port workers in Long Beach, Calif. intothe U.S. BioNTech SE...... A10 Macellum Advisors.....B1 Tiger Global Boeing...... A1,A4 Macy's...... A6 Management...... B4 know—am Icarrying it? Or if About 800 unionized work- Bumble...... B4 Magnite...... B9 Uber Technologies...... B1 they getmesick,Idon’t want to Covid-19 cases in Southern Cal- Over-the-road truckers, who ersatthe Port of Long Beach Medina Capital...... B4 United Airlines Holdings spread it acrossthe country.” ifornia has thinned cargo-han- oftenspend weeks at atime received shotsFeb.12ata C Merck...... R6 A1,B4 Chesapeake Energy..B10 Michaels Cos...... R8 Vision Blue ResourcesB4 As the vaccine rollout accel- dling crewsatthe portsofLos hauling goods acrossstate clinic runbythe city of Long Chipotle Mexican GrillB1 Microsoft...... A4 Walmart...... R4 erates,freight operatorsand Angeles and Long Beach, con- lines,faceother hurdles as eli- Beach’shealth department. Coca-Cola...... B4,R8 Moderna...... A10 Weis Markets...... B3 transportation groups are tributing to aslowdown at the gibility broadens.Statesreceive “It’sastart,” said Gene Ser- Colgate-Palmolive...... R8 Morgan & Morgan...... A4 Whiting Petroleum...B10 pushing to gettheir workforce gatewaysand congestion across doses based on their popula- oka, executivedirector of the Comcast...... B4 M&T Bank...... B1 World Wrestling Conagra Brands...... R9 NBCUniversal Media.R10 Entertainment...... R10 betteraccesstovaccinations, U.S. supply chains. tion,and some requirepeople neighboringPort of LosAnge- Costco Wholesale...... B3 NextSource Materials B4 Zillow Group Cl C...... B5 arguing their operations are Although transport and logis- to liveorwork in astate to get les.“We’vegot 15,000 long- crucial to keep the economy tics workersare considered es- vaccinated there. Shotsare shoremen and women, and an- running.That is thrusting truck sential under federal recommen- largely administered by local other 85,000 that come to work drivers, parcelcarriersand dations forprioritizing vaccine jurisdictions,but truckersdon’t hereatthe port everyday. INDEX TO PEOPLE dockworkersintoaheated na- access,manyjurisdictions in easily fitintooperations rooted Deliveryworkersare also tional debateoverwho should setting local priorities haven’t in particular places and times. waiting fortheir turn at the A - D Grimm, Jon...... B1 Musk, Elon...... B1 getpriority forthe shots, as yetmade truck driversand “A driver can’t just pull an shot. A FedEx Corp.spokes- Abbott, Greg...... A7 Hanke, Steve...... B5 Narang, Aman...... B1 teachers,public-transit workers other logistics workerseligible. 18-wheeler into aCVS parking woman said the company“is Antoci, Tony...... B3 Hassett, Melissa...... A2 P and other essential workers In Ms.Kitchin’shome stateof lot, getthe shot, and by the actively working with state Bajaj, Mohit...... B9 Hawkins, Devan...... B3 Panigirtzoglou, Nikolaos jockey foraplaceinvaccina- Michigan, forexample,freight way come back three weeks agencies to attempt to priori- Bartolini, Matt...... B9 Hughes, Patrick...... B10 B1 Blackbourn, Oliver....B10 J - L Patrick, Vanessa...... R9 tion lines defined by national workerscan’t getthe vaccine later to getthe second shot,” tizevaccine availability forour Call, Mark...... B3 Johnson, Gerald...... R7 Peron, Matt...... A6 andregional priorities. unlessthey are65and older. said Dan Horvath,vicepresi- frontline team members.” Chapman-Hughes, Susan Jones, Paul Tudor...... B1 Pickering, Dan...... B10 Transport groups saylogis- B1 S - W Connolly, Sean...... R9 Joshi, Dhaval...... A6 tics workersare keeping hospi- Davis, Mick...... B4 Krishna, Arvind...... B Sage, Brian...... A2 tals and stores stocked with Salen, Kristina...... R10 F - H Li, Sean...... B2 critical goods and deservepri- M - N Silapachai, Komson....B1 Firestone, Tom...... A4 Smith, Jeff...... B1 ority. Fonseca, Nelson...... B1 Manyika, James...... R6 Smith, Steve...... B3 Thecoronavirus’simpact on Fredette, Steve...... B1 Mattingly, Stephanie..B2 Tenev, Vlad...... B10 the front lines of distribution Fuentes, Laura...... R2 McCaul, Michael...... A7 Turner, Chris...... B10 Griffin, Ken...... B10 McMillan, Brad...... A1 Wang, Andrew...... B1 has been evident at the coun- Griffin, Mark...... B3 Medina, Manuel...... B1 Weisman, Jonathan....B3 try’sports: arecent surge of BNY Mellon, Google Develop AI to Spot TreasuryTrade Fails

BY JOHN MCCORMICK penalty recommendations “It’salarge market,” said from the TreasuryMarket Brian Ruane,chief executiveof Bank of NewYork Mellon Practices Group, which could BNY Mellon’sclearanceand col- Corp., working with Alphabet be up to 3% of the face value lateral management business. Inc.’scloud-computing business, of the securities, BNY Mellon “So 2% is still alarge number.” Google Cloud, developed ma- said. TMPGisanindustry When the Treasurymarket chine-learning technologyde- trade group sponsored by the technologyservice, which BNY signed to predict when Treasury Federal Reserve. Mellon announcedearlier this market trades will fail to settle. BNY Mellon, which is one of month, predictsamarket trade Treasurysecurities are the largest clearing and settle- will fail to settle,itprovides a traded by broker-dealers, insti- ment firms in the roughly $20 warning to the client and allows tutional investors, banks and trillion Treasury market, said them to take correctiveaction, others.Thereare anumber of that on atypical dayabout 2% such as obtaining additional se- reasons U.S. Treasurytrades of transactions fail to settle. curities to fulfill atrade. canfail, such as if one party is BNYMellon is involved in the Thebank used 10 months of shortthe securities needed to clearing and settlement of BNY Mellon settlement datato completeatrade,acomputer about athirdofU.S.Treasurys, train and test the model and IBKR charges system goes down, or because according to research and con- found it canpick up about of some other operational issue, sulting firm AiteGroup.Other 40% of the trades that are according to the custody bank. firms clearing and settling likely to fail. Themodel is new Thefailuretodeliver the Treasurytrades include JPMor- and will learn and getbetter margin loan securities cancause both rep- ganChase and State Street as it ingests more client data, utational harm and result in Corp., according to Aite. Mr. Ruane said. rates1 from 0.75% TO % S

O’ 1.59 ILL RT PO Portillo’sstruck adeal with DoorDash in 2017, but steered some businesstowardits ownapp recently.

rants in coming months. works with a partner to com- Eateries All three apps saythey have plete the other orders. spent millions of dollarsto Fare,aNew York-based de- support small restaurants livery servicestarted by cater- Focus on through grantsand free pro- ingcompanyCaterCow, offers motions.DoorDash said it dinersalimited selection of eat- waived commissions foreater- eries to order from—a playto Order Fees ies with five or fewer outlets drivevolume.Fare’srestaurants in the early months of the deliver themselves,with owners health crisis. Grubhub said it and managersdoubling up as ContinuedfrompageB1 suspended commissions forin- delivery drivers. Deliveries are “Wedidn’t want to con- dependent restaurantsfor the made at preset times during ibkr.com/margin tinue to deal with these com- firstfew weeks of the pan- lunch or dinner,which helps panies,” Stephanie Mattingly, demic. Uber Eatssaid it has restaurantskeep costsdown. the chain’schief marketing of- halved commissions forres- “It isn’t the best if youwant ficer, said of the big delivery taurantsdoing their ownde- your food in the next 20 min- apps.“They arethe necessary liveries through this midyear. utes,” said Chief ExecutiveSean evil for us right now.” Spread’sMr. Wang,who Li. Theserviceisabetterbet Thebiggerapps saythey helped Groupon Inc.launch its forpeople who liketoorder Interactive Brokers Rated #1 aretaking steps to help.Door- deliveryservice, has tried to meals in advance, he added. Best Online Broker 2020 by Barron’s* Dash recently started building surfgrowing consumer senti- Some restaurantsare taking websites forsmall restaurants ment against commissions,de- on moreonline businessinan that enable customerstoorder signing cartoons and stickers attempt to bypass the apps. directly from eateries. Rather that showthe downsides of the Portillo’s Hot DogsLLC Trading on margin is only for sophisticated investors with than taking acommission, biggerapps’ practices.Hehas struck adeliverydeal with DoorDash chargesrestaurants encouraged restaurant part- DoorDash in 2017, but began high risk tolerance.You may lose more than your initial investment. aflat feetodeliver orders nerstopack them intoorders. steering some businesstoward placed viathose sites.Con- Half of the 150 restaurants itsown app during the pan- Member -NYSE, FINRA, SIPC -*Interactive Brokers rated #1, Best Online Broker according to Barron’s Best Online Brokers Survey of 2020: February 21, 2020.For more information sumersalso typically payapps on Spread maketheir ownde- demic. The63-unit chain put see,ibkr.com/info -Barron’s is aregistered trademark of Dow Jones &Co. Inc. forthe cost of delivery. Uber liveries, Mr. Wang said. They some idled workers on deliv- [1] Margin Loan rate as of 02/01/2021. IB calculates the interest charged on margin loans Eatshas started asimilar fea- set their owndeliveryfees for eryduty and started handling using the applicable rates for each interest rate tier listed on its website.Rates shown apply to IBKR Pro clients only.Rates subject to change.For additional information on ture. Grubhub said it is build- customers, he said, oftenpric- larger to-go orders. margin loan rates, see ibkr.com/interest ing apps forchains and will ing lowerthan the big apps to Driversarriveoncustomers’ 02-IB21-1386CH1358 makesimilar services available encouragemoreorders. The doorsteps in Portillo’s uniforms, free to independent restau- NewYork-based company andworkersare tipped directly. P2JW053000-4-B00300-1------XA

THE WALL STREET JOURNAL. **** Monday, February 22, 2021 | B3 BUSINESS NEWS Grocers Wrestle With Mask Mandates

Supermarkets find who threaten lawsuitsfor en- forcing mask mandates. themselves policing Mark Call, the owner of safetymeasures to Shop’n Save in Maine,said an antimask customer tried to stemspread of virus runhim over with acar in De- cember after he was asked to BY JAEWON KANG leave the store. AND MICAH MAIDENBERG “Ifweoffend people,weof- fend people,” Mr.Call said, Some supermarketsare still adding that ensuring proper struggling to figure out howto wearing of masks also contin- deal with customerswho show ues to be an issue. up without masks or don’t Other grocerssay they wear them properly. want to be cautious of alienat- Thechallengecomes almost ing anyshoppersasthey en- ayear intothe pandemic,and force guidelines. afterpublic-health authorities “Wewould never want to have repeatedly said masks createasituation wheresome- areacritical tool in limiting one felt bullied or reacted in a the spread of the coronavirus. violent way,” said Jonathan JOURNAL Translating that adviceinto Weis, chief executive of Weis

stores hasbeen challenging, REET Markets Inc., which operates ST

grocerssay,putting them in LL in seven states,including

the uncomfortable position of WA Pennsylvania and Maryland.

policing customersand trying THE Some local public-health

to defuse confrontations. R agencies have recorded out- “You stillhavewhat Icall FO breaks tied to supermarket UN

boneheadsthat won’t wear BY employees.Los Angeles masks,” said SteveSmith, S. County’s public-health depart- ON

chiefexecutiveofthe Food YO ment said in Januaryabroader City chain. AShop’nSave grocery store in Maine. Mark Call, the owner,said thatensuring thatmasksare worn properly continues to be an issue. surge in cases in the Southern Thecompany, which has California region had contrib- stores across four Southern “It putsusinanenforce- dropping statewide mandates keep decreasing and vaccines guidelines such as tempera- uted to outbreaks at grocers, states,put safety managersat ment role.That’snot arole we while health officials ask peo- are distributed, he said. ture checks forcustomers. as well as at other workplaces. the front of the stores to en- want to be in,” said Mark Grif- ple to be vigilant. And vaccines “The risk might be lowerin Some have adjusted measures, As of Feb. 17, Colorado had couragemask-wearing,but fin, president of Midwest currently remain out of reach April than in January, but it’s cutting one-way aisles and activeinvestigations intoout- some customers have contin- chainB&R Stores Inc.The forthe majority of the popula- stillelevated compared with bringing back some buffets breaks tied to staff at Whole ued to push back,hesaid. companytrains staff to offer tion. Public-health expertssay those who aren’t seeing as when local ordinances allow. Foods Market, owned by Ama- “We’ve had everyfoul lan- masks and ask shoppersto the sheer number of shoppers many people,” he said. But even with various pro- zon.com Inc., Trader Joe’s, guage told to us,” he added. leave if they don’t put on face who patronizegroceries each Localbranches of the United tocols in place, supermarkets Kroger’s King Sooperschain Grocers, including Kroger coverings. Mr. Griffin himself day creates risks forworkers. Food and Commercial Workers oftenare at theforefront of and other stores.Almost 180 Co.and Albertsons Cos., re- hashad confrontations with Devan Hawkins,aninstruc- International Union, alabor friction. Tony Antoci,chief ex- Costco Wholesale Corp. em- quire employees and custom- antimask customerswho he torofpublic health at the group that representsgrocery ecutive of Los Angeles-based ployees at astore near Yak- erstowear masks,and have said launched into “a tirade.” Massachusetts Collegeofstoreemployees,havesaid Erewhon Market, said dozens ima, Wash., were infected be- added other safety measures Afterasurge in newcases Pharmacyand Health Sciences grocerychains aren’t doing of antimask protestersshowed tween roughly the middle of such as plexiglass barriers in around and just afterthe holi- who worked on a study of vi- enough to enforce mask poli- up at one of his stores in De- December and early January, checkout aisles and signage days, newCovid-19 infections rus-related deaths in the state cies and other safety measures. cember.His staff called the health officials said. reminding shoppersabout so- have been falling morere- by occupation, said masks and Food retailerssay they con- police after it got violent. Trader Joe’ssaid it contin- cial distancing.Some super- cently.Grocery employees in distancing measures will continue to followcapacity limits “It’sone of the thingswe uestowork with health offi- marketsalso provide masks some states,including New tinue to matterfor workers whererequired and enforce have to put up with,” Mr.An- cials and that infection rates forcustomersatnocharge, York,Illinois and Virginia, are with jobs that putthem into sanitization and distancing. toci said, adding that Ere- among itsworkershavere- but they say issues persist in noweligible to getvaccinated. contact with significant num- They saythey remain in close whon receives multiple com- mained belowcommunity infec- ensuring that customerswear Still, masks remain conten- bers of people each day. That contact with health officials, plaintsevery week from tion rates. Whole Foods,Costco masks and do so properly. tious,with some governors is true even if new infections and some have introduced new customers, including those and Kroger had no comment. Boom in Blank-Check Deals ReachesEastAsia Investors

BY JING YANG NewFrontier Health’s shareprice

Thousands of miles from $11.00 Wall Street, the boom in blank- check companies is taking hold in aregion wheremajor stock exchanges don’t let firms raise 10.00 IPOprice money forunspecified uses. In mainland China, Hong Merger Take-private Kong and Singapore, investment completed plan announced firms controlled by tycoons and 9.00 money managershavecollec- tively raised billions of dollars S

on the NewYork Stock Ex- NEW changeand Nasdaq Stock Mar- G 8.00 ketoverthe past year via special-purpose acquisition OOMBER vehicles,showing howfar- /BL

reaching the boom has been. ISHAK

Thevehicles arepublicly 7.00 YN UR

listed shell companies with 2019 ’20 ’21 LA ready pools of cash to invest Sources: FactSet (shareprice); the company The Singapore Exchange is considering a public consultation to allow SPAC listings. in—and merge with—private businesses.They have been raised from SPACsinthe region equity firm founded by Fred ering apublic consultation to ing Japan, at Goldman Sachs.He chain in China, the company touted by investment bankers forall of 2020.Bankerssay Hu, aformer chairman of Gold- allowSPAClistings. said the test will be whether the went public on the NYSE in 2019 as an easier way forstartups to moreissuances arelikely,in- man Sachs Group Inc.’sGreater Theexuberancehas sparked companies cansuccessfully “de- via aSPACissued by NewFron- go public.IfaSPACfails to find cluding from private-equity China business. Other backers debates about whether the SPAC,” aterm used to describe tier Group,aninvestment firm amergertargetbyadeadline, groups.“This is acompelling of blank-check vehicles include trend will continue and their eventual acquisitions of led by former Hong Kong finan- typically two years, investors pocket of capital that all the Hong Kong billionaireRichard whether therewill be enough operating businesses.“If so, cial secretaryAntonyLeung. could take their money back. largeprivate-equity and ven- Li and Chinese rainmaker Fang suitable targetstobemerged then as with everything,success Formorethan ayear,shares As of Feb. 18,eight SPACs ture firms in Asia will be con- Fenglei. with if the paceoffundraising begets success,” Mr.Maliah said. of NewFrontier Health, the sponsored by companies in sidering,” said UdhayFurtado, They have all flocked to the continues.Most Asia-sponsored So far,Asian companies that merged entity,traded below Asia raised atotal of $2.3bil- co-head of Asia equity capital U.S.—whereinvestorsare plow- SPACsare aiming to merge went public via SPACsinthe the $10-per-sharepricethat lion this year,according to Dea- marketsatCitigroup Inc. ing money intoblank-check with businesses that plan to U.S. have largely underwhelmed they were originally sold at. logic data. Thesum is small rel- Recentdeals have included firms—because largerex- grow in the region. investors. One of the largest Lastweek,the companysaid a ative to what has been raised the $360 million NYSE listing changes in Asia haven’t allowed “People arenoticing and such mergers wasthe $1.4bil- consortium led by Mr.Leung by American companies,but it of Primavera Capital Acquisi- such companies to list. The watching,” said RaghavMaliah, lion listing of United Family planned to take it private, send- already surpassed the total tion Corp., backed by aprivate- SingaporeExchangeisconsid- co-head of M&A in Asia, exclud- Healthcare. Ahigh-end hospital ing the stock priceabove$11. IBM Retreat Highlights Hurdles for Health AI

BY DANIELA HERNANDEZ the ranch” move. It didn’t live Tech companies also some- businessstruggles,leadership AND ASA FITCH up to the hype.WatsonHealth times lack deep expertise in changes and layoffs,hesaid. has struggled formarket share howhealthcareworks,adding “Watson maybeveryem- Tenyearsago, International in the U.S. and abroad and cur- to the challengeofimplement- blematic of abroader issue at BusinessMachine Corp.’sarti- rently isn’t profitable. ing AI in patient settings, ac- IBM of taking good scienceand We arepleased to announcethe ficial intelligencesystemWat- Alphabet Inc.’sGoogle Deep- cording to Thomas J. Fuchs, finding away to makeitcom- sonbested humans at the quiz Mind unit, which developed a Mount Sinai Health System’s mercially relevant,” Mr.Saccon- appointment of the followingas show“Jeopardy!” Go-playing algorithm that van- dean of artificial intelligence aghi said. GeneralPartnersofthe ﬁrm, Thefeat wassupposed to quished achampion human andhuman health. Even as Watson Health ran herald ashiftinthe way ma- playerin2016,later launched “You truly have to under- intoproblems,the company’s effectiveJanuary 1, 2021: chines served up answers to several healthcare-related ini- standthe clinical workflowin research arm has continued to questions big and small, open- tiatives focused on chronic con- the trenches,” he said. “You givepriority to AI and health- ing up newrevenue streams for ditions.Italso has lost money have to understand whereyou care.IBM Research and Pfizer Big Blue specifically and Big in recent years and runinto caninsert AI and whereitcan developed speech testslast Valentino D. Carlotti Tech moregenerally.Akey tar- privacyconcerns over how be helpful” without slowing year to predict the onset of get: healthcare, atrillion-dollar health datawas being collected. thingsdowninthe clinic. Alzheimer’s disease,the com- Resident in NewYork industrymanysay is saddled Thestumbles highlight the ForIBM, the retreat under- pany said last year. with inefficiencies that some challenges of attempting to ap- scores the difficulties newCEO IBM wouldn’t comment tech advocates sayAIcould ply AI to treating complexmed- Arvind Krishna faces in restor- about the sale,but said Watson NoriyasuSonobe cure. ical conditions,healthcareex- ing growth at the iconic tech Health has had successes over Resident in Tokyo Adecade later,reality has pertssaid. Thehurdles include company. Mr.Krishna has said the years. “This work began fallen short of that promise. human, financial and techno- AI,along with cloud-comput- nearly 10 yearsago, at thebe- IBMisnow exploring the sale logical barriers, they said. Hav- ing, would be pivotal forIBM’s ginning of the AI revolution, of Watson Health,aunit whose ing access to datathat repre- prospects. and we explored groundbreak- INVESTOR SERVICES •INVESTMENT MANAGEMENT •PRIVATE BANKING marquee product wassupposed sentspatientpopulations Watson Health wasone of ing spaceinhelping physicians to help doctorsdiagnose and broadly has been achallenge, IBM’sfirst and the largest AI advancehealthcarethrough NewYork•Beijing •Boston•Charlotte •Chicago •Dublin cure cancer. the expertssay,ashavegaps in efforts, said Toni Sacconaghi, AI,” the companysaid. “IBM is GrandCayman•HongKong •Kraków•London •Luxembourg IBM spent several billion knowledgeabout complexdis- an analyst at Bernstein Re- continuing to evolvethe Wat- Nashville•Jersey City •Philadelphia•Tokyo •Wilmington •Zürich dollarsonacquisitions to build eases whose outcomes often search. IBM initially promoted son Health business, based on up Watson. Former senior IBM depend on manyfactorsthat it as an engine forgrowth, but our decade of experience, to www.bbh.com executiveJohn Kelly once maynot be fully captured in morerecently has given it less meet the needs of patientsand touted the initiativeasa“bet clinical databases. prominenceamid mounting physicians.” P2JW053000-4-B00400-1------XA

B4 | Monday, February 22, 2021 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Dining Software Firm to List Starboard SPAC Toast taps Goldman ganChase &Co. to underwrite Inc.and Bumble Inc.Shares of of-sale offerings, itsproducts NearsDealtoBuy Sachs, JPMorgan to apossible listing later this both aretrading far abovetheir includepayroll processing and year,these people said. It could IPO prices,asare those of 2020 email marketing,and it lends to underwrite a possible also consider other options in- predecessorsincluding Airbnb restaurantsthrough Toast Capi- IPO later this year cluding asale or combination Inc.and DoorDash Inc. tal. Competitorsinclude Square Data-Center Firm with ablank-check company, Also powering the record Inc.and PayPal Holdings Inc. BY CARA LOMBARDO some of the people said. There IPO market is awaveofso- TheBoston companywas val- AND MAUREEN FARRELL arenoguarantees Toast will called special-purpose acquisi- ued at around $4.9billion in a BY CARA LOMBARDO gives the target an alternative ultimately go public or pursue tion companies,which go pub- $400 million fundraising round routetothe public markets. Toast Inc.isplanning an another of the options. lic without abusinessand then roughly ayear agothat included Aspecial-purpose acquisi- TheStarboardvehicle raised initialpublic offering that In going public,Toast, a10- hunt forone to merge with. Bessemer VenturePartners, tion companybacked by share- $360 million when it went pub- could value the restaurant- year-old companywhose valua- Founded in 2011 by Aman TPG, Greenoaks Capital and Ti- holder activist Starboard lic last year.Inaddition to that, software provider at around tion has leapt several fold in the Narang,Jon Grimm and Steve gerGlobal Management LLC. Value LP is nearing adeal to Cyxteraisexpected to receive $20billion, people familiar past year,would join ared-hot Fredette,Toast provides pay- Thecompanylast week combine with data-center pro- funds raised alongside the with the matter said. IPO market fueled lately by the ment-processing hardwareand added American Express Co. vider Cyxtera Technologies merger, as is typical in SPAC Toast tapped Goldman high-profile debutsofcompa- cloud-based software forres- executiveSusan Chapman- Inc., according to people famil- deals. Sachs Group Inc.and JPMor- nies including Affirm Holdings taurants. Aside from core point- Hughes to itsboardofdirectors. iar with the matter. BC Partnersand Medina StarboardValue Acquisi- Capital combined CenturyLink tion Corp.isdiscussing adeal Inc.’sportfolio of datacenters that would value Cyxteraat and associated colocation busi- Fight Seen around $3.4 billion including nessand assetsfromMedina in debt,the people said. It could aroughly $2.8billion deal that be finalized by Mondayassum- created Cyxterain2017. (Centu- For Kohl’s ing the talks don’t fall apart, ryLink last year renamed itself they said. Lumen Technologies Inc.) Cyxtera’sexisting owners, Cyxteraisbased in Miami Board including private-equity firms and led by Chief ExecutiveOffi- BC Partners and Medina Capi- cerNelson Fonsecaand Execu- tal,plan to roll their equity tiveChairman Manuel Medina, ContinuedfrompageB1 stakes intothe combined com- founder of Medina Capital. ment. pany,the people said. Both formerly raninformation- Thegroup has held on-and- Cyxterahas morethan 60 technology-services provider off talks with Kohl’s, but the datacentersaround the world, Terremark Worldwide,which two sides have so far failed to serving thousands of compa- wassold to Verizon Communi- reach an agreement that would nies and government agencies. cations Inc.in2011 and later to avert afull-fledged proxyfight S It is one of the largest retail-co- Equinix Inc.

at the company’sannual meet- NEW location providers, with itsdata Cyxterahad revenue of G ing this spring. centersserving and connecting roughly $690 million in 2020, Thegroup’sslateofnomi- multiple customersand sup- the people said. Other large nees includeMacellum CEO OOMBER portingthe widespread adop- players in retail colocation in- Jonathan Duskin and former /BL tion of hybrid-cloud infrastruc- clude Equinix and Digital Realty

BurlingtonStoresInc.CEO MBERS ture. Demand fordata Trust Inc.

Thomas Kingsbury. CHA management wasalready on Starboardisknown forits

Business at Kohl’sslowedin TIN the rise thanks to the growth of activist campaigns and fre-

2019,well beforethe pandemic DUS everything from drones to in- quently investsinconsumer and hobbled nonessential retailers. The department-store chain’s business was slowing even before the pandemic forced closures. ternet-enabled gadgetswhen technologycompanies.Itholds As Covid-19 forced people to remotework and schooling ne- boardseatsatcompanies in- shelter at home,Kohl’s suffered Amazon.comInc.toaccept re- ment stores such as Macy’sInc. culling itsofferingsand has cessitated by Covid-19 gavethe cluding Papa John’sInterna- along with other chains that turns of items shoppersbought and J.C. Penney Co.that have said shoppersare returning to sector an additional boost. tional Inc.and NortonLifeLock sell mainly apparel. on the e-commerce giant’sweb- closed hundreds of stores. itsphysical locations.Italso SPACs, also called blank- Inc.Several of Starboard’sactiv- Sincebecoming CEO in 2018, site, helping to boost foot traf- Kohl’sadded retail consul- has plans to open hundreds of checkcompanies, have exist hedge-fund peershavealso Ms.Gasshas been lauded for ficatKohl’sstores. They aren’t tant Robbin Mitchell to its Sephorabeauty and makeup ploded in popularity.They raise backed SPACs, including En- her willingnesstoexperiment located in enclosed malls, boardlast week in what could shops inside itsstores. money in an initial public offer- gagedCapital LLC,ElliottMan- and trynew ideas.The former which has helped the chain es- be amovetoquell the activists. —Suzanne Kapner ing and look forabusinessto agement Corp.and Pershing Starbucks executivejoined with cape the fateofother depart- Theretailer has already been contributed to this article. combine with in adeal that SquareCapital Management. Mining Deal MakerDavis InvestsinFutureofBattery Power

BY ALISTAIR MACDONALD electric vehicles and making it siderable amount morethan his ture, the mining fund X2 Re- Mr.Davis’snew fund Vision Born and raised in South Af- possible to storewind and so- current commitmentstomake sources, failed to makeany in- Blue Resources Ltd. has so far rica, Mr.Davis firstcame to One of mining’sheavy- larpower. Those trends have ameaningfulimpact in battery vestments despiteraising $5.6 raised $60 million and plans to prominenceasthe financechief weightsisbetting on batteries pushed manyminerstoexpand billion. Sincethen, the man amassawar chest of several of miner Billiton, which he to powerhis comeback. intothe metals used to make nicknamed“Mick the Miner” hundredmillion. In itsfirst helped list on the London Stock Mick Davis, akey figure in batteries,such as lithium, co- Mick Davis hasfocused moreonhis in- deal, the fund recently invested Exchangeand later merge with the megamergers of BHP Ltd. balt, graphiteand nickel. believes volvementinBritain’sgoverning $29.5 million in NextSource BHP to createwhat is nowthe and Billiton as well as Glencore Thelast big secular change efforts to ConservativeParty than mining. Materials,which is developing world’slargest miner by mar- and Xstrata, is raising money to Mr.Davis said he bet on was move to low Mr.Davis said he realized agraphitemine in Madagascar. ketcapitalization. invest in companies that mine China in 2002, when he became carbon energy the strength of the moveto- Mr.Davis said he wantsto Mr.Davis then became CEO the metals required to store chief executiveofXstrata. will require ward greener fuels several invest in projectsthat he could of Xstrata, which he rapidly power. Driven by abelief that re- more batteries. yearsago as global leaderscrit- help to bring to fruition, scale grew.When it combined with His wager: Effortstomove sourceslikecoal, copper and icized the Trump administra- up quickly and that don’t re- Glencore in 2013,Glencore’s to low-carbon energy will re- zinc would be in demand as tion’senvironmental policies, quirebig investmentsininfra- CEO, Ivan Glasenberg, ulti- quiremorebatteries and pro- China developed, he helped metals.The market values of including withdrawing the U.S. structure, such as roads. mately gotthe topjob. vide apermanent shiftinmet- transform the small Switzer- listed producersare already from the Paris climateaccord. He expects demand forbat- Sincethen, Mr.Davis has yet als demand. land-based miner via astring high and rising,while investing “Donald Trump shone alight tery metals to be driven by to replicatehis early success. Oncethe preserveofcon- of deals intoamorethan $50 in explorersisalong-term bet, that thereisaglobal consen- electric vehicles and the need He set up X2 Resourcesin2013 sumerproducts, batteries are billiongiant. they say. sus,that this wasaninevitable to storeenergy from renewable to buy mining assetsbut ended disrupting the automotiveand However, bankerssay Mr. The63-year-old is looking to direction of travel, and I sources, whose output canbe up returning the billions it energy industries by enabling Davis will have to raise acon- bounceback afterarecent ven- wanted to be intoit,” he said. volatile. raised to shareholders.

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The Marketplace COMCAST AIRLINES guing they didn’t have the right close by year’s end. To advertise: 800-366-3975orWSJ.com/classiﬁeds systems in place. The Trump ad- Aerojet also received a sec- Data Caps Are Carriers to Request ministration backed away from ond request for information. Postponed to 2022 Contact Information later efforts to develop an alter- In December, Lockheed AUCTIONS nate plan. agreed to purchase Aerojet Comcast Corp. said it would Major airlines will start ask- Some carriers, including Rocketdyne for $4.4 billion, in a postpone data limits on broad- ing customers flying to the U.S. United Airlines Holdings Inc. bid to add one of the largest %)$*@47##., A%11.%@,#., band customers in the North- from abroad for contact-tracing and Delta Air Lines Inc., had al- makers of rocket motors for !*4% '1 8*!':86'&# ("1) &#(1 east until 2022. information to provide to the ready started their own volun- space and missile-launch sys- )** !,-&',2&( 4+/0'++1 3". #$%*% The shift comes after Com- Centers of Disease Control and tary contact-tracing initiatives. tems. %6-: /<10??10/44@ cast was met with the ire of Prevention, trade group Airlines —Alison Sider Last week, Raytheon Tech- customers and politicians about for America said. nologies Corp. Chief Executive ,6B limiting internet data usage dur- Passengers on international LOCKHEED MARTIN Officer Greg Hayessaid the &6: $6,# (->"#- '>-8.)23 *>59 ing the coronavirus pandemic, flights to the U.S. will be asked company was going to make its when millions are dependent on for telephone numbers, email ad- Agency Seeks More concerns about the acquisition their home networks for work dresses and an address in the Details on Deal known to the Justice Depart- '37735,1/%$%//%& -+3'; and school. U.S., on a voluntary basis. ment and the Defense Depart- Comcast, which has roughly The trade group’s president, Lockheed Martin Corp. re- ment. &!#!+*9 7*/;%+!5# '3. 28.4 million broadband custom- Nick Calio, said Friday that it ceived a second request for in- Lockheed said the deal would *-6 ,63365 CHH >3 /-6 5+0-/2 >3 @0B+/+>B4B6' @B<&' ers, has already limited internet hopes the move will help per- formation from the Federal offer “timely, cost competitive data usage to 1.2 terabytes a suade policy makers to lift inter- Trade Commission over its and innovative technology to 76/:+B+B0 ==$' CB9 %226/ .6<>K65G %22><+C/62' ==$' C2 month to customers in certain national travel restrictions and planned acquisition of Aerojet support our customers and the C22+0B66 3>5 /-6 ?6B6D/ >3 <569+/>52 >3 @0B+/+>B4B6' @B<& CB9 regions before customers are hit allow cross-border travel to re- Rocketdyne Holdings Inc. defense of our nation.” 76/:+B+B0 ==$' +B <65/C+B 2-C562 >3 <>EE>B CB9 ;56365569 with overage fees. sume. The defense company said it The company added that 2/>3F6/C"H>?CH!>H9+B02$>5;&@B3>5EC/+>B560C59+B0F6/C The company has said that Airlines last year balked at was working cooperatively with Aerojet will remain a merchant "H>?CH !>H9+B02 $>5;& +2 CKC+HC?H6 C/ ===7;6,#2->"#-7!>+& even during the pandemic, 95% the CDC’s demand that they col- the commission and that it still supplier to the entire industry. of its customers don’t reach the lect passenger contact data, ar- expected the takeover deal to —Colin Kellaher -<48 +0 (8 "84: )6<=002 limit. 2;<1) $0/-9 7=) ,=,7 .77+== *$ 5'63 —Lillian Rizzo COCA-COLA 2"4!3* %99(H +B3> C/ ###'(1%,)',)- ;652>BCH ;5>;65/G B/CBCH 8L62/+>B2& Sports-Drink Startup Stake Is Planned

Coca-Cola Co. said it plans to BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES take a controlling stake in S

BodyArmor, the sports-drink PRES %D21=#!>6 '$ &)@2 ;#873#?=7D6D 23 >#D+6 *9530A+; <153+5B@)05,+< -+<2+53 startup in which Coke first in-

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THE WALL STREET JOURNAL. **** NY Monday, February 22, 2021 | B5 BUSINESS NEWS Zillow Rolls Out Feature ForInteractive Home Tours

BY KATIE DEIGHTON tion: Anybody who wanted to images much likeGoogle look at the photos and the Street View.Redfin Corp.in- ZillowGroup Inc.has intro- floor plan at the same time troduced a three-dimensional duced afeaturethat letsusers hadtoopen two webpages. walk-through feature in 2014. virtually tour properties via Thenew feature integrates Butfinding agood way to their floor plans.Ithopes to them with 360-degree pan- present homes virtually be- provide abetteralternativeto oramic images of a home and came critical for listings plat- real-estateagents’ prere- letsusers“teleport” to differ- forms last year,when lock- corded video tours, which ent rooms by clicking around downs designed to slowthe have proven unpopular even the floor plan. spread of Covid-19 canceled

during apandemic-fueled “We’renow breaking down many in-person house view- OW

boom in visitstoits platforms. the barriersbetween these dif- ings—just as a rush for space ZILL Theonline real-estatecom- ferent types of listing media,” was pushing up home prices. Zillow's product aims to bring together a property's floor plan with photos and 3-D images. pany’snew browsing experi- said Josh Weisberg, vicepresi- Zillow already offered sell- ence, which became available dent of Zillow’srich media ex- ers and agents the capability according to the company. to showahome in that time,” creased nearly sevenfold since in an initial 25 U.S. regions perience team. to upload prerecorded video That wasdespitethe boom in Mr. Weisberg said. Zillow us- February2020,and Rightmove last week,indicates on a Online real-estatecompa- tours, but viewing rates were noncommittal“Zillowsurfing,” erspreferaninteractive PLC,aBritish property web- home’s floor plan where each nies made moves to improve so low, the companyconsid- aphenomenon that Zillowsays method of viewing that they site, said its best-performing photoand panorama was the customer browsing experi- ered scrapping the option en- contributed to arecord9.6 bil- can control, he added. listingsinclude aminimum of taken. Previously,images were encebeforethe pandemic.Zil- tirely right beforethe pan- lion platform visitsin2020,up Zillow said listings that in- five photos and a floor plan. posted in asequencethat low’snew experiencebuilds on demic, Mr. Weisberg said. 19% from the year before. cluded 3-D panoramas and RedfininMarch introduced didn’t indicate the vantage its3DHome feature,intro- Zillowkept the video tours “People just don’t really floor plans garner the most in- afeaturethat let home-buyers point—a drawback forusers duced in 2019 to let prospec- when in-person viewingsbegan seem to likewatchingvideos terest on its platform. Redfin request avideo-chat tour from seeking a sense of a space. tivebuyersexploreahome getting canceled, but consum- that aremorethan 15 seconds said views of its3-D walk- an agent on the platform with Another source of irrita- through aseries of 360-degree ersstill didn’t embracethem, long,and it canbereally hard through feature have in- a single click.

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UMA THROUGH /Z TO BOTH CHAOS CKI/NURPHO RZY

PO ANDCALM? KUB JA Determining a fair value for bitcoin is harder than valuing stocks.

Plan Bpredicted that the model Bitcoin implied bitcoin should have a $1 trillion market value and trade at $55,000 sometime af- Crosses terMay 2020.That prediction wasfulfilled Friday. But if bitcoin is supposed to $1 Trillion be agold alternative, itsprice is already in line with gold, J.P. Morgan’sMr. Panigirtzoglou ar- ContinuedfrompageB1 gues.Bitcoin’smarket value is coin’svalue is tricky. Bitcoin around $1 trillion, and the mar- has properties that makeitap- ketvalue of privately held gold pear morelikeacommodity— is around $2.7trillion, he esti- indeed,the Internal Revenue mates.But in aportfolio that Serviceclassifies it as such— also takesintoaccount volatil- and properties that makeitap- ity,likeone managed by apro- pear morelikeacurrency, as fessional money manager or Japan’sFinancial Services corporatetreasurer,bitcoin’s Agencyclassifies it. much higher volatility means Yetitreally isn’t either.Bit- that thetwo would essentially coin is asoftware program de- be evenly weighted, he said. signed to facilitateonline ex- Because portfolio managers change, to mimic physical cash, and corporatetreasurersneed without the need forabank or to take that volatility intoac- other middleman to guarantee count, he doesn’t expect much the exchange. moreinstitutional money to be One of the most popular ar- invested in bitcoin unlessits gumentsfor bitcoin? It is a pricetumbles. modern version of gold and a “For institutional investors, storeofvalue.That belief rests it is unrealistic heretoexpect mainly upon one feature of bit- them to ignorethe volatility of coin’sprogramming,alimit of bitcoin,” he said. 21 millionplaced on the num- To that point, aGartner sur- berofbitcoins that could be veylast week found only 5% of created. That, itsbackersargue, financeexecutives plan to hold makes bitcoin ascarcecom- bitcoin as acorporateasset in modity and adeflationary 2021. Moreover,84% said they rather than inflationaryasset, never intend to buy bitcoin. at leastcompared with govern- Meanwhile,the highly publi- ment-backed currencies. cized flurryofinstitutional in- Bitcoin, however, does have itsown rate of inflation, albeit an entirely predictable one that Bitcoin’s backers is designed to decrease in the long run. Currently,6.25 bit- have a belief that the coins arecreated roughly every digital currency is 10 minutes,and nearly 19 million of the intended 21 million the future. bitcoins arealready in circulation.That resultsinacurrent inflation rate of roughly 2.2%, according to Bitcoin.com. terest in bitcoin maybesmaller Forcomparison’ssake, that than it appears. SinceSeptem- is higher than both the Federal ber,only about $11 billion of Reserve’s stated goal of 2% and professional money has entered the most recent consumer price the bitcoin market, Mr.Pani- indexrateof1.4%. girtzoglou estimates.That isn’t Bitcoin’sinflation rate will enough to drivean$800 billion drop to zero sometime around changeintotal value and in- Youcan’t controlthe changing the year 2140 when the last of steadsuggeststhat the atten- tide of themarkets, but we can the 21 million bitcoins are tion given to institutional in- minted. vestorshas drawninmore help younavigateit. CMEGroup Theeffectiveinflation rate is retail interest, he said. helps youmanage risk and likely higher.Nearly 80% of bit- Therefore, what is driving coin’ssupply is illiquid, analytic bitcoin’spriceisn’t some funda- captureopportunities across all firm Glassnode estimates,held mental value proposition, but majorasset classes.Wedeliver by long-term investorswho instead simple retail-driven nearlyone billion datapoints won’t sell. Only about 4.2 mil- momentum trading,Mr. Pani- lion bitcoins areincirculation. girtzoglou said. daily,informingthe insight you That smallsupply is far out- Thereisasimpler way of need to refine your trading stripped by demand. defining bitcoin’sfundamental Another way of analyzing value,according to Steve strategy.For takingadvantage these dynamics,and one popu- Hanke, aprofessor of applied of opportunities in allmarket lar among bitcoiners, is the economicsatJohns Hopkins environments… CMEGroup. stock-to-flowmodel, aframe- University.Most forms of work used to value commodities “money,” everything from com- likegold and silver,made popu- mercial bank depositstoTrea- lar on social media by an anon- surybills,pay some amount of VISIT CMEGROUP.COM/ACTION ymous trader dubbed Plan B. interest, no matterhow small. Stock to flow measures the Bitcoin doesn’t. While govern- Derivatives arenot suitable forall investors and involvethe risk of losing ratio of existing stockpiles to ment-issued money doesn’t pay morethan the amount originallydeposited and anyprofit youmight have made.This communication is not arecommendation or offer to buy,sell production. It is essentially an- interest, it is auniversally rec- or retain anyspecific investment or service.Copyright ©2020 CME Group other way of stating bitcoin’s ognized means of payment, un- Inc. Allrightsreserved. inflation rate.Bythis model, likebitcoin. “Bitcoin’sfunda- bitcoin should trade morelike mental value is zero,” Mr. gold and silver,Plan Bargued. Hankesaid. “It’salmost all To the trader’s credit, in 2019, speculative.” P2JW053000-0-B00600-1------XA

B6 | Monday, February 22, 2021 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. Monday, February 22, 2021 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market IPO Scorecard B8 Last Year ago Last Year ago 31494.32 s35.92, or 0.11% last week Trailing P/E ratio 32.24 22.56 3906.71 t28.12, or 0.71% last week Trailing P/E ratio * 45.01 25.82 Public Offerings of Stock High, low, open and close for each of P/E estimate * 20.88 18.39 High, low, open and close for each of P/E estimate * 22.92 19.27 the past 52 weeks Dividend yield 1.89 2.21 the past 52 weeks Dividend yield * 1.48 1.79 IPOs in the U.S. Market All-time high All-time high 31613.02, 02/17/21 3934.83, 02/12/21 None expected this week

Current divisor 0.15198707565833 Lockup Expirations 30000 4100 Below, companies whose officers and other insiders will become eligible to sell shares in their newly public companies for the first time. Such 28000 3800 sales can move the stock’s price.

Lockup Offer Offer amt Through Lockup 26000 3500 expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision Feb. 24 Aug. 28, ’20 Harbor Custom Development HCDI 6.00 15.0 –38.0 180 days 200-day moving average 24000 3200 Feb. 27 Aug. 31, ’20 Applied UV AUVI 5.00 5.0 117.2 180 days Aug. 26, ’20 XPeng XPEV 15.00 1020.0 172.5 180 days Sources: Dealogic; Dow Jones Market Data 22000 200-day moving average 2900 65-day moving average Week's high Other Stock Offerings DOWN UP Monday's open Friday's close Secondaries and follow-ons expected this week in the U.S. market t 20000 2600 Friday's close Monday's open None expected this week

t 65-day moving average 18000 2300 Week's low Off the Shelf Bars measure the point change from Monday's open “Shelf registrations” allow a company to prepare a stock or bond for 16000 2000 sale, without selling the whole issue at once. Corporations sell as F M A M J J A S O N D J F F M A M J J A S O N D J F conditions become favorable. Here are the shelf sales, or takedowns, Primary NYSE weekly volume, in billions of shares t over the last week:

market t Composite Takedown date/ Deal value 36 Track the Markets Issuer/Industry Registration date ($ mil.) Bookrunner(s) 24 Compare the performance of selected global stock indexes, bond ETFs, AIkido Pharma Inc Feb. 16 $75.0 HC Wainwright & Co LLC 12 Professional Services May 11,320 0 currencies and commodities at wsj.com/graphics/track-the-markets Hepion Pharmaceuticals Inc Feb. 16 $88.4 Fordham Financial Mgmt Inc F M A M J J A S O N D J F Healthcare Feb. 6,319 *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Bio-Path Holdings Inc Feb. 16 $13.0 Roth Cptl Ptnrs Healthcare May 16,319 Nasdaq Composite Major U.S. Stock-Market Indexes Galmed Pharmaceuticals Ltd Feb. 16 $10.0 Cantor Fitzgerald & Co Healthcare March 26,318 Latest Week 52-Week % chg t 221.01, or -1.57% High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Turning Point Brands Inc Feb. 16 $112.0 Barclays Dow Jones Consumer Products Aug. 3,320 Industrial Average 31647.53 31285.32 31494.32 35.92 0.11 18591.93 l 31613.02 7.1 2.9 7.7 HealthEquity Inc Feb. 17 $401.5 BofA Securities Computers & Electronics Sept. 7,318 Transportation Avg 13324.28 12881.95 13274.21 99.12 0.75 10908.94 l 13274.21 21.7 21.7 8.1 14100 Utility Average 861.53 845.95 846.51 -102.23 -10.78 846.51 l 948.74 -10.8 -10.8 7.5 Y-mAbs Therapeutics Inc Feb. 17 $100.0 JPM, MS, BofA Securities Healthcare Oct. 1,319 Total Stock Market 41919.59 41036.34 41413.61 -319.62 -0.77 22462.76 l 41733.23 21.1 5.6 13.6 13900 ESSA Pharma Inc Feb. 17 $130.4 Jefferies, Piper Sandler Barron's 400 937.89 925.12 934.32 -6.70 -0.71 455.11 l 941.02 28.0 9.6 8.9 Healthcare Nov. 25,320 Nasdaq Stock Market SiTime Corp Feb. 17 $381.0 Barclays, Credit Suisse, Stifel 13700 Computers & Electronics Feb. 16,321 Nasdaq Composite 14175.11 13714.35 13874.46 -221.01 -1.57 6860.67 l 14095.47 44.9 7.7 24.2 Chegg Inc Feb. 18 $1,000.0 MS, GS, Allen & Co LLC Nasdaq-100 13879.77 13477.17 13580.78 -226.92 -1.64 6994.29 l 13807.7 43.8 5.4 26.1 Computers & Electronics Feb. 16,321 13500 S&P 12 15 16 17 18 19 Aeterna Zentaris Inc Feb. 16 $29.7 HC Wainwright & Co LLC Healthcare Aug. 1,319 500 Index 3950.43 3885.03 3906.71 -28.12 -0.71 2237.40 l 3934.83 17.0 4.0 12.7 February Veru Inc Feb. 17 Jefferies

-0.36 l $100.0

MidCap 400 2563.15 2486.47 2535.39 -9.16 1218.55 2544.55 21.6 9.9 10.1 DJ US TSM Healthcare June 26,320 SmallCap 600 1309.05 1262.92 1288.77 -9.13 -0.70 595.67 l 1297.9 27.6 15.2 11.0 s 319.62, or -0.77% Molecular Templates Inc Feb. 17 $75.9 BofA Securities, Other Indexes last week Healthcare Aug. 7,320 Cowen & Co LLC, Evercore Inc, Barclays iMedia Brands Inc Feb. 18 Craig-Hallum Group Russell 2000 2310.10 2208.49 2266.69 -22.67 -0.99 991.16 l 2299 35.0 14.8 13.7 $20.0 Retail July 14,320 NYSE Composite 15483.20 15205.04 15362.69 -6.91 -0.04 8777.38 l 15423.02 9.9 5.8 6.1 ClearPoint Neuro Inc Feb. 18 $43.5 B Riley Securities Inc Value Line 634.35 617.82 628.62 -1.15 -0.18 305.71 l 629.94 15.5 10.5 3.9 42000 Healthcare Jan. 22,321 NYSE Arca Biotech 6232.70 5994.78 6041.82 -190.88 -3.06 3855.67 l 6319.77 13.9 5.3 8.8 NYSE Arca Pharma -2.04 l 710.03 694.22 694.77 -14.47 494.36 725.03 5.6 0.8 7.9 41500 Public and Private Borrowing KBW Bank 114.25 109.75 113.92 5.33 4.91 56.19 l 113.92 5.5 16.4 0.1 PHLX§ Gold/Silver 142.77 134.48 136.78 -4.94 -3.48 70.12 l 161.14 23.2 -5.1 18.0 Treasurys § l 41000 PHLX Oil Service 54.18 50.75 51.97 -0.123 -0.24 21.47 62.56 -16.9 17.2 -27.6 Monday, February 22 Wednesday, February 24 PHLX§ Semiconductor 3269.02 3108.47 3223.46 3.59 0.11 1286.84 l 3238.92 70.5 15.3 34.7 Auction of 13 and 26 week bills; Auction of 5 year note; Cboe Volatility 24.23 20.84 22.05 2.08 10.42 17.08 l 82.69 29.1 -3.1 4.3 40500 announced on February 18; settles on February 25announced on February 18; settles on March 1 12 15 16 17 18 19 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data February Tuesday, February 23 Thursday, February 25 Auction of 52 week bill; Auction of 4 and 8 week bills; International Stock Indexes Commodities and announced on February 18; settles on February 25announced on February 23; settles on March 2 Auction of 2 year note; Auction of 7 year note; Latest Week 52-Week Range YTD Currencies Region/Country Index Close %chg Low Close High %chg announced on February 18; settles on March 1 announced on February 18; settles on March 1 Last Week YTD World MSCI ACWI 679.74 –0.37 384.04 685.085.2 • Close Net chg % Chg % chg MSCI ACWI ex-USA 346.75 0.18 200.33 • 350.01 6.2 A Week in the Life of the DJIA MSCI World 2806.47 –0.44 1602.11 • 2829.67 4.3 DJ Commodity 811.29 12.03 1.51 10.89 Alook at how the Dow Jones Industrial Average component stocks did in the past MSCI Emerging Markets 1430.03 0.08 758.20 • 1444.93 10.7 Refinitiv/CC CRB Index 188.62 3.34 1.80 12.41 week and how much each moved the index. The DJIA gained 35.92 points, or Americas MSCI AC Americas 1532.11 –0.73 850.77 • 1543.63 4.4 Crude oil, $ per barrel 59.24 -0.23 -0.39 22.09 0.11%, on the week. A$1change in the price of any DJIA stock =6.58-point change Canada S&P/TSX Comp 18384.27 –0.41 11228.49 • 18492.72 5.5 in the average. To date, a$1,000 investment on Dec. 31 in each current DJIA stock Natural gas, $/MMBtu 3.069 0.157 5.39 20.87 Latin Amer. MSCI EM Latin America 2402.87 –0.58 1382.94 • 2706.93 –2.0 component would have returned $31,207, or again of 4.02%, on the $30,000 Brazil Sao Paulo Bovespa 118430.53 –0.84 63569.62 • 125076.63 –0.5 Gold, $ per troy oz. 1775.80 -45.80 -2.51 -6.20 investment, including reinvested dividends. Chile Santiago IPSA 3160.39 0.54 2045.49 3228.88 10.60 • U.S. Dollar Index 90.34 -0.14 -0.15 0.45 The Week’s Action Mexico S&P/BMV IPC 44900.08 1.58 32964.22 • 46729.30 1.9 Pct Stock price Point chg $1,000 Invested(year-end '20) WSJ Dollar Index 85.17 -0.08 -0.10 0.20 chg (%) change in average* Company Symbol Close $1,000 EMEA Stoxx Europe 600 414.88 0.21 279.66 • 428.07 4.0 6.02 11.92 78.43 Caterpillar CAT $209.91 $1,159 0.8251 ... unch. 0.79 Stoxx Europe 50 3206.81 –0.13 2383.14 • 3490.53 3.2 Euro, per dollar 4.79 6.77 44.54 JPMorgan Chase JPM 148.02 1,173 Eurozone Euro Stoxx 413.90 0.15 261.53 • 417.14 4.1 Yen, per dollar 105.43 0.51 0.49 2.05 4.15 2.25 14.80 Verizon VZ 56.45 971 Euro Stoxx 50 3713.46 0.48 2385.82 • 3800.38 4.5 U.K. pound, in dollars 1.40 0.016 1.13 2.54 3.85 2.24 14.74 Dow DOW 60.39 1,088 Austria ATX 3005.09 1.43 1630.84 • 3149.39 8.1 3.51 3.25 21.38 Chevron CVX 95.80 1,150 52-Week Belgium Bel-20 3837.49 0.46 2528.77 • 4078.44 6.0 3.08 6.49 42.70 Boeing BA 217.47 1,016 Low Close(l) High % Chg France CAC 40 5773.55 1.23 3754.84 • 6029.72 4.0 3.04 9.30 61.19 Goldman Sachs GS 315.62 1,197 Germany DAX 13993.23 –0.40 8441.71 • 14109.48 2.0 DJ Commodity 433.70 l 811.29 33.45 2.58 6.19 40.73 salesforce.com CRM 246.56 1,108 Greece Athex Composite 781.42 0.69 484.40 • 893.03 –3.4 1.94 1.20 7.90 Intel INTC 63.01 1,272 Refinitiv/CC CMD 106.29 l 188.68 8.00 Israel Tel Aviv 1583.25 –1.41 1171.21 • 1725.09 5.6 1.61 2.09 13.75 American Express AXP 131.71 1,093 Italy FTSE MIB 23136.31 –1.17 14894 • 24773 4.1 Crude oil, $ per barrel -37.63 l 61.14 10.98 0.77 2.13 14.01 Home Depot HD 279.64 1,053 Netherlands AEX 678.48 0.24 404.10 • 687.43 8.6 Natural gas, $/MMBtu 1.482 l 3.354 61.10 0.00 –0.01 –0.07 Honeywell HON 203.56 957 Portugal PSI 20 4817.97 1.95 3596.08 • 5387.00 –1.6 –0.03 –0.05 –0.33 Travelers TRV 145.91 1,039 Gold, $ per troy oz. 1477.30 l 2051.50 7.98 Russia RTS Index 1472.33 0.71 832.26 • 1524.71 6.1 –0.07 –0.10 –0.66 Nike NKE 142.02 1,004 South Africa FTSE/JSE All-Share 67464.86 2.02 37963.01 • 67464.86 13.6 –0.39 –0.50 –3.29 Procter & Gamble PG 127.12 919 U.S. Dollar Index 89.44 l 102.82 -8.99 Spain IBEX 35 8151.60 1.20 6107.2 • 9886.2 1.0 –0.78 –1.66 –10.92 McDonald’s MCD 212.24 989 WSJ Dollar Index 84.56 l 97.02 -7.61 Sweden OMX Stockholm 822.66 0.28 478.95 • 826.69 7.1 –0.92 –0.69 –4.54 Merck MRK 74.31 908 Switzerland Swiss Market 10704.75 –1.61 8160.79 • 11110.78 0.0 Euro, per dollar 0.8112 l 0.9352 -10.50 –1.12 –3.66 –24.08 UnitedHealth Group UNH 324.58 926 U.K. FTSE 100 6624.02 0.52 4993.89 • 7403.92 2.5 –1.14 –0.58 –3.82 Coca-Cola KO 50.11 914 Yen, per dollar 102.37 l 111.56 -5.49 Asia-Pacific MSCI AC Asia Pacific 218.22 0.07 121.5 • 220.6 9.2 –1.21 –2.16 –14.21 3M MMM 176.54 1,018 U.K. pound, in dollars 1.15 l 1.40 8.14 Australia S&P/ASX 200 6793.80 –0.19 4546.0 • 7139.0 3.1 –1.50 –1.81 –11.91 IBM IBM 118.99 958 China Shanghai Composite 3696.17 1.12 2660.17 • 3696.17 6.4 –1.64 –4.02 –26.45 Microsoft MSFT 240.97 1,086 Hong Kong Hang Seng 30644.73 1.56 21696.13 • 31084.94 12.5 Real-time U.S. stock –2.14 –4.02 –26.45 Walt Disney DIS 183.65 1,014 India S&P BSE Sensex 50889.76 –1.27 25981.24 • 52154.13 6.6 quotes are available on –2.16 –3.60 –23.69 Johnson & Johnson JNJ 162.98 1,036 Japan Nikkei Stock Avg 30017.92 1.69 16552.83 • 30467.75 9.4 WSJ WSJ.com. Track most- –2.33 –5.52 –36.32 Amgen AMGN 231.69 1,015 Malaysia FTSE Bursa Malaysia KLCI 1584.93 –0.91 1219.72 • 1684.58 –2.6 .COM active stocks, new –2.49 –5.23 –34.41 Visa V 204.73 937 Singapore Straits Times 2880.64 –1.53 2233.48 • 3181.03 1.3 highs/lows, mutual –3.02 –1.52 –10.00 Walgreens WBA 48.86 1,237 South Korea Kospi 3107.62 0.23 1457.64 • 3208.99 8.1 funds and ETFs. –3.40 –1.61 –10.59 Cisco CSCO 45.68 1,029 Taiwan TAIEX 16341.38 3.41 8681.34 • 16424.51 10.9 All are available free at –4.06 –5.50 –36.19 Apple AAPL 129.87 980 –4.24 –6.13 –40.33 Walmart WMT 138.34 960 Source:FactSet; Dow Jones Market Data WSJMarkets.com *Based on Composite price. DJIA is calculated on primary-market price. Consumer Rates and Returns to Investor Benchmark Yields and Rates Source: Dow Jones Market Data; FactSet. U.S. consumer rates Selected rates Treasury yield curve Forex Race Currencies A consumer rate against its 30-year mortgage, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. U.S.-dollar foreign-exchange rates in late New York trading benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 2.98% US$ vs, US$ vs, Fri YTD chg Fri YTD chg FirstBank 2.63% 2.50% Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) 30-year ﬁxed-rate 14% 4.00% Scottsdale, AZ 866-964-3444 Americas Vietnam dong .00004344 23020 –0.3

t mortgage One year ago 2.00 s Florence Savings Bank 2.75% Euro Argentina peso .0112 89.0688 5.9 Europe 3.00 t 7 Brazil real .1858 5.3825 3.6 Czech Rep. koruna .04681 21.361 –0.5 Florence, MA 800-644-8261 1.50 s Canada dollar .7925 1.2619 –0.9 Denmark krone .1629 6.1369 0.7 Intrust Bank 2.75% 0 Yen 2.00 1.00 Chile peso Euro area euro 10-year Treasury .001411 708.70 –0.3 1.2120 .8251 0.8 Wichita, KS 800-895-2265 Tradeweb ICE t note yield Colombiapeso .000280 3571.80 4.4 Hungary forint .003381 295.77 –0.4 1.00 Prairie State Bank and Trust 2.75% Friday Close 0.50 –7 s Ecuador US dollar 11unch Iceland krona .007788 128.41 0.5 WSJ Dollar Index Mt Zion, IL 800-597-2977 t Mexico peso .0489 20.4342 2.8 Norway krone .1181 8.4640 –1.3 0.00 0.00 –14 Uruguay peso .02339 42.7550 0.9 Poland zloty .2702 3.7014 –0.8 M A M J J A S O N D J F Dearborn Federal Svgs Bk 2.88% 1 3 6 1 2 3 5 7 10 20 30 2020 2021 Asia-Pacific Russia ruble .01351 74.033 0.01 2020 2021 Dearborn, MI 313-565-3100 Sweden krona .1208 8.2767 0.6 month(s) years Australian dollar .7870 1.2706 –2.3 Switzerland franc 1.1152 .8967 1.3 maturity China yuan .1542 6.4869 –0.7 Turkey lira .1436 6.9636 –6.4 Yield/Rate (%) 52-Week Range (%) 3-yr chg Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Hong Kong dollar .1290 7.7530 ... Ukraine hryvnia .0358 27.9500 –1.4 Interest rate Last (l)Week ago Low 0246 8High (pct pts) India rupee .01378 72.556 –0.7 Corporate Borrowing Rates and Yields UK pound 1.4012 .7137 –2.5 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Indonesia rupiah .0000711 14065 0.1 Japan yen .009485 105.43 2.0 Middle East/Africa Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Spread +/- Treasurys, Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002395 417.47 –0.9 Bahrain dinar 2.6521 .3771 0.01 Libor, 3-month 0.18 0.19 0.18 l 1.68 -1.72 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1251 7.9920 0.01 Egypt pound .0639 15.6396 –0.7 Money market, annual yield 0.09 0.10 0.09 l 0.50 -0.20 Malaysia ringgit .2476 4.0395 0.4 Israel shekel .3056 3.2722 1.8 U.S.Treasury,Barclays 0.780 0.7202.98 5.09 Five-year CD, annual yield 0.45 0.47 0.45 l 1.38 -1.11 New Zealand dollar .7297 1.3704 –1.5 Kuwait dinar 3.3059 .3025 –0.5 U.S. Treasury Long,Barclays 2.030 1.8700.35 8.90 30-year mortgage, fixed† 2.98 2.84 2.83 l 4.22 -1.42 Pakistan rupee .00629 158.983 –0.9 Oman sul rial 2.5976 .3850 –0.01 Aggregate,Barclays 1.330 1.2403332127 3.51 5.46 Philippines peso .0206 48.489 1.0 Qatar rial .2746 3.642 0.01 15-year mortgage, fixed† 2.41 2.36 2.32 l 3.43 -1.44 Fixed-Rate MBS,Barclays 1.480 1.3201811132 2.67 4.27 Singapore dollar .7552 1.3241 0.2 Saudi Arabia riyal .2666 3.7506 –0.03 Jumbo mortgages, $548,250-plus† 3.03 2.87 2.85 l 4.36 -1.69 South Korea won .0009041 1106.06 1.9 South Africa rand .0681 14.6915 –0.02 High Yield 100,ICE BofA 3.261 3.279 278 278 10184.000 5.634 Five-year adj mortgage (ARM)† 3.14 3.16 2.85 l 3.69 -1.17 Sri Lanka rupee .0051146 195.52 5.5 Muni Master,ICE BofA Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.04 4.02 4.02 l 4.50 0.47 0.867 0.730 18 -12 41 3.057 4.984 Taiwan dollar .03581 27.926 –0.6 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBIGlobal,J.P. Morgan 4.606 4.466 314 293 662 0.788 5.009 Thailand baht .03337 29.970 –0.2 WSJ Dollar Index 85.17 –0.23–0.27 0.20 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Sources: Tullett Prebon, Dow Jones Market Data P2JW053000-0-B00800-1------XA

B8 | Monday, February 22, 2021 THE WALL STREET JOURNAL. CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk 52 wk Prem12 Mo Prem12 Mo Prem12 Mo measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not PGIM Global High Yield GHY 16.62 14.82 -10.8 8.7 PioneerMunHiIcmT MHI 13.17 12.26 -6.9 4.5 Blackstone/GSO FR EI D NA NA NA 5.4 buy their shares back from investors who wish to cash Duff&Ph Uti&Infra Inc Fd DPG 13.12 12.95 -1.3 -7.7 Aberdeen Tot Dyn Div AOD 10.61 9.34 -12.0 11.7 PGIM High Yield Bond ISD 17.16 15.44 -10.0 8.3 Putnam Mgd Inc PMM 8.33 8.27 -0.7 4.6 Blackstone/GSO FR EI I NA NA NA 5.6 in their holdings. Instead, fund shares trade on a stock exchange. NA signifies that the information is not EtnVncEqtyInc EOI NA 16.84 NA 12.1 BlackRock Capital Alloc BCAT 21.34 21.90 +2.6 NS PGIM Sh Dur Hi Yld Opp SDHY 20.06 NA NA NS Putnam Muni Opp PMO 14.01 13.56 -3.2 4.8 Blackstone/GSO FR EI T NA NA NA 5.2 available or not applicable. NS signifies funds not in EtnVncEqtyIncoII EOS NA 22.86 NA 30.6 Calamos GloDynInc CHW 10.49 10.31 -1.7 28.5 PioneerHilncmTr PHT 9.58 9.21 -3.9 8.3 RiverNorth Mgd Dur Mun I RMM 19.89 18.40 -7.5 5.9 Blackstone/GSO FR EI T-I NA NA NA 5.1 existence for the entire period. 12 month yield is EVRskMnDvsEqInc ETJ China CHN 37.49 34.79 -7.2 76.1 computed by dividing income dividends paid (during NA 10.68 NA 22.5 Wells Fargo Income Oppty EAD 9.14 8.25 -9.7 8.4 Western Asset Mgd Muni MMU NA 12.93 NA 4.1 Blackstone/GSO FR EI U NA NA NA 5.1 the previous 12 months for periods ending at month- ETnVncTxMgdBuyWrtInc ETB NA 14.88 NA -0.9 EV TxAdvGlbDivInc ETG NA 18.54 NA 8.6 WstAstHIF II HIX NA 6.93 NA 8.6 Westn Asst Mu Def Opp Tr MTT NA 21.41 NA 3.0 Blstn Commnty Dev 10.01 NA NA 3.3 end or during the previous 52 weeks for periods EtnVncTxMgdBuyWrtOpp ETV NA 15.30 NA 12.1 EtnVncTxAdvOpp ETO NA 25.80 NA 6.5 ending at any time other than month-end) by the Western Asset Hi Inc Opp HIO NA 4.98 NA 7.9 Single State Muni Bond BNYM Alcntr Glb MS Cr Fd 104.62 NA NA 6.8 latest month-end market price adjusted for capital EvTxMnDvsEqInc ETY NA 12.46 NA 8.2 FirstTr Dyn Euro Eq Inc FDEU 14.08 12.21 -13.3 -12.0 Western Asset Hi Yld D O HYI NA 15.26 NA 7.5 BlackRock CA Mun BFZ 16.11 14.30 -11.3 3.1 CLIFFWATER CL FD;I NA NA NA 6.8 gains distributions. Depending on the fund category, EtnVncTxMgdGlbB ETW NA 9.94 NA 6.5 Gabelli Multimedia GGT 9.28 9.49 +2.3 31.1 Other Domestic Taxable Bond Funds BR MH CA Qly Fd Inc MUC 16.05 15.02 -6.4 4.0 either 12-month yield or total return is listed. CNR Strategic Credit 10.65 NA NA 7.6 Source: Lipper EVTxMnGblDvEqInc EXG NA 8.95 NA 11.8 India Fund IFN 24.05 21.43 -10.9 19.9 Apollo Tactical Income AIF NA 14.63 NA 7.1 BR MH NJ Qly MUJ 16.23 14.71 -9.4 4.8 FedProj&TrFinanceTendr 9.96 NA NA 2.7 Friday, February 19, 2021 First Trust Energy Inc G FEN 13.03 12.16 -6.7 -34.9 Japan Smaller Cap JOF 10.48 9.19 -12.4 16.0 Ares Dynamic Crdt Alloc ARDC NA 14.92 NA 8.2 BR MH NY Qly MHN 15.26 13.86 -9.2 4.2 FS Global Crdt Opptys D NA NA NA 8.2 52 wk First Tr Enhanced Eq FFA 19.33 18.12 -6.3 12.0 LazardGlbTotRetInc LGI 20.31 19.03 -6.3 24.3 BlackRock Mlt-Sctr Inc BIT 18.56 17.67 -4.8 8.6 BR MuniYld CA MYC 16.45 15.12 -8.1 3.4 Schrdrs Opp Inc;A 26.02 NA NA 2.0 Prem Ttl FirstTrMLPEner&Inc FEI 7.27 6.48 -10.9 -36.8 Mexico MXF NA 13.32 NA -2.0 BlackRock Tax Muni Bd BBN 25.04 25.86 +3.3 5.0 BR MuniYld CA Qly MCA 16.30 14.87 -8.8 4.0 Schrdrs Opp Inc;A2 NA NA NA 0.4 Fund (SYM) NAV Close /Disc Ret Gabelli Healthcare GRX 14.20 12.28 -13.5 10.2 MS ChinaShrFd CAF 26.78 22.91 -14.5 22.1 DoubleLine:Oppor Crdt Fd DBL 19.74 19.89 +0.8 8.7 BR MuniYld MI Qly MIY 15.94 14.51 -9.0 4.2 Schrdrs Opp Inc;I 26.03 NA NA 2.1 General Equity Funds Gab Utility GUT 4.09 8.05 +96.8 16.7 MS India IIF 27.56 24.01 -12.9 16.7 Duff&Ph Util Cor DUC 9.43 10.30 +9.2 5.8 BR MuniYld NJ MYJ 16.29 14.55 -10.7 5.0 Schrdrs Opp Inc;SDR 26.07 NA NA 2.2 Adams Diversified Equity ADX 20.80 17.88 -14.0 15.7 GAMCOGlGold&NatRes GGN 3.89 3.46 -11.1 -6.6 New Germany GF 23.58 20.55 -12.8 49.8 EVLmtDurIncm EVV NA 12.65 NA 9.6 BR MuniYld NY Qly MYN 14.62 13.26 -9.3 4.2 Invesco Sr Loan A 6.42 NA NA 4.0 Boulder Growth & Income BIF 14.27 11.73 -17.8 5.0 J Han Finl Opptys BTO 33.64 34.65 +3.0 11.4 Templeton Dragon TDF 29.69 27.34 -7.9 79.3 Franklin Ltd Dur Income FTF 9.52 9.44 -0.8 6.0 EVCAMuniBd EVM 12.72 11.42 -10.2 4.2 Invesco Sr Loan C 6.43 NA NA 3.3 Templeton Em Mkt EMF Central Secs CET 43.29 36.48 -15.7 17.1 Neuberger Brmn MLP & EI NML 5.08 3.88 -23.6 -36.2 22.65 20.90 -7.7 41.3 J Han Investors JHI 18.83 18.04 -4.2 7.7 Eaton Vance NY Muni Bd ENX 13.51 12.14 -10.1 4.1 Invesco Sr Loan IB 6.42 NA NA 4.2 Wells Fargo Gl Div Oppty EOD CohenStrsCEOppFd FOF 13.23 13.30 +0.5 5.7 Nuv Dow 30 Dyn Overwrite DIAX NA 15.31 NA -6.0 5.85 5.27 -9.9 3.7 KKR Income Opportunities KIO NA 15.21 NA 9.7 InvCaValMuIncTr VCV 13.71 12.92 -5.8 4.1 Invesco Sr Loan IC 6.42 NA NA 4.1 EVTxAdvDivIncm EVT NA 24.21 NA 1.4 NuvCorEqAlpha JCE NA 14.58 NA 4.3 Prem12 Mo MFS Charter MCR 8.80 8.74 -0.7 7.9 InvPAValMuIncTr VPV 14.36 12.66 -11.8 4.6 Invesco Sr Loan Y 6.42 NA NA 4.2 Fund (SYM) NAV Close /Disc Yld GabelliDiv&IncTr GDV 26.20 22.88 -12.7 12.2 Nuveen Nasdaq 100 Dyn Ov QQQX NA 27.27 NA 17.2 Nuveen Taxable Muni Inc NBB NA 22.76 NA 4.7 InvTrInvGrNYMu VTN 14.49 13.05 -9.9 4.1 Pioneer Sec Inc 9.94 NA NA 4.4 Gabelli Equity Tr GAB 6.19 6.47 +4.5 18.0 Nuv Real Est JRS 10.06 9.14 -9.1 -8.9 U.S. Mortgage Bond Funds PIMCO Corp & Inc Oppty PTY NA 18.01 NA 8.7 Nuveen CA AMT-F Qual MI NKX NA 15.47 NA 4.1 High Yield Bond Funds GeneralAmer GAM 45.56 38.79 -14.9 8.7 Nuveen Rl Asst Inc & Gro JRI 15.88 14.17 -10.8 -18.1 BlckRk Income BKT 6.18 6.13 -0.8 6.6 PIMCO Corp & Inc Strat PCN NA 17.68 NA 7.8 Nuveen CA Val NCA NA 10.88 NA 2.9 Griffin Inst Access Cd:A NA NA NA 5.9 JHancockTaxAdvDiv HTD 22.86 21.46 -6.1 -15.8 NuvS&P500DynOvFd SPXX NA 15.80 NA 1.2 Invesco HI 2023 Tgt Term IHIT 9.13 9.14 +0.1 6.6 PIMCOHilnco PHK NA 6.26 NA 10.3 NuveenCAQtyMuInc NAC NA 14.89 NA 4.2 Griffin Inst Access Cd:C NA NA NA 5.9 Liberty All-Star Equity USA 7.60 7.46 -1.8 19.8 NuvSP500BuyIncFd BXMX 14.13 12.98 -8.1 2.7 Investment Grade Bond Funds PIMCO IncmStrFd PFL NA 11.71 NA 9.4 Nuveen MD Qual Muni Inc NMY NA 14.12 NA 4.1 Griffin Inst Access Cd:F NA NA NA 5.9 Liberty All-Star Growth ASG 8.51 9.22 +8.3 56.8 ReavesUtilityIncome UTG 31.51 32.39 +2.8 -11.4 Angel Oak FS Inc Trm FINS NA 17.40 NA 7.2 PIMCO IncmStrFd II PFN NA 10.16 NA 9.6 NuvNJ Qual Muni Inc NXJ NA 14.28 NA 4.5 Griffin Inst Access Cd:I NA NA NA 5.9 Royce Micro-Cap Tr RMT 14.13 12.05 -14.7 45.6 Tortoise Enrgy Infra Crp TYG NA 23.40 NA -60.8 BlRck Core Bond BHK 16.14 16.06 -0.5 5.1 Putnam Mas Int PIM 4.57 4.24 -7.2 8.2 Nuveen NY AMT/Fr Qual MI NRK NA 13.62 NA 4.1 Griffin Inst Access Cd:L NA NA NA 5.9 Nuveen NY Qual Muni Inc NAN Royce Value Trust RVT 20.75 18.22 -12.2 29.6 VAGIAI & Tech Opptys AIO 30.48 28.86 -5.3 58.9 BR Credit Alloc Inc BTZ 15.60 14.88 -4.6 6.7 Putnam Prem Inc PPT 5.05 4.78 -5.3 8.6 NA 14.06 NA 4.2 PIMCO Flexible Cr I;A-1 NA NA NA NS Nuveen OH Qual Muni Inc NUO Source Capital SOR 47.79 42.14 -11.8 8.9 VDivInt&PremStr NFJ 15.95 13.91 -12.8 11.5 Insight Select Income INSI 21.64 21.22 -1.9 3.8 Wells Fargo Multi-Sector ERC 13.03 12.39 -4.9 9.4 NA 15.44 NA 3.4 PIMCO Flexible Cr I;A-2 NA NA NA 7.2 Nuveen PA Qual Muni Inc NQP NA 14.16 NA 4.5 Tri-Continental TY 35.29 31.10 -11.9 15.2 Income & Preferred Stock Funds InvescoBond VBF 20.92 20.18 -3.5 3.5 World Income Funds PIMCO Flexible Cr I;A-3 NA NA NA NS Nuveen VA Qlty Mun Inc NPV NA 16.05 NA 3.5 Specialized Equity Funds CalamosStratTot CSQ 16.67 17.03 +2.2 29.9 J Han Income JHS 16.30 16.03 -1.6 5.1 Abrdn AP IncFd FAX 4.85 4.52 -6.8 7.4 PIMCO Flexible Cr I;A-4 NA NA NA 7.5 PIMCO CA PCQ NA 18.15 NA 4.3 Aberdeen Glb Prem Prop AWP 6.01 5.53 -8.0 -10.2 CohenStrsLtdDurPref&Inc LDP 26.00 25.47 -2.0 0.8 MFS Intmdt MIN 3.88 3.80 -2.1 8.9 BrndywnGLB Glb Inc Oppts BWG NA 12.55 NA 6.8 PIMCO Flexible Cr I;Inst NA NA NA 8.3 PIMCOCAMuniII PCK NA 8.99 NA 4.2 Adams Natural Resources PEO 15.91 13.47 -15.3 -5.1 CohenStrsSelPref&Income PSF 26.67 27.34 +2.5 -9.4 Western Asset Inf-Lk Inc WIA NA 13.02 NA 6.0 EtnVncStDivInc EVG NA 13.20 NA 6.9 PionrILSBridge NA NA NA 0.0 Western Asset Inf-Lk O&I WIW Pimco CA Muni III PZC NA 10.50 NA 4.3 ASA Gold & Prec Met Ltd ASA 23.43 20.02 -14.6 37.8 CohenStrsTaxAvPreSecs&I PTA 25.53 25.04 -1.9 NS NA 12.45 NA 3.1 MS EmMktDomDebt EDD 7.17 6.18 -13.8 7.1 WA Middle Mkt Inc NA NA NA 7.3 BR Enh C&I CII 19.90 18.53 -6.9 12.9 FirstTrIntDurPref&Inc FPF 24.41 24.08 -1.4 5.0 Westn Asst IG Def Opp Tr IGI NA 21.69 NA 3.8 PIMCO Dyn Crd & Mrt Inc PCI NA 21.36 NA 9.9 52 wk Other Domestic Taxable Bond Funds Loan Participation Funds PIMCO Dynamic Income PDI Prem Ttl BlackRock Energy & Res BGR 9.05 8.24 -9.0 -22.6 JHanPrefInc HPI 19.61 19.25 -1.8 -12.1 25.02 26.91 +7.6 10.1 Alternative Credit Inc:A 10.76 NA NA 6.6 Apollo Senior Floating AFT NA 14.55 NA 6.8 PIMCO Income Opportunity PKO Fund (SYM) NAV Close /Disc Ret BlackRock Eq Enh Div BDJ 9.65 8.75 -9.3 0.4 JHPrefIncII HPF 19.30 18.87 -2.2 -9.6 23.69 25.77 +8.8 9.1 Alternative Credit Inc:C 10.87 NA NA 5.9 BR Debt Strategy DSU 11.71 10.73 -8.4 7.8 PIMCO Stratg Inc RCS General Equity Funds BlackRock Enh Glbl Div BOE 12.27 10.91 -11.1 7.3 HnckJPfdInco III HPS 17.28 16.95 -1.9 -6.3 NA 7.30 NA 9.4 Alternative Credit Inc:I 10.79 NA NA 6.9 BR F/R Inc Str FRA 14.02 12.89 -8.1 7.4 Templeton Em Inc TEI 8.67 7.71 -11.1 1.3 BOW RIVER CAPTL EVGN;I NA NA NA N BlackRock Enh Intl Div BGY 6.53 5.92 -9.3 10.9 J Han Prm PDT 13.66 14.19 +3.9 -16.8 Alternative Credit Inc:L 10.75 NA NA 6.4 BlackRock Floatng Rt Inc BGT 13.60 12.39 -8.9 7.4 Templtn Glbl Inc GIM 6.02 5.60 -7.0 0.2 Specialized Equity Funds BlackRock Hlth Sci Tr II BMEZ 32.08 29.81 -7.1 47.4 LMP CapInco SCD NA 12.31 NA -8.4 Alternative Credit Inc:W 10.76 NA NA 6.6 Blackstone Strat Cr BGB NA 13.07 NA 8.4 WstAstEmergDebt EMD NA 13.67 NA 8.6 Bluerock Total Inc+ RE:A 29.79 NA NA 2.0 BlackRock Hlth Sciences BME 45.97 47.19 +2.7 16.3 Nuveen Pref & Inc Opp JPC 9.71 9.24 -4.8 -5.5 Am Beacon Apollo TR:T 10.25 NA NA 2.0 Eagle Point Credit ECC NA 11.59 NA 11.1 Western Asset Gl Cr D Op GDO NA 18.10 NA 6.7 Bluerock Total Inc+ RE:C 28.31 NA NA 1.2 BlackRock Res & Comm BCX 9.06 8.88 -2.0 25.3 Nuveen Fd JPS 9.77 9.52 -2.6 -1.5 Am Beacon Apollo TR:Y 10.33 NA NA 2.8 EtnVncFltRteInc EFT NA 13.90 NA 5.7 National Muni Bond Funds Bluerock Total Inc+ RE:I 30.37 NA NA 2.3 BlackRock Sci&Tech Tr II BSTZ 43.41 40.15 -7.5 96.2 Nuveen Pref & Inc Term JPI 24.80 24.30 -2.0 -0.2 Am Beacon SP Enh Inc:T 9.62 NA NA 3.7 EV SenFlRtTr EFR NA 13.37 NA 6.1 AllBerNatlMunInc AFB 15.50 14.44 -6.8 4.2 Bluerock Total Inc+ RE:L 29.51 NA NA 1.7 BlackRock Sci&Tech Trust BST 56.82 59.72 +5.1 80.0 Nuveen TxAdvDivGr JTD NA 14.42 NA -12.3 Am Beacon SP Enh Inc:Y 9.72 NA NA 4.3 EVSnrIncm EVF NA 6.61 NA 6.0 BlckRk Inv Q Mun BKN 16.81 17.56 +4.5 4.4 Broadstone Rl Est Acc:I 9.62 NA NA -8.3 BlackRock Utl Inf & Pwr BUI 24.08 25.57 +6.2 18.3 Convertible Sec's. Funds Angel Oak Str Crdt:Inst NA NA NA 7.9 FT/Sr Fltg Rte Inc 2 FCT 12.91 11.96 -7.4 9.99 BlackRock Muni 2030 Tgt BTT 27.00 25.31 -6.3 2.8 Broadstone Rl Est Acc:W 9.61 NA NA -8.6 CBRE ClrnGlbRlEst IGR 8.22 7.24 -11.9 -4.5 AdvntCnvrtbl&IncFd AVK 20.72 17.66 -14.8 22.1 BR Credit Strat;A 10.51 NA NA NS FT/Sr Fltg Rte 2022 TgTr FIV 9.64 9.33 -3.2 2.4 BlackRock Muni BFK 14.87 15.14 +1.8 4.4 CIM RA&C A 25.63 NA NA NS CLEARBRIDGE ENGY MDS OPP EMO NA 16.41 NA -54.0 CalamosConvHi CHY 17.03 15.52 -8.9 39.5 BR Credit Strat;Inst 10.51 NA NA 5.2 Highland Income HFRO 13.59 10.65 -21.6 9.0 BlackRock Muni II BLE 15.21 15.74 +3.5 4.6 CIM RA&C C 25.47 NA NA NS ClearBridge MLP & Midstm CEM NA 20.72 NA -56.0 CalmosConvOp CHI 16.13 14.67 -9.1 37.9 BlackRock Mlt-Sctr Oppty 89.59 NA NA 8.0 InvDYCrOpp VTA 11.99 10.95 -8.7 8.2 BlckRk Muni Inc Qly BYM 16.03 15.21 -5.1 4.1 CIM RA&C I 25.68 NA NA NS ChnStrInfr UTF 24.58 26.63 +8.3 5.7 VAGI Conv & Inc II NCZ 5.98 5.21 -12.9 8.7 BlackRock Mlt-Sec Opp II 92.50 NA NA 7.9 InvSnrIncTr VVR 4.57 4.15 -9.2 6.3 BR MuniAssets Fd MUA 14.74 14.93 +1.3 4.2 CIM RA&C L 25.58 NA NA NS Cohen&SteersQualInc RQI 13.59 13.02 -4.2 -0.6 VAGI Conv & Inc NCV 6.67 5.88 -11.8 8.2 Carlyle Tact Pvt Cred:A NA NA NA 7.1 Nuveen Credit Strat Inc JQC 7.09 6.39 -9.9 15.8 BR MuniEnhanced MEN 12.59 12.12 -3.7 4.2 NexPointRlEstStrat;A 16.86 NA NA -10.9 Cohen&Steers TotRet RFI 13.37 14.32 +7.1 2.9 VAGI Dvs Inc & Conv ACV 38.02 35.19 -7.4 46.1 Carlyle Tact Pvt Cred:I NA NA NA 7.8 NuvFloatRateIncFd JFR 10.31 9.27 -10.1 6.6 BR MuniHoldings Qly MFL 15.30 14.53 -5.0 3.8 NexPointRlEstStrat;C 17.03 NA NA -11.4 CohenStrsREITPrefInc RNP 24.04 23.38 -2.7 0.1 VAGI Eqty & Conv Inc NIE 32.93 29.82 -9.4 31.6 Carlyle Tact Pvt Cred:L NA NA NA 7.4 NuvFloatRteIncOppty JRO 10.20 9.16 -10.2 6.5 BR MH Qly 2 MUE 14.37 13.41 -6.7 4.3 NexPointRlEstStrat;Z 17.03 NA NA -10.6 Columbia Sel Prm Tech Gr STK 31.62 31.37 -0.8 43.3 World Equity Funds Carlyle Tact Pvt Cred:M NA NA NA NS Nuveen Senior Income NSL 6.05 5.43 -10.2 7.1 BR MuniHoldngs MHD 17.42 16.27 -6.6 4.4 PREDEX;I 25.35 NA NA 0.5 DNP Select Income DNP 8.95 10.49 +17.2 -12.1 Aberdeen Emg Mkts Eq Inc AEF 10.46 9.10 -13.0 25.9 Carlyle Tact Pvt Cred:N PionrFltRate Tr PHD 11.64 11.17 -4.0 6.9 BR MuniVest Fd MVF 10.01 9.19 -8.2 4.3 PREDEX;T 25.46 NA NA 0.5 NA NA NA 7.8 Carlyle Tact Pvt Cred:Y High Yield Bond Funds BR MuniVest 2 MVT 15.65 15.30 -2.2 4.4 PREDEX;W 25.46 NA NA 0.5 NA NA NA 7.5 CION Ares Dvsfd Crdt;A IPO Scorecard AllianceBernGlHiIncm AWF 13.00 11.90 -8.5 6.7 BR MuniYield Fd MYD 15.33 14.38 -6.2 4.6 Principal Dvs Sel RA A 26.28 NA NA 1.4 NA NA NA 5.5 CION Ares Dvsfd Crdt;C NA NA NA 5.5 Performance of IPOs, most-recent listed first Barings Glb SD HY Bd BGH 17.17 15.51 -9.7 8.8 BR MuniYield Qlty MQY 16.75 16.46 -1.7 4.0 Principal Dvs Sel RA Ins 26.34 NA NA 1.6 BR Corporate HY HYT 12.12 11.55 -4.7 8.4 BR MuniYld Qlty2 MQT 14.71 14.08 -4.3 4.2 Principal Dvs Sel RA Y 26.43 NA NA 1.8 CION Ares Dvsfd Crdt;I NA NA NA 5.5 % Chg From % Chg From BlackRock Ltd Dur Inc BLW 17.16 15.93 -7.2 7.5 BR MuniYld Qly 3 MYI 15.46 14.49 -6.3 3.8 SharesPost 100;A 38.68 NA NA 29.9 CION Ares Dvsfd Crdt;L NA NA NA 5.5 SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day Company BNY Mellon Hi Yield Str DHF 3.31 3.06 -7.6 8.8 SharesPost 100:I 38.99 NA NA 30.3 CION Ares Dvsfd Crdt;U NA NA NA 5.5 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close BNY Mellon Muni Bd Infra DMB 14.65 14.38 -1.8 4.3 Brookfield Real Asst Inc RA 19.94 19.38 -2.8 12.8 BNY Mellon Str Muni Bond DSM 8.40 7.84 -6.7 4.5 SharesPost 100:L 38.39 NA NA 29.6 CION Ares Dvsfd Crdt:U2 NA NA NA NS Alpha Capital Acquisition I Tailwind Intl Acquisition 10.47 4.7 ... 10.53 5.3 ... CrSuisHighYld DHY 2.56 2.36 -7.8 8.7 BNY Mellon Strat Muni LEO 8.76 8.50 -3.0 4.9 USQ Core Real Estate:I 24.85 NA NA 0.1 CION Ares Dvsfd Crdt;W NA NA NA 5.5 ASPCU Feb. 19/$10.00 TWNI.UT Feb. 19/$10.00 DoubleLine Inc Sol DSL 18.35 17.57 -4.3 10.4 DWS Muni Inc KTF 12.79 11.45 -10.5 4.0 USQ Core Real Estate:IS 24.86 NA NA 0.2 CNR Select Strategies 11.60 NA NA 0.0 B.Riley Principal 150 Merger 10.80 8.0 ... FinServ Acquisition II 11.12 11.2 –0.3 DoubleLine Yld Opps DLY 20.50 19.50 -4.9 NS EVMuniBd EIM 14.25 13.37 -6.2 4.4 Versus Cap MMgr RE Inc:I 27.30 NA NA NE First Eagle Crdt Opps A 25.93 NA NA NS BRPMU Feb. 19/$10.00 FSRXU Feb. 18/$10.00 First Tr Hi Inc Lng/Shrt FSD 16.59 14.98 -9.7 8.8 EVMuniIncm EVN 14.35 13.66 -4.8 4.1 Versus Capital Real Asst 25.42 NA NA 1.8 First Eagle Crdt Opps I 25.93 NA NA NS CF Acquisition VI 10.71 7.1 ... Kismet Acquisition Three 10.20 2.0 0.4 First Trust HY Opp:2027 FTHY 21.47 20.00 -6.8 NS EVNatMuniOpp EOT 22.03 21.30 -3.3 3.6 Wildermuth Endwmnt:A 13.66 NA NA -3.8 FS Credit Income;A NA NA NA 5.3 CFVIU Feb. 19/$10.00 KIIIU Feb. 18/$10.00 IVY HIGH INCOME OPP IVH 14.93 13.34 -10.6 8.7 InvAdvMuIncTrII VKI 12.27 11.51 -6.2 4.6 Wildermuth Endwmnt:C 13.14 NA NA -4.6 FS Credit Income;I NA NA NA 5.6 Figure Acquisition I 11.50 15.0 ... Kismet Acquisition Two 10.23 2.3 0.7 NeubHgYldStrt NHS 12.76 12.23 -4.2 9.2 Invesco MuniOp OIA 7.82 7.93 +1.4 4.7 Wildermuth Endowment:I 13.74 NA NA -4.1 FS Credit Income;T NA NA NA 5.1 FACA.UT Feb. 19/$10.00 KAIIU Feb. 18/$10.00 New Amer Hi Inc HYB 9.91 8.86 -10.6 7.3 InvescoMuOppTr VMO 13.72 13.08 -4.7 4.5 Income & Preferred Stock Funds FS Credit Income;U NA NA NA 5.1 FS Credit Income;U-2 NA NA NA NS Simon Property Grp Acquisition 10.96 9.6 ... ABG Acquisition I 10.40 4.0 0.6 NexPointStratOppty NHF 19.37 11.39 -41.2 9.7 InvescoMuTr VKQ 13.75 12.98 -5.6 4.6 A3 Alternative Cr 9.93 NA NA -3.6 SPGS.UT Feb. 19/$10.00 ABGI Feb. 17/$10.00 Nuveen CI Nov 2021 Tgt JHB 9.47 9.39 -0.8 3.9 InvescoQual Inc IQI 13.87 12.74 -8.1 4.6 Calamos L/S Eqty and DI CPZ 21.04 18.39 -12.6 14.8 GL Beyond Income 0.60 NA NA NE Nuveen Crdt Opps 2022 TT JCO 8.31 8.33 +0.3 6.8 InvTrInvGrMu VGM 14.16 13.24 -6.5 4.6 Destra Multi-Altrntv;A 12.00 NA NA -5.7 KKR CREDIT OPPTY;D NA NA NA NS Sources: Dow Jones Market Data; FactSet Nuveen Global High Inc JGH 17.05 15.33 -10.1 7.1 InvescoValMunInc IIM 16.85 15.60 -7.4 4.4 Destra Multi-Altrntv;C 11.46 NA NA -6.4 KKR CREDIT OPPTY;I NA NA NA NS MAINSTAY:MK DEFTR MUN OP MMD NA 21.32 NA 4.6 Destra Multi-Altrntv;I 12.25 NA NA -5.5 KKR CREDIT OPPTY;T NA NA NA NS NeubrgrBrm NBH 15.37 15.70 +2.1 4.9 Destra Multi-Altrntv;T 11.64 NA NA -6.2 KKR CREDIT OPPTY;U NA NA NA NS Nuveen AMT-Fr Mu Val NUW NA 16.98 NA 2.8 Variant Altrntv Inc:Inst 26.93 NA NA 6.2 Lord Abbett Cred Opps Fd 10.85 NA NA 6.4 Insider-Trading Spotlight Nuveen AMT-Fr Qlty Mun I NEA NA 14.53 NA 4.5 Variant Altrntv Inc:Inv 26.93 NA NA 5.9 Lord Abbett Cred Opps Fd 10.85 NA NA 7.0 Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys Nuveen AMT-Fr Mu CI NVG NA 16.50 NA 4.6 Convertible Sec's. Funds Lord Abbett Crd Op:U 10.85 NA NA NS new information about the prospects of a company. Insiders are required to report large trades to the SEC Nuveen Enh Muni Val NEV NA 15.76 NA 4.3 Calmos Dyn Conv and Inc CCD 33.41 32.46 -2.8 63.4 Palmer Square Opp Inc NA NA NA 5.7 Thrivent Church Ln&Inc:S within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Nuveen Int Dur Mun Term NID NA 14.03 NA 3.6 World Equity Funds NA NA NA 2.5 Nuveen Mu Crdt Opps NMCO NA 14.00 NA 5.1 CalamosGlbTotRet CGO 16.15 16.25 +0.6 45.0 World Income Funds Refinitiv on February 19, and year-to-date stock performance of the company Nuv Muni Credit Income NZF NA 16.03 NA 4.7 CPG Cooper Square IE A NA NA NA NS Destra Int&Evt-Dvn Crd:A 27.04 NA NA 2.5 KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer NuvMuniHiIncOpp NMZ NA 14.44 NA 5.1 CPG Cooper Square IE I NA NA NA NS Destra Int&Evt-Dvn Crd:I 27.05 NA NA 2.7 CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Nuveen Muni Val NUV NA 11.54 NA 3.2 Primark Priv Eq Inv:I 12.00 NA NA NS Destra Int&Evt-Dvn Crd:L 27.01 NA NA 2.3 I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Nuveen Quality Muni Inc NAD NA 15.18 NA 4.4 VirtusTotalRetFd ZTR NA 8.86 NA NA Destra Int&Evt-Dvn Crd:T 26.97 NA NA 2.2 unknown VP: vice president Excludes pure options transactions Nuveen Sel TF NXP NA 17.51 NA 3.1 Prem12 Mo National Muni Bond Funds Nuveen Sel TF 2 NXQ NA 15.97 NA 3.1 Fund (SYM) NAV Close /Disc Yld PIMCO Flex Mun Inc;A-3 NA NA NA 2.1 Biggest weekly individual trades PIMCO MuniInc PMF NA 14.24 NA 4.5 Loan Participation Funds PIMCO Flex Mun Inc:A1 NA NA NA NS PIMCOMuniIncII PML NA 14.89 NA 4.8 1WS Credit Income 20.92 NA NA 5.8 PIMCO Flex Mun Inc;A2 NA NA NA NS Based on reports filed with regulators this past week Pimco Muni III PMX NA 12.24 NA 4.4 AlphCntrc Prime Merid In 9.76 NA NA 11.1 PIMCO Flex Mun Inc;Inst NA NA NA 2.8 PioneerHilncAdv MAV 12.30 11.60 -5.7 4.5 Axonic Alternative Inc Tortoise Tax-Adv Soc Inf NA NA NA 4.8 No. of shrs in Price range ($) $ Value NA NA NA 3.4 Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Buyers Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Feb. 12 KKR KKR R. Scully DI 26 48.13 1,251 46.77 15.5 Money Rates February 19, 2021 Feb. 16 Fiserv FISV D. O'Leary D 9110.99 1,010 111.36 -2.2 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Feb. 11 Dun & Bradstreet Holdings DNB A. Jabbour CEOI 43 23.26 998 23.54 -5.5 guide to general levels but don’t always represent actual transactions. Feb. 11 B. Hipsher CFO 523.30 117 Week —52-WEEK— Week —52-WEEK— Feb. 16-17 Southern National Bancorp of Virginia SONA M. Switzer CFO 50 12.77-12.93 644 13.39 10.6 Inflation Latest ago High Low Latest ago High Low Jan. Index Chg From (%) Feb. 11 Coty COTY R. Singer D 75 6.63 497 7.69 9.5 level Dec. '20 Jan. '20 Low 0.0200 0.0200 1.5800 0.0100 Commercial paper (AA financial) Feb. 11 O. Goudet D 50 6.86 343 Bid 0.0700 0.0700 1.6000 0.0100 90 days 0.12 0.06 2.53 0.04 U.S. consumer price index Offer 0.1000 0.0900 1.6300 0.0500 Feb. 17 Corvus Pharmaceuticals CRVS R. Miller CEOI 100 3.50 350 3.76 5.6 All items 261.582 0.43 1.4 Libor Core Treasury bill auction Feb. 9-10 DXC Technology DXC R. Fernandez D 11 25.76-26.28 300 25.81 0.2 269.755 0.20 1.4 One month 0.11550 0.10738 1.62675 0.10575 4 weeks 0.025 0.030 1.575 0.000 Three month 0.17525 0.19375 1.67925 0.17525 Feb. 16 SVB Financial Group SIVB R. Daniels D x523.30 262 540.40 39.3 International rates 13 weeks 0.040 0.035 1.545 0.000 Six month 0.19500 0.20075 1.67475 0.19500 26 weeks 0.060 0.050 1.510 0.050 One year 0.28650 0.29975 1.72863 0.28650 Feb. 16 LPL Financial Holdings LPLA B. Simonich OT 2131.00 250 131.94 26.6 Week 52-Week Latest ago High Low Euro Libor Feb. 11 Everest Re Group RE M. Hartzband D 1244.19 244 239.30 2.2 Secondary market One month -0.578 -0.580 -0.360 -0.621 Prime rates Fannie Mae Feb. 17 CVS Health CVS E. Ludwig D 372.00 216 70.42 3.1 Three month -0.550 -0.550 -0.142 -0.574 U.S. 3.25 3.25 4.75 3.25 30-year mortgage yields Six month -0.529 -0.543 -0.052 -0.543 Feb. 12 U.S. Silica Holdings SLCA B. Shinn CEO 16 9.78 157 10.54 50.1 Canada 2.45 2.45 3.95 2.45 One year -0.493 -0.500 0.008 -0.511 Japan 1.475 1.475 1.475 1.475 30 days 2.214 1.994 3.017 1.751 Feb. 11 Net 1 U.E.P.S. Technologies UEPS A. Ball DI 30 4.99 151 5.42 10.2 60 days 2.247 2.027 3.081 1.804 Secured Overnight Financing Rate Policy Rates Feb. 11 M. Nkosi DI 30 4.99 151 Other short-term rates 0.03 0.06 1.64 0.01 Euro zone 0.00 0.00 0.00 0.00 Feb. 11-12 Arch Resources ARCH P. Bartels D 345.50-46.23 138 49.60 13.3 Switzerland 0.00 0.50 0.00 Value 52-Week 0.00 Week 52-Week Britain 0.10 0.10 0.75 0.10 Latest Traded High Low Feb. 17 Two Harbors Investment TWO M. Koeppen CI 20 6.66 133 6.94 8.9 Latest ago high low Australia 0.10 0.10 0.75 0.10 DTCC GCF Repo Index Call money Overnight repurchase Treasury 0.042 56.830 1.720 0.002 Sellers 2.00 2.00 3.50 2.00 U.S. 0.02 0.03 1.65 -0.07 MBS 0.081 29.400 1.703 0.011 Feb. 10 Option Care Health OPCH E. Betten DOI 17,250 18.50 319,125 18.92 21.0 U.S. government rates Notes on data: Feb. 10 T. Sullivan DOI 17,250 18.50 319,125 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Feb. 12 Denali Therapeutics DNLI D. Bratton BI 2,217 65.00 144,092 65.28 -22.1 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is 0.25 0.25 2.25 0.25 as of February 18, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted Feb. 1-16 Trade Desk TTD J. Green CEOI 93 858.67-873.23 80,597 903.35 12.8 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- Federal funds funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Feb. 16 J. Green CEOI 27 869.76-879.85 23,165 Effective rate 0.0700 0.0800 1.6000 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Feb. 9-11 Mondelez International MDLZ P. May DI 1,375 55.51-55.68 76,496 54.31 -7.1 High 0.0900 0.0900 1.6500 0.0900 Tullett Prebon Information, Ltd. Feb. 12-17 P. May DI 501 55.01-55.58 27,633 Feb. 10 Container Store Group TCS T. Flynn DOI 5,000 15.15 75,750 17.45 82.9 Cash Prices | wsj.com/market-data/commodities Friday, February 19, 2021 Feb. 10 J. Galashan DOI 5,000 15.15 75,750 Feb. 10 J. Sokoloff DOI 5,000 15.15 75,750 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future Feb. 16-17 Procter & Gamble PG N. Peltz DI 530 128.00-129.15 68,150 127.12 -8.6 months. Feb. 11-12 Iterum Therapeutics ITRM A. Denner BI 20,620 2.27-2.59 50,007 2.07 109.3 Friday Friday Friday Feb. 10-11 Guardant Health GH A. Talasaz P 293* 156.11-169.03 48,469 170.45 32.3 Energy Aluminum, LME, $ per metric ton *2147.0 Wheat - Hard - KC (USDA) $ per bu-u 6.5675 Copper,Comex spot 4.0900 Wheat,No.1soft white,Portld,OR-u 7.3000 Feb. 1-2 A. Talasaz P 260* 152.16-159.54 40,764 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.650 Iron Ore, 62% Fe CFR China-s 172.2 Food Feb. 16-17 Charles Schwab SCHW C. Schwab CBI 600 60.93-60.95 36,562 61.91 16.7 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.300 Shredded Scrap, US Midwest-s,m 402 Metals Steel, HRC USA, FOB Midwest Mill-s 1200 Beef,carcass equiv. index Feb. 12-17 Sonos SONO M. Volpi DI 895 35.29-36.34 32,038 36.85 57.5 Fibers and Textiles choice 1-3,600-900 lbs.-u 198.00 Gold, per troy oz select 1-3,600-900 lbs.-u 185.56 Feb. 9 Unity Software U J. Riccitiello CEO 229* 127.43-131.17 29,467 121.40 -20.9 Engelhard industrial 1785.00 Burlap,10-oz,40-inch NY yd-n,w 0.6700 Broilers, National comp wtd. avg.-u,w 0.8316 Cotton,1 1/16 std lw-mdMphs-u 0.8773 Butter,AA Chicago 1.5500 Feb. 10-11 Motorola Solutions MSI G. Brown CEO 158 181.24-183.99 28,982 182.75 7.5 Handy & Harman base 1786.20 Handy & Harman fabricated 1982.68 Cotlook 'A' Index-t *95.10 Cheddar cheese,bbl,Chicago 141.25 * Half the transactions were indirect **Two day transaction LBMA Gold Price AM *1782.80 Hides,hvy native steers piece fob-u n.a. Cheddar cheese,blk,Chicago 153.75 Milk,Nonfat dry,Chicago lb. p - Pink Sheets LBMA Gold Price PM *1773.15 Wool,64s,staple,Terr del-u,w n.a. 109.25 Krugerrand,wholesale-e 1850.58 Grains and Feeds Coffee,Brazilian,Comp 1.2009 Maple Leaf-e 1868.37 Coffee,Colombian, NY 1.7792 Buying and selling by sector American Eagle-e 1868.37 Barley,top-quality Mnpls-u n.a. Eggs,large white,Chicago-u 1.1350 Mexican peso-e 2153.42 Bran,wheat middlings, KC-u 185 Flour,hard winter KC 16.60 Based on actual transaction dates in reports received this past week Austria crown-e 1747.17 Corn,No. 2 yellow,Cent IL-bp,u 5.3350 Hams,17-20 lbs,Mid-US fob-u n.a. Austria phil-e 1868.37 Corn gluten feed,Midwest-u,w 178.9 Hogs,Iowa-So. Minnesota-u 76.46 Pork bellies,12-14 lb MidUS-u Sector Buying Selling Sector Buying Selling Silver, troy oz. Corn gluten meal,Midwest-u,w 639.4 n.a. Pork loins,13-19 lb MidUS-u 0.9369 Engelhard industrial 27.5000 Cottonseed meal-u,w 460 Steers,Tex.-Okla. Choice-u 114.00 Basic Industries 25,059 118,958,577 Finance 1,621,363 125,424,810 Handy & Harman base 27.4610 Hominy feed,Cent IL-u,w 165 Steers,feeder,Okla. City-u,w n.a. Handy & Harman fabricated 34.3260 Meat-bonemeal,50% pro Mnpls-u,w 333 Business services 1,675,906 6,231,450 Health care 062,357,850 LBMA spot price *£19.4900 Oats,No.2 milling,Mnpls-u 3.6350 Fats and Oils Rice, Long Grain Milled, No. 2 AR-u,w 27.38 Capital goods 00Industrial 076,298,018 (U.S.$ equivalent) *27.1650 Coins,wholesale $1,000 face-a 20954 Sorghum,(Milo) No.2 Gulf-u 7.5275 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.7500 Grease,choice white,Chicago-h Consumer durables 017,801,681 Media 010,476,696 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 422.80 0.4000 Lard,Chicago-u n.a. LBMA Platinum Price PM *1266.0 Soybeans,No.1 yllw IL-bp,u 13.6700 Soybean oil,crude;Centl IL-u 0.4930 Consumer nondurables 56,601 38,718,242 Technology 0125,309,079 Platinum,Engelhard industrial 1298.0 Wheat,Spring14%-pro Mnpls-u 7.4375 Tallow,bleach;Chicago-h 0.4450 Palladium,Engelhard industrial Wheat,No.2 soft red,St.Louis-u 6.8825 Consumer services 413,890 18,946,632 Transportation 573,478 18,369,422 2388.0 Tallow,edible,Chicago-u 0.5600 Energy 36,653 673,386 Utilities 01,227,898 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 2/18 Sources: Refinitiv; Dow Jones Market Data Source: Dow Jones Market Data P2JW053000-4-B00900-1------XA

THE WALL STREET JOURNAL. **** Monday, February 22, 2021 | B9 MARKETS

Shares of StateStreet'sSPDRS&P Retail ETF traded Trading at discounts as wide as 3.1% amid the GameStop frenzy. Reddit User Boosts The post doesn’tindicate ment at this price point,” he re- when the shares were purchased. sponded. Performanceand intraday netasset value GameStop Stake Aprevious update,postedthe af- Reaction to Friday’s post Frenzy Hits of the SPDR S&PRetailETF on Jan. 28 ternoon of Feb. 3, put his posi- was swift on WallStreetBets. $100 tion at 50,000 shares. Mr.Gill “THE KING IS BACK,” u/falael The trader who became a declined to comment. commented. Some compli- An ETF legend on Reddit’s WallStreet- Much of the momentum mented him on his testimony 95 SPDR S&PRetail ETF Bets forum for his prescient surrounding GameStop has fiz- Thursday before the House Fi- bet on GameStop Corp. has zled in recent weeks. Shares nancial Services Committee. SPDR S&PRetail ETFIntradayNAV ContinuedfrompageB1 doubled down on the video- fell 23% last week to $40.59 Mr. Gill appeared at the happened in lateJanuaryin 90 game retailer. and have dropped more than hearing from his signature red the retail ETF. DeepF—ingValue posted a 90% since peaking on an intra- chair. “I’m as bullish as I’ve ever Hereishow ETFs work.In- screenshot of his brokerage ac- day basis at $483 on Jan. 28. been on a potential turnaround. vestorscan buy and sell 85 count on Friday afternoon that They closed Feb. 3 at $92.41. In short, I like the stock. And shares of an ETFatany time appears to show he bought an Mr. Gill appeared at a con- what’s stunning is that, as far when the market is open. ETF additional 50,000 shares of the gressional hearing about the as I can tell, the market re- 80 issuerssuch as State Street stock. The Reddit user, whose GameStop frenzy on Thursday mains oblivious to GameStop’s rely on authorized partici- real name is Keith Gill, now where he was asked by a law- unique opportunity within the pantstomanagethe supply of 75 holds 100,000 shares of maker if he thought the stock gaming industry,” Mr. Gill said fund shares and keep prices in GameStop worth about $4 mil- was still appealing. “I do find in his written testimony. 9:30 a.m. noon 4p.m. line with net asset value,or lion, the screenshot shows. that it’s an attractive invest- —Gunjan Banerji the sum of the weighted value Source:FactSet of constituent shares. When ETFshareprices rise pulling the net asset value of GameStop were halted on shares that daywas 10 times tracked indexessuch as the months and is currently the abovenet asset value,autho- back in line with thefund’s the NewYork Stock Exchange, theusual level, according to S&P 500,whose firm weight- second-biggest holding in XRT rized participantscreatemore shareprice. according to FactSet data. FactSet. Authorized partici- ingsreflect relativemarket afterGameStop. Some of the shares by selling abasket of State Street said 43 firms XRTtraded at discountsto pantsultimately obtained values.Abuyer of shares in denizens of subreddit Wall- the fund’sunderlying securi- act as authorized participants itsnet asset value most of the roughly 370,000 shares of theretail ETF, by contrast, StreetBetshavetaken aliking ties to State Street in ex- on itsmain family of ETFs,in- session, with gaps widening GameStopthrough redemp- typically gets about the same to the stock in recent months, changefor ablock of ETF cluding XRT. They includeCit- during numerous trading halts tions of XRTshares,said Matt amount of Amazon as usually accompanied with the shares—typically 10,000 or adel Securities LLC,Barclays on GameStop. Bartolini,head of SPDR Ameri- GameStop, despitethe market- all-too-common rocket ship more—which those firms can Inc., Goldman Sachs &Co. “GameStopbecame such a casresearch forState Street value gapbetween the two. emojis implying it is “off to then sell on an exchange. and Citigroup Global Markets heavyweight in the fund that Global Advisors. Though the GameStop the moon.” When the shares trade at a Inc., the firm said in afiling. it created adisconnect be- GameStop’soutsizeinflu- frenzy appearstohaveabated, “It is still not toolatetoget discount to the fund’sunderly- Generally,XRT trades tween the value of the ETF ence in the fund in part re- other stocks listed in XRTre- in. In fact, youare early.This ing value,those firms canbuy within 0.03% of net asset and the underlying basket,” flected itsgiant rally and in main favorites on WallStreet- is going to keep running,” said ETFshares on the stock mar- value,according to FactSet. said MohitBajaj,director of part the fund’spracticeof Bets. one user in apost about Mag- ketand hand ablock of them But on Jan. 28,the ETFtraded ETFtrading solutions at Wal- roughly equal-weighting the Magnite Inc., an advertis- niteinlateDecember,ahead of to State Street in exchangefor at a3.1% discount just after lachBeth Capital. firms in the indexittracks—a ing tech company, has quadru- the stock nearly doubling so the stocks held by the fund, the market opened, as shares Trading volume in XRT break with morewidely pled over the past three farthis year.

THE TICKER | MARKETEVENTSCOMING THIS WEEK

Monday Earnings expected* Refinan., prev. down 5% 4th qtr. sec. est. up 2.0% Jan., expected up 2.2% Estimate/Year Ago Leading indicators CoStar Group 2.41/2.82 New-home sales Grossdomesticproduct Personal income Dec., previous up 0.3% Home Depot 2.62/2.28 Dec., previous 842,000 Percentagechange, annual rate Dec., previous up 0.6% Jan., expected up 0.4% Intuit 0.99/1.16 Jan., expected 855,000 4th qtr. adv. est. up 4.0% Jan., expected up 8.5% Medtronic 1.15/1.44 4th qtr. sec. est. up 4.1% Earnings expected* Earnings expected* Square 0.24/0.23 Estimate/Year Ago Chicago PMI Estimate/Year Ago Initial jobless claims Jan., previous 63.8 Cadence Design Verisk Analytics Booking Holdings Previous 861,000 Feb., expected 61.0 Systems 0.74/0.54 1.30/1.13 (3.85)/23.30 Expected 820,000 Exelon 0.69/0.83 Occidental Petroleum Wednesday U.Mich. consumer index Lowe’s 1.21/0.94 Earnings expected* (0.58)/(0.30) Feb., prelim. 76.2 Nvidia 2.81/1.89 Estimate/Year Ago Palo Alto Networks Short-selling reports Feb., final 76.9 Ratio, days of trading volume Public Storage 1.94/1.87 American Tower 1.43/1.19 of current position, at Jan 29 1.25/1.26 TJX 0.61/0.81 Earnings expected* Republic Services NYSE 2.1 Autodesk 1.07/0.92 0.81/0.91 Thursday Estimate/Year Ago Nasdaq 1.2 Moderna (0.34)/(0.37) DraftKings (0.43)/(0.05) SBA Communications EIA status report Durable-goods orders Monster Beverage Evergy 0.22/0.32 0.52/0.59 0.55/0.49

Previous change in stocks in Dec., previous up 0.5% Icahn Enterprises GES Williams Companies millions of barrels Salesforce.com Jan., expected up 1.0% (0.47)/(0.70) IMA 0.30/0.24 Crude-oil stocks .EIA report: natural gas 0.75/0.66 Liberty Broadband Tuesday down 7.3 Previous change in stocks in Workday 0.55/0.50 1.06/0.50 GETTY Gasoline stocks up 0.7 billions of barrels Liberty Media

down 237 Friday GALAI/ Consumer Confidence Distillates down 3.4 (0.03)/(0.55) Jan., previous 89.3 Mort. bankers indexes GDP Deflator Personalspending Public Service AM NO Feb., expected 88.8 Purch., prev. down 6% 4th qtr. adv. est. up2.0% Dec.,previous down0.2% Enterprise 0.65/0.64 Salesforce on Thursday is expected to post quarterly earnings of 75 cents a share.

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B10 | Monday, February 22, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Shale CompaniesTestFooting

Temptation increases to grow again as oil prices recover

Shale companies’ debtshave average U.S. producer to profitably enough, as companies that double- been forgiven. Will investorsforget? drill a new well, and natural-gas dipped illustrate. Ultra Petroleum Former drilling giants are test- prices are back above the $3 per and Chaparral Energy are among ing their footing in the public mar- million British thermal units mark, companies that filed twice for kets after a near record number of buoyed by cold weather. bankruptcy—once in 2016 and reorganizations in 2020. It was the Yet prime conditions can be a then again in 2020. Both have

second-largest year for oil-and-gas slippery slope for a boom-and-bust emerged from restructuring and /REUTERS RD

producer bankruptcies—measured industry prone to drilling too have been taken private. FO

by debt volume—since the law much when prospects look up. The Is anything different this time OX

firm Haynes and Boone started temptation is especially high when around? One important change is NICK tracking the numbers in 2015. capital is easy to raise, as it is now more-conservative assumptions. Oasis emerged from bankruptcy late lastyear.One of its sites in Texas in 2018. Chesapeake Energy, once the with investors hungry for yield. When a wave of energy companies second-largest natural-gas pro- While not many energy companies went bust in 2016, they shuffled much cheaper methods.AsDan Street Journal has reported. “We’ll ducer in the U.S., started trading have tested the waters with new their capital structures with the Pickering, chief investment officer have to see prices in the $50-$60 on the Nasdaq earlier this month equity issues, plenty of investors expectation that prices would of Pickering Energy Partners, range for at least a year before a as a shell of its former self: Its are interested in buying existing bounce back quickly, as they did in notes,“We learned that the U.S. combination of companies and market capitalization is roughly $4 shares: A broad basket of explora- the aftermath of the previous canoversupply the market.” Wall Street are willing to think billion, a little over a 10th of what tion and production companies global recession, Patrick Hughes, Prices plunged to $30 abarrel in about growth again,” according to it was at its peak. Whiting Petro- have fully recovered to pre-pan- partner at Haynes and Boone, 2016 and took two yearstoreturn Mr. Pickering. leum and Oasis Petroleum demic levels. Borrowing is easy, points out. That left companies to $60.The double whammyof What hasn’t changed? Basic hu- emerged from bankruptcy in late too. Demand is sky-high for riskier with heavier debt burdens than the Saudi-Russia pricewar and man psychology. When prospects 2020, also at fractions of their bonds, a bucket that many energy they could handle. the global pandemic sent prices look good, neither company execu- heyday valuations. Their shares companies’ debt falls into. During the 2008 crash, West plummeting again last year. tives nor their investors can resist are up 59% and 65%, respectively, There are natural buffers in Texas Intermediateoil prices For now, that experience might growth. That is true of equity mar- since they started trading after place that could put a brake on plunged below$40 abarrel but be enough to keep companies and kets in general, but especially so in emerging from bankruptcy. drillers’ return to a growth men- recoveredto$60 in just six investors from returning to a a depletion business like drilling, Their re-entry is well timed tality. Previously burned lenders months.By2011, prices crossed “drill, baby, drill” mentality. So is where no investment means no fu- with oil prices back to pre-pan- wound up with equity in reorga- the $100 mark.But the situation the prospect of major exporters ture returns. demic levels: U.S. benchmark oil nized companies and have a say in wasdifferent eight yearsfollow- loosening the spigots. Saudi Arabia In this choose-your-own-adven- prices are now more than $10 a appointing new board members. ing the crash when the U.S. was already plans to increase oil out- ture story, chapter 11 remains a barrel higher than what it costs an Yet that mechanism alone isn’t producing 77%moreoil using put in coming months, as The Wall tough one to avoid. —Jinjoo Lee India’s Stock Mania Defies Economic Reality

Signs of speculation are rife in and GDP growth touched a low of global markets right now. But In- 4.5% in the third quarter of 2019, dia stands out: The roaring stock with other data suggesting the market there looks particularly slide in growth might be even disjointed from economic reality. more severe. India’s benchmark stock index, UBS economist Tanvee Gupta the Sensex, is up 22% since the be- Jain suggested in research pub- ginning of 2020, almost exactly in lished last week that Asian inves-

S line with the S&P 500. But the eco- tors are becoming cautious about

NEW nomic backdrop is quite different. the prospects for Indian equities G To illustrate just how frenetic based on valuations. At about 24 India’s market has become, com- times the next year’s earnings, In- OOMBER pare it with other emerging mar- dia’s Sensex is more richly valued /BL kets dependent on oil imports. In now than at any time in the cur- KER

AC U.S. dollar terms, the benchmark rent century, and more so than the MSCI equity indexes for Indonesia, S&P 500. NIEL

DA Turkey, the Philippines and Thai- Indian stocks were pricey going Citadel CEO Ken Griffin said Citadel Securities executed trades on some 7.4 billion shares for retail investors on Jan. 27. land are down by between 7% and intothe pandemic,and perhaps in- 12% relative to their levels at the vestorsare perennial optimists. The beginning of 2020. government seems happy to sup- Hearing Puts Free Trading in Hot Seat India’s performance in fighting port the recovery with acontinued Covid-19 isn’t enough to justify burst of investment spending,too. such a wide gap: The International But the market is priced for the Lawmakerslast week had many tomers, particularly on whether its arepresenting…and to have plans Monetary Fund estimates that a most optimistic outcome for India, questions on the finer pointsofU.S. practiceofselling order flow puts to raise liquidity or capital if they full recovery for India won’t come one which is by no means certain equity-market structure, and some itscustomersatadisadvantage. take on increased risk.” until some time in the first half of or even necessarily likely. If the didn’t seem satisfied with the an- But this practiceisn’t what drove Lawmakersinquired whether 2022. That is faster than Thailand country’s bad debts continue to swers.But their lines of questioning hugepriceswingsand losses forin- Robinhood should have been more due to the latter’s dependence on haunt its economic performance, could still signal shifts in the envi- dividual investorsasthe GameStop transparent about possible liquidity international tourism, but slower there is a significant risk that the ronment that wouldn’t be to the sagawound down. Whatever itsim- needs and howthat might affect its than Indonesia, which should current levels of the country’s eq- benefit of online brokerages. pact on clients’ execution quality, customers. Mr.Tenev described the reach pre-pandemic levels of gross uity market start to look too Membersofthe House Financial the system as it existshandled a eventsofJanuaryasa“five-sigma domestic product this year. frothy. —Mike Bird Services Committeehad questions hugeamount of their activity: Cita- event,” or aone in 3.5million occur- As in many places, more specu- about Robinhood Markets’decision del CEO KenGriffin said Citadel Se- rence, and said the firm learned lative forms of trading activity Benchmark stock index to cut off foraperiod of time buying curities, which is among the market from the experienceand raised more have surged: Turnover from pro- performance of GameStop and other “meme” makersthat buy order flow from equity to cushion itself in the future. prietary investors reached its India Turkey stocks.Therewerealot of questions Robinhood, executed trades on If the outcome of the hearing is highest levels since 2009 in Janu- 20% about howRobinhood makes money. some 7.4billion shares forindivid- amovement to restrict payment- ary, up more than 160% from a Philippines Beforethe hearing,aquestion ual investorsonJan. 27.That was for-order-flowasarevenue source, year earlier. Indonesia Thailand posed by some lawmakersand cus- morethan the averagedaily total plus the expectation that broker- What’s more, the country has a 0 tomerswas whether Robinhood’sde- U.S. equity-market volume in 2019. ages need to always be prepared number of longstanding economic cision wasinfluenced by hedge At this hearing,therewasn’t forfive-sigma events, investors challenges which the sharp falls in funds and otherswho wanted to see spoken testimonyfromthe Deposi- maywant to payattention. If bro- GDP over the past year have only –20 the short squeeze on GameStopand tory Trust &Clearing Corp.orits kers need much morecapital and compounded. In its financial sta- other stocks curtailed. Robinhood regulatorsabout clearing rules, liquidity,then even moretrading bility report last month, the Re- Chief ExecutiveVlad Tenev testified and whether those rules need to be revenue would be needed to keep serve Bank of India suggested that –40 the decision wasdue to the surge in altered to help retail brokerages up returns.Ifpayment-for-order- banks’ gross nonperforming assets cash needed to satisfyits clearing- continue to supply individual in- flow were banned acrossthe in- would nearly double by the end of house obligations,which shot up in vestorswith the tools to trade as dustry, it might mean the return of the third quarter of the year, ris- light of enormous volatility. they like. DTCC submittedaletter trading commissions in some form. ing to 13.5% from 7. 5% at the end –60 Instead, the day’squestions fo- saying volatility-driven chargesare As even most politicians know, it of September last year. 2020 ’21 cused moreonaspectsofRobin- designed to encouragemembersto canbehardtosatisfyeveryone Even before the pandemic, a Note:MSCIequityindexes hood’sgeneral treatment of cus- “proactively managethe risk they without some costs. —Telis Demos legacy of bad loans was a problem, Source:FactSet

MARKETS British Pound Climbs to Highest Level Since 2018

BY CAITLIN OSTROFF goal of vaccinating 15 million by investorsonthe U.K. in social distancing and the clo- cutswould weigh on banks’ set portfolio manager at Janus TheBritish pound got people in mid-February. The general,” said Chris Turner, sureofrestaurants, bars, hotels profitability and weaken ster- Henderson Investors. slammed in recent yearsby U.K. has given the third-highest head of foreign-exchange and theatershurt growth. A ling. But sterling’srise could also the twin storms of Brexit fears number of vaccination doses strategyatING Bank.“If you higher shareofnational income Investors expect the dollar weigh on the country’seco- and aparticularly bad per100 people,according to comparethe exponential pace is spentonrecreation and simi- to also weaken further from nomic recovery.Itwould make Covid-19 crisis.But with a OxfordUniversity-based Our- of the vaccine rollout in the lar services that requireface- additional U.S. fiscal stimulus, it moreexpensivefor other tradedeal in pocket and a WorldInData.org, behind Israel to-facecontact than in other adding another catalyst for countries to buy U.K. products world-leading vaccine pro- and the United Arab Emirates. comparable economies. sterling strength. and is likely to weigh on profit- gram, investorssay the upside Thefast paceofinocula- Hedgefunds have Thevaccine rollout is likely Sterling has benefited from ability of large companies with forces forthe currencyare tions,combined with the pas- to put pressureonthe govern- itsperception as ariskier cur- high overseas earnings, which now just as strong. sageofaBrexit deal at the end increased betsthat ment to relax restrictions and rencythan havens likethe U.S. comprise much of the U.K.’s TheU.K.currencyrose to of last year,after aperiod when thecurrencywill rise allowfor the economytobe- dollar or the Japanese yen. FTSE 100 Index. itshighest level against the it appeared the U.K. could crash ginreopening.Expectations This allows it to rally as inves- Thepound could still be vul- dollar in nearly three years out of the European Union againstthe dollar. forthe easing of the U.K.’s tors rotate out of U.S. assets, nerable to drops if the U.K. Fridayassterling crossed without one,has led some in- current national lockdown led betting that economies whose government doesn’t ease coro- $1.40, itsfirst time hitting vestorstoreassesstheir expec- the Bank of England to strikea assetsare cheaper could have navirus restrictions as quickly that mark since April 2018. tations of U.K. assets. moreoptimistic tone at its alargerscope for arebound as some hope,and unexpected TheBritish economywas Hedgefunds had largely U.K. and U.S. compared with February meeting. after the vaccine rollout. hurdles to the vaccine rollout among the hardest hit by the neutral net positions on ster- the rest of Europe, that’s giv- Thecentral bank’scom- “Asweare averyopen could also hit sentiment. Prime pandemic,but nowthe country ling’s prospects at the end of inginvestorsconfidenceina mentssoothed investor fears economy, we areveryaffected Minister Boris Johnson said he is on course to be the firstma- last year. This year, they have second-quarter recovery.” that it would enact subzero in- by the global economic winds expectstoprovide aroad map jor economytoinoculateits increasedbetsthat the pound Last year,the U.K. economy terest ratestosupport the and thereforeimprovement toward ending the lockdown, entireadult population, after will rise against the dollar. recorded its biggest contraction economy. Investorshavewor- tends to help sterling,” said afterthe most vulnerable are the government reached its “Thereisabit of arerating in morethan three centuries as ried that further interest-rate Oliver Blackbourn, a multias- immunized, this week. P2JW053000-0-R00100-1------XA C‑SUITEJOURNSTAL REPORRATTEGIES

WHAT’SKEEPING BLACKWORKERS From MOVINGUP THE CORPORATE LADDER?

JUSTIN METZ

Companies have MERICAN CORPORATIONS HAVE DEVOTED NO make the leap from entry-level white-col- devoted a lot of shortage of resourcesorrhetoric toward lar jobs into management and executive making workplaces moreraciallydiverse. roles. Black workers make up 12% of the attention to diversity in So whyaren’ttheremoreBlacks in the entry-level jobs, but their numbers shrink management ranks of the businessworld? to 7% just one step up the career ladder hiring and promotions. A into first management roles. Afterall, major U.S. companies arehir- new study offers clues This is true not onlyincorporatejobs, A ing Black Americans in large numbersfor but also in low-paying hourlyjobs in the as to why the efforts hourlyjobs in the field, and Blacks makeup12% of entry- stores,warehouses and call centersofmajor have fallen short—and levelcorporateroles,just shortoftheir 13.4%shareofthe companies,wheremanyBlack Americans what can be done to general population. Morerecently, Black employees have also work but find fewbridges to supervisory made some headway in early-stagepromotions. roles and other jobs with morecareer po- change that. tential. From 19% of hourlyjobs,Black Yet Black employees are leaving early-career jobs in high numbers— workersmakeup13% of higher-level, sala- often, they say, because they feel little support or opportunity to ad- ried roles in the field. By contrast, whites vance, according to new research by McKinsey & Co. Those losses offset startout as 52%ofhourlyfield workersbut BY VANESSA FUHRMANS many of the small gains companies have made in recruiting and promot- makeup60% of all salaried field employees. AND TE-PING CHEN ing Black professionals and mean even fewer of them are positioned to PleaseturntopageR4

We Have Layoffs. You Need Workers.  Inside GM’s Firms create large-scale matchmaking part- Department during the Obama partnerships to match nerships with companies in administration. “This strategy Post-Pandemic Hiring EVs employees with jobs hard-hit sectors such as hospi- will outlast Covid-19,” she says, tality, retail and airlines to re- as it likely will take at least Should companies rehire Manufacturing cruit workers who had been three years for the U.S. to re- chief Gerald furloughed or laid off gain lost jobs. exemployees after BY JOANN S. LUBLIN Johnson is setting Almost a year later, the CVS Health Corp. formed Covid19? Research shows the carmaker’s Unusual hiring alliances cre- partnerships have matched hiring partnerships with 64 they often perform no better transformation ated by U.S. businesses in many tens of thousands of U.S. employers—including Hil- than newcomers. R2 into motion on the 2020 are now bearing fruit. workers with open jobs, ac- ton Worldwide Holdings Inc. plantfloor. R7 When pandemic-related cording to several companies and Gap Inc.—as it raced to fill shutdowns devastated some involved in them. And labor open positions in its stores, industries and turbocharged specialists say they could be a warehouses and call centers Fighting Back others last spring, dozens of model for future hiring alli- amid a coronavirus-fueled employers joined forces to ances among employers. surge in its business last year. WorldWrestling Enter match idled workers with “It’s really a very promising The pharmacy and insurance tainment took ahit from open jobs. Companies with ur- practice,’’ says Jane Oates, giant created dedicated hiring gent staffing needs in indus- president of the nonprofit websites for its partners’ dis- the pandemic. CFOKris tries such as healthcare, gro- WorkingNation and an assis- placed workers and stream- tina Salen outlines the cery and e-commerce formed tant secretary in the Labor PleaseturntopageR2 group’scountermoves. R10 P2JW053000-0-R00200-1------XA

R2 | Monday, February 22, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | C-SUITE STRATEGIES

about hiring in the post-Covid economy? After all, all of this research was conducted before the pandemic, and we need to consider: If the performance benefits of rehires are ambiguous during good times, when the majority left the firm on their own volition, what will happen post-Covid, when leaving the organizations wasn’t necessarily their choice? While we won’tknowthe defini- tiveanswertothatfor some time, I’doffer two,somewhatopposing, thoughtsbased on research. First,incomparing the perfor- manceofrehires to thatofexisting employees,therewerenoperfor- mancedifferences between workers who leftvoluntarilyand those who leftinvoluntarily. That’s good news forscoresoforganizations that mayfeel it’sthe ethical decision to prioritizerehiring their laid-off employees when the economyre- bounds.And that’sespeciallygood news fororganization filling jobs whererehires have been shown to outperform newworkers. Second, acompeting argument is thatarehired employee’spoten- tial as ahappybut averageper- former is questionable in post- when theyworked in one of Covid times.Organizations and two kinds of jobs: those that hiring managersmay need to work required building and main- hardtoaddressthe psychological Should Companies taining interpersonal relation- toll thatinvoluntarylayoffsmay ships with othersinthe or- have had, sinceworkersmay view ganization, such as human- the dissolution of their employ- resourcesspecialists, ment contract with their employer customer-servicerepresenta- during aglobal pandemic as partic- RehireEx‑Employees? tives and lawyers,and those ularlyegregious.Whether this psy- thatrequired higher adminis- chological hurtisevensurmount- trativecoordination, such as able is unclear. purchasing managers, IT proj- As aresult, asolid argument— ect managersand civil and environ- forboth employees and employ- The assumption is that they will form similar employees who never mental engineers. ers—canbemade thatorganiza- be better performers. And it’s only left the firm, as measured by man- The study suggests that for tions forgorehires in favorof fair. But it isn’t that simple. ager ratings. these types of jobs, the rehires’ exploring newtalent, at least for Similarly, research led by John knowledge of the firm and ability most jobs.Such organizations look- Arnold, a professor at the Univer- to quickly reintegrate into the or- ing to the external market should

BY CATHERINE SHEA sity of Missouri, on a large retail ganization’s social networks en- find aplethoraoftalented employ- employer in the U.S. found that re- hanced performance upon return. ees let go by competitors. Though hired employees performed no bet- That isn’t the onlybenefit found it will take longer to onboardand he Covid-19 pandemic has devas- ter or worse—as measured by an- with rehired workers. My col- train these newemployees,the or- tated U.S. labor markets, with 9.4 nual performance reviews—than leagues and Ifound thatrehired ganization has achancetobuild an million jobs lost in 2020. As the internal and external hires in the entirelynew relationship with economy recovers, many organiza- first year. However, the rehired them, which mayyield improved tions seeking to rebuild their work- employees performed more poorly performance, job satisfaction and force will face a common question: after the first year back. What’s Former employees commitment to the firm. This fresh T Do we hire back our ex-employees, more, these employees are more startmay be just whatorganiza- may have an edge in or look for new talent? likely to leave the company than tions and employees need to move The case for hiring back employees who had been other employees. some kinds of jobs. forwardinapost-Covid world. laid off or quit seems compelling and obvious. Hiring The case for rehired employees them will decrease recruiting and onboarding costs. gets worse when you consider Dr. Shea is an assistant professor Recruiting an old employee also will feel like a safe cost. My colleagues and I found of organizational behavior and move—you know them, they know you, and they will that not only were rehired employ- employees enjoyedincreased mean- theory at the Tepper School of be easy to reintegrate into the organization. They ees, at best, equivalent performing in—and commitment to—their Business, Carnegie Mellon even may have gained new skills or perspectives in ers, but they were also more ex- work as compared with other em- University. Virginia Stewart, a the interim. And besides, it seems only fair. pensive, earning just over $10,000 ployees who neverleft. Theim- lecturer of business at the Smurfit But my research and the research of others sug- more annually than a counterpart proved attitude of rehires wasseen Graduate Business School at gest that the situation isn’t quite that simple. who stayed at the firm. in additional time spent on projects University College Dublin, and The research suggests that most, but not all, for- meant to improvethe long-term Deirdre Snyder, an assistant mer employees perform no better than new hires— success of the organization, such as professor of management at and are typically more expensive. What’s more, al- Better performers in recruitment, mentorship and Providence College, contributed to though many rehired workers feel more engaged and Still, the picture isn’t entirely one- strategic planning.Thatcontrasted this article. They can be reached loyal to the organization, that may not be true in a sided against rehires. with other employees,who spent at [email protected]. post-Covid era, when fired workers are likely going One bright spot in the perfor- moretime on billable client hours. to feel betrayed and less committed to their former manceofrehired employees comes Still, these rehires,while they and current employer. from aresearch team led by JR mayhavebeen happier,weren’t More C-Suite Strategies Keller,aprofessor at Cornell Uni- betterperformers. Thequestion re- • Burning Man’s mission versity, studying alarge healthcare mains as to whether arehire’s Poor performers in a post-Covid world organization in the U.S. from 2009 value as happybut averageper- WSJ • How to increase the Let’s look more closely at what the research shows to 2016.Theyfound thatrehired formersjustifies their higher salary. .COM number of Black board about performance. My colleagues and I tracked the employees outperformed newhires, members performance of employees in a large, professional- as measured by manager-rated per- • Mayo Clinic’s technology scramble services firm in the U.S. for five years and found, formance, when the rehires re- Post-Covid hiring as the pandemic hit surprisingly, that rehired employees didn’t outper- turned to the same manager,and So, what does all this research say At wsj.com/csuitereport

vestments Inc. and Walgreens, a attracted 273 employers from 93 as one of its 29 “premier” com- hourly workers licensed to assist CompaniesForm CVS rival owned by Walgreens countries. The platform contains pany partners because it liked its pharmacists with filling prescrip- Boots Alliance Inc., also have used approximately 400,000 jobs, which approach. tions or answering customer ques- Hiring Alliances job-pairing alliances to find new represent employers’ openings and “Staffing doesn’t always have to tions. hires amid the pandemic. positions formerly held by job be a game of winners and losers Mr. Muñoz worked at a Gap ContinuedfrompageR1 Albertsons says it has recruited seekers. [for employers],” says Jeff Lackey, store in Skokie, Ill., for about five lined the selection process for at least 1,400 staffers from 23 Hilton, which furloughed 45,000 CVS’s vice president of talent ac- years. He advanced from sales as- some jobs. Of the more than partners, including Hilton, MGM of its 60,000 U.S. employees at quisition. “We can create a win- sociate to key holder specialist, an 100,000 people whom CVS re- Resorts International, Regal Cine- win-win by offering jobs to quali- administrative role. cruited from March to December mas and Inspire Brands Inc. fied candidates, brand protection In early spring, Gap furloughed last year, about 3,700 came from Fidelity launched pilot projects for their prior employer and talent 80,000 workers because of store the new partnerships, according to with Hilton, Marriott International 64 to the hiring company.’’ closures. Among them was Mr. Mu- a spokeswoman. Inc., Delta Air Lines Inc. and Jet- Hilton received weekly tallies ñoz. The struggling retailer soon cut Amazon.comInc. estimates it Blue Airways Corp. Most of the U.S. employers that about its employees switching to 15% of its workforce in North Amer- selected tens of thousands of new hires landed in customer ser- CVS linked with to hire CVS. And Mr. Lackey fulfilled a ican offices. workers from 21 U.S. corporate vice, a Fidelity spokeswoman says, promise to alert those recruits Gap offered to connect affected partners such as Uber Technolo- although she couldn’t give a spe- their idled employees when Hilton initiated furlough re- employees with its more than 20 gies Inc., Lyft Inc. and United Air- cific number. calls, according to a spokeswoman U.S. hiring partners, including CVS. lines Holdings Inc. as it went on a Walgreens estimates roughly from CVS. Mr. Muñoz remembers being at- hiring spree last year, placing more 6,200 employees arrived from 50- Laura Fuentes, Hilton’s chief hu- tracted by CVS’s customized web- than 400,000 people in permanent plus partners, including retailer man-resources officer, says she site—“it had a big Gap logo”—plus U.S. jobs to handle soaring de- Kohl’s Corp., Hilton, Gap and the 400,000 hopes many idled colleagues will the chance to enter healthcare. mand for at-home shopping. Chicago Cubs. Walgreens plans to come back once the hospitality in- Last June, the freshly licensed The unprecedented alliances al- keep hiring this way for the indefi- Jobs on an online dustry recovers. But Hilton recog- technician joined a CVS pharmacy lowed Amazon to “quickly gain ac- nite future “because it has been so platform that pairs nizes the risk that some may not. in Niles, Ill. Mr. Muñoz, 25, so enjoys cess to a skilled workforce,’’ says successful,’’ says Chief Human Re- By year-end, Hilton had rehired his job that he turned down Gap’s

hiring firms with those TO Ardine Williams, Amazon’s vice sources Officer Hillary Leisten. about 100 of the 3,900 staff mem- subsequent invitation to return. “Al- letting workers go president of workforce develop- In a global matchmaking en- bers it laid off. More than 20,000 most everything I do is helping our CKPHO TO

ment. CVS and Amazon say they deavor, meanwhile, consulting gi- of its employees remain fur- patients [to] improve their health,’’ IS :

don’t know whether their new ant AccenturePLC and three U.S. loughed, the company says. he says. TO

hires are making more or less than companies in April introduced a Not everyone redeployed via PHO ,

at their previous employers be- business-to-business exchange some point during 2020 and laid matchmaking arrangements may Ms. Lublin is a regular contributor SJ cause they don’t ask candidates called People + Work Connect that off 3,900 others, formed hiring alli- return to their previous workplace. and former career columnist for

for such information. pairs hiring employers with those ances with 180 North American Consider Gerardo Muñoz, a CVS The Wall Street Journal in New SIMON/W Other companies, including gro- that are letting workers go. employers to help the affected pharmacy technician hired from York. She can be reached at cer Albertsons Cos., Fidelity In- The free online platform quickly workers. The hotel firm chose CVS Gap. Technicians typically are [email protected]. JOHNNY P2JW053000-0-R00300-1------XA

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believe the workplace isn’t a meritocracy—only half of all Race in the workers say they believe promotions are based on perfor- Workplace mance—for Blacks, such skepticism is more widely held: Just ContinuedfrompageR1 29% say they think promotions 43% Those are some of the findings of are merit-based. Meanwhile, Herb Dyer, now a consultant, one of the most comprehensive ex- Blacks, at 48%, are nearly twice of Black private- aminations to date of the Black ex- as likely as other minorities to sector employees perience in the corporate world. perceive that their race makes it says that in his career, he’s make less than Conducted by McKinsey in partner- harder to achieve their career $30,000 a year, ship with Walmart Inc., the W.K. goals. compared with 31% Kellogg Foundation and PolicyLink, a “People arecoming intoor- seen candidates from of all private-sector nonprofit that focuses on economic ganizations with great enthusi- employees and racial-equity issues, the study asm and great interest, and then includes a first-ever look at internal what happens is they don’t find different backgrounds get data on the hires, promotions and the mentorship,the sponsorship career arcs of nearly four million and the opportunity that they employees at two dozen of the coun- see othersreceiving,” says Ron interviewed without try’s biggest companies, as well as Williams, the former chairman analyses of the labor markets they and chief executiveofAetna 41% operate in and the broader Black who currently sitsonthe boards necessarily leading to of companies employment picture in the U.S. As of Boeing Co., Johnson &John- surveyed require part of the study, McKinsey re- son and American ExpressCo. A searchers also surveyed 25,000 em- big flashpoint is that first more diverse hires. hiring panels to be ployees of all races at those compa- chancetobreak intothe man- diverse nies on their workplace perceptions agement ranks,wheretoo often, and experiences. he says,hehas seen hiring The numbers suggest that one bosses rely on theircomfort reason for the lack of headway is level or preconceived ideas of that companies’ efforts have bene- who is the right fitrather than a 39% fited a relatively small pool, and talent-management approach failed to address the issues fueling that applies the same rigor and of jobs held by attrition among Black employees. objectivecriteria that companies Black workers are Companies have made strides in ele- use to launch products. vulnerable as a vating some Black leaders in their “It’s where careers are made result of the Covid- most senior ranks: The share of or broken,” he says, nodding to 19 pandemic, vs. 34% Blacks on executive teams is slightly the few Black executives who higher than in middle management have filtered all the way to the for white workers and nearly doubles at the boardroom top as a case in point. “I’m a level, to 11%. Yet such efforts have very good executive, but I’m not largely failed to trickle down to the one of just 23, 24 people who hundreds of thousands of entry-level are African-American who had workers toward the bottom of the the capability to run a major 52% corporate pyramid. company. There are a lot of people like me. But we waste a lot of Black workers of talent.” surveyed say the Feeling unsupported What headway companies are coronavirus outbreak making in supporting and ad- is a major threat to And although business leaders are vancing Black employees is so their personal paying closer attention to the num- slow that at the current trajec- financial situation, bers of Blacks moving in, up and out tory in promotion and hiring of their workforces, the data shows rates, McKinsey researchers cal- vs. 43% of white the lived experience of Black work- culate it would take nearly a respondents ers and managers remains worse century for every level of the than that of their colleagues. corporate pyramid to mirror the Source: McKinsey & Co. Race in Corporate America report While Black employees surveyed Black share of the total popula- by McKinsey overwhelmingly report tion. But by tackling key barri- a sense of purpose and accomplish- ers, such as higher attrition and ment from their work, half say they lower odds for career advance- feel they receive little or no support ment among Black workers, to advance their careers, compared companies could reach that with an average of about 40% for all milestone in 25 years, says La- McKinsey and the firm’s diver- Rachelle C. Olden, a 37-year- verse mentorship” relationship president of Ascension, the par- Falling Behind other groups. While many employees reina Yee, a senior partner at sity and inclusion chief. old global experiential marketing with him. The two meet via video ent company of Ascension Seton, “Whatitshows is the road to manager at Microsoft Corp., says regularly to swap and learn from formerly Seton Family of Hospi- ASteep CareerLadder equality isn’t aone- or two-year she turned down competing of- each others’ experiences. “These tals, says the organization con- Black employees move up the ranksinsmaller numbersthan mostother racial and ethnic groups and lose the most corporateprogram,” but asys- fers at two other major tech com- are the things that add up and demns “all forms of racism, dis- ground early on. On the corporateside,theymakeup12% of entry-leveljobs,but their numbersshrink to 7% justone tematic,multiyear approach, panies three years ago. As a make me feel included,” she says. crimination and injustice as we stepupintoﬁrstmanagementroles. Ms.Yee says.“It’snot just about Black woman in technology, and ManyBlack employees report work together to ensure our as- Other Rachelle Olden hiring 10 extrapeople from a thus often the only Black person feeling otherwise at work.Those sociates and patients are treated Percentages of employees* people of color historically Black college,” she in the room, she says it was espe- surveyed by McKinsey were less justly and respectfully.” Black Hispanic /Latinos Asian White turned down adds.“It’salso about creating a cially important to find a sup- likely than their whitepeerstosay Even in supportive workplaces, 19%1885 52 culturethat if yourecruit them portive work culture. they feel they canspeak up,pres- some Black professionals say Field (hourly) other tech offers that they want to stay.” “One way I knew this was a ent ideas or sharedetails about they often feel the burden of be- What’smore, beyond the good place is I didn’t feel afraid themselves and their lives outside ing a standard-bearer for their Field (salary) Corporate to take a job at growing political, social and in- about calling out my team, as of work.And while amajority of race. Karen Henry, 53, became an Entrylevel vestor pressuretocreatemore well as the company, on their all employees surveyed by McKin- attorney at national law firm Da- Microsoft inclusiveworkplaces,“it’sbe- lack of diversity,” says Ms. Olden, sey saytheir company’sdiversity vis Wright Tremaine LLP in her Manager coming abrand strategy,” says who says she is one of three effortsare effective, one-thirdof mid-30s after more than a decade Senior manager because she Talia Fox, CEO of KUSIGlobal Black employees on a team of 100 Black employees agree. working as a Los Angeles Supe- Inc., aWashington-based lead- marketers. “And they never made Many companies in recent rior Court supervisor and clerk Vicepresident finds the ership-development firm that excuses. They were like, ‘You’re years have tried to address the with a paralegal degree. A judge- Senior vicepresident also advises companies on right. How do we do better?’ ” lack of diversity when hiring and turned-mentor had pushed her to company changing workplacecultures. promoting. All of the companies go to law school. Executive “A lot of millennial high-per- in the study say they provide an- At the firm, she says, she 6% 6 9 3 76 forming talent ask us, even as a Small gestures tibias training for hiring manag- found strong professional sup- has a Black-owned company, ‘What ers, two-thirds require racially di- port in honing her legal skills. Boardofdirectors

are you doing around social and Certain gestures, even when verse slates of job candidates to Still, as the only Black attorney 11% 6 3 7 50% 73 supportive racial justice?’ ” she says. At small, have been meaningful, she be considered for all positions, in the firm’s L.A. office when she *Data from June 2020 survey of 23 major companies, employing 3.7 million workers other companies, “I’ve talked to says, such as when a senior white and 41% say hiring panels them- joined, “I told myself that if I work some hiring managers where executive in a group video chat selves must be diverse. mess this up, they’re never going Gains and Losses† candidates have walked out of corrected someone who had mis- But such moves often have to hire another Black lawyer.” culture. the room if the answer was, ‘We pronounced her name or when limited impact, some executives In the first half of 2020,Black workerswerepromotedand hired at higher ratesthan their whitepeers at all but the don’t have a plan but we’re another leader asked last year if say. During Herb Dyer’s time as highestlevels—though their overall numbersare much smaller.But theyalso leftinhigh numbers, especially hourly jobs in the field, entry-levelcorporatepositions and at the vice-presidentlevel. working on it.’ ” she would be interested in a “re- the chief operating officer of a Burrowing in Seton Family of Hospitals acute Promotions† medical facility in Austin, Texas, Her answer, Ms. Henry says, was Black men Black women Whitemen Whitewomen 8% a role he held from 2009 to 2013, to burrow into the work, aim to hiring managers would often in- write the best briefs, and over Wherethe Jobs Are 4 terview candidates of different time, more Black attorneys did Black workerstend to be concentrated in low-paying occupations in industries backgrounds, he says. But the join the office. Yet she says her 0 0% such as healthcare, hospitalityand retail, instead of in higher-wage sectors practice didn’t necessarily lead to focus on perfecting her legal such as financeand professional services. more diverse hires. skills hurt her ability to network Hiring† 25% “It was just going through the and bring in business, and she 20% motions,” says Mr. Dyer, who worried how asking for help in- says he would try to raise the is- side the firm would look. 16 sue without being confronta- “As an African-American attor- l 12 20 Healthcare tional. “I’d say, ‘Look, I’m not ney, do I really want to step up telling you you need to hire an and say, ‘I’m having trouble with 8 MENT OCK African-American for every posi- this’?” she says she asked herself.

OY tion, but you need to look at Instead, she turned to an outside 4 BULL 15 Y other than what is traditional.’ ” mentoring network for midcareer EMPL 0 0% Retail HOLL As a6-foot-3,220-pound Black women, whose guidance helped CK Accommodations l

LA and food service man, he says,hewas personally her boost her profitability. “It’s l Attrition† FB aware of the kinds of stereotypes what I needed to have candid 10 JOURNAL; 20% EO Administrative Manufacturing that caninfluencesuch decisions: conversations about getting AG l l REET At one point in his career,awhite where I wanted to be,” she says. Professional ST 16 LL CENT services supervisor assumed he’dbeen a In the wake of the racial-equity Transportation WA professional athlete; in perfor- movement set off by the death of 12 PER 5 l l Finance THE manceevaluations,heoccasion- George Floyd in policecustody, l R ll 8 Wholesale FO Construction ally gotfeedback from colleagues the killing of Breonna Taylor and

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0102030405060708090100% INHEA Ithought Idid all the right things businessleaders areredoubling 0 0% 0% Y PERCENTAGEOFTOTAL JOBS IN EACH INDUSTRY in being respectful, treating peo- efforts to createmorecareer op- Field Field Entry Manager Senior VP SVP Executive WITH ANNUAL PAYABOVE $30k MAR (hourly) (salary) level manager

P: ple well,” says Mr.Dyer, who now portunities forBlack people. Best TO Sources: Bureau of Labor Statistics Occupational EmploymentStatistics 2019;McKinsey&Co. has his ownconsulting firm. Buy Co., whose headquartersis †Percentage of employees by racial demographic at each levelbetween January and June 2020,aggregateddataacross23companies Raceinthe Workplace2021 OM Nick Ragone, executive vice PleaseturntopageR6 Source:McKinsey&Co. Raceinthe Workplace2021 FR P2JW053000-0-R00600-1------XA

R6 | Monday, February 22, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | C-SUITE STRATEGIES

Employers Want More Diversity. They May Need To Open Offices In New Places.

Research on race in the workplace suggests executives could close racial gaps within their ranks by being more strategic about geographic locations

BY CHIP CUTTER

mong the key takeaways from a new report on race in the workplace is this surprise: To address A inequality inside organizations, some companies may need to open offices in new locations. Throughout her Blacks arearelatively small part of the population in some U.S. cities expected to marketing career, see the highest job growth over the next decade,such as Seattle,and nearly 60% livein says Gwen Kelly, the South, according to asweeping new analysis by researchersatthe consulting discussions with firm McKinsey &Co. “Workers need to be connected to the op- managers about portunities being created and have the skills for the in-demand roles,” says James Manyika, advancing further a senior partner at McKinsey who is a direc- didn’t lead to tor of the McKinsey Global Institute and helped lead the research. “But jobs are often higher positions, concentrated in counties that aren’t necessarily accessible to Black workers.” though she says McKinsey studied detailed employment data for more than 3,000 U.S. counties and she often did more cross-referenced it with internal corporate data and interviews inside companies. What senior‑level work. emerges is a comprehensive picture of Black representation in corporate America—and the challenges that remain for both workers and organizations. Mr. Manyika recently spoke with The Wall Street Journal. Here are edited excerpts of the tion is Black.Black populations are Walmart says it has been expand- conversation. Race in the also relatively small in the kinds of ing itseffortstobolster diversity cities expected to see the most job through itsranks,including,inmore • WSJ: How have the questions that execu- Workplace growth over the next decade,accord- recent years, requiring that both in- tives ask you about diversity changed? ing to McKinsey,such as big new- ternal and external shortlistsfor se- ContinuedfrompageR4R5 economyhubs likeSeattle and Austin; nior roles include at least one woman •MR.MANYIKA: The general sense for most just miles from whereMr. Floyd was fast-growing second-tier cities like or person of color and making it eas- companies now is “We want to do this” as op- killed, pledged in December to fill Provo, Utah; and areas seeing big in- ier foremployees to find sponsors. It posed to “Does this matter?” Where I’d like to one out of everythree newsalaried flowsofmiddle-classand affluent se- also is publishing moredetailed see the questions move to is less “I’d like to corporatejobs with people of color niors, such as Prescott, Ariz., and breakdowns of the racial and ethnic hire the best African-American senior vice pres- and increase retention with moreca- Ocean City,Md. makeup of itsworkforce on all levels. ident, can you help me find one?” to “How do reer support. Failing to addressthe gapislikely “We’renot going to movethe nee- we train 100,000 African-Americans into mana- Target Corp., also based nearby, to widen the wealth disparity between dle if we’renot all transparent,” says gerial roles?” has committedtoboosting the repre- Blacks and other Americans.Among Donna Morris, Walmart’schief people sentation of Black employees across Black private-sector workers, 43% officer.Inthe firsthalf of Walmart’s • WSJ: What stood out to you in this research? the companyby20% over the next earn lessthan $30,000 ayear,com- past fiscal year,which ended Jan. 31, three yearsand creating newcareer pared with 31% of all employees,in Black employees,who makeup11.6% • MR.MANYIKA: A lot of Black employment in pathways—in part because,ascom- part because they makeupfar more of managers, got17% of all promo- the private sector is concentrated in the South. panyofficials drilled moredeeply of low-paying serviceand laborer tions from one management level to Something like 60% of Black private-sector intoemployeedatabyrace, it saw jobs,especially in the retail and hospi- another and 18% of promotions from workers are in just 10 states. Population is a big Black employees in manyareas were tality sectors, the McKinsey data hourly jobs to manager roles. part of that, but also history. Texas, Florida, leaving at higher ratesthan others. shows—industries that have been es- Georgia and North Carolina make up about 30% “That tells you there’s something pecially devastated by the pandemic. of all Black employ- systemic about the experience,” Looking ahead, their high concentra- Online education ment. New York, Cal- says Kiera Fernandez, Target’s chief tion in those fields puts23% of jobs ifornia and Illinois diversity and inclusion officer, who held by Black workersatrisk of being On the other end of the spectrum, add 17%. says that both promotion data and displaced by automation over the next morethan 25,000 Walmart employ- In the counties employee surveys suggested Black decade,McKinsey estimates,slightly ees—47%ofthem people of color— that have higher em- employees wanted more career morethan whites and employees of have participated in LiveBetterU,a ployment rates in routes up and across the company. Asian descent and slightly lowerthan company-sponsored online higher-edu- general—that are CEO Brian Cornell says having an the 25% forHispanics. cation program Walmart founded in growing jobs—Afri- effective strategy is critical to inno- The relatively few Black profes- 2018.For $1 aday,employees canen- can-Americans are vating for the retailer’s diverse cus- sionals who make it into upper man- roll in online courses and earn degrees very underrepre- tomer base. “Simply put, we believe agement fare better at promotions and trade certificates putting them on sented. They tend to diverse and inclusive teams are the than those in earlier career stages, track forhigher-level jobs. be in the areas most successful,” he says. the McKinsey data shows. In the first One is 34-year-old Courtney Sting- where there’s either half of last year, Black men, in partic- ley,who began working at Walmart no job growth or de- ular, were promoted at higher rates nine yearsago as an electronics sales clining occupations. Job creation than their white peers to senior posi- associateatthe storeinhis home- tions, with the exception of executive town, Forest, Miss. He took on other McKinsey’s James Manyika says • WSJ: Why is this Companies are also joining forces. A teams. Still, the gains are uneven, department roles and gotatastefor some regions with low economic important for com- coalition of more than 30 CEOs partly because the numbers are so managing othersasanovernight su- growth have strong talent pools. panies? from companies including Merck & small. Virtually no Black women at pervisor in another store. But his ap- Co., International Business Ma- the senior vice president level were plications foramanager role that •MR.MANYIKA: If you want to solve this issue chines Corp. and Nike Inc. are back- promoted during that same period came with asalary, not hourly wages, of race and employment in the private sector, ing a startup, called OneTen, aimed within the two dozen companies went nowhere. “My education was it’s actually an opportunity. In some of the low- at creating one million “family sus- McKinsey studied. holding me back,” says Mr.Stingley, growth counties, you have strong pipelines of taining” jobs for Black Americans Gwen Kelly, now in her 60s, says who had atwo-year associatedegree talent, just not enough economic activity or in- within a decade. The initiative, that throughout her marketing career in drafting and design technology. vestment by companies. So as companies think which will focus on helping those she often felt she was two to three Enrolling in the Live Better U pro- about “Where do we find talent?” they could be without a college degree train, find promotions behind her white peers. gram in 2018 and taking the online missing out. and retain jobs at the participating Before she was recruited by an ad courses in his off hours, he graduated Often, some of those counties are very close companies, is an acknowledgment agency to serve in her first director- last October with a bachelor’s degree to large cities. So it could easily be putting up by the CEOs that their racial-diver- level position, she says, the firm first in supply chain, transportation and an office in those counties next to a very large sity efforts haven’t made a mean- discussed the decision with a major logistics management. One week af- city and having access to talent that’s there. ingful difference for Black Ameri- client. “They wanted to gauge their ter applying for a logistics load man- cans, Merck CEO Kenneth Frazier, a reaction,” she says. ager job at Walmart’s Bentonville • WSJ: Companies have had diversity programs OneTen founder, has said. One of Later she worked in insurance and headquarters, he got the job, and his foralong time.Are theydoing them wrong? ANY

just a handful of Black CEOs run- then for Walmart, first as a market- salary is now double the wages he MP CO

ning Fortune 500 companies, Mr. ing executive and ultimately in the made before, he says. •MR.MANYIKA: Certainly the companies in our & Frazier is retiring in June. company’s diversity office. But her After knowing nearly every role survey, they’re all trying to do the right thing. Part of the challengeindrawing discussions with managers about ad- and function in the stores, managing Part of the challenge may be not doing it moreBlack workersintoupwardly vancing further didn’t lead to higher logistics at a regional level has been enough at scale. If you look at the boards of di- MCKINSEY mobile positions will be bridging the positions, though she says she often a culture shock, he says. “There, I rectorsand the C-suite, representation actually

job-opportunity gapthat existswell did more senior-level work. was the go-to for everything; here, looks a little bit better than the middle of or- JOURNAL; beforemanyfind their way intocom- Though she saw some Black I’m starting all over again, but it has ganizations. REET

panyworkplaces.Blacks facehigher women rise through the ranks, Ms. been very educational for me,” says Part of what I would encourage from this re- ST

unemployment and underemploy- Kelly says she lacked higher-up spon- Mr. Stingley, who says he wants to search is more targeting. Especially of that ear- LL ment than other Americans,even sors who could champion her for big- eventually go into human resources. lier set of transitions to managerial roles.I WA THE

among those with acollegeeduca- ger roles. “You can’t say there “It has opened my eyes to the rea- would also target how you create a sense of R

tion, according to government data. weren’t people like that. I just wasn’t sons I’m actually here.” belonging. FO Anotherissue is geography: the one that was chosen,” she says, People leave because they don’t see them- JR. Nearly 60% of the Black labor force adding that she also didn’t know how Ms. Fuhrmans, deputy chief of The selves progressing to the next level or are leav- NOBLE lives in the South, federal data to seek out such advocates. “There’s Wall Street Journal’s management ing to try to start their own businesses. shows,while far fewerBlacks livein ignorance on both sides,” says Ms. bureau, can be reached at van- MICHAEL

the West, wheremuch of the boom- Kelly, who left Walmart in 2018 and [email protected]. Contact Ms. Mr. Cutter is a Wall Street Journal reporter P:

ing tech industryis. In California, for is now a marketing consultant in Chen, a Journal reporter in Philadel- based in New York. He can be reached at TO example,lessthan 6% of the popula- Bentonville, Ark. phia, at [email protected]. [email protected]. OM FR P2JW053000-0-R00700-1------XA

THE WALL STREET JOURNAL. Monday, February 22, 2021 | R7 JOURNAL REPORT | C-SUITE STRATEGIES

GM Facts vehicle in U.S., 2020: $39,229 (a record) Founded: 1908 GM’s BY MIKE COLIAS Electric-vehicle models on Headquarters: Detroit sale in North America: 1

Main brands: Planned EV models in North Cadillac, GMC, Buick, Chevrolet America by 2025: 20

Conversion Source: the company Defunct brands: Pontiac, Oldsmo- bile, Saturn Gerald Johnson, head of global  Employees: 155,000 total, 94,000 Mr. Johnson is overseeing the manufacturing, talks about the in U.S. gut rehab of GM’s Factory monumental task of converting the Zero in Detroit to serve as Plan Average price paid per GM company’s factories for electric vehicles the company’s EV hub.

eneral Mo- Hereare edited excerpts. ancesystems and automation. dedicated to that, along with cles will require more complexity tors Co. is We’re also doing things like marrying it up to the transmis- of execution per station and per betting its putting in solar panels to provide sion and subsequently to the operation. Versatility and adapt- future on • WSJ: Electric cars are break- power to the grid. Factory Zero body of the vehicle. ability will be important because electric cars. ing down some of the barriers will not just produce vehicles Well, in the EV world, it’s a work flows will be different in By mid-de- to entry that have protected big that are emissions-free; we’re battery pack. It’s our Ultium plat- this environment. G cade it plans car companies. How can GM going to be based on renewable form that rolls in and all marries to spend $27 maintain its edge? energy in the factory as well. up to the vehicle and makes it billion on manufacturing 30 even easier to integrate versus • WSJ: Given that EVs require electric models and developing • MR. JOHNSON: From an engi- earlier versions of our EVs. less manpower, should workers driverless cars. By 2035, it ex- neering standpoint, electric vehi- • WSJ: It has been a few de- be worried about there being pects to have phased out gaso- cles of course require a lot of cades since GM last built a new fewer auto factory jobs in that line-engine options completely technology and innovation. The plant in the U.S. What advan- • WSJ: How will workers’ skills future? and to be selling only electric holy grail is finding that cost bal- tages come from starting with need to change? vehicles, a technology that cur- ance between electric range and a clean sheet? • MR. JOHNSON: I think every rently generates about 2% of the cost of a battery. • MR. JOHNSON: Thereare two GM employeeshould be excited sales and no profit for the com- But the integration [of GM’s • MR. JOHNSON: First, the plant pieces. One is the ongoing inno- about whatwe’re doing. Because pany. own electric powertrain into its will build solely EVs, so we get vation thathappens through au- we seeour EV strategy in total as Planning for this transforma- own car models, in effect pro- to optimize it for that. We don’t tomation and other work.Every afull-on growth strategy.Wewill tion at the factory level is the ducing everything in house]is year,with everynew vehicle pro- expand. Yes, some job assign- responsibility of Gerald John- the piece that I think is going to gram, we upgrade the technology ments will change,but we will son, a GM lifer who took over enable us to run further and it takes to processavehicle.That have opportunities foreveryone to global manufacturing opera- faster. Integrating this technol- requires additional skilledtrades come along with us as we make tions in 2019, and who is spear- ogy into a vehicle platform in and adigital understanding. this transformation. Therewill be heading a $2.2 billion gut rehab such a way that allows all The most impressive piece morework available in thatfuture of a factory in Detroit, recently the functionality that we is the data analytics that are than whatwehave today. renamed Factory Zero, to serve currently offer, but the now being embedded in the as GM’s electric-vehicle hub. added capability of an diagnostics that we use in Two more conversions of North EV—that’s where I think our equipment. That allows • WSJ: The company sees elec- American factories for produc- GM is going to show out our operators to have a tric vehicles as a growth play, tion of electric vehicles, or EVs, based on our track record. much richer understanding of rather than simply replacing its are in the works. what’s going on, what actions gas-powered business? Mr. Johnson, 58 years old, we need to take to keep the calls it the most far-reaching • WSJ: You’re saying even equipment running. • MR. JOHNSON: This is all about strategic shift he has seen in though it has become easier for growth for us. One reason is that his career at GM, which he be- others to put together battery it allows us an opportunity in the gan 40 years ago as an intern. systems and offer electric cars, markets where EVs are popular “There has always been in- there’s more to it than that? ‘There has always been and where we have the greatest cremental change,” he says. opportunity to gain market “This is transformative.” • MR. JOHNSON: Yes. There are incremental change,’ Mr. Johnson share, like on the West Coast, GM factoriesaround the the specific elements of figuring says of his four decades with GM. the East Coast and some por- world employmorethan out the technology cost curve, ‘This is transformative.’ tions of the South. 100,000 workers. Some plants and we’re doing that. But I think existsolely to assemble gas- where we will leapfrog others is poweredengines and transmis- on everything else that goes into • WSJ: What have your discussions thatwon’t be needed if the vehicle. We think we have an have to carry what we would call • WSJ: What about as you tran- sions been like with the United S the companysuccessfully advantage with our supply base, “scar tissue” of having a large sition to making electrics and Auto Workers about the future

PRES reaches its 2035 target,portend- with our ability to integrate our engine-buildup area. And, be- eventually autonomous vehi- workforce and how it’s changing

TED ing big changes forbothworkers software capabilities. We also cause the weight of an EV is cles? in this transition?

OCIA and GM’s factory footprint. have an established dealer net- greater, we’ll need a more robust SS

/A Addressing disruption is work that can help us. conveyance system. • MR. JOHNSON: At a place like • MR. JOHNSON: Work at Factory

ORIO nothing new to Mr. Johnson, Factory Zero, we’re going to have Zero is going to start to produce

OS whose duties have included multiple product programs that vehicles this year. We are always OS managing labor relations • WSJ: GM is spending more • WSJ: Electric cars are less will take a higher level of adapt- in conversation with our union

CARL through a bitter 40-day strike than $2 billion to convert Fac- complex than gas cars and re- ability—both in the tooling and in partners about what it’s going to RS; at GM’s U.S. factories in 2019 tory Zero to make EVs. What quire far fewer parts. How does the kind of work that they’re go- take and how we’re going to TO

MO that drained $3.5 billion in has to happen to make that that change the factory and ing to have to be able to do, with work together to bring this in-

AL profit. Last spring, his team led conversion? what exactly workers do? longer cycles and more variation. vestment to life. We’re going to GM’s effort to make ventilators allow ourselves enough time to GENER

R after Covid-19 hit the U.S., clos- • MR. JOHNSON: Other than the • MR. JOHNSON: Probably the communicate effectively and FO ing car factories for nearly two outside walls,everything in Fac- biggestpiece will be in an area • WSJ: So workers on an as- plan for this 2035 future that we TIN months. Now, continuing sup- tory Zero is new. We’reputting in thatwould have been dedicated sembly line may be performing just committed to. MAR

F. ply-chain disruptions are ham- anew body shop because we to engine buildup,when we bring more complex tasks that take pering efforts to make up for have to tool forthe newvehicles. an engine in from one of our them longer per job than they Mr. Colias is a reporter in The JOHN

P: lost output. There’sanew paintshop,which powertrainfacilities and add all might today? Wall Street Journal’s Detroit TO The Wall Street Journal is asignificantportion of the in- the additional components. bureau. Email him at OM talked to Mr.Johnson recently. vestment. And all-newconvey- There’sawhole line and area • MR. JOHNSON: Exactly. The cy- [email protected]. FR P2JW053000-0-R00800-1------XA

R8 | Monday, February 22, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | C-SUITE STRATEGIES

ects and classes through the computer and then bringing it to life either physically or digitally. What customers told us is, give us more of that, as opposed to just coupons and discounts. That’s what we transitioned to, and I think that stays [through efforts like the forth- coming online marketplace]. What customers want is a place that they can make their products. They can sell their product, they can buy their componentry, they can have a community of people with like-minded interests where they can exchange ideas. A place where I can go get classes and content. That’s kind of the platform we’re creating that we’ll probably roll out the back half of this year.

• WSJ: A big part of your current strategy is to focus on a shopper you call the maker, and developing more into a one-stop shop for arts and crafts. Wasn’t it always what Michaels hoped to be? How is this different?

• MR. BUCHANAN: In the previous approach, it was more seasonal home-decor driven. We’ve transitioned to being arts-and-crafts driven. It was clear to me the labor had been cut back so much that no one was helping customers.

to move the needle on at Mi- • WSJ: Before you got the job, were chaels? you a crafter yourself? Moving Beyond • MR. BUCHANAN: I toured a lot of • MR. BUCHANAN: I’m not a good stores before I joined the company, crafter. Usually, what I do is I just and what I saw was stores out of mess it up, to be honest. But I’ve stocks, kind of a cluttered presenta- got three girls who are actually tion. The website, I would not say it quite creative and they are painters, TheCrafters was great. It was really more they do crafts. I’ve gotten into arts around promotions, coupons, quite and crafts, but they usually tell me like a flea market. But the store was to leave them, “Just watch, Dad,” be- crowded, despite what I thought cause I’ll mess up the painting or was perhaps mismanagement. I’ll the drawing or the craft that they’re Michaels stores wonalot of Covid-19 sales bump to remakeMi- never forget one customer who doing. businessduring the lockdown. chaels.Hehopes to attract more said, “I love it here, you all just Nowcomes the hardpart. shoppersbymoving away from the make it really hard to love it.” general crafts market and targeting • WSJ: How are you getting to “makers”—people who gravitate to know your customer? do-it-yourself projects or make • WSJ: For any retailer, Walmart, B Y S ARAH NASSAUER items to sellthrough their own Target and Amazon can still pick • MR. BUCHANAN: We’ve asked a lot small businesses. away at your business. Why did of customers what they want and hen Ashley Buchanan was To start, Mr. Buchanan has fo- you think that Michaels might not what they think. They want a tappedaschief executive of cused on retail basics like keeping come to that fate? friendly team member to help them Michaels Cos.,heknewhe shelves stocked and speeding and locate their product. They want you wastaking overaslumping simplifying the supply chain, as well • MR. BUCHANAN: If you go into any to be in stock. They want you to company. Sales were limping as adjusting to Covid-19 shopping of the mass retailers, they really have a clean shopping environment. along, hurt by messy stores, patterns by ramping up online only have an aisle or two dedicated They want the ease of checkout. W asluggish supply chain and pickup and delivery options. The to that arts-and-craft section, and a They want you to meet them in  competition from both big- company is also testing an online lot of it’s kids. I just didn’t get the multiple different ways, whether A Michaels boxand online retailers. marketplace that would let arts- sense that mass was going to offer that’s curbside, whether that’s a employee As he officially took the reins last April, though, and-craft enthusiasts share ideas, [serious crafters what they needed] locker inside. For all too long, we’ve delivering the arts-and-crafts chain was facing an even larger watch instructional videos and sell in-store, and it wouldn’t make any had people not helping customers. an order to challenge: Covid-19. Most of the company’s 1,200 U.S. their wares. Michaels hopes it will sense for them to, anyway. There was so much product in the a customer and Canadian locations closed to in-store shoppers launch later this year, says Mr. Bu- backroom that all they were trying in the amid pandemic lockdowns. Sales plummeted 27.6% in chanan. to do was just get it to the floor. parking lot The new reality of a New the quarter ended last May 2. The Wall Street Journal talked We’re stocking in the morning Jersey store Then stores reopened, and homebound shoppers with Mr. Buchanan recently about • WSJ: We’re almost a year into and helping customers during the last May. crafted. Americans painted, made masks, knitted and the company’s outlook and his first pandemic life. How is behavior day, and I think ultimately, that’s looked for ways to entertain children without year on the job. Here are edited ex- evolving, if at all? what they want. A lot of our associ- screens. Michaels’s sales soared 12% in the quarter cerpts of the discussion. ates are crafters. We are enabling ended last Aug. 1, and 16.3% in the quarter ended • MR. BUCHANAN: People want them to do what they wanted to do. Oct. 31, which included an early holiday sales rush something real. They want to create and 128% e-commerce sales growth. A better experience something. They don’t want to just Ms. Nassauer is a Wall Street Mr.Buchanan, who previously spentoveradecade • WSJ: Pre-coronavirus, when you sit here on the screen all day. We’re Journal reporter in New York. Email in executiveroles at Walmart Inc., aims to use the got the job, what were you hoping providing inspiration, creativity, proj- her at [email protected].

• ManagementTop 250 In his consulting practice, says Gary Williams,founder and CEO Which IndustryExcels at of wRatings,hehas seen major players in consumer staples Innovation? You’ll Be Surprised deftly use data and technology to ferret out evolving customer wants and needs—andrespond Consumer-staples In all, we examined 886 large, by devising newproducts and companies stand out publicly traded companies last waystodeliver them. year through the lens of 33 indica- The most innovative consumer- tors that fall into five categories: staples companies also scored ex- BY RICK WARTZMAN AND KELLY TANG customer satisfaction, employee traordinarily high in the quantity engagement and development, in- and breadth of their trademarks— Of all the questions we’re asked novation, social responsibility and a type of intellectual property con- by corporate executives trying to financial strength. sisting of a word, phrase, symbol unpack our data, the one we get To construct our ranking, corpo- or design that distinguishes a most often is, “How can my com- rations arecompared in each of the product or service from that of- pany be more innovative—you fiveareas,aswell as in their overall fered by others.

know, like those in tech?” effectiveness, through standardized This makes perfect sense given S

In light of our latest research, scores with atypical range of 0to how companies in this fast-moving NEW what they might want to ask in- 100 and amean of 50. sector must be ruthlessly consis- G stead is, “How can my company be Innovation is sized up abit dif- PepsiCo is among the consumer-staples firms scoring high in innovation. tent when it comes to maintaining more innovative, like those in con- ferently than the others, however. the values of their core brand OOMBER sumer staples?” In this category, we evaluate every with the largest concentration of cation services at 4.5% and health- while, at the same time, striving to LIFFE/BL

Our findings are derived from a company’sperformancerelativeto highly innovative companies—that care at 4.3%. stay fresh and relevant. TC

statistical model that was devel- the average of its industrypeers. is, those scoring 60 or above on The seven standouts from con- In all of this, the message is RA oped by the Drucker Institute and This is to ensurethatwearen’t our 0-100 scale, putting them sumer staples (out of 58 compa- clear: If you want your company to CHRIS serves as the foundation of the comparing the total patents filedor squarely in the upper quintile of nies in the sector) excelled at a be more innovative, you’d be smart Management Top 250, an annual high-techjob postings made by,say, the entire universe—was consumer handful of things in particular— to pay as much attention to those GES; ranking produced in partnership asoftwarefirm and ahotel chain. staples, with 12.1% of the firms hit- and it is here where some broader that sell corn chips as to those IMA

with The Wall Street Journal. An- Still, we’velong wondered:What ting that threshold. Procter & lessons may lie. that sell computer chips. GETTY chored in the ideas and ideals of would happen if we took offthis Gamble Co., Altria Group Inc., One such measure, suppliedby the late management scholar Pe- industry-specific lens and looked at Philip Morris International Inc., wRatings,trackscustomer per- Mr. Wartzman is the head of the KEITH/ ter Drucker, it gauges a company’s innovation scores in nonrelative Colgate-PalmoliveCo., PepsiCo ceptions of howinnovativea KH Moon Center for a Functioning

“effectiveness”—defined, to use Mr. terms?And so,for our mostrecent Inc., Coca-Cola Co. and Walmart companyisaccording to seven Society, a part of the Drucker EPHANIE ST

Drucker words, as “doing the right analysis,wedid justthat. Inc. all made the grade. attributes:usefulness,quality, Institute, and Ms. Tang is the P: things well.” The 2020 list was The results were striking. Out Next was information technol- simplicity, coolness, uniqueness, institute’s senior director of TO published in December. of 11 industry sectors, the one ogy at 8.5%, followed by communi- varietyand competence. research. Email: [email protected]. OM FR P2JW053000-0-R00900-1------XA

THE WALL STREET JOURNAL. Monday, February 22, 2021 | R9 JOURNAL REPORT | C-SUITE STRATEGIES

CEO Sean Connolly and his team at Real-world data portant.Mostfood companies gota Conagra lean • WSJ: What makes you think the tailwind because of Covid, but the on data analytics. growth you’ve experienced thus far ones thathad been the mostfocused can outlast the pandemic? on modernizing their portfolio per- formedthe best. Iconic brands canbe • MR. CONNOLLY: We believe that evergreen, but only if theyare relent- at-home eating occasions will re- lessly modernized to reflect the attri- main elevated compared with pre- butes consumersare looking fortoday. pandemic. We expect morepeople to be working from home more. And thatmeanstheywill be eating • WSJ: Where have you seen those breakfastand lunch at home on prior renovations pay off lately? those days. People invested in their homes • MR. CONNOLLY: Frozen food, as an during Covid, and they will expect a example, is one of our top priorities. return on that investment, whether While it’s always been a large space, it’s using their updated kitchens for years the sales trends languished. more or watching movies at home So we setout to totally modernize versus in theaters. This should and rebuild the qualityofthe food in our frozenportfolio.HealthyChoiceis abrand thatwebuilt in the 1980s to appeal to older people who had heart ‘We rely on a wide issues.And frankly,the brand became abit of an artifact.Itrequired atotal array of evidence to makeover. We studiedevery data help us sort out the source we could find, and it ledtothe fads from trends.’ creation of HealthyChoicePower Bowls,which drove over$100 million —SEAN CONNOLLY of growth.

• WSJ: Can you tell us about a time translate to more cooking and when you got it wrong? snacking at home. • MR. CONNOLLY: Six years ago, the industry was enamored of boutique, • WSJ: How is this effort to mod- startup brands. So we decided to ernize your brands different from build one of our own. We called it what you and other food makers Wicked Kitchen. It was a frozen have tried in the past to no avail? brand tied to a trend around modern comfort food. The trend was right, • MR. CONNOLLY: Our approach is but our execution was wrong. We data-driven: What’s going on out learned that starting a new brand there in the real world? It isn’t just from scratch takes years and enor- survey data. We gather behavioral mous investment. If we had designed data, which we areperpetually min- the same attributes,likemeatraised ing to identifywhich attributes we without antibiotics and no artificial need to design into our products colors, into well-known brands like and into our packages.While many Marie Callender’s we would have got- of our peersleverage data, we have tenalot moretraction,faster. We ran pivoted to explorearange of mas- out of patience, and we pulleditfrom sivedatasets across loyalty-card market.And while it didn’t work,we purchases,social data, attribute learnedalot.That’sthe keywith inno- data, natural-food retailers, food ser- vation; it won’talwayssucceed,but if ConagraFacts vice, etc.,tohelp us betteridentify youare going to fail, fail cheap,fail Conagra and predict demand. fast and harvest the learning. Headquarters: Chicago • WSJ: Can you give us Fad vs. trend Food brands: Over 60, including some examples? • WSJ: How do you differentiate be- Healthy Choice, Birds Eye, Chef tween chasing a fad and following a Boyardee and Duncan Hines AfterCovid • MR. CONNOLLY: “Dairy-free” is a long-term trend? growth pocket.Well, if dairy-free is Annual sales: $11 billion important in your latte, it’s probably • MR. CONNOLLY: We look across mul- important forsome consumersin tiple channels—food service, other re- The maker of Slim Jims, Hunt’s and Groceries & snacks their frozenmeals, in theirReddi-wip tail categories, vitamins and supple- revenue: Up 14% in quarter ended Healthy Choice believes it can keep and other things.Wecame out with ments, natural and specialty grocery— Nov. 29 the pandemic boost going Reddi-wip Non-Dairy,SwissMiss for relevant signals. We rely on a Non-Dairy HotCocoa, HealthyChoice wide array of evidence to help us sort Frozen- & refrigerated-foods Vegan PowerBowls,and others. out the fads from trends. revenue: BY ANNIE GASPARRO Sometimes the data we gather For example, a number of years Up 12% in quarter isn’t specific to food. For example, ago, the consumer began to look for onagraBrands Inc.’s Sean Connolly has been our team tracks Peloton subscrip- more protein snacks and less carbo- Outlook for current working to broaden the appeal of dozens of tions. We think about this as a ba- hydrates. And when we saw this fiscal year: 6%-8% growth in com- old-fashioned grocery mainstays, such as rometer for the consumers’ focus trend, we saw an uptick in our meat parable sales* Hunt’s, Slim Jim, Duncan Hines and Healthy on wellness. When we see Peloton snacks, led by Slim Jim. We very Choice, since becoming chief executive officer *Brands owned for at least a year; excludes foreign- subscriptions spiking, we say there quickly realized it was here to stay currency translation. C six years ago. is clearly a rising consumer need for because there was real scientific evi- Note: Annual sales are for year ended last May. Manyofthose brands received aboost Quarterly comparisons are vs. year-earlier period. health and wellness alternatives. So dence around the benefit for the con- overthe pastyear because of the pandemic,aspeople Source: the company we might double down then on sumer of getting increased protein in cooked moreand gravitatedtoward familiar packaged some of our healthier brands. their diet and reducing carbs. We sig- foods from companies likeConagra, Campbell’sSoup Co. nificantly increased our production ca- and KraftHeinz Co. Critics saythe danger is thatthe pacity. We increased our marketing Nowthe pressureisontokeepconsumerscoming back Chicago-basedconglomeratecould • WSJ: Areyour food sales growing investment. We dramatically ramped to these familiar brands oncelifereturnstonormal. Con- end up wasting moneybyinvesting in becauseyou’ve modernized your up our innovation. And our Slim Jim agra, which has said it expects to report a6%to8%rise in short-term fads. brands?Orare theygrowing be- business has been one of the top-per- comparable sales this quarter,isbettingitcan do that, us- Mr. Connolly spoke with The Wall causewe’re in apandemic and it’s a forming brands in our portfolio for ing data analytics to identifylasting trends and then in- Street Journal about the company’s safe,affordable, andconvenient years now. vesting in the brands it thinkswill benefit.Insome cases efforts to set up its brands for food option right now? thatmeansupdating older brands with betteringredients growth in a post-pandemic world, Ms. Gasparro is a Wall Street Journal and trendy flavors,and adding manufacturing and market- and the risks he’s taking to get • MR. CONNOLLY: The modernization reporter in Chicago. Email her at ing capacity. there. Edited excerpts follow. of our brands has been critically im- [email protected].

Should Models in Ads Look Directly at The Camera? Research Has an Answer

A new study says that suggests that when people get lost in a it depends on the visual narrative, that story can shape intended message their attitudes. Marketing researchers have established that when observers feel transported while viewing ads, they BY HEIDI MITCHELL tend to respond to those ads favorably. Until now, according to Dr. Patrick, no re- It is well-established that the most ef- search had been conducted to determine fective communicators look people directly what affect an ad model’s gaze has on in the eye when they speak. So does it fol- whether viewers feel transported. low that the most effective advertise- Dr. Patrick designed studies to try to ments would feature models looking di- determine whether still ads with models Having a model look away can JOURNAL

rectly into the camera? gazing away most enhanced narrative make some ads more effective. REET ST

Not necessarily, according to a new pa- transportation, and when such an LL

per from Vanessa Patrick, associate dean averted gaze was preferable. Next,the researcherswantedtodeter- the model’sgazewas averted.For the in- WA

for research and professor of marketing at One study involved two iterations of mine whether thetype of ad, emotional formational ad, participantssaid the THE R

the UniversityofHouston’s C.T. Bauer the same ad for sun hats that were sent or informational, matterswhen it comes spokesperson’s credibilitywas signifi- FO College of Business. Her research, to be to nonoverlapping female consumers on to the effectofgaze. Twostudies fea- cantly higher when her gazewas direct, N RA

published in the Journal of Consumer Re- Facebook. In one version, a model in a tured four ads forthe same coffeeshop. justlikeinreal-lifeconversation. WA search, found that an averted gaze is hat is looking into the camera; in the In one ad, the model states thatthe cafe “If the advertiser wants to appeal to ES AT much more powerful when an ad aims to other, she is looking away. Those who is her “home away from home” (emo- the heart—to have the viewer walk in convey how people might feel using a saw the averted-gaze ad were 4% more tional),while in another she says the cafe someone else’s shoes, to be transported, VENK

product, while a direct gaze is more pow- likely to click through and 30% more “has the besthigh-qualityfreshly brewed or to have an emotional response—then SRINI A;

erful in ads that seek to inform, or convey likely to purchase the hat once they did coffee” (informational).Each type of ad the model should avert his [or her] GR

a product’s more functional features. than those who saw the direct-gaze ver- had twoversions:one with the model gaze,” says Dr. Patrick. NA CO

In their paper, Dr. Patrick and co-author sion. Dr. Patrick theorizes that “we put looking into the cameraand another with P: Rita Ngoc To draw on social psychology’s ourselves into the story, we picture our- her looking away.For the emotional ad, Ms. Mitchell is a writer in Chicago. She TO narrative transportation theory, which selves wearing this hat.” participantsrated it morefavorably when can be reached at [email protected]. OM FR P2JW053000-0-R01000-17FFFF5178F

R10 | Monday, February 22, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | C-SUITE STRATEGIES

Roman Reigns and Drew McIntyre at a stadium show at the company’s • MS.SALEN: From a television-rat- streamed Florida production facility, including perspective, since we launched WWE event ing lasers, pyrotechnics, and video the Thunderdome in mid-August last year. displays. “WrestleMania,” WWE’s we’ve seen the stabilization of one of first live event in more than a year, our marquee shows, “Raw.” And and the only one scheduled so far in we’ve seen “SmackDown,” another 2021, is set to take place April 10-11. one of our shows, its viewership was Ms. Salen spoke with The Wall up 8% in December from mid-August. Street Journal about the pandemic’s In the fourth quarter, our digital effect on WWE’s business. Edited views [a measure of consumption excerpts follow. across streaming and social-media platforms] were up 25% from a year earlier. • WSJ: How do you think the loss of live events could reshape the company’s business model? • WSJ: Will the streaming deal with NBC allow you to reach new audi- • MS.SALEN: WWE’s business model ences? is evolving constantly. We’ve moved from live events to broadcast televi- • MS.SALEN: It gives us access to a sion, to pay per view to subscription broader platform of folks within a video on demand to now Peacock. So premium tier. our business model is constantly changing in accordance to where our fans are and the technologies that • WSJ: How else are you trying to are available. recruit younger viewers?

• MS.SALEN: We connect with the WWE Facts • WSJ: Isn’t the core of all of that younger generations through our still the live stadium show? YouTube presence, through our Tik- TheWWE Founded: 1982 Tok presence. The other way that we • MS.SALEN: We literally packed up engage with our younger fan base is Headquarters: Stamford, a truck after our last event and in [consumer packaged goods like Conn. moved all that stuff to our training videogames and toys]. center in Orlando last March and TakesaHit WWE Network were right back up. We said, “OK, subscribers: 1.5 million we’ll shoot from here.” We shot from • WSJ: If you look ahead five years, as of Dec. 31 a very bare-bones perspective, and what will be different about the World Wrestling to stage its perfor- that was a way of saving costs in WWE business model from where it Entertainment’s CFO outlines mances and is ac- Average weekly U.S. those early months of Covid, late is today? celerating its efforts TV viewership in 2020: spring/early summer of 2020. how Covid upended its live- to find new audi- 8 million Then, in August, we movedintoa • MS.SALEN: Today, we’re really event business model ences. It’s produc- proper arena, the Amway Center, good at events. We’re really good at ing shows for its TV Share of viewers who and we createdaThunderdome. linear TV. With the Peacock deal, BY KRISTIN BROUGHTON and streaming audi- are women: 40% And then in December,wemoved we’re really good at streaming. ences at a tempo- into an even bigger arena, Tropicana There’s a great opportunity for us to or decades, World Wrestling rary production fa- First year women Field, and antedupagain in terms build all of the things I just said in- Entertainment Inc.has had a cility in Florida. wrestlers headlined at of the investments thatwe’re mak- ternationally. There’s a great opportu- simple formula formaking And in January it Wrestlemania: 2019 ing. nity for us in consumer packaged money: traveling to cities signed an exclusive But we’re not getting the live goods over time, when you think acrossthe countryand televis- streaming deal with Source: the company events—the tickets, the merchandise, about, again, strong brand identity. ing acrobatic wrestling matches NBCUniversal Media all the things that we would sell And there’s a great opportunity for F between spandex-clad athletes. LLC’s Peacock against the live event. We believe us in digital beyond streaming. So Merchandise sales provided additional reve- streaming service, expanding its reach, especially there will be a slow ramp to live what you’ll see is even greater revenue,asdid the streaming of matches in recent among younger consumers. It also created a new events over the course of 2021. nue diversification over time. We ha- yearsonthe WWENetwork. show aimed at attracting viewers in India. ven’t gotten rid of anything, we’ve The pandemic dented that model. Virus-re- Kristina Salen, WWE’s chief financial officer, just added more. lated restrictions put WWE’s stadium shows joined the wrestling company last summer, fol- • WSJ: Has adding a virtual audi- on hold, resulting in an estimated $90 million lowing stints in the startup world and as the for- ence and pyrotechnics made a dif- Ms. Broughton is a Wall Street in lost revenue in 2020. In the face of that mer CFO of Etsy Inc. She has overseen invest- ference in terms of viewership and Journal reporter in New York. Email E setback, the company has found a new way ments aimed at re-creating the look and feel of a fan engagement? [email protected]. WW

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