P2JW329000-6-A00100-17FFFF5178F

****** TUESDAY,NOVEMBER 24, 2020 ~VOL. CCLXXVI NO.124 WSJ.com HHHH $4.00

DJIA 29591.27 À 327.79 1.1% NASDAQ 11880.63 À 0.2% STOXX 600 388.84 g 0.2% 10-YR. TREAS. g 9/32 , yield 0.857% OIL $43.06 À $0.64 GOLD $1,837.80 g $34.80 EURO $1.1842 YEN 104.55 The Face of Hong Kong Activism Awaits Jail What’s Biden Chooses News Ye llen to Lead Business&Finance U.S. Treasury iden plans to nominate B former FedChairwoman Janet Yellen, an economist at President-elect JoeBiden firstwoman to lead the Fed, the forefront of policy-making plans to nominateformer Fed- would become the firstperson forthree decades,tobecome eral ReserveChairwoman Janet to have headed the Treasury, the next Treasurysecretary. A1 Yellen, an economist at the the central bank and the forefront of policy-making for WhiteHouse Council of Eco-  TheU.S.economy contin- three decades,tobecome the nomic Advisers. ues to recoverfromthe pan- next Treasury secretary, ac- Ms.Yellen declined to com- demic-induced downturn, ac- cording to people familiar with ment on Monday. cording to businesssurveys the decision. Separately,Mr. Biden’s tran- that showservices and manu- sition team said he would nom- facturing activity growing By Nick Timiraos, inateAlejandroMayorkas to despiterising infections. A2 Kate Davidson lead the Department of Home-  U.S. stocks rose, with and Ken Thomas land Security and Avril Haines theDow,S&P 500 and Nas- as director of national intelli- daq advancing 1.1%, 0.6% If confirmed by the Senate, gence. Both areformer Obama and 0.2%, respectively. B9 Ms.Yellen would become the administration aides.John firstwoman to hold the job. Kerry, who wassecretaryof  GM will no longer back the Mr.Biden’sselection positions stateunder President Barack Trump administration in its the 74-year-old labor econo- Obama, will serveasspecial legal battle to strip Califor- mist to lead his administra- PleaseturntopageA2 nia’sauthority to set itsown tion’seffortstofurther the re- fuel-efficiencyregulations. B1 covery from the destruction  Manufacturing’s rise gives  GM agreed to recall 5.9 caused by the coronavirus pan- recovery a boost...... A2 million sport-utility and demic and shutdowns.  Biden assembles national- pickup-truck models to re- Ms.Yellen, who was the security team...... A4 place potentially faulty Takataair-bag inflaters. B2 /REUTERS

 Index compilers FTSE SIU Russell,JPMorganand MSCI ONE Trump ClearsWay are rethinking their stance TYR on securities of companies DETAINED:Pro-democracy leadersJoshua Wong, right,and Ivan Lamare takenintocustody in the U.S. government says Hong Kong afterpleading guilty to inciting aprotest lastyear. Athirdformer student leader, help the Chinese military. B1 Agnes Chow, alsopleadedguilty.The three will be held until theyare sentencedDec.2.A10 To StartTransition  Japan’s detention of Ghosn for more than four BY ANDREW RESTUCCIA structed aides to cooperatewith months with limited access AND REBECCA BALLHAUS the transition approved by the to legal counsel wasarbitrary GSA, though he pledged to con- and violated his human rights, AstraZeneca Widens List WASHINGTON—President tinue legal effortstooverturn a U.N. panel concluded. B1 Trump said his administration theelection result.  Merck is buying OncoIm- would cooperatewith Presi- “I believewewill prevail!” mune, which has reported Of Promising Virus Shots dent-elect JoeBiden’stransition Mr.Trump tweeted. “Neverthe- positive results from a to the WhiteHouse,ending a less,inthe best interest of our late-stage study of a coro- delaythat had come under in- Country, Iamrecommending navirus therapeutic candi- creasing criticism from mem- that Emily and her team do what date, for $425 million. B3 BY JENNY STRASBURG widespread vaccinations by one from Moderna Inc.and bersofboth parties as Mr. needs to be done with regard to AND JOSEPH WALKER the end of the year. one from Pfizer Inc.and Ger- Trump’slong-shot effort to initial protocols,and have told  Snap is launching avideo- AstraZenecaand Oxford many’s BioNTech SE. overturn the election foundered. my team to do the same.” sharing feature to rival Tik- LONDON—AstraZenecaPLC said their vaccine wasasmuch Thelimited resultsatthe General Services Administra- Thedecision by the GSA Tok, a move that will let and the University of Oxford as 90% effectiveinpreventing topend of the range, however, tion chief Emily Murphy, who came as Michigan certified the usersproducecontent with added their vaccine candidate the infection without serious came close to matching those had been formally holding up resultsofits election, which hopes of it going viral. B4 to agrowing list of shots side effects, though they said of the rival drugmakers. Each the transition formorethan two Mr.Biden won, and authorities showing promising effective- thevaccine’sefficacyvaried PleaseturntopageA8 weeks citing uncertainty in the PleaseturntopageA4 World-Wide nessagainst Covid-19—setting widely based on dosage. results, said on Mondayher in motion disparateregulatory At the lowerend, its62%  No letup in sight for cases, agencywould provide Mr.Biden  Michigan certifies election and distribution tracks that efficacytrailed the trial re- deaths...... A6 federal resourcesmeant to en- outcome...... A4  Trump said his admin- executives and researchers sultsoftwo other Western-de-  Merck to acquire biotech firm sureasmooth transfer of power.  Gerald F. Seib: For GOP, risks istration would cooperate hope will result in the start of veloped vaccine candidates, with a Covid treatment...... B3 Mr.Trump said he has in- in postelection fight rise..... A4 with Biden’s transition to the White House, ending a delay that had come under increasing criticism from INSIDE DuPont’s Travails Shaped membersofboth parties. A1  Michigan officials certified the Nov.3election results, and President-Elect’s Business Views moved closer to ratifying Biden’svictory, fol-

lowing effortsbyTrump and S his supporterstodelayfinal PRES

OL Targeted by Wall Street, ‘Uncle Dupie’ shed Delaware jobs, broke up approval of the outcome. A4 PO UMA  Biden rolled out anational- S /Z NG security team with deep gov- PRES BY JACOB M. SCHLESINGER ance, Mr. Biden singled out DuPont as a SC G/

ernment experience, declaring E/ “conscientious corporation” for paying a

his intent to nominatethe first OV To see what President-elect higher rate. He celebrated his long-shot 1972 woman to oversee the U.S. GR thinks is wrong with the economy today and victory in the Gold Ballroom of the Hotel du ZWIGENBER intelligencecommunity. A4 MUS how he would try to fix it, look to his rela- Pont. tionship with DuPont Co. For much of his life More than four decades later Mr. Biden, OHAD  AstraZeneca andOxford DEAN the company was the largest employer and by then Barack Obama’s vice president, University said their WORLD NEWS BUSINESS&FINANCE philanthropist in his home state of Delaware, watched with concern as DuPont, struggling Covid-19 vaccine was as funding schools, libraries and theaters. to boost profits, was targeted by an activist much as 90% effective in Netanyahu traveledto GM backsoff preventing infection with- Saudi Arabia to legal battle over At age 29, Mr. Biden staffed his first Sen- shareholder, sold the hotel, eased out its ate bid with DuPont employees, who opened chief executive, merged with another com- out serious side effects. A1 secretly meet the emission a campaign office on the highway built by pany, split into three pieces and cut its Dela-  TheU.S.reported 142,732 crownprince. A10 rules. B1 and named for the chemical giant. While ware workforce by one-fourth. new cases of coronavirus bashing other big companies for tax avoid- PleaseturntopageA12 and registered a record number of hospitalizations forthe 13th straight day. A6 Thanksgiving  Sen. Dianne Feinstein will Malls AttractShoppers step down as topDemocrat on the Judiciary Commit- Rookies Face tee, after drawing criticism As Covid-19 CasesRise from the party’s progres- Cooking Solo sivewing over her handling Shoppersvisited malls this with retailers, health officials of Barrett’s Supreme Court iii past weekend saying they and consumerstrying to navi- confirmation hearings. A3 People used to wanted to do holidaybuying gate the pandemic.Walmart  Israel’sNetanyahu secretly beforepotential shutdown re- Inc.and Target Corp.reported met Saudi Arabia’s crown being guestswill last week strong sales,and ex- prince in the first known By Sarah Nassauer, ecutives said shoppershave meeting between those lead- trypreparing feast Elizabeth Findell been busy buying gifts along ersoftwo longtime foes. A10 and Nora Naughton with household essentials.  Franceopened atrial into BY JENNIFER LEVITZ This week,investorsare AND CHARLES PASSY strictions areimplemented or scheduled to getupdates from whether Sarkozytried to bribe to avoid Black Friday crowds, Best Buy and apparel shops amagistrateinanattempt to obtain information about a Tradition dictates that the as the spreading coronavirus such as Gap Inc. Many chains policeprobe of his 2007 presi- Guglielmofamily—Ryann, her looms over the season. areclosing on Thanksgiving husband, Paul, and now, their TiffanyLambert and her 15- and posting their Black Friday dential campaign finances. A11 toddler Leo—leave their home year-old son hunted foran deals online. in Rochester,N.Y., to celebrate XboxSeries X, anew hard-to- TheNational RetailFedera- CONTENTS Opinion...... A17-19 Thanksgiving with Paul’sclan find videogame console,inside tion doesn’t expect the corona- Arts in Review... A15 Personal Journal A13-14 Business News.. B3,5 Sports...... A16 in northeastern Ohio each year. the Best Buy Co.store at viruspandemic to dent holiday Capital Journal...... A4 Technology...... B4 Thecouple has been mak- Crossgates Mall in Albany, sales. The trade group fore- Crossword...... A15 U.S. News...... A2-6 ing this trip for a decade and N.Y., on Saturday. casts an increase of 3.6% to Heard on Street.B10 Weather...... A15 is so accustomed to trekking “We normally would come 5.2% from ayear ago. Last Markets...... B9 World News...... A8-11 to someone else’shome for hereand afew other places on year,U.S.holidaysales rose 4% the big holidaythat aturkey Thanksgiving and Black Fri- to $729.1 billion. Thefigures, > roaster they gotfor their wed- day,” said Ms.Lambert, wear- which exclude automobiles, ding four years ago remained ing ablue surgical mask and gasoline and restaurants, are unopened in the basement. hoping to avoid biggercrowds forNovember and December. “My mother-in-lawtakes this week.“Nowwewill do ev- PleaseturntopageA6 care of everything,” said Ms. erything online.” s 2020 Dow Jones & Company, Inc. All Rights Reserved Guglielmo,who is 31 yearsold. It is shaping up to be ahol-  Heard on the Street: What PleaseturntopageA2 iday season unlike any other, consumers will stick to..... B10 P2JW329000-5-A00200-1------XA

A2 | Tuesday, November 24, 2020 ***** . U.S. NEWS Manufacturing’s Rise Gives Recovery a Boost

BY PAUL HANNON ing above50indicates that ac- areturn to morenormal busi- Purchasing managerscompositeoutput indexes an increase in activity,albeit AND AMARA OMEOKWE tivity is increasing,while a nessconditions in the not too at aslowerpace. reading below points to a de- distant future,” said Chris Wil- 60 “The fall in the PMIs was U.S. TheU.S.economycontinues cline in activity. liamson, IHS Markit’schief ▲EXPANDING far lessseverethan during the to recoverfromthe downturn An increase in neworders business economist. 50 Germany spring lockdown, supporting caused by the coronavirus helped drivethe overall boost Still, asurge in Covid-19 U.K. our viewthat the hit to activ- pandemic,according to busi- in activity forboth services cases in the U.S. poses afresh ▼CONTRACTING Eurozone ity will be much smaller,” said 40 ness surveysthat showser- providers and manufacturers, challengefor the economic re- France Rosie Colthorpe, an economist vices and manufacturing activ- while businessconfidencealso covery. Job-market growth at Oxford Economics,which ity growing despitearising improved, according to IHS hasshown signs of slowing, 30 expectsthe eurozone econ- number of infections. Markit. Services firms ex- and some states and localities omytoshrink by 2.6% in the The U.S. performance con- panded their workforcesin have reinstated restrictions fourth quarter. trasts with surveysshowing November to keep up with aimedatcombating the vi- 20 In the second quarter,euro- the European economyisset stronger demand, although rus’sspread. zone GDP declined by 11.8%, for a fresh contraction in the manufacturing job creation In Europe,new lockdowns 10 and it rebounded by 12.6% in final quarter of 2020,aslock- slowed, the surveys showed. mostly came into force in the the third quarter. downs aimed at containing the Thedatawerecompiled be- final week of October.Al- Facedwith anew lockdown, coronavirus have led to a tween Nov. 12 and 20, and of- though narrowerthan those 0 European serviceproviders sharp decline in activity in the feredalook at howU.S.ser- introduced in the spring,the 2019 ’20 cutjobs at afaster rate than dominant services sector. vices and manufacturing firms new measures appear to have in the previous month, accord- Note:Readings below50indicate contraction, above,expansion Datafirm IHS Markit said were faring right afterthe hit services that requirephysi- Sources: IHS Markit; IHS Markit/CDAF(France); IHS Markit/CIPS (U.K.) ing to the survey of purchas- Mondayits compositeindexof presidential election amid re- cal proximity almost as hard, ing managers, while the de- U.S. businessactivity,which portsofprogressfrom several while having lesseffect on large to cause a drop in gross zone fell to 45.1 in Novem- cline in manufacturing covers both the services and companies working to develop most other activities.InEu- domestic product. If that ma- ber from 50.0 in October, employment waslesssharp. manufacturing sectors, rose to a coronavirus vaccine. rope,the servicesector repre- terializes,the eurozone will be reaching itslowest level since Overall, employment fell for 57.9 in November from 56.3 in “Expectations about the sents about three-quarters of further from returning to the May. ThePMI forthe services the ninth straight month. October.The newreading,a year ahead have surgedtothe overall economic activity. levels of output seen before sector fell to 41.3inNovember Asurvey of U.K. purchasing preliminary estimate for this most optimistic foroversix Manufacturing activity con- thepandemic struck in the from 46.9,pointing to an even managerspointed to asimilar month, represented the stron- years, reflecting the combina- tinues to be much lessnega- first quarter. larger decline in activity than decline in activity,again con- gest rate of growth forU.S. tion of apostelection liftto tively affected than earlier in Datafirm IHS Markit said in October.Bycontrast, the centrated in the services sector business activity since March confidenceand encouraging the year,but the decline in itscompositePurchasing PMIfor the manufacturing following anational lockdown 2015,IHS Markit said. Aread- news that vaccines mayallow services appearssufficiently ManagersIndexfor the euro- sector continued to point to that came intoeffect Nov.5.

ing the backing of three sitting Biden Taps Republicansenators: Richard Burr of NorthCarolina, of Maine and Lisa Yellen for Murkowski of Alaska. Y Manyeconomiststoday

GEAR fault abipartisan impulse to

US Treasury curb spending over debt con-

CYR cerns in the yearsfollowing the 2008 financial crisis forham- ContinuedfromPageOne pering that recovery. presidential envoy forclimate “This is not agood time to BUTTERBALL; change. have fiscal policyswitch from Y;

MIL Mr.Biden’seconomic team being accommodativetocreat-

FA is set to confront achallenging ing adrag,” Ms.Yellen said. outlook,with millions of peo- “That’swhat happened [last ple still out of work. decade], and it retarded the re- GUGLIELMO

: While the Obama adminis- covery.” tration also faced achallenging Mr.Biden, aDemocrat, said LEFT

P The Guglielmo family,left, will landscape beforetaking office last week that his pick would TO be cooking Thanksgiving in January2009,Democrats be broadly accepted by both OM

FR dinner at home this year. then enjoyedlarge House and the liberal and moderatewings Above,Carol Miller of the Senatemajorities that created of his party,which manyob- WISE Butterball Turkey Talk-Line, far fewerpolitical constraints serverssaw as asign that he OCK

CL which offers holidayhelp. to pursuing their preferred hadselected Ms.Yellen. course of action—something At the Fed, she pushed col- gettable part” of the meal. By Mr.Biden won’t have. leaguestofocus moreonthe Rookies contrast, “mybad pot roasts Ms.Yellen has said recently central bank’smandatetopro- arestill very enjoyable to me,” the recovery will be uneven moteastrong labor market; she said. She is considering a and lackluster if Congress the congressional mandatealso Will Tackle pot-roast recipe that calls for doesn’t spend moretofight calls formaintaining stable in- cranberries to give the dish a unemployment and keep small flation.Inspeeches,she drew Thanksgiving flair. businesses afloat. “Thereisa attention to government poli- Turkeys David Cicala, a 27-year-old hugeamount of suffering out cies that would boost the par- resident of Warren, Mich., will there. Theeconomyneeds the ticipation of women in the also go turkey-free on Thanks- spending,” Ms.Yellen said in a workforce and the costsofun- ContinuedfromPageOne giving.His holidayisusually Sept. 28 interview. evenly distributedgrowth. “It’skind of their thing,and spent visiting family as well, She is viewedbyBiden tran- That emphasis occasionally we just show up for it.” but this year he is just cooking sition officials as acredible au- drew criticism from some Re- This year,though, the gravy for himself and his girlfriend. thority on the dangersofpre- publican lawmakerswho said train is over. His menu of choice: asurf- maturely withdrawing such concerns were beyond the Public officials have issued and-turfaffair with filet mi- government stimulus and as central bank’sremit. But it also bluntwarningsorordersfor gnon and lobster tails.Turkey someone who could collaborate ushered in abroader shiftat Thanksgiving during the pan- is “a little overrated,” he said. closely with the Fedand execu- the Fed, which under Chairman demic: Don’ttraveland keep Terry Gant and his wife, Lisa Flores-Gant, with their turkey. Fornearly 25 years, Miriam tive-branch agencies to engi- Jerome Powell has called even gatherings small. That means Zinter and her family in Roch- neer moresupport if Congress manypeople who have skated guests, who might bring anice ally preparing their Thanks- ester, N.Y.,haveconverged on is reluctant to take additional foryearsasguestswithout bottle of wine or agreen-bean giving allbythemselves for the home of Ms.Zinter’s sister, action. Janet Yellen cooking Thanksgiving dinner casserole that canbereheated. the very firsttime,” said Carol SuzetteStephens.Ms. Zinter, Ms.Yellen is an “excellent would become are having to face making the “Wedon’t do this our- Miller, a supervisor. “It could 56,bringsapricey bakery-or- choicefor Treasurysecretary,” the first holidaymeal forthemselves selves,” said TerryGant, a be the auntie who always took deredcaketoRhode Island, said GaryCohn, President woman to hold this year. That may entail go- guest who lives in Evanston, the pies to the Thanksgiving plus afew bottles of wine.She Trump’sformer topeconomic the job of ing off-script with pumpkin la- Ill. “Howthe hell do youdo meals,” she said. “Maybe makes the mashed potatoes. adviser.“Having had the op- Treasury sagna or bravely handling an Thanksgiving?” you’venever looked forthe “That’sprettymuch it. We just portunity to work with then- secretary. actual bird. Mr.Gant, 51, who owns a gibletsinthe turkey before.” stroll in, and my sister handles Chair Yellen, I have no doubt “I’m so worried about dry- Chicagocomic shop,said he That describesJosephine everything,” she said. “She she will be the steady hand we ingout the turkey,” said Mr. and his wife, Lisa Flores-Gant, Ruiz, 44, who typically goes to makes it all look so simple.” need to promote an economy moreattention to those issues Guglielmo,37, who will be visit close friends’ or relatives’ her in-laws in SanJose,Calif., This year,the group made that works foreveryone,espe- and enshrined them in the head chef fordinner forthe homes forThanksgiving—an with her husband and two the tough decision to nix the cially during these difficult Fed’spolicyframework this threeofthem, while his wife option that now feels unsafe. boys.“I’ll bring aside,I’ll annual festivities.Inupstate times.” past August—drawing no such assists and handles dessert. They are now prepping for bring adessert,” she said. “I’m NewYork,Ms. Zinter will this Aformal announcement of criticism. He also has jitters about the their ownminiaturized holiday not the turkey girl.” Ms. Ruiz year try to re-create Ms. Ste- Ms.Yellen’sselection isn’t ex- Ms.Yellen served as presi- side-dish logistics.“Idon’t at home. Ms. Flores-Gant, 56, will cook her first turkey din- phens’smenu, with some sim- pected to occur beforeNov.30. dent of theSan FranciscoFed want us to just have rolls and considersherself agood plan- ner this year and is doing re- plifying.She doesn’t plan to Sen. PatToomey (R., Pa.), a from 2004 to 2010 during the then 45 minutes later stuffing, ner, but she’s still getting her search. “I’m still contemplat- roast and peel the chestnuts member of the SenateFinance housing boom and bust, the and then an hour and half later, wingswhen it comes to pull- ing a stuffing,” she said. forthe stuffing as has been Committee, said Mondaynight 2008 financial crisis,asevere abaked potatoisfinally ready, ing off Thanksgiving. Forsome turkey neophytes, family tradition. “I do not he looked forwardtoconsider- recession and slowrecovery. and then finally at 10 p.m. at She shopped early and the easiest way to avoid cook- have that patience,” she said. ing her nomination. “While Dr. She served as Fedvicechair- nightI’m like, ‘Look everyone, brought home a16-pound bird ing complications is to ditch (Ms.Stephens said though Yellen and Ihad our fair share woman from 2010 to 2014, we made corn souffle,’ ” he only to realize it wouldn’t fit thebirdaltogether.“I’m very that had been done for years, of disagreementsduring her alongside then-Chairman Ben said. “I’m intimidated.” in the freezer. It sat in acooler excited about making pot roast “little does she know, Inow tenureaschair of the Federal Bernanke,asthe central bank Formanypeople,Thanks- in the kitchen until the couple this year,” said Liz Ptacek, a buy them pre-roasted.”)Ms. Reserve,Ihavenodoubts held short-term interest rates giving is atradition of food, worked up the nerve to ask a 40-year-oldChicagoresident. Zinter predictsthat “I will fail about her integrity or technical near zero to support job lounging around in apost-feast neighbor with an extrafreezer Ms. Ptacek, who tradition- miserably at the corn souffle.” expertise,” he said. growth. haze watching football, and the to temporarily take in the tur- ally goes with her husband Ms.Stephens gently ac- Mr.Toomey thought the Fed Mr.Obama picked her to occasional political argument key.“It wasawkward,” Mr. and two children to visit fam- knowledged that her sister’s under Ms.Yellen kept policytoo lead the Fed from 2014to with Uncle Larry. It oftenfea- Gant said. ily on the holiday, said she attempt at corn souffle in the accommodativefor toolong. 2018,aperiod in which she tures very particular main- Some rookies mayend up didn’t have the “bandwidth” past has “come out likesoup,” Ms.Yellen wasconfirmed navigated to a middle ground stays,fromjellied cranberry phoning the Butterball Turkey to navigateturkey preparation but she cheered her on as “an with bipartisan support as a between colleagues who were saucetoMom’scandied yams. Talk-Line,the turkey com- for her rare Thanksgiving-at- excellent cook.” Fedchairwoman in 2014and as eager to start lifting interest And families tend to fall into pany’sseasonal help line.The home.Asitis, she has never “Thisyear thereare going vicechairwoman in 2010.She ratesand those who,likeher- habits. Certain relatives arethe Turkey Talk-Line expectsan been wild about turkeys, con- to be alot of firsts,” Ms. received 11 Republican votesin self,werereluctant to move hosts, while othersare the influx of callers“who areactu- sidering them “the most for- Zinter said. her 2014confirmation, includ- more aggressively.

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THE WALL STREET JOURNAL. ****** Tuesday, November 24, 2020 | A3 U.S. NEWS Buffalo Despite Warnings, Thanksgiving Travelers Flock to the Nation’s Airports Diocese Is Accused Of Coverup

BY IAN LOVETT AND DEANNA PAUL

NewYork’sattorney general sued the Roman Catholic Dio- cese of Buffalo,accusing church officials of covering up decades of sexual abuse of children. Thelawsuit also names as defendantsBishop Emeritus Richard J. Malone and former AuxiliaryBishop EdwardM. Grosz, whom it accuses of us- ing procedural maneuvers for yearstoshield priestsaccused of abusing minorsfromreper-

cussions. S Instead of reporting the al- legations to law enforcement PRES or church officials,the suit TED

says,the bishops classified OCIA SS

dozens of accused priestsas /A “unassignable,” permitting HONG

them to retireortakemedical C. E

leave while staying on the dio- JA cese’s payroll. HOLIDAY RUSH: A woman checked in for a flight Monday at International Airport. Although public-health officials have urged people to stay home to avoid Such steps would violate spreading the coronavirus, morethan three million people were screened at U.S. airports on Fridayand Saturday, according to the Transportation SecurityAdministration. the Dallas Charter,adocument signed in 2002 by Catholic bishops,including Bishops Ma- lone and Grosz. Theprotocols were designed to prevent coverups of sexual abuse in School Debate SplitsParents, Teachers the church. “The Diocese of Buffalo and itsleadership failed to protect BY MAYA GOLDMAN viewers tuned in to watchthe classes,asteachersand ad- boardtopause in-person to take, we have a protocol in children from sexual abuse,” meeting via livestream. ministrators quarantined be- learning.Mr. DeWittsaid that place,” he said at the meeting. NewYork Attorney General WALLED LAKE, Mich.—The Nationwide,districtsare cause of Covid-19 exposure. in asurvey of the district’s But other membersthought LetitiaJames said. “Instead, Walled Lake Consolidated making the closure decisions Most schools could remain teachers, 70%answeredthey the risk was too high. “I have they chose to protect the very School District in southeast based on divergent criteria. open when the teacher quaran- were uncomfortable teaching reservations about our teach- priests who were credibly ac- Michigan opened itselementary Sinceschools acrossthe coun- tines were over—or substitutes in person right now. ers who are continuously sit- cused of these atrocious acts.” schools forthe firsttime since tryshut in the spring and sent could be hired—per stateguid- “We all look forward to re- ting in—and our staff—a situa- Bishop Malone resigned last March on Nov.9.Within days, morethan 50 million students ance. TheMichigan health de- turning to school when it’s tion wherethe community year,following achurch inves- the governor said high schools to remotelearning,some stud- partment issued an “epidemic safe. But that’sthe key.It’snot spread is so high,” said Vice tigation intohis handling of and colleges had to shut down. ies showthat schools aren’t order” beginning Nov.18that saferight now,” he told board President Peggy Casagrande. sexual-abuse claims.Bishop Just one week afterreopen- major contributorstocommu- closed high school and college members. Some parentshad antici- Groszretired earlier this year. ing,the district found itself in nity spread. classrooms through Dec.8.But After two hours of debate, pated the decision with dread. Greg Tucker,aspokesman the throes of the debatedivid- Some researcherssay deci- elementaryand middle schools the boardvoted 6-1topause “Honestly,itfeels very dis- forthe Diocese of Buffalo,said ing communities acrossthe sions to close oftendepend on all in-person learning in the heartening,” Lori Evans in astatement on Mondaythat countryover when to close a community’s density, trans- district for three weeks, until Matheson, amom with three the diocese wasreviewing the schools.The school board portation patterns, resources A Michigan district Dec.8.Itplans to evaluate children in the district, said lawsuit and has cooperated called avoteonclosing,as forsafety steps,political at- whethertoextendthe pause before the meeting. “My chil- with civil authorities. over 25% of teachersatsome mosphereand local risk toler- decided to pause at its Dec. 3 meeting. dren areveryhappy.They are “The Diocese has put in schools were already under ance, as well as trends in the in­person learning: Staffing shortages brought following every rule.” placerigorous policies and quarantine because of Covid-19 pandemic. on by the surge in Covid-19 HillaryGlaser,who has a protocols governing required exposure—but manyparents TheWalled Lake district ‘This is a lose­lose.’ cases ultimately led to the deci- third-grader and second- behavior as well as acode of wanted to keep the doorsopen. hadtoweigh what wasbest sion, said Superintendent Ken- grader in the district, wasdis- conduct which all clergy are Walled Lake is one of many forits nearly 13,800 students, neth Gutman. “I feel terrible appointed because she wanted expected to abide by,” he said. school systems that have grap- as parentsworried about child about all of this,” he said at the her sons to stay in person. The lawsuit follows a two- pled with whether to keep in- care and learning loss amid a were allowedtoremain in-per- meeting afterrecommending “Parents were really upset, year investigation by the at- person instruction going or relatively lowinfection rate in son under the order. the pause.“This is alose-lose.” and therewas alot of com- torney general’sofficeintothe transition back to completely their area, located about 30 Several parentsurged the Greg Janicki, president of plaining,alot of finger-point- diocese and is NewYork’slat- remoteclasses, as coronavirus milesnorth of Detroit. The boardtokeep schools open the district’sschool board, ing,alot of ‘Howdoweget est attempt to crack down on cases reach record levels.Ina school district—mostly white during public comment at last cast the lone dissenting vote, rid of the boardofeduca- sexual abuse within the Catho- familiar tension that oftenputs and middle-class—serves por- week’smeeting,saying their arguing to keep in-person in- tion?’ ” Ms.Glaser,the PTA lic Church. educatorsand families at odds tions of nine towns. children needed the routine and struction open. president at MaryHelen Guest Theattorney general’sof- over what is best forchildren Also weighing heavily on pointing to the state’sguidance. “It was very clearly stated Elementary, said the dayafter fice said investigations into and communities,Walled the board: Threeofthe dis- Jared DeWitt, president of that our children need to be in the meeting.“And today’sthe the other seven Catholic dio- Lake’s BoardofEducation trict’s12elementaryschools the local teachers union, was school, and particularly…our daywherewemoveforward.” ceses in the state remain on- called ameeting to take avote had to halt in-person classes the only person who spoke most vulnerable students. And —Yoree Koh going. on Nov.17. Morethan 1,600 during the firstweek of during the meeting to ask the if that’sthe path that we have contributed to this article. Big Donors’ Efforts Largely Failed in Election Feinstein Will Leave

BY JULIE BYKOWICZ Michael Bloombergspent$1.2billion on funding political causes Four yearsago, Mr.Trump James Simons,ahedge- AND TARINI PARTI thatwereultimately unsuccessful, including his own. wonthe presidencydespite fund CEO who gave$9million Leadership being outspent firstbyRepub- to the SenateMajority PAC, Former NewYork City UNSUCCESSFUL CAMPAIGNS 1square=$1million lican JebBush, who was has been one of the biggest Post on Panel MayorMichael Bloombergfol- backed by wealthydonorsin investorsinthe Democrats’ Personal presidential campaign $1.1 billion lowedhis $1 billion failed the primary, and then by Dem- effort to win control of the BY KRISTINA PETERSON Democratic presidential bid ocrat HillaryClinton, whose Senate.Arepresentativefor with a$100 million effort to campaign raised hundreds of Mr.Simons didn’t respond to Sen. Dianne Feinstein said turn Florida blue—only to see millions of dollarsmorethan arequest to comment. she would step down as the top the stateaward President Mr.Trump’sinthe general Thesuper PAC, closely tied Democrat on the Judiciary Trump a wider margin of vic- election. to SenateMinority Leader Committee, after drawing criti- tory than four years ago. The2020 election also un- (D., N.Y.), ded- cism from the party’s progres- In an election that cost an derscoredthat money alone icated 66% of the $187 million sivewing over her handling of estimated $14billion, Mr. doesn’twin. Multiple failed it spent on advertising this theSupreme Court confirma- Bloombergisone of dozens of candidates set fundraising re- year to six racesthat Demo- tion hearingsfor JusticeAmy wealthyindividuals who saw cords, and small-dollar donors cratslost. In October alone,it Coney Barrett. arguably poor returns on some also contributed to efforts, spent morethan $14million in “After serving as the lead political investments.That some of which were unsuc- South Carolina and Texas.Re- Democrat on the Judiciary doesn’t mean they’ll stop cessful. The2020 election is publicans wonboth racesby Committeefor four years, Iwill spending, representatives for on track to cost about twice about 10 percentagepoints. not seek the chairmanship or many of them said. as much as the 2016 race,ac- Big donors—even ones who ranking member position in the Howard Wolfson,atop ad- cording to an estimatefrom invested in losing races—also next Congress,” the California visertoMr. Bloomberg, said the Center forResponsivePol- sawvictories.Inaddition to lawmaker said. thebillionairewas thrilled to itics. trying to help Mr.Trump,the It wasn’t immediately known see two goals accomplished: In Senateraces,the candi- Adelsons spent morethan $90 Mondaywho would succeed defeating Mr.Trump and keep- datewho spent morewon million on House and Senate Mrs. Feinstein as the Judiciary ing a Democratic majority in about 72%ofthe time,are- efforts. Abright spot forMr. Committee’stop Democrat. Biden supportin Congressional Everytown theHouse.Republican donors cord lowinrecent years, an- Bloomberg: He spent more Thechamber’s partisan Florida, Texas, Ohio campaigns Agun violenceprevention arecelebrating that the party organization* otheranalysis by the center than $1 million to help Demo- breakdown afterthe Nov.3 gained seatsinthe House and $13.4 $8 million found. cratic Rep.Haley Stevensof election stands at 50 Republi- has alead in the Senate, with $110 million million “Money’s important, re- Michigan hold her seat. She cans and 48 Democrats. If Dem- two Georgia runoffs set to de- sourcesare important,” said won. ocrats win both Georgia runoffs cide the majority in January. Mr.Wolfson. “But, youknow, Cooper Teboe, aCalifornia- on Jan. 5, they would control Acloser look at howand nothing is morevaluable than based fundraiser whose cli- the majority because Vice Pres- wheresome of the biggest po- agood candidaterunning a ents contributed to Senate ident-elect Kamala Harris,in litical donors spent their good campaign.” Majority PACand major Dem- her role as president of the money also shows hugeout- Off-base politicalsurveys ocratic groups,said he wasn’t Senate, could break ties. lays on effortsthat fell short. SUCCESSFUL CAMPAIGNS sometimesled donorsastray. hearing anyremorse from do- Mrs. Feinstein, 87 yearsold, LasVegas casino mogul Silicon Valley Democrats norsabout their spending.But said she would remain amem- Sheldon Adelson and his wife, Donation to DNC Congressional Everytown behind the FutureForward he said they arepushing for ber of the JudiciaryCommittee, Miriam, put morethan $75 campaigns PACspent morethan $10 mil- dataonthe party’s messaging as well as other panels. million intoMr. Trump’sfailed $18million $1 million $2.8 million lion trying to turn Texas blue. and outreach to voters from Mrs. Feinstein had drawn re-election bid—a biggerin- Thegroup wroteinanOct. 19 differentdemographics. increasing scrutinyfromlib- vestment than they had previ- memo that their analysis of “I thinkfunding the post- eral groups,who hoped to see ously made in apresidential polling showedamultimillion- mortem is the one thing the a more progressive lawmaker campaign. Marvel Entertain- dollar advertising push at the party canfind unity on now lead thecommitteeifDemo- *Michael Bloombergheavily finances Everytown's political committees through anonprofit. ment’sIsaac Perlmutterand Sources: Federal Election Commission (political spending); Biden support (Bloombergaides) end of the campaign would that is out,” he cratstakeback the Senate. his wife, Laura, gave$21 mil- Maureen Linke/THE WALL STREET JOURNAL boost Democratic Senatecan- said. They also balked at herconcil- lion and Energy Transfer’s didateM.J.Hegar’s odds of Strategistsinboth parties iatory conduct during Justice KelcyWarren gave$10 million intend to continue contribut- Arepresentativefor Mr. winning. saythe largest donorsoften Barrett’s confirmation hearing. to apro-Trump super PAC, ing to support candidates with Adelson didn’t respond to a RepublicanSen. John focus moreonindividual can- Sen. Dick Durbin of Illinois, making them some of the pres- whose views they agree,” a request to comment, and Mr. Cornyn beat Ms.Hegar by didates at the last minute SenateDemocrats’ whip,said he ident’sbiggest boosters. spokeswoman forthe couple Warren declined through a roughly 10 percentagepoints, than on gifts that will payoff would seek to be the next top “The Perlmutters absolutely said. spokeswoman to comment. theAssociated Pressreported. over time. Democrat on the committee. P2JW329000-6-A00400-17FFFF5178F

A4 | Tuesday, November 24, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. U.S. NEWS Trump Fights System in Which GOP Thrives

level of government. on asystemthat has been ing the governor’s officein Party in lasting waysin2016, as asoreloser. ForMr. Trump,the cost of quitegood to the GOP.Repub- Montana their way.Beyond moving it closer to itsnew, Mr.Trump’ssupporters the fight mayturn out to be licans have actually been the that, theonly two statelegis- working-classbase and away disputethat idea. “The fact is amorepersonal one: It is de- moreprosperous of the two lativechambersinthe coun- from itstraditional, instinctive that what Iamhearing from flecting attention from the parties operating within that trytoswitch control this free-market trade and eco- people on the ground, as my accomplishmentshecould system—and, in fact, had a year went to the Republicans nomic policies.Hehas phone explodes with emails carryforwardasamoreposi- quitesuccessfulelection this in NewHampshire, where changed America’sapproach and texts, is the worryhewill tivelegacyafter 2020. year,something largely ob- they took control of both the to China to betterreflect the stop fighting,” says Matt CAPITAL JOURNAL scured by thefuror over the house and the senatefrom morewaryviewofBeijing that Schlapp, chairman of the By Gerald F. Seib he basic argument of presidential outcome. the Democrats. All told, in wastaking root in business American Conservative Mr.Trump and his al- Republicans woneight of the latest count from the Na- circles and in both parties. Union. He has been helping in T the 13 presidential elections tional ConferenceofState In two consecutiveelec- the Trump campaign’slegal lies is that he has been Thecostsofthe continued victimized by asystemin beforethis year’s campaign. Legislatures,Republicans tions,heactivated millions of fight in Nevada, wherehein- fight over the 2020 election which corrupt Democrats They have been in the major- hold almost 500 morestate previouslydormant voters. sistsTrump loyalistshave arerising forboth the Repub- from one side of the country ity in the Senatefor the past representatives’ seatsacross Even in defeat, he wonthe found broad voting irregular- lican Party broadly,and for to the other twisted the elec- six years, and 16 of the past the countrythan do Demo- support of morethan 70 mil- ities in Clark County,the President Trump personally. tion’soutcome to their bene- 26.They have controlled the crats, and just over 200 more lion Americans,the second- state’slargest. He asks: “Are Forother Republicans,one fit, as they have been doing House for20ofthe past 26 statesenateseats. highest vote totaleverre- youasoreloser if youhigh- of the costsassociated with foryears. Morethan that, years. In sum, this isn’t the pic- corded forapresidential light thousands or tens of the presi- now-ousted Trump election And in this year’s now-dis- tureofaparty beleaguered candidate, behind only Presi- thousands of illegal ballots?” dent’s contin- lawyer Sidney Powell spread puted election, Republicans by asystemriggedtoits det- dent-elect JoeBiden in the Mr. Schlapp and others ar- ued attempts the indictment acrossparty actually did quitewell in riment. If anything,itisthe same election. Trumpism fig- gue that it’s important for to overturn lines in recent days,charging most ways. They picked up pictureofthe party that, top ures to liveon. Mr. Trump to see through the results of that “wehavenoidea how seatsinthe House,won ase- to bottom, has been the more his fight over election accu- the 2020 manyRepublican or Demo- ries of closely contested Sen- dominant acrossthe country r. Trump could ride racy, and that he get credit presidential cratic candidates in anystate ateraces,and maywell retain in this era. those achievements for doing so. Still, there re- election is that he is attack- M mains no evidence of wide- acrossthe countrypaid to their control of the Senateaf- ForMr. Trump,the costs out of officeona ing the legitimacyofthe very have the system riggedto ter two runoff racesinGeor- of fighting on could be more high note, and intoanother spread voter fraud, and nu- electoral system that brought work forthem,” and assert- gia in January. personal. Whatever one campaign in 2024, which merous court challenges all of them intoofficeinthe ing that leading Georgia Re- At the statelevel,the re- thinks of thepresident per- seems to be his intent. Yet from Trump allies have been firstplace—and asystem publicans arepart of some sultshavebeen even better. sonally,hehas been apresi- the risk nowisthat he will be dismissed. This appears to that actually has been quite kind of illicit scheme. Republicans hold 27 of the 50 dent of consequence. remembered not so much as be a losing battle, and one good to Republicans at every Those amount to an assault governor’s seats, afterturn- He changed the Republican aconsequential president but that will leave big scars. Michigan Certifies Vo te Outcome Biden NamesDiverse, BY REBECCA DAVIS O’BRIEN Experienced Team AND MAYA GOLDMAN

Michigan officials on Mon- daycertified the Nov.3elec- ForNational Security tion results, and Pennsylvania moved closer to ratifying Pres- BY KEN THOMAS Mr.Biden will take intoac- ident-elect JoeBiden’svictory, AND ANDREW RESTUCCIA count racial diversity and gen- following effortsbyPresident der equity,aides said. He is Trump and his supportersto GES WASHINGTON—President- also conscious of the need to delayfinal approval of the IMA elect JoeBiden rolled out a put his ownstamp on his cabi- outcome. national security team steeped net and is expected to tryto GETTY

Certifying the vote in the SE/ in government experience on avoid the perception that he is two states would help cement Monday, announcing his intent building a carbon copy of the Mr.Biden’svictoryand create to nominatethe firstwoman Obama administration.

newhurdles forMr. Trump’s ANCE-PRES to oversee the country’sintel- While Mr.Trump turned to legal attemptstooverturn the FR ligencecommunity and the aleading corporateexecutive,

election results. TheTrump ENCE firstLatino to lead the Depart- RexTillerson, to serveashis

campaign and itssupporters AG ment of Homeland Security. firstsecretaryofstate,Mr. have filed lawsuitsand Y/ Mr.Biden’stransition team Blinken has nearly two de- LSK

pressed election boards to halt WA said in astatement revealing cades of experienceworking

or delay certifications in bat- KO the president-elect’sfirst cabi- alongside the president-elect.

tleground states in what histo- JEFF net selections that he would Mr.Blinken wasMr. Biden’s rians and election-lawspecial- Trump supporters gathered in Lansing on Monday as the Michigan Board of State Canvassers met. nominateAlejandroMayorkas, topforeign-policyadviserdur- istshavesaid amountstoan aCuban-American and former ing his presidential campaign unprecedented effort to re- doesn’t have the powerunder legal deadline forcertification, adviser,Jenna Ellis,called cer- deputy DHSsecretary, to lead afterserving as deputy secre- verse the vote. statelaw to delayand demand while some needed extratime. tification “simply aprocedural the department.Avril Haines, tary of stateinthe Obama ad- TheMichigan Boardof an audit, lawyersand stateoffi- In some counties,election step. who wasdeputy national secu- ministration. Their historyto- State Canvassers’ 3-0 vote— cials said at an hourslong meet- boards split in approving certi- “Weare going to continue rity adviser to President Barack gether goes back to the post- with one Republican joining ing.Mr. Biden leads by about fication. In AlleghenyCounty, combating election fraud Obama, will be nominated as 9/11 erainWashingtonwhen thetwo Democratsand one 155,000 votesinMichigan. wherePittsburgh is located around the countryaswefight director of national intelligence. Mr. Blinken was staff director Republican abstaining—came “This boardmust respect and which Mr.Biden won, the to count all the legal votes,” Former SecretaryofState of the SenateForeign Rela- afterGOP pressuretotakethe the authority entrusted to it, BoardofElections voted2-1 to Ms.Ellis said. “Americans must John Kerrywill serve as special tions Committeewhile Mr.Bi- extraordinarystepofrejecting and followthe lawaswritten,” certify, with the sole Republi- be assured that the final re- presidential envoy forclimate den served as aU.S.senator certified vote countsfromthe Aaron VanLangevelde,the canmember,Sam DeMarco, sultsare fair and legitimate.” change,aposition on the White representing Delaware. state’s 83 counties. board’sRepublican vicechair- voting no.Mr. DeMarco said he TheTrump campaign hasn’t House National Security Coun- Mr.Blinken and Ms. TheRepublican National man, said beforevoting to cer- cast a“protest vote” because offered evidenceofwide- cil, the transition team said. Flournoyfounded afirm called Committeehad urgedthe board tify. “We must not attempt to he wantschanges to election spread voterfraud. Federal of- Mr.Biden’steam also said WestExec Advisersin2017 to delaycertification to allow exercise powerwesimply procedures,including greater ficials have said the election Mondaythat he would nomi- that has advised companies on an auditofresultsinWayne don’thave.” He said he be- access forobserverstowatch wasfreefromforeign interfer- nateAntonyBlinken, his long- geopolitical risk.Activists County,whereDetroit is lo- lieved apostelection audit the counting of mail-in ballots. ence and tampering. time foreign-policyadviser, to have raised concerns about cated. Questions were raised should be conducted by proper Morethan adozenstates Another battleground state, serveassecretaryofstate,and their work at the firm. “I think thereoverclerical errorsand authorities. have certified election results Nevada, is scheduled to certify he had chosen Jake Sullivan, it’simperativethat morebe access forobserverstowatch In Pennsylvania, multiple so far,according to the nonpar- resultsTuesday, while Wiscon- another longtime aide,for the disclosed about the nature of the mail-in ballot count. counties said they certified tisan Cook Political Report. sin is set to certify on Dec. 1, role of national security adviser. theirprivate-sector relation- But the boardultimately election resultsMonday, the ATrump campaign legal following a partial recount. The former vice president, ships,” said David Segal, the whohas stressed the impor- co-founder of the progressive tanceofdiversity in his ap- group Demand Progress. “comply with all actions needed legal developmentsand certifi- the coming days with officials pointments, tapped Linda Mr.Biden’steam is also Transition to ensurethe smooth transfer cations of stateelection results from federal agencies. Thomas-Greenfield, who is preparing to announceaseries of power.” He said aides in explaining her decision to Lawmakersofboth parties Black and aveteran diplomat, of health-related jobs as he weren’t permittedtospeak di- stop blocking the resources. hadraised concerns that the to serveashis U.S. ambassa- positionshimself to address Is Cleared rectly with amember of the Bi- “I have determined that you lack of high-level intelligence dor to the United Nations. the coronavirus pandemic. den transition team or afederal mayaccessthe postelection re- briefingscould pose anational “These individuals are Chiefamong them areMr. transition coordinator unless sourcesand services described” security threat and hinder plans equally as experienced and cri- Biden’shealth and human ser- To Proceed “specifically authorized.” in transition legislation, she forthe distribution of acorona- sis-tested as they areinnova- vices secretary, who will play Mr.Trump has given no in- wrote. “The actual winner of the virus vaccine expected to take tiveand imaginative,” Mr.Biden a key role in the Covid-19 re- dication that he plans to give presidential election will be de- placeduring Mr.Biden’sterm. said in the statement. “Their sponse.Contendersfor the job ContinuedfromPageOne anykind of formal concession termined by the electoral process Presidents-elect typically getac- accomplishmentsindiplomacy include former U.S. Surgeon in Pennsylvania moved closer to speech, but he has been polling detailed in the Constitution.” cess to the president’sdaily areunmatched, but they also General VivekMurthy, who making his victorythereofficial. advisersonwhat his options Ms.Murphyhad declined to brief,which details the govern- reflect the idea that we cannot frequently briefs Mr.Biden on Legalsetbacks were also piling arefor an exit strategy, accord- name the apparent winner of ment’smost secret intelligence. meet the profound challenges the virus,New MexicoGov. up forMr. Trump and his allies. ing to administration officials. theelection, atechnical desig- “This is probably the closest of this newmoment with old Michelle LujanGrisham and No evidenceofsignificant voter Topadvisers to the presi- nationthat allows the federal thing to aconcession that Presi- thinking andunchanged hab- Rep.Karen Bass(D.,Calif.), ac- fraud has been produced, and dent earlier Mondayurged him government to begin cooperat- dent Trump could issue,” Senate its—or without diversity of cording to people familiar Republican allies in Congress to allowthe transition to pro- Minority Leader Chuck Schumer background and perspective.” with the matter. had signaled growing impatience ceed, according to people famil- (D., N.Y.)said.“Letusall now— Mr.Biden’searly moves re- Forattorney general,Mr. with Mr.Trump and his team, iar with the discussions. Mr. Biden’s team Democratsand Republicans,the flect his attempt to bring gov- Biden is considering former though partyleadershaven’t Mr.Meadows,WhiteHouse Trump administration and the ernment experience and per- deputy attorney general Sally publicly pushed him to concede. counsel PatCipollone and Jay will get higher­level incoming Biden administra- sonal chemistrytohis Yates, outgoing Sen. Doug LaterMonday, Mr.Trump Sekulow, the president’sper- briefings and $6 tion—unitetogether fora incoming administration. He is Jones (D., Ala.), an early Biden tweeted that the GSAwas being sonal lawyer,atvarious points smooth and peaceful transition pushing forwardevenasPresi- endorser who has deep ties to “allowedtopreliminarily work told Mr.Trump that he didn’t million in funds. that will benefit America.” dent Trump disputes the valid- the former vicepresident, and with the Dems” but that his le- need to concede but that he Ms.Murphy, in her letter, ity of the November election former Massachusetts Gov.De- galfight wasn’t over and that needed to let the processbegin, said her decision was“not and refuses to concede. valPatrick, aveteran of the he would “never concede.” the people familiar with the dis- made out of fear or favoritism,” Mr. Biden is also consider- JusticeDepartment, people fa- WhiteHouse chief of staff cussions said. ing with the president-elect, in adding that she hadn’t received ingMichèle Flournoyfor de- miliar with the discussions Mark Meadows,inanemail to One of the people said the the aftermath of the Associated pressurefromMr. Trump to de- fense secretary, which would said. staff,said the GSAadministra- push wasn’t necessarily Press’sNov.7decision to call layher decision. makeher the firstwoman to —Michelle Hackman tor“has made an ascertain- spurred by the Michigan certifi- theelection forMr. Biden. While GOP leadershaven’t run the Pentagon. and Warren Strobel ment”—a term Ms.Murphy cation but by howmanyweeks Without the GSAdesigna- called on Mr.Trump to con- As he builds his cabinet, contributed to this article. didn’t use in her letter—and re- had passed sincethe election. tion,Mr. Biden’steam wasn’t cede,aslowly expanding group minded aides that under the Over the last week,accord- allowedtoreceivehigh-level of Republicans had said Mr.Bi- Presidential Transition Act of ingtoone of the officials,the classified briefingsand wasde- den’stransition should begin 1963,the administration would president has appeared increas- nied morethan $6 million in immediately. ingly resigned to the reality government funds.Mr. Biden’s Mr.Biden and Vice President- that he will no longer be in the operation also had been elect Kamala Harris “should be- WhiteHouse past Jan. 20,ask- blocked from accessing federal gin receiving all appropriate Crafted in gold &platinum ing one adviser: “What do you agencies,wherecareer officials briefingsrelated to national se- S

think Ishould do next?” had prepared briefing books for curity and Covid-19 to facilitate PRES Order by

12/22 Some advisershaveurged the transition. asmooth transfer of powerin TED

for the himtotalk up another presi- “Today’sdecision is a the likely event that they areto CIA Holidays dentialrun in 2024, even if he needed step to begin tackling take officeonJan. 20,” Sen. SO doesn’t plan to followthrough. the challenges facing our na- Shelley MooreCapito(R.,W.Va.) AS Thepresident has also pri- tion, including getting the pan- said. While Mr.Trump has a vately indicatedhewantsto demic under control and our right to raise legal claims,“at

keep up the appearanceofa economyback on track,” said some point, the2020 election APPLEWHITE/ T

fight,telling one adviser: “Ev- Yohannes Abraham, the execu- must end,” shesaid. OT SC

Your Anniversary Immortalized erybody loves afighter.” tivedirector of Mr.Biden’s —Kristina Peterson J. In Roman Numerals In alettertoMr. Biden, the transition team, adding that the and Catherine Lucey AlejandroMayorkas, seen in 2013, will be nominatedbyPresident- JOHN-CHRISTIAN.COM 888.646.6466 GSA’sMs. Murphycited recent team would begin meeting in contributed to this article. elect Joe Biden to lead the DepartmentofHomeland Security. P2JW329000-0-A00500-17FFFF5178F

THE WALL STREET JOURNAL. Tuesday, November 24, 2020 | A5

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A6 | Tuesday, November 24, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS

HowCoronavirus Damages Your SenseofSmell Research on Smell 1. In the nasal cavity, coronavirus infects anddamages sustentacular cells,which provide structural support fornearbynerve cells 2. The immune systemresponds by generating Finds Covid-19 Clues inflammation to fightoffthe virus.This inflammation Olfactory bulb candamage the nearbynerve cells.

Scientists focus on a to directly attack and damage known as the “burning the Olfactory neurons, including influenza. bridge” theory—but little evi- bulb common side effect With other infections,the con- denceexiststosupport them. Nasal to betterunderstand dition is rare,but with the cor- Over the summer,research- cavity onavirus,researchershavea ersfromuniversities in the howvirus works bumper crop of cases to study. U.S.,U.K.and Germany, led by Ellen Glynn, a46-year-old HarvardUniversity, published Nerve 3 BY ROBBIE WHELAN who teaches high-school art aseries of studies in animals connections classesinElizabeth, N.J.,lost that indicatedthe ACE-2re- Scientistsare uncovering her sense of smell completely ceptor,the key protein through clues to explain howthe coro- forthree weeks aftercatching which the coronavirus enters navirus attacks the nervous Covid-19 in March. It partially the body,isn’t present in olfac- 3. Normally,these nerve cells transmit system by studying abizarre returned, but in May, she no- tory sensoryneurons. Sustentacular 2 signals through the olfactorybulb side effect of the infection that ticed that certain familiar Their experimentsinvolving cell to the brain, which processes and distortssufferers’ sense of foods,drinks and household miceshoweditismorelikely Nerve cell identifies smells.Damage to these smell formonths on end. products—onions,garlic,Keurig that the virus damages so- 1 Since the pandemic began, coffee pods,Tide laundrydeter- called sustentacular cells,the pathways, to nerve cells and Coronavirus doctorshavepuzzled over why gent—didn’t smell right. supportcells in the nasal cav- to support cells mayexplain smell lossamong Covid-19 patients. the coronavirus causes as “I thought, howcould all ity that allowthe smell-detect- Nasal cavity manyas80% of patientstoex- these different thingsall have ing neurons to function. When perienceanosmia, atemporary the exact same smell, of dead these support cells arein- loss of smell. animal?” Ms. Glynn said. fected, the body generates in- 4. Damaged olfactorynerve cells can 4 Most patientsrecover their Soon,she wassorepulsed flammation to trytoisolate regenerate, but theymay notalways Olfactory bulb sense of smell within aweek that she couldn’t eat most of and fight off the virus. regenerateproperly.Scientists speculate that Pathwaystobrain or two.But asmaller subset, the foods she wasused to eat- If support-cell damageis the nervous systemgoes through aprocess probably 10% to 20% of those ing under what she describes minimal, apatienttypically re- of trial and error in order to re-establish whoexperiencesensorydis- as her “adventurous,” vegetar- covers their sense of smell the proper connections with the brain. ruption, lose their sense of ian diet. Doritos smelled ran- quickly. But if enough susten- smellfor much longer,and cid. Iced coffee’sodor made tacular cells aredamaged, or if when it returns,they find her gag. She said it smelled thereisenough inflammation, This faultywiring mayexplain whysome their favoritefoods,familiar “likesomeone leftuncooked the neurons canalso be killed patients report acondition called scentsand even their own chicken under acouch cushion or altered in function, leading parosmia, which distortssmellsand body odorshavechanged, doc- for a few weeks.” to long-term lossofsmell and makesthem detectodd odors, such tors and researchers say. These days,Ms. Glynn is parosmia. as decaying flesh or burning tires. Nerve endings Lost nerve Faultyrepair French fries might smell eating mostly English muffins, “The bigquestion is,does from nasal connections like putrid, rotting meat. Cof- rawcarrotsand oranges,but the coronavirus directly attack cavity feesometimes evokes burning says,little by little,the proper and kill neurons?” said Dr. Sources: Sandeep Robert Datta, HarvardMedical School; ScienceDirect rubber tires.And chocolate smells are returning. Sandeep R. Datta,aneurobiol- AlbertoCervantes, Josh Ulick /THE WALL STREET JOURNAL cantakeonasickly sweet, An enduring mysteryabout ogist at Harvard and lead au- chemical odor. the coronavirus is how, ex- thor of two of the studies by the virus damaging support indicating howother neurolog- brain, theconcern would be This condition, known as actly, it causes certain neuro- from the summer. cells and by the body’s inflam- ical problems,such as brain fog that people are going to have parosmia, is the result of logical reactions,such as smell Thegood news about paros- matory response. and memoryloss, might work, massiveneurological insults, mixed-up signals between olfac- lossorthe persistent sense of mia is that itsoccurrenceindi- That finding “suggeststhat said Jonathan Overdevest,an likestrokes and [cytokine] tory sensoryneurons,the nerve disorientation known among catesthe sense of smell is managing inflammation related ear,nose and throat doctor at storms,” Dr. Overdevest said. cells located in the nasal cavity patients as “brain fog.” gradually returning to normal to Covid infection could be a NewYork-Presbyterian Hospi- “The recent experimentshave that detect scents, and the part Possible explanations forthe and the body is repairing nerve very important avenue to re- talwho is overseeing astudy clarified that it’snot as neuro- of the brain whereodorsare lossofsmell include the theory damagecaused by the virus. covery,” Dr.Datta said. It also of olfactorydysfunction among invasive as we once feared.” decoded and interpreted. that the virus kills off olfactory Earlier this fall, scientists bolstersresearch that indicates 1,400 Covid-19 patients. That understanding “will Parosmia has also occurred neurons,orthat the body pre- researching smell disruptions the coronavirus itself doesn’t “The concern wasinitially help us understand the time in patientswho have con- emptively destroys certain neu- in cells of both miceand hu- invade the brain, he said. that this was a neuroinvasive course of recovery,and why tracted other viral and bacte- ralpathwaystokeep the infec- mans found further indica- Loss of sense of smell could viruslikeZika…and if the vi- some people recoveredand rial infections that areknown tion from reaching the brain— tions that smell lossiscaused be a“canaryinthe coal mine” ruscan directly access the whysome didn’t,” he said. U.S. WATCH No Letup CALIFORNIA makeadonation to charity. Ms. Senerchia’shusband had ALS. In Sight Suspect Arrested in Mr.Quinn and co-founder Pete Killings at Church Frates, along with their teams of supporters, helped popularizethe ForCases, Asuspect has been arrested challenge. The ALS Association in connection with the fatal stab- said Mr.Quinn “knewitwas the bings of twopeople and the keytoraising ALS awareness,” Deaths wounding of three others at a calling it “the greatest social media church in California’sSilicon Valley campaign in history.” Mr.Frates, a BY PHILIP WEN thatwas being used as ahome- former BostonCollege baseball lessshelter,policesaid Monday. player, died in December at the TheU.S.reported 142,732 The stabbings happened Sun- age of 34 after battling ALS. new cases of coronavirus and daynightatGrace BaptistChurch, — registered arecordnumber of S in San Jose, wherenoservices hospitalizations forthe 13th were taking place, and officials PRES WASHINGTON straight day.

said aman died thereand a TED Thetally of Sunday’snew woman died at ahospital. Three CIA Name Selected for infections,according to data SO

other men who were wounded AS Zoo’s Baby Panda compiled by Johns Hopkins

were hospitalized Mondayinseri- TIN/ University,was down from Fri-

ous but stable condition. MAR Morethan three months after day’srecord196,004—but

The church, through its non- YN his birth, the National Zoo’snew countsare generally lower

profit Grace Solutions, offers an UEL panda cub finally has aname. over the weekend beforeris- CQ

overnight winter shelter for up JA Officials at the Smithsonian, ing midweek. The latest daily to 50 men and women during FREE BIRDS: Corn, left, and Cob, two turkeys from Iowa who will star at the annual presidential which runs the zoo, announced figure is the highest yet for a cold, rainy weather, and it makes pardon on Tuesday, hung out in their room at the Willard hotel in Washington, D.C., on Monday. Monday morning that the cub Sunday, and total cumulative showers available daily for drop- born on Aug. 21 would be in visits to those who may need OBITUARY ing to the ALS Association. for all he did to advance the named Xiao Qi Ji (shee-OW- them, according to the non- PatQuinn wasdiagnosed with fight against ALS.” chee-jee), which is Mandarin Chi- profit’s website. Co-Founder of ALS LouGehrig’sdisease, also known In 2014, Mr.Quinn sawthe nese for “little miracle.” The temperature in San Jose Challenge Dies at 37 as amyotrophic lateralsclerosis, ice-bucket challenge on the social The choicewas the result of a 921 was in the low 50s when the at- in 2013, amonth after his 30th media feed of professional golfer five-dayonline poll thatdrew tack happened Sunday shortly A co-founder of the social birthday, the organization said. Chris Kennedy,who firstdared nearly 135,000 voters to choose U.S. deaths from Covid-19 before 8 p.m., but dropped into media ALS ice-bucket challenge, “Pat fought ALS with positiv- his wife’scousin Jeanette Sener- between differentMandarin Chi- reported on Sunday the high 30s overnight. which has raised more than ity and bravery and inspired all chia to takeabucket of icewa- nese names. In anod to Chinese The motive of the attack was $200 million world-wide for Lou around him,” the association ter, dump it overher head, post a tradition, the name wasn’tchosen under investigation, police said. Gehrig’s disease research, died said. “Those of us who knew video on social media and ask until 100 days after the birth. —Associated Press Sunday at the age of 37, accord- him are devastated but grateful others to do the same or to —Associated Press cases nowexceed 12.2 million. Therewere83,870 people hospitalized with the disease moted by manyretailers. Oth- ing up heading intoacritical asales clerk at aMichael Kors holidayshopping trip to as of Sunday, according to the Malls Lure erssaid they needed to getout holidayperiod,” the firm said storeinside Crossgates who TwelveOaks Mall. Normally Covid Tracking Project. The of the house. in areport. wasfurloughed during the the group goes out fordinner U.S. has set recordsfor hospi- Taylor Espinosa went to an On Saturday, the mall’sLord mall’sclosureearlier this year. the night before, but this year talizations everyday sincethe Shoppers outdoor mall in Austin, Texas, &Taylor department storewas Sales started early,which is they ordered deliveryand number surpassed 60,000 on with her boyfriend and his dottedwith signs advertising drawing shoppersand “they gathered in their hotel lobby. Nov.10, according to the proj- family,visiting from Ohio,be- “Going out of business” sales. arescaredofalockdown,” the “I’ll still do most of my ect’s data. Amid Virus cause she thought it would be Themovie theater wasshut af- worker said. shopping online this year,” Ms. NewYork Gov.Andrew arelatively low-risk daytime terreopening in October,then At the TwelveOaks Mall in Daniels said. “I’m trying really Cuomo warned that cases are activity.“Theappeal of this is closing again early this month. Novi, Mich., Anette Ratajczak hardnot to come out too rising so quickly in partsof ContinuedfromPageOne it’soutside,fresh air,it’ssafe— Best Buy,Legoand Apple and her daughter did their an- much, and we almost didn’t do the NewYork City borough of Thetrade group expectsonline safer,” said the 28-year-old stores,among others, attracted nual holidayshopping trip this shopping trip this year, StatenIsland that nonessential sales, which are included in Austin resident. “But it is droves of shoppers, with lines early.“This is our big haul,” butinthe end we decided to businesses maybeclosed and the total, will increase 20% to pretty crowded.” said Ms.Ratajczak,50, holding do it and tryour best to be massgatherings banned there 30% from ayear ago. Foot traffic to U.S. malls has several stuffed shopping bags. safeabout it.” later this week. The bodies of One big wild card to the recoveredfromthe spring, Abig wild card to the She and her daughter,Al- Online shopping is expected hundreds of people who died season: whether authorities when malls were deemed non- yssaMoll, normally take atrip to surge this holidayseason. in the city during spring surge will impose fresh shutdowns as essential and forced to close in season: whether to Chicagotodotheir holiday Already,demand has strained arestill in freezertrucks on asurge in Covid-19 cases coin- manystates. Even before authorities will shopping,but they canceled thee-commerce supply chain the Brooklyn waterfront. cides with retailers’ critical Covid-19,malls were struggling thetrip as coronavirus cases anddigital infrastructureof The U.S. seven-day moving holidayseason. Statessuch as to draw customersasmore impose shutdowns. have risen. Instead, they hit some retailers. Thetop of averageofnew cases,which California and Ohio have im- spending shiftedonline and to three of the biggest malls in Costco Wholesale Corp.’sweb- smooths out day-to-dayirreg- posed10p.m. curfews. Last off-mall retailers. Most malls southeast Michigan in one sitecarries awarning: “Ween- ularities in data, continues to week,New Mexicoissued a have reopened with newcoro- weekend. courageyou to shop early this climb.AsofSundayitwas stay-at-home order and told navirus-related restrictions and forming outside to control “It’salittle sad we’renot year,toensurethat your small 170,855,according to aWall nonessential stores to shut some shops shut, though shop- crowdsinside. doingitonBlack Friday, but parcelitems arriveontime.” Street Journal analysis of their doorstocustomers per visitsare belowlast year. Malls facethe potential for we’rejust so scared everything Walmart’swebsitehas Johns Hopkins data—higher through Nov.30, which would TheCrossgatesMall in Al- further limitsorshutdowns as is going to shut down again,” slowedand malfunctioned in than the 14-day moving aver- include the Black Fridaysales banyreopened in mid-July. U.S. Covid-19 cases soar, top- Ms.Moll, 23,said. recent weeks as shoppers age of 159,809. weekend. Around 46%fewershoppers ping 12 million over the week- Manyshopperscame to rushed to buy the newPlaySta- TheU.S.reported 921 Therewerecrowds at three visitedinAugust compared end. At the same time,con- malls Saturdaytohold on to tion 5videogame console, deaths from Covid-19 on Sun- shopping malls that reporters with last year,according to sumer spending has been some of their holidaytraditions. which the retailer offered only day, bringing itstotal to from TheWall Street Journal Placer.ai, aresearch firm that strong this year despitethe Sara Daniels,36, from Wy- online.“We did see massive 256,782. Deaths arealso on visitedinNew York,Michigan uses cellphone datatoestimate economic toll of the pandemic andotte,Mich., wasn’t sureif traffic,which caused some cus- the rise,with the seven-day andTexas on Saturday. Some foot traffic.ByOctober,29% andmillions of workerslosing her annual girls’ trip with her tomerstoexperienceintermit- average exceeding the 14-day shoppers said they wanted to fewershoppersvisited than their jobs. mom, auntsand cousins would tent slownessfor afew min- averagesinceOct. 19,but they beat the holidaycrush or take last year.“Mall visitsare re- “People aregetting shop- go on this year,but in the end utes,” aWalmart spokeswoman arelowerthan in the first advantageofearly deals pro- bounding,and the paceispick- ping done early this year,” said they decided to do their usual said earlier this month. months of the pandemic. P2JW329000-0-A00700-1------XA

THE WALL STREET JOURNAL. Tuesday, November 24, 2020 | A7

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A8 | Tuesday, November 24, 2020 THE WALL STREET JOURNAL. WORLD NEWS Europe Prepares for Low-Key Holidays

Leaders plan to roll pushing for more restrictions but stategovernmentsare re- Italy Wrestles With back some restrictions luctant to expand the lock- but warn against a down as political and popular Easing Lockdowns consensus is crumbling. third surge in January French President Emmanuel Macron is expected to address The Italian governmentis GovernmentsacrossEurope the nation Tuesday. Rules will debating howtorelax some arepreparing plans to ease be easedinthree stages,the existing restrictions to allow lockdowns in December and al- government’sspokesman told Christmas shopping but to lowtheir citizens some kind of the weekly newspaper Le Jour- avoid social gatherings that

Christmas celebration, but they GES nal du Dimanche. First, nones- could lead to aresurgenceof

arewarning that this won’t be IMA sential shops will reopen the virus in January.Currentre- anormal festiveseason. around Dec.1.Later that month, strictions areinplaceuntil the

GETTY people will be allowedtomove beginning of December,when By Jason Douglas in SE/ around freely.InJanuary, bars the governmentplans to issue London and Giovanni and restaurantscould reopen. anew decree thatwill include Legorano in Rome In Spain, much of the re- rules forthe holidayperiod. ANCE-PRES

FR sponsibility lies with the gov- “It will be a different Politicians faceadilemma. If ernmentsofthe 17 Spanish re- Christmas, a more sober one. they keep the lockdown too ENCE gions. Spain’sHealth Ministry, We will have to avoid nones- AG tight, they will damageretail regional and local administra- sential movements,” Robert and hospitality businesses dur- tions areworking to put to- Speranza, Italy’s health minis- AKMEN/

ing their most important month A gether aplan forthe Christmas ter, said on TV on Sunday. LG

and risk widespread noncompli- TO period, the government said. Italian regions have been ance as families gettogether.If Authorities hope to ease pandemic curbs in time for Christmas. Shoppers in London on Monday. Austrian Chancellor Sebas- placed in three color-coded it is tooloose,the danger rises tian Kurz announced last week groups according to a number of athirdsurge of Covid-19 measures to cities and regions back intolockdown in January.” ues and hotels must close,Mr. amass-testing campaign of health parameters, such as cases and deaths beforevac- depending on local cases.He From Dec.2,all shops,per- Johnson said. aimed at reducing infection the level of contagion and cines become widely available. said he wasworking with other sonal-care salons and the lei- German Chancellor Angela levels aheadofChristmas. hospital occupancy. Across the continent, new authorities on a“time-limited suresector in England will be Merkel will meet the premiers Austriahas imposed alock- Red regions, which include lockdownshavesucceeded in dispensation” to allowpeople able to reopen if they canpro- of the country’s16stateson down that includes stay-at- part of the northern regions bringing down infections.Still, to gettogether forafew days vide aCovid-secureenviron- Wednesdaytodecide on home ordersand curfews, but of Lombardy and Piedmont, case numbersremain elevated, over Christmas acrossthe U.K. ment. Collectiveworship,wed- whether to extend restrictive Mr.Kurzsaid the offer to test are those where conditions hospitals in manyareas are Addressing lawmakersvia dings and outdoor sports can measures ahead of Christmas. everyone from the ageof10 are more severe and under a under pressureand Covid-re- videolink,Mr. Johnson said the resume and limited numbers Germanyisunder aregime could enable families to gather partial lockdown, with bars, lated deaths arestill high. newthree-tier system would be of spectatorswill be allowed known as lockdown-light: res- for yuletide festivities. restaurants and shops that On Monday, U.K. Prime Min- tougher than asimilar plan im- intosporting eventsfor areas taurants and bars are closed, In Belgium and the Nether- sell nonessential goods shut. ister Boris Johnson said ana- posed in the fall. “Weall want in the two more relaxed tiers. as well as gyms,and enter- lands,officials have warned A problem the govern- tionwide lockdown in England some kind of Christmas,” he In areas falling under the tainment and culture venues. people to celebrateinassmall ment will face is how to ease would end Dec.2.The country said. “But what we don’t want strictest restrictions,barsand They areexpected to pro- afamily circle as possible and rules for Christmas if the re- will then moveintoatiered is to throw caution to the restaurantswill be allowedto long the lockdown until Dec. be particularly mindful of gions remain under different system of restrictions that ap- winds and allowthe virus to provide only takeout services, 20,according to several offi- olderpeople who aremost levels of restrictions. plies different public-health flareupagain, forcing us all and indoor entertainment ven- cials. Ms.Merkel’sofficeis vulnerable to the virus. Overwork TakesToll on South Korean Delivery Drivers

BY DASL YOON “Wewill tryour best so that such a tragic incident doesn’t SEOUL—In the final days of happen again,” Hanjin said. his life, Kim Dong-hee had CJ Logistics and Hanjin de- worked nearly 24 hours clined to comment further for straight delivering packages this article. around Seoul—and still had a In recent months,South Ko- quarter of atruck lefttoun- rea’sdeliverydrivershave load.“I’m so exhausted,” he gone on strike, hoisting signs told a co-worker at 4:28 a.m. that read, “We want to live!” in a text message in October. “While customersbenefit Days later,Mr. Kim, 36 from expressdeliveries,work- yearsold, wasfound dead at ersare dying.Low delivery home because of heart failure. costsand increased parcelvol- Mr.Kim is one of 15 delivery umes result in courierstaking driverswho have died in on impossible loads to main- South Koreathis year,prompt- tain their job,” said Jin Kyung- ing calls formoreworker pro- ho, a union leader who repre- tections in the industry. sentsfamily membersofthe South Korean President deceased workers. Moon Jae-in has urgedaction Kim Dong-kyu said that in to protect deliveryworkers lateOctober he met officials who exist “inthe blind spot of from Hanjin, wherehis brother our system.” This month, the had worked formorethan a country’semployment minister year.Hanjin officials apolo- proposed sweeping changes, gized forthe death of his such as halting daily deliveries brother and promised com- at 10 p.m. and implementing a pensation, he said. five-dayworkweek. “They had disputed The pandemic-fueled shift whether he died from over- to online buying has exacted a work.They apologized as a

human toll on the world’s de- HONG-JI/REUTERS formality,” Mr. Kim said.

liveryworkers. Ordershave KIM Days aftersending the mes- surged 50% in Europe, 70% in Fifteen South Korean delivery drivers, who typically work as many as 16 hours a day, have died this year as online buying has surged. sagetothe co-worker saying the Asia-Pacific region and he wasexhausted, Mr.Kim 120% in North Americafrom as independent contractors pensation is on aper-parcelba- livery drivers. CJ Logistics Corp.and didn’t report to work.Friends the year before, according to a rather than full-time employ- sis—at 70 centsapackage. Standing at 6 feet 3 inches Hanjin Transportation Co., found his truck parked outside July report from the Organiza- ees,meaning they lack guaran- Among wealthier countries, and weighing 260 pounds,Mr. two of the country’slargest lo- his home.They called his tion forEconomic Cooperation teed break time,caps on work South Korealogsmorework Kim had no underlying condi- gisticsfirms,havemade public phone and hearditringing in- and Development. hoursorcompensation if in- hours than every OECD coun- tions when he collapsed, said apologies over the deaths of side his apartment. Alocksmith Drivershavegone on strike jured on the job. tryexcept Mexicoand Costa his brother,Kim Dong-kyu.An workersduring the pandemic. opened the door,and Mr.Kim’s in the U.S.,U.K., Italy,Spain Thetypical South Korean de- Rica. Mr.Moon made work-life initial autopsy showedKim CJ Logistics has said it would friends found him dead inside. and China. In the U.S.,Ama- liverydriver works between 13 balanceapriority,promising Dong-hee had died of a heart hire4,000 newworkerstore- At Mr.Kim’sfuneral last zon.comInc.hired “rescue hoursand 16 hoursaday with- citizens a“right to rest” and attack, his brother said. ducethe amount of unpaid month, his5-year-old niece drivers” to deal with the uptick out overtime payorcompensa- in 2018 loweredthe maximum Family membersofother work driversfacesorting noticed family membersgath- in demand, while others added tion forloading trucks with workweek by 16 hours, to 52 delivery workerswho have packages.Hanjin will halt ered in front of her uncle’s thousands of jobs.Workers parcels that cantakeuptoa hours—a restriction that died saylogistics firms have nighttime deliveryshifts start- photograph and asked whether wonincreased health and thirdoftheir shift, according to doesn’t apply to deliverydriv- disputed that overwork led to ing this month. it washis birthday. No one safety benefitsinthe U.K. and the Taekbae Union, alabor ersbecause they areindepen- the deaths,saying the workers Hanjin made a public apol- could tell her she wouldn’t see formal work contractsinSpain. group that has been advocating dent contractors. had underlying conditions or ogyoverMr. Kim’sdeath in him again, Kim Dong-kyu said. Deliveryworkersare partic- on their behalf.They arefined It is unclear whether the that they delivered fewerpar- October, vowing to seek ways “All I’m leftwith aretext ularly vulnerable in South Ko- by the agencies that employ working conditions were fac- cels than reported. The fami- to reducethe workload and messages on his phone that say rea, where they are classified them if deliveries arelate. Com- tors in the deaths of the 15 de- lies deny those assertions. improveworking conditions. ‘deliverycomplete,’ ” he said.

doubt,” said Prof.Eleanor Riley, It has said it could start rolling cost $3 to $5 a dose globally, seek emergency-use authoriza- been reviewing Oxfordand As- Vaccine an immunologyand infectious- out itsvaccine the same month. andAstraZenecahas commit- tion from the World Health Or- traZenecadataonarolling ba- disease expert at Scotland’s AstraZenecaisfarther be- tedtosupplying some three ganization to distributethe sis sinceearly November.Can- University of Edinburgh. hind in the U.S. sincethe large- billion doses by 2022. vaccine in poorer countries and ada has also begun arolling Is Found China and Russia have both scale trials disclosed Monday Theshot wascreated using prepareregulatorysubmissions review of the vaccine. deployedtheir ownvaccines at were conducted in the U.K. and amoretraditional technique to authorities in countries that Monday’s resultsfromAs- home and overseas.Chinese Brazil, not in the U.S. AstraZen- compared with the gene-based have early-approval programs. traZeneca and Oxford left big Promising authoritieshaveinoculated eca’strials in the U.S. were technology used by Moderna Pending regulatoryauthori- questions about how the vac- nearly onemillion Chinese temporarily halted afteraBrit- and Pfizer.The AstraZeneca- zation, the shot could be avail- cine will ultimately stack up people with avaccine from ish trial subject fell ill. Oxfordshot doesn’t need to be able in limited volumes by against the shotsfromMod- ContinuedfromPageOne one state company, though it Thecompany, which is based stored in subzero temperatures, year-end, with hundreds of erna and Pfizer.The higher ef- of those showedefficacyof has yet to provide solid clini- in Cambridge, U.K.,said Mon- making itsrollout easier,re- millions more doses available ficacy result of 90% applied to morethan 90% in early results calevidenceofits efficacy. dayitwould seek permission to in the firstfew months of next asubset of trial participants— disclosed recently. Russiahas said itsown home- modifyits U.S. trials,toprovide year,AstraZenecaexecutives somewhereabove3,000 out of Thepreliminaryfindings, grownvaccine has an efficacy formoretesting of the dosage AstraZenecahas said. about 23,000—that received all from so-called Phase 3 hu- rate of above 90%. regimen that proved the most TheEuropean Medicines half a dose of the vaccine fol- man trials,represent the first Pfizer said last week it had effectiveinits U.K. and Brazil committedto Agency, which authorizes new lowedbyafull, standarddose. look at the effectivenessofex- submittedits vaccine to the trials.That could take several supplying three medicines forsale in the Euro- The remaining volunteers re- perimental Covid-19 vaccines U.S. Food and Drug Adminis- weeks,possibly further setting pean Union, said in early Octo- ceived two full doses and pro- and open the way forthe com- tration forapproval foremer- back potential FDAapproval. billion doses by 2022. ber that it had begun arolling duced the lowerefficacyresult panies to seek regulatory au- gencyuse,aroutethat has ex- TheAstraZeneca-Oxford reviewofthe AstraZeneca-Ox- of 62%. thorization and gear up their pedited approval forseveral vaccine has some advantages ford vaccine to speed up apo- Prof.Sarah Gilbert,one of distribution plans. That pro- Covid-19 treatments. That puts that expertssaid could make tential approval. A rolling re- Oxford’slead scientistsonthe cess,which includes asafety Pfizer and partner BioNTech forafaster rollout outside the searchersand logistics experts viewallows regulatorsto vaccine,said researchersare review, is now under way for in the pole position forwin- U.S.,after regulatoryapproval, said. “A particular strength of evaluatepreliminarydatasuch looking intowhy the half-dose all three of the West’sfront- ning authorization in the U.S. particularly in less-developed this vaccine is that it canbe as those from lab experiments regimen wasshown to be more runner candidates, though at first. TheFDA hasn’t specified countries. The partners com- stored in afridge,” said Prof. before final-stage clinical tri- effective. She said it could be differentspeeds in different a timeline for approval, but it mittedtoselling it without Azra Ghani, chair in infectious als are completed. that the lowerfirst dose better parts of the world. could come within weeks,fol- profit during the pandemic disease epidemiologyatImpe- Officials in the U.K., which mimics the natural human im- “Ifthereisanyone out there lowedbythe start of vaccina- and promised to distribute it rial CollegeLondon. “This is transitioningout of the EU, mune system, coaxing the body who still doubtsthat aCovid-19 tions shortly thereafter. acrossamuch wider geo- means that it canbedistrib- said they have the powerto to be ready foraneventual vaccine canhelp us out of this Moderna is right behind graphic footprint, including in uted around the world using authorizeuse of aCovid-19 fight against the virus in away pandemic,the announcement Pfizer and could makeasub- large parts of the developing existing deliverymechanisms.” vaccine in the country before that makes the second, stan- today…should surely dispel that mission as early as next month. world. Theshot is expected to AstraZenecasaid it would year-end.The U.K. also has dard dose moreeffective. P2JW329000-0-A00900-1------XA

THE WALL STREET JOURNAL. Tuesday, November 24, 2020 | A9

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A10 | Tuesday, November 24, 2020 THE WALL STREET JOURNAL. WORLD NEWS Google Plots New Europe-Asia Path Netanyahu And Saudi Forfirsttime, afiber- Google’s plannedfiber-optic network,dubbedBlue Raman, would be the first cable system optic network would of itskind to connect through Saudi Arabia and Israel. connect the regions via Prince Met Israel and Saudi Arabia 3 Google is helping layanother Completed cables underseacable thatwill travel Plannedcables In Secret Google is laying the acrossthe Mediterranean to Under construction groundwork forafiber-optic Europe. BY FELICIA SCHWARTZ network that forthe firsttime AND SUMMER SAID will connect through historical ITALY enemies Saudi Arabia and Is- TEL AVIV—Israeli Prime rael while opening a new cor- 1 The routeislikely to be made up of Minister Benjamin Netanyahu ridor for global internet traf- asubmarine cable between India secretly met Saudi Arabia’s fic, people familiar with the crownprinceinthe kingdom ISRAEL and Saudi Arabia, with linksto plans said. neighboring countries likeOman. on Sunday, three Saudi gov- ernment adviserssaid, in their By Rory Jones in Dubai JORDAN firstknown meeting and amid and Drew FitzGerald 2 It would crossoverland aU.S.push to normalizeties in Washington through Jordan and Israel, between the longtime foes. likely via currentfiber-optic SAUDI Saudi Arabia has denied the Theproject linking India to infrastructure. ARABIA INDIA meeting took place, but Israel Europe is Google’slatest hasn’t. Conflicting accountsre- globe-crossing internet con- flect the political sensitivity of struction effort. The Alphabet OMAN warming relations with Israel Inc.subsidiaryisvying with forSaudi Arabia, which forde- Facebook Inc.tobuild more cades has competed with Iran network capacity to support Indian forthe mantle of Islamic lead- itssurging user demand for DJIBOUTI Ocean ership.Normalizing ties with videos,search resultsand Israel beforeany deal forPales- other products. Expanded con- Note:The Blue Raman routeispreliminary and subject to change. Equiano and 2Africa routes areunder construction. Kurt Wilberding/THE WALL STREET JOURNAL tinian statehood would be a nectivity between Europe and Sources: TeleGeography; WSJreporting (Blue Raman route) seismic shiftinthe Middle East, India would also help Google inviting scorn from regional ri- roll out data centers globally finance the route, those with Egypt, the people familiar between India and Saudi Ara- tration. vals Iran and Turkey and poten- and catch up to rivals Micro- knowledgeofthe project said. with Blue Raman project said. bia with links to neighboring “It links technologyand tial protestsormilitant attacks soft Corp.and Amazon.com Those partnersand otherswill TheEgyptian government countries like Oman. It would geopolitics,” said Ivan Skend- from conservativeSaudis. Inc. in the business of on-de- help fund the cable’sconstruc- chargestelecom operators crossoverland through Jordan eroski, a managing partner at Mr.Netanyahu’smeeting mand cloud-computing. tion whilesharing itsfiber-op- some of the heaviest fees to and Israel, likely via current Salience Consulting. with PrinceMohammed bin Google,which names most tic infrastructure. traverse itsland and waters fiber-optic infrastructure, peo- Oman hassaid it supports Salman on Sunday evening in of itsinternet cables aftersci- Those familiar with that canadd up to 50% of the ple with knowledgeofthe moves to make peace with Is- theseaside corner of north- entists, has dubbed the new Google’sBlue Raman project cost of aroutefromEurope to projectsaid. From there, rael, while Saudi CrownPrince west Saudi Arabia coincided routeBlue Raman afterIndian cautioned that it still might India, industryconsultants Google is helping lay another Mohammed bin Salman has with U.S. SecretaryofState physicist ChandrasekharaVen- notmaterialize. Because it say. Thebottleneck also undersea cable that will travel been eager to embraceamore Mike Pompeo’s visit. YossiCo- kataRaman. Asubmarine ca- crosses multiple borders, the heightens the risk of internet acrossthe Mediterranean to open commercial relationship hen, the director of Israel’s ble project the length of Blue project will requireagree- outages caused by breaks in Europe, they added. with Israeli businesses. spy agencyMossad, accompa- Raman—at morethan 5,000 mentswith several regulators, the cables under the Red Sea’s Thebackdrop to the Blue Egypt didn’t respond to re- nied the Israeli prime minister, miles—would cost typically up and one setback could force busy shipping lanes,they Raman project is aseries of queststocomment. Officials in Israel’s Army Radio reported. to $400 million, according to Google to redesign the route. said. U.S.-brokered deals that have Oman’s communications min- One of the Saudi advisers Dubai-based telecommunica- Forexample,Google’sconsor- “Ifyou’reabig toll road, created newdiplomatic and istrydidn’t respond to re- familiar with the talks told The tionsfirm SalienceConsult- tium still lacks the go-ahead it people aregoing to build commercial relationships be- questsfor comment. Aspokes- Wall Street Journal that Mr. ing. needs from Saudi government around youifthey can,” said tween Gulf Arab states and Is- man forSaudi Arabia’s Pompeo hadn’t joined the Google is expected to turn authorities to connect the Blue Alan Mauldin, an analyst at rael. TheU.A.E., Bahrain and ministry of telecoms declined meeting,asArmyRadio ini- to telecom-company partners Raman project, some of these theWashington-based tele- Sudan have all formalized to comment. tially reported, but had helped to help fund the project, in- people said. com-research firm TeleGeogra- government ties with Prime Israel’scommunications arrangeit. Mr.Pompeo met Mr. cluding Oman Telecommuni- Thetech giant wantsto phy. Minister Benjamin Netan- minister,Yoaz Hendel, has Netanyahu in Jerusalem during cations Co. and Telecom Ita- open anew routetoalleviate Therouteislikely to be yahu’sgovernment, orches- welcomed the opportunity to athree-dayvisit last week. lia SpA, which arehelping internet congestion through made up of asubmarine cable trated by the Trump adminis- strengthen ties in the region. The Saudi and Israeli lead- ersdiscussed several issues, including normalization of ties and Iran, but no substantial Hong Kong Activists Face Jail forProtest Role agreementswerereached, an- other Saudi adviser said. He said the meeting lasted acou- BY JOYU WANG who citepublic-health risks ple of hours. One area of focus AND WENXIN FAN from the pandemic. wasonhow to coordinate Mr. Wong’s young, bespec- moves to contain Iran oncethe HONG KONG—Joshua Wong tacled facebecame known Biden administration, which and two other prominent world-wide afterheled an has indicated it wantstore- young activistsfacejail terms earlierstreet occupation in engagewith Tehran, takes after pleading guilty to incit- 2014todemand universal suf- over, the adviser said. ing alarge protest outside po- frage. Saudi Foreign Minister liceheadquarters last year,the Ms. Chow, a former leader Faisal bin Farhan, who was latest key figurestobetar- of Demosisto, and Mr.Lam seen in photos greeting Mr. getedbyauthorities over a also emergedfromthat move- Pompeo at the kingdom’sNeom monthslong antigovernment ment as moreidentifiable BayAirport on Sunday, said uprising that angered Beijing. spokespeople for a fresh gen- the crownprincehadn’t met Mr.Wong and two other eration of pro-democracy with Israeli officials.“No such former student leadersand groups. meeting occurred. Theonly of-

membersofthe nowdis- S Mr.Wong,who previously ficials present were American

banded Demosistopolitical PRES has served prison time for and Saudi,” he tweeted. group—Agnes Chowand Ivan earlier protests, pleaded guilty PrinceFaisal said he had ac- UMA

Lam—pleaded guilty to /Z Monday to inciting and orga- companied Mr.Pompeo from

chargesrelated to ahigh-pro- GES nizing an unauthorized assem- the airport to the meeting with

file siegeofthe policebuilding MA bly.Mr. Lamadmittedtoincit- PrinceMohammed and then as street protestsheated up in AI ing the event. took him back to the airport. OP

June 2019. /S Ms.Chowearlier pleaded Each development, denial

Thethree will be held until ONG guilty to inciting and taking and counter-explanation has

the magistrate hands down a CW part in the unlawful gathering. been swiftly and thoroughly AA

sentence on Dec. 2. IS At Monday’scourt hearing, reported by the Israeli press. Speaking beforethe court Pro-democracy activists, from left, Joshua Wong, Ivan Lam and Agnes Chow, in Hong Kong on Monday. aprosecutor playednewsclips On Monday, Mr.Netanyahu hearing on Monday, the trio from last year’s protests, said they were prepared for won’t deter them from fight- fighterstobegiven tough ducted under the sweeping na- showing Messrs. Wong and immediateimprisonment. ingfor greater freedoms,he punishments. tional security law that was Lamusing microphones to The leaders talked They were accused of rallying said, “somuch that we are Morethan 10,000 people imposed on the city by Beijing lead call-and-response chants acrowd of thousands that laid willing to sacrificethe free- were arrested for antigovern- this past June.That lawout- of protest slogans,with Ms. about normalization siegetothe headquartersof dom of our own,” he said. ment activities that erupted linedtougher sentences for Chow nearby. the Hong Kong PoliceForce on Policehavearrested dozens last year in opposition to a new crimes such as collusion Theprosecutor accused Mr. of ties and Iran, but June 21, 2019.They were an- of well-known activiststhis proposed lawthat would have with foreign powers. Wong of “actively playing a reached no deals. gry about the use of force by year for their alleged roles in allowedpeople to be sent to Along with recent moves to leader role” in the street dem- officersagainst pro-democracy the2019 social upheaval, in- mainland China fortrial. That arrest opposition lawmakers onstrations, rousing the emo- protestersearlier that month. cluding veterandemocracyad- plan was later withdrawn. and journalists, the crackdown tions of protesterswho “Perhaps the authorities vocates such as Martin Lee, Many of the cases arejust on dissent in the former Brit- swelled to about 9,000 from said at aLikud party meeting, wish me to stay in prison one media baron JimmyLai and nowmaking their way through ish colonyisaccelerating, about 50 earlier in the day. “I have never commented on term afteranother,” said Mr. membersofseveral opposition the courts, with chargesrang- drawing condemnations from Theprosecutor also read such thingsfor yearsand I Wong,24yearsold, who faces political and activist groups. ing from joining unauthorized the U.S.,Canada and Australia, textssent by Mr.Wong,in- won’t start now. Foryears, I other chargesoverthe 2019 Chineseofficials and state rallies to rioting and assault. among others. cluding messages related to have spared no effort to movement. media have long called for These prosecutions aresep- Protests arenow effectively their afternoon plan to sur- strengthen Israel and expand Sending activiststojail well-known pro-democracy aratefrominvestigations con- banned by policeand officials round the policeheadquarters. the circle of peace.” AState Department spokes- man traveling with Mr.Pompeo also declined to comment. China Says It Has Wiped Out Extreme Poverty In itsbid to isolateIran, and elevateIsrael’sstatus in theMiddle East, the Trump BY JAMES T. AREDDY the lowest rungsofsociety,and erty had plagued China for form-and-opening policies still sizable and meritsrenewed administration has been push- has directed massivespending thousands of yearssoeliminat- adopted in the yearsfollowing efforts,” the report said. ing Gulf Arab states to nor- China claimed extreme pov- on schools,clinics,housing and ing it canbeconsidered “a Chi- Mao Zedong’sdeath in 1976. It Thestate-media reports malize ties with the Israeli erty has been eliminated na- cash handoutstomeet the anti- nese miracle in human history.” says 70%ofthe global reduction Mondaysaid the averagenet government. Saudi Arabia is tionwide,the capstone of a poverty target set in 2011. Speaking to the Group of 20 in poverty in recent decades has income of previouslyimpover- seen as the ultimateprizein Communist Party policytore- Four decades of market-ori- over the weekend and to a been in China—whereitsays ished residentsinthe final the high-stakes diplomatic duceinequities in society. ented economic policies had summit of Asia-Pacific leaders some 700million people in all nine Guizhou counties was campaign. The Saudi govern- Nine Chinese counties,all in createdanunequal society as days earlier,Mr. Xi indicated have climbed out of poverty.In- now around $1,750 a year. ment,under the direction of the mountainous provinceof cities gotrich and ruralparts the goal was within reach. ternational organizations also MatteoMarchisio,the East King Salman, has balked at Guizhou, recently have been of the countrywereleftbehind. Theactual moment passed credit Beijing forvast improve- Asia head of the United Nations formal ties with Israel so long certified as poverty-free,offi- Mr.Xihas described the un- with little fanfare. In stateme- ment in personal livelihoods. agencyInternational Fund for as its conflict with the Pales- cials said Monday. They were evenness as a risk to the party’s dia, it wasalocal Guizhou offi- Still, some foreign econo- Agricultural Development, said tinians remained unresolved. the last counties to makeit rule and has pursued policies to cial who made the milestone mistssay Beijing has set its quibbling about the exact rate of Israel has made deals to over athreshold China has set modernizethe countryside, announcement. Late in itsna- poverty standards toolow,call- poverty runs the risk of missing normalizeties with Bahrain, based on amatrix of indica- wherethe main way to earn tionwide eveningnewsbroad- ing it adouble standardthat “the big picture—that is to say the United Arab Emirates and tors including income,health, money has been work in acity. cast Monday, China Central conflictswith evidencethat that China has managed to raise Sudan. education, shelter and other Despitesetbacks associated Television marked the occasion China is amiddle-income coun- the income of hundreds of mil- Bringing together two of human needs. with the pandemic,which dis- by panning acrossGuizhou im- tryrather than apoor one. lionsofpeople abovethe pov- Washington’stop allies and Poverty elimination by the proportionately hitlower-in- ages of newly built housing Areport this year from for- erty line in averyfew years.” Iran’smain rivals would allow end of this year is akey facetof come groups,Mr. Xi has re- compounds,schools and bullet- merWorld Bank officials said Thereal issue,hesaid, is forgreater intelligencesharing aCommunist Party goal to build peated adetermination that train lines,along with workers that if auniform standardof making the achievementssus- and ease Israel’sisolation. what is termed amoderately thepoverty elimination goal in atextile plant and farmers $5.50aday in income,or tainable by focusing on those Saudi Arabia has long said prosperous society ahead of the would be achieved, making it a on tractors transporting fruit. around $2,000 ayear,wereap- hovering just abovethe pov- it is open to establishing nor- party’s 100th birthdayin2021. foregone conclusion that au- TheCommunist Party has plied, some 373million or about erty line,tackling systemic in- mal relations with Israel, but President Xi Jinping has trav- thorities would declaresuccess long touted reduction of pov- 27% of the population would be equalities and setting policies only afterthe establishment of eled the nation in recent years beforeyear-end. ThePeople’s erty as thegreatestachieve- considered in poverty.“Under to improveincomes that don’t aPalestinian statewith its pledging attention to those at Daily earlier this year said pov- ment of market-oriented re- these rates, poverty in China is require government money. capital in east Jerusalem. P2JW329000-2-A01100-11FFFF7178D

THE WALL STREET JOURNAL. ** Tuesday, November 24, 2020 | A11 WORLD NEWS WORLD WATCH Corruption Trial Starts for Former French President

BY NOEMIE BISSERBE position. Thetrial will be closely PARIS—Franceopened a watched because Mr. Sarkozy trial Mondayintowhether for- remains amajor powerbroker mer President Nicolas Sarkozy among French conservatives. tried to bribe a magistrate in He isn’t the firstformer an attempt to obtain confiden- head of statetostand trial. In tial information about apolice 2011, former French President inquiryintothe finances of his Jacques Chirac received atwo- 2007 campaign. year suspended jail sentence

ProsecutorschargedMr. after judges found him guilty CK Sarkozywith corruption and of embezzling public funds to TO influence-peddling,alleging illegally financethe conserva-

that in the years after he left tiveparty he led. Thecharges SHUTTERS office in 2012 Mr. Sarkozy of- brought against the lateMr. A/ feredtohelp Gilbert Azibert Chirac related to his stint as

seek aplum job in acourt in mayorofParis from 1977to PENA/EP the principality of Monaco. 1995,when he allegedly added At the time,Mr. Azibert dozens of people to the city DELA LEX

wasamagistrateinFrance’s council’s payroll who weren’t RO highest court, and prosecutors working for the city. DISPLACED: A basketball court still served as an evacuation center in San Mateo, Philippines, on Monday, more than a week after allegethat Mr.Sarkozydan- In the Sarkozycase,the evi- Typhoon Vamco struck. With social distancing by evacuees difficult, concerns are growing about the spread of Covid-19 cases. gled the Monacopost in an at- tempt to gain access to infor- CHINA moon’ssurfaceand scoop up fore dawn. A later satellite photo weather agency said Monday. mation regarding aprobe into about 4.4 pounds of rocksand also suggested a fire occurred. The World Meteorological Or- the funding of his 2007 elec- Moon Mission Seeks other debris to be broughtback Brig. Gen. Yehia Sarie, a ganization pointed to a record- tion. The65-year-old former $1.2M To Bring Back Rocks to Earth, according to NASA. Houthi military spokesman, setting surge of carbon dioxide head of statefaces as manyas Thatwould offer the firstoppor- tweeted that the rebels fired a emissions in recent years but 10 yearsinjail and afine of up Potential fine Mr. Sarkozy China launched an ambitious tunityfor scientists to study new Quds-2 cruise missile at the warned that any reduction in to €1 million, the equivalent of faces if convicted mission on Tuesday to bring newly obtained lunar material facility. levels as a result of a pandemic- $1.2 million, according to the back rocks and debris from the sincethe American and Russian Thatfacilityisjustsoutheast related industrial slowdown will prosecutor’s office. moon’s surface for the first time missions of the 1960s and 1970s. of Jeddah’sKing Abdulaziz Inter- take years to materialize. Thetrial wasimmediately in more than 40 years—an un- The Chang’e5lander’s time on national Airport, amajor airfield The organization also said this suspended Mondayafter the denceincludes recordingsof dertaking that could boost hu- the moon is scheduled to be short thathandles incoming Muslim pil- can bestbeachievedifcountries court ordered Mr.Azibert to phone conversations between man understanding of the moon and sweet. It can stay only one lu- grims en routetonearbyMecca. areable to cut their greenhouse- undergo a medical check. Mr. Mr.Sarkozyand ThierryHer- and of the solar system more nar daytime, or about 14 Earth A Saudi-led coalition has gas emissions to zero. Azibert, 73, wasn’t present in zog, one of his lawyers, in which generally. days,because it lacksthe radioiso- been battling the Iranian-backed “The lockdown-related fall in court for medical reasons. they allegedly discussed the Chang’e 5—named for the tope heating units to withstand Houthis since March 2015, emissions is just a tiny blip on “His doctorsstrongly ad- possibility of influencing Mr. Chinese moon goddess—is the the moon’sfreezing nights. months after the rebels seized the long-term graph. We need a vised him against leaving his Azibert, according to French of- country’s boldest lunar mission —Associated Press Yemen’s capital, San’a. The war sustained flattening of the home,” said Dominique Al- ficials familiar with the matter. yet. If successful, it would be a has ground into a stalemate curve,” WMO Secretary-General legrini, a lawyer for Mr. Azib- Mr.Herzog, who has been major advance for China’s space YEMEN since, with Saudi Arabia facing Petteri Taalas said. “The ert. Mr. Allegrini said his cli- chargedwith corruption in the program, and some experts say international criticism for its air- Covid-19 pandemic is not a solu- ent remains determined to case,has denied wrongdoing. it could pave the way for bring- Rebels Claim Attack strikes killing civilians. tion for climate change.” “defend his innocenceand his ProsecutorsallegeMr. ing samples back from Mars or On Saudi Oil Facility —Associated Press WMO cited estimatesfrom honor,which have been tar- Sarkozywas seeking informa- even a crewed lunar mission. the Global Carbon Project indi- nished during many years.” tion in 2013 and2014about a The four modules of the Yemen’s Houthi rebels said COVID-19 LOCKDOWNS cating thatdaily carbon-dioxide Hearingswill resume on policeprobe intowhether he Chang’e 5 spacecraft blasted off they struck a Saudi oil facility in emissions could have fallen by as Thursdayand last until Dec. coercedLiliane Bettencourt, the at just after 4:30 a.m. Tuesday the port city of Jeddah on Mon- Pollutants Slashed, much as 17% world-wide during 10, according to the prosecu- lateheiressofcosmetics giant atop a massive Long March-5Y day with a new cruise missile, But Not CO2 Levels the peak of the lockdown period tor’soffice. Lawyersfor Mr. L’Oréal SA,intoproviding his rocket from the Wenchang just hours after the kingdom fin- when people in manycountries Sarkozycouldn’t be reached to campaign with funding.Prose- launch center along the coast of ished hosting its virtual Group of A slowdown in industrial ac- were forced to stay home. comment. cutorsdropped that investiga- the southern island province of 20 leaders summit. tivity linked to the coronavirus Figures forthe whole year re- In aTVinterviewthis tion afterconcluding they Hainan. The kingdom didn’t immedi- pandemic has cut emissions of main unclear,and WMO said month, Mr.Sarkozysaid he didn’t have enough evidence. Spacecraft typically take ately acknowledge any attack as pollutants and heat-trapping preliminary estimatesindicate a didn’t attempt to influenceMr. Thecase is the firstofsev- three days to reach the moon. videos on social media sug- greenhouse gases but hasn’t re- reduction in annual global emis- Azibert, adding that Mr.Azib- eral investigations against Mr. The mission’skey task is to gested a fire struck a Saudi Ara- duced their record levels in the sions of between 4.2% and 7.5%. ert never landed the Monaco Sarkozy to reach a trial. drill almost 7feet beneath the bian Oil Co. facility in Jeddah be- atmosphere, the United Nations —Associated Press

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A12 | Tuesday, November 24, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

through the corporateranks DuPont and later served on the Obama administration’sCouncil on Jobs and Competitiveness. Mr. Shaped Biden sawher as someone fo- cused on the long term and employees, said Mr. Graves. Biden Ms. Kullman and Trian ne- gotiated privately for months to reach an agreement, but ContinuedfromPageOne those talks broke down, trig- Mr.Biden seldom publicly gering one of the hardest- discusses DuPont by name,but fought proxy battles in years. in private, according to aides, Ms.Kullman noted that he regularly cites its restruc- sinceshe’dbecome CEO in turing and downsizing as Ex- January 2009, DuPont shares hibitAofmodern capitalism had outpaced the broader gone awry. He often bemoans market.She dismissed attacks what he believes to be corpo- on the hospitality business, rate America’sprioritization whose costsshe said were of investorsoverworkersand minimal, and defended R&D as their communities. providing value for investors His platform during this S willing to wait a few years to year’s campaign wasthick PRES see returns.She ran local

with policies aimed at altering TED newspaper ads warning Du- corporatebehavior: amini- CIA Pont’srole as a“proud pillar SO

mum corporatetax to curb tax AS of the greater Wilmington avoidance, penalties for ship- Y/ community” wasunder attack. ping jobs overseas, measures In aclose 2015 vote, share-

that make it easier forunions SEMANSK holdersrejected Trian’spro- to form. “It’sway past time we posal to replacefour of the 12 put an end to this eraof TRICK directors. PA shareholder capitalism,” he Candidate Joe Biden spokeatthe AlexisI.duPontHigh School in Wilmington, wherefounding family members arebig philanthropists. Mr.Peltz lost the battle but declared in a July speech. won the war. Later that year, Mr.Biden canexpect a 1970 essaybythe lateNobel DuPont's Delaware Decline DuPont fell far short of its backlash from manyecono- laureateeconomist Milton earnings guidance. Manage- mistsand businessleaders, Friedman, “The Social Respon- DuPontwas long the largestemployerinJoe Biden's home stateofDelaware.But it lostthat ment blamed themissona who arguethat his gauzy view sibility of BusinessIstoIn- status as it downsized and restructured,and as the state's economydiversified. strengthening dollar and a of historyoverlooks the ineffi- crease its Profits.” Like many Top12employers Banks Health care/pharmaceuticals sharp slowdowninbig agricul- ciencies of the old corporate on the left, Mr. Biden blames turemarketssuch as Brazil. in Delaware, Education Food Retailer Other titans—which ultimately it forushering in an erawhen every fiveyears 1 Christiana Care But investorshad grown harmed theirworkersand executives purportedly sacri- Health Services wearyofrepeated profit communities—and ignores the ficedworkersand communi- 12,100 shortfalls and called for pressures of globalization and ties forthe sakeofnextquar- employees deeper cuts. Ms.Kullman re- the dynamism of amodern ter’sbottomline—breaking signed amid board pressure. economythat allows healthier what he calls the “basic bar- DuPont 1 Her successor,consulting upstartstoreplaceslumping gain” of shared prosperity. 13,250 employees closely with Mr.Peltz,an- 2 J.P. Morgan behemoths. “We act like Milton Friedman nounced at the end of 2015 a Chase is still alive and well on deal- complexplan to merge with No apologies ing with corporate policy,” he DowChemical Co.,then to told agroup of Indiana donors MBNA 2 break the combined company “I don’t think corporate in June. 3 Bank of America† into three smaller parts, mir- Americahas very much to “DuPont is a classic exam- roring aPeltz demand. Shortly apologize for,” says John En- pleofwhat Milton Friedman afterthe mergerannounce- gler,who washead of the did,” said TedKaufman, afor- Christiana Care 3 4 DoverAir ment, DuPont said it would lay Business Roundtable, a trade mer DuPont engineer who Health Services ForceBase off1,700 of itsremaining Dela- groupofthe nation’slargest helped develop Corian coun- ware employees,leaving companies,in2016,when he tertop material, joined Mr.Bi- DoverAir 4 5 Perdue Farms around 4,400.The Wilmington attended one of aseries of den’sstaff in 1972, and now ForceBase News Journal ranacolumn meetingsMr. Biden hosted co-chairs his transition team. UniversityofDel. 5 6 MountaireFarms headlined: “Uncle Dupieis with CEOs and economists ForMr. Biden, he added, Du- Dead.” First U.S.A. Bank* during his vice presidency to Pont’s battle with activist in- 6 Thenew smaller,more-fo- 7 UniversityofDel. trytohone anew corporate- vestor Nelson Peltz and his DaimlerChrysler 7 cused DuPont makes specialty- governance agenda. Trian Fund Management LP sciences productsranging “Ifcompanies gettop-rated “was an epiphany.” AstraZeneca 8 8 Walmart from adhesives to biomateri- on other measures, if they’re Trian says Mr.Biden’sdiag- General Motors 9 als. 9 Amazon very woke,itwon’t save them nosis is wrong. DuPont’s “un- AIG 10 if they don’t make money for derperforming relativetoits Household Intl. 11 10 NemoursChildren's investors,” Mr.Engler,afor- peers…negatively impacted all Health System Major declaration Perdue Farms merRepublican governor of stakeholdersincluding em- 12 Mr.Biden didn’t comment 2,448employees 11 Bayhealth Michigan, said. “I don’t think ployees, customers, and com- 2000 Medical Center publicly on DuPont’sturmoil ’05 ’10 ’15 there’s a role for government munities,” a Trian spokesper- 12 DuPont but in privatewas frustrated in that.” son said. Trian’sgoal was *FirstU.S.A. Bank, through aseries of transactions, ultimately became part of J.P. Morgan Chase. 3,500 employees at Ms.Kullman’sdeparture Despitehis criticism of cor- “returning the companyto †Bank of American acquired MBNA in 2006 ’20 andthe company’sbreakup, Note:excludes governmentdatathatdoesn't specify an agency or institution poratebehavior,Mr. Biden is best-in-classstatus...for the Sources: Moody's Analytics; Delaware BusinessLedger; Delaware BusinessTimes said Mr. Graves. in some wayscloser to Mr.En- benefit of all its constituents, In January2016,hedecided gler than to the Democratic not just its shareholders.” the Long View Works forBusi- as nylon, Teflon, Freon, Lucite, tion. “Thereforebusinessmust to makeamajor declaration Party’s leftwing,which wants Thesmaller DuPont leftaf- nessand the Middle Class.” Mylar and Kevlar revolution- act in concert with abroad on the failingsof21st-century to requirebig companies to terall the restructuring takes Activist shareholders like Mr. ized consumer and commercial public interest and servethe American capitalism at the obtain afederal charter im- a similar view. “Over its 200- Peltz were often “a symptom life. At itspeak in 1990,Du- objectives of mankind and so- World Economic ForuminDa- posing anew list of require- year historyDuPont has of problematic management,” Pont employed27,000 in Dela- ciety.” vos, Switzerland.Herecounted mentsonexecutives such as evolved,“ says spokesman Dan and gave the economy its dy- ware—one of every10work- That’s how many Delawar- to a room full of CEOs a con- putting workersonboards. Turner.“Theone constant has namism by using their profits ers. eans,including Mr.Biden, saw versation that he said he’d had Mr.Biden oftenindicates he’d been deploying our science “to create new companies, to Thecompanywas affection- the company. DuPont wasone with a top executive. rather changecorporateAmer- and innovation to remain a createnew ideas,” Mr.Elson ately dubbed “Uncle Dupie,” of the first companies to pro- Themen met, in Mr.Biden’s icanot through regulatoryfiat leader…committed to deliver- said. and family membersfunded vide employees health insur- telling,onthe Amtrak plat- butmoral suasion by persuad- ing sustainable value to all the Askeptical Mr.Biden re- schools and hospitals,ran doz- anceand pensions.Inhis 2007 form in Wilmington, the politi- ing executives to take a customers, employees, share- plied: “What evidenceisthere ens of charitable foundations, autobiography, Mr.Biden re- cian heading southwest to broader view. holdersand communities we of that?” made up their ownbloc of counted boyhood memories of Washington, the business A career politician, Mr. Bi- serve.” Delaware itself offersevi- neighborswho “woretie clips leader northeast to NewYork. den has no direct businessex- denceofhow capital and labor imprinted with the company “I said ‘Whereare yougo- perience. But he oftensays his canbereallocated from declin- Biden ‘views trademark: alittle oval with ing?’ ” Mr.Biden recalled. “He perspectiveisshaped by his Evolving debate ing to productivesectors. As DuPont in the center.There said: ‘Tomeet with some sniv- rootsinDelaware,its busi- Manyacademic economists DuPont shrank, Delaware de- DuPont as a proxy wasasaying among the Du- eling little guy on Wall Street ness-friendly laws and itslong and corporate-governanceex- veloped athriving financial for a responsible Pont dads: ‘The oval will take who’s gonna tell me that I historyasthe preferred incor- pertssay Mr.Friedman is still sector.Astudy by the Eco- care of you.’ ” have to increase profitability poration locale forlarge U.S. mostly correct, although the nomic Innovation Group,a corporate citizen.’ Afterwinning his upstart in thenextquarter,orI’ll be companies. debatehas evolved in recent think tank, shows Delaware’s bid forsenator in 1972, Mr.Bi- downgraded.’ ” DuPont’slooming presence years, with moreexecutives newbusinessstartup rate out- den quickly developed a good Theexecutivecomplained there has been a major influ- saying they now look beyond paces the national average—in relationship with DuPont, that would forcehim into ence.“He views DuPont as a shareholders, and moreshare- part from ventures by former lawmakersinthe statelegisla- meeting with topexecutives at “short-term decisions that proxyfor aresponsible corpo- holderssaying they look be- DuPont executives and scien- tureand periodically were least twice a year and speak- were not in the long-term in- rate citizen, foralot of Ameri- yond short-term profits. tists. elected governor. It built and ing regularly to gatherings of terest of his company,” Mr.Bi- cancorporations in the ’50s, Therise in so-called ESGin- Mr.Biden’sfather moved ranacountryclub foremploy- the company’s rising stars. In den said, then lectured his au- ’60s,and intothe ’70s,” says vesting—in which funds rate his family from struggling ees,and atheater and hotel 1975, the new senator bought dience: “A lot of youcorporate Don Graves,who wasMr. Bi- companies by environmental, Scranton, Pa., to Delaware in for Wilmington. a 10,000 square-foot mansion leadersdon’t likemesaying den’spolicyadviserduring the social, and governancebench- 1953, where he ultimately ran “Business is a means to an builtand onceowned by the that, but you know it’s true.” Obama administration and marks in addition to profit- aused-car dealership,at- end forsociety,and not an end du Pont family.Hehelped Du- Bidenaides said the com- nowworks on his transition ability—suggeststhe market tracted by prosperity attribut- in itself,” CEO Lammot du Pont win federal grantsand panywas DuPont, but couldn’t team. “He felt that over time maybemoving past the osten- able in good part to DuPont. Pont Copeland, great-great- earmarks. identify the executive. DuPont and othersbegan sible focus that Mr.Biden and Founded in 1802 as agunpow- grandson of the founder,wrote Through the 1990s and Around then Ben Harris,the shifting away from that fram- other critics decry. der maker,its productssuch in a1967 corporatepublica- early 2000s,DuPont sawits vicepresident’schief econo- ing,because of the focus on Yetfor all the talk of profit margins squeezed as mist, and Mr.Gravesorga- quick shareholder returns.” change, most companies still Rearranging the Pieces manyproduct lines such as nized nearly adozenmeetings Thereare parallels between give priority to shareholder nylon became commoditized with CEOs,investors, labor Over the pastfive years, DuPonthas gone through amerger and Mr.Biden’soutlook on com- returns,anemphasis most an- by Asian competitors and the leaders, and scholarsinwhich restructurings under investor pressuretoboostvalue. merce and politics,both alystsconsider inevitable. company’svaunted innovation Mr. Biden delved deeper into worlds he oftenportrays as “What’s changed over time is 2015: DuPont and Dow Market cap, culture struggled to come up the intersection of financeand more benign in his youth— that there’saviewthat alot announcetheywill merge. in billions with newhigh-profit patent- business. sometimes glossing over the of customerscareabout the protected chemicals to replace Aides sayMr. Biden’sorigi- turmoil, or the dominance of environment and care about $58.4 $59.6$118.0 combined them. It tried to pivot toward nal goal wastopersuade the whitemen—as an erawhen social issues,and companies biotechnologyand agriculture, Obama administration to end CEOs had astake in their com- need to respond to that,” says 101,500 but had trouble catching up itsterm embracing an ambi- munities,and lawmakerscom- Steven N. Kaplan, an econo- combined with leaders in the field such tious agenda forreorienting promised acrossparty lines. mist at the University of Chi- as Monsanto Co. By the early American business. Some ad- He oftensuggeststhat acalm- cago, Mr.Friedman’sacademic 52,000 employees 49,500 2000s,DuPont’sDelaware em- ministration economists ing,compromising leader such home when he published his ployment had fallen to less balked: They said curbing as himself could reviveamore essay. “That said, if youdoall 2017: DowDuPont becomes asingle companybut intends to than half the 1990 peak. stock buybacks wouldn’t raise genteel age, aviewsome crit- of that without maximizing break up into three companies in the future. DuPont faced anew chal- wagesorcapital spending.Of- ics consider naive. shareholder value, you’re go- lengein2013,when Mr.Peltz’s ficials also concluded there “It used to be that corpo- ing to be uncompetitive.” $166.7 Trian took a2.2% stakeworth wasn’t time to writenew regu- rate Americahad asense of Charles Elson, a University $1.3 billion and demanded big lations, and legislation stood responsibility beyond just CEO of Delaware financeprofessor, changes.Mr. Peltz said DuPont no chance in the Republican- salaries and shareholders— agrees. “If you’re accountable was“destroying shareholder controlled Congress. corporateAmericahas to to everyone,you’reaccount- 98,000 value” by clinging to its hotel, Shortly afterleaving office, changeits ways,” Mr.Biden able to no one,and youcreate countryclub,and theater,and Mr.Biden compared the effort told agroup of donorsata amess,” he said. “Some would 2019: DowDuPontbreaks into Corteva, DuPont and Dow. maintaining a large R&D bud- to the famous observation July fundraiser.Hethen arguethat’swhereDuPont get with few visible returns. from British philosopher G.K. $27.7 $46.5 $40.1 $114.3 combined added: “It’snot going to re- found itself.” Facing off against Mr.Peltz Chesterton about religion— quire legislation. I’m not pro- Mr.Elson made that point wasCEO Ellen Kullman. She “it’s not that Christianity has posing any.” to Mr.Biden when the two ap- 92,500 grew up in Wilmington, at- been tried and found wanting; Mr.Biden is swimming peared on apanel discussion combined tending the same Saturday it’sbeen found difficult and against atide of American at the university’s newly cre- evening Mass as the Bidens. leftuntried.” He added: “that’s 21,000 35,000 36,500 businessorthodoxy that is of- ated BidenInstitutein2017ti- Mr.Biden met Ms.Kullman kind of whereweare in apol- tentracedtoaninfluential tled “Win-Win: HowTaking Sources: FactSet (market cap); the companies afew times as she rose icy sense.” P2JW329000-2-A012A0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, November 24, 2020 | A12A GREATER Staten Island FacesTougher Restrictions

Limits on gatherings, quickly as possible,” Mr. Mat- teo said. businesses and dining Mr.Cuomo urgedNew will be implemented, Yorkerstoforgo traditional Thanksgiving gatherings, in- Gov. Cuomo says stead suggesting that the holi- day take a more somber tone BY MELANIE GRAYCE WEST with gratitude forhealth-care workers, first responders and Tighter restrictions on otheressential workerswho gatherings, businesses and worked through the crisis. dining will be implemented in “It wasabout lifeand death partsofStatenIsland, Gov. this year—that’swho we said Monday, should givethanks to,” the afterthe borough sawasurge governor said. in Covid-19 hospitalizations in Thereiswide variancein recent weeks and the state- infection ratesacrossthe wide positivity rate forthe vi- state, ranging from 9.6% in rushit 3.08% ahead of the Erie County to 0.69% on the Thanksgiving holiday. Upper East Side of Manhattan, Thesouthern part of Staten said Mr.Cuomo,while rates Island, including the areas of aregoing up in neighboring Great Kills,Annadale and Tot- states. tenville, which has a Covid-19 He urgedNew Yorkersto positivity rate of 5.89%, will be take caution over the next 37 designated an orangezone, days,when people will want to

Mr.Cuomo said during anews GES socialize for the holidays.

conference. IMA “You tell me what New SinceOctober the governor Yorkersdotodayand Iwill tell has been using a three-tiered ETTY you the infection rate tomor- /G

approach forimplementing TT row,” said Mr.Cuomo.“How

additional lockdown restric- PLA do you forget all the pain we tions in hot spots around the went through?”

state. Theareas areidentified SPENCER Meanwhile,Mr. de Blasio by the colorsred, orangeor Workers at a Covid-19 testing location take a break in Tottenville. The south shore of Staten Island has a positivity rate of 5.89%. said he expectsthe rest of yellow. NewYork City will enter an In an orange zone, gather- The governor said Monday number of people hospitalized Most of therest of Staten Councilman orange zone next week based ings are limited to 10 people, that the newrestrictions in forcoronavirus also continued Island will be ayellowzone, Steven Matteo, aStatenIsland on the state’s metrics. all schools aremoved to re- StatenIsland were needed af- to rise. whilethe Manhattanneigh- Republican, said the newre- Themayor also outlined motelearning,indoor dining terthe number of people hos- About 2,700people were borhood of Washington strictions would put more lo- howNew York City public closes and outdoor dining is pitalized in the borough tri- hospitalized, Mr. Cuomo said, Heights, which has apositivity calbusinesses in jeopardy of schools might reopen, when limited, and nonessential busi- pled in recent weeks,going to up from 1,200 three weeks rate of 3.30%, will become a permanentclosure, and set allowedtodoso. Thecity’s nesses close.New York City 91 patients from 33. ago. At the current rate of in- yellow zone, as well, said Mr. back academic progressfor District 75 schools,which MayorBill de Blasio already The South Beach Psychiat- crease,the governor said, Cuomo. students. serve special-needs students, closed public schools last ric Center,which is near roughly 6,000 people will be Yellowzone restrictions in- But “we have to do all that would open first, then early- week afterthe city’s seven-day Staten Island University Hos- hospitalized in three weeks. clude limiting places of wor- we canto‘bend the curve’ childhood education, 3K and averagepositivity rate for pital, will be used forsurge From there, he warned, the ship to 50% capacity, capping back in the right direction, be- pre-K,followedbyelementary- Covid-19 hit 3%, the threshold capacity forCovid-19 patients, number of patientsininten- gatheringsto25people and cause it is paramount that we school students, he said. officials had set forstopping said Mr. Cuomo. sive-careunitswill rise,aswill limiting restaurant dining par- keep everyone safeand reopen —Katie Honan in-person instruction. Across New York state, the intubations and deaths. ties to four people. schools and our businesses as contributed to this article. Mayor Transportation Commissioner to Leave Post

Reiterates BY PAUL BERGER miles of bus and bikelanes ex- nouncement comes afterthe AND KATIE HONAN panded rapidly,outdoor din- city’s longtime Sanitation De- ing became permanent partment commissioner,Kath- Need for NewYork City Transporta- throughout the city,speed rynGarcia, lefther post in tion Commissioner Polly Trot- cameras and automated bus September to runfor mayor. tenbergsaid Mondayshe will lane enforcement were imple- In her resignation letter, Bailout leave MayorBill de Blasio’s mented, and overall road Ms.Garcia cited concerns administration early next deaths have started declin- about recent budget cutsto BY KATIE HONAN month. ing,” said Nick Sifuentes,exec- her agencythat she said Ms.Trottenberg, who has JOURNAL utivedirector of Tri-State would imperil the city’s eco-

NewYork City’s latest eco- served in thepost fornearly REET Transportation Campaign. nomic recovery from the coro-

nomic analysis paintsaless seven years, is the latest in a ST Ms.Trottenbergalso navirus pandemic. dire picturethan earlier this series of agencyheads to de- LL served forseveral yearson On that same day, Mr.de year,but the city still needs a part theadministration one WA the boardofthe state-con- Blasio’s deputy mayorof THE

federal bailout to recoverfrom full year beforeMr. de Blasio’s R trolled Metropolitan Trans- Health &Human Services,Dr. thecrisis caused by the corona- final term ends on Dec.31, FO portation Authority,which Raul Perea-Henze, also re-

virus,Mayor Bill de Blasio said. 2021. LEY runs the city’s subway and signed. Thefirst round of afederal “She is atirelessand tal- FO bus system. In August, Dr.Oxiris Bar-

stimulus packagehelped the entedpublic servant who has PETER RonnieHakim,aformer se- bot, the city’s health commis- city avoid steeper cuts in tax made our city safer,fairer, Polly Trottenberg, seen in 2018, was named as an adviser to nior official at the MTA, on sioner who playedacentral revenue collections this sum- andmoreaccessible,” the President-elect Joe Biden’s transportation agency review team. Monday said Ms. Trottenberg role in driving down the mer,according to the city’s mayorsaid. navigated her roles as com- spread of the newcoronavi- latest financial plan released Ms.Trottenberg, who was In 2018,itrecorded the cycle and vehicle occupant missioner and boardmember rus, resigned after clashing Monday. recently named as an adviser lowest number of annual traf- deaths. with intelligenceand diplo- with themayor over control NewYork City’s updated to President-elect JoeBiden’s fic-related deaths in the city When presented with such macy. of the city’s contact-tracing budget grew from $88.19 bil- transportation agencyreview in acentury. Thefollowing setbacks in the past, Ms.Trot- “Polly has served the city program. lion in lateJune to $92 billion, team, led the de Blasio admin- year,cycling deaths reached tenbergoften pointed out that of NewYork and the Depart- Multiple officials within buoyed by $3.2 billion in fed- istration’sVision Zeroinitia- 28,the highest in recent progressisn’t linear. ment of Transportation with Mr.deBlasio’s pressoffice eral dollars with the majority tivetolowerdeaths on city years. This year,the city is on Transit and street-safety incredible ingenuity in these and close aides also have going to payfor Covid-19 ex- streets. track to record one of its advocates lauded Ms.Trotten- challenging times,” Ms.Hakim stepped down as the city con- penses, Mr. de Blasio said. Theprogram has had mixed highest recent death tolls be- berg’schanges to city streets. said. tinues to cope with the It added $748 million more results. cause of an increase in motor- “Under her leadership, Ms.Trottenberg’san- Covid-19 pandemic. in collections from personal income and businesstaxes than originally forecast in the fiscal year’s earlier budget, the Police Search for Suspects mayorsaid. But it still needs more federal help. “Ifthereisnostimulus we’regoing to have to make In Fatal Brooklyn Shooting extremely difficult choices,” the mayorsaid. Thecity still has a$4bil- BY BEN CHAPMAN same period last year.The sizeofgatherings to prevent lion revenue gap, and is pro- number of shooting victims the spread of the coronavirus, jected to continue to see less Policeweresearching forat rose to 1,667 from 828. the officials said. revenue.The absenceofnew least two gunmen in a shoot- In the NYPD’sBrooklyn Soon afterthe celebration federal stimulus could also ing that left one woman dead North patrol borough, which dispersed, a17-year-old boy hurt the budget of the state, and six people injured at a16- includes the Bedford-Stuyve- who had attended the party which could then slash itsown year-old girl’s birthday party sant neighborhood, the num- wasshot on the street about a funding to the city, he said. in aBrooklyn neighborhood ber of shootingshas more block away from the event Sincethe city shut down in that has seen asurge in shoot- than doubled this year and ho- hall, officials said. That victim the spring to slow the spread ings this year, NewYork Po- micides have risen 57%. was expected to survive. of the coronavirus, the mayor liceDepartment officials said “We’vecertainly seen atre- Theparty then relocated to has prepared forstark cuts, Monday. mendous uptick that has us the Bedford-Stuyvesant resi- slashing some services in the Thegunfireoccurred very concerned,” Assistant dencewhereatleast two gun- most recent budget, which around 11 p.m. Sundayinthe ChiefJudith Harrison,the men arrived and opened fire, waspassed June 30.Thou- Bedford-Stuyvesant section of commanding officer of the officials said. sands of city employees were the borough, according to the Brooklyn North patrol bor- Policewerestill seeking a required to take a5-dayfur- officials.A20-year-old woman ough, said at aMondaymorn- motive for the shootings. lough between October and waskilled and six teenagers “It could be aretaliatory March, including Mr.deBlasio, were wounded but were ex- shooting or it could be a con- who was docked one week of pected to survive, officials A20­year­old tinuation” of the initial shoot- payearlier this month al- said. ing in East NewYork,NYPD though he continued working. Thegunmen haven’t been woman waskilled Deputy Chief Michael Kemper Mr.deBlasio warned of arrested, officials said. and six were hurtata said at the Mondaynewscon- possibly laying off 22,000 city Investigatorswereworking ference. employees if the city didn’t to determine whether the birthdaycelebration. Criminologists, politicians get borrowing authority from shooting wasgang-related and and law-enforcement officials thestate,orafederal bailout. if it wasconnected to ashoot- have cited various factors for The layoffs have so far been ing that happened earlier in the city’s rise in shootings,in- avoided by deferring billions the evening in the East New ing news conference. cluding adecrease in the num- in labor coststocoming years York section of Brooklyn, offi- Policeofficials said some of ber of arrests, changes to bail to achieve savings within this cials said. the victims in the shooting at laws and abackloggedcourt and next year’s budget. Sundaynight’sshootings the Bedford-Stuyvesant home system. But therecould be future came amid arise in gunvio- had attended another birthday Arrestsfor major crimes layoffs if moreassistanceisn’t lencethat is morepronounced party forthe 16-year-old girl have fallen by nearly 13% this given to NewYork City,the than the city has seen in two that took placeearlier Sunday year,driven by drops forevery mayor said. decades,according to police at an eventhall in East New major category except burglar- Independent budget watch- officials. York. ies,car thefts and gun-related erssaid Mr.deBlasio isn’t do- From Jan1.through Nov. NYPD officersbroke up the crimes,according to NYPD ing enough to achieve neces- 15,the NYPD recorded 1,359 party at the venue after resi- data.Arrestsfor crimes in- sarysavings, instead deferring shootings, an increase of dents complained that it vio- volving guns areupnearly payments to future budgets. nearly 95% from the 698 in the lated staterules limiting the 19%, the data showed. P2JW329000-2-A012B0-1------NS

A12B | Tuesday, November 24, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK WATCH

NEW YORK CITY Democrats lead 32 to 10. Artists Capture Pandemic Life NYPD Boosts Patrols Asupermajoritycould help Democratsinthe Legislature AfterSubwayPushes wield moreinfluencenext year in BY CHARLES PASSY negotiations with Gov. Andrew The New York Police Depart- Cuomo,also aDemocrat,onis- Foryears, StevenWalker, ment will increase patrols of city sues such as the state’sbudget. an instructor at the Art Stu- subway lines after a rise in the Mr. Cuomo said during a pub- dentsLeague of NewYork who number of incidents in which lic radio interview that he specializes in comic art, has people were shoved onto train doesn’t think the balance of collected work from his class- tracks, officials said Monday. power would change much. room to publish in an annual NYPD Chief of Transit Kath- —Associated Press anthology. leen O’Reilly said in aconference But when the pandemic hit, call with reporters thatthe de- CONNECTICUT he began to think of some- partmenthas counted20shov- thinglarger: Avolume that ing incidents this year,upfrom Tribal Leaders Back would feature not just his stu- 17 during the same period last History Lesson Bill dents, but aspiring comic art- year.Four shoving incidents oc- ists from around the world. It curred lastweek, said officials. Leaders of tribes in Connecti- would tell the story of the vi- Arrests have been made in 10 cut voiced their support Monday rusera from their manyper- of the 20 shoving incidents this for proposed state legislation spectives, in single-pagevi- year, Chief O’Reilly said, adding that would require the teaching gnettes. that arrests were made in two of Native American history in That vision nowhas be- of the four cases from last public schools. come areality.This month, week. The tribal leaders issued a theleague published “This The NYPD will deploy about statement with state Sen. Cathy Quarantine Life:ACovid-19 200 additional officers, including Osten, a Sprague Democrat, in Era Comics Anthology.” 120 who had been dedicated to support of the bill she plans to Thevolume,with contribu- policing protests, to patrol the introduce within the next several tions from more than 70 art- subway, police officials said. weeks. The legislation would re- ists, is available as afreedigi- Andrew Drilon’s illustration appears on the cover of the Art Students League’s ‘This Quarantine Despite the increase in shov- quire all public schools to include taldownload via the iBooks Life: A Covid-19 Era Comics Anthology.’ Below, Steven Walker taught a 2018 class at the league. ing incidents, Chief O’Reilly said Native American studies in their app.Aprint edition is that overall crime is down 27% social-studies curricula, with a planned, Mr. Walker said. nowfully online,students on the city subway system this focus on the tribes that lived in Theinstructor said apri- from 34 countries have signed year, amid a steep decline in rid- what is now Connecticut. mary objective of the project up for instruction, along with ership caused by the pandemic. Ms. Ostenand other lawmak-

wastoinspirecomic artiststo O ones from 48 U.S. states. —Ben Chapman ers introduced asimilar bill earlier

createnew work,acrucial AV Contributorstothe anthol- this year. StateEducation Com- goal at the same time they BR ogydidn’t have to be signed NEW YORK missioner Miguel Cardona said in DY facedsocial isolation and RU up with the league to submit Senate Democrats March thatwhile it is important might have started to lack mo- ON; work forconsideration. Mr. to teach about NativeAmericans,

tivation. DRIL Walker said he wanted to Claim Supermajority the bill would be an unfunded “Wesaw what being at makeitasmuch an open fo- mandate forschool districts that home constantly wasdoing to rum as possible. Democratic legislative leaders arestill working to implement everyone’swell-being,” Mr. ANDREW Theleague also has ahis- in New York said Monday that other courses. Newstate laws Walker said. Likeother league BY tory, dating to 2006, of offer- the party had won enough seats passed in the pasttwo years re- instructors, he has pivoted to ION ing classes in comic art, ame- in the election to gain a veto- quireschools to teach African- AT

teaching his classes online TR dium that is nowalso proof supermajority in the state American and Latino studies, as since the pandemic began. US commonly taught at schools Senate. well as courses on the Holocaust ILL

“This Quarantine Life” cov- P: throughout the country, in- Senate Majority Leader An- and other genocides. ersthe spectrum of the pan- TO cluding colleges and universi- drea Stewart-Cousins said that —Associated Press OM

demic experience. Some art- FR ties. while results are still being tabu- istsapproach the subject with As the product of a school lated in some races, at least 42 humor—at least acouple of Mr.Walker,offersaneight- the anthologyare full-time program, “This Quarantine Democrats won seats in the 63- CORRECTIONS  contributorstakeabemused panel strip,called “A Lullaby,” students. (Mr.Edwards works Life” isn’t necessarily avol- member chamber. look at shopping in our that shows a father putting a in television production.) ume of top-flight comic art- Republicans didn’tdispute AMPLIFICATIONS changed world. young child to sleep and then They rangefromhigh- ists. But that is perhaps what thatDemocratshad picked up Otherstackle moredifficult taking in aviewofthe deso- schoolerstosenior citizens, makes thework included all enough seats to get atwo-thirds subjects, such as the discrimi- late city. The final images are according to Mr.Walker and the morepowerful, said Jamal majority. Senate MinorityLeader Thefirst name of Giselle nation those of Asian descent haunting and elegiac. otheranthologyorganizers. Igle, a New York comic artist RobOrttsaid the partymanaged Routhier, policydirector for have faced. Mr. Edwards, 40 years old, And many come from outside who wrotethe introduction to to defend all returning incum- the Coalition forthe Home- Still, the contributions of- said the strip is largely bio- theU.S., with countries such the anthology. bents, while defeating at least less, was given incorrectly as tenare lessfull-fledged sto- graphical because he and his as Australia, China and Italy Thereisapassion and hon- twofreshman Democrats. Gabrielle in an article Monday ries—especially giventheir wifehaveanewborn son. The represented. esty that comes through in The Associated Press has de- about advocates hoping to single-pagelimitation—and medium is powerfully suited Theproject nevertheless each of the contributions, re- clared winners in only 42 Senate keep the homelessinNew more reflections of awistful to capturesuch moments, he speaks to howthe league,a gardlessofthe artist’sdegree races so far because of a lack of York City hotels. nature. said. home forbudding artistsin of skill or sophistication, Mr. publicly available information Acase in point: Derek Ed- “I think comics canget the city since1875, has shifted Igle said. “Getting out the idea about the large number of ab- Readers can alert The Wall Street Journal to any errors in news articles wards, an artist who lives in deeply personal,” he noted. itsfocus globally sincethe is moreimportant than the sentee ballots cast this year. In by emailing [email protected] or Queens and has studied with Not all the contributors to pandemic struck.With classes polish,” he said. Senate races called by the AP, by calling 888-410-2667.

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HEALTH & WELLNESS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, November 24, 2020 | A13

THE BATTLE OVER CARBOHYDRATES

Should Americans get half their calories

(3) from carbs? As the U.S. government GES

IMA revises its dietary guidelines, two

GETTY opposing camps are fighting it out. ; GUY EDDIE BY ION AT TR US ILL

BY SUMATHI REDDY current guidelines and bettertofollow miologyprogram at the University of 2 diabetes and obesity. They also say alow-carb approach. “About half of the Hawaii Cancer Center who chaired the carbohydrates increase the risk of food fight over carbohy- countryhas either diabetes or predia- dietarypatterns subcommittee. heart disease by raising blood levels drates is shaping up for betes,40% areobese,and if youinclude One of the leaders in the low-carb of triglycerides and small LDL parti- control of Americans’ overweight Americans it’sabout 70%,” lobby is the Low-Carb Action Net- cles, and high sugar intake increases plates. says Mark Cucuzzella, director of an work, which describes itself as a coali- blood pressure. A Years after low-carb eat- advocacygroup called the Low-Carb tion of doctors, academics, advocates Thereissome research on their ing gained attention with Action Network and aprofessor and di- and consumers of low-carb diets. They side.AnAmerican Diabetes Association the Atkins diet, the low-carb move- rector of low-carb nutrition at the West say they have more than 550 mem- panel published areport last year that ment is trying to gain wider main- Virginia University Center forDiabetes bers, about 230 of whom are medical found sufficient evidencethat alow stream acceptance and a nod of gov- and Metabolic Health. “The people that professionals, and that they don’t take and very low-carbohydrate diet canbe ernment endorsement. The latest arewell, they really don’t need the gov- money from industry. The group be- helpful in lowering blood sugar levels battleground is the U.S. government’s ernment’sadvice.” lieves a low- and even lowering medication use.The dietary guidelines, which are being re- TheU.S.Department of Agriculture carb diet benefitsweremorepronounced forthe vised for the first time in five years. and the Department of Health very low-carbohydrate diets. Low-carb advocates believe the and Human Services arere- Ronald M. Krauss, a professor of 7% current guidelines—which recommend viewing recommenda- pediatrics and medicine at the Univer- Americans get about half their calo- tions from advisory sity of California, San Francisco, says Portion of ries from carbohydrates—are partly to committees on every- there is a growing body of evidence Americans who blame for America’s high rates of obe- thing from carbohy- supporting low-carb diets to improve reporteating a sity and Type 2 diabetes. Lining up dratelevelstosugar insulin resistance and cholesterol lev- low-carb dietthis against them are supporters of plant- intaketoalcohol lim- els, which reduce the risk of heart dis- based diets, among others, who argue its. Theguidelines, ease and diabetes. year,upfrom5% that low-carb diets often include too which getupdated ev- Low-carb diets are often higher in in 2018,accord- much saturated fat from meat and eryfiveyears, help de- fat than higher-carb diets because ing the Interna- dairy products and neglect important termine school lunch Low-carb diets include salmon, people often eat more meat when they tional Food Infor- sources of nutrients like fruit, certain programs,shape stateand asparagus; higher carb ones cut carbs. But the research on the mation Council. vegetables and whole grains. local health promotion efforts, mightinclude sweet potatoes. cholesterol impact is mixed. William During heated public hearingsover and influencefood-makers. Yancy, a general internist and obesity the past 18 months,low-carb advocates Seven percent of Americans report medicine specialist at Duke University, pushed to include alow-carb diet op- eating alow-carb diet this year,up should be defined as one wherecar- says studies have shown that on aver- tion in the newdietaryguidelines, from 5% in 2018,according to asurvey bohydratesmakeup25% or lessof age low-carbohydrate diets increase which the government is expected to fi- conducted by the International Food In- daily calories. the levels of good HDL cholesterol and 51% nalizeinDecember.Afederal advisory formation Council, anonprofit science They argue that reducing carbohy- reduce triglyceride levels compared committeerejected that idea, saying communications and consumer re- drates can help prevent and even re- with low-fat diets. And levels of bad Smallest percent evidencesupporting that approach search organization. verse Type 2 diabetes, help people LDL cholesterol don’t on average sig- of calories wasn’t conclusive. Nowlow-carb advo- Low-carb advocates argue that the lose weight, and reduce the risk of nificantly increase in people losing from carbs in cateshaveregrouped and arepushing approach should be more wide- heart disease. Carbohydrates raise the weight on a low-carb diet. “People dietary patterns the government to include adisclaimer spread—and were vocal enough at level of glucose in a person’s blood; aren’t as hungry if they eat a low-car- suggested in the with the final guidelines saying they hearings over the new dietary guide- the body produces insulin to reduce bohydrate eating pattern so they end current dietary are“only forhealthyAmericans”— lines to get the federal advisory com- and regulate glucose levels. Low-carb up self-restricting spontaneously,” guidelines. marking them irrelevant forthe major- mittee to review their case. advocates cite research suggesting says Dr. Yancy. ity of the countrywho areoverweight “This came out big at the firstmeet- that when blood sugar spikes too high Opponents of a low-carb approach or have diabetes or prediabetes. ing that the public spoke,” says Carol too often, the resulting increases in say it’s important to distinguish be- Formanysuch people,low-carb ad- Boushey,aregistered dietitian and as- insulin levels can make the body resis- tween different types of carbohy- vocatessay it’sunhealthytofollowthe sociateresearch professor in the epide- tant to insulin and contribute to Type Pleaseturntothenextpage

Braving the waters of Boston Harbor in the polar bear plunge on Jan. 1, 2020 perform in the cold. HowtoTrain It’sthe receptorsinskin that alert the brain to cold. Thehypo- Your Body to thalamus,which actsasthe body’s thermostat, responds to signals from the skin by causing vasocon- Deal Better striction of the blood vessels,re- ducing blood flow to the extremi- With Winter ties to protect the core and prevent heat loss, according to Dr.Minson. If the cold doesn’t abate, shiver- BY BETSY MORRIS ing starts; the muscle contractions generateheat to ward off deadly oyou hatethe cold. hypothermia, even in conditions With coronavirus surging, that don’t come close to being dan- S gerous. With repeated exposures, restaurants and bars closed and the homes of even friends and though, the brain begins to getit. family off-limits, does that mean “It perceives cold as lessofa your winter social life is doomed? threat,” says Dr.Minson. Shivering Buy a timer. This is not the time to Can’t stand the water? Go out- No,according to ahost of scien- ACCLIMATE TO THE subsides and research shows that COLD GRADUALLY be fiddling with your smartphone. side—a lot. Wear fewer clothes. tists, professorsand trainerswho The point is to feel the cold, not the body begins to generateheat Be consistent or the body won’t areexpertsonthe physiological im- First week: Turn shower wa- fight it. biochemically.Scientistsaren’t sure take the challenge seriously. pact of frigid weather on humans. ter to cold for 15 seconds ev- exactly how, but progressively,we Adapting to cold isn’t fun—who Outdoorson New Year’s Eve? feel morecomfortable.Researchers ery day for four or five days. If you’re really hooked, take an ice Better bundle up. Alcohol has loves to shiver?—but it’spossible, bath chilled with ice or buy a chest and trainershavecome up with dif- Subsequent weeks: Lengthen the opposite effect of a cold scientistssay.And as abonus: Cold, freezer. Use a pool thermometer. ferent waystoacclimate. Michael likeexercise,makes youhealthier. the cold burst five or ten sec- shower. It expands blood vessels McTate, founder of the Chilled Out “I literally do cold exposure onds until you can take an en- Don’t overdoit. If you start to making it easier to lose heat WellnessCenter in Fort Collins, training every day,” says Dave tirely cold shower. shiver, back off and warm up. from the skin. Colo., has practical methods, includ- Whitley, a motivational speaker, ing icepacks on the back of the coach, strongman and author of neck,hands in cold waterand wear- “Superhuman You.” He either and hang out outdoors on New Christopher Minson, a physiology lenged alittle bit, the same as ing shortsin40-degree weather. turns his shower water to cold or Year’s Eve,” Mr. Whitley says. professor at theUniversity of Ore- with exercise,” he says. If you really want to be ready, submerges in a big freezer of People who hole up indoors gon, who studies the body’s re- This type of training doesn’t say, forice skating, subject yourself nearly freezing water in his out- likely will have a harder time ad- sponse to extreme environments requirespecial equipment. You to really cold water. Scientistshave door shed. “At first it’s really mis- justing. The elderly and those with and works with professional and canbegin by taking simple found that humans cool two to five GES erable, then bearable, then kind of cardiovascular and other health Olympic athletes and sports (though not necessarily pleasant) times morequickly in waterthan in IMA pleasant,” he says. conditions must take extra care. teams.While that’scomfortable, steps liketurning down the ther- air.For some,this method canbeas

ETTY If practiced consistently, train- Cold exposure can weaken the im- it’snot healthylong-term, he mostat, shedding clothes and go- extreme as an icebath.Oritcan be /G

FP ing for cold can potentially trans- mune system, at least for a short says.When temperaturepushes ing outside in the cold air. When as simple as adjusting your shower. /A form a lonesome indoor winter. “If time. But kooky as it sounds, get- youout of your comfort zone, it comes to temperature, “humans If youstart to shiver,“back off,get SO people follow a progressive intelli- ting uncomfortably cold is good “your metabolic rate goes up, areverystimulus-oriented,” says out and warm up,” says Mr.McTate.

PREZIO gent path of delivering cold expo- for you. “People are very thermo- your heart works alittle harder, John Castellani, aresearch physi- “It’satraining.You want gradual sure, they will be able to tolerate static. We like our thermal sys- the blood vessels constrict. Every ologist forthe U.S. Armywho has unforcedexposure. Youdon’t have SEPH

JO the cold better, go out with friends tems at one temperature,” says single cell of your body is chal- studied howpeople adapt to and to break world records.” P2JW329000-0-A01400-1------NS

A14 | Tuesday, November 24, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS

Companies like WW and Fitbit are emphasizing ways that users The Battle should be kinder and gentler to themselves. Shaping Up WW ; the thingsyou cangain.”Such as? FITBIT Thefocus will be on building resil- Over Carbs GES; ience, confidence, strength and en-

IMA ergy,Ms. Swiftsays. In past yearsaround the holi- ContinuedfrompageA13 GETTY , days,meditation app Headspacehas drates. While processed carbs highlighted support forusers like white bread, sugary pack- FITBIT , spending time with people they aged foods and sodas spike

WW don’t oftensee or managing rela- blood sugar quickly, other car- S:

TO tionships that cause tension. But bohydrate foods like fruits,

PHO this year’s heightened stressand certain vegetables, whole paucity of holidaygatherings grains and beans also contain ION,

AT prompted Headspacetoincrease its fiber, which helps glucose re- TR sleep aids,including newslumber- lease more steadily into the US

ILL inducing music,sounds,and “sleep- bloodstream. Those foods also

TO casts,” which areguided visualiza- contain beneficial nutrients

PHO tions designed to makeyou snooze. and are low in cholesterol and J

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FR as absolutely essential and hugely hydrates in the form of helpful beneficial to your overall health— carbohydrates,” says Susan WISE the sleepcastsgivepeople permis- Levin, director of nutrition ed- OCK

CL sion to switch off,” says William ucation for the Physicians Fowler,Headspace’shead of content. Committee for Responsible The additional sleep aids come Medicine, an advocacy group. at a time when even meditation “The demonization of The Fitness and Wellness might be too stressful for some healthy carbs is because of our people. “People can approach med- inability to separate unhealthy itation in a way that can be quite rigid, but sleepcasts offer them a Purveyors Dial It Back way to put their toe in the water,” Mr. Fowler says. “It’s a much eas- ier experience to engage in.” BY ELLEN BYRON months, 36% of Americans gained health, up from 47% in March, ac- Usually when household-prod- weight, with women putting on an cording to a survey of 1,000 adults uct maker HoMedics introduces ifemust be in arough patch average of 10.7 pounds and men 15 by U.S. Monitor, a unit of market wellness gadgets like massagers or when even the fitnessand pounds, according to a WW survey researcher Kantar. foot spas, shoppers buy them as a weight-lossfolks aretelling of 1,004 U.S. adults in May. Usually around this time of year gift for someone else. But recent people to take it easy. Recentarticles on WW’s app in- Fitbit would be emphasizing tips on research showed that during the L With cocktail parties and clude mental-imagerytechniques to howtostayfit during the holidays pandemic many more shoppers are celebratorydinnerslargely stay positiveand tips on howto and keep energy levels up.“It also buying the company’s prod- canceled by the pandemic,many turn anysetback intoafresh start. would be moreofthat rah-rah, ucts for themselves and using purveyorsofwell-being aren’t issu- “Self-compassion right nowisreally don’t let the winter-blues-get you- them more frequently, says Daniel ing their usual holidaymissives important in understanding that down type stuff,” says Lisa Swift, Kaufman, HoMedics head of corpo- Higher-carb diets might urging customerstoresist second one or two meals doesn’t stop your Fitbit’svicepresident of brand and rate strategy. include oatmeal and bananas. helpings, dodgethe cookie tray or journey,” says Deb Benovitz,WW’s product marketing.“But nowwe As morepeople skipped profes- mind the nightcaps.Instead, senior vicepresident of human areexpanding our lens because it’s sional pedicures and massages dur- weight-lossprograms,fitnessapps truths and community impacts. not just about being fit, it’sabout ing the pandemic,they bought Ho- carbs from healthy carbs,” and lifestyle brands areemphasiz- getting sleep,managing your stress, Medic’smassagepillows and foot says Shivam Joshi, a primary ing waysthat usersshould be eating well—weare making it more baths to use at home,Mr. Kaufman care and lifestyle medicine kinder and gentler to themselves. about the whole self.” says.This fall, foot-spa sales tripled physician at NYU Langone “A lot of people aren’t cele- This fall Fitbit launched Sense, over ayear ago, he says,declining Health and Bellevue Hospital. brating Thanksgiving with the a smartwatch that, in addition to to givespecific figures. Some experts also say it’s broad family they’re used to, so tracking workouts, measures This year’s stay-at-home holi- difficult to tell whether the they’re looking for other moments health metrics like blood oxygen days required a new approach at health benefits noted in low- of joy,” says Mindy Grossman, CEO saturation, skin temperature Goop, the lifestyle company cre- carb research come from re- of WW, formerly known as Weight and sleep. To monitor stress ated by Gwyneth Paltrow. Typi- ducing carbohydrates or sim- Watchers. “Part of that is showing levels, a sensor measures the cally Goop’s website would feature ply from reducing calories. them what they can do for them- electrical pulses in sweat from the holiday travel resources like pack- This year’s dietary patterns selves.” palm when it is placed on top of ing lists, destination inspirations subcommittee also found it Last week, WW launched a new the watch face. After completing and travel itineraries. “Now we’re difficult to draw conclusions. program called myWW+, which in- the two-minute reading, users are doubling down on beauty and well- Thelow-carb camp is un- cludes app tools that allow users The myWW+ program has a sleep- prompted to log their mood. “Our ness content to focus on what the daunted, requesting the final to more closely track their mind- tracking feature. The Fitbit Sense focus on stress management dur- consumer needs to inform and guidelines “include aprominent set and sleep, in addition to their gives a stress-management score. ing the holidays is front and cen- soothe what they’re experiencing statement that itsrecommenda- food intake and exercise. Earlier ter,” says Ms. Swift. right now,” says Kate Wolfson, tions are‘Only forHealthy this year the company started a Thecompanyalso plans anew Goop’s vice president of content. Americans’ so that those with hydration tracker for users to re- “We’redoing alot around that.” approach to the NewYear’s resolu- A guide to gifts for hosts took a diet-related chronic diseases cord how many ounces of water The wellness industry’s new tion season. “Normally when you pandemic-sensitive approach. will knowthat these Guidelines they drink each day. emphasis on compassion during think about NewYear’s,it’salways “These are tough times for people arenot appropriatefor them.” The idea behind these new the holidays comes as Americans about losing—you’vegot to lose who love to host—these gifts are AUSDAspokesperson says it’s wellness goals? Letting people find are increasingly stressed about weight, you’vegot to restrict or part salve, part optimism, and all “beyondthe scope of the di- some type of success even when their well-being. Some 65% of denyyourself,” she says.“That’snot comfort,” the guide says, and in- GES etaryguidelines to be tailored eating and exercise don’t go well. Americans in October reported be- what we’regoing to be about this cludes a $100 set of hand wash IMA to specific groups or treat spe-

During the shutdown’s early ing worried about their personal year—we’regoing to be about all and cream. GETTY cific diseases.”

WHAT’SYOUR WORKOUT? of the 16 membersstart out walk- John MacIntyre has Mr. MacIntyre aims to log 10 miles, JEN MURPHY ing and graduate to intervals of participated in over usually solo. walking and jogging, Mr.MacIntyre 100 half marathons. He takes a group pool fitness says. class led by Ms. Santos twice a All Hail the He credits the Jeff Galloway run- week and mimics the workout on walk-run training program for get- really miss the en- his own one day a week. He does 83-Year-Old ting him going at age 68 and stay- ergy of big races, but resistance exercises in the shallow ing injury-free. He ran his first I’m finding it reward- end of the pool using Styrofoam marathon at age 70 and, after com- ing to get other peo- weights and body weight. He’ll hold ‘GeezerJock’ pleting more than a half-dozen ple my age hooked on to the side of the pool and per- 26.2-mile races over two years, on racing,” he says. form push ups and flutter kicks. He hen John MacIntyre com- turned his attention to the half “If they think the vir- always incorporates stretches into Wpleted his 100th half mara- marathon. “My wife was beginning tual runs are exciting, the routine. thon in August, his running to wonder if she’d ever see me I can’t wait to see group surprised him at the finish again,” he says. “Halfs are a nice, re- what they think The Basics line with a banner that read: “Con- spectable distance and the training when we can go Breakfast ritual: Granola-topped gratulations, Geezer Jock!” doesn’t eat up as much time.” back to normal.” coconut flakes, raw walnut pieces, At 83, he takes pride in the nick- A member of Half Fanatics, a banana slices and berries. name and even more pride in inspir- group devoted to running half mar- The Workout Lunch: A cup of soup and half a ing others to join him for runs. athons, Mr. MacIntyre was racing Mr. McIntyre aver- sandwich with avocado slices and Mr.MacIntyre serves as coach of one half marathon a month pre- ages 25 to 30 miles raw vegetables. the SeasonedSoles,arun-walk pandemic and used the Seasoned a week. He typically Dinner habits: “More chicken and group intendedtoget fellowresi- Soles workouts to complement his does a run-walk turkey than red meat, and a starch dents of SanAntonio’s Blue Skies of training. When the coronavirus alone for one hour, or and vegetable.” JOURNAL Texasretirementcommunitymoving. forced races to go virtual, he con- having training buddies has helped about 4 miles, at 6:30 a.m. on Tues- Post-run recovery: Chocolate milk

REET He jokingly calleditthe Off the vinced six original Seasoned Soles him keep motivated and make day, Thursday and Saturday. In re- Splurge: “I do my long runs on Sun- ST Couch Club when he launchedthe members to join him for virtual 5Ks gains. He recently completed his cent weeks, Hope Santos, a 52-year- days and reward myself with a bowl LL program twoyearsago.Some mem- and 10Ks. “We register so they can 102nd half marathon virtually in old pool fitness instructor at Blue of ice cream,” he says. WA bers, likePat Hochstat, 73,hadn’t run get the bling,” he says. 2:50:14, his fastest time since he Skies of Texas, has joined him. After Essential Gear: THE

R in 40 years. Ms.Hochstatjoinedin The group has welcomed eight ran his 86th half in April 2019. the run, he meets the Seasoned n Asics Gel-Kayano sneakers ($160) FO Januaryand nowwalkssix days a members since the pandemic. They On Thanksgiving, the Seasoned Soles for socially distanced work- n He uploads every run to Garmin week,rain or shine,and is working call themselves One Step Behind Soles plan to compete in the virtual outs. The original group walk-runs Connect and Strava with his Garmin

HUSKIN her way up to walk-runs. because they’re slower than the America’s Turkey Trot in distances for 3.5 miles, while new walkers Forerunner 235 watch ($250). SH n

JO With amedian age of 75,most original group. Mr. MacIntyre says of 13.1 miles, 10K, 5K and 1 mile. “I complete 1 to 3 miles. On Sundays SPIbelt ($23) to carry his phone. P2JW329000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, November 24, 2020 | A15 ARTS IN REVIEW

MUSIC REVIEW |MARK RICHARDSON ARaunchy Ride Into Rap’sSpotlight

The debut album by Megan Thee Stallion is packed with libidinous self-confidence S PRES TED CIA SO AS WILL/INVISION/ ORIA VICT

ouston rapper Megan tually chargedwith assault with a recognizeasempowerment. While running down her conquestswhile remix with Beyoncé,ismoremusi- Thee Stallion, born Me- semiautomatic handgun and carry- she rhymes about carnality almost remaining in charge of her plea- cally interesting.On“Intercourse” ganPete, is hugely fa- ing aloaded, unregistered firearm constantly,and with asometimes sure. Thepositively filthyparty she trades libidinous verses with mous,with millions of in avehicle (he pleaded not shocking or hilarious level of detail, number “Do It on the Tip” finds Jamaican vocalist Popcaan, whose Hsocial media followers,a guilty), while she penned an op-ed her fantasies never seem reckless Megan rapping alongside Miami voiceisheavily processed via Auto- chart-topping single fea- in the NewYork Times that said or personally dangerous—she’sgo- duo City Girls,one of the few acts Tune,while “Girls in the Hood” in- turing Beyoncé,and sex-symbol she’dbeen shot, and also la- that canmatch herfor gleeful terpolates and updates “Boyz-n- status that has put her on the cov- mented society’s inability to lewdness. They soundlike the-Hood,” the 1987 song from ersofglamorous magazines.And protect Black women or take they’rehaving aball in the stu- NWAmember Eazy-E that wasan she’salso respected forher raw them seriously.The dramatic dio,and the feeling is conta- early signpost forgangstarap.Me- skill as arapper.While her style is turn only added to the antici- gious. ganmatches thesingsong cadence rooted in her nativeHouston—see pation surrounding her re- Backing tracks from ahost of the original perfectly while up- her proudly Southern drawland cord’s release.How would she of young producers—midtempo dating the storytohighlight the bawdylyrics about street life— addressthe episode? beats, lotsofspace, acatchy steely resilienceofgirls she grew she’sversatile,able to switch She gets right to it with hook or two from asample or up with. modes in the vein of , “ShotsFired,” the opening keyboard—provide aframe for Late in the record,“Don’t Rock an artist she admired growing up. track on “Good News.” Over a Megan’soutsizepresencebut Me to Sleep” is acomplete And Megan, now25yearsold, has floating,spacious beat, she don’t draw toomuch attention change-up,afrothyand melodic been immersed in hip-hop all of tearsintoher alleged assailant, to themselves.The unrelenting synth-pop number whereMegan her life—her mother wasarapper expressing anger but also fixation on asingle subject alternates singing and rapping. on the Houston scene.She’sbeen amusement, as if impressed by means the tracks aredifferen- She sounds slightly tentativein recording forafew yearsand has her ownpowertobelittle him. tiated mostly by her ever-shift- this role,which works to the released several mixtapes and EPs, This superhuman confidenceis ing flow.On“SugarBaby” she song’sadvantage,lending ahint of but her debut album, “Good News” the essenceofMegan’sart— foregrounds her easy-rolling uncertainty to an LP of supreme (300 /1501 Certified), just came she acknowledges vulnerability twang,wherevowels areelon- assuranceand possibly opening a out Friday—asign of howlong it as an idea but rarely succumbs Megan Thee Stallion’s first album, gatedand curled foremphasis, door to another avenue of expres- cantaketonavigatethe music to it, preferring to steamroll what- out now, is ‘Good News’ likeputting afew extrashakes of sion. “Good News” is the right al- businesslabyrinth. ever obstacles she finds in her path. hot sauceintoarecipe,while bum at the right time forthis art- “Good News” arrives during a So while she confrontsthe alleged “Body” finds her effortlessly navi- ist, consolidating her strengths tumultuous year forits creator.In shooting incident directly,she ing afterwhat she wants, with the gating adouble-time pattern over a and turning the pageonayear July,Megan wasinvolved in an in- sounds likeshe’sready to moveon. self-awarenessand focus to know quaking bassline. marked by trauma. But the glim- cident with rapper Tory Lanez With “ShotsFired” out of the howtoget it. Though her skill on the micro- mersofwhat futurealbums might (born DaystarPeterson) in LosAn- way,Megan is clear to rapatlength On the record’s thirdtrack,“Cry phone never falters, the narrow- bring,evident on almost-therecur- geles that led to her being treated about her favoritesubject, which, Baby,” which featuresabooming nessofthe subject matteronthe veballs like“Don’t Rock Me to forinjuries in ahospital and him as anyone who heardher summer lowend and averse from gravelly songsthat follow“ShotsFired” can Sleep,” arejust as intriguing. arrested on agun charge.The ini- hit “WAP” with Cardi Bknows,is North Carolina rapper DaBaby,she getalittle monotonous,depending tially sketchydetails of what sex. She’sthe latest in along line casually offers“If Imakeupthe on your appetitefor lascivious im- Mr. Richardson is the Journal’s transpired emergedinpieces over of female artistswho turn raunchy rules,then Idon’t think it’scheatin’ agery. Theback half of “Good rock and pop music critic. Follow the next few weeks—he waseven- obsessions intosomething many /Jordan, Tommy, Timothy, Daniel,” News,” which includes the “Savage” him on Twitter @MarkRichardson.

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NewYork City 48 38 pc 54 50 c Dublin 55 37 r4635pc Warsaw4431pc4029pc s EVAN IRON AR IES Oklahoma City 63 39 t6037s Edinburgh 55 41 r4833pc Zurich 41 29 pc 41 29 pc Solvethis puzzle online and discussitatWSJ.com/Puzzles. MARX PAGE REARS P2JW329000-0-A01600-1------XA

A16 | Tuesday, November 24, 2020 THE WALL STREET JOURNAL. SPORTS Washington HadaCulture Problem

With the Washington Football Team under investigation, owner Dan Snyder concedes there were workplace issues

BY ANDREW BEATON

sthe WashingtonFoot- ball Team awaitsthe findingsofanindepen- Adent investigation into itsworkplaceculture, owner Dan Snyder says it is true that his National Football League team had awayward work environ- ment that demanded asweeping overhaul. “Let’sbereally clear: This is a human issue.I’m sorrythat anyone

washurt,” Snyder said in ararein- /REUTERS terviewlast week.“But we can MILLS

change.” AD

Snyder’s commentscome amid BR an independent investigation led by S;

lawyer Beth Wilkinson, which was PRES commissioned by the team in July and is nowoverseen by the league. ZUMA OM/

Theprobe waslaunched as the SC WashingtonPost reported allega- NEW

tions from women who said they T/ were harassed or verbally abused OR SP

while working forthe team. The OF

women said they were subject to GE unwelcome sexual overtures,dis-

cussion of their bodies and sexually ARI/IMA

chargedcomments. Snyder has de- HUK nied apair of alleged incidentsin- KIM

volving him. P: With the investigation’sfindings TO OM

expected soon, Snyder and new FR team president Jason Wright, in separatein- Left, Washington Football Team owner Daniel Snyder stands with new team president Jason Wright. terviews,acknowledged that therewereprob- (The club is fornow Snyder says it is his goal to make executives,and thereare newem- lems inside the organi- called the Washing- the WashingtonFootball Team a ployeeresource groups forwomen zation and sought to tonFootball Team model organization. He also knows and Black people. demonstratethat they until apermanent it hasn’t been forquiteawhile. Snyder acknowledges that he areaddressing them. name is chosen.) “Weare apologetic,” Snyder says. could have done far moretoman- However, Snyder did At the same time, Even beforethe allegations about agethe team’swork environment. not addressspecific al- Snyder has been en- the team’sworkplaceculturesur- Over the years, aperception had legations that have gagedinanunusual faced, therehad been turnover in- developed—within the organization been leveled against and contentious dis- side the front office. By the start of and in the public eye—that Snyder him and the team. putewith the team’s this season, most of the team’stop rarely spenttime in the team of- Wilkinson did not limited partners, who executives had been cleared out, ficesand lacked basic involvement have acomment on the are looking to sell and newones had been brought in. in much of theteam’sday-to-dayaf- probe.AnNFL spokes- their stakes in the Wright, aformer running back fairs. man said the investiga- team, over the team’s who went on to asuccessfulcon- “That’sabsolutely true,” Snyder tion is ongoing and ownership and Sny- sulting career,said adviserscau- said. “We’rereally trying to getit comprehensive. der’s management of tioned him when he wasoffered a right.” Snyder and Wright the team. return to come work forWashing- None of the employees accused said the organization’s As evidencethat ton’sNFL team. of improper behavior arestill em- work culturecreated an the team’scultureis “Plenty of people told me not to ployedbythe team. Aformer team environment that al- already changing for take this job,” he says.“Thereason employeelater allegedthat afor- lowedproblems to go the better, Snyder Itook this job is not because every- mer executiveasked foralewd unaddressed. They both highlighted whole wasnot transparent. pointed to an overhaul of the or- thing wasjust so hunky-dory.” video of cheerleadersduring a diversification of the team’snew “Weknowthat it’shardfor peo- ganization’sleadership.Hehired a When he began holding town hall swimsuit calendar shoot forSnyder, leadership and exhaustiveeffortsto ple who experienceharassment to newcoach, Ron Rivera, afterlast meetingsevery Friday, workers who denies knowledgeofany such betterthat culturethat have been come forward,” Wright said. “Not season. He replaced longtime presi- were unwilling to ask questions incident. under way formonths. everything came to light that dent BruceAllen with Wright, afor- even though the team wasinpublic Snyder says “ithurts” hearing Wright said in aseparateinter- needed to.” mer NFL playerand partner at turmoil. about the alleged wrongdoing in- viewthat problems were evident Theworkplaceaccusations are McKinsey &Co. who became the “Therewasn’t acomfort raising side the team, which is also why when he took the job in August. He just part of areckoning that Snyder firstBlack team president in league issues,” he said. Now, Wright said, over the past year—even beforethe sawthat the human resourcesde- faced this past summer.Days before history. Theslewofhiringsalso in- the town halls areflooded with allegations—he says has made an partment had insufficient resources that investigation began, the team cluded anumber of women in lead- questions as the environment inside effort to overhaul the organization. and team policies hadn’t been up- dropped itslongtime name,the ership positions such as Julie Don- the team has become moreopen. “Wethought we needed to dated recently.Therewas alack of Redskins,after it faced newly invig- aldson, abroadcaster who took He says the organization has changejust acrossthe board,” Sny- diversity,especially among leader- orated calls to abandon amoniker over as the team’ssenior vicepresi- worked to changethis.Policies have der said, “and we’vebeen working ship.And the organization as a widely condemned as aracial slur. dent of media in July. been changed along with the top very,veryhardatit.” NBA’sBestShooters Hit JackpotinFreeAgency

BY BEN COHEN The Washington Wizards shelled out $80 million over five years for THE MOST DEMORALIZING expe- Davis Bertans. The Toronto Rap- riences for an NBA player include tors paid $85 million over four getting surgery, getting traded by years to Fred VanVleet. a good team and getting waived by Harris, Bertans and VanVleet a bad team. Joe Harris experi- are not star players. They are role enced all three on the same day in players. The star players making 2016. the most amount of money permit- At that point of his basketball ted under the salary cap don’t ne- career, Harris didn’t know if he gotiate so much as they sign a would play in the league again, sheet of paper that makes them and he certainly didn’t expect to obscenely wealthy. But the role get paid insane amounts of money. players are the ones who reveal S But he would be as wrong about deeper truths about the game and himself as the rest of the NBA. The where it’s going. PRES first contract that he signed with “I hope all young hoopers at TED

the Brooklyn Nets after that home are watching how the NBA is OCIA SS

dreadful morning was a minimum paying their players,” tweeted /A deal worth $2.5 million over two Jared Dudley, a free agent and the seasons. Then he earned a sub- league’s resident sage. stantial raise to The fiscal de- WILLENS THY

stay with the cisions of NBA KA Nets on another The role players are the teams made it Joe Harris was one of the big winners in free agency. Harris signed a four-year, $75 million deal to return to the Nets. two-year deal clear that worth $16 mil- ones who reveal deeper shooting is the thing in common with Harris, Ber- ous. The realist in him knew that tract amounts to a raise of 2,000% lion. By the time truths about the game single most tans and VanVleet besides their not many second-round picks get from his first season with the that one expired valuable skill in elite shooting. Each one of them second chances, but the optimist Nets—the equivalent of someone and he became a and where it’s going. the league to- was improperly valued by a mar- in him saw a future that others going from a salary of $50,000 to free agent last day. ket that would eventually correct didn’t see. “I was thinking to my- more than $1 million. week, the Nets Among the itself. self that I might have another shot Harris also may have set the had publicly de- free agents who Curry got overlooked despite at it,” Harris said a few years ago, market for someone else. Miami clared that keeping him was their managed to get paid in a de- sharing DNA with the greatest “just because of the emphasis that Heat guard Duncan Robinson, who top priority. pressed market were Danilo Galli- shooter ever. Green was cut twice everyone is putting on shooting.” went from dreaming about Divi- That is how Joe Harris went nari ($61.5 million for three years), and once played in Slovenia. Ber- The Nets were one of those sion III college basketball not long from $2.5 million to $16 million to Harris and Bertans. This was not tans was a second-round pick, and teams. They signed him, developed ago to catching fire in the NBA Fi- his latest, longest, unlikeliest con- an example of the irrational exu- VanVleet went undrafted alto- him and re-signed him two years nals, was the best volume shooter tract: a four-year deal worth $75 berance that afflicts teams in free gether. They would change as later as Harris quietly began posi- in the league last season on what million. agency. It turned out to be pru- much as the league around them. tioning himself for the biggest might be the best deal in the The remarkable thing about dent investing. There was a pre- But nobody would have predicted payday of his life. His role took on league this season. Harris’s four-year journey from mium on those players because a $75 million deal in Harris’s fu- even greater importance when The most improbable thing doubting if he was good enough they do one thing as well as any- ture when he was traded and Brooklyn landed Kevin Durant and about the NBA’s most improbable for the NBA to signing for $75 mil- body on earth: shoot 3-pointers. waived while still in the hospital Kyrie Irving and spacing became player is that his $1.6 million sal- lion is that it isn’t all that remark- So do Seth Curry and Danny recovering from surgery—espe- essential. The difference between a ary is now a bargain. A league that able anymore. Green. Even though they were un- cially not Harris. 35% shooter, a 40% shooter and a values Davis Bertans and Joe Har- What happened over the week- der contract, they were no less in He was unemployed and crash- 45% shooter like Harris is a few ris at $155 million is going to end in NBA free agency was a les- demand. The first thing that Phila- ing in New York with a friend of a more inches for Durant and Irving make any player with an even son in who gets valued and why— delphia 76ers president Daryl Mo- friend when he figured his odds of to operate. Harris would learn that higher 3-point shooting percentage and it showed that the price of rey did in his new job was trade returning to the NBA were 50/50. a few inches on an NBA court is a very rich man. As it turns out, shooting has never been so high. for them. There were others who might have worth a whole lot of money. there is only one: Duncan Robin- The Nets splurged for Harris. The newest Sixers had some- thought Harris was being gener- The final year of his new con- son is a free agent next summer. P2JW329000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, November 24, 2020 | A17 OPINION A Heap of Thanksgiving Hypocrisy BOOKSHELF | By Mark G. Spencer

Californians will let our righteous indigna- dubious restrictions (e.g., risks are—i.e., that a Thanks- TheMen Beneath liveunder tion rip. broad lockdowns and school giving with a half-dozen sep- some of the Yourstruly enjoys agood closures), concerns about tuagenarianuncles with dia- tightest gotcha as much as the next large Thanksgiving gatherings betes and heart conditions is Covid-19 re- man. And it’seasy to mock arelegitimate. Certainly the a far riskier proposition than TheRed Coats strictions in these pols fortheir blatant risk of transmission goes up aturkey dinner shared by MAIN the nation. So hypocrisy when they are with indoor gatheringsthat young parentsand children. STREET when Gov. caught. But maybe the more bringtogether people from And maybe put the emphasis Noble Volunteers Gavinimportant lesson to be multiple households.This is on waystomitigaterisk,such By William Newsom was learned hereisthat hypocrisy whyGov.Andrew Cuomo is- as opening windows or mov- By Don N. Hagist McGurn recently is guaranteed when we im- sued an executiveorder limit- ing such celebrations outside (Westholme, 332 pages, $34) caught with- pose one-size-fits-all man- ing New Yorkers to 10 people where possible. out amask at acrowded table dates that arerigid and un- for at-home gatherings. Consider another celebrated ew stereotypes from the American Revolution areas for12ataposh Napa Valley workable. gotcha. Recently the president F well-developed as that of the soldier who fought for eatery, he instantly became Daniel Halperin is an ad- of NotreDame,the Rev.John Britain. Thecaricatureisubiquitous: Aone- the poster boy for the “Do as junct professor at the Univer- What all thosepols Jenkins, wasraked over the dimensional “lobster,” the “bloody-back” regular,motivated I Say, Not as I Do” crowd. sity of North Carolina’s coals by studentsand faculty by selfishness, who fought forthe loveofmoney.Hewas He’shardly the only one. GillingsSchool of Global Pub- caught violating afterheappeared at aWhite heartlessand cowardly; apawnofthe king,inept on the Notlong afterMr. Newsom’s lic Health. He says he under- their ownCovid-19 Houseceremonyfor AmyCo- battlefield because of his old European ways. Herewas a visittothe French Laundry stands whypeople getupset ney Barrettwithout amask. convenient foil forthe resourcefulPatriot, whofought wasexposed, Californians read when politicians arecaught rulesreallytells us. Laterhetested positivefor valiantly on the winning side and forall the right reasons— about adelegation of their doing something they aread- Covid-19.Itappeared karma family,farms and freedom. In “Noble Volunteers,” Don lawmakerswho’d jettedtoa monishing everyone else not wascatchingupwith him. Hagist invites us to peer beneath the redcoat. What do Maui resort foraconference to do.But as he explains in But manifestly it isn’t Lost is thereal Covid-19 we find? as everyone else wasbeing his recent book,“Facing working.Policeare making storyhere: Unlikemanyother One central insight is that “therewas no ‘typical’ British told to avoid nonessential COVID Without Panic,” he be- clear they can’t and won’t en- university presidents,Father soldier.” British regularsencompassed “such arangeof travel. NewYorkersearlier lieves abiggerpart of the forcesuch aban. At agym Jenkins kept NotreDame’s nationalities,ages, skills,and socioeconomic backgrounds” learned that MayorBill de Bla- problem has been the reliance outside Buffalo on Friday, campus open this semester.It that we arebetteroff “appreciating howthey were different sio wasworking out at his fa- on mandates,especially those dozens of businessowners wasn’t without outbreaks and rather than howthey were voritePark Slope YMCAright that have only amarginal im- who had met to discusshow setbacks,but the university the same.” What, for as he wasshutting down the pact on the virus’s spread. to survivenew Covid-19 re- adapted and succeeded in instance, motivated them to city.And of course Speaker “Manyofthese mandates strictions chased away a keeping lifeasnormal as possi- enlist? Thereasons were as NancyPelosi and Chicago and guidelines fixateonbe- health inspector and two ble.Doesn’t it suggest the bet- manyasthe men who joined, MayorLori Lightfoot made haviorsand settingswhere sheriff’s deputies who had terpath forwardistolay out with neither unemployment headlines forsneaking off to theactual risk is very low, gone inside to break up the the risks and the waystomiti- nor impoverishment ranking gettheir hair done when bar- such as fleeting public en- meeting because it violated gate them rather than pretend high on the list. Most were bershops and salons were counters, surface-based trans- thegovernor’s limit. It’sa risk canbeeliminated with between the ages of 20 and closed to everyone else. mission or beach visits,” he good example of how relying some sweeping decree? 25,but little else united them. No doubt Thanksgiving will says in an email. “Meanwhile, on government edictsrather Certainly leaders ought to Some sought newcareers. bring fresh examples.While measures which could have than persuasion breeds con- livebythe same rules they Otherstoescape overbearing manycitizens dutifully inform the greatest prevention im- tempt forboth health experts impose on everyone else. But mothers, or wives.Othersstill grandma there’s no room for pact,such as re-engineering and the law. as we celebratethis Thanks- were moved by wanderlust her at the table because of buildingstoimproveair circu- What mighthavebeen a giving amid the manyexam- or boredom. Mr.Hagist is newCovid-19 restrictions, lation, arestill not widely pri- more productivepath for ples of double standards, skeptical of accounts, such as someone inevitably will be oritized—not to mention even dealing with Thanksgiving maybe we should take them SylviaFrey’s“TheBritish caught enjoying the holiday simpler actions,such as open- concerns? Certainly Mr. as less a morality tale than a Soldier in America,” that draw with dozens of friends and ing windows to allowoutdoor Cuomo could discouragelarge sign we need workable guide- conclusions about soldiers’ motives from quantitativedata. second cousins who have air to circulate indoors.” family celebrations.But he lines that even politicians Toomuch wasidiosyncratic,amystery. flowninfor some birdand Unlikethe “science” in- would have done bettertoun- could obey. Mr.Hagist concentrates on the particular.Wefollowthe gravy. And we in the press vokedfor some of the more derscorewherethe greatest Write to [email protected]. British soldiersinAmericafromBoston in 1773, before hostilities break out, to Yorktown in 1781. But it is not the battlefield that is most intriguing here; it is instead Mr. Hagist’swealth of detail about all other aspectsofaBritish Biden’s Foreign-Policy Team Takes Shape soldier’s life. Recruitment in Britain (and elsewhere); monthslong transport in privatevessels acrossthe Atlantic, Thenewsthat team have worked with many mestic policies and offersan cut the Trump administration’s itstrials and wonders(“flying fish, sharks,sea turtles,seals, President- of their peersand counterparts opportunity to split progressive Indo-Pacific strategy. and icebergs”); soldiers’ wages, within and without the elect JoeBiden abroad. Mr.Blinken and the greens away from moreisola- Globally,besides Iran, which army; literacyrates;training exercises; living arrangements is expected to likely newdefense secretary, tionist, anticorporatevoices on will hope forareturn to some in barracks,huts, wigwams and encampments; what they nominateAnt- Michèle Flournoy, worked to- the Democratic left. Linking a version of the nuclear agree- wore,ate and drank; the diseases they contracted; their onyBlinken as gether during the Trump years global push foranaccelerated ment,Germanyand Japan are desertions; “the plunder problem” (“the army’sAchilles’ GLOBAL secretaryofat WestExec Advisors, acorpo- transition to anet-zerocarbon probably the chief beneficiaries heel,” says Mr.Hagist, because of itseffect on the “hearts VIEW stateand to rate consulting firm they economy(in the relatively dis- of the coming shiftinU.S.pol- and minds” of the local populace); soldiers’ prizes, appoint Jake helped found whose blue-chip tant future) with adomestic in- icy. Berlin canexpect arenewed promotions and demotions; drafts and impressments; By Walter Sullivan as na- client list and ties to Silicon frastructureprogram focused close partnership with Wash- punishmentsand courts-martial; entertainments; religious Russell Mead tional security Valley attracted progressives’ on green energy can, the new ington. Haggling over itsNATO dispositions; injuries,imprisonmentsand, occasionally, adviser speaks ire. This is not the Squad’s team believes,energizeacoali- contribution and trade surplus deaths; and, forsome,their postwarlives.Itisall here. volumes about the next erain dream team, but the president- tion behind Biden-style cen- will be off the front burner as Everyreader is suretolearn something,and in the U.S. foreign policy. elect seems untroubled by that trism at home and abroad. Americarecommitstothe mul- processwill come upon afavoriteamong the British soldiers. Forone thing,itillustrates perception. tilateral and green goals dear One of Mr.Hagist’sisRoger Lamb, whom he wroteabout that theBiden presidencywill That said,nobody should to German hearts. Tokyocan previously in “British Soldiers,American War” (2012). not be athirdterm forthe mistakethis foraRepublican It won’t be Obama’s expect continued close support Lamb, from amiddle-classDublin family,enlisted with the Obama foreign-policyteam. Mr. administration. Mr.Biden’sex- from the U.S. in the faceofthe 9th Regiment of Foot in 1773, at theage of 17,having lost Blinken has adecadeslong his- pected nominees maybecen- third term, but expect China challengefromalessvol- all his money gambling.InAmericahesaw heated action tory with Mr.Biden, and, like trists,but it is the Democratic establishment virtues atile administration with, in two major campaigns; wascaptured twice; and, twice Mr.Sullivan, served Vice Presi- mainstream in which they again, alessmercantilist trade escaping,rejoined the British armyeach time.Returning to dent Biden as his national secu- swim. They are, forexample, and a climate focus. policy. England in 1784—and discharged(from the 23rdRegiment) rity adviser during the Obama multilateralistsnot out of prag- DespiteMr. Blinken’sfluent but “denied apension because he had served only twelve years. As aformer chairman of matism (like, say, James Baker French and deep knowledgeof yearsand had no disability”—he became aschoolteacher the SenateForeign Relations and George H.W. Bush), but out This much of the Biden the country, Francemay be a and published author,living until 1830. Committeeand ahands-on vice of conviction. They arenot fa- agenda will be warmly wel- loser in the shift. Francehas president, Mr.Biden comes to natics,and canbeflexible comed acrossEurope.Along chafed under Germany’s the WhiteHouse with more when they must. But forTeam greener,moremultilateral U.S. clear preferencefor trans-At- Fewcaricatures from theAmerican foreign-policyexperiencethan Biden, enhanced international offersanopportunity to renew lantic security cooperation Revolution areaswell-developed as anypost-World WarIIpresi- cooperation embodied in rule- the trans-Atlantic alliancethat over effortstomakethe Euro- dent besides Dwight Eisen- driven multilateral institutions the newteam will be quick to pean Union autonomous in de- that of thesoldier whofought forBritain. howerand George H.W. Bush. is the path, and the only path, embrace. fense.With Donald Trump in America’snew foreign policy to control what manyDemo- American foreign-policy’sfo- the WhiteHouse,French argu- will have Mr.Biden’sfinger- cratssee as existential men- cus,however, will continue to mentsabout American unreli- Or,takeWilliam Crawford.An“ardent disposition for printsall over it; the president- aces to civilization—e.g., nu- shifttoward the Indo-Pacific. ability found receptiveearsin adventure” led him to join the 20th Regiment knowing that electknows what he wantsand clear proliferation, great-power This is very much a“pivot to Berlin. While a2024Trump meant warinAmerica. Captured, he wasinterned at is choosing ateam he believes wars and climatechange. Asia” foreign-policyteam that’s restoration cannot be ruled Saratoga,N.Y., and marched formonths throughout the candeliver it. As the appointment of for- likely to pursue amorerobust out, the French case forEuro- north, then south to Virginia. Escaping,hewas recaptured Thesecond, related point merSecretaryofState John policyinthe East than the pean defense cooperation and jailed. Not to be so easily outdone,hebefriended the the appointmentsmakeisthat Kerryas“climateczar” makes Obama administration did. The could seem alittle lessurgent jailer’s daughter hoping she would release him. Thingsdidn’t JoeBiden has turned to what clear,itwould be agreat mis- newteam’scritique of Trump- on the far side of the Rhine. go quiteasheplanned. “She forged amarriagecertificate, ObamaadviserBen Rhodes fa- take to underestimatethe new eraChina policywas on means Thenew U.S. foreign-policy spirited him out of jail, and presented him to townspeople mously called “the Blob”—ex- team’scommitment to address- morethan ends.Poor relations leadership is lessateam of ri- as her husband.” Crawford accepted his fate. Othersalso perienced foreign-policyinsid- ing this last item. As they see with allies,particularly in Eu- vals than areunion of friends. remained in America, manywith land grants. Still, most erswho work comfortably it,climatechangeisnot only a rope,meant Team Trump Letuswish them the best as soldiers’ lives were not as well documented, and many within thekey assumptions direct threat to international couldn’t marshal aunited front they preparefor the challenges ended in much darker places. that have guided U.S. foreign peaceand American well-being; on economic matters with of leading the world’sgreatest When we attempt to see the American Revolution policysincethe late1940s.The it is an issue that links the ad- China. In Team Biden’sview, powerthrough astormyand through the eyes of itsBritish soldiers, we arereminded membersofthe newBiden ministration’sforeign and do- this wasafatal flaw that under- tumultuous time. that thinking historically about the warisdifficult. It requires us not only to forget howeventsturned out, but also to recaptureveryparticular momentsfromthe participants’ perspectives.“Standing sentryonastorm- Orchard of the Dammed swept shoreline in the middle of awinter night, fending off arising feverwhile fearfulofimminent attack by assailants By Jonathan Kolatch forwoodchucks and chip- This time,ittook only 10 up to 35 pounds,weresecond unseen, mayhavebeen one man’smost difficult hoursofan munks,until Icompleted my minutes for Rog to drive over only to beavers as the largest eight-year war,” writes Mr.Hagist, “but histories focused on ovember is apeaceful apprenticeship. and confront the challenge. North American rodent. From pivotal campaigns areunkind to such personal experiences, N time in theapple or- Beavers being a board-cer- “That isn’t abeaver,” he adistance, to anovice, their trivializing or entirely overlooking most of the hardships chard. This year’s crop tified specialty,adecade or said from a distance. He eyed profile and lumbering gait endured by most of the soldiers.” has been harvested and sold; moreago Ihad called Rog just the critterand put his .22into look remarkably the same. Mr.Hagist, the managing editor of the Journal of the amber-colored leavesfloat afterThanksgiving,when bea- action against the intruder, Porcupines cause so much American Revolution, also overturns the notion that British earthbound in the breeze. A vers,using front paws and which waslodged lethargically property damage that they troops steadfastly held to European ways, marching into flick of the finger nudges still- snout, had dammed up the against the orchardfence. Rog canbehunted without ali- battle in close-order formations.They were remarkably fleet clinging leavestothe orchard stream that feeds intoour ambled closer foraparting cense all year long in New of foot, braveand resourceful. They “continued to prevail floor—a simple pleasure. shot. Whatever it was, now it York state. against superior numbersbyusing zealous speed and So,weweremorethan sur- wasn’t. Porcupines and apple or- steadiness,” even when coming to battle “pretty much prised, as we opened the gate When is a beaver As he carried the unfortu- chards are unhappy partners. fatigued, marching &halting far above20hours&little to to gather the last of the sea- not a beaver? When nateout of the orchardwith With razor-sharp teeth and eat or drink,” as one combatant reported. Theauthor posits son’sdrops,tofind afurryball his barehands,two black- sharpclaws,porcupines are that “the ultimatelossofthe American colonies wasnot under an Idared tree,unhur- it’s a porcupine. tipped whitethorns,each arboreal and take the fruit as caused by inability of British soldierstoadapt to warfarein riedly munching on an apple about 2inches long,stuck to well as the leavesand the Americabut to challenges of logistics,manpower, and sandwiched between itspaws. Rog’s jacket. bark,killing the tree in the especially the lack of aclear strategic vision of howtowin We chased him away with a quarter-acrepond. They had “It’saporcupine,” said the process. Sometimes they fall awar against apopular insurgency.” clanking garbagecan lid and downed a16-inch-thick weep- oil deliveryman, who by outofthe trees and impale Lavishly illustrated, the book includes several images thenextday with atractor. ing willow and a 75-foot-high chancewas topping off our themselves on their quills. from the manuscriptsonwhich “Noble Volunteers” relies; But he kept coming back. whitebirch, whose branches tanks at the time.Aporcupine Without good-byes,Rog archives aremined in the United Statesand England, but Igot on the horn to Rog, andtwigsthey packed with canhaveasmanyas30,000 plopped the deceased intoa also in Canada, Ireland and Scotland. Scouring those remains who lives amile south: “Can I mudand grasstosecurethe quills,some with penetrating plastic bag,and the two drove and “piecing together fragments,” Mr.Hagist’s“patchwork put you on beaver alert?” dam. It ran20feet acrossand barbed ends.Contrarytolore, off together. To his wife, this biographies” bring lifetothe British soldierswho fought in “My .22will be ready,” said 4feet high. It took Rog a porcupines can’t propel their would be no surprise. the American Revolution, giving human dimensions to those Rog,along-retired postmas- month of early-morning visits, quills.But they present anonymous figuresbeneath their redcoatswhose caricature terwith time on his hands. slogging around in hip boots, mighty shields to would-be Mr. Kolatch writes on China we should put to rest. ForyearsRog,abackwoods- to trap the responsible party, antagonists. and Japan and is author of man by instinct, has been our which sat in his wife’sfreezer Afew taps on averysmart “At the Corner of Fact & Mr. Spencer, aprofessor of history at Brock University, go-toman forbeavers—and until pelt prices rose. phone told that porcupines,at Fancy.” is the author of “David Hume and Eighteenth-Century America.” P2JW329000-0-A01800-1------XA

A18 | Tuesday, November 24, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Biden’s Liberal Internationalists Hong Kong Takes Issue With Our Editorial

oe Biden is wasting no time selecting his We’relessfamiliar with Mr.Biden’snominee Your editorial “DemocracyDies in inely upholding the Basic Lawand governing team, and the initial choices for forHomeland Security Secretary, Alejandro the Open” (Nov.12) ignores funda- honoring the pledgeofallegianceto J national security poststhat he announced Mayorkas,orAvril Haines,who will be director mental factsthat lie at the heart of the Hong Kong SAR. Theelection in Hong Kong’srelationship with our question had been unavoidably post- on Mondayare heavy with of national intelligence. We do Blinken is reassuring, countryand with the rest of the poned forayear because of the Obama Administration veter- knowboth deservebetterthan world. Covid-19 pandemic.While the cur- ans. This means they’ll know but Kerry as climate to be described as “the first First, the commitment to the prin- rent-term LegCo continues discharg- howtorun agovernment, Latino” to runDHS,orthe ciple of “one country, two systems” ing itsduties,itwould be illogical though we hope he plans bet- czar is catnip for China. “first woman” at DNI, as the remains solidly strong.“One coun- and arbitraryifthose not qualified terthan arestoration of the pressinsisted on describing try” has itsbaseline while “two sys- to contest the election areallowedto status quo pre-Donald Trump. them. Themedia’sinsipid pre- tems” has itsboundary. All Legisla- continue to serveasLegCo members. Mr.Biden’schoices of AntonyBlinken to run occupation with identity politics obscures tiveCouncil (LegCo) membershave Third, the HKSAR Government is the State Department and Jake Sullivan as na- what’simportant. Howabout what they think? the right to expressdifferent politi- not targeting anyLegCo member. tional security adviser will reassureworld lead- iii calviews and to monitor the govern- Nor arewegoing forpolitical sup- ersdiscomfited by Mr.Trump’sdisruption. Mr. The big disappointment is John Kerryas a ment. This is their duty.It, however, pression, or silencing dissenting does not mean that legislatorscan views.Manycountries requirelegis- Blinken has worked with Mr. Biden for years, cabinet-level special envoy forclimate. As ane- do whatever they likeinexercising latorstotakeanoath of allegiance. which will givehim significant policyinfluence. gotiator,Mr. Kerrynever drives ahardbargain, their rights. Inviting foreign coun- Membersofthe U.S. Congressare re- Mr.Sullivan worked with HillaryClinton at the as his Iran nuclear deal showed. His cabinet sta- tries to impose sanctions on our na- quired to swear to support and de- State Department and would have had amajor tus suggeststhat climatewill be aspecial nego- tion and Hong Kong is absolutely un- fend the U.S. constitution or face job had she won the Presidency. tiating priority rather than one issue among acceptable. criminal charges. This is an interna- Both are mainstream liberal international- many in foreign policy. Why can’t Mr. Blinken Second, the four legislatorsmen- tional norm. To suggest otherwise istswho believeinworking on behalf of U.S. in- handle it? tioned were disqualified because smacks of double standards. tereststhrough multilateral institutions.They Perhaps this is meant to be diplomatic theater they had already been barred from MATTHEW CHEUNG KIN-CHUNG favor U.S. leadership as long as it is channeled to appease the climateleft. But it is abad signal running forre-election in the Sept. 6 Chief secretary for administration through the United Nations, NATO and tradi- if Mr.Biden considersclimatetobealeading na- election in accordancewith the law, Hong Kong Special Administrative tional alliances. To borrow a phrase from the tional security issue.The fracking-led boom in on grounds that they were not genu- Region Government Obamaera,they favorleading from behind. U.S. oil and gasproduction has enhanced Ameri- They’realso enamored with arms control, and cansecurity in multiple ways. Mr.Sullivan criticized Mr.Trump’swithdrawal It has made the U.S. less dependent on for- Shelton and the Hazard of Independent Ideas from the 1987 nuclear arms treaty with Russia eign producersand the U.S. economylesshos- Regarding your editorial “Judy andtheir central-bank cohortswho despite blatant Kremlin cheating. tage to the vagaries of the world oil market. The Shelton’sHeresy” (Nov.18): Judy assist them in buying votes, power On the other hand, they were on the more fall in oil prices, thanks in part to U.S. produc- Shelton’sfailuretosecureSenate and wealth. hawkish side of some Obama-era debates. Mr. tion, has reduced the clout of dictators in oil- nomination to the Contrarytopopular opinion in Sullivan supported antitank missiles for producing countries likeRussia’sVladimir Putin BoardofGovernorsisabout much Washingtonand capitals world- Ukraine, which President Obama opposed and and Venezuela’s Nicolás Maduro. U.S. natural morethan not being “a member of wide,deficitsdomatterand there Mr.Trump finally delivered. Mr.Blinken fa- gas sales also enhance America’s exports and the Washingtonclub” or having dif- is in fact aserious income-inequal- ferent monetaryopinions about in- ity problem around the world. His- voredthe Iraq warin2002 and intervention in economic influence. flation or interest rates. tory tells us howstories likethis Libya. Mr.Blinken wasknown forrepeating like Mr. Biden has pledged to return the U.S. to Her sin is that her monetary end. Judy Shelton deserves ap- amantra, “superpowers don’t bluff,” regarding the Paris climateaccord, which would be aboon views arecentered around astrong pointment to the BoardofGover- Mr. Obama’s red-line fiasco about the use of to China. Under that agreement the People’sRe- dollar (God forbid), which brings norsbecause cronycapitalism is a chemical weapons in Syria. public doesn’t have to reducecarbon emissions intoplayacurrencypeggedtothe dangerous game,and if we don’t If Michèle FlournoyisMr. Biden’schoicefor at alluntil 2030,while the U.S. will have to im- gold standardand the necessity of end it ourselves,then China will do defense secretary, as manyexpect, he will have pose vast new rules to cut emissions. balanced budgets. This is indeed it forus. ateam that might stand up betterthan Mr. Chineseleaderswill be only toohappy to heresy to the global elite, govern- STEVE GARDES Obama did to adversaries.The caveat is China, make future promises on climate in return for ment leadersindeveloped nations Lafayette, La. wherethe former Vice President and his advis- American acquiescence todaytotheir security ers haven’t revealed their thinking to any sig- priorities of Taiwan, the South China Sea and nificant degree. It will be their toughest prob- Huawei. Sending Mr. Kerry to negotiate with lem, not least because domestic U.S. politics Chinese President Xi Jinping on climateisarec- AU.S. Naturalization Ceremony to Remember won’t let them return to Mr.Obama’spolicyof ipe for returning home dressed in a barrel. An Jo Craven McGinty’s “The Num- about the duties of citizenship as wagging afinger but doing nothing to deter Bei- obsession with climatewill turn aU.S.security bers: Green-CardHoldersFlock to well as itsprivileges.All joined in jing’s rogue behavior. strength into a vulnerability. Citizenship” (U.S.News, Nov.14) lustily singing anumber of patriotic brought back memories of anatural- songs. Finally,the judgeled the ap- ization ceremonyIattended in San plicantsinswearing allegianceto A Buckeye Vo ucher Victory Francisco’sMasonic Temple 35 years the U.S. and then pronounced them ago. Afriend of mine from college citizens of the U.S. he pandemic has been especially tough Their real concern is that moreschool choice had returned to the U.S. with his An amazing roar of cheering,ap- on low- and middle-income families,but will forcemoreaccountability by increasing family afterliving abroad for30 plause,laughing and crying swept years. He and his wifechose to ap- the room. Ihavenever seen such a T the GOP Legislaturein Ohio has given competition. Several studies have found that ply forU.S.citizenship and invited largedisplayofemotion and total parentsintheir statesome- academic performanceim- me to attend the naturalization cere- joy. That moment ledmetounder- thing to be grateful forthis Ohio expands private proves at public schools in ar- mony. Iguessed that it would in- stand the value that these good peo- Thanksgiving by passing a school choice to eas wheremorestudentsqual- volveabout 10-15 people and their ple placed on U.S. citizenship.Iurge major expansion of private- ifyfor vouchers, so even those close relatives.Iwas stunned upon everyAmerican to attend anatural- school vouchers. half of all students. who don’t receivescholar- arrival to see around 150 applicants ization ceremonyatleast once. You Legislation approved late ships maybenefit from the and 300 or so friends and relatives won’t look upon U.S. citizenship the last week expands eligibility Ohio legislation. in the auditorium. Ajudgeled the same way again, and youwon’t take forthe state’sprivate-school scholarship pro- It’s notable that Republicans this year per- ceremonysupported by amilitary your citizenship forgranted. gram to families earning up to 250% of the formed betteramong minorities in states where color guardand asmall military ED COLLINS band. Thejudgespokeeloquently Wilmington, Del. poverty line from 200%. Studentsinschools they’ve expanded school choice. According to whereatleast 20% of families arelow-income exit polls,about 40% of Hispanics votedfor or that fall in the bottom20% of academic per- President Trumpin Ohio and North Carolina, Oregon Drug Law Change Can Help Families formancefor the past two yearswould also be wherethe GOP LegislatureinSeptember eligible.The bill awaitsGov.MikeDeWine’s pushed through an expansion of scholarships Naomi Schaefer Riley and John curb the illegitimate use of drugs by signature. so more middle-class families could benefit. Waltersstate that Oregon decrimi- instituting the rehabilitation process Half of all studentsinOhio would be eligible A Biden Administration might try to limit nalized “small amountsofharder instead of mass incarceration. Rehab for a scholarship. Nearly 50,000 students al- school choice, but it will facestrong resistance drugs, including cocaine,heroin and can and will help those struggling ready receivevouchers, which averagearound to its unions-first agenda in the states where methamphetamine” (“LegalDrugs with illicit drug abuse. Under the $4,500.That’sabout athirdasmuch as the Republicans next year will control the legisla- AreFashionable—and Treacherous Americans with Disabilities Act, statespends per pupil at public schools.None- ture. Republicans also have an opportunity to forChildren,” op-ed, Nov.19) and someone actively fighting and reha- that the passageofMeasure110 in bilitating themselves from their sub- theless, the teachersunion and district superin- retake governorships in Wisconsin, Pennsylva- Oregon “lower[s] the risk and cost of stance abuse is considered disabled. tendentsclaim without evidencethat the nia and Michigan in 2022, and expanding school doing businessfor drug dealers.” It’s People who are addicted are sick and voucher expansion will hurt public schools. choice is a winner politically. an erroneous claim. Measure110 says need help with their problem instead that possession of lessthan one of being punished for it. Ms. Riley gram of heroin, various lowamounts and Mr. Walters have no cause to A Fed Chair for Treasury of amphetamines and lessthan two rope children into their argument. Or- grams of cocaine is decriminalized. egon’s Measure 110 will change the nceupon atime Democratschose Wall Mnuchin took the courageous step last week of No drug dealer would carryanything culture around illicit substances and Street or businessveterans forthe ending the Fed’sextraordinarypandemic-re- lessthan three times the amountsin encourage rehabilitation. O Treasury, with agoal of reassuring the lated powers under the Cares Act, and markets the measure. SEAMUS R. FALLON privatecapital markets. Jack have defied doom-and-gloom The authors say overdoses in the New York Ye llen is likely to exert U.S. rose from “17,000 in 1999 to Kennedy chose Wall Streeter predictions by reacting well to more than 67,000 in 2018.” The “sky- DouglasDillon while Jimmy considerable influence the decision. But both the Fed rocketing” statistic in the rise of fatal Pope Francis Is Following Carter picked MichaelBlu- and the Biden transition team overdoses is the 31,335 deaths attri- A Dissenter of Long Ago menthal of Bendix.These days over the central bank. criticized Mr.Mnuchin for buted to fentanyl, a “powerful syn- Democratic Presidentslean taking back the Treasury thetic opioid that is similar to mor- With great deferencetoand respect toward Washingtonexperi- money to backstop the ex- phine but is 50 to 100 times more forRev.Michael P. Orsi, regarding his ence,which helps explain JoeBiden’s leaked panded Fedprograms. potent.” FDA-approved fentanyl isn’t contention (Letters,Nov.14) that Pope choice on MondayofJanet Yellen to be his Ms.Yellen worked with current FedChair- what’s being put into substances; ille- Francis is fomenting “dissent” and Treasury secretary. man Jerome Powell during the Obama years, gal fentanyl is and has been impli- actsas“amajor source of disunity,” Ms.Yellen is an economist by training but and they arelikely to form amind meld on fis- cated in nearly 60% of opioid-related perhaps we should humbly remember deaths in 2017 compared with a mere humankind’sgreatestdissenter,Jesus she’sapolitical economist by experience. Most caland monetarypolicy. This will be good for 14% in 2010. of Nazareth. It is he who guides our recently she wasChair of the Federal Reserve Ms.Yellen’spolicyinfluence, but the same can’t Oregon is taking a bold step to pontiff,not political curia or other during President Obama’ssecond term. But she be said forFed independence. membersofour very human Catholic has also done stintsaspresident of the San Forall of the protestsabout President family.For that Iamtruly grateful. FranciscoFed and the WhiteHouse Council of Trump’smisguided Twitterattacks on Mr.Pow- U.S. Misses an Important BRIDGETTE M’GUINNESS Economic Advisers. That’sagold-plated politi- ell, the Fedhas been moving toward becoming Boat in Asian Trade Pact Saratoga, Calif. calresume,and she has areputation foralways an arm of the Treasuryfor some time.Paul Vol- knowing her brief. cker maintained lines of independencehe Adam Smith is turning over in his She trained under economist James Tobin at wouldn’t cross. But Alan Greenspan playedpoli- grave after learning that the U.S. is a Pepper ... Yale and throughout her long career she has fol- tics behind the scenes,Ben Bernankewas more nonparticipant in the Regional Com- And Salt lowedthe Tobin preceptsofeasy money,with overt in becoming ateam with Tim Geithner, prehensive Economic Partnership, a trade agreement that encompasses THE WALL STREET JOURNAL generous social spending financed by taxin- and Ms.Yellen and Mr.Powell have continued nations responsible for around a creases. She believes in the Keynesian precept the pattern. third of global economic output that federal spending spurseconomic growth— TheFed seems to be returning to the role it (“Asian Countries Forge Trade Pact,” the kind of spending matters less than the playedbeforethe famous Accord in 1951 when Page One, Nov. 16). Someone should amount—and in recent months has called for the BoardofGovernorsagreed with the Trea- send the Trump administration a much moreinfederal Covid-19 relief.This no surytoseparateits financing of government copy of Smith’s magnum opus, “An doubt appeals to Mr.Biden, who is fond of the debt from monetarypolicy. This created what Inquiry Into the Nature and Causes of Obama spending spree of 2009-2010,and it will we came to knowasthe modern Fed. But nowa- the Wealth of Nations.” certainly makeMs. Yellen apopular choice days the Fedisfinancing federal debt with en- DONALD TAYLOR amongDemocratsonCapitol Hill. thusiasm, and Mr.Powell is signaling he’ll do Holliston, Mass. Our guessisthat Mr.Biden also values her as much of it as the politicians want. Lettersintended forpublication ties to the Fed, which is expanding itspolicy With her ties to the Fedgovernors, and espe- should be emailed to [email protected]. writ to include vast newregulatorypowers,as cially the Fedstaff,Ms. Yellen is likely to have Please include your city, stateand well as alargerrole in fiscal policyand steering even more influenceeventhan most recent telephone number.All letters aresub- the allocation of privatecapital with itsloans Treasury chiefs.This will be agood line of in- ject to editing,and unpublished letters “They were very advanced cannot be acknowledged. and bond purchases.TreasurySecretarySteven quiryather Treasuryconfirmation hearing. for their time.” P2JW329000-0-A01900-1------XA

THE WALL STREET JOURNAL. Tuesday, November 24, 2020 | A19 OPINION Hospitals Prepare for the New Covid Wave

By Mark Jarrett vent another wave,but we should large outbreaks,somost elementary And Bruce Farber be able to keep it from overwhelm- schools should remain open with ingthe health-caresystem. close monitoring.Large indoor he numbersacrossthe As hospitals throughout metro gatheringsneed to be stopped. Na- U.S. arestaggering: more NewYork were flooded with Covid tional mask mandates need to be than 167,000 new patientsinMarch and April, North- supportedbypublic-health leaders T Covid-19 cases and 1,400 well’semergency-management team and both political parties.Surveil- deathsaday,with more reconfigured spaces and made avail- lancetesting appearstobeeffective than 83,000 Americans currently able 2,000 newpatientbeds in 10 in limiting spread in colleges.Travel hospitalized. Afall Covid surge is days.The strategywas reproduced forThanksgiving and Christmas is under way,reminiscent of the fall of across the country. Unfortunately, particularly dangerousinthe cur- 1918,which sawthe second wave of staffing limitations—not lack of rent environment and needs to be the much deadlier Spanish flu. space—prevent manyrural areas minimized. Testing cansafely re- GES Without an intervening factor,biol- from increasing medicalcapacity. ducequarantine times,which will IMA ogy, likehistory, repeatsitself. They have to transfer patientsto makecompliancemorelikely.Other

NewYork is battling arising dis- regional hub hospitals. GETTY practices that have shown to be in- ease prevalencebut has so far es- Medicalsciencehas also made A/ effective, such as temperature caped asecond significant spike. No giant leaps in Covid-19 testing since UR screening and aggressivecleaning, AM doubt atough fall and winter lie the pandemic began. Morethan 1.7 canbescaled back. NAK

ahead, with the virus spreading, millionCovid testsare nowdone GO Many health systems and state pandemic fatigue growing,and cold daily in the U.S. Thereare new health departmentshavecreated weather sendingpeople indoorsto tests, adequatesupplies,and novel have reduced the risk of death. So be agame changer,allowing many surveillancesystems that cantrace socialize. waysofusing tests. At manyhospi- have anticoagulantsand proning— to resume somewhat normal behav- the contactsofpeople who test pos- tals,all patientsare tested on ad- positioning patientsontheir stom- ior in eight months.Hopefully the itiveand stop emerging Covid clus- mission forCovid-19 to reducethe achs instead of their backs.The great resultsofthese trials will ters beforethey grow.They arealso Applying the lessons we possibility of in-hospital spread. Be- early use of remdesivir is modestly push manyofthe “vaccine hesitant” using predictivemodeling—based fore electivesurgery,all patients beneficial forahospitalized patient. to agree to receiveit. on, among other things, anony- learned in spring should arealso tested to contain the virus TheFood and Drug Administration’s Unfortunately,the vaccine’sroll- mizeddataabout what people make the disease more and prevent postoperativecompli- emergency-use authorization for out will be slowerthan most people search forwhen they visit North- cations.This is critical to prevent monoclonal antibody infusions realize. It will be necessarytovac- well.edu and other health web- manageable this time. the postponement of urgent care for should further prevent hospitaliza- cinatemorethan 320 million Amer- sites—toanticipateincreases in non-Covid diseases,such as heart tions and reducethe severity of icans with two doses,probably re- cases beforethey occur.These failureand cancer.Screening pro- Covid-19. quiring six to eight months.For the tools,which weren’t available dur- But the outlook isn’t as gloomy gramsatnursing homes have also As aresult of these newtreat- time being,the countryshould dou- ing the firstwave, will makeabig as it might seem. Health-careorgan- prevented manyoutbreaks and ments, people who need to be hos- ble down on basic methods to slow differenceascases surge again. izations learned manyimportant deaths,which were common in the pitalized aremuch lesslikely to ex- the spread. Thereiswidespread re- They will allow hospitals to be pro- lessons when Covid ripped through spring. periencethe kind of severedamage sistancetolockdowns in most areas activeinstead of reactive, improv- NewYork in the early months of the At first, clinicians didn’t know seen in the spring and aremore of the U.S.,and the incidenceofdis- ing outcomes forpatients. year and throughout the U.S. since. who wasatgreatestrisk from likely to recover. Death rateshave ease is toohigh to alloweffective At Northwell Health in NewYork, Covid-19 and what organsystems fallen by at least 20% sincethe contact tracing.Reconciling these Dr.Jarrett is chief quality officer we’vespent the past months plan- could be affected, let alone which spring.Inother good news,fearsof issues will require a careful balanc- and deputy chief medical officer at ning foraresurgenceand educating medications and procedures might asimultaneous influenzaoutbreak ing act. Northwell Health. Dr. Farber is chief everyclinical team member to treat help ward off damage. We’ve appear to be unfounded. We knowenough, however, to of infectious diseases at North the virus effectively and slowits learned agreat deal sincethat time. Therecent resultsofthe Mod- suggest the following: Education for Shore University Hospital and LIJ spread. We maynot be able to pre- Steroids forthe most seriously ill erna andPfizervaccines will likely children under 10 hasn’t caused Medical Center at Northwell Health. Obama’s Prophet Motive Led to the ‘Promised Land’ and Trump

rent circumstances is the storyof ography, but Moses had five books the main an unusually skilled politi- Theformer president is highly in- Moses and the Golden Calf. afterall, so it’spresumably early cian, aclever rhetorician adept at telligent, yet, as with so manyofhis We are delivered out of captivity days yet—is actually titled “A Prom- cloaking his progressiveideologyin ideological ilk,this natural intelli- FREE and ignorancebythe greatest of ised Land.” the mantle of a higher idealism. genceiscompletely unallied to even EXPRESSION prophets. But sinceweare weak and Thebook—and the accompanying Like other, less feted presidents, a hint of self-awareness. By Gerard Baker sinful, we (well, 47% of us, perhaps encounters with carefully selected, he wasanopportunist too—with a He fails even to see, let alone ac- underthe malign influenceoffor- properly reverential media figures— cynicism that at times could be knowledge, that it washis member- entral to the mainstream me- eigners) drop away from the path of is timed perfectly to fulfill itsinten- breathtaking. You get a good sense ship of adisdainful, ideologically C dia’smorality-tale version of righteousness. When our Moses has tion of explaining the moral arc on forthis—as well as forthe ideologi- monolithic class, rather than his recent American political his- leftus, forMount Sinai—or Martha’s which America finds itself. calleap the Democratic Party has race,that fostered so much of the tory is the symbolic juxtaposition of Vineyard—wesuccumb to idolatrous takeninthe past decade—from a resentment that led to the election the Obama and Trump presidencies. temptation. telling little story about a man who of his successor. What followed Mr. It’saclassic storyofthe core No prizes for guessing the iden- The former president fails oncefeatured prominently in Obama Obama was less a suddenly discov- struggle in human history: the ten- tity of the Golden Calf,all hefty and teleology. ered tastefor racist authoritarianism sion in man’ssoul between good and bulbous and dripping with bling,a even to see how his disdain Mr.Obama recalls in the book than the revengeofthose he had evil, between the idealism of our fat, shinyidol to answerour earthier for ‘bitter clingers’ fed howhehad to jettison the Rev.Jere- oncedismissed as bitterclingers, or better nature and our baser desires needs. miah Wright,whom the futurepresi- those who didn’t sharehis Prince- and fears. And nowwehavetoberedeemed voters’ resentment. dent once called his “spiritual men- ton-educated wife’sviewthat his Twelveyearsago, according to all over again. tor,” afterugly sermons surfaced election wasthe firstoccasion in the narrative, we were given a Thegood news is that Moses is about race and America’sirredeem- American historyfor genuine pride. leader, a man who was an avatar of back.Not in the form of his desig- In this telling Mr.Obama was ably sinful history. ManyAmericans votedfor him innategoodness, one who showedus nated heir and successor,but in the elected to heal and reform abroken Well, praise be! Mr.Wright’s and then forMr. Trump.Surely some our own failings and offered a path person of the prophet himself,bran- and flawedAmerica. He kept his side views on America are now more or of them believed in Mr.Obama’s to the hope of redemption. But we dishing heavy tablets in book form, of the bargain, governing judiciously, lessmainstream among progressives promise of comity only to see that in were unable to meet the heavy ex- ready to smite the idol and restore animated by reason and justice. But and much of the Democratic Party. the end he wasn’t that different from pectations placed on us. We turned his people’s faith. evilRepublicans,propelled by right- “God Damn America!,” an impreca- the usual establishment politicians. away and, forawhile at least, em- There’snoone who seems more wing media, refused to be concili- tion so loathsome that Mr.Obama It’salesson you’dthink this most braced the darkness. captivated by the idea of Barack ated.Instead they pandered to their hadtodisown it to save his cam- self-consciously measured of politi- It is self-evidentlybiblical, or Obamaasahistorical figure on a base and exploited the election of paignin2008,could nowmoreor cians would appreciate. In apprais- would be if we weren’t alargely god- quasispiritual mission than the 44th America’sfirst mixed-racepresident lessserveasthe title of the curricu- ing recent political historywecould lessculture. Thereare countless president himself. to stokeancient hatreds and ulti- lum our progressivecultural leaders, do with alittle morereasoned nu- such tales going back to the Fall, but Thefirst volume of his White mately to elect Donald Trump. Mr.Obama included, want us to anceand alittle lessOld Testament surely the most redolent of our cur- House memoir—and his thirdautobi- It’s nonsense. Mr. Obama was in learn. righteousness. Boeing and Airbus Bicker While China Reaches for the Sky

By James Bacchus over the past four years, these mu- tracetothe 1970s,when Airbus the two companies retain aglobal mercial AircraftCorporation of tually retaliatorytariffs areper- (owned jointly by French, Spanish, duopoly in producing large civilian China,orComac.Until recently,Co- ne of the trade challenges fectly legal under international law German and British interests) first aircraft, but the market is about to mac laggedseveral yearsbehind in O JoeBiden will have to faceas because they have been authorized began to take significant market changedramatically. itsplan formaking alarge passen- president will be howbest to by the World Trade Organization. sharefromBoeing,which had previ- China, whichsoon will become gerjet to competewith Boeing and managethe U.S. disputewith the Twoparallel WTOcases have re- ously been avirtual monopoly.The the world’slargest aviation market, Airbus.The two Western giants European Union over Boeing and sulted in parallel rulings: TheEU full-blown disputebegan in 1992, has foryearssought to become a generally dismissed the likelihood Airbus. Thefight seems never-end- has violated WTOsubsidy rules by afterthe U.S. and the EU agreed to of genuine Chinese competition any ing,but one background detail has aiding Airbus,and the U.S. in turn limit the governmental subsidies time soon. made it moreurgent: China is pre- has violated those same rules by grantedtoboth. TheU.S.and EU have a That calculation changed last paring to break intothe aircraft aiding Boeing.Because WTOjurists In 2004, that agreement fell month. Comac’s168-seat narrow- market andclaim alarge share have determined that neither side apart because of trans-Atlantic dif- common interestinending body C919 jet, apotential competi- from itsvulnerable adversaries. hascomplied fully with these rul- ferences over what types of state their fightoverairplane tortoBoeing’s737 MAXand Air- TheU.S.-EU disputeescalated ings, each side has been given legal aid were permitted. TheU.S.pulled bus’sA320neo,performed itsfirst earlierthis month when Brussels permission to levynew border taxes out of the agreement and filed a manufacturing. air-showflight, at the Nanchang announced newtariffs on $4 billion against the other. WTOcase against the EU’ssubsi- FlightConvention. Comac is seeking of U.S. exports, in retaliation for Thetariffs have stoked economic dies.Inreply,the EU filed asimilar certification forthe C919 in 2021, subsidies Washingtonprovides to pain on both sides of the Atlantic, WTOcase against the U.S. Sixteen major aviation manufacturer as a and the firstdeliveries of the plane giveBoeing aleg up in the airplane especially amid the global downturn yearsofcomplexlitigation followed. part of itsMade in China 2025 plan. arescheduled forthat year. market. TheEU’smovefollows the caused by Covid-19.The failureto TheWTO cases concluded this One of the 10 key sectorsChina has China maycontinue to trail the restrictions the U.S. imposed last resolvethis disputealso further year,but neither side has agreed to targeted in itsindustrial policyis U.S. and EU in this sector,which is year on $7.5 billion of EU exports, complicates the misfortunes of the talks that might lead to full tariff aerospaceand aeronautical equip- based in some of the world’smost from cheese and pork to oliveoil aviation sector,which is among repeals and an end to Boeing and ment. advancedtechnology. But China’s andwine. those that have suffered most dur- Airbus threatening each other’s via- Beijing’shopes—along with un- progress in fields such as telecom- Unlikemanyofthe tariffs the ingthe pandemic. bility.That resolution should occur told sums—have been placed in a munications and weapons manufac- Trump administration has imposed Thebeginningsofthe standoff sooner rather than later.For now, state-owned enterprise,the Com- turing suggest that it should not be underestimated in anysector.De- cliningdemand forlarge civilian aircraft during the pandemic may PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Georgia also givethe Chinese an opening to Rupert Murdoch Robert Thomson seizeashareofashrunken short- Executive Chairman, News Corp Chief Executive Officer, News Corp From “Are Republicans Really Fa- Republicans mayfind their turnout term market by undercutting Boe- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher vored in Georgia?” by Sean Trende, effortshamstrung if whites with col- ing and Airbus on price. Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Real ClearPolitics, Nov. 18: legedegrees in metroAtlantaturn Because the U.S. and the EU for Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; out in force...but instead vote Dem- decades have been the only global Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; Part of what fuels media skepti- ocratic this time.... producersoflarge civilian aircraft, News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; cism aboutDemocrats’ chances in On topofthis,thereislikely still all other WTOmembershavelong Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer these racesisthe outcome of previ- something of adifferencebetween a been willing to let the two of them Andrew Dowell, Asia; AnthonyGalloway, Video & ousrunoff elections,whereDemo- “Trump voter” and a“Republican cut aseparatedeal on their aircraft Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; cratshavemade the postseason in voter.” ...Voterswho backed the subsidies.But if the two powers Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; good condition, only to lose in the president because of who he is seem don’t resolvetheir disputesoon, Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; end. ...But this might tell us more unlikely to turn out in droves for they mayhavetomakeroom for Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News aboutthe natureofthe parties’ old Loeffler and Perdue.Infact, these China at the negotiating table. Thomas SanFilippo, Customer Service; coalitions than anything else.Runoff voters might be disenchanted by the GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; elections aretypically low-turnout RepublicanParty’s failuretogoall-in Mr. Bacchus is an adjunct Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; events,and when the Democratic co- on the president’sclaims of voter scholar at the and a Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International alition in Georgia consisted largely of fraud and astolen election. State professorofglobal affairs at the WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: whites without collegedegrees and election officials,all of whom areRe- University of CentralFlorida. He LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head blacks,they were placed at adisad- publican, arecompelled to admit that served as afounding member of the

EDITORIAL AND CORPORATEHEADQUARTERS: vantageinanelection wherehigh- thereislittle evidenceoffraud in the WTO’s Appellate Body (1995-2003) 1211 Avenue of the Americas, New York, N.Y., 10036 propensity voters dominated. ... state, which runs contrarytothe andaDemocratic U.S. representa- Telephone 1-800-DOWJONES That mightnot be the case anymore. president’sclaims. tive from Florida (1991-95). P2JW329000-0-A02000-1------XA

A20 | Tuesday, November 24, 2020 THE WALL STREET JOURNAL.

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© 2020 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. Tuesday, November 24, 2020 | B1

S&P 3577.59 À 0.56% S&P FIN À 1.88% S&P IT g 0.03% DJ TRANS À 1.57% WSJ $ IDX À 0.18% LIBOR 3M 0.207 NIKKEI (Midday) 26198.63 À 2.63% See more at WSJ.com/Markets GM Backs Off California Fuel Spat China

Auto maker says incoming Biden administration. suit and encouraged other auto ing circumstances.Fiat Chrys- tion strives to outcompeteour Blacklist In October 2019,GMinter- makerstofollow, saying it sees ler didn’t respond to arequest global competitors, create goals for energy vened in alawsuit filed by envi- aroutetocompromise on tail- for comment. good-paying union jobs hereat efficiency are now ronmental groups challenging pipe-emission rules. Environmental Protection home,and reclaim our place Sparks the Trump administration’sde- “We are confident that the Agencyspokesman James He- as leadersininnovation and aligned with state’s cision to revoke afederal Biden Administration, Califor- wittsaid, “It’salways interest- manufacturing.” waiver that allows California to nia, and the U.S. autoindustry, ing to see the changing posi- Environmental groups said Indexes’ BY MIKE COLIAS set itsown tailpipe-emissions which supports10.3million tions of U.S. corporations.” He they would continue pressur- standards. GM wasjoined by jobs,can collaboratively find declined to comment further. ing automakersthat sided DETROIT—General Motors Toyota Motor Corp., Fiat the pathway that will deliver TheWhiteHouse didn’t re- with the administration. Review Co.will no longer back the Chrysler Automobiles NV and an all-electric future,” reads a spond to arequest forcom- “The other automakers Trump administration in itsle- other carcompanies in siding letterGMreleased from Chief ment. must followGMand withdraw galbattletostrip California’s with theadministration’sview ExecutiveMaryBarratothe President-elect JoeBiden support forTrump’sattack on BY FRANCES YOON authority to set itsown fuel-ef- that federal regulators, not in- environmental groups that praised GM’s move in a state- PleaseturntopageB2 ficiencyregulations,saying dividual states,should set the brought the suit. ment from his transition team. Index compilers FTSE Rus- GM’sgoals forgreen cars are rules.OnMonday, GM said it Toyota said it is assessing “This decision will have apos-  GM recalls SUVs, trucks over sell, JPMorgan Chase &Co. alignedwith the stateand the haswithdrawnfromthat law- its position in light of chang- itiveripple effect as our na- air bags...... B2 and MSCI Inc. are rethinking their stanceonsecurities from companies that the U.S. gov- prices have surged ernment says help the Chinese Bitcoin Attracts in 2020,approaching the Monday military. record theyset in 2017. $18,410.89* On Nov.12, President Trump signed an executiveor- der barring Americans from NewFans, Trades $15,000 investing in 31 Chinese compa- nies that the U.S. says supply Total assets under and otherwise support China’s management military, intelligenceand secu- Above $18,000 All Gold-backed ETFs rity services. $235B Theblacklist sparked asell- off in stocks and bonds issued SPDR Gold Shares by some targeted companies $74B 10,000 BY PAUL VIGNA sportsradio.Gregg Giannotti, or their units, though analysts AND ANNA HIRTENSTEIN co-host of the “Boomer & Grayscale TrustFunds said it wasn’t clear if the pro- Gio” morning sports-talk ra- $11B hibition extended beyond com- Bitcoin climbed back above dio showonWFANinNew panies named directly by U.S. $18,000 last week to flirt York,has been talking up the authorities to publicly traded with record levels,arally cryptocurrencyonthe air af- subsidiaries of thosecompa- driven by anew group of terinvesting $10,000 this nies. 5,000 buyersseeking the opportu- month. Adding to the uncertainty, nity forbig profits. Therewas astrong re- the ban is due to start on Jan. Thedigital currencytraded sponse to the bitcoin seg- 11,just days beforePresident- as high as $18,965 on Friday, ments, Mr.Giannotti said. “As elect Joe Biden is due to take according to CoinDesk,about soon as Ibrought it up on the office. 4% belowits all-time high of air,itstarted,” he said, add- Late last week,MSCIsaid it $19,783 set in December 2017. ing that old friends wroteto was consulting investorson Bitcoin fell back on Monday him, salespeople wanted to 0 the impact of the ban, includ- to $18,410.89. talk about bitcoin and listen- 2016 ’17 ’18 ’19 ’20 ing whether it needed to Therally has attracted a ersjammed his Twitterfeed. change existing stock indexes wide group of investorsin- “Itstruck anerve,” he said. Grayscale Investments, which sells Trading volume on the exchange ItBit or introduce new ones. cludingthe Wall Street bil- Bitcoin, aform of money over-the-countercryptofunds,has jumpedinOctober,when PayPal began FTSE Russell, aunit of Lon- lionairesPaul Tudor Jones that existsonly digitally, seen inflows surge this year. using it to handle its bitcoin trading. don Stock ExchangeGroup and Stanley Druckenmiller to started in January2009 dur- PLC,said itspolicywas to ex- momentum investorswho ing the depths of the finan- Netinflows,quarterly Trading volume,daily clude securities coveredby aimtoride winning assets cial crisis and waspositioned $1.0 billion $40 million U.S.,UKorEuropean Union higher andlosing markets as an alternativetogovern- sanctions. lower. ment-backedmoney.Itoper- Theindexprovider said it 0.8 Their participation, in ates across anetwork of 30 was“seeking rapid feedback turn, has fueled morebuying, linked but independent com- from clients andother stake- which mirrorsasimilar dy- putersthat can’t be con- 0.6 holdersonthe scope of the namic playing out in stocks trolled by anyone party,such 20 sanctions and the timing of the such as Tesla Inc., which in- as acentral bank. deletion of the affected securi- vestorskeep pushing higher It wasdesigned to have a 0.4 ties from FTSE Russell in- with little regard forfunda- fixedsupply that would make dexes.” FTSE Russell said it 10 mentals. it resistant to inflation. With 0.2 had asked the TreasuryDepart- As in 2017, when bitcoin central banks pledging this ment’sOfficeofForeign Assets became acultural phenome- year to push up inflation, Control to define the scope of 0 0 non, much of the hype has moreinvestorshavebeen these sanctions.Itplans to traveled by word-of-mouth. willingtotest bitcoin as a 2017 ’18 ’19 ’20 Oct. Nov. reach adecision by Dec.4. Lately,bitcoin has even hedge. Itspotential, however, *Asof4:30p.m. Theoverall impact on been awinning topic on PleaseturntopageB2 Sources: CoinDesk (price); Grayscale Investments, World Gold TrustServices, World Gold Council (assets); the company(net inflows); CoinGecko(volume) benchmarks is likely to be modest.Ofthe 10 biggest stocks in the MSCI China In- dex, China Mobile is the only Japan Violated Ghosn’s Rights, U.N. Panel Says one that would be affected by theban. It has amarket value of $124billion, with stock BY MARK MAREMONT prosecutorsinvolved in the month break between the and called on the Japanese and exposing detainees to po- listed in Hong Kong and New AND PETER LANDERS case. third and fourth arrests. government to conduct an in- tential coercion and torture. York,and makes up about 1.3% Mr.Ghosn wasarrested in “The revolving pattern of vestigation of the matter and The U.N. report isn’t likely of the MSCI China index. Japan’sdetention of Carlos Japan in November 2018 on detention wasanextrajudicial “takeappropriatemeasures to have much immediateim- Theorder also has implica- Ghosn formorethan four suspicionoffinancial crimes abuse of process,” said areport against those responsible for pact on Mr.Ghosn, who fled tions forcorporatebond mar- months with limited access to while he waschairman of Nis- dated Fridaybythe U.N. Hu- the violation of [Mr. Ghosn’s] Japan in late December 2019, kets.Kenneth Ho,head of Asia legal counsel wasarbitrary san Motor Co., then rear- manRightsCouncil’sWorking rights.” smuggled out inside agiant credit strategyfor Goldman and violated the former auto- rested three moretimes and Group on ArbitraryDetention. TheU.N.panel also broadly musical-instrument case onto Sachs, estimates that targeted mobile titan’shuman rights, a held in prison under repeated Thereport, which is non- criticized aspectsofJapan’s awaiting privatejet. Mr. companies and their subsid- United Nations panel con- questioning by prosecutors binding,called forJapan to criminal-justicesystemasGhosn, who denies anywrong- iaries have about $53.9 billion cluded in arebukeofJapanese untilApril 2019,with aone- payreparations to Mr.Ghosn, overly reliant on confessions PleaseturntopageB2 PleaseturntopageB2 INSIDE Digital Sales Allow Warner Music to Tread Water

BY MATT GROSSMAN but digital music-publishing revenue wasupby32% from Agrowing shareofWarner last year’s fourth quarter. Music Group Corp.’s revenue In its full fiscal year, which in the latest quarter flowed ended on Sept. 30,Warner from music streaming and Music’sdigital revenue grew other digital channels, a sign 11%, making up 65% of the of how thecoronavirus pan- company’stotal revenue,com- demic is reshaping listeners’ pared with 58% in the previ- BUSINESSNEWS habitsamid an altered land- ous 12-month period. The owner of the scape for the music industry. Therising importanceof Regal movie-theater Revenue forthe music label digital channels could persist wasroughly flat year over beyond the pandemic if listen- chain gets aloan to year in the July-through-Sep- ers’ social-distancing habits avertbankruptcy. B3 tember period, rising by 0.2% provehardtobreak,Chief Ex- MUSIC

to $1.13 billion. ecutiveStephen Cooper told RNER

Digitalrevenue made up a analysts on a call Monday. WA R

significantly largershareof “Wethink there’savery FO that sum, growing 15% to $778 reasonable probability that GES million, from $674million in these last seven, eight, nine IMA the year-ago quarter. months andthe continuing

In Warner Music’sre- Covid assault [have]…changed GETTY corded-music segment, reve- a number of people’s habits,”

nue from physical sales was Mr.Cooper said. “My ownper- SMAN/

roughly flat in thefiscal fourth sonal view is that there’s go- SUS Y

quarter,while digital sales ing to be some changeof AM grew 13%. thinking about packing your- Artist-services revenue fell amid the pandemic. Burna BoyataWarner pre-GrammypartyinJanuary. HEARD ON THE Revenue from artist ser- self into stadiums or arenas.” STREET vices, expanded rights and li- Mr. Cooper added that the pany’s performance in 2021. a 4-cents-a-share profit. TheNew York City-based AfterCovid, some censing all dropped as the companywould continue to in- Warner Music’s$1million Shares fell 3.3% to $28.01 companyowns labels includ- pandemic disruptedtouring vest in digital channels such loss in the latest quarter—a on Monday, and aredownby ing Atlantic Records,Elektra shifts in consumer and merchandising. as live-streamed concerts. break-even result on aper- 7. 3% sinceclosing at $30.21 on Records and Warner records. habitswill endure. B10 Music-publishing revenue Warner Music declined to sharebasis—fell short of the the day of the company’s ini- It is also theparent of Warner declined 2.3% year over year, provide guidancefor the com- FactSet consensus estimatefor tial public offering in June. Chappell, a music publisher. P2JW329000-4-B00200-1------XA

B2 | Tuesday, November 24, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes. GM Halts A Ford Motor...... B2 PayPal...... B2 CarMaker Recalls SUVs, Aegon...... B3 Gap...... B4 Pfizer...... A1,B9 Ageas...... B3 General Mills...... B10 Pinterest...... B10 Fight With Alphabet...... A10 General Motors.....B1,B2 R Amazon.com...... A10 Grayscale Investments ...... B4 TrucksOverAir-Bag Part AMC Entertainment ...... B2 Reckitt Benckiser.....B10 Groupe Clarins...... B4 California ...... B3,B10 Regal Entertainment..B3 Aperio...... B5 H - I Ross Stores...... B10 Apple...... A6, B4 BY DAVE SEBASTIAN inflaterstodegrade over time, mentswithout asingle rup- Hanjin TransportationA8 Royal Caribbean...... B9 Assicurazioni GeneraliB3 putting them at risk of explod- ture involving the models the ContinuedfrompageB1 Honda Motor...... B2 RSA Insurance...... B3 AstraZeneca...... B9 Intercontinental S General Motors Co.has ing during acrash and sending NHTSA identified and that the cleancars,” said Dan Becker, Aviva...... B3 agreed to recall 5.9million shrapnel-likemetal fragments vehicle and inflater design dif- director of the Safe Climate Exchange...... B2 Semiconductor B J - K Manufacturing SUV and pickup-truck models into the cabin. fers from that of other af- Transport Campaign. Bayerische Motoren to replacepotentially faulty Joyson Safety Systems, fected cars,making the models Ms.Barra’sletteralso said JPMorgan Chase...... B1 International...... A2 Werke...... B5 Kohl's...... B4,B10 Shift Technologies....B10 Takata air-bag inflaters, a fix which acquired Takata’sassets safe. GM is encouraged by Presi- ...B3 Snap...... B4,B10 Kraft Heinz...... B10 that could cost the automaker afterthe air-bag maker filed TheNHTSA said in itsdeci- dent-elect JoeBiden’splan to Best Buy...... A1 Square...... B2 more than $1 billion. for bankruptcy in 2017, didn’t sion that GM’s claim that the createjobs by supporting the BioNTech...... B9 L T GM had asked the National immediately respond to a re- vehicles aren’t at risk is un- adoption of electric vehicles. BlackRock...... B5,B9 Levi Strauss...... B4 Target...... B10 Bustle Digital Group...B4 London Stock Exchange Highway Traffic Safety Admin- quest for comment. founded. Theletterisapublic signal Telecom Italia...... A10 C Group...... B1 istration not to order arecall of Incidentsinvolving rup- GM, which has said in pre- that GM is ready to work with Tesla...... B1 the vehicles because the auto tured Takataair bagshave viousfederal filingsthat re- the Biden administration, even Campbell Soup...... B10 M TJX...... B10 maker believed they were safe. placing the inflaterswould though President Trump has CarMax...... B10 Macy's...... B10 Toyota Motor...... B1 Carnival...... B9 McCormick...... B3, B10 Twitter...... B4 Theagencydenied that re- cost about $1.2 billion, said yettoconcede the election. Charlotte Tilbury Beauty Merck...... B3 U - V quest on Monday, saying itsre- GM had told Mondaythat it would begin During his campaign, Mr.Biden ...... B4 MetLife...... B3 search shows Takatainflaters the process of fixing them. pledged to begin working on Chevron...... B5 UAS Laboratories...... B5 ...... A10 Unilever...... B10 installed in GM vehicles are regulators that the “Wedisagree with NHTSA’s newtailpipe emissions regula- China Feihe...... B10 Moderna...... A1,B9 prone to the deadly explosions position. However, we will tions from the outset of his ad- Chr. Hansen...... B5 Universal Health Takata inflaters MSCI...... B1 Services...... A2 reported in other automakers’ abide by NHTSA’s decision and ministration and to restorethe Cineworld...... B3 N Vroom...... B10 CJ Logistics...... A8 cars. were safe. begin taking the necessary role of states such as California CME...... B2 Nestlé...... B10 W Thevehicles GM has agreed steps,” GM said. in the process. Costco Wholesale Nissan Motor...... B1 Walmart...... B10 to recall include some of its Theautomaker’s shares Industryexecutives and lob- ...... A6,B10 O Warner Music...... B1 bestselling models from the rose 4% on Monday. byistshavesaid they expected D Oaktree Capital Wayfair...... B10 2007 to 2014model years, in- killed 18 people in the U.S. and TheNHTSA said it had con- Mr.Biden to direct the Justice Danone...... B10 Management...... A3 Y cluding Chevrolet Silverado at least12moreelsewhere, the ducted engineering and field Department to drop itscon- DuPont...... A1 Obsess...... B4 YogaWorks...... B10 andGMC Sierrapickups,Ca- NHTSA said. teststhat show“the GM in- tinuing legal fight to revoke F - G Omantel...... A10 York Capital dillac Escalade SUVs,Chevy GM has previously recalled flaters in question are at risk California’sauthority,leaving OncoImmune...... B3 Management...... B5 Facebook...... A10,B4,B10 Tahoe and Suburban SUVs and some models forfaulty Takata of the same type of explosion the companies that intervened Fiat Chrysler...... B1 P Z GMC Yukon SUVs. inflaters, but it had petitioned afterlong-term exposureto to continue the case if they Fidelity Investments..B2 Pantera Capital...... B2 Zurich Insurance...... B3 TheTakataair-bag recall the NHTSA four times since high heat and humidity as choose to do so. has been one of the largest 2016 to avoid this latest one. other recalled Takatainflat- GM is placing among the and most complex in U.S. his- Theautogiant said evi- ers.” autoindustry’sbiggest betson tory,involving 19 automakers dencefromindependent evalu- TheagencygaveGM30 electric cars,increasing itsin- INDEX TO PEOPLE and tens of millions of vehi- ation showsinflatersdon’t days to submit a schedule for vestment last week to $27 bil- cles,according to the NHTSA. need to be replaced. notifying vehicle owners and lion through mid-decade. A H Singh, Neha...... B4 Theagencysays adesign It has said it is aware of beginningthe processofre- —Ben Foldy Adelson, Sheldon...... A3 Ho, Kenneth...... B1 Skenderoski, Ivan.....A10 defect cancause the air-bag nearly 67,000 air-bag deploy- placing the parts in question. contributed to this article. Aurand, Christophe.....B5 L Smart, Christopher.....B9 Spyrou, Tryfonas...... B3 B - C Li, Susan...... B10 Steyer, Tom...... A3 Barra, Mary...... B1 M Breber, Pierre...... B5 T PanelCites Morehead, Dan...... B2 Cooper, Stephen...... B1 Moyer, Thomas...... B4 Tilbury, Charlotte...... B4 D O Tudor Jones, Paul...... B1 Dinan, Jamie...... B5 Ghosn Case O'Connor, Paul...... B9 V Druckenmiller, Stanley ...... B1 P Vu, Mikey...... B4 G Perlmutter, Isaac...... A3 W Violations Gallimore, Owen...... B2 S Wagenheim, Jason.....B4 Ghosn, Carlos...... B1 Simons, James...... A3 Warren, Kelcy...... A3 ContinuedfrompageB1

doing,isinLebanon, which GES

Grayscale Investments,a has no extradition treaty with IMA Bitcoin privatefund manager that Japan. sells 10 over-the-counter But the report could bolster GETTY trust funds focused on bitcoin the legal case of two Ameri- SE/ Attracts and other cryptocurrencies, cans accused of helping Mr. has benefited from the new Ghosn escape.The pair—an ANCE-PRES

interest. Thefirm reported ex-Green Beret and his son— FR New Fans that itsassetsunder manage- areinaMassachusetts jail,

ment had risen to morethan battling extradition to Japan GENCE $10billion from $5.9 billion forcrimes allegedly commit- /A RO

ContinuedfrompageB1 at theend of September. ted during the escape. AM

has been difficult to gauge Despitethe recent growth, Michael and Peter Taylor’s AR

because inflation hasn’t the bitcoin market is still tiny lawyers have argued in court ANW reached the Federal Reserve’s compared with other assets, filingsthat the two Americans Former Nissan Chairman Carlos Ghosn, seen in September in Lebanon, fled last year from Japan. target of 2% in years. which contributes to itsvola- shouldn’t be extradited be- Aiding this interest has tility.Panteraestimated that cause they facetortureand TheU.N.group emphasized arguing that the U.N. panel’s made the same criticisms. been the increasing number trading volumes on PayPal other inhumane treatment in that its report “should not be report will only encourage In general, Mr.Ghosn and of mainstream platforms that and Square’sCash App alone theJapanese justicesystem, construed as condoning or of- such flight as justified. the panel aren’t disputing that facilitatebitcoin trading.The would exceed the amount of pointing to Mr.Ghosn’sown fering anyjustification” for Mr.Ghosn’sattorneyssaid, he was treated in accordance combination of accessible newbitcoin being created treatment there. Mr.Ghosn’ssudden flight from “Wewelcome acourageous with Japanese law, but they platforms and bitcoin’spo- daily. Mr.Ghosn filed alegal dec- Japan. decision that representsade- contend that Japanese law tential as an inflation hedge With hedgefunds and laration earlier this month in Japan’sgovernment, in a cisiveturning point,” adding limitssuspects’ rightsbeyond is what is primarily driving other professionals also buy- theTaylors’ case,describing statement, called the U.N. re- that the U.N. panel validated what is acceptable under in- the cryptocurrencythis year, ing,supply will become even howhehad been interrogated port “totally unacceptable” Mr.Ghosn’scontention that he ternational human-rightsstan- said DanMorehead,chief ex- more constrained, according foruptoeight hoursaday and said itscriminal justice wasdenied impartial justice dards.Among other things, ecutiveofPanteraCapital, a to PanteraCapital’sMr. and slept in atinycell on ata- system has appropriateproce- and subjected to “unfair and the panel said Mr.Ghosn venturefund that has been Morehead. “The only way tami mat with the lightson dures to “clarifythe truth in degrading treatments.” They should have been allowedto investing in the sector since supply and demand equili- around the clock. criminal cases while guaran- predictedany legal proceed- have his lawyer present when 2013. brateisatahigher price,” he TheTaylors’ attorneyson teeing the fundamental human ings based on the Japanese he was interrogated. “Paper money is being de- said. Monday cited the U.N. panel’s rights” of suspects. case are“liable to be declared Japan says defendantshave based, and bitcoin is not,” he That dynamic is part of conclusions in afiling with the Mr.Ghosn wasdetained null and void.” ample access to a lawyer, and said. what attracted Mr.Drucken- federal court reviewing the ex- based on a court warrant be- The U.N. panel’s criticisms have the right to remain silent Thelast time bitcoin at- miller.Hesees bitcoin as sim- tradition decision, saying the cause he wasconsidered likely involvepractices that arecom- during anyinterrogation. Per- tracted such attention—in the ilar to gold, he told CNBC in report further supportsthe to flee and destroy evidence, mon in Japan’sjusticesystem, mitting adefense lawyer in in- fourth quarter of 2017when an interviewthis month, but Taylors’ contentions that their the Japanese government said. not just in Mr.Ghosn’scase. terrogations might prevent au- it nearly quadrupled to ap- because of bitcoin’ssmaller extradition to Japan would vi- Mr.Ghosn “then proceeded to Independent human rights thorities from getting at the proach $20,000—the industry sizeand volatility,hesaid he olateaU.N.convention against actually flee the criminal trial groups,both inside and out- truth of what happened, offi- wasn’t prepared. Therewere believes it could outperform torture. itself,” the government said, side of Japan, have frequently cials have said. few outletsfor trading be- the precious metal. Mr.Jones yond startup exchanges,and told the network in Maythat bitcoin had little practical he put about 1% to 2% of his bonds in its indexes, but said quire Switzerland’s Syngenta their holdingsclosely tracking value.The momentum assetsinbitcoin, calling it a China List it would “re-evaluateonce AG. abenchmark index. That washed out, newinvestors “great speculation” that he thereismoreclarity on the Owen Gallimore, head of meant bonds that were cut off disappeared, venturecapital believes will emerge as anew impact to benchmark replica- credit strategy at ANZ, said from indexeshaveameaning- dried up and the industry asset class. SpursIndex tion,” according to aJPMor- most international buyersof fully largerspread, or yield went through awaveofre- Neither Mr.Druckenmiller gan note published last week. such Chinese dollar bonds premium, versus comparable trenchment and layoffs. nor Mr.Jones responded to Thenotesaid 16 targetsor were passiveinvestors, with government debt, he said. Much of that has changed, requestsfor comment. Review their subsidiaries had issued bulls argue. Forone thing, Still, bitcoin’shistory bonds that were included in theregulatorylandscape is shows howvolatile and risky its indexes, and they make up ADVERTISEMENT much clearer than it wasin it canbefor investors. Its ContinuedfrompageB1 3.7% of the JPMorganAsia 2017. State and federal agen- pricefell as lowas$3,867 on in offshore debt, or about 6% Credit Index, which has about cies,including the Internal March 13,when global mar- of all Chinese bonds issued in $80 billion in assetsbench- The Marketplace Revenue Serviceand Securi- kets cratered, adropofmore dollars, euros or yen. marked against it. To advertise: 800-366-3975orWSJ.com/classifieds ties andExchangeCommis- than 60% from the beginning FTSE Russell said it was Prices of bonds issued by sion, have laid out rules for of the year.Bitcoin lost about also reviewing the order’s im- some of these companies, in- BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES the treatment of cryptocur- 50% of itsvalue in January pact on itsbond indexes. JP- cluding China National Chemi- rencies.That has led compa- 2018 afterthe spectacular Morgan, another major bond- calCorp., have fallen sincethe 4&!!#=$!!#=$++::1717 '14#=&44 ; nies such as CME Group Inc., 2017run, eventually sinking indexprovider,said it order.The company, often 7(.2$ 8$'9& 7(5% ,#6123+(- !9"+(1"" Intercontinental Exchange to as lowas$3,122byDecem- wouldn’t include newbonds known as ChemChina, has bor- !$'*1$2-1 2(3 40# /$)% Inc.and Fidelity Invest- ber 2018. issued by anyofthese compa- rowedheavily in international 9=G %66 J*00, FGJ8(J50*655055G,< ments Inc.tooffer services Those risks haven’t de- nies in its benchmarks. markets in recent years after 9%866/),J)00G*:>0*0G* forbuying and selling cryp- terred investorssuch as Thebank will keep existing spending $43 billion to ac- 9**F 'J50*6553-6 .*GH 'JF685 toassets. Wayne Sharp,aretired in- &),, ")F #*()8 <086A0?B@2322@3CCKC Thereare also retail-ori- vestment adviser in Colum- Theyield on aChemChina dollar bond rose sharplyafter the ---,'%*+$($#"!,)#& ented platforms catering to bus,Ohio,who bought her Chinese chemical giantwas includedonaU.S.blacklist. '6=A, 7; 7; +="5-ECC-E8:C bought $1.6billion of bitcoin, investorsincluding Mr.Jones. up from $555 million the year She acknowledged the pur- 3.4 before. chase wasspeculativebut In October, PayPal Hold- said she is tired of watching 3.2 THE MARKETPLACE ings Inc.unveiled aservice safer,“value” investmentsfall ADVERTISE TODAY that allows itsuserstobuy behind momentum trades. @&'7(& $"(!#& :*4&= 3.0 43#!,.%0&/)+' "$3/-32-, 41()%*1 (800)366-3975 andsell bitcoin directly in She put asmall amount of :*4#$:$%*:$!" =:@*:&%$&= their accounts. It became her wealth intothe crypto- ,12(31 *"'"!-1 /)30+1 (. *0 %#$ .1, &1", Formoreinformation visit: available to all U.S. userson currency and said she might 2.8 wsj.com/classifieds Nov.12and will expand to buy moredownthe road. Sept.18Oct.Nov. >EIBI)5BAAI5 /3B)EEB:*4B(7:B5 ©2020Dow Jones &Company,Inc. Venmo and some interna- “I figure what the heck, 8881-69,+.;2D?69+2,+<+9D,19+D All Rights Reserved. tional marketsnextyear. just go forit,” she said. Source:Refinitiv P2JW329000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** Tuesday, November 24, 2020 | B3 BUSINESS NEWS McCormick Nears Deal for Cholula, Hot-Sauce Maker

BY CARA LOMBARDO vinegar.Itwas named aftera city in Mexicoand intro-

McCormick &Co. is near- duced in the U.S. in 1989. S ing adeal to buy hot-sauce Oneofthe fastest-grow- maker Cholula, according to ing hot sauces,itholds a PRES

people familiar with the special placeinpop culture, UMA /Z matter, seeking to capitalize as evidenced by arecent on demand forspicycondi- “SaturdayNight Live” skit in ments. which Cholula breaks up the PICTURES S Theseasoningscompany wedding of two ketchup bot- is discussing adeal with L tles. NEW Catterton,the private-equity U.S. retail sales of hot ONDON

firm that has owned Cholula sauces have jumped more /L since2019,that would value than 40% since2015,accord-

it at around $800 million, ing to Euromonitor,ascon- CHUNG the people said. sumerslook forlow-calorie EPHEN

Adeal, resulting from an seasonings and millennials ST flock to spicyflavors. Cineworld, which has roughly 800 locations in ten countries, will get a $450-million loan. One of its theaters in London in October. The rising demand for U.S. hot­sauce retail hot sauces,which also in- clude Sriracha and Tabasco, sales this year are on has in part been fueled by RegalCinemas’ Owner Averts track to near $1 growing immigrant popula- tions,increasing familiarity billion. with global cuisines and thrill-seeking food shows. Bankruptcy With Rescue Loan U.S. hot-sauceretail sales this year areontrack to auction of the business, near $1 billion, which would could come together as soon be just shyofketchup sales, BY ALEXANDER GLADSTONE provide it with rescue financ- muting the box-officerevenue programming and little con- as Tuesday, assuming the according to Euromonitor ing and help avert abank- prospectsfor the theaters sumerdemand. talks don’t fall apart. estimates.Smaller brands RegalEntertainment ruptcy filing. that managetostayopen. Cineworld said it has also McCormick,famous forits account formorethan 40% Group owner Cineworld Based in theU.K., Cine- Other highly anticipated made some progressonper- red-capped bottled spices of hot-saucesales,which has Group PLC said it secured afi- world is the second-largest films,likeanew James Bond suading key landlords to andrectangular tins,owns led established food makers nancial lifeline aftercreditors movie-theater operator glob- movie, have been postponed agree to rent deferrals and brands includingFrench’s to seek acquisitions in the supplied the struggling movie- ally,aswell as in the U.S.,af- to next year. leasemodifications in some yellowmustard, Old Baysea- sector. theater operator with arescue ter AMC Entertainment Due to the pandemic and cases. soning and Thai Kitchen When LCatterton agreed loan and other debt relief. Holdings Inc.Movie-theater the delayedtheatrical release “The curtain has been products.Italready owns to buy Cholula just under Under the deal, lenderswill owners large and small are schedule,Cineworld last raised on amorepositivepic- another popular hot sauce, two yearsago, it said it providea$450 million loan to under immense pressureas month suspended operations turefor Cineworld, with the Frank’sRedHot, best known would expand the brand’s Cineworld to help keep it Covid-19 cases hit record lev- at itsmorethan 500 U.S. loca- companygrabbing hold of an- forits buffalo-wing sauce, global distribution. afloat through the Covid-19 els throughout the U.S. and tions afterthey were re- other financial lifeline,” Har- which it acquired in 2017. Thefirm also hired the pandemic as infections surge local governmentsrenewlock- opened in August. Thecom- greavesLansdown PLC ana- McCormick,which is former chief executiveof throughout the U.S. Other down restrictions and tighten pany also temporarily closed lyst Susannah Streeter said. based in Hunt Valley,Md., cookie maker Tate’s Bake lenderswill provide addi- social-distancing guidelines. its127 locations in the U.K. “The companyisstill eyeing and has amarket value of Shop. tional flexibility on the com- Theatersalso facethe chal- Cineworld said Mondayit Maynextyear foragrand re- around $24billion, sells LCatterton is expected to pany’srevolvingloan and lengethat major Hollywood assumed it would reopen its opening of movie theaters both to consumersand res- makemorethan four times other senior debt, with the studioshavebeen delaying theatersnolater than May around the world, but that taurants. itsmoney on the brand, various measures providing their releases or going 2021. will depend on just how Itsrevenue soared in its some of the people said. over $750 million of extrali- straight to streaming,leaving Thecompany, which has quickly studios schedule big latest quarter as the corona- Based in Greenwich, quidity,Cineworld said. cinemas with little to show roughly 800 locations in 10 releases.It’shoped the vac- virus pandemic liftedsales Conn., LCatterton has Cineworld’sshares soared those theatergoerswho are countries,was founded in cine breakthroughs will help of spices and sauces with around $20 billion under 20% in London trading on able and willing to showup. England in 1995.Itacquired unblock the pipeline of pro- morepeople cooking at management and primarily Monday, to £55.30, the equiva- Warner Bros.’ “Wonder theRegal chain in 2018 for ductions; however, that’s home and adding flavor to investsinconsumer brands. lent of $73.43. Woman” sequel, one of the $3.6 billion. likely to depend on the suc- takeout food. Other investmentsinclude TheWall Street Journal re- few major films set to be re- Formajor movie theaters, cess and speed of massinocu- Cholula, with itsdistinc- consumer-productsbrand ported last week that Cine- leased to theatersthis year, suspending operations could lations.” tivewooden cap, is made TheHonest Co.and Equinox world had been reviewing a will also be available on be lesscostly than staying —Philip Waller with ablend of peppersand gyms. proposal foradeal that would streaming serviceHBO Max, open with alimited supply of contributed to this article.

Notice of Tender Offer by Polyus Service Limited Liability Company with respect to aproposed tender offer to purchase for cash up to 317,792of the issued and outstanding ordinary shares (“Ordinary Shares”), including those represented by Regulation Sand Rule 144A Global Depositary Shares (“GDSs”) and Level IAmerican Depositary Shares (“ADSs” and, together with GDSs, “DSs”), with two GDSs or two ADSs representing one Ordinary Share, of public joint stock company polyus at apurchase price not lessthan US$210 and not greater than US$240 per each Ordinary Shareand not lessthan US$105 and not greater than US$120 per each DS Polyus Service (“Polyus Service,” “we,” “our”or“us”), awholly-owned subsidiary of Public Joint Stock Company Polyus (“Polyus” or the “Company”), is inviting holders of the issued and outstanding Ordinary Shares and DSs (the Ordinary Shares and DSs, together,the “Securities” and each a“Security,” and the holders together,the “Securityholders” and each a“Securityholder”) to tender for cash up to 317,792 Ordinary Shares, including Ordinary Shares represented by DSs (the “Maximum Number of Securities”), at apurchase price not lessthan US$210.00 and not greater than US$240.00 for each Ordinary Share(the “Minimum Ordinary SharePrice” and the “Maximum Ordinary SharePrice,” respectively) (the “Ordinary SharePrice Range”), to be paid in Russian rubles based on the U.S. dollar /Russian ruble exchange rate of the Central Bank of Russia on the date of the announcement of the results of tenders pursuant to the Tender Offer,and at aprice not lessthan US$105.00 and not greater than US$120.00 for each DS (the “Minimum DS Price” and the “Maximum DS Price,” respectively) (the “DS Price Range” and, together with the Ordinary SharePrice Range, the “Purchase Price Range”), to be paid in U.S. dollars, unlessotherwise set forth in this Tender Offer Memorandum, in each case upon the terms and subject to the conditions set forth in this Tender Offer Memorandum (the “Tender Offer”) and, in the case of Ordinary Shares, in the related Ordinary Shares Letter of Transmittal (the “Ordinary Shares Letter of Transmittal”), and in the case of DSs, the DS Corporate Action Notice (the “DS Corporate Action Notice”) and the DS Letter of Transmittal (the “DS Letter of Transmittal”). The Tender Offer will commence on November 24, 2020 and will be implemented through aprocedureknown as amodified “Dutch auction”, which will allow each Securityholder to select the price, in increments of US$2.00 (two U.S. dollars), within the Ordinary SharePrice Range for Ordinary Shares and, in increments of US$1.00 (one U.S dollar), within the DS Price Range for DSs. Upon the terms and subject to the conditions set forth in the Tender Offer Memorandum, Polyus Service will select the lowest price (the “Ordinary ShareStrike Price” or the “DS Strike Price”, as applicable, and, together,“Purchase Price”), that will allow it to purchase up to the Maximum Number of Securities (in any combination of Ordinary Shares and DSs). Polyus Service reserves the right, in its sole discretion to change the Purchase Price Range, and to increase or decrease the Maximum Number of Securities. CK THE TENDER OFFER WILL EXPIRE AT 4:00 P.M., LUXEMBOURG/BRUSSELS TIME (6:00 P.M., MOSCOW TIME, 3:00 P.M., LONDON TIME, 10:00 A.M., NEW YORK TIME) ON TO DECEMBER 24, 2020, UNLESSTHE TENDER OFFER IS EXTENDED (THE “EXPIRATION TIME”). Please note that The Depository Trust Company,Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme, their respective participants and the brokers or other securities intermediaries through which DSs areheld will establish their own cut-off dates and times for the tender of the DSs, which will be earlier than the Expiration Time. If the aggregate number of all validly tendered Ordinary Shares at the Ordinary ShareStrike Price and of all validly tendered DSs at the DS Strike Price (in any combination of SHUTTERS Ordinary Shares and DSs) exceeds the Maximum Number of Securities, the Securities tendered at the Ordinary ShareStrike Price and at the DS Strike Price will be purchased on a A/ prorata basis according to the number of Securities tendered at or below the Ordinary ShareStrike Price and at or below the DS Strike Price (with downward adjustments where necessary to avoid the purchase of fractional Securities).

IC/EP None of Polyus Service, Polyus, their respective management, Board of Directors of Polyus, the DS Tender Agent, the Dealer Manager,the Information Agent, IRC-R.O.S.T.,

AT NRC Stock Market or the DS Depositary,nor their respective directors, employees or affiliates, makes any representation whatsoever regarding the Tender Offer,ormakes any

BR recommendation to any Securityholder as to whether to tender or refrain from tendering Securities and no person has been authorized to make any such recommendation. If made

N or given, any such recommendation, representation or information must not be relied upon as having been authorized by Polyus Service, Polyus, their respective management, Board of Directors of Polyus, the DS Tender Agent, the Dealer Manager,IRC-R.O.S.T.,NRC Stock Market or the DS Depositary.Securityholders areurged to evaluate carefully all SA information in the Tender Offer Memorandum, Ordinary Shares Letter of Transmittal, DS Corporate Action Notice, and other related materials, consult their own investment and HA tax advisers and make their own decisions whether to tender or refrain from tendering their Securities. The acquisition is the latest move in the drugmaker’s drive to develop treatments for the virus. The Ordinary Shares trade on the Moscow Exchange under the symbol “PLZL”. The Regulation SGDSs, Rule 144A GDSs and the Level IADSs arelisted and trade on the main market of the London Stock Exchange (“LSE”) under the tickers “PLZL,” “PLZA” and “PLZB,” respectively.Inthe U.S., the Level IADSs trade under the ticker “OPYGY”onthe OTCmarket. Polyus Service and PGIL, the controlling shareholder of the Company,have signed an indicative letter of intent pursuant to which PGIL undertook not to participate in the Tender Offer,but has indicated that it may in the future, and in any event following the expiration of the Tender Offer period, sell to Polyus Service up to amaximum amount of 1,110,779 Ordinary Shares held by it. Merck to Buy Biotech Firm To the extent permissible under applicable securities laws, the Dealer Manager and its affiliates may from time to time purchase, or enter into arrangements to purchase, Securities either as principal or agent beforeand during the period when the Tender Offer remains open for acceptance. Neither Polyus, Polyus nor any member of the Polyus consolidated group expects to purchase Securities, other than pursuant to the Tender Offer,during the period in which the Tender Offer is open for submission of tenders, except that Polyus and such other companies may use Securities in connection with financing, refinancing and acquisition transactions, purchase such Securities in connection with such transactions and sell and purchase Securities to and from other members of the Polyus consolidated group. In addition, in accordance with Russian law and pursuant to Rule 14e-5 under the U.S. Securities Exchange Actof1934 (the “Exchange Act”), affiliates of Polyus that arenot members of the Polyus consolidated group and over which Polyus does not exercise control and their respective nominees or brokers (acting as agents), and any adviser to Polyus or any of its affiliates and the Dealer Manager in the Tender Offer or any of its affiliates, With Covid-19 Treatment and any person acting, directly or indirectly,inconcert with any such persons, may from time to time make purchases of,orarrangements to purchase, Securities other than pursuant to the Tender Offer,beforeorduring the period in which the Tender Offer is open for submission of tenders, so long as those acquisitions or arrangements comply with applicable Russian law and the provisions of the exemption provided under Rule 14e-5 under the Exchange Act(“Rule 14e-5”). Any of the purchases referred to in this paragraph may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Information about such purchases will be disclosed as and if required by BY DAVE SEBASTIAN theCovid-19 treatment to a healthyvolunteers. applicable securities laws. Securityholders must follow all applicable procedures outlined in the Tender Offer Memorandum. The specific procedures for tendering Securities will vary depending on the type newentity owned by existing Forthe vaccine,Merck in of Security being tendered and whether the tendering DS holder is aNon-Russian DS Holder or aRussian Currency Resident (each as defined in the Tender Offer Memorandum). Upon the terms and subject to the conditions of the Tender Offer,validly tendered Securities will be accepted for purchase by Polyus Service. Polyus Service will announce the Merck &Co. is buying the shareholdersbeforethe ac- Maysaid it wasacquiring results of tenders pursuant to the Tender Offer on adedicated website at: www.polyus-service.com. biopharmaceuticalcompany quisition, with Merckinvest- closelyheld Austrian com- All questions as to the validity,form, eligibility (including time of receipt) and acceptance of tenders will be determined by Polyus Service in its sole discretion, which determination shall be final and binding. Polyus Service also reserves the absolute right to waive any of the conditions of the Tender Offer or any defect in any tender,whether generally or with OncoImmune,which has re- ing $50 million and becoming panyThemis Bioscience. The respect to any particular Security or Securityholder.Polyus Service’sinterpretations of the terms and conditions of the Tender Offer and the Tender Offer Memorandum (including ported positive resultsfroma aminority shareholder in it, vaccine wasdeveloped by the the Ordinary Shares Letter of Transmittal, the instructions thereto and the DS Corporate Action Notice) shall be final and binding. Polyus Service also expressly reserves the right at any time to terminate the Tender Offer prior to the Expiration Time and not accept for purchase, or pay for,any Securities for late-stagestudy of acoronavi- the companies added. French research nonprofit In- any reason or if any of the conditions referred to in the Tender Offer Memorandum has not been satisfied or upon the occurrence of any of the events specified in the Tender Offer rustherapeutic candidate, for Patientswith severeor stitut Pasteur and licensed to Memorandum. $425 million. critical Covid-19 who were Themis. Any extension, termination or amendment will be followed as promptly as practicable by publication on the designated website at: www.polyus-service.com Securityholders should be awarethat the sale of Securities and receipt of the Purchase Price pursuant to the Tender Offer may have certain tax consequences, and areurged to Theacquisition is the big treated with asingle dose of Merck’sother coronavirus consult at their own expense with their tax advisers with respect to those consequences in considering the Tender Offer. The information contained in the Tender Offer Memorandum, the Ordinary Shares Letter of Transmittal, the DS Corporate Action Notice, the DS Letter of Transmittal and any other drugmaker’s latest in its OncoImmune’stherapeutic vaccine effort takesthe form documents attached to the Tender Offer Memorandum is incorporated by reference into this Notice. catch-up in the most impor- candidate, known as CD24Fc, of apartnership with the sci- Copies of the Tender Offer Memorandum, TaxInformation Memorandum, the Ordinary Shares Letter of Transmittal, the DS Corporate Action Notice, the DS Letter of Transmittal and other related materials areavailable at adedicated website at: www.polyus-service.com tant vaccine and treatment had a60% higher probability entific-research organization The Information Agent for the Tender Offer is: chase in modern history. of improvement than those IAVI, whose experimental CMi2i Ltd 21-26 Garlick Hill, London EC4V2AU Rivalshavemade large treated with the placebo,On- vaccine uses the same tech- Email: [email protected] Tel: London local: +44 (0)208 187 1439 strides with their experimen- coImmune said of itsinterim nology that is the basis for UK toll free: 0800 029 4287 talcoronavirus vaccines.On analysis of datafrom203 Merck’sEbola Zairevirus US toll free: 1-866 458 4519 New York local: +1 929 999 5141 Monday, AstraZenecaPLC and participants,or75% of the vaccine. Forinformation on tender procedures, please contact: The Bank of New York Mellon the University of Oxfordsaid planned enrollment in its Health authorities have (with respect to tender procedures for the DSs held by Non-Russian DS Holders) By Email: their Covid-19 vaccine wasas Phase 3clinical trial. The eyed vaccines as crucial to drprojectarrow @bnymellon.com much as 90% effective in pre- dose reduced the risk of taming the coronavirus pan- IRC-R.O.S.T. (with respect to tenders of Ordinary Shares and DSs held by Russian DS Holders) By Email: venting infections without se- death or respiratoryfailure demicsothat the world can [email protected] By telephone: rious side effectsinlarge by more than 50%, the Rock- begin returning to normal. +7 800 700 94 47 clinical trials,and ashot cre- ville,Md., companyadded. They arecrucial to ensure Polyus-Service Limited Liability Company November 24, 2020 ated by ModernaInc.and one Merck,based in Kenil- that enough people arepro- NOTICE TO INVESTORS jointly made by Pfizer Inc. worth, N.J.,isalongtime tected against the virus so it NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (“SEC”) NOR ANY U.S. STATESECURITIES COMMISSION OR REGULATORY AUTHORITY HASAPPROVED OR DISAPPROVED OF THE TENDER OFFER MEMORANDUM, PASSED UPON THE FAIRNESSORMERITSOFTHE TENDER OFFER OR DETERMINED WHETHER THE TENDER OFFER IS and BioNTech SE were found maker of vaccines and antivi- can’t spread easily,evento ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARYISACRIMINAL OFFENCE IN THE UNITED STATES. to be morethan 90% effective rals,including human papillo- those who aren’t immune. THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT AND THE TENDER OFFER MEMORANDUM IS ADDRESSED EXCLUSIVELYTOTHE HOLDERS OF ORDINARYSHARES AND DSs REPRESENTING ORDINARYSHARES OF POLYUS. NEITHER THE TENDER OFFER MEMORANDUM NOR THE TENDER OFFER DESCRIBED THEREIN NOR ANY INFORMATION in their ownlate-stagetrials. mavirus shot Gardasil. Some 200 Covid-19 vac- CONTAINED HEREIN AND THEREIN CONSTITUTE AN OFFER (“OFERTA”)PURSUANT TO RUSSIAN LAW, OR AN ADVERTISEMENT,ORANOFFER OF SECURITIES TO AN UNLIMITED Under the deal, expected to ThecompanyinSeptem- cines areindevelopment NUMBER OF PERSONS WITHIN OR OUTSIDE THE TERRITORYOFTHE RUSSIAN FEDERATION, OR AVOLUNTARYTENDER OFFER OR MANDATORYTENDER OFFER UNDER RUSSIAN LAW, OR AN AUCTION UNDER ARTICLES 447-449 OF THE CIVIL CODE OF THE RUSSIAN FEDERATION AND APPLICABLE RUSSIAN LAW. NEITHER THE TENDER OFFER MEMORANDUM close by the end of the year, ber said it had begun testing around the world, according NOR THE TENDER OFFER DESCRIBED HEREIN CONSTITUTE OR ARE INTENDED FORPLACEMENT OR PUBLIC CIRCULATION OF SECURITIES OF FOREIGN ISSUERS IN THE RUSSIAN FEDERATION. GDSs AND ADSs, TO WHICH THE TENDER OFFER RELATES, ARE NEITHER REGISTERED IN THE RUSSIAN FEDERATION NOR ADMITTED TO PLACEMENT,PUBLIC OncoImmune shareholders one of itsexperimental to the World Health Organiza- PLACEMENT OR PUBLIC CIRCULATION IN THE RUSSIAN FEDERATION IN ACCORDANCE WITH ARTICLE 51.1 OF RUSSIAN FEDERAL LAWNO. 39 FZ “ON THE SECURITIES MARKET”, DATED APRIL 22, 1996 (ASAMENDED) (THE “RUSSIAN SECURITIES MARKET LAW”). THE TENDER AND PURCHASE OF DSs WILL BE CARRIED OUT EXCLUSIVELYINACCORDANCE would be eligible formile- Covid-19 vaccine candidates tion, each one promising to WITH THE PROCEDURES SET FORTHINTHE TENDER OFFER MEMORANDUM. ANY INFORMATION IN THE TENDER OFFER MEMORANDUM AND RELATED DOCUMENTSINRESPECT stone- and sales-based pay- in healthyvolunteers. It laid protect people from the coro- OF DSs IS ADDRESSED IN THE RUSSIAN FEDERATION SOLELYTOPERSONS WHO ARE “QUALIFIED INVESTORS” AS DEFINED IN THE RUSSIAN SECURITIES MARKET LAW. THE TENDER OFFER IS BEING MADE TO SHAREHOLDERS OF POLYUS RESIDENT IN THE UNITED STATES IN RELIANCE ON, AND COMPLIANCE WITH, SECTION 14(E) OF THE ments, the companies said out aCovid-19 vaccine pro- navirus and allowthem to go EXCHANGE ACTAND REGULATION 14E THEREUNDER. THE TENDER OFFER IS BEING MADE IN THE UNITED STATES BY POLYUS SERVICE AND NO ONE ELSE. Monday. gram in lateMay,atatime back to work and school. THE TENDER OFFER IS BEING MADE FORTHE SECURITIES OF ARUSSIAN COMPANY AND IS SUBJECT TO RUSSIAN DISCLOSURE REQUIREMENTS, WHICH ARE DIFFERENT FROM U.S. DISCLOSURE REQUIREMENTS. IN ADDITION, U.S. INVESTORS SHOULD BE AWARE THATTHE TENDER OFFER MEMORANDUM HASBEEN PREPARED IN AFORMATAND STYLE, OncoImmune will also spin when several rival companies Nearly 50 candidates, WHICH DIFFER FROM THE U.S. FORMATAND STYLE. off an entity involving certain had developed vaccines and based on different technolo- FURTHERMORE, THE PAYMENT AND SETTLEMENT PROCEDURE WITH RESPECT TO THE TENDER OFFER FORORDINARYSHARES DIFFERS FROM U.S. PAYMENT AND SETTLEMENT PROCEDURES, PARTICULARLYWITH REGARD TO THE DATE OF PAYMENT OF CONSIDERATION. rights and assetsunrelated to begun testing them on gies,are in clinical trials. P2JW329000-4-B00400-1------XA

B4 | Tuesday, November 24, 2020 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Apple SecurityChief Accused of Bribery

Prosecutor alleges wrongdoing,” an Apple spokeswoman said in an email. offer to swap iPads to Themajority of states re- police in exchange for quirethat concealed-carry permitsbeissued to those gun permits for staff whoapply unlessthey are barred from owning agun. But BY ZUSHA ELINSON in California, local authorities AND TIM HIGGINS have morediscretion. Mr. Rosen’s office is conducting a Apple Inc.’shead of secu- largerinvestigation of the rity has been indicted on brib- SantaClaraCounty Sheriff’s erychargesfor ascheme in which prosecutorsallegehe offered iPads to securegun Undersheriff permitsfor his company’sem- Rick Sung and ployees. another county Thomas Moyerallegedly police official promised to give200 iPads to were indicted

the Santa Clara County Sher- S on a bribery

iff’s Officetoget four con- NEW charge. cealed-carry licenses, accord- G ing to Jeffrey Rosen, district

attorney of the BayArea OOMBER Office, which patrols parts of county where Apple is based. Silicon Valley,for allegedly ex-

Thechargesare part of a HALL/BL tracting bribes and political M

broader probe intothe sher- SA donations in exchangefor the iff’s office. Apple says it conducted an investigation into the matter and found no wrongdoing. The Apple Park campus in Cupertino, Calif. permits. Twohigh-ranking sheriff’s “Aslaw enforcement offi- officeofficials,Undersheriff donation waspulled back at continuing disputebetween said Mr.Swanson. “Thereisno torney forMr. Jensen didn’t cers, we are held to the high- RickSung and Capt. James the 11th hour when our thedistrict attorney and the connection between those two respond to requests for com- est moral and ethical stan- Jensen, were indicted on a search warrantsintothis sheriff. things.” ment. dards,” Sheriff Laurie Smith charge of requesting the probe began.” “It is true that Apple was Chuck Smith, an attorney “Weexpect all of our em- said. “This is adifficult time bribe. The two men held back Ed Swanson, an attorney looking intodonating iPads to forMr. Sung,said that his cli- ployees to conduct themselves forour organization, however on issuing the permitsuntil forMr. Moyer, who runs global support the sheriff’s new ent “has not broken anylaw with integrity. After learning our goal remains to provide Mr.Moyer “agreed to donate security at Apple,said his cli- training facility.Itistruethat and has not committedany of the allegations,wecon- the highest level of public close to $70,000 worth of ent wasinnocent and that the Apple applied forand received actswhich would be illegal, ducted athorough internal in- safety to the residentsof iPads,” said Mr.Rosen. “The indictment wasthe result of a [concealed carry] permits,” unethical, or immoral.” An at- vestigation and found no Santa Clara County.” Snap CountersTikTok With Video-Sharing Feature

BY GEORGIA WELLS way to reward the people who to control itsspread, has put an algorithm to servepersonal- itsrules against thingssuch as to persuade them to join Face- post the best content. It is bet- Facebook Inc., Twitter Inc. ized content to users, similar hatespeech, bullying and con- book’srival product, called Snap Inc.islaunching a ting that Spotlight could drive and other social-media compa- to the main screen on TikTok. spiracy theories—in line with Reels. video-sharing feature to rival up howlong customersspend nies in the firing line of activ- Snap isn’t the firstsocial- thepractices of others. Snap Borrowing ideas from others TikTok,amovethat will for on the app,providing moreop- istsand politicians. media companypledging to will rely on humans and soft- isn’t unusual among social-me- the firsttime let itsuserspro- portunities forthe companyto Snap executives foryears createaspacethat only en- ware to look forrule-violating dia companies.Twitterthis ducecontent with hopes of it serveads to itsusers. worried that encouraging us- courages the promotion of en- content, and the companysaid month launched Fleets, aSnap- going viral. Snap shares have morethan erstopost public content with joyable content. In itsearly it is hiring morecontent mod- chat-like feature allowing users Thefeature, called Spot- doubled this year. the goal of going viral could days,TikTok employees said eratorstokeep up with the to post text, audioand video light, launched Mondaywithin “Spotlight will be defined maketheir platform toxic and their platform wouldn’t face demand. that disappearsafter 24 hours. thecompany’scoreapp,Snap- by ourcommunity—howthey held off on enabling such mes- the same moderation chal- Videos on Spotlight that Facebook’sInstagram has ad- chat. The new service is a de- useit, what they create, and sage-spreading.They nowsay lenges that Facebook and Twit- garner moreuserswill draw opted some Snap-likefeatures. parture from along-held focus the stories they tell,” Snap said they canavoid that fallout by terfaced because usersonly morescrutiny. Those that Snap’sapproach with Spot- on communication between in astatement. LikeSnapchat, encouraging userstopost fun came to their app forlight- reach the widest audienceon lightdiffersfromsome taken friends and on professionally the Spotlight function is free and healthy content. The hearted videos. Enforcing those Spotlight will need to passa by other platforms.For in- curatedposts, pushing Snap to users. money it plans to payout is a values became moredifficult as reviewbyahuman moderator. stance,personal profiles on intothe fraught but poten- Wading intothe businessof carrot to encouragegood be- TikTok grew. Snap’ssteps to add TikTok- Spotlight will be privatebyde- tially lucrative business of vi- viral content poses risks for havior,according to Snap, Content in Spotlight will be likefeatures followasimilar fault and won’t include public ral content. nine-year-old Snap.The prolif- making it anew tool in moder- moderated, the SantaMonica, movebyFacebook.InJuly, the commentsthat canbecome an Snap said it plans to payout eration of hatespeech and mis- ating content. Calif., companysaid. Snap will social-media giant began of- area wherecontent creatorsre- morethan $1 million aday as a information, as well attempts Thefunction will draw on take down items that violate fering payouts to TikTok users ceiveabusivemessages.

December 2, 2020 |Online

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THE WALL STREET JOURNAL. **** Tuesday, November 24, 2020 | B5 BUSINESS NEWS BlackRock Buys Direct Indexer Bank Halts BY KIMBERLY CHIN industry, asmall but expand- millions of dollars, aperson tion reach. turns. AND DAWN LIN ing part of the financial sector. familiar with themattersaid. These portfolios arecreated Aperio,backed by private- Such firms createindexes BlackRock doesn’t sell forsingle investorsrather equity firm Golden GateCapi- Digital BlackRock Inc.isacquiring and portfolios that canbecus- productsdirectly to individu- than forcing them to be stuck tal, had been in talks with sev- Aperio Group LLC,afirm that tomized to exclude certain alsbut works through inter- with othersinafund. eral asset managersoverthe helps build custom portfolios stocks or have moreexposure mediaries instead. It has been One of the leading provid- past year,aperson familiar Bond forwealthyindividuals,for to other sectors. seeking alternativeways to ersofsuch separately man- with themattersaid. After $1.05 billion, in apush by the Based in Sausalito, Calif., broaden itsreach over the aged accountsfor U.S. wealth MorganStanley bought Eaton BY SERENA NG world’slargest money man- Aperio has worked with finan- businessofhow individuals’ managers, BlackRock said the Vance, adeal that also gaveit ager to add morepersonaliza- cial adviserstotailor bespoke moneyisinvested. BlackRock combination will help increase direct indexing firm Paramet- One of China’slargest tion to itsofferings. clients. Forinstance, it could has said it has no desireto those assetsbyabout 30% to ric,Aperio’s talks with various banks halted the planned de- In buying Aperio,BlackRock buildaportfolio without to- buy rival firms simply to drive over $160 billion. firms heated up,aperson said. but of adigital bond on an ex- is betting on growing interest bacco exposurethat has more down coststhrough economies With the deal, BlackRock BlackRock plans to operate changeoutside the country, by individuals forportfolios renewable-energy holdings. of scale but would look to tac- also acquires thecompany’s Aperio as aseparately branded shortly beforethe security tailored to their values.Aperio Aperio’s accountsrange tically grow in select areas,in- experienceinthe complextask team within itswealth advi- wasscheduled to begin trad- is part of the direct indexing from half amillion to tens of cluding expanding itsdistribu- of optimizing after-tax re- sory business. ing on Nov.13. China Construction Bank Corp.decided not to proceed with asale of up to $3 billion Yo rk Capital Winds Down European Insurers in short-term debt in Labuan, an offshorefinancial center in Malaysia, afterthe bank’s Speed Consolidation role in the deal and the way Its Hedge-Fund Business investorscould trade the se- BY JULIE STEINBERG Europe’s benchmark stock curities came under scrutiny indexand itsinsurancesector, in China. BY JULIET CHUNG firm early this year afterceding wasseen as asign of howinsti- LONDON—European insur- year to date Theblockchain-based bond, some responsibility.York said tutionalized and profitable ershaveweathered the cruci- the firstofits kind, wassup- Billionairehedge-fund man- in an investor letterMonday hedgefunds had become. ble of the coronavirus pan- 10% posed to be listed on the Fu- ager Jamie Dinan told employ- that co-investment chief Chris- Thanks to York,Mr. Dinan demic and areready to do sang Exchange, abourse for 0 ees and investorsinYork Capi- tophe Aurand wasleaving at went on to buy apieceofthe some deals. digital securities. talManagement Mondaythat the end of the year,Mr. Aurand MilwaukeeBucks professional Last week aCanadian and Stoxx Europe 600 Theexchangesaid this –10 the firm waslargely getting out having told the firm he wanted basketball team for$100 mil- Danish insurance consortium month that large and small in- of itsstruggling hedge-fund to “takeastepback.” lion, aprivateGulfstream jet agreed to buy the U.K.’s RSA vestorscould buy the bond for –20 businesstofocus on better-per- Mr.Dinan described the and homes in NewYork and InsuranceGroup PLC for £7. 2 as little as $100 by paying the forming units. changes in the client letteras Miami Beach. He helped get billion, equivalent to $9.6 bil- –30 exchangecash or bitcoin. Mr.Dinan said he planned to ones that “webelievewill posi- wrestling reinstated in the lion. And on Friday, Zurich In- Under the earlier plan, shut down York’sEuropean tion the firm to continue to Olympics.His sons wrestled in suranceGroup AG said it is in –40 Insurancesector funds raised from the bond hedgefunds and to turn its capturethe most attractivein- school. talks to acquire MetLife Inc.’s sale,which would all be in flagship U.S. hedgefund into vestment opportunities globally ButYork,along with araft U.S. property and casualty in- –50 U.S. dollars, would be depos- onerunning mainly internal acrossthe highly dynamic and of other hedgefunds,has been surance business. ited at theLabuan branch of money.The strategies together disrupted financial marketsin challenged in recent years. Mr. TheRSA deal, which pushed Jan. Nov. China Construction Bank. managelessthan $3 billion af- Dinan led an effort in 2016 to up the shareprices of some Source:FactSet Bondholderswould earn an- teryearsofweak performance retain clientsand the firm insurancestocks when the nualized interest of Libor plus andinvestor defections. The retreat shows awarded feecutstosome. proposal wasannounced on April urgedthe industryto 50 basis points, or about York still expectstorun York this year conducted a Nov.5,portends further merg- temporarily suspend dividends 0.75%, significantly above roughly $9 billion in privateeq- the challenges funds round of layoffs and has been ers and acquisitions, industry and sharebuybacks.Asare- most short-term ratesonbank uity,privatedebt and other ve- that don’t focus on planning foradditional layoffs participants say. sult, cash has accumulated on deposits. hicles that lock up client capital toward the end of the year,said That is because the pan- some companies’ balance TheFusang exchangeon forlonger periods. technology face. people familiar with the firm. demicforcedinsurersofall sheets, which dilutes return on Mondaysaid it wasnotified York’sassetsunder manage- Several veteranexecutives have stripestotakeahardlook at equity and is feeding the need by aunit of China Construc- ment have come down signifi- leftand not been replaced. their businesses as losses from to seek combinations. tion Bank that the listing plan cantly from ahigh of $26 bil- York’shead count has fallen claims piled up,bringing weak- Insurers’ shareprices re- has been withdrawn. lion in 2015. which we operate.” from about215 in Januaryto nesses intosharp relief.Some flect atough year litteredwith Abranch of the Chinese Mr.Dinan’sretreat from one Mr.Dinan, who started York about 180,said aperson close arerecognizing the need for losses related to Covid-19 and state-owned bank wasthe of thelongest-lived hedge-fund in 1991 with $3.6 million, to the firm. Theperson said scale to cement profitability, the continuing impact of low lead arranger and listing businesses in the industryillus- turned the firm intoaquiet but only a“handful” of layoffs were while othersare pruning units interest rates on their invest- sponsor of the bond, which trates the challenges managers steady profit machine investing expected in the remainder of wherethey can’t makeenough ment portfolios. would have been issued by a who don’t focus on technology in troubled and merging com- this year. money to compete. Bankers TheEuroStoxxInsurance special-purposevehicle. investing have faced the last panies.Hewas one of the most York’s$1.4billion flagship saymoredeals arebrewing. Indexisdown15% this year, Theplanned bond sale, several years. prominent investorsinthe fund wasdown6.6%for the Another factor that could lagging behind the broad Euro which wasreported this Thefirm also has gone hedge-fund industryby2010 year through September and its ignite ashopping spree: the Stoxx600 stock-market index, month, created some contro- through arockyattempted suc- when he signed adeal with largest European hedgefund regulatoryenvironment. The which is down 6%. versyinChina because of its cession, with Mr.Dinan getting Credit Suisse Group AG, selling wasdownmorethan 9% forthe European Insuranceand Occu- —Ben Dummett association with cryptocur- moreinvolved in running the a30% stakeinYork.The deal period. pational Pensions Authority in contributed to this article. rencies.

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B6 | Tuesday, November 24, 2020 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. CommerceBcshrs CBSH 68.13 -0.58 F5Networks FFIV 162.20 1.09 ICICI Bank IBN 12.81 -0.14 lululemon LULU 348.53 2.79 Okta OKTA 227.83 -4.82 StoreCapital STOR 32.18 0.51 Trip.com TCOM 33.66 -0.06 Market listed securities. Prices are composite dd-Indicates loss in the most recent ConagraBrands CAG 35.70 -0.16 s FMC FMC 116.06 2.31 IdexxLab IDXX 459.79 -4.50 LumenTech LUMN 10.47 0.43 OldDomFreight ODFL 202.24 -3.38 s SVB Fin SIVB 348.81 -8.13 TruistFinl TFC 46.98 0.77 quotations that include primary market trades four quarters. ConchoRscs CXO 61.97 4.52 Facebook FB 268.43 -1.27 IHS Markit INFO 93.66 1.47 Lyft LYFT 39.35 1.25 OmegaHealthcare OHI 34.75 0.34 .com CRM 257.64 -0.40 Twilio TWLO 301.72 3.41 as well as trades reported by Nasdaq BX FD-First day of trading. ConocoPhillips COP 42.71 3.06 FactSet FDS 318.88 -2.67 s II-VI IIVI 66.46 1.68 LyondellBasell LYB 85.17 3.52 Omnicom OMC 61.10 1.45 Sanofi SNY 49.85 -0.67 Twitter TWTR 44.94 0.26 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing ConEd ED 77.57 0.18 s FairIsaac FICO 486.17 3.38 ING Groep ING 9.36 0.22 M N ON Semi ON 28.41 0.97 SantanderCons SC 23.06 0.76 TylerTech TYL 413.52 -0.95 Cboe, NYSE National and Nasdaq ISE. standards ConstBrands A STZ 201.58 1.01 s Farfetch FTCH 51.25 4.25 Invesco IVZ 16.33 0.61 OneConnectFinTech OCFT 20.89 0.44 SareptaTherap SRPT 134.49 3.31 TysonFoods TSN 63.13 2.39 Cooper COO 329.89 -1.48 Fastenal FAST 47.91 0.61 IPG Photonics IPGP 203.00 2.27 OpenText OTEX 43.50 0.45 Schlumberger SLB 21.61 1.40 s UBS Group UBS 14.56 0.14 The list comprises the 1,000 largest lf-Late filing M&T Bank MTB 118.84 0.75 Copart CPRT 113.15 -1.32 Fastly FSLY 83.39 0.39 IQVIA IQV 170.56 0.79 Oracle ORCL 56.08 0.38 SchwabC SCHW 48.24 1.63 UDR UDR 39.67 0.44 companies based on market capitalization. q-Temporary exemption from Nasdaq MGMGrowthProp MGP 30.71 -0.15 Corning GLW 36.63 0.33 FederalRealty FRT 93.07 3.29 IcahnEnterprises IEP 50.39 0.09 Orange ORAN 12.14 -0.19 ScottsMiracleGro SMG 170.49 1.16 UGI UGI 36.54 0.66 requirements. MGM Resorts MGM 26.15 -0.06 Underlined quotations are those stocks with s Corteva CTVA 37.79 0.63 FedEx FDX 286.35 9.66 Icon ICLR 187.82 -1.86 Orix IX 75.14 0.69 Sea SE 182.92 -0.19 US Foods USFD 30.56 0.55 t-NYSE bankruptcy s MKS Instrum MKSI 138.14 5.79 large changes in volume compared with the CoStar CSGP 887.79 -4.27 Ferrari RACE 209.96 0.22 IDEX IEX 193.38 -0.59 OtisWorldwide OTIS 67.25 0.93 Seagate STX 56.92 1.31 s Uber UBER 50.04 1.61 v-Trading halted on primary market. MPLX MPLX 21.97 1.22 issue’s average trading volume. Costco COST 381.71 0.59 FiatChrysler FCAU 15.24 -0.05 IllinoisToolWks ITW 208.77 4.93 OwensCorning OC 73.63 2.85 Seagen SGEN 168.07 -5.34 Ubiquiti UI 244.17 -1.47 vj-In bankruptcy or receivership or MSCI MSCI 401.97 1.67 CoupaSoftware COUP 315.36 1.15 FidNatlFin FNF 36.37 0.32 Illumina ILMN 301.85 1.05 PG&E PCG 12.70 0.04 s SealedAir SEE 44.70 -0.50 UltaBeauty ULTA 282.87 9.22 Boldfaced quotations highlight those issues being reorganized under the MagellanMid MMP 43.03 1.33 Credicorp BAP 136.36 3.13 FidNatlInfo FIS 145.32 1.15 ImperialOil IMO 18.38 1.14 PNC Fin PNC 133.65 4.75 SempraEnergy SRE 131.04 0.62 UltragenyxPharm RARE 114.69 0.32 whose price changed by 5% or more if their Bankruptcy Code, or securities MagnaIntl MGA 61.14 1.35 CreditSuisse CS 12.52 0.30 FifthThirdBncp FITB 26.01 0.72 Incyte INCY 81.39 -0.54 s POSCO PKX 54.97 1.44 SensataTechs ST 49.39 1.74 UnderArmour C UA 14.50 -0.14 previous closing price was $2 or higher. assumed by such companies. ManulifeFin MFC 16.60 0.16 s Cree CREE 88.98 6.88 FirstHorizonNatl FHN 12.28 0.31 Infosys INFY 15.38 0.47 PPD PPD 33.88 0.13 ServiceCorp SCI 49.73 1.21 UnderArmour A UAA 16.54 -0.19 MarathonPetrol MPC 41.22 2.96 CrowdStrike CRWD 147.54 1.82 FirstRepBank FRC 130.73 0.83 IngersollRand IR 44.48 0.22 PPG Ind PPG 144.78 1.74 ServiceNow NOW 522.11 4.05 Unilever UN 57.94 -1.02 t MaravaiLifeSci MRVI 29.00 -0.85 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and CrownCastle CCI 166.36 -0.61 FirstSolar FSLR 86.92 2.23 Inphi IPHI 149.61 1.02 PPL PPL 29.99 0.84 ShawComm B SJR 17.43 -0.14 Unilever UL 58.25 -0.99 Markel MKL 998.89 1.54 changes in the closing prices from 4 p.m. the previous day. CrownHoldings CCK 95.77 -0.51 FirstEnergy FE 27.71 -0.29 Insulet PODD 265.89 0.65 PRA HealthSci PRAH 111.08 -1.16 SherwinWilliams SHW 734.13 9.90 UnionPacific UNP 207.39 4.00 MarketAxess MKTX 519.91-26.23 Cummins CMI 235.22 4.57 Fiserv FISV 112.10 -0.97 Intel INTC 46.06 0.67 s PTC PTC 103.19 2.05 ShinhanFin SHG 30.56 0.36 UnitedAirlines UAL 40.93 1.03 FiveBelow FIVE 156.23 1.03 InteractiveBrkrs IBKR Marriott MAR 123.09 3.81 Paccar PCAR 89.56 0.78 s UnitedMicro UMC 6.95 1.17 Net Net CureVac CVAC 85.06 5.37 52.64 -0.34 Shopify SHOP 980.01 -8.50 Monday, November 23, 2020 Five9 FIVN 148.03 -0.64 ICE ICE 102.36 1.30 Marsh&McLen MMC 113.28 0.30 PackagingCpAm PKG 131.47 1.67 UPS B UPS 166.60 2.84 Stock Sym Close Chg Stock Sym Close Chg CyrusOne CONE 69.71 -1.57 Sibanye-Stillwater SBSW 13.11 -0.84 Net s FiverrIntl FVRR 200.00 7.55 InterContinentl IHG 61.12 1.45 MartinMarietta MLM 266.89 1.29 PagSeguroDig PAGS 44.00 1.43 s UnitedRentals URI 226.31 6.51 MarvellTech MRVL 44.60 0.64 SimonProperty SPG 85.41 4.29 Stock Sym Close Chg ArcherDaniels ADM 48.81 0.20 Brown-Forman A BF.A 72.89 0.34 D E F FleetCorTech FLT 254.66 0.73 IBM IBM 120.09 3.15 s PalantirTech PLTR 21.04 2.89 US Bancorp USB 43.09 0.43 Masco MAS 55.20 0.60 SiriusXM SIRI 6.56 0.14 AresMgmt ARES 44.75 -0.21 Bruker BRKR 51.91 0.87 s Flex FLEX 16.530.03 IntlFlavors IFF 111.28 -0.78 s PaloAltoNtwks PANW 296.04 4.03 UnitedHealth UNH 335.06 0.36 DISH Network DISH 35.13 1.14 Masimo MASI 245.50 -2.46 Skyworks SWKS 138.03 -2.36 A B C arGEN-X ARGX 269.00 -0.33 Bunge BG 59.93 1.19 Floor&Decor FND 85.01 4.89 IntlPaper IP 50.01 0.58 s ParkerHannifin PH 271.91 4.79 s UnitySoftware U 129.40 6.60 DTE Energy DTE 130.41 0.55 Mastercard MA 332.04 9.04 SlackTech WORK 29.93 0.69 AristaNetworks ANET 268.46 -0.04 BurlingtonStrs BURL 230.00 -2.53 FomentoEconMex FMX 74.68 0.06 Interpublic IPG 22.09 0.44 Paychex PAYX 91.97 1.33 SmithAO AOS UnivDisplay OLED 220.70 -0.21 ABB ABB 26.61 -0.04 s DadaNexus DADA 52.03 8.22 MaximIntProducts MXIM 81.75 1.28 57.49 1.43 ArrowElec ARW 90.02 1.19 CBRE Group CBRE 59.78 1.48 FordMotor F 8.86 0.12 Intuit INTU 343.33 -4.36 PaycomSoftware PAYC 402.49 9.78 UniversalHealthB UHS 131.23 0.26 AcadiaPharm ACAD 53.84 0.27 Danaher DHR 221.08 -4.68 McCormickVtg MKC.V 184.86 2.96 Smith&Nephew SNN 38.31 -0.85 ArrowheadPharm ARWR 68.20 -0.60 CDW CDW 131.22 -0.73 Fortinet FTNT 117.08 -1.04 IntuitiveSurgical ISRG 719.05-11.69 Paylocity PCTY 195.15 0.28 VEREIT VER 7.22 -0.05 AECOM ACM 51.73 1.50 Darden DRI 109.58 1.13 McCormick MKC 183.00 -0.67 Smucker SJM 116.05 -0.18 AscendisPharma ASND 158.48 1.98 CF Industries CF 35.82 2.32 Fortis FTS 40.79 -0.02 Invitae NVTA 50.92 2.92 PayPal PYPL 200.82 8.15 s VF VFC 86.55 1.68 AES AES 20.46 0.04 DarlingIngred DAR 47.28 -0.24 McDonalds MCD 217.00 2.91 Snap SNAP 45.26 0.97 AspenTech AZPN 132.85 1.76 CGI GIB 71.43 0.24 Fortive FTV 71.68 0.36 InvitatHomes INVH 28.15 -0.10 Pegasystems PEGA 129.52 0.13 VICI Prop VICI 26.09 0.22 Aflac AFL 44.45 0.60 Datadog DDOG 91.04 1.95 McKesson MCK 173.48 3.61 SnapOn SNA 176.03 3.11 Assurant AIZ 135.33 1.44 CH Robinson CHRW 92.17 -0.42 FortBrandsHome FBHS 86.11 1.65 IonisPharma IONS 50.27 1.13 Peloton PTON 112.05 1.15 VailResorts MTN 275.86 3.45 AGCO AGCO 93.96 2.05 DaVita DVA 110.02 0.17 MedicalProp MPW 19.42 -0.01 Snowflake SNOW 274.15 8.15 AstraZeneca AZN 54.70 -0.60 CME Group CME 168.78 1.31 FoxA FOXA 28.53 0.70 iQIYI IQ 22.14 -0.49 PembinaPipeline PBA 25.45 1.18 Vale VALE 13.19 0.51 AGNC Invt AGNC 15.45 0.24 DeckersOutdoor DECK 257.42 10.21 Medtronic MDT 110.97 0.81 s SOQUIMICH SQM 47.31 2.21 Athene ATH 44.72 1.75 CMS Energy CMS 61.44 0.19 FoxB FOX 28.04 0.60 IronMountain IRM 26.16 0.47 PennNational PENN 71.99 2.11 ValeroEnergy VLO 56.09 5.27 Ansys ANSS 313.42 -4.84 Deere DE 261.11 2.55 MelcoResorts MLCO 18.26 -0.52 SolarEdgeTech SEDG 264.80 6.81 Atlassian TEAM 211.05 2.62 CNA Fin CNA 35.04 -0.04 Franco-Nevada FNV 127.02 -3.07 ItauUnibanco ITUB 5.35 0.06 Pentair PNR 53.27 0.26 VarianMed VAR 173.50 -0.01 ASETech ASX 5.31 0.16 DellTechC DELL 69.38 1.04 MercadoLibre MELI 1451.77 34.78 SolarWinds SWI 22.24 0.26 AtmosEnergy ATO 96.86 1.19 CNH Indl CNHI 10.80 0.27 FranklinRscs BEN 21.26 0.67 Penumbra PEN 254.71 -4.44 VeevaSystems VEEV 272.24 -2.01 s ASML ASML 427.15 3.56 DeltaAir DAL 38.79 1.66 Merck MRK 80.28 -0.17 Sony SNE 89.79 -0.19 Autodesk ADSK 257.25 2.36 CNOOC CEO 120.48 5.43 s FreeportMcM FCX 21.91 0.66 J K L PepsiCo PEP 143.02 -0.40 Ventas VTR 48.79 0.07 AT&T T 28.62 0.30 DenaliTherap DNLI 62.23 -0.12 MetLife MET 47.17 1.30 Southern SO 60.45 -0.43 Autohome ATHM 99.41 -2.41 CRH CRH 39.46 -0.20 FreseniusMed FMS 42.24 -0.23 PerkinElmer PKI 127.82 -2.37 VeriSign VRSN 196.57 0.13 AbbottLabs ABT 109.27 -1.62 DentsplySirona XRAY 50.46 1.06 JD.com JD 87.56 -0.18 MettlerToledo MTD 1138.68 -8.92 s SoCopper SCCO 58.15 1.32 Autoliv ALV 89.77 1.22 CRISPR Therap CRSP 110.00 0.30 PetroChina PTR 33.74 1.05 VeriskAnalytics VRSK 198.12 -6.25 s AbbVie ABBV 102.18 1.34 DeutscheBank DB 11.04 0.35 Joyy YY 88.50 3.28 MicrochipTech MCHP 131.62 0.64 SouthwestAir LUV 46.81 1.27 ADP ADP 172.06 0.79 CSX CSX 92.06 0.52 G H I PetroleoBrasil PBR 9.35 0.28 Verizon VZ 60.23 0.19 Abiomed ABMD 266.43 -1.78 DexCom DXCM 321.09 5.22 JPMorganChase JPM 117.87 3.30 s MicronTech MU 64.18 2.78 Splunk SPLK 198.11 -0.83 AutoZone AZO 1113.41 -0.79 CVS Health CVS 66.78 0.39 PetroleoBrasilA PBR.A 9.24 0.47 VertxPharm VRTX 217.87 2.66 AcceleronPharma XLRN 113.56 0.02 Diageo DEO 155.64 -1.16 s GCI LibertyA GLIBA 91.58 -0.77 JackHenry JKHY 159.99 -0.18 Microsoft MSFT 210.11 -0.28 Spotify SPOT 268.86 8.86 Avalara AVLR 172.60 4.46 CableOne CABO 1958.01-49.07 Pfizer PFE 36.52 -0.18 ViacomCBS A VIACA 36.00 0.61 Accenture ACN 246.20 2.76 DigitalRealty DLR 139.97 -2.73 GDS Holdings GDS 86.85 -1.22 JacobsEngg J 104.51 0.71 MidAmApt MAA 123.77 -2.41 s SquareSQ207.78 11.81 Avalonbay AVB 171.05 -0.85 CabotOil COG 17.63 0.56 PhilipMorris PM 76.63 -0.10 ViacomCBS B VIAC 34.62 0.63 ActivisionBliz ATVI 75.92 -0.89 DiscoverFinSvcs DFS 78.12 3.32 s GFLEnvironmental GFL 26.21 0.21 JamesHardie JHX 28.72 0.12 Middleby MIDD 137.01 1.73 s StanleyBlackDck SWK 190.94 4.98 Avangrid AGR 46.09 -0.31 CadenceDesign CDNS 111.25 -1.54 Phillips66 PSX 65.84 4.25 Viatris VTRS 16.77 -0.36 Adobe ADBE 460.61 -2.31 DiscoveryB DISCB 30.90 -0.10 GSXTechedu GSX 63.90 -1.76 JazzPharma JAZZ 144.31 1.21 MiratiTherap MRTX 225.00 -1.89 Starbucks SBUX 96.88 -0.13 Avantor AVTR 25.90 -0.02 CaesarsEnt CZR 66.90 2.89 Pinduoduo PDD 141.05 -2.50 s Vipshop VIPS 24.80 0.56 AdvanceAuto AAP 145.56 1.23 DiscoveryA DISCA 26.50 1.01 Galapagos GLPG 125.25 0.58 J&J JNJ 143.87 -1.48 MitsubishiUFJ MUFG 4.58 0.04 StateStreet STT 70.56 2.61 AveryDennison AVY 147.48 -0.02 CamdenProperty CPT 98.64 -1.06 PinnacleWest PNW 84.48 1.23 Visa V 208.16 4.28 AdvMicroDevices AMD 85.31 0.67 DiscoveryC DISCK 23.79 0.90 Gallagher AJG 115.41 -0.14 JohnsonControls JCI 45.65 0.36 MizuhoFin MFG 2.79 0.02 SteelDynamics STLD 36.26 1.01 AxaltaCoating AXTA 28.49 0.35 CampbellSoup CPB 49.11 0.13 Pinterest PINS 65.79 -1.06 Vistra VST 18.57 0.37 Aegon AEG 3.58 0.05 Disney DIS 145.98 4.91 Gaming&Leisure GLPI 42.52 1.21 JonesLang JLL 135.98 4.17 MobileTeleSys MBT 8.36 0.06 Steris STE 189.09 -6.56 AxonEnterprise AAXN 126.50 1.69 CIBC CM 83.68 -0.31 PioneerNatRscs PXD 104.50 8.69 VMware VMW 148.94 1.14 AgilentTechs A 112.21 1.32 DocuSign DOCU 217.17 -4.42 s Gap GPS 26.06 1.69 JuniperNetworks JNPR 21.91 0.28 Moderna MRNA 101.03 3.42 s STMicroelec STM 37.51 0.97 BCE BCE 43.15 -0.08 CanNtlRlwy CNI 109.00 0.28 PlainsAllAmPipe PAA 8.51 0.58 Vodafone VOD 16.39 -0.08 AgnicoEagle AEM 64.76 -2.87 DolbyLab DLB 87.62 0.04 Garmin GRMN 114.66 0.17 KB Fin KB 41.79 0.39 MohawkInds MHK 130.50 3.35 s StoneCo STNE 72.67 2.92 BHP Group BHP 55.12 1.42 s PlugPower PLUG 26.87 2.51 VornadoRealty VNO 41.02 1.09 AirProducts APD 275.26 4.78 CanNaturalRes CNQ 22.80 1.09 DollarGeneral DG 211.04 0.81 Gartner IT 152.61 0.05 KE Holdings BEKE 62.97 2.17 MolinaHealthcare MOH 207.20 -0.06 Stryker SYK 233.01 0.15 BHP Group BBL 45.13 1.21 Pool POOL 334.13 -5.74 VoyaFinancial VOYA 58.72 1.38 AkamaiTech AKAM 102.81 0.49 CanPacRlwy CP 328.92 -3.09 DollarTree DLTR 97.61 2.64 Generac GNRC 219.63 -3.34 KKR KKR 38.61 0.42 MolsonCoorsA TAP.A 55.00 ... SumitomoMits SMFG 6.16 0.02 BP BP 20.41 0.92 PrincipalFin PFG 50.64 1.64 VulcanMatls VMC 138.85 -0.54 s Albemarle ALB 134.06 6.17 Canon CAJ 18.69 0.20 DominionEner D 79.05 0.40 GeneralDynamics GD 150.02 1.66 s KLA KLAC 250.24 7.67 MolsonCoorsB TAP 44.13 0.57 SunComms SUI 140.26 -0.11 Baidu BIDU 133.04 -3.07 Procter&Gamble PG 138.76 -0.54 Albertsons ACI 15.92 0.21 CanopyGrowth CGC 24.72 1.00 Domino's DPZ 387.21 -2.35 GeneralElec GE 10.07 0.31 KSCitySouthern KSU 186.24 -2.21 Mondelez MDLZ 57.35 0.21 SunLifeFinancial SLF 45.30 -0.13 BakerHughes BKR 19.26 1.05 Progressive PGR 92.93 -0.21 W X Y Z Alcon ALC 63.20 0.36 CapitalOne COF 87.28 3.70 Donaldson DCI 54.24 -0.01 GeneralMills GIS 61.02 -0.34 Kellogg K 63.67 -1.34 MongoDB MDB 265.35 1.07 SuncorEnergy SU 16.76 1.35 Ball BLL 95.44 -1.81 Prologis PLD 99.56 -0.71 AlexandriaRlEst ARE 163.97 -0.17 CardinalHealth CAH 52.29 0.43 Dover DOV 123.43 -0.05 s GeneralMotors GM 44.77 1.73 KeurigDrPepper KDP 29.83 -0.01 MonolithicPower MPWR 318.90 3.17 SunRun RUN 63.79 2.35 WEC Energy WEC 95.80 -0.30 BancoBilbaoViz BBVA 4.27 0.06 PrudentialFin PRU 76.84 2.29 AlexionPharm ALXN 122.61 1.23 Carlisle CSL 148.99 1.43 s Dow DOW 55.94 1.21 Genmab GMAB 36.04 -0.49 KeyCorp KEY 15.66 0.33 MonsterBev MNST 84.07 0.55 Suzano SUZ 9.29 -0.13 WEX WEX 181.07 9.36 BancoBradesco BBDO 4.07 0.01 Prudential PUK 33.84 -0.17 Alibaba BABA 270.11 -0.63 Carlyle CG 27.76 -0.18 DrReddy'sLab RDY 64.06 1.04 Genpact G 41.02 0.41 KeysightTechs KEYS 117.15 0.98 Moody's MCO 270.84 -2.10 SynchronyFin SYF 30.63 1.18 W.P.Carey WPC 69.71 0.63 BancodeChile BCH 17.88 -0.39 PublicServiceEnt PEG 58.42 0.21 AlignTech ALGN 476.58 30.13 CarMax KMX 96.44 1.89 DraftKings DKNG 48.03 -0.20 Gentex GNTX 32.28 0.40 KilroyRealty KRC 63.51 0.26 s MorganStanley MS 60.27 2.46 SyneosHealth SYNH 66.44 1.44 WPP WPP 48.95 0.43 BancSanBrasil BSBR 7.11 0.11 PublicStorage PSA 219.13 -4.51 Alleghany Y 599.87 10.34 Carnival CCL 18.18 0.81 Dropbox DBX 19.12 0.09 GenuineParts GPC 97.12 0.16 KimberlyClark KMB 139.22 -0.54 Morningstar MORN 199.00 -3.96 Synnex SNX 156.72 4.04 Wabtec WAB 73.55 2.57 BcoSantChile BSAC 17.66 -0.15 PulteGroup PHM 45.19 1.52 Allegion ALLE 114.16 1.16 Carnival CUK 16.36 0.96 DukeEnergy DUK 93.33 0.75 GileadSciences GILD 59.89 -0.22 KinderMorgan KMI 14.62 0.37 Mosaic MOS 20.54 0.93 Synopsys SNPS 216.00 -2.51 WalgreensBoots WBA 37.98 0.45 BcoSantMex BSMX 5.14 0.05 Qiagen QGEN 46.83 -0.38 AlliantEnergy LNT 52.75 -0.12 CarrierGlobal CARR 38.77 0.23 DukeRealty DRE 38.44 0.03 GSK GSK 36.74 -0.29 KingsoftCloud KC 36.63 0.86 MotorolaSol MSI 169.38 2.08 Sysco SYY 71.31 1.31 Walmart WMT 150.93 0.69 BancoSantander SAN 2.75 0.01 Qorvo QRVO 149.20 1.81 Allstate ALL 101.31 1.13 s Carvana CVNA 240.08 5.78 Dun&Bradstreet DNB 27.13 -0.26 GlobalPayments GPN 192.15 1.45 KinrossGold KGC 7.17 -0.35 NICE NICE 235.00 -4.53 WarnerMusic WMG 28.01 -0.95 BanColombia CIB 30.39 0.21 Qualcomm QCOM 143.82 -2.21 AllyFinancial ALLY 29.86 0.88 Catalent CTLT 99.80 -3.53 Dunkin' DNKN 106.22 0.06 Globant GLOB 189.14 0.75 KirklandLakeGold KL 39.44 -1.76 s NIO NIO 55.38 6.13 T U V WasteConnections WCN 105.91 -0.03 BankofAmerica BAC 27.39 0.58 QuantaServices PWR 68.91 2.03 AlnylamPharm ALNY 123.02 -1.68 Caterpillar CAT 174.78 2.55 DuPont DD 63.59 1.04 GlobeLife GL 94.63 1.34 Knight-Swift KNX 40.96 -1.07 NRG Energy NRG 30.81 0.27 WasteMgt WM 120.11 -0.24 BankofMontreal BMO 72.58 1.24 QuestDiag DGX 125.61 0.80 TAL Education TAL 73.36 -1.08 Alphabet A GOOGL 1727.56 -8.82 Celanese CE 134.39 2.48 Dynatrace DT 36.18 -0.40 GoDaddy GDDY 77.28 1.29 KodiakSciences KOD 125.52-14.48 NVR NVR 4194.58 34.48 Waters WAT 228.49 3.09 BankNY Mellon BK 38.55 0.67 Quidel QDEL 176.11-11.08 TC Energy TRP 43.71 0.76 Alphabet C GOOG 1734.86 -7.33 Cemex CX 4.62 ... ENI E 19.93 0.47 GoldFields GFI 9.17 -0.48 KoninklijkePhil PHG 51.24 -0.44 s NXP Semi NXPI 155.91 5.34 Watsco WSO 235.77 3.62 BkNovaScotia BNS 48.84 0.33 TE Connectivity TEL 112.97 2.29 Alteryx AYX 113.08 -3.92 Centene CNC 63.92 0.96 EOG Rscs EOG 50.38 4.99 GoldmanSachs GS 228.83 5.48 KoreaElcPwr KEP 9.63 0.11 Nasdaq NDAQ 126.01 -0.32 Wayfair W 256.39 3.85 Barclays BCS 7.49 0.19 R S Telus TU 18.84 0.03 s AlticeUSA ATUS 35.03 2.76 CenterPointEner CNP 23.98 0.52 EPAM Systems EPAM 335.69 -5.32 GoodRx GDRX 39.07 0.27 KraftHeinz KHC 32.60 0.34 Natera NTRA 85.99 0.59 Weibo WB 44.51 -0.54 BarrickGold GOLD 23.24 -1.04 TJX TJX 61.80 1.12 Altria MO 40.20 0.26 CentraisElBras EBR 5.77 -0.05 s EastmanChem EMN 100.00 3.45 Graco GGG 68.37 0.25 Kroger KR 33.03 0.59 NationalGrid NGG 61.26 -0.41 RELX RELX 23.59 -0.04 WellsFargo WFC 26.30 0.82 BauschHealth BHC 19.31 -0.37 T-MobileUS TMUS 127.88 -1.80 AlumofChina ACH 8.34 1.04 CeridianHCM CDAY 96.44 0.26 s Eaton ETN 120.26 2.86 Grainger GWW 414.85 5.55 s L Brands LB 39.98 0.01 NatlRetailProp NNN 39.92 0.35 s RH RH 440.68 1.76 Welltower WELL 63.68 -0.83 BaxterIntl BAX 75.77 -1.25 TRowePrice TROW 139.37 1.91 Amazon.com AMZN 3098.39 -1.01 Cerner CERN 73.61 0.36 s EatonVance EV 67.07 1.41 Grifols GRFS 18.66 -0.17 Line LN 51.62 -0.33 Natura&Co NTCO 17.61 -0.32 RPM RPM 88.92 -0.62 WestPharmSvcs WST 275.72 -9.01 BectonDicknsn BDX 228.48 -3.39 TaiwanSemi TSM 98.13 2.80 Ambev ABEV 2.74 0.05 CharlesRiverLabs CRL 232.01 -0.53 eBay EBAY 49.90 0.91 GuardantHealth GH 114.11 1.16 LKQ LKQ 35.85 0.77 NatWest NWG 4.20 0.09 RaymondJames RJF 90.48 1.97 WesternDigital WDC 44.48 2.06 BeiGene BGNE 273.78-10.39 TakeTwoSoftware TTWO 171.19 1.14 Amcor AMCR 11.57 -0.24 CharterComms CHTR 645.04-10.37 Ecolab ECL 213.92 3.26 Guidewire GWRE 118.75 1.40 LPL Financial LPLA 92.08 2.01 nCino NCNO 79.44 1.85 RaytheonTech RTX 72.64 2.88 WesternUnion WU 21.34 0.44 BentleySystems BSY 35.14 -0.41 TakedaPharm TAK 17.61 0.06 Amdocs DOX 65.58 0.97 CheckPoint CHKP 119.86 0.96 Ecopetrol EC 12.13 0.26 HCA Healthcare HCA 149.40 2.06 L3HarrisTech LHX 194.10 2.60 NetApp NTAP 53.56 1.67 RealPage RP 65.84 0.60 WestlakeChem WLK 76.07 2.80 Berkley WRB 65.22 -0.26 Tapestry TPR 28.87 0.41 Amedisys AMED 239.35 -1.75 Chegg CHGG 71.33 0.31 EdisonInt EIX 64.15 0.77 HDFC Bank HDB 66.61 0.11 LabCpAm LH 198.37 -4.36 NetEase NTES 94.79 1.28 RealtyIncome O 60.89 0.50 WestpacBanking WBK 14.69 0.12 BerkHathwy B BRK.B 229.54 2.53 s Target TGT 177.56 5.25 Amerco UHAL 406.56 5.55 Chemed CHE 477.14-15.47 EdwardsLife EW 84.70 0.17 HD Supply HDS 55.75 ... s LamResearch LRCX 448.74 15.10 Netflix NFLX 476.62-11.62 RegencyCtrs REG 48.46 1.20 WestRock WRK 43.12 0.91 BerkHathwy A BRK.A 3444153076.00 TataMotors TTM 11.46 0.17 Ameren AEE 79.30 0.85 CheniereEnergy LNG 56.31 1.87 ElancoAnimal ELAN 31.03 1.61 HP HPQ 21.19 0.74 LamarAdv LAMR 79.60 3.37 Neurocrine NBIX 93.62 4.62 RegenPharm REGN 523.61 4.87 Weyerhaeuser WY 29.11 0.36 BerryGlobal BERY 54.22 0.22 TeckRscsB TECK 15.36 0.30 AmericaMovil AMX 14.15 0.08 CheniereEnerPtrs CQP 38.73 0.95 Elastic ESTC 116.14 3.18 HSBC HSBC 25.61 0.34 LambWeston LW 70.07 0.45 NewOrientalEduc EDU 175.35 -3.70 RegionsFin RF 15.39 0.28 WheatonPrecMet WPM 39.61 -1.69 BestBuy BBY 122.04 2.90 TeladocHealth TDOC 194.01 -5.99 AmericaMovil A AMOV 14.02 0.04 Chevron CVX 91.03 5.24 ElectronicArts EA 121.86 -0.01 Halliburton HAL 17.32 1.42 LasVegasSands LVS 56.69 0.79 NYTimes A NYT 41.00 0.45 ReinsGrp RGA 119.76 4.90 Whirlpool WHR 198.68 5.77 BeyondMeat BYND 140.96 4.40 TeledyneTech TDY 383.86 1.84 AmerAirlines AAL 13.56 1.03 Chewy CHWY 69.27 0.56 EmersonElec EMR 77.81 1.85 HartfordFinl HIG 46.34 0.57 Lear LEA 143.53 4.35 s NewellBrands NWL 20.51 0.14 RelianceSteel RS 119.82 1.62 Williams WMB 21.28 0.94 s Bilibili BILI Teleflex TFX 373.14 2.53 AEP AEP 83.41 0.92 63.32 3.32 ChinaEastrnAir CEA 22.27 -0.38 Enbridge ENB 29.94 0.69 Hasbro HAS 92.62 -0.40 Leidos LDOS 102.38 2.01 Newmont NEM 58.68 -2.97 RenaissanceRe RNR 172.95 -0.17 Williams-Sonoma WSM 112.58 4.87 Ericsson ERIC 12.05 -0.06 AmerExpress AXP 116.09 3.51 Bill.comBILL 114.97 5.67 ChinaLifeIns LFC 11.33 -0.06 EncompassHealth EHC 80.68 1.84 HealthcareAmer HTA 26.63 ... 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RKT 20.30 -0.66 TevaPharm TEVA 9.61 0.13 XcelEnergy XEL 68.36 -0.95 Ametek AME 117.79 0.37 Blackstone BX 59.11 0.46 Church&Dwight CHD 85.27 -0.69 Equinor EQNR 15.69 0.62 Hilton HLT 105.05 3.29 LibertyGlobal B LBTYB 23.76 -0.68 NorfolkSouthern NSC 242.85 2.05 Rockwell ROK 251.78 4.15 TexasInstruments TXN 157.42 0.60 s Xilinx XLNX 133.30 0.92 Amgen AMGN 222.22 -0.95 Boeing BA 211.53 11.91 ChurchillDowns CHDN 186.87 0.30 Equitable EQH 25.06 0.32 Hologic HOLX 68.07 -0.92 LibertyFormOne C FWONK 42.23 1.44 NorthernTrust NTRS 93.56 2.17 RogersComm B RCI 45.79 0.09 Textron TXT 46.47 1.66 s XPeng XPEV 72.17 18.28 s Amphenol APH 128.07 0.68 BookingHldgs BKNG 2019.84 27.07 Cigna CI 206.94 2.12 EquityLife ELS 59.35 -0.96 HomeDepot HD 271.40 1.59 LibertyFormOne A FWONA 38.03 0.91 NorthropGrum NOC 306.49 0.07 s Roku ROKU 276.58 13.44 ThermoFisherSci TMO 446.03 -5.01 Xylem XYL 94.70 0.32 AnalogDevices ADI 137.07 2.19 BoozAllen BAH 87.86 0.67 CincinnatiFin CINF 77.63 0.23 EquityResdntl EQR 60.33 -0.23 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NLY 8.02 0.13 BostonSci BSX 33.33 -0.37 CitizensFin CFG 33.25 0.97 EsteeLauder EL 239.70 -0.86 DR Horton DHI 77.28 2.28 EliLilly LLY 143.38 -2.11 s NuanceComms NUAN 42.42 1.09 RoyalCaribbean RCL 75.78 3.20 TorontoDomBk TD 53.35 0.73 ZTO Express ZTO 29.24 -0.88 Anthem ANTM 310.66 5.04 BrightHorizons BFAM 167.79 0.67 CitrixSystems CTXS 120.16 -0.32 Etsy ETSY 140.20 0.14 HostHotels HST 14.71 0.56 LincolnElectric LECO 114.03 0.74 Nucor NUE 53.67 1.12 RoyalDutchA RDS.A 35.21 1.55 Total TOT 43.38 2.06 ZaiLab ZLAB 104.96 0.65 Aon AON 203.18 4.51 BristolMyers BMY 61.92 0.31 Clarivate CCC 27.34 -0.32 EuronetWorldwide EEFT 132.74 4.17 HowmetAerospace HWM 24.32 0.37 LincolnNational LNC 46.59 2.43 Nutrien NTR 46.59 1.26 RoyalDutchB RDS.B 33.61 1.59 ToyotaMotor TM 143.26 1.13 s ZebraTech ZBRA 362.69 7.70 ApolloGlbMgmt APO 44.40 1.22 BritishAmTob BTI 36.45 -0.44 Clorox CLX 202.31 -0.74 EverestRe RE 233.73 2.63 HuanengPower HNP 15.87 0.18 Linde LIN 252.14 0.07 NVIDIA NVDA 525.60 2.09 RoyalGold RGLD 109.60 -0.37 TractorSupply TSCO 133.88 4.18 Zendesk ZEN 127.32 0.77 s Appian APPN 137.04 11.98 Broadcom AVGO 387.00 3.67 Cloudflare NET 66.09 -0.46 Evergy EVRG 54.97 0.46 Huazhu HTHT 51.39 -1.07 s LithiaMotors LAD 293.06 11.42 RoyaltyPharma RPRX 40.20 -0.17 TradeDesk TTD 839.65 12.65 Zillow C Z 114.13 2.57 Apple AAPL 113.85 -3.49 BroadridgeFinl BR 147.58 2.66 Coca-Cola KO 52.68 0.01 EversourceEner ES 87.79 -0.84 Hubbell HUBB 160.35 2.88 LiveNationEnt LYV 68.30 1.99 O P Q Ryanair RYAAY 105.62 -0.08 Tradeweb TW 58.54 -0.74 Zillow A ZG 116.34 2.91 s ApplMaterials AMAT 80.50 3.78 BrookfieldMgt BAM 41.00 0.74 Coca-Cola Euro CCEP 42.54 -0.74 ExactSciences EXAS 120.54 5.31 HubSpot HUBS 370.94 -0.49 LloydsBanking LYG 1.93 0.06 SAP SAP 117.39 0.37 TraneTech TT 145.92 1.72 ZimmerBiomet ZBH 146.24 0.30 s Aptargroup ATR 126.86 -0.95 BrookfieldInfr BIP 51.54 0.07 Cognex CGNX 71.28 -0.56 Exelon EXC 41.57 -0.30 Humana HUM 409.29 3.08 LockheedMartin LMT 370.85 2.83 OGE Energy OGE 34.07 0.34 S&P Global SPGI 337.12 -1.16 TransDigm TDG 594.94 20.81 Zoetis ZTS 164.34 -1.86 s Aptiv APTV 116.60 2.28 BrookfieldPropREIT BPYU 16.28 0.24 CognizantTech CTSH 77.20 1.30 Expedia EXPE 122.80 2.90 JBHunt JBHT 133.83 -0.01 Loews L 43.53 1.12 ONEOK OKE 35.18 2.22 SBA Comm SBAC 286.27 -3.83 TransUnion TRU 94.97 0.58 ZoomVideo ZM 430.28 -9.32 Aramark ARMK 35.83 0.34 BrookfieldRenew BEPC 73.89 1.48 ColgatePalm CL 84.54 -0.62 ExpeditorsIntl EXPD 88.78 -0.21 HuntingtonBcshs HBAN 12.18 0.43 LogitechIntl LOGI 81.45 -2.27 OReillyAuto ORLY 442.09 -4.69 SEI Investments SEIC 54.97 0.61 Travelers TRV 134.63 0.08 ZoomInfoTech ZI 44.65 1.06 ArcelorMittal MT 17.08 0.72 Brown&Brown BRO 46.51 -0.67 Comcast A CMCSA 49.81 0.64 ExtraSpaceSt EXR 110.89 -1.80 HyattHotels H 71.60 2.57 Lowe's LOW 153.67 3.74 OakStreetHealth OSH 45.72 -1.08 SK Telecom SKM 23.11 0.18 Trex TREX 76.181.46 Zscaler ZS 143.04 0.03 ArchCapital ACGL 33.99 0.02 Brown-Forman B BF.B 80.10 0.34 Comerica CMA 51.95 1.51 ExxonMobil XOM 39.36 2.42 IAA IAA 60.02 -0.08 LufaxHolding LU 14.96 0.35 OccidentalPetrol OXY 15.76 2.27 SS&C Tech SSNC 69.14 0.98 Trimble TRMB 58.96 0.65 Zynga ZNGA 8.22 -0.13

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THE WALL STREET JOURNAL. * Tuesday, November 24, 2020 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 29591.27 s327.79, or 1.12% Trailing P/E ratio 29.37 20.89 3577.59 s20.05, or 0.56% Trailing P/E ratio * 40.73 24.16 11880.63 s 25.66, or 0.22% Trailing P/E ratio *† 37.74 25.77 High, low, open and close for each P/E estimate * 24.15 18.52 High, low, open and close for each P/E estimate * 25.51 18.93 High, low, open and close for each P/E estimate *† 31.17 22.65 trading day of the past three months. Dividend yield 2.08 2.22 trading day of the past three months. Dividend yield * 1.69 1.87 trading day of the past three months. Dividend yield *† 0.74 0.98 All-time high 29950.44, 11/16/20 All-time high 3626.91, 11/16/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 Session high 31700 3600 12300 DOWN UP Session open Close t 11900 Close Open 30500 3500 t

Session low 29300 3400 11500

28100 3300 11100

26900 3200 10700 65-day moving average 65-day moving average 65-day moving average 25700 3100 10300

Bars measure the point change from session's open 24500 3000 9900 Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 986,742,737 31,156,830 Industrial Average 29667.75 29332.82 29591.27 327.79 1.12 29950.44 18591.93 5.4 3.7 7.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 805,977,026 20,105,433 Transportation Avg 12437.54 12295.70 12424.11 192.01 1.57 12434.97 6703.63 13.5 14.0 8.9 Most-active issues in late trading Decl. volume* 175,289,436 10,798,229 Utility Average 877.86 869.46 873.01 -0.28 -0.03 960.89 610.89 2.8 -0.7 4.8 Volume After Hours Issues traded 3,204 278 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 37213.38 36856.58 37108.09 288.63 0.78 37288.44 22462.76 15.6 12.3 11.3 Advances 2,385 157 SPDR S&P 500 SPY 10,027.7 357.64 0.18 0.05 357.67 357.26 Barron's 400 804.80 796.68 802.32 8.83 1.11 802.32 455.11 12.5 9.6 4.9 Declines 740 109 DPW Holdings DPW 9,220.9 8.45 1.26 17.52 9.02 6.81 Unchanged 79 12 Tencent Music Ent ADR TME Nasdaq Stock Market 6,279.7 16.50 ... unch. 16.53 16.47 New highs 202 9 Nasdaq Composite 11949.33 11796.53 11880.63 25.66 0.22 12056.44 6860.67 37.6 32.4 20.0 Intel INTC 5,368.7 46.05 -0.010 -0.02 46.10 45.85 New lows 31 Nasdaq 100 12001.83 11817.53 11905.94 -0.50 -0.004 12420.54 6994.29 42.2 36.3 23.1 Playa Hotels Resorts PLYA 4,971.2 4.77 ... unch. 4.80 4.77 Closing Arms† 0.64 0.55 FuelCell Energy FCEL 4,690.7 9.15 0.600 7.02 9.64 8.30 S&P Block trades* 6,132 170 Citigroup C 4,313.9 53.40 0.10 0.19 53.45 53.14 500 Index 3589.81 3552.77 3577.59 20.05 0.56 3626.91 2237.40 14.2 10.7 11.3 Nasdaq NYSE Arca Apple AAPL 4,079.7 114.02 0.17 0.15 114.14 113.85 MidCap 400 2190.69 2159.27 2181.60 33.99 1.58 2181.60 1218.55 8.6 5.7 5.5 Total volume*5,365,527,060 225,305,109 SmallCap 600 1048.12 1028.05 1043.03 22.80 2.23 1043.03 595.67 4.7 2.1 4.1 Percentage gainers… Adv. volume*3,895,273,552 142,934,537 Decl. volume*1,422,935,241 81,977,805 Other Indexes Cango ADR CANG 50.8 11.40 2.70 31.03 12.02 8.60 Issues traded 3,715 1,421 Russell 2000 1827.60 1787.24 1818.30 32.96 1.85 1818.30 991.16 12.1 9.0 6.2 DPW Holdings DPW 9,220.9 8.45 1.26 17.52 9.02 6.81 Advances 2,394 1,033 NYSE Composite 14029.33 13911.30 13998.24 171.24 1.24 14183.20 8777.38 3.4 0.6 4.1 Altimmune ALT 560.8 10.22 0.98 10.61 11.46 9.24 Declines 1,222 370 Switchback Energy Cl A SBE 432.5 37.29 3.21 9.42 38.14 33.32 Value Line 540.89 528.95 539.25 10.30 1.95 562.05 305.71 0.3 -2.3 -0.6 Unchanged 99 18 Enservco ENSV 298.6 2.20 0.17 8.11 2.32 2.01 NYSE Arca Biotech 5435.58 5383.43 5414.20 18.54 0.34 6142.96 3855.67 9.4 6.8 8.9 New highs 291 200 NYSE Arca Pharma 668.92 659.99 663.94 -4.53 -0.68 675.64 494.36 6.7 1.6 7.4 ...And losers New lows 12 27 KBW Bank 90.56 89.28 90.26 1.98 2.25 114.12 56.19 -18.0 -20.4 -3.1 Ballard Power Systems BLDP 440.1 20.09 -1.49 -6.90 21.72 19.00 Closing Arms† 0.72 1.75 § PHLX Gold/Silver 136.30 132.35 132.54 -4.66 -3.40 161.14 70.12 42.7 24.0 17.5 SmileDirectClub SDC 214.2 12.05 -0.43 -3.45 12.58 11.87 Block trades* 34,012 1,021 § PHLX Oil Service 41.40 38.52 41.29 3.60 9.54 80.99 21.47 -40.4 -47.3 -32.0 Fortress Transportation FTAI 202.2 20.30 -0.65 -3.10 20.95 20.16 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2602.95 2561.35 2595.25 39.75 1.56 2595.25 1286.84 49.8 40.3 25.0 Agilent Technologies A 189.0 108.75 -3.46 -3.08 112.70 106.20 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 23.96 22.45 22.66 -1.04 -4.39 82.69 11.54 90.9 64.4 31.9 ARWR Arrowhead Pharmaceuticals 151.6 66.60 -1.60 -2.35 68.28 64.50 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 1.00 World The Global Dow 3326.16 33.09 2.3 DPW Holdings DPW 7.19 5.06 237.56 7.93 0.53 768.8 MicSec US Big Oil 3X InLv NRGD 7.65 -2.84 -27.07 304.72 7.63 -81.9 0.41 DJ Global Index 468.20 1.91 7.9 Renren ADR RENN 8.07 3.75 86.81 8.20 0.45 263.5 PARTS iD ID 6.01 -2.09 -25.76 11.36 5.63 -41.5 DJ Global ex U.S. 271.49 0.15 0.06 3.0 Greenland Technologies GTEC 7.70 3.01 64.18 10.00 1.12 9.3 Direxion S&P Oil Gas Br DRIP 31.21 -6.81 -17.91 596.52 31.04 -55.1 Americas DJ Americas 841.52 5.66 0.68 10.6 Kaixin Auto Holdings KXIN 9.49 3.43 56.60 13.40 0.40 577.9 Bellerophon Therapeutics BLPH 7.22 -1.56 -17.77 26.00 3.19 25.3 Brazil Sao Paulo Bovespa 107378.92 1336.44 1.26 –7.1 FuelCell Energy FCEL 8.55 3.01 54.33 8.70 0.48 989.2 HighPoint Resources HPR 9.76 -1.91 -16.37 99.00 2.80 -85.4 Canada S&P/TSX Comp 17094.53 75.43 0.44 0.2 CIIG Merger CIIC 25.45 8.45 49.71 25.49 9.30 ... Container Store Group TCS 9.31 -1.79 -16.13 11.88 1.80 130.4 Mexico S&P/BMV IPC 42267.20 362.14 0.86 –2.9 Blink Charging BLNK 33.62 10.95 48.30 34.67 1.25 1615.2 F-star Therapeutics FSTX 4.06 -0.78 -16.12 19.20 3.20 -67.4 Chile Santiago IPSA 2840.02 48.14 1.72 –14.9 Marathon Patent Group MARA 4.92 1.53 45.13 5.25 0.35 251.4 Personalis PSNL 26.19 -4.81 -15.52 32.80 4.27 189.4 Aurora Mobile ADR JG 3.60 1.08 42.86 3.76 1.40 20.0 Direxion Daily En Bear 2x ERY 36.40 -6.06 -14.27 379.37 35.25 -19.1 EMEA Stoxx Europe 600 388.84 –0.77 –0.20 –6.5 China Automotive Systems CAAS 4.72 1.34 39.64 4.98 1.43 49.4 SQZ Biotechnologies SQZ 27.62 -4.51 -14.04 36.49 12.98 ... Eurozone Euro Stoxx 385.87 –0.54 –0.14 –4.5 Belgium Bel-20 3614.14 28.48 0.79 –8.6 Beam Global BEEM 35.19 9.89 39.09 37.50 3.90 656.0 ProShs UltrShrt Oil Gas DUG 30.41 -4.88 -13.83 184.95 29.43 -27.5 Denmark OMX Copenhagen 20 1395.64 –13.91 –0.99 22.9 Polar Power POLA 6.46 1.77 37.74 6.64 0.95 163.7 BioLine RX ADR BLRX 2.28 -0.36 -13.64 3.30 1.06 -15.6 France CAC 40 5492.15 –3.74 –0.07 –8.1 China Recycling Energy CREG 6.19 1.66 36.64 7.40 1.60 193.4 Superior Industries SUP 4.26 -0.65 -13.24 5.26 0.90 44.9 Pioneer Power Solutions PPSI Optinose OPTN Germany DAX 13126.97 –10.28 –0.08 –0.9 5.27 1.36 34.78 9.43 0.90 107.5 4.36 -0.62 -12.45 10.07 3.14 -55.2 XPeng ADR XPEV 72.17 18.28 33.92 73.06 10.00 ... Direxion Hi Beta Bear 3X HIBS 2.14 -0.28 -11.57 71.87 2.10 -90.8 Israel Tel Aviv 1446.51 18.87 1.32 –14.1 Italy FTSE MIB 21701.79 –5.17 –0.02 –7.7 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 601.37 –0.25 –0.04 –0.5 Russia RTS Index 1256.81 –5.88 –0.47 –18.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 57147.31 532.03 0.94 0.1 Spain IBEX 35 7981.20 3.30 0.04 –16.4 DPW Holdings DPW 296,721 7535.8 7.19 237.56 7.93 0.53 Newborn Acquisition NBAC 3,591 9700 11.10 9.36 11.39 9.70 Sweden OMX Stockholm 755.75 –2.29 –0.30 11.0 Naked Brand Group NAKD 272,709 293.0 0.18 9.07 4.00 0.07 GigCapital2 GIX 3,580 4969 10.15 0.59 10.60 9.60 Ideanomics IDEX Apex Tech Acquisition APXT Switzerland Swiss Market 10464.40 –31.25 –0.30 –1.4 270,064 2932.3 2.62 70.13 3.98 0.28 9,187 3919 10.41 2.56 11.41 9.13 NIO ADR NIO 266,457 68.6 55.38 12.45 55.70 1.96 VanEck Vectors Africa AFK 207 3025 19.66 1.29 21.98 11.24 Turkey BIST 100 1314.25 –9.70 –0.73 14.9 FuelCell Energy FCEL 233,837 693.8 8.55 54.33 8.70 0.48 Longview Acquisition Cl A LGVW 15,298 2843 13.60 8.80 14.74 9.34 U.K. FTSE 100 6333.84 –17.61 –0.28 –16.0 U.K. FTSE 250 19582.35 75.39 0.39 –10.5 Apple AAPL 126,073 -18.0 113.85 -2.97 137.98 53.15 iShares US Pharmaceutical IHE 226 2809 171.02 -0.55 175.67 115.53 General Electric GE 107,234 -2.4 10.07 3.18 13.26 5.48 CIIG Merger CIIC 28,655 2549 25.45 49.71 25.49 9.30 Asia-Pacific American Airlines Group AAL 98,986 53.2 13.56 8.22 30.78 8.25 JPM U.S. Aggregate Bd JAGG 3,648 2272 27.97 -0.04 28.44 23.29 Australia S&P/ASX 200 6561.60 22.43 0.34 –1.8 XPeng ADR XPEV 98,400 369.9 72.17 33.92 73.06 10.00 AdvisorShares Sage Core HOLD 151 1765 98.79 -0.02 100.35 93.52 China Shanghai Composite 3414.49 36.76 1.09 11.9 Sundial Growers SNDL 96,529 48.2 0.24 -5.38 3.88 0.14 IRSA Propiedades Com ADR IRCP 389 1667 13.25 21.34 18.00 5.06 Hong Kong Hang Seng 26486.20 34.66 0.13 –6.0 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 0.44 India S&P BSE Sensex 44077.15 194.90 6.8 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 25527.37 … Closed 7.9 Singapore Straits Times 2848.78 35.77 1.27 –11.6 Track the Markets South Korea Kospi 2602.59 49.09 1.92 18.4 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 13878.01 1.18 15.7 global stock indexes, bond ETFs, 161.57 currencies and commodities at Currencies Thailand SET 1420.43 31.09 2.24 –10.1 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Mon YTD chg Mon YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004314 23179 0.03 Argentina peso .0125 80.3054 34.1 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1838 5.4393 35.3 Czech Rep. koruna .04501 22.215 –2.0 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7642 1.3086 0.7 Denmark krone .1590 6.2883 –5.6 notes and bonds major U.S. trading partners Chile peso .001292 773.90 4.7 Euro area euro 1.1842 .8445 –5.3 A consumer rate against its 5-year CDs Colombiapeso .000274 3647.55 11.2 Hungary forint .003283 304.59 3.1 Ecuador US dollar 11unch Iceland krona .007361 135.85 12.2 benchmark over the past year 2.50% Bankrate.com avg†: 0.58% 10% Mexico peso .0496 20.1702 6.6 Norway krone .1107 9.0365 2.9 Uruguay peso .02336 42.8100 15.3 Poland zloty .2649 3.7757 –0.5

Colorado Federal Savings Bank 0.80% One year ago 2.00 s Euro Asia-Pacific Russia ruble .01313 76.133 22.7 1.60% Greenwood Village, CO 877-484-2372 t 5

s Sweden krona .1159 8.6276 –7.9 1.50 Yen Australian dollar .7285 1.3727 –3.7 Switzerland franc 1.0959 .9125 –5.7 Washington Savings Bank 0.80% China yuan .1518 6.5860 –5.4 1.20 0 Turkey lira .1268 7.8842 32.5 Lowell, MA 978-458-7999 1.00 Hong Kong dollar .1290 7.7519 –0.5 Five-year CD yields Ukraine hryvnia .0351 28.4500 20.2 Tradeweb ICE India rupee .01347 74.259 4.1 t 0.80 TAB Bank 0.85% UK pound 1.3323 .7506 –0.5 Monday Close 0.50 –5 s Indonesia rupiah .0000707 14149 1.9 Ogden, UT 800-355-3063 t WSJ Dollar index Japan yen .009565 104.55 –3.8 Middle East/Africa Federal-funds 0.40 0.00 t CFG Community Bank 0.88% –10 Kazakhstan tenge .002348 425.84 11.5 Bahrain dinar 2.6533 .3769 –0.04 target rate Macau pataca .1252 7.9900 –0.3 Egypt pound .0639 15.6416 –2.5 Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2445 4.0905 unch Israel shekel .2984 3.3513 –3.0 D J F M A M J J A S O N First Internet Bank of Indiana 0.96% New Zealand dollar .6924 1.4443 –2.8 Kuwait dinar 3.2693 .3059 0.9 maturity 2020 Indianapolis, IN 888-873-3424 Pakistan rupee .00621 160.983 3.9 Oman sul rial 2.5972 .3850 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0207 48.304 –4.7 Qatar rial .2746 3.642 –0.05 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7442 1.3437 –0.2 Saudi Arabia riyal .2666 3.7504 –0.02 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008977 1114.01 –3.6 South Africa rand .0649 15.4170 10.1 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 Sri Lanka rupee .0053946 185.37 2.2 Yield (%) 52-Week Total Return (%) Taiwan dollar .03503 28.546 –4.6 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 4.75 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03295 30.350 2.0 WSJ Dollar Index 87.22 0.15 0.18 –2.62 Libor, 3-month 0.21 0.22 0.20 l 1.96 -1.26 U.S. Treasury, Barclays 2463.950 0.580 0.610 1.860 0.400 7.687 5.198 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.20 0.21 0.19 l 0.58 -0.12 Five-year CD, annual yield 0.58 0.58 0.58 l 1.42 -0.90 U.S. Treasury Long, Barclays 4789.480 1.430 1.510 2.340 0.980 16.384 10.486 Commodities 30-year mortgage, fixed† 2.94 2.95 2.93 l 4.22 -0.97 Aggregate, Barclays 2285.340 1.170 1.230 2.380 1.020 7.295 5.267 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.43 2.46 2.43 l 3.57 -0.89 Fixed-Rate MBS, Barclays 2227.480 1.270 1.360 2.690 0.930 4.039 3.660 Jumbo mortgages, $510,400-plus† 2.91 2.92 2.90 l 4.36 -1.38 DJ Commodity 681.02 2.76 0.41 681.02 433.70 9.42 6.03 High Yield 100, ICE BofA 3258.184 4.043 4.065 10.740 3.589 4.509 4.578 Five-year adj mortgage (ARM)† 3.20 3.21 2.85 l 4.61 -0.40 TR/CC CRB Index 157.33 1.16 0.75 187.39 106.29 -12.87 -15.32 Muni Master, ICE BofA 592.101 0.957 1.046 3.441 0.838 5.101 4.441 New-car loan, 48-month 4.04 4.14 4.04 l 4.50 1.03 Crude oil, $ per barrel 43.06 0.64 1.51 63.27 -37.63 -25.77 -29.48 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 916.196 4.505 4.516 7.480 4.492 5.445 4.511 Natural gas, $/MMBtu 2.711 0.061 2.30 3.354 1.482 7.11 23.85 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1837.80 -34.80 -1.86 2051.50 1453.40 26.17 20.95 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW329000-0-B00800-1------XA

B8 | Tuesday, November 24, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures March 135.075 137.875 135.025 137.275 2.900 9,147 March'21 1.1015 1.1057 1.0972 1.1001 –.0009 570 Mini S&P 500 (CME)-$50 x index Cattle-Live (CME)-40,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Dec 3546.50 3588.00 3545.50 3576.00 21.75 2,452,943 Contract Open Dec 108.550 110.700 108.525 110.000 1.900 29,905 Dec .7304 .7339 .7266 .7292 –.0021 128,792 March'21 3542.50 3579.00 3537.75 3567.50 22.00 59,040 Open High hi lo Low Settle Chg interest Feb'21 111.275 113.625 111.175 112.900 2.250 110,098 March'21 .7294 .7343 .7272 .7297 –.0020 811 Mini S&P Midcap 400 (CME)-$100 x index Copper-High (CMX)-25,000 lbs.; $ per lb. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Dec 2139.10 2189.70 2137.90 2179.50 33.50 54,093 Nov 3.2785 3.2790 s 3.2785 3.2595 –0.0340 478 Dec 64.750 66.425 64.475 64.950 .825 27,980 Dec .04968 .05001 .04942 .04955 –.00011 136,324 March'21 …2179.60 s 2141.30 2175.90 33.50 n.a. March'21 3.3065 3.3150 3.2555 3.2780 –0.0320 128,371 Feb'21 65.350 68.350 65.050 67.125 1.775 80,299 March'21 .04915 .04949 .04894 .04905 –.00010 1,257 Mini Nasdaq 100 (CME)-$20 x index Gold (CMX)-100 troy oz.; $ per troy oz. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Euro (CME)-€125,000; $ per € Dec 11894.00 12001.75 11808.25 11905.25 –.50 234,798 Nov 1834.80 1835.50 t 1829.20 1837.80 –34.80 1,904 Jan 635.00 635.00 614.10 618.40 –11.70 1,940 Dec 1.1865 1.1912 1.1805 1.1848 –.0016 629,246 March'21 11918.00 11995.00 11804.00 11899.50 –.50 4,330 Dec 1869.80 1875.00 1828.00 1837.80 –34.60 197,009 March 600.00 600.00 566.50 570.00 –28.50 560 March'21 1.1891 1.1940 1.1833 1.1876 –.0015 6,507 Mini Russell 2000 (CME)-$50 x index Jan'21 1872.90 1877.50 t 1832.00 1841.50 –34.20 3,661 Milk (CME)-200,000 lbs., cents per lb. Dec 1778.50 1828.80 s 1776.60 1817.10 33.80 548,190 Feb 1875.90 1880.70 1834.40 1844.10 –34.10 253,673 Nov 23.12 23.14 23.12 23.14 …5,543 Index Futures Mini Russell 1000 (CME)-$50 x index April 1878.90 1884.00 1838.50 1848.20 –34.20 55,145 Dec 16.07 16.10 15.50 15.66 –.32 5,142 Dec 2009.80 2013.80 1994.70 2008.80 15.10 9,412 June 1886.60 1886.80 1842.10 1851.30 –34.10 27,166 Cocoa (ICE-US)-10 metric tons; $ per ton. Mini DJ Industrial Average (CBT)-$5 x index U.S. Dollar Index (ICE-US)-$1,000 x index Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 3,022 3,022 s 3,022 3,022 60 235 Dec 29133 29621 29116 29546 334 87,213 Dec 92.35 92.80 92.00 92.49 .10 28,896 Nov … 2351.80 30.60 25 March'21 2,751 2,774 s 2,724 2,753 41 93,418 March'21 29004 29516 29004 29445 334 6,717 March'21 92.33 92.73 91.96 92.43 .10 988 March'21 2341.10 2377.60 2339.90 2372.20 31.30 7,533 Coffee (ICE-US)-37,500 lbs.; cents per lb. S&P 500 Index (CME)-$250 x index Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 116.65 116.65 114.35 114.45 –1.05 1,041 Dec 3577.30 3579.20 3546.60 3576.00 21.80 27,137 March'21 117.80 120.00 116.10 117.05 –1.00 114,969 March'21 …… …3567.40 21.80 26 Source: FactSet Nov 929.10 –25.00 112 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Jan'21 953.00 956.40 920.00 931.70 –25.50 49,884 March 15.30 15.49 15.08 15.15 –.06 430,028 Silver (CMX)-5,000 troy oz.; $ per troy oz. May 14.38 14.52 14.20 14.25 –.02 220,513 Nov 23.624 –0.724 2 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks March'21 24.305 24.575 23.575 23.757 –0.734 96,675 Jan 29.90 29.90 29.90 29.85 .14 1,771 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 29.09 29.09 28.50 28.98 –.17 3,292 Jan 42.46 43.36 42.29 43.06 0.64 426,480 Cotton (ICE-US)-50,000 lbs.; cents per lb. Tracking Bond Benchmarks Feb 42.64 43.56 42.52 43.28 0.64 201,771 Dec 71.74 72.70 71.51 72.15 1.27 580 March 42.84 43.74 42.72 43.46 0.62 170,376 March'21 72.99 74.27 s 72.77 73.80 .84 138,606 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week June 43.21 44.08 43.14 43.77 0.50 199,972 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. highs and lows for different types of bonds Dec 43.51 44.18 43.36 43.83 0.32 284,159 Jan 127.45 127.85 126.85 127.65 –.05 7,233 Total Total Dec'22 43.64 44.23 43.46 43.85 0.18 92,204 March 127.30 127.50 126.80 127.50 .20 2,821 return YTD total Yield (%) return YTD total Yield (%) NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. close return (%) Index Latest Low High close return (%) Index Latest Low High Dec 1.2884 1.3121 1.2818 1.3105 .0242 37,965 Interest Rate Futures Jan'21 1.2937 1.3173 1.2874 1.3158 .0245 109,756 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Dec 219-280 219-280 217-260 218-060 –1-06.0 768,450 2227.48 3.7 Mortgage-Backed 1.270 0.930 2.690 Dec 1.1785 1.2096 1.1773 1.2040 .0288 39,746 2285.34 7.2 U.S. Aggregate 1.170 1.020 2.380 March'21 218-020 218-060 216-050 216-170 –1-06.0 316,262 Jan'21 1.1742 1.2018 1.1713 1.1971 .0268 130,533 2173.97 3.5 Ginnie Mae (GNMA) 0.700 0.290 2.660 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Barclays Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 174-070 174-080 173-090 173-150 –19.0 1,043,914 Dec 2.705 2.728 2.649 2.711 .061 23,677 3428.57 8.9 U.S. Corporate 1.860 1.820 4.580 1315.62 3.8 Fannie mae (FNMA) 1.460 1.110 2.690 March'21 175-190 175-200 174-190 174-260 –20.0 307,133 Jan'21 2.822 2.839 2.756 2.823 .053 303,149 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3086.88 6.6 Intermediate 1.240 1.230 4.400 2019.26 3.7 Freddie Mac (FHLMC) 1.450 1.080 2.710 Feb 2.802 2.820 2.742 2.806 .051 95,648 Dec 138-170 138-175 138-085 138-100 –6.0 2,918,492 March 2.750 2.764 2.694 2.751 .042 187,178 592.10 4.6 Muni Master 0.957 0.838 3.441 March'21 138-040 138-050 137-280 137-295 –6.0 603,141 5141.14 12.8 Long term 2.830 2.730 4.930 April 2.638 2.653 2.597 2.637 .029 83,117 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 699.29 8.4 Double-A-rated 1.460 1.300 3.360 418.53 4.9 7-12 year 0.928 0.771 3.447 Oct 2.762 2.783 2.746 2.775 .013 96,822 Dec 125-197 125-200 125-165 125-177 –1.5 2,614,443 March'21 125-300 125-300 125-262 125-280 –1.5 684,362 910.13 8.5 Triple-B-rated 2.160 2.150 5.350 478.08 5.6 12-22 year 1.374 1.224 3.690 Agriculture Futures 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% High Yield Bonds ICE BofA 463.30 5.1 22-plus year 2.034 1.765 4.123 Corn (CBT)-5,000 bu.; cents per bu. Dec 110-126 110-127 110-122 110-124 –.1 1,712,376 Dec 427.50 429.75 s 423.50 426.50 3.25 173,629 March'21 110-123 110-125 110-118 110-122 –.1 372,673 483.45 3.5 High Yield Constrained 4.848 4.655 11.400 Global Government J.P. Morgan† March'21 432.25 435.75 s 430.25 433.25 5.00 849,550 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Global Government Oats (CBT)-5,000 bu.; cents per bu. Nov 99.9100 99.9125 99.9100 99.9100 .0000 143,198 433.73 -0.9 Triple-C-rated 9.887 9.887 19.071 614.77 5.5 0.550 0.390 1.060 Jan'21 99.9250 99.9300 99.9200 99.9250 .0000 146,443 Dec 298.00 298.75 287.00 287.25 –10.50 1,834 3258.18 2.0 High Yield 100 4.043 3.589 10.740 862.64 7.3 Canada 0.820 0.590 1.740 March'21 312.00 313.25 302.00 302.25 –9.75 3,730 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Soybeans (CBT)-5,000 bu.; cents per bu. Dec 101-095 –8.0 152,890 436.63 3.6 Global High Yield Constrained 4.848 4.833 11.310 419.93 4.9 EMU§ 0.067 0.050 0.794 Jan 1195.50 1200.00 s 1186.00 1191.50 10.50 330,353 Eurodollar (CME)-$1,000,000; pts of 100% March 1195.00 1199.50 s 1187.00 1192.50 11.25 241,026 Dec 99.7525 99.7575 99.7500 99.7550 .0025 1,094,029 332.98 1.3 Europe High Yield Constrained 3.198 2.464 8.183 793.52 4.6 France -0.110 -0.160 0.430 Soybean Meal (CBT)-100 tons; $ per ton. March'21 99.7850 99.7900 99.7800 99.7850 … 1,137,020 U.S Agency Bloomberg Barclays 552.19 3.1 Germany -0.740 -0.050 Dec 399.90 401.40 s 393.70 394.90 .20 45,025 June 99.7950 99.7950 99.7900 99.7900 –.0050 881,068 -0.460 Jan'21 397.90 399.10 392.20 393.00 .50 128,228 Dec 99.7550 99.7550 99.7450 99.7500 –.0050 861,440 1864.04 5.3 U.S Agency 0.530 0.470 1.950 295.73 -0.8 Japan 0.270 0.040 0.320 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 39.16 39.20 38.44 38.55 –.11 41,863 Currency Futures 1624.12 3.9 10-20 years 0.420 0.340 1.850 617.61 3.6 Netherlands -0.380 -0.540 0.080 Jan'21 38.50 38.87 38.11 38.34 …146,668 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Japanese Yen (CME)-¥12,500,000; $ per 100¥ 4277.14 12.1 20-plus years 1.620 1.170 2.450 1072.23 6.7 U.K. 0.700 0.390 1.180 Dec .9636 .9648 .9559 .9572 –.0062 172,170 Jan 12.46 12.46 12.15 12.44 –.03 8,612 2916.12 6.6 Yankee 1.450 1.430 3.500 916.20 3.9 Emerging Markets ** 4.505 4.492 7.480 March 12.61 12.61 12.40 12.60 –.05 271 March'21 .9651 .9661 .9574 .9586 –.0062 2,443 Wheat (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Dec .7637 .7667 .7627 .7646 .0009 131,768 Dec 596.00 604.75 595.75 598.75 5.50 29,738 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan March'21 602.00 610.00 601.50 604.50 5.00 199,159 March'21 .7643 .7669 .7631 .7649 .0010 2,855 Wheat (KC)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ Dec 550.50 557.00 549.50 551.25 1.00 18,437 Dec 1.3298 1.3400 1.3266 1.3327 .0047 132,562 Global Government Bonds: Mapping Yields March'21 559.00 566.00 559.00 560.50 1.25 122,331 March'21 1.3311 1.3409 1.3277 1.3337 .0047 3,070 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Jan 135.375 138.375 135.225 137.825 3.225 20,502 Dec 1.0979 1.1025 1.0937 1.0968 –.0009 50,464 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Cash Prices | wsj.com/market-data/commodities Monday, November 23, 2020 0.125 U.S. 2 0.170 s l 0.157 0.170 1.636 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 0.875 10 0.853 s l 0.829 0.842 1.773 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 2.250 Australia 2 0.105 s l 0.105 0.137 0.792 -5.2 -84.4 months. -6.4 1.000 10 0.862 t l 0.875 0.870 1.107 4.6 -66.6 Monday Monday Monday 1.0 Energy Aluminum, LME, $ per metric ton *1984.0 Wheat - Hard - KC (USDA) $ per bu-u 5.7625 0.000 France 2 -0.679 s l -0.682 -0.681 -0.590 -84.9 -84.0 -222.6 Copper,Comex spot 3.2595 Wheat,No.1soft white,Portld,OR-u 6.1500 0.000 10 -0.340 s l -0.346 -0.295 -0.045 -119.3 -117.5 -181.8 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 52.750 Iron Ore, 62% Fe CFR China-s 126.8 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 287 0.000 Germany 2 -0.750 s l -0.752 -0.755 -0.622 -92.0 -91.0 -225.8 Metals Steel, HRC USA, FOB Midwest Mill-s 747 Beef,carcass equiv. index 0.000 10 -0.579 s l -0.580 -0.572 -0.358 -143.2 -140.9 -213.1 Fibers and Textiles choice 1-3,600-900 lbs.-u 197.00 Gold, per troy oz select 1-3,600-900 lbs.-u 176.12 0.050 Italy 2 -0.405 t l -0.393 -0.335 -0.123 -57.5 -55.1 -175.9 Engelhard industrial 1868.00 Burlap,10-oz,40-inch NY yd-n,w 0.6300 Broilers, National comp wtd. avg.-u,w 0.8005 0.900 10 0.621 t l 0.633 0.769 1.186 -23.2 -19.6 -58.8 Handy & Harman base 1840.20 Cotton,1 1/16 std lw-mdMphs-u 0.7055 Butter,AA Chicago 1.3175 Cheddar cheese,bbl,Chicago 0.100 Japan 2 -0.147 l -0.147 -0.130 -0.188 -30.5 -182.4 Handy & Harman fabricated 2042.62 Cotlook 'A' Index-t *77.90 140.00 -31.7 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1867.00 Hides,hvy native steers piece fob-u 39.000 166.00 0.100 10 0.017 l 0.017 0.039 -0.080 -83.6 -81.3 -185.3 Milk,Nonfat dry,Chicago lb. 108.25 LBMA Gold Price PM *1875.70 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 0.400 Spain 2 -0.569 s l -0.585 -0.547 -0.381 -74.2 -201.7 Krugerrand,wholesale-e n.a. 1.0921 -73.9 Grains and Feeds Coffee,Colombian, NY 1.6401 Maple Leaf-e n.a. 1.250 10 0.072 s l 0.070 0.202 0.407 -78.1 -75.9 -136.7 Eggs,large white,Chicago-u 1.0150 American Eagle-e n.a. Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.65 0.500 U.K. 2 -0.022 s l -0.040 -0.026 0.537 -19.8 -109.9 Mexican peso-e n.a. -19.1 Bran,wheat middlings, KC-u 125 Hams,17-20 lbs,Mid-US fob-u 0.77 Austria crown-e n.a. 4.750 10 0.320 s l 0.305 0.281 0.707 -53.3 -52.4 -106.6 Corn,No. 2 yellow,Cent IL-bp,u 4.1700 Hogs,Iowa-So. Minnesota-u 68.21 Austria phil-e n.a. Corn gluten feed,Midwest-u,w 142.0 Pork bellies,12-14 lb MidUS-u 1.0440 Source: Tullett Prebon Silver, troy oz. Corn gluten meal,Midwest-u,w 531.1 Pork loins,13-19 lb MidUS-u 0.8061 Engelhard industrial 24.1000 Cottonseed meal-u,w 390 Steers,Tex.-Okla. Choice-u n.a. Corporate Debt Handy & Harman base 23.5870 Hominy feed,Cent IL-u,w 108 Steers,feeder,Okla. City-u,w 147.13 Handy & Harman fabricated 29.4840 Meat-bonemeal,50% pro Mnpls-u,w 260 Fats and Oils Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific LBMA spot price *£18.2000 Oats,No.2 milling,Mnpls-u 3.0725 expectations (U.S.$ equivalent) *24.1650 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 44.6000 Coins,wholesale $1,000 face-a 17810 Sorghum,(Milo) No.2 Gulf-u 6.3650 Grease,choice white,Chicago-h 0.2900 Investment-grade spreads that tightened the most… SoybeanMeal,Cent IL,rail,ton48%-u Spread*, in basis points Other metals 392.90 Lard,Chicago-u n.a. Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week LBMA Platinum Price PM *956.0 Soybeans,No.1 yllw IL-bp,u 11.8270 Soybean oil,crude;Centl IL-u 0.3955 Platinum,Engelhard industrial 949.0 Wheat,Spring14%-pro Mnpls-u 6.9000 Tallow,bleach;Chicago-h 0.3250 Boeing BA 7.950 2.30 Aug. 15, ’24 191 –11 n.a. Palladium,Engelhard industrial 2353.0 Wheat,No.2 soft red,St.Louis-u 6.1875 Tallow,edible,Chicago-u 0.3400 Apple AAPL 3.200 0.58 May 13, ’25 20 –8 24 Bank of America BAC 6.110 2.56 Jan. 29, ’37 99 –8 109 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Wells Fargo WFC 4.100 1.35 June 3, ’26 97 –8 106 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 11/20 Source: Dow Jones Market Data ConocoPhillips COP 6.500 2.89 Feb. 1, ’39 132 –7 140 GE Capital International Funding Unlimited GE 3.373 1.51 Nov. 15, ’25 112 –7 132 | Equitable Financial Life Global Funding* EQH 0.500 0.46 Nov. 17, ’23 24 –6 30 Borrowing Benchmarks wsj.com/market-data/bonds/benchmarks General Motors Financial GM 5.200 1.04 March 20, ’23 83 –6 97 Money Rates November 23, 2020 …And spreads that widened the most Canadian Imperial Bank of Commerce CM 10 11 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 3.500 0.36 Sept. 13, ’23 15 Toronto–Dominion Bank TD 3.500 0.35 July 19, ’23 14 10 13 guide to general levels but don’t always represent actual transactions. NBCUniversal Media CMCSA 4.450 2.57 Jan. 15, ’43 100 7 n.a. Citigroup C 4.450 1.81 Sept. 29, ’27 95 6 88 Inflation Week —52-WEEK— Week —52-WEEK— Latest ago High Low Latest ago High Low Oracle ORCL 6.500 2.38 April 15, ’38 81 5 88 Oct. index Chg From (%) Santander UK SANUK 5 40 level Sept. '20 Oct. '19 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction 2.100 0.56 Jan. 13, ’23 34 Britain 0.10 0.10 0.75 0.10 BNP Paribas S.A. BNP 4 n.a. 4 weeks 0.070 0.085 1.620 0.000 4.375 1.52 Sept. 28, ’25 113 U.S. consumer price index Australia 0.10 0.10 0.75 0.10 13 weeks 0.085 0.090 1.560 0.000 Caterpillar Financial Services CAT 1.100 0.98 Sept. 14, ’27 35 4 41 All items 260.388 0.04 1.2 Overnight repurchase 26 weeks 0.090 0.100 1.580 0.080 Core 269.328 0.10 1.6 High-yield issues with the biggest price increases… U.S. 0.03 0.09 1.65 -0.07 Secondary market Bond Price as % of face value International rates U.S. government rates Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Fannie Mae American Airlines AAL 5.000 20.62 June 1, ’22 80.500 2.90 78.750 Week 52-Week Discount 30-year mortgage yields Latest ago High Low Occidental Petroleum OXY 6.450 7.03 Sept. 15, ’36 94.530 1.81 91.500 0.25 0.25 2.25 0.25 30 days 1.883 1.909 3.362 1.751 Apache APA 7.750 5.98 Dec. 15, ’29 112.250 1.25 n.a. Prime rates 60 days 1.913 1.946 3.370 1.804 U.S. 3.25 3.25 4.75 3.25 Federal funds Royal Caribbean Cruises RCL 7.500 6.41 Oct. 15, ’27 106.000 1.19 100.875 Canada 2.45 2.45 3.95 2.45 Effective rate 0.0900 0.0900 1.6200 0.0600 Other short-term rates CF Industries CF 5.375 3.73 March 15, ’44 125.500 1.00 125.000 High 0.1000 0.1000 1.6500 0.1000 Japan 1.475 1.475 1.475 1.475 United Airlines Holdings UAL 4.875 6.05 Jan. 15, ’25 95.750 1.00 92.400 Low 0.0500 0.0500 1.5800 0.0100 Week 52-Week Policy Rates Bid 0.0800 0.0800 1.6000 0.0100 Latest ago high low …And with the biggest price decreases Euro zone 0.00 0.00 0.00 0.00 Offer 0.1000 0.1100 1.6300 0.0500 Call money Navient NAVI 5.625 6.41 Aug. 1, ’33 93.250 –0.75 93.188 2.00 2.00 3.50 2.00 Ford Motor Credit F 4.389 3.62 Jan. 8, ’26 103.550 –0.70 103.125 Key Interest Rates Commercial paper (AA financial) Amtrust Financial Services AFSI 6.125 8.48 Aug. 15, ’23 94.375 –0.63 93.003 CenturyLink LUMN 5.800 2.57 March 15, ’22 104.125 –0.53 104.720 Data are annualized on a 360-day basis. Treasury yields are per annum, 90 days n.a. 0.14 2.53 0.04 Howmet Aerospace HWM 5.870 1.59 Feb. 23, ’22 105.250 –0.41 106.321 Libor on actively traded noninflation and inflation-indexed issues that are Fiat Chrysler Automobiles NV* FCAIM 5.250 2.22 April 15, ’23 107.000 –0.38 107.305 One month 0.15013 0.14350 1.80475 0.12663 adjusted to constant maturities. Data are from weekly Federal Reserve Rite Aid RAD 7.700 11.79 Feb. 15, ’27 82.300 –0.33 84.480 release H.15. Three month 0.20650 0.22038 1.96050 0.20488 Six month 0.25375 0.24900 1.92438 0.23375 Quebecor Media QBRCN 5.750 1.82 Jan. 15, ’23 108.220 –0.30 108.750 Week Ended 52-Week Week Ended 52-Week One year 0.33563 0.33963 2.01200 0.32763 Nov 20 Nov 13 High Low Nov 20 Nov 13 High Low *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. 6-month Note: Data are for the most active issue of bonds with maturities of two years or more Federal funds (effective) 0.10 0.11 1.62 0.06 Euro Libor 1-year 0.11 0.12 1.59 0.11 Source: MarketAxess One month -0.579 -0.574 -0.360 -0.621 0.09 0.09 1.59 0.04 2-year 0.17 0.18 1.63 0.11 Three month -0.543 -0.540 -0.142 -0.546 3-year 0.22 0.24 1.66 0.13 Commercial paper Six month -0.520 -0.516 -0.052 -0.526 5-year 0.39 0.43 1.73 0.21 One year -0.470 -0.457 0.008 -0.474 Nonfinancial 7-year 0.64 0.68 1.84 0.39 Dividend Changes 1-month 0.10 0.10 1.64 0.07 10-year 0.87 0.93 1.91 0.55 2-month Secured Overnight Financing Rate 0.11 0.12 1.74 0.07 20-year 1.39 1.47 2.20 0.99 Dividend announcements from November 23. 3-month 0.14 0.13 1.84 0.09 0.05 0.09 1.65 0.01 Amount Payable / Amount Payable / Financial Treasury yields (secondary market) Value 52-Week Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record 1-month 0.17 0.14 2.15 0.08 1-month 0.08 0.10 1.60 0.00 Latest Traded High Low 2-month 0.18 n.a. 2.27 0.08 Increased Stocks 3-month 0.18 0.15 2.44 0.11 3-month 0.08 0.10 1.58 -0.01 DTCC GCF Repo Index 6-month 0.10 0.11 1.58 0.06 Brown-Forman Cl A BF.A 1.0 .1795 /.1743 Q Jan04 /Dec04 F-star Therapeutics FSTX 1:4 /Nov23 Discount window primary credit Treasury 0.067 54.520 1.720 0.002 Brown-Forman Cl B BF.B 0.9 .1795 /.1743 Q Jan04 /Dec04 HTG Molecular Diagnostics HTGM 1:15 /Nov23 TIPS MBS 0.057 20.342 1.763 0.011 NCS Multistage NCSM 1:20 /Dec01 0.25 0.25 2.25 0.25 Capital City Bank Group CCBG 2.6 .15 /.14 Q Dec21 /Dec07 5-year -1.23 -1.22 0.41 -1.34 Notes on data: ChoiceOne Financial Svcs COFS 2.9 .22 /.20 Q Dec31 /Dec15 Foreign Treasury yields at constant 7-year -1.06 -1.04 0.35 -1.22 Kimco Realty KIM 4.1 .16 /.10 Q Dec23 /Dec09 maturities 10-year -0.83 -0.80 0.35 -1.05 U.S. prime rate is the base rate on corporate Cementos Pacasmayo ADR CPAC 3.5 .31921 A Dec28 /Dec07 loans posted by at least 70% of the 10 largest Motorola Solutions MSI 1.7 .71 /.64 Q Jan15 /Dec15 20-year -0.42 -0.36 0.47 -0.70 Chubb CB 2.1 .78 Q Jan08 /Dec18 1-month 0.08 0.10 1.63 0.01 U.S. banks, and is effective March 16, 2020. Nike Cl B NKE 0.8 .275 /.245 Q Dec29 /Dec07 3-month 0.08 0.10 1.61 0.01 Long-term avg -0.35 -0.29 0.62 -0.50 LyondellBasell Inds LYB 4.9 1.05 Q Dec07 /Nov30 Other prime rates aren’t directly comparable; Patrick Industries PATK 1.7 .28 /.25 Q Dec14 /Nov30 lending practices vary widely by location; NetEase ADR NTES 1.0 .195 Q Dec18 /Dec04 Notes on data: Discount rate is effective March 16, 2020. San Juan Basin Royalty Tr SJT 4.0 .0274 /.01397 M Dec14 /Nov30 QIWI ADR QIWI 6.5 .34 Q Dec09 /Dec01 Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of Reduced Tenaris ADR TS ... .14 SA Nov25 /Nov24 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by November 20, 2020. DTCC GCF Repo Index is SLM Float. Rate pfd Ser B SLMBP 4.3 .4897 /.51645 Q Dec15 /Dec04 Special discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable United-Guardian UG 4.9 .36 /.42 SA Dec08 /Dec01 FAST primary credit rate is charged for discounts made and advances extended under the Federal Fastenal Co 2.1 .40 Dec22 /Dec02 CUSIPs. Value traded is in billions of U.S. dollars. Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Qurate Retail Series A QRTEA ... 1.50 Dec07 /Nov30 Federal-funds rates are Tullett Prebon rates as Initial Qurate Retail Series B QRTEB ... 1.50 Dec07 /Nov30 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. Qurate Retail 8% Pfd. QRTEP 8.1 2.0164 Dec15 /Nov30 Waterstone Fincl WSBF 2.6 .30 Dec08 /Dec01 yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. P2JW329000-4-B00900-1------XA

THE WALL STREET JOURNAL. **** Tuesday, November 24, 2020 | B9 MARKETS Stocks Jump on a Promising Vaccine

BY JOE WALLACE Indexperformance, Monday appeared to be disappointed AND ALEXANDER OSIPOVICH that itsvaccine candidatefell 8% shortofthe high effectiveness Stocks climbed afterpromis- ratesreported by Pfizer and ing resultsonaCovid-19 vac- S&P500 Moderna. cine bolstered hopes foran 6 energy sector Overseas,the pan-continen- economic rebound in 2021. talStoxxEurope 600 fell 0.2%. TheDow Jones Industrial At middayTuesdayinTokyo, Averagerose 327.79points, or the Nikkei wasup2.6%and 1.1%, to 29591.27,getting the 4 Australia’sS&P/ASX 200 wasup week off to astrong start after 1.1%. U.S. stock futures were up the blue-chips indexclosed last 0.6%. week with losses. 2 S&P500 TheS&P 500 added 20.05 financials sector points, or 0.6%, to 3577. 59.The AUCTION RESULTS DowJones OL Here are the results of Monday's Treasury auctions.

technology-heavy Nasdaq Com- PO All bids are awarded at a single price at the market- 0 Industrial Average S clearing yield. Rates are determined by the difference positeticked up 25.66points, between that price and the face value. S&P500

or 0.2%, to 11880.63. /PRES Nasdaq Composite 13-Week 26-Week All three indexesrallied af- ONS

terthe opening RS Applications $148,874,328,300 $186,576,382,300

-2 PA Accepted bids $58,574,128,300 $55,320,823,300 MONDAY’S bell, then re- " noncomp $600,682,600 $450,228,800

9:30 a.m. noon 4p.m. EVE " foreign noncomp $997,000,000 $1,000,000,000

treated in ST MARKETS Auction price (rate) 99.978750 99.954750 choppy trading, Source:FactSet The Oxford-AstraZeneca vaccine was found to be effective. (0.085%) (0.090%) with the S&P 500 and Nasdaq 0.086% 0.091% Bids at clearing yield accepted 44.06% 68.64% both dipping intonegativeter- Henderson Investors. “There’sa morethan five-year high de- months,especially as the im- bound in the priceofoil. 912796XE4 912796A33 ritory, beforesurging again in growing prospect of asignifi- spiteasurge in coronavirus in- pact of stimulus programs en- Brent crude futures rose Both issues are dated Nov. 27, 2020. The 13-week bills mature on Feb. 25, 2021; the 26-week bills mature on midafternoon. cant normalization of economic fections and tightening restric- acted in the spring wearsoff. 2.4% to $46.06abarrel, the May 27, 2021. TheUniversity of Oxfordand activity in the second half of tions.The datafromIHS “You’vegot Covid cases ris- highestsettlement forthe TWO-YEAR NOTES AstraZeneca said their vaccine next year,” he added. Markit, based on surveysof ingatanalarming rate in the global oil benchmark since Applications $159,653,756,000 wasfound to be up to 90% ef- Unlikeshotsunder develop- purchasing managers, showed U.S. and Europe and restric- March. Crude prices rose Mon- Accepted bids $63,769,185,500 " noncompetitively $123,356,100 fectiveinpreventing infections, ment from Pfizer and Mod- both manufacturing and ser- tionsthat look likethey’ll be dayonreportsthat Yemen’s " foreign noncompetitively $0 depending on the dosagegiven, erna,AstraZeneca’svaccine can vicesactivity remained in ex- harsher than what we thought Houthi rebels attacked aSaudi Auction price (rate) 99.920165 (0.165%) without serious side effects. be stored at temperatures pansion territory. amonth ago,” said Christopher Aramcodistribution station in Interest rate 0.125% Theresults, based on alarge abovezerodegrees Celsius,po- In policynews, President- Smart, chief global strategist at Jeddah, Saudi Arabia. Bids at clearing yield accepted 97.49% trial, added to optimism that tentially easing the distribution elect JoeBiden plans to nomi- Barings. Cruise-linestocks and air- Cusip number 91282CAX9 The notes, dated Nov. 30, 2020, mature on Nov. 30, the deployment of effective process. nateformer Federal Reserve Seven of the S&P 500’s11 lineswereamong the winners 2022. vaccines canhelp bring the cor- Pfizer and partner BioNTech Chairwoman Janet Yellen to be- sectorsgained Monday, with from Monday’s vaccine news. FIVE-YEAR NOTES onavirus under control next on Fridayasked the Food and come the next Treasurysecre- the economically sensitiveen- Carnival gained 81 cents, or Applications $143,719,384,700 year,allowing beaten-down Drug Administration to clear tary.Ms. Yellen has voiced sup- ergy and financial sectorspost- 4.7%, to $18.18,while RoyalCa- Accepted bids $64,907,623,700 " noncompetitively $13,691,100 sectorsofthe economytore- the companies’ Covid-19 vac- port forgreater government ing the biggest gains. ribbean Group shares rose " foreign noncompetitively $0 cover. cine and said distribution could spending to support the coro- Energy stocks,which were $3.20,or4.4%, to $75.78.Delta Auction price (rate) 99.891191 (0.397%) “When youlook intothe de- begin in mid-December. navirus-batteredeconomy. hammered this year after Air Lines climbed $1.66,or Interest rate 0.375% tails,itlooks likeverygood Meanwhile,preliminarydata Analystsworrythe surge of Covid-19 led to asharp slow- 4.5%, to $38.79. Bids at clearing yield accepted 42.65% Cusip number 91282CAZ4 news,” said Paul O’Connor, showedU.S.businessactivity Covid-19 cases could weigh on down in travel and businessac- AstraZenecashares in Lon- The notes, dated Nov. 30, 2020, mature on Nov. 30, head of multi asset at Janus accelerated in November to a economic growth in the coming tivity,got aboost from are- don fell 3.8%assome investors 2025. ReportonNegative Oil PricesLeavesQuestions Unanswered

BY PAUL KIERNAN tifywhy crude-oil futures oil in early 2020,cratering en- handful of energy-futures mar- afterthe pricecrash, Mr.Tar- whyoil prices in the futures crashed to negative$40 per ergy demand amid the kets but never in West Texas bert said “itdoes appear to be market divergedfromprices WASHINGTON—A collapse barrel,prompting criticism Covid-19 pandemic and con- Intermediate, the flagship con- afundamental supply-and-de- in the physical market on in oil prices intonegativeter- from one of the agency’s own cerns about storagecapacity tract for a commodity that is mand issue.” April 20 but converged again ritoryonApril 20 prompted commissioners. “coincided with, and mayhave vital to the global economy. DanBerkovitz,one of two on April 21, Mr.Berkovitz said. calls from market participants “While some mayhave influenced,” the pricespiral. TheApril 20 pricedecline im- Democratsonthe five-member Thereport didn’t provide suf- and othersfor aswiftand hoped foramoredefinitive The report also pointed to “a mediately raised suspicions of CFTC,said the report lefta ficient analysis of storage ca- thorough investigation by fed- analysis, we simply cannot number of technical factorsre- abusivetrading,market ma- number of questions—some of pacity at Cushing,Okla., where eral regulators. provide that at this time,” lated to market structure,” nipulation or systems which the agency is uniquely WTIoil is delivered. And it But along-awaited report CFTC Chairman Heath Tarbert without singling out anylikely glitches—any of which would positioned to investigateusing didn’t provide newinsight into published Mondaybythe said in a statement Monday. cause. likely requirefurther action by confidential information it can whyprices fell from $0 to neg- Commodity Futures Trading TheCFTC said in the report Until this spring,negative regulators. access—unanswered. ative $40.32ina20-minute Commission declined to iden- that a global surplus of crude oilprices had occurred in a Speaking on CNBC the day Thereport failed to analyze span, Mr. Berkovitz said.

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

Dow DOW 56.29 2.2 GCI LibertyA GLIBA 93.02 -0.8 KenonHoldings KEN 26.64 8.3 MrCooper COOP 26.39 3.3 PeridotAcqnWt PDAC.WS 1.34 45.7 SouthernNts20 SOJD 27.60 0.1 Upwork UPWK 36.66 -1.4 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE EastmanChem EMN 100.07 3.6 GFLEnvironmental GFL 26.39 0.8 KerosTherap KROS 81.00 7.2 MyersIndustries MYE 17.97 -1.3 PeridotAcqn PDAC.U 10.35 2.2 SouthernNts2020C SOJE 26.10 0.2 UtzBrands UTZ 20.00 0.8 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low Eaton ETN 120.34 2.4 GFL Env Un GFLU 64.52 1.0 KeyCorpPfdE KEYpI 31.52 1.2 NGM Biopharm NGM 24.24 0.6 Personalis PSNL 32.80 -15.5 SoCopper SCCO 58.32 2.3 UtzBrandsWt UTZ.WS 8.45 0.8 in the latest session. %CHG-Daily percentage change from the previous trading session. EatonVance EV 67.35 2.1 GabelliMultiPfdG GGTpG 26.71 ... KingswoodAcqn KWAC.U 10.06 0.2 NIO NIO 55.70 12.4 PineIslandAcqn PIPP.U 10.10 0.6 SperoTherap SPRO 16.94 4.7 VG Acqn VGAC.U 10.25 1.3 EidosTherap EIDX 85.26 4.9 Galecto GLTO 17.99 4.4 Kirkland's KIRK 14.86 8.3 NXP Semi NXPI 156.35 3.5 PlugPower PLUG 27.02 10.3 Square SQ 209.36 6.0 VPCImpactWt VIHAW 0.67 11.7 Monday, November 23, 2020 ElementSolns ESI 13.59 3.4 Gap GPS 26.54 6.9 KontoorBrands KTB 44.38 3.1 NaviosMaritime NMCI 2.56 9.4 PLxPharma PLXP 6.42 12.5 StanleyBlackDck SWK 191.50 2.7 Veoneer VNE 20.28 8.4 Emcore EMKR 4.46 -5.5 GeneralMotors GM 45.16 4.0 KornitDigital KRNT 85.00 4.3 NavSightA NSH 9.85 0.6 PolarPower POLA 6.64 37.7 STMicroelec STM 37.57 2.7 Veracyte VCYT 52.98 0.2 52-Wk % 52-Wk % 52-Wk % ENGlobal ENG 2.47 88.2 Gentherm THRM 55.62 5.0 KronosBio KRON 39.00 8.1 NeoGenomics NEO 46.00 2.0 PopulationHlth PHICU 10.20 1.0 StoneCo STNE 73.23 4.2 VillageFarms VFF 9.46 17.5 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg EnphaseEnergy ENPH 134.85 3.7 GigCapital3Un GIK.U 12.44 2.5 L Brands LB 40.82 ... Neuronetics STIM 8.44 0.6 PriceSmart PSMT 80.99 1.7 Strats WlMrt GJO GJO 24.25 -1.9 Vipshop VIPS 24.88 2.3 ArcelorMittalNts MTCN 42.15 3.8 CTI BioPharma CTIC 4.03 2.4 EnsignGroup ENSG 70.99 0.7 GoresMetrop GMHI 14.50 1.2 LSI Inds LYTS 8.19 1.4 NewBeginnings NBA.U 10.25 1.4 PrimeImpactI A PIAI 9.87 -0.4 Strattec STRT 38.00 4.1 VistasMediaWt VMACW 0.48 5.7 Highs AssdBancPfdD ASBpD 26.34 -0.6 CapitalOnePfdJ COFpJ 25.18 0.4 EosEnergy EOSE 16.11 9.8 GraybugVision GRAY 37.88 22.9 LamResearch LRCX 449.87 3.5 NewBeginnings NBA 10.12 1.5 PrimorisSvcs PRIM 24.93 4.5 SunnovaEnergy NOVA 38.56 9.9 Visteon VC 121.26 4.7 AssdBancPfdF ASBpF 28.86 -0.3 CapitalOnePfdK COFpK 25.78 0.9 EosEnergyWt EOSEW 4.50 5.5 GreenBrickPtrs GRBK 24.82 6.2 LeMaitreVascular LMAT 39.40 3.0 NewbornAcqn NBACU 14.00 18.4 PropertySolns PSACU 10.25 ... SuperiorIndsIntl SUP 5.26 -13.2 VyGlblGrowthWt VYGG.WS 2.22 41.4 AlxOncology ALXO 88.90 11.3 AtaraBiotherap ATRA 24.00 2.5 CardiffOncology CRDF 20.62 5.1 EucratesBio EUCRU 10.09 0.9 GreenPowerMotor GP 28.65 27.9 LiAuto LI 44.18 14.5 NewbornAcqnRt NBACR 0.79 51.5 PropSolnsWt PSACW 0.72 6.1 SupernovaPtrs SPNV.U 10.71 1.6 W.R.BerkleyDeb59 WRBpF 27.58 -0.4 Amcon DIT 98.55 9.1 AvalonHoldings AWX 2.45 5.1 Cardlytics CDLX 125.50 -0.3 EvercoreA EVR 91.88 3.4 GreenroseAcqnWt GNRSW 0.49 30.6 LibertyBroadbandC LBRDK 161.32 -0.7 NewbornAcqnWt NBACW 1.75 94.1 PublicStoragePfdN PSApN 25.50 0.7 SwitchbackEner SBE.U 40.28 28.5 WellsFargoPfdAA WFCpA 25.63 0.5 ASML ASML 429.64 0.8 AvantiAcqn AVAN.U 10.05 0.2 CareDx CDNA 62.50 -2.7 EvolentHealth EVH 14.65 4.9 GriffinIndlRealty GRIF 65.91 9.6 LibertyBroadbandA LBRDA 160.29 -0.5 NewbornAcqn NBAC 11.39 9.4 PublicStoragePfdO PSApO 25.12 0.1 SwitchbackEnerWt SBE.WS 14.00 37.7 WellsFargoPfdAZ WFCpZ 26.05 0.7 Ayro AYRO 10.6031.0 AviatNetworks AVNW 32.97 7.1 Carvana CVNA 244.53 2.5 FastAcqn FST.U 10.25 1.0 GrowGeneration GRWG 32.41 8.0 LifeSciAcqn LSAC 16.86 2.3 NewellBrands NWL 20.83 0.7 Q2Holdings QTWO 116.95 1.6 SwitchbackEnerA SBE 35.88 30.3 WescoIntl WCC 64.79 3.8 Aaron's AAN 64.89 2.5 BMC Stock BMCH 48.56 2.8 CascadeAcqn CAS.U 10.02 ... FastAcqnWt FST.WS 1.10 16.7 HLAcquisitionsRt HCCHR 1.74 5.3 LifeSciAcqnII LSAQ 10.48 1.9 NewHoldInvt NHICU 10.83 0.6 QellAcqn QELLU 11.36 6.0 SyndaxPharm SNDX 23.98 -1.8 WescoPfdA WCCpA 30.22 0.7 AbbVie ABBV 102.76 1.3 B RileyFin RILY 33.92 1.4 CellcomIsrael CEL 5.12 5.2 FG NewAmerica FGNA.U 10.20 1.0 HarleyDavidson HOG 40.22 7.0 LightspeedPos LSPD 48.44 6.2 nLIGHT LASR 33.12 -1.6 QurateRetailA QRTEA 11.39 13.5 TraconPharm TCON 10.11 7.6 WestportFuelSys WPRT 3.75 5.8 Abercrombie&Fitch ANF 22.77 8.6 BallardPower BLDP 21.70 11.9 CelldexTherap CLDX 21.71 6.7 FMC FMC 116.98 2.0 HercHoldings HRI 60.83 5.4 Limbach LMB 12.60 7.5 NorthernGenesis NGA.U 12.71 7.9 RH RH 446.50 0.4 TWC Tech II A TWCT 9.85 0.5 WintrustFinPfdE WTFCP 28.07 0.7 AcaciaComms ACIA 69.62 0.2 Bally's BALY 49.27 -5.9 Cerence CRNC 86.08 -1.2 FairIsaac FICO 489.97 0.7 Hillenbrand HI 37.71 3.2 LithiaMotors LAD 297.21 4.1 NorthernGenesis NGA 11.35 4.3 Ranpak PACK 11.96 0.5 Target TGT 179.02 3.0 Workiva WK 74.73 2.0 AcadiaHealthcare ACHC 44.26 1.7 BkofAmericaPfdNN BACpO 26.03 0.2 CerevelTherap CERE 14.60 4.0 Farfetch FTCH 51.38 9.0 HimaxTechs HIMX 5.91 13.8 Littelfuse LFUS 236.40 1.3 NorthernGenesisAcqnWt NGA.WS 3.25 22.1 RedBallAcqn RBAC.U 11.87 0.6 TempurSealy TPX 103.41 0.1 Xilinx XLNX 136.85 0.7 Accolade ACCD 52.25 2.6 BeamGlobal BEEM 37.50 39.1 CerevelTherapWt CEREW 3.51 4.0 FarmlandPtrs FPI 8.60 2.3 HomeStreet HMST 35.52 -0.2 LiveOakAcqnUn LOAK.U 13.54 2.6 NorthernStar STIC.U 10.05 0.1 RegalBeloit RBC 123.62 3.3 Teradyne TER 108.65 1.9 XPeng XPEV 73.06 33.9 AciesAcqn ACACU 10.05 0.3 BeamGlobalWt BEEMW 31.09 51.8 ChangeHlthcr CHNG 18.21 -0.3 FateTherap FATE 54.95 3.1 HorizonGlobal HZN 7.41 4.0 LiveOakAcqn LOAK 12.00 0.2 NuanceComms NUAN 42.45 2.6 Renren RENN 8.20 86.8 Terex TEX 32.22 5.9 Yeti YETI 63.12 -0.2 Adient ADNT 29.72 7.8 BeamTherap BEAM 42.90 2.0 ChartIndustries GTLS 104.42 3.2 Ferroglobe GSM 1.82 49.1 HudbayMinerals HBM 6.21 2.0 LiveOakAcqnWt LOAK.WS 3.63 5.8 NurixTherap NRIX 41.65 -0.7 ResoluteForest RFP 5.68 5.9 Terminix TMX 51.25 1.5 YucaipaAcqn YAC.U 10.31 1.4 AdvEnergyInds AEIS 94.71 4.9 BetterWorldAcqn BWACU 10.15 0.9 ChinaAutoSys CAAS 4.98 39.6 FinTechIV Wt FTIVW 2.00 64.4 IDT IDT 12.19 25.1 LiveVentures LIVE 12.95 3.2 Orbcomm ORBC 6.49 3.5 RibbonComms RBBN 6.14 3.0 Tesla TSLA 526.00 6.6 ZaniteAcqn ZNTEU 10.10 0.4 AegonNts2049 AEFC 26.84 0.3 Big5SportingGds BGFV 10.60 5.6 CitiTrends CTRN 33.59 1.0 FinTechAcqnIV FTIVU 11.40 2.5 IEC Elec IEC 10.50 0.7 Livent LTHM 16.49 3.9 OTR Acqn OTRAU 10.00 0.2 RiotBlockchain RIOT 7.38 20.6 ThunderBridgeII THBRU 11.76 0.7 ZebraTech ZBRA 368.79 2.2 Affimed AFMD 5.23 3.4 Bilibili BILI 63.33 5.5 CleanEnerFuels CLNE 4.41 26.4 FirstFoundation FFWM 18.64 2.6 II-VI IIVI 67.27 2.6 LongviewAcqnA LGVW 14.748.8 OasisPetrol OAS 32.50 2.6 Rogers ROG 152.14 4.6 Timken TKR 73.96 2.8 Zedge ZDGE 4.29 3.0 AjaxI AJAX.U 10.48 1.0 BlackLine BL 114.49 0.9 ClearPtNeuro CLPT 10.32 6.2 FirstHorizonPfdC FHNpC 28.24 0.7 II-VI 6% Pfd IIVIP 285.28 2.7 LongviewAcqn LGVW.U 15.759.0 OcularTherapeutix OCUL 15.61 2.3 Roku ROKU 279.50 5.1 TItanIntl TWI 5.29 4.6 Zumiez ZUMZ 36.20 4.0 AlamoGroup ALG 140.26 2.2 BlinkCharging BLNK 34.67 48.3 Cleveland-Cliffs CLF 9.96 7.6 FirstHorizonPfdB FHNpB 28.25 -0.3 INSU Acqn II Wt INAQW 1.35 8.0 LongviewAcqnWt LGVW.WS 3.60 7.4 OlemaPharm OLMA 56.43 7.9 RomanDbdrTech DBDRU 10.22 0.5 Toro TTC 91.17 1.5 Albemarle ALB 134.76 4.8 BlinkChargingWt BLNKW 30.24 57.7 ClimateChgCrisisA CLII 10.40 0.9 Fitbit FIT 7.20 0.7 IonAcqn1 A IACA 10.55 2.3 LouisianaPacific LPX 35.49 3.9 Olin OLN 22.94 5.0 SMTC SMTX 4.89 3.7 TridentAcqns TDAC 11.25 -0.1 Lows AllscriptsHlthcr MDRX 13.82 3.8 BluescapeOpps BOAC.U 10.05 ... ClimateChgCrisWt CLII.WS 1.35 8.3 FiverrIntl FVRR 201.47 3.9 IonAcqn1Wt IACA.WS 1.75 5.8 LumberLiqu LL 30.50 3.8 Omnicell OMCL 107.87 1.9 SPS Commerce SPSC 99.04 2.2 TridentAcqnsWt TDACW 1.41 12.3 Alpha&OmegaSem AOSL 25.87 15.9 BostonOmaha BOMN 23.44 7.6 ClimateChgI CLII.U 10.35 1.6 Flex FLEX 16.78 0.2 iHuman IH 30.49 15.7 Lydall LDL 25.79 1.7 OpenLending LPRO 31.35 -1.8 SVB Fin SIVB 360.86 -2.3 TrinityBiotech TRIB 3.55 23.8 AequiAcqn ARBGU 9.83 -0.1 AlticeUSA ATUS 35.39 8.6 BreezeHldgs BREZU 10.05 0.3 CoastalFinl CCB 20.00 0.4 FormFactor FORM 40.91 2.8 Impinj PI 36.58 0.7 MKS Instrum MKSI 138.38 4.4 OrbitalEnergy OEG 1.92 69.4 Sabre6.5%Pfd SABRP 138.98 5.5 TritonIntl TRTN 46.42 6.8 Atrion ATRI 572.91 -2.6 AltimarAcqn ATAC.U 10.05 0.2 BroadstoneAcqnA BSN 9.78 0.3 CohnRobbinsWt CRHC.WS 1.35 ... Forterra FRTA 17.66 1.0 Infr&EnerAltWt IEAWW 1.99 19.6 MP Matls Wt MP.WS 6.42 9.8 Organogenesis ORGO 5.45 1.8 SanJuanBasin SJT 4.25 -0.3 TruistFinlPfdR TFCpR 27.09 0.6 ChinaMobile CHL 29.85 -1.3 AmerEagle AEO 18.61 7.3 BrookfieldFinNts BAMH 25.73 0.6 CooperT&R CTB 42.06 3.9 FortressValueII FAII 10.08 0.8 Infr&EnerAltern IEA 13.40 10.7 MP Materials MP 19.12 12.2 OrionEnergySys OESX 9.51 4.8 SandbridgeAcqnA SBG 10.28 ... Tupperware TUP 36.48 3.0 HTG Molecular HTGM 3.78 10.2 Amphenol APH 129.60 0.5 Brunswick BC 78.08 4.7 CorceptTherap CORT 24.22 -3.9 ForumMergerIII FIIIU 12.08 7.6 InfuSystems INFU 15.40 2.1 MYR Group MYRG 50.60 3.3 PG&EUn PCGU 126.62 0.1 SchnitzerSteel SCHN 25.94 4.1 Tuscan THCBU 14.62 4.1 JamfHolding JAMF 30.00 -3.1 ApellisPharm APLS 49.36 5.3 BuildersFirstSrc BLDR 37.15 2.9 CorsairGaming CRSR 45.69 12.4 Franchise7.5%PfdA FRGAP 25.41 0.8 InspireMedical INSP 184.49 2.0 Magnite MGNI 16.81 13.4 PMV Consumer PMVC.U 10.03 0.2 SealedAir SEE 45.93 -1.1 Tuscan THCB 10.85 4.2 JFrog FROG 57.14 -1.2 ApexTechAcqn APXTU 13.00 6.2 BurgundyTechA BTAQ 9.80 0.5 Corteva CTVA 38.30 1.7 FreedomHolding FRHC 35.22 3.1 Intellicheck IDN 10.77 3.1 MaidenHoldings MHLD 2.50 1.7 POSCO PKX 55.05 2.7 SecurityNatFin SNFCA 8.38 2.4 TuscanIIWt THCAW 0.74 -7.7 KiromicBiopharma KRBP 8.30 -2.5 ApolloStratGr APSG.U 10.07 0.2 BurgundyTechWt BTAQW 0.75 -12.0 Cowen COWN 24.63 2.7 FreeportMcM FCX 21.93 3.1 InterPrivate IPV.U 11.14 1.0 MarinusPharma MRNS 16.30 -3.4 PRGX Global PRGX 7.00 9.5 ShattuckLabs STTK 35.38 7.4 TwistBiosci TWST 121.40 1.4 MaravaiLifeSci MRVI 28.01 -2.8 Appian APPN 138.65 9.6 CIIGMergerUn CIICU 28.75 45.8 Cree CREE 89.10 8.4 FrequencyTherap FREQ 29.19 4.0 InterPrivate IPV 10.42 1.5 Mattel MAT 15.85 2.9 PTC PTC 103.70 2.0 ShockwaveMed SWAV 101.00 0.6 UBS Group UBS 14.62 1.0 OaktreeAcqnIIWt OACB.WS 0.99 -2.5 AppliedIndlTechs AIT 79.18 3.3 CIIG MergerWt CIICW 6.69 44.0 Crocs CROX 62.93 1.5 FrontYardRes RESI 16.44 21.9 InterPrivateWt IPV.WS 1.55 -0.3 MaxLinear MXL 30.63 4.6 PTC Therap PTCT 64.00 -1.4 SilvergateCapital SI 34.45 12.9 USCellularNts2069 UZD 27.36 0.2 Parts Id ID 5.63 -25.8 ApplMaterials AMAT 80.58 4.9 CIIG Merger CIIC 25.49 49.7 CrownCrafts CRWS 7.57 0.1 fuboTV FUBO 27.90 8.9 InterstateP&LPfdD IPLDP 26.62 0.3 Medifast MED 195.48 7.3 PaciraBioSci PCRX 68.08 -3.5 Snap SNAP 47.27 2.2 Uber UBER 50.88 3.3 PolarityTE PTE 0.55 -27.1 Aptargroup ATR 129.12 -0.7 CITICCapAcqn CCAC.U 10.94 1.4 DPCM Capital XPOA.U 10.10 0.2 FuelTech FTEK 2.87 122.0 InvestorsTitle ITIC 186.10 4.4 MicronTech MU 64.50 4.5 PalantirTech PLTR 21.45 15.9 SoYoungIntl SY 16.95 4.5 UnitedBancshares UBOH 25.00 -2.5 PopulationHlth PHICU 10.05 1.0 AptivPfdA APTVpA 141.26 1.9 CITICCapAcqnWt CCAC.WS 1.67 -3.6 DPW DPW 7.93 237.6 FuelCell FCEL 8.70 54.3 Joint JYNT 27.00 -3.5 MorganStanley MS 60.77 4.3 PaloAltoNtwks PANW 296.71 1.4 SOQUIMICH SQM 47.51 4.9 UnitedMicro UMC 7.07 20.2 Progenity PROG 3.64 -7.1 Aptiv APTV 117.34 2.0 CNO Financial CNO 21.59 3.2 DadaNexus DADA 52.37 18.8 FultonFinlPfdA FULTP 26.44 0.6 JumiaTech JMIA 31.19 21.8 Morphic MORF 31.91 4.5 ParTechnology PAR 55.48 1.5 SoteraHealth SHC 28.87 11.4 UnitedRentals URI 227.81 3.0 PyxisTankersPfdA PXSAP 13.45 -3.7 ArcBest ARCB 40.00 0.5 Conx CONXU 10.04 -0.1 DigitalRealtyPfK DLRpK 28.40 0.6 FusionAcqnA FUSE 9.95 ... KLA KLAC 250.44 3.2 MotionAcqnUn MOTNU 9.98 0.3 ParkerHannifin PH 273.44 1.8 SouthMtnA SMMC 13.47 0.8 UnitySoftware U 129.87 5.4 Senseonics SENS 0.35 -2.3

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) iShJPMUSDEmgBd EMB 114.03 –0.08 –0.5 iShTIPSBondETF TIP 125.72 –0.08 7.8 SPDR DJIA Tr DIA VangdHlthCr VHT 212.35 –0.23 10.7 Monday, November 23, 2020 Closing Chg YTD 295.89 1.15 3.8 ETF Symbol Price (%) (%) iShMBSETF MBB 110.17 ... 2.0 iSh1-3YTreasuryBd SHY 86.37 ... 2.1 SPDR S&PMdCpTr MDY 397.93 1.55 6.0 VangdHiDiv VYM 89.00 1.31 –5.0 Closing Chg YTD iShMSCI ACWI ACWI 86.67 0.37 9.4 iSh7-10YTreasuryBd IEF 120.26 –0.20 9.1 SPDR S&P 500 SPY 357.46 0.60 11.1 VangdIntermBd BIV 93.32 –0.13 7.0 ETF Symbol Price (%) (%) iShCoreS&P500 IVV 358.77 0.60 11.0 iShMSCI EAFE EFA 70.26 –0.13 1.2 iSh20+YTreasuryBd TLT 160.77 –0.46 18.7 SPDR S&P Div SDY 104.70 1.47 –2.7 VangdIntrCorpBd VCIT 96.68 –0.02 5.9 CommSvsSPDR XLC 63.91 0.05 19.2 iShCoreS&P MC IJH 217.73 1.55 5.8 iShMSCIEmgMarkets EEM 49.19 0.26 9.6 iShRussellMCGrowth IWP 190.78 0.48 25.0 TechSelectSector XLK 120.08 –0.02 31.0 VangdLC VV 167.25 0.61 13.1 iShCoreS&P SC IJR 85.83 2.32 2.4 CnsmrDiscSelSector XLY 155.38 1.10 23.9 iShMSCIJapan EWJ 64.78 0.06 9.4 iShUSTreasuryBdETF GOVT 27.73 –0.13 6.9 UtilitiesSelSector XLU 63.55 0.02 –1.7 VangdMC VO 197.50 1.03 10.8 iShS&PTotlUSStkMkt ITOT 81.90 0.81 12.7 CnsStapleSelSector XLP 66.52 0.03 5.6 iShNatlMuniBd MUB 116.88 0.05 2.6 JPM UltShtIncm JPST 50.78 ... 0.7 VanEckGoldMiner GDX 34.36 –4.29 17.3 VangdMBS VMBS 54.12 ... 1.8 iShCoreUSAggBd AGG 118.26 –0.03 5.2 iSh1-5YIGCorpBd IGSB 55.02 0.02 2.6 PIMCOEnhShMaturity MINT 102.00 ... 0.4 VangdRealEst VNQ 84.77 0.19 –8.6 FinSelSectorSPDR XLF 27.69 1.88 –10.0 VangdInfoTech VGT 325.24 0.06 32.8 FT DJ Internet FDN 200.93 0.19 44.4 iShSelectDividend DVY 94.26 2.15 –10.8 iShPfd&Incm PFF 37.68 0.32 0.2 SPDR BlmBarcHYBd JNK 107.26 0.15 –2.1 VangdS&P500ETF VOO 328.42 0.59 11.0 VangdSC Val VBR 135.22 2.29 –1.3 HealthCareSelSect XLV 108.52 –0.26 6.5 iShESGAwareUSA ESGU 81.94 0.69 14.9 iShRussell1000Gwth IWF 225.53 0.03 28.2 SPDRBloomBar1-3MTB BIL 91.53 ... 0.1 VangdST Bond BSV 82.84 ... 2.8 VangdSC Grwth VBK 245.11 0.94 23.4 IndSelSectorSPDR XLI 88.11 1.67 8.2 iShEdgeMSCIMinEAFE EFAV 71.58 –0.62 –4.0 iShRussell1000 IWB 201.36 0.67 12.9 SPDR Gold GLD 172.23 –1.97 20.5 VangdSTCpBd VCSH 82.96 ... 2.4 VangdExtMkt VXF 151.90 1.78 20.6 InvscQQQI QQQ 290.39 0.00 36.6 iShEdgeMSCIMinUSA USMV 66.24 0.14 1.0 iShRussell1000Val IWD 131.96 1.37 –3.3 SchwabIntEquity SCHF 34.68 0.09 3.1 VangdSC VB 181.96 1.63 9.9 InvscS&P500EW RSP 122.53 1.48 5.9 iShEdgeMSCIUSAMom MTUM 151.31 0.06 20.5 iShRussell2000 IWM 180.82 1.87 9.1 SchwabUS BrdMkt SCHB 86.43 0.80 12.4 VangdDivApp VIG 137.31 0.64 10.1 VangdTotalBd BND 88.31 –0.08 5.3 iSh3-7YTreasuryBd IEI 132.86 –0.05 5.7 iShEdgeMSCIUSAQual QUAL 111.23 0.70 10.1 iShRussellMid-Cap IWR 65.30 1.19 9.5 SchwabUS Div SCHD 62.85 1.60 8.5 VangdFTSEDevMk VEA 45.05 0.07 2.2 VangdTotIntlBd BNDX 58.48 –0.07 3.4 iShCoreDivGrowth DGRO 43.41 1.09 3.2 iSh5-10YIGCorpBd IGIB 61.43 0.07 6.0 iShS&P500Growth IVW 60.37 0.02 24.7 SchwabUS LC SCHX 86.63 0.71 12.8 VangdFTSE EM VWO 47.89 –0.02 7.7 VangdTotIntlStk VXUS 57.60 0.14 3.4 iShCoreMSCIEAFE IEFA 66.38 –0.02 1.7 iShGoldTr IAU 17.50 –2.07 20.7 iShS&P500Value IVE 124.08 1.34 –4.6 SchwabUS LC Grw SCHG 119.98 –0.05 29.1 VangdFTSE Europe VGK 57.54 –0.10 –1.8 VangdTotalStk VTI 184.73 0.82 12.9 iShCoreMSCIEM IEMG 58.99 0.32 9.7 iShiBoxx$InvGrCpBd LQD 137.74 0.12 7.6 iShShortTreaBd SHV 110.68 ... 0.2 SchwabUS SC SCHA 82.42 1.95 9.0 VangdFTSEAWxUS VEU 55.83 0.07 3.9 VangdTotlWrld VT 88.13 0.49 8.8 iShCoreMSCITotInt IXUS 64.35 0.06 4.0 iShiBoxx$HYCpBd HYG 86.05 0.15 –2.1 iShSilver SLV 21.93 –2.49 31.5 Schwab US TIPs SCHP 61.24 –0.05 8.1 VangdGrowth VUG 237.70 0.14 30.5 VangdValue VTV 115.28 1.23 –3.8

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret EdgewoodGrInst 51.29 +0.18 33.2 InvGrBd 11.85 -0.01 9.0 JPMorgan I Class PIMCO Funds I2 CapOpAdml r182.74 +2.59 15.8 ValAdml 44.97 +0.56 -1.5 WndsrII 39.23 +0.49 8.6 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity LowP r 48.26 +0.58 3.6 CoreBond NA ... NA Income NA ... NA DivAppIdxAdm 37.26 +0.24 11.7 WdsrllAdml 69.62 +0.87 8.6 VANGUARD INDEX FDS e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese 500IdxInstPrem124.36 +0.71 12.6 Magin 12.44 -0.02 22.0 EqInc NA ... NA PIMCO Funds Instl EMAdmr 39.99 +0.27 9.9 WellsIAdml 69.27 +0.23 7.0 IdxIntl 18.50 +0.05 5.0 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Contrafund K6 18.05 +0.01 24.8 OTC 16.33 +0.07 36.1 JPMorgan R Class IncomeFd NA ... NA EqIncAdml 77.33 +0.84 -0.3 WelltnAdml 79.15 +0.22 7.7 SmValAdml 58.05 +1.27 ... 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r ExtMktIdxInstPre 77.48 +1.36 21.4 Puritn 25.66 +0.09 16.4 CoreBond NA ... NA Price Funds ExplrAdml NA ... NA WndsrAdml 73.31 +1.34 2.5 TotBd2 11.55 -0.01 7.0 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not FidSerToMarket 12.39 +0.10 14.1 SrsEmrgMkt 23.96 +0.17 16.1 Lord Abbett A BlChip 160.47 +0.10 29.0 ExtndAdml 115.19 +2.01 21.5 VANGUARD FDS TotIntlInstIdx r123.75 +0.33 5.1 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; IntlIdxInstPrem 44.00 -0.07 2.4 SrsGlobal 13.80 +0.02 4.8 ShtDurIncmA p NA ... NA DivGro 57.65 +0.29 9.1 GNMAAdml 10.72 ... 3.4 DivdGro 32.87 +0.15 8.5 TotItlInstPlId r123.77 +0.32 5.1 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. MidCpInxInstPrem 26.10 +0.32 11.1 SrsGroCoRetail 28.02 +0.16 57.9 Lord Abbett F EqInc 30.45 +0.53 -3.1 GrwthAdml 122.38 +0.22 31.3 INSTTRF2020 26.22 +0.06 8.8 TotSt 89.85 +0.71 14.2 SAIUSLgCpIndxFd 19.21 +0.11 12.5 SrsIntlGrw 19.67 -0.09 12.3 ShtDurIncm NA ... NA EqIndex 95.19 +0.54 12.4 HlthCareAdml r 92.92 -0.33 8.9 INSTTRF2025 27.07 +0.09 9.5 VANGUARD INSTL FDS SeriesBondFd 10.80 -0.01 7.5 SrsIntlVal 9.76 +0.05 -1.4 Lord Abbett I Growth 94.56 +0.26 28.9 HYCorAdml r 5.91 ... 3.7 INSTTRF2030 27.56 +0.10 9.7 BalInst 43.36 +0.20 12.4 Monday, November 23, 2020 SeriesOverseas 11.84 -0.05 9.8 TotalBond 11.26 -0.01 8.4 ShtDurInc p NA ... NA HelSci 98.93 -0.05 21.5 InfProAd 28.15 -0.02 9.1 INSTTRF2035 28.04 +0.12 10.0 DevMktsIndInst 14.47 +0.02 3.7 Net YTD Net YTD Net YTD Fidelity SAI Metropolitan West LgCapGow I 57.70 +0.12 31.0 DevMktsInxInst 22.62 +0.03 3.7 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SmCpIdxInstPrem 23.15 +0.42 10.3 IntlGrAdml 150.81 +0.77 46.7 INSTTRF2040 28.50 +0.13 10.1 TMktIdxInstPrem103.07 +0.82 14.1 TotalBd 10.69 -0.01 7.9 TotRetBd 11.68 -0.01 8.3 MidCap 111.65 +0.50 17.1 ITBondAdml 12.64 -0.01 9.2 INSTTRF2045 28.90 +0.15 10.4 ExtndInst 115.18 +2.01 21.5 GrwthInst 122.38 +0.22 31.3 American Century Inv WshA p 49.17 +0.40 3.7 EmgMktVa 27.01 +0.34 -3.9 USBdIdxInstPrem 12.47 -0.01 7.5 Fidelity Selects TotRetBdI 11.67 -0.02 8.5 NHoriz 87.81 +0.17 47.9 ITIGradeAdml 10.68 ... 9.5 INSTTRF2050 28.97 +0.15 10.5 InPrSeIn 11.47 -0.01 9.2 Ultra 72.62 +0.28 39.2 Baird Funds EmMktCorEq 22.71 +0.23 6.2 Fidelity Advisor I Softwr r 25.72 +0.17 33.8 TRBdPlan 10.98 -0.02 8.5 R2020 24.15 +0.09 9.3 LTGradeAdml 12.19 -0.02 15.4 INSTTRF2055 29.09 +0.15 10.5 InstIdx 319.84 +1.83 12.6 American Funds Cl A AggBdInst 11.88 -0.02 8.0 IntlCoreEq 13.76 +0.03 1.1 NwInsghtI 38.64 +0.03 18.2 Tech r 28.63 +0.25 49.8 MFS Funds Class I R2025 19.62 +0.08 10.3 MidCpAdml 244.68 +2.58 12.3 IntlVal 38.23 +0.27 1.9 InstPlus 319.86 +1.83 12.6 AmcpA p 38.05 +0.18 15.3 CorBdInst 12.23 -0.02 8.1 IntSmCo 19.08 +0.08 1.4 Fidelity Freedom First Eagle Funds Growth I NA ... NA R2030 28.77 +0.13 11.1 MuHYAdml 11.86 ... 4.0 LifeCon 22.57 +0.04 8.8 InstTStPlus 76.91 +0.61 14.3 AMutlA p 43.88 +0.33 2.5 BlackRock Funds IntSmVa 18.12 +0.15 -6.0 FF2020 17.26 +0.07 9.8 GlbA 60.44 +0.09 4.3 ValueI 44.20 +0.41 0.4 R2035 21.27 +0.11 11.8 MuIntAdml 14.80 ... 4.5 LifeGro 39.53 +0.18 10.2 MidCpInst 54.05 +0.57 12.3 BalA p 30.14 +0.11 7.5 HiYBlk 7.67 +0.02 3.3 LgCo 27.50 +0.16 12.5 FF2025 15.39 +0.06 10.2 Franklin A1 MFS Funds Instl R2040 30.44 +0.18 12.5 MuLTAdml 12.21 ... 5.3 LifeMod 31.38 +0.10 9.6 MidCpIstPl 266.57 +2.81 12.3 BondA p 14.16 -0.01 10.0 HiYldBd Inst 7.66 +0.01 3.4 TAUSCoreEq2 21.81 +0.24 9.5 FF2030 19.17 +0.09 10.7 CA TF A1 p 7.78 ... 4.4 IntlEq NA ... NA PRIMECAP Odyssey Fds MuLtdAdml 11.24 ... 3.0 STAR NA ... NA SmCapInst 87.19 +1.42 10.9 CapIBA p 61.62 +0.25 ... BlackRock Funds A US CoreEq1 28.18 +0.28 10.1 Freedom2020 K 17.25 +0.07 9.8 IncomeA1 p 2.24 +0.02 0.4 Old Westbury Fds AggGrowth r 53.77 +0.55 19.8 MuShtAdml 15.94 ... 1.7 TgtRe2015 16.37 +0.03 7.8 STIGradeInst 11.00 ... 4.8 CapWGrA 56.22 +0.10 9.0 GlblAlloc p 21.44 +0.08 14.6 US CoreEq2 25.58 +0.28 9.4 FrankTemp/Frank Adv LrgCpStr 16.55 +0.03 9.8 Putnam Funds Class Y Freedom2025 K 15.37 +0.06 10.2 PrmcpAdml r158.81 +1.61 10.2 TgtRe2020 35.36 +0.09 8.7 STIPSIxins 25.49 +0.01 3.8 EupacA p 64.08 +0.01 15.1 BlackRock Funds Inst US Small 35.99 +0.68 3.6 IncomeAdv 2.22 +0.02 0.5 Parnassus Fds StDurInc 10.10 ... 1.4 Freedom2030 K 19.16 +0.10 10.8 RealEstatAdml120.14 +0.19 -6.4 TgtRe2025 21.71 +0.07 9.4 TotBdInst 11.63 -0.01 7.4 FdInvA p 65.85 +0.36 8.7 StratIncOpptyIns 10.25 +0.01 5.3 US SmCpVal 32.73 +0.86 -4.1 FrankTemp/Franklin A ParnEqFd 51.38 +0.22 15.9 Schwab Funds Freedom2035 K 16.29 +0.10 11.4 SmCapAdml 87.19 +1.42 10.9 TgtRe2030 39.99 +0.14 9.7 TotBdInst2 11.55 -0.01 7.1 GwthA p 65.22 +0.51 27.6 Bridge Builder Trust USLgVa 36.23 +0.68 -4.5 Growth A p 138.41 +0.28 23.3 PGIM Funds Cl Z 1000 Inv r 81.33 +0.57 14.3 Freedom2040 K 11.48 +0.08 11.9 SmGthAdml 86.17 +0.82 23.8 TgtRe2035 24.76 +0.10 9.9 TotBdInstPl 11.63 -0.01 7.4 CoreBond 11.00 -0.01 8.0 RisDv A p 77.53 +0.51 12.2 TotalReturnBond NA ... 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B10 | Tuesday, November 24, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY What Stays and What Goes in the Wake of Covid-19

Some pandemic-induced consumer behavior will prove sticky, but not all

The coronavirus pandemic has Forstill other pursuits, such as transformed the way Americans fitnessand movies,in-person and eat, shop and entertain themselves. at-home options have been in com- In one manner or another,most of petition fordecades,with strong use these consumer activities have cases forboth. Note, forinstance, moved intothe home and online. that morethan 1.2 billion domestic Now, with effectivevaccines on movie ticketsweresold last year— the horizon,the most important about the same as five yearsbefore question forinvestorsishow much despitethe growing onslaught of never goes back to the way it used streaming services.And, according to be.The answers will have impli- to box-officetracking servicethe cations forswaths of the economy, Numbers, averageticket prices actu- ALA but they aren’t likely to be straight- ally rose by 12% in that period. KUCZ

forward. Each affected industryhas Forthese sectors, the bigger JOHN itsown nuances to consider. question might be who survives to In cases where consumers have meet that demand when it eventu- which is when Hollywood intends to been among the biggest winners peal of the “treasurehunt” experi- merely adopted a workaround that ally comes back.Several gymchains get manyofits delayedblockbust- from the pandemic.That is both enceinthese stores endures during is inferior to the real thing, activ- such as 24-Hour Fitnessand Gold’s ers back intotheaters. because they have the scale to in- apandemic,itwill surely resonate ity should snap back strongly. Gym have filed forbankruptcy pro- Some habits learned during the vest in e-commerce and because afterwardaswell, especially if the Happy hours over Zoom, for in- tection,ashavemorespecialized pandemic are likely to prove shoppershavepreferred to visit as economic backdrop remains weak. stance, are no match for an actual offeringssuch as CycFitness, Fly- sticky. Many Americans have been few places as possible to pick up Finally,some categories of bricks- night out. But in other cases con- wheel Sportsand YogaWorks. forced to learn to cook, and those their essentials.Walmart, forexam- and-mortar retail nowfaceserious sumers may find the new way of Among theater chains, AMC Enter- who were already handy in the ple,saw general merchandise sales online competition forthe firsttime. doing things superior, such as hav- tainment says it will need to raise kitchen have grown more so. This in the U.S. grow morethan 10% in Furniture, forexample,used to be a ing groceries delivered instead of additional capital to ensureitcan has been a boon for food compa- the six months ended July 31—a category that consumersover- venturing into a supermarket. surviveuntil the summer of 2021, nies such as General Mills, Camp- much faster pacethan the 1% whelmingly preferred to see in per- bell Soup and McCormick. growth it managed ayear earlier.In son. But shoppershavenow broken Change from year earlier in sales from March 15 through October Purchases of equipment forfood some ways, these massmerchants through that mental barrier: Way- preparation, cooking and storage arestarting to look morelikede- fair sawsales increase morethan rose 41% between March 15 and partment stores: Target plans to 75% in the six months ended Sept. Electric grills 120% Oct. 31 compared with the same pe- bring Levi’sproducts acrossmore 30.Similarly,online sales of used riod ayear earlier,according to stores and will start opening cos- cars have takenoff,allowing two up- Air fryers 83 consumer research firm NPD.Sales metics retailer Ulta Beauty shops starts—ShiftTechnologies and of metal bakeware,toaster ovens inside some of itsstoresnextyear. Vroom—tomakepublic debutsand Toasterovens 75 and air fryers surged57%, 75%and Department stores themselves, pushing incumbentssuch as CarMax 83%, respectively.Ofcourse,there however, seem increasingly unable to moveonline morequickly.Retail- is no guarantee this equipment will to figure out just what their value ersinsectorslikethese cannolon- Blenders 64 continue to be used, as anyone with proposition is to consumers. In the gerignorethe e-commerce threat. aseldom-touched bread machine quarter ended Oct. 31, Macy’s and With anyluck,Americans by Metal bakeware 57 taking up counter spacecan attest. Kohl’s sawsales decline from ayear next summer will be crowding bars But it seems afair bet that agood earlier by 23% and 13%, respec- and movie theatersonceagain. But Single serve 33 portion of these investments, and tively.Bycontrast, discounters TJX formanymerchants, therewill be coffee brewers the kitchen skills acquired, will keep Cos., owner of T.J. Maxx,and Ross no way to put the pandemic genie at-home food consumption higher Stores only sawsales tick down back in the bottle.Thingswill Countertop 27 microwaves than it otherwise would have been. by 3.2% and 2.4%, despitethe fact never be quitethe same again. Among retailers, big-boxplayers that they have very little in the way —Aaron Back, Jinjoo Lee Source:NPD Group Walmart, Target and Costco have of e-commerce offerings.Ifthe ap- and Dan Gallagher

OVERHEARD Ads on Facebook Appear Near Saturation tors happy amid the pandemic. Facebook’s platforms are start- But, especially since many of its While it could makefor a ing to feel like homes with too users have fled its legacy app for particularly effectiveloyaltypro- much furniture. It is getting diffi- the younger, “cooler” Instagram, gram, devout fliers won’tbeable cult to move around. oversaturation of that platform

to earn elitestatus or even rack In addition to ads on itslegacy GES could risk flight of its users from

up frequentflier miles on Judah Blue app,those on Instagram, IMA Facebook platforms entirely. 1.“The world’sfirstChristian air- which the companyacquired for$1 While Facebook is hardatwork line” has been flying foryears, billion in 2012, accounted for GETTY to changethis,most people arestill but in smaller planes and with- roughly aquarter of overall reve- SE/ using Facebook and Instagram to out thatofficial status from the nue in the 12 months ended Sept. read news or engagewith friends, Federal Aviation Administration. 30,according to consensus esti- not to shop.Onits third-quarter ANCE-PRES

Nowthatitisabout to be mates compiled by Visible Alpha. FR conferencecall, Facebook Vice certified and will takedelivery of Adsonboth platforms,which make President-FinanceSusan Li noted ENCE

its firstwide-body airplane, a up the majority of itsrevenue,now AG that, post pandemic,loweruser en-

Boeing 767-200 ER, with plans seem to be reaching saturation ON/ gagement should equatetolessad to add fivemoreaircraft next point at just the wrong time. growth, making revenue growth in

year,founder EverettAaron says Facebook can’t simply buy the EDELS 2021 morereliant on pricing. SH

he gets 50 or 60 emails aday next Instagram to populategiven JO With regulatorsthreatening to asking if he will be flying to cer- growing regulatoryscrutiny. That Most people use the network to read news or engage with friends, nottoshop. break it up,Facebook isn’t likely to tain destinations. could present growing pains fora be able to acquireanything mean- The nonprofit, which under- maturecompanythat has consis- Interestingly, while ad pricing come moreformidable.Third-quar- ingfulfor now. And adding ads to takes Christian missionary work, tently increased ad impressions to has risen over that period on the tersales from Snap Inc.’sSnapchat WhatsApp,amessaging servicefor wasmostrecently transporting boost overall revenue over the same basis, prices began to decline and Pinterest grew 52% and 58%, which Facebook paid $19 billion for supplies to hurricane-ravaged past five years. in the second half of 2018, with respectively,versus last year,for in 2014, could anger userstherefor CentralAmerica and has no Open Facebook or Instagram be- the greatest declines this year. In example.Facebook’ssales grew less itsencrypted privacy. Facebook’sat- plans to add scheduled flights. fore afriend has posted sinceyour the second quarter, for example, than 22%overthe same period. temptstogeneraterevenue outside The interest is there, though. last visit and your newsfeed might Facebook said ad prices declined Advertisers’ boycotts of Face- itsadbusinessare unproven: Nearly “It’sabit overwhelming,” says well appear to be nothing but a 21% versus the prior year, while book this summer also didn’t help. 99% of overall revenue in the third Mr.Aaron. lengthybanner of stuff forsale. ads served increased 40%. This year’s more significant pric- quarter came from advertising. The extentofthe commercial That is by design:According to an Thereare multiple explanations. ing declines also seem to be a re- Inside Facebook’s multifaceted activityinJudah 1’sfuturemight analysis of transcriptsofinvestor Initially,much of the pricing de- flection of the toll the coronavirus network, there are no doubt many be taking Christian groups to calls available on FactSet, Facebook clines came from amix shiftto- pandemic has taken on Facebook’s levers the company can try to pull. tour Israel in the future. How- has increased the number of ads ward Stories,whereads arefleet- many small business customers. Spending big money to make big ever tempting, it is probably served on itsplatforms by aquar- ing,and less-lucrativegeographies. The combination of lower prices money in the ad business may no wise to keep prayer out of the terly averageofnearly 30% year on But lately,competition from social and more ads served has meant longer be on the table. regular,scheduled commercial year sincethe thirdquarter of 2015. media peersappearstohavebe- Facebook has at least kept inves- —Laura Forman airline business. Therehave been attempts to mix religion and commercial aviation, such as asharia-compliantairline based in Malaysia thatquickly folded. Danone Fights to Fix a Souring Growth Recipe AlaskaAirlines foryears handed out “prayer cards” with meals but finally stopped in 2012 because of passenger Despite a focus on trendy health as arethose of U.S. food businesses ReckittBenckiser.They mayalso Total annual shareholderreturns* complaints. foods, Danone has lost investor KraftHeinz and Campbell Soup. be fighting over lessbusiness: The Lord can be your co-pilot, support this year. Winning it back Management recognizes it has a China’sbirthrateisprojected to fall 20% but notyour flightattendant. will be hard work. problem with shareholders. 8% this year,according to Barclays. Nestlé Unilever Danone On Monday, the Paris-based com- Danone will miss a 16% operating TheFrench company’sbaby food 10 panythat makes Dannon yogurt an- margin target previously set for unit is by far itsmost profitable. nounced plans to reducecostsby€1 2020, which cannot be blamed en- Danone ticks manyboxesfor in- billion, equivalent to $1.19 billion, tirely on the pandemic. vestors. It has been aleader on en- 0 over the next three years. It will It has to impressinvestorsjust as vironmental, social and governmen- givecountrymanagersmorepower, competition heatsup. While Danone talissues.Aportfolio of plant-based strip out head-officecostsand sell wasearly to spot the potential of brands and productsthat boost im- –10 partsofits portfolio.Itrecently put plant-based foods with its$10.4 bil- munity plays intoconsumer trends, itsVegaprotein powder brand un- lion purchase of dairy-alternative particularly amid apandemic.A der strategic review. brand WhiteWavein2016,rivals newfocus on healthyaging has the –20 European peers Nestlé and Uni- such as Blackstone-backed vegan potential to offset some of the com- 1 lever began this kind of restructur- milk businessOatly arecatchingup. petition in baby food. AH –30

JUD ing three yearsago. A31% fall in In China, local baby-food com- Even if the right ingredients are Judah 1isadding awide-body Danone’sstock this year shows why pany Feihe is taking market share there, though, investors still need 1yr. 510 1yr. 510 1yr. 510 airplane, aBoeing 767-200 ER. it is moving now. Shares in Nestlé from international brands made by proof that Danone can make the *Returns in euros with dividends reinvested and Unilever aremoreorlessflat, Danone as well as Nestlé and best of them. —Carol Ryan Source:FactSet